美高梅國際酒店集團 (MGM) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Fourth Quarter and Full Year 2023 Earnings Conference Call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Kenneth Feng, President and Executive Director of MGM China; and Andrew Chapman, Director of Investor Relations. (Operator Instructions) Please note, this conference is being recorded.

下午好，歡迎參加米高梅國際酒店集團 2023 年第四季和全年財報電話會議。今天加入公司電話會議的有執行長兼總裁 Bill Hornbuckle；科里·桑德斯，營運長；喬納森‧哈爾克亞德 (Jonathan Halkyard)，財務長兼財務主管；馮國強，美高梅中國總裁兼執行董事；和投資者關係總監安德魯查普曼 (Andrew Chapman)。 （操作員說明）請注意，本次會議正在錄製中。

Now I would like to turn the call over to Andrew Chapman.

現在我想把電話轉給安德魯·查普曼。

Good afternoon, and welcome to MGM Resorts International Fourth Quarter and Full Year 2023 Earnings Call. This call is being broadcast live on the internet at investors.mgmresorts.com. We've also furnished our press release on Form 8-K to the SEC.

下午好，歡迎參加米高梅國際酒店集團 2023 年第四季和全年財報電話會議。本次電話會議正在網路上直播：investor.mgmresorts.com。我們也向 SEC 提供了 8-K 表中的新聞稿。

On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that could cause actual results to differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC. As is required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

在本次電話會議中，我們將根據聯邦證券法的安全港條款做出前瞻性聲明。實際結果可能與這些陳述中預期的結果有重大差異。有關可能導致實際結果與這些前瞻性陳述不同的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的定期文件中。根據法律要求，我們不承擔因新資訊或其他原因而更新這些聲明的義務。

During the call, we will also discuss non-GAAP financial measures when talking about our performance. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website.

在電話會議期間，我們還將在談論我們的績效時討論非公認會計準則財務指標。您可以在我們網站上的新聞稿和投資者介紹中找到 GAAP 財務指標的調整表。

Finally, this presentation is being recorded.

最後，這場演講正在錄製中。

I will now turn it over to Bill Hornbuckle.

我現在將把它交給比爾·霍恩巴克。

Thank you, Andrew, and good afternoon, and thank you all for joining us today.

謝謝安德魯，下午好，謝謝大家今天加入我們。

MGM Resorts achieved outstanding results in 2023, delivering all-time high adjusted property EBITDAR in Las Vegas and in MGM China. Notably, 7 of our domestic properties set individual records for adjusted property EBITDAR for the full year. These outstanding accomplishments underscore the resilience and the agility of our team in navigating a complex operating year. In fact, our employee earned record NPS scores from our customers throughout 2023. I want to thank all of our dedicated employees who constantly strive to deliver on world-class service to our guests.

米高梅度假村在 2023 年取得了出色的業績，在拉斯維加斯和米高梅中國實現了歷史最高的調整後酒店 EBITDAR。值得注意的是，我們的7個國內物業創下了全年調整後物業EBITDAR的個人紀錄。這些傑出的成就凸顯了我們團隊在度過複雜的營運年度時的韌性和敏捷性。事實上，我們的員工在 2023 年從客戶那裡獲得了創紀錄的 NPS 分數。我要感謝我們所有敬業的員工，他們不斷努力為我們的客人提供世界一流的服務。

The strength and resiliency of Las Vegas market has been particularly impressive. Strategically, you've heard me talk a lot last year about the evolution of Las Vegas as the new sports and entertainment capital of the world. You saw that fact proven out again Sunday as the city proudly hosted Super Bowl LVIII right in our own backyard. The game was another strong hotel and casino event for us with ADRs near $1,000 and posting 3 of the top 5 room revenue days ever recorded, and near-record event gaming volumes. The game weekend is typically a strong event for MGM Resorts but having the game in town amplified those results dramatically.

拉斯維加斯市場的實力和彈性尤其令人印象深刻。從戰略上講，去年你已經聽到我多次談論拉斯維加斯作為世界新體育和娛樂之都的演變。週日，這個事實再次得到證明，這座城市在我們自己的後院自豪地舉辦了第十八屆超級碗比賽。這場比賽對我們來說是另一場強勁的酒店和賭場活動，其 ADR 接近 1,000 美元，並且在有史以來排名前 5 的客房收入日中佔據了 3 個，賽事博彩量也接近歷史記錄。對於米高梅度假村來說，週末比賽通常是一項重要的活動，但在城裡舉行比賽可以大大放大這些結果。

The game on Sunday followed our inaugural Formula 1 race in November, which was also an incredible success as the largest city event in our history. Additionally, we gleaned valuable insights from the event and specifically on how to better price and program all of our resorts and streamline the preparation work for future years. With both F1 and Super Bowl, our brand was on full display. Our proximity to the Legion Stadium, the F1 track and, of course, T-Mobile Arena afford us the opportunity to expand our reach during these citywide events.

週日的比賽是繼 11 月我們首次舉辦的一級方程式比賽之後舉行的，這場比賽作為我們歷史上最大的城市賽事也取得了令人難以置信的成功。此外，我們從這次活動中收集了寶貴的見解，特別是關於如何更好地定價和規劃我們所有度假村以及簡化未來幾年的準備工作。在 F1 和超級盃比賽中，我們的品牌得到了充分展示。我們毗鄰軍團體育場、F1 賽道，當然還有 T-Mobile 體育場，這使我們有機會在這些全市範圍的活動中擴大我們的影響力。

We also have officially launched our partnership with Marriott with impressive early results. Marriott Bonvoy customers can now seamlessly book rooms at select MGM properties in Las Vegas with 16 brands set to be introduced by the end of Q1.

我們也正式啟動了與萬豪的合作關係，並取得了令人印象深刻的早期成果。萬豪旅享家 (Marriott Bonvoy) 客戶現在可以無縫預訂拉斯維加斯精選米高梅酒店的客房，預計第一季末將推出 16 個品牌。

In Macau, we ended 2023 with an all-time record adjusted EBITDAR for the quarter and the full year. Our robust market share was comfortably in the mid-teens and continued its upward trend in January. The strategic addition of 200 table games, coupled with the agile operations of our team and the reinvestment into many amenities, have collectively driven these exceptional results.

在澳門，2023 年結束時，我們的季度和全年調整後 EBITDAR 創歷史新高。我們強勁的市佔率穩定在十幾歲左右，並在一月繼續呈上升趨勢。策略性增加 200 個賭桌，加上我們團隊的敏捷營運以及對許多設施的再投資，共同推動了這些卓越的表現。

In digital, BetMGM made its full year 2023 targets in both net revenue and second half profitability. They also made significant strides in the technology road map with the launching of a new app design and with single account, single wallet capabilities being available now in those states.

在數位領域，BetMGM 制定了 2023 年全年淨收入和下半年獲利目標。他們還在技術路線圖上取得了重大進展，推出了新的應用程式設計，並且現在在這些州提供單一帳戶、單一錢包功能。

Looking ahead, our outlook remains strong. We're encouraged by the metrics we've seen in our business including room and rates on the books and in-the-year group attendance and future bookings as well as the robust event calendar for the city. Our Las Vegas operations, which represented more than 70% of our U.S. brick-and-mortar adjusted property EBITDAR in 2023, will benefit from a number of key initiatives in '24. For example, our transient segment will grow as a result of the Marriott relationship, which will bring a new customer base that will be acquired at lower acquisition costs, higher rates and more spend on property.

展望未來，我們的前景依然強勁。我們對業務中看到的指標感到鼓舞，包括帳面上的房間和價格、當年的團體出席率和未來預訂，以及該市強勁的活動日曆。我們的拉斯維加斯業務佔 2023 年美國實體調整後房地產 EBITDAR 的 70% 以上，將受益於 2024 年的多項關鍵措施。例如，我們的臨時細分市場將因與萬豪的關係而成長，這將帶來新的客戶群，這些客戶群將以更低的購買成本、更高的利率和更多的房地產支出來獲得。

On the group side, the Mandalay Bay Convention Center refresh is nearly complete, and we're poised to benefit from an increased 100,000-plus group room nights on The Strip. With MGM's casino segment, we will drive growth from the return of Far East baccarat play, which is still below 2019 levels. We will leverage our branch office network to drive customers to our resorts in Las Vegas and expect to see further recovery of international inbound flights, which are still only 75% recovered from Asia. Later this week, we will hold our annual Chinese New Year celebration at Bellagio and Aria, which is already seeing stronger gaming demand than last year.

在團體方面，曼德勒灣會議中心的翻新工程已接近完成，我們準備從拉斯維加斯大道上增加的 100,000 多個團體間夜中受益。透過米高梅的賭場業務，我們將透過遠東百家樂遊戲的回歸來推動成長，該遊戲仍低於 2019 年的水平。我們將利用我們的分公司網路將客戶帶到拉斯維加斯的度假村，並預計國際入境航班將進一步恢復，而從亞洲出發的航班仍僅恢復 75%。本週晚些時候，我們將在 Bellagio 和 Aria 舉辦一年一度的中國新年慶祝活動，這裡的遊戲需求已經比去年更加強勁。

Our 2024 regional outlook anticipates demand to remain stable. That being said, we are committed to consistently improving our operational model, sustain margins and foster a steady generation of free cash flow. Our regional portfolio has historically proven to be highly defensive, thanks to the exceptional high-quality assets we operate, the diverse set of non-gaming amenities we offer, our strong market share positioning and overall customer loyalty.

我們的 2024 年區域展望預計需求將保持穩定。話雖如此，我們致力於不斷改進我們的營運模式，維持利潤率並促進穩定產生的自由現金流。歷史證明，我們的區域投資組合具有高度防禦性，這要歸功於我們運營的卓越優質資產、我們提供的多樣化非博彩設施、強大的市場份額定位和整體客戶忠誠度。

Looking ahead in Macau, our exceptional results for 2023 have carried into the first 45 days of 2024 driven by successful events, including a Bruno Mars concert at the MGM Cotai, driving strong visitation to our properties. Demand in our properties for Chinese New Year, which is also going on now, is also very strong. As we look further into the year, the Macau government has set a target to attract 33 million visitors in 2024, reflecting a 17% increase year-over-year, a testament to our team's continuous innovation in crafting compelling experiences for our predominantly premium mass clientele. Our focuses on the New Year in Macau remain on three priorities: implementing strategic adjustments to our casino floor and existing room offerings to optimize yield, prioritizing the needs of our mass and premium mass customers and actively driving international tourism.

展望澳門，我們在2023 年的卓越業績已延續至2024 年前45 天，這得益於一系列成功活動的推動，其中包括在美高梅路氹舉行的布魯諾·馬爾斯(Bruno Mars) 音樂會，帶動了我們飯店的大量客流量。現在正值農曆新年，我們的房產需求也非常強勁。展望今年，澳門政府設定了到 2024 年吸引 3,300 萬名遊客的目標，同比增長 17%，這證明了我們團隊在為主要高端大眾打造引人入勝的體驗方面不斷創新客戶。我們在澳門新年的重點仍然是三個優先事項：對我們的賭場樓層和現有客房產品進行戰略調整以優化收益、優先考慮大眾和優質大眾客戶的需求以及積極推動國際旅遊業。

Turning to BetMGM. In 2024, we will soon be live in 29 markets with the launch of North Carolina next month. We had a noteworthy technology achievement in January with the approval and subsequent migration of the Entain platform in Nevada. This sets the stage for integration of single account, single wallet in Nevada later this spring, which is critical to our omnichannel thesis and will fully unlock one of the key differentiators for BetMGM by fully leveraging our Las Vegas properties.

轉向 BetMGM。 2024 年，我們很快就會在 29 個市場上線，下個月將在北卡羅來納州推出。一月份，我們取得了一項值得注意的技術成就，內華達州的 Entain 平台獲得批准並隨後遷移。這為今年春天晚些時候在內華達州整合單一帳戶、單一錢包奠定了基礎，這對我們的全通路論文至關重要，並將透過充分利用我們拉斯維加斯的資產來充分釋放BetMGM 的關鍵差異化優勢之一。

Within our international digital space, in the U.K., LeoVegas, BetMGM's KPIs have exceeded our initial projections, demonstrating again the strength of MGM's brand. In fact, by leveraging the MGM Resorts' balance sheet, we now offer the highest jackpot payouts amongst all competitors in the U.S., making our offers even that much more compelling.

在我們的國際數位空間中，英國 LeoVegas、BetMGM 的 KPI 超出了我們最初的預測，再次證明了 MGM 的品牌實力。事實上，透過利用米高梅度假村的資產負債表，我們現在提供美國所有競爭對手中最高的頭獎獎金，這使得我們的優惠更具吸引力。

Turning to our development pipeline. In Osaka, we successfully began liquefaction countermeasures in the fourth quarter, maintaining our trajectory to commence preparatory construction efforts in 2025, on time for a 2030 opening. Additionally, in New York, the request for proposal process is currently underway. We anticipate submitting our full application to the government by the middle of this year with a decision expected shortly thereafter.

轉向我們的開發管道。在大阪，我們在第四季度成功啟動了液化對策，保持了在 2025 年開始籌備建設工作的軌道，並按時於 2030 年開業。此外，在紐約，徵求建議書流程目前正在進行中。我們預計在今年年中之前向政府提交完整的申請，並預計不久後就會做出決定。

Putting it all together, our company is in a great position to generate free cash flow through 2028. We'll deploy this free cash strategically into development projects such as Japan and New York; we'll reinvest in our existing portfolio through maintenance and growth CapEx, which we are specifically focused on enhancing and expanding our luxury-oriented offerings; and the repurchase of shares at attractive levels and investment, which we believe will still continue to generate strong returns.

總而言之，我們公司處於有利位置，可以在 2028 年之前產生自由現金流。我們將策略性地將這些自由現金部署到日本和紐約等開發項目中；我們將透過維護和成長資本支出對現有投資組合進行再投資，我們特別專注於增強和擴展我們的奢侈品產品；以及以有吸引力的水平回購股票和投資，我們相信這仍將繼續產生強勁的回報。

Jonathan, over to you.

喬納森，交給你了。

Thanks, Bill. And before I dig into the financial results, I'd like to join Bill in thanking our employees at MGM Resorts for an outstanding quarter and a truly great year. While I certainly focus on our exceptional financial results, we accomplished that and so much more together.

謝謝，比爾。在深入研究財務業績之前，我想與比爾一起感謝米高梅度假村的員工，感謝他們度過了出色的季度和真正偉大的一年。雖然我當然專注於我們卓越的財務業績，但我們共同實現了這一目標以及更多的成就。

Our consolidated businesses in the fourth quarter generated net revenues of $4.4 billion, up 22% from last year; net income of $202 million; and adjusted EBITDAR of $1.2 billion. During the quarter, net cash from operating activities was $716 million and free cash flow was $387 million. It's important to note the $283 million in cash flow from operating activities and $18 million in capital expenditures related to MGM China, and they were included in the quarter. For the full year of 2023, free cash flow was $1.8 billion.

我們第四季的合併業務淨收入為 44 億美元，比去年成長 22%；淨利2.02億美元；調整後的 EBITDAR 為 12 億美元。本季度，經營活動產生的淨現金為 7.16 億美元，自由現金流為 3.87 億美元。值得注意的是，與米高梅中國相關的營運活動現金流量為 2.83 億美元，資本支出為 1,800 萬美元，這些都已計入本季。 2023 年全年，自由現金流為 18 億美元。

In Las Vegas, same-store net revenues, which excludes Mirage from the prior year period, was $2.4 billion, up 10% over last year. On previous calls, we've talked about the fact that our operations in Las Vegas skew towards the high end, with approximately 80% of our strip adjusted property EBITDAR coming from our luxury properties. Interestingly, this year's revenues from our luxury properties increased mid-teens for the quarter and the year, representing approximately 90% of our absolute top line growth. And this further highlights the prominence of the higher-end segments in our business here in Las Vegas. Same-store adjusted property EBITDAR increased 3% or $29 million year-over-year. Margins were about 36% in the quarter, well within our expected range in the mid-30s.

在拉斯維加斯，去年同期不包括 Mirage 在內的同店淨收入為 24 億美元，比去年增長 10%。在之前的電話會議中，我們談到了這樣一個事實，即我們在拉斯維加斯的業務偏向高端，我們的帶狀調整後房產 EBITDAR 大約 80% 來自我們的豪華房產。有趣的是，今年我們豪華物業的營收在本季和全年均成長了 15%左右，約占我們絕對收入成長的 90%。這進一步凸顯了我們拉斯維加斯業務中高端細分市場的突出地位。同店調整後物業 EBITDAR 年增 3%，即 2,900 萬美元。本季利潤率約為 36%，完全在我們 30 多歲的預期範圍內。

In the regions, same-store revenue, which excludes Gold Strike, was down 7% year-over-year, with same-store adjusted property EBITDAR decreasing $64 million or 22%. It's important to note that approximately $60 million of the decrease year-over-year came from Detroit and National Harbor, where those properties were impacted by disruptions related to a strike and some high-end play not returning, respectively. There was also some lingering cyber incident challenges that specifically impacted the regional portfolio given that promotional offers were not available to our customers for the first half of October. Beyond these specific property circumstances in the fourth quarter, the regional property trends remained stable.

在這些地區，同店收入（不包括 Gold Strike）年減 7%，同店調整後飯店 EBITDAR 減少 6,400 萬美元，即 22%。值得注意的是，同比減少的約 6000 萬美元來自底特律和國家港口，這兩個地方的物業分別受到罷工和一些高端演出未回歸相關的干擾的影響。由於 10 月上半月我們的客戶無法獲得促銷優惠，因此還存在一些揮之不去的網路事件挑戰，這些挑戰對區域產品組合產生了特別影響。除了第四季度的這些具體房地產情況外，區域房地產趨勢保持穩定。

As we look to drive future growth within our domestic portfolio, our centers of excellence and property leaders have identified opportunities to increase our share of customer spend and drive organic growth. We see plenty of both near-term and medium-term opportunities to enhance revenue per occupied room night even beyond the benefits of the Marriott partnership. For example, adaptive pricing will maximize throughput within our high-demand outlets and will further enhance our ability to drive upsells and new product offerings. This includes bundled packages with room, show and food and beverage offerings. We expect these initiatives to drive RevPAR growth in 2024. Improved segmentation will allow us to increase personalization and enhance the guest experience while driving increased NPS and overall customer lifetime value. An omnichannel purchase behavior by our MGM Rewards members will be enhanced by a single account, single wallet in Nevada later this year. Once in action, our customers will be able to open an account here in Las Vegas and bring that wallet home to continue their experience with MGM Resorts, allowing us to drive targeted marketing and outreach to further cross-sell our digital and physical assets.

當我們希望推動國內投資組合的未來成長時，我們的卓越中心和房地產領導者已經發現了增加我們在客戶支出中所佔份額並推動有機成長的機會。我們看到大量近期和中期的機會可以提高每晚入住收入，甚至超越了與萬豪合作夥伴關係的好處。例如，自適應定價將最大限度地提高我們高需求商店的吞吐量，並將進一步增強我們推動追加銷售和新產品供應的能力。這包括包含客房、表演以及餐飲服務的捆綁套餐。我們預計這些措施將推動 2024 年 RevPAR 的成長。改進的細分將使我們能夠提高個人化並增強賓客體驗，同時推動 NPS 和整體客戶生命週期價值的提高。今年晚些時候，我們的米高梅獎勵計畫會員的全通路購買行為將透過內華達州的單一帳戶、單一錢包得到加強。一旦採取行動，我們的客戶將能夠在拉斯維加斯開設一個帳戶，並將錢包帶回家，繼續他們在米高梅度假村的體驗，使我們能夠推動有針對性的營銷和推廣，以進一步交叉銷售我們的數位和實體資產。

Moving over to MGM China. Our record adjusted property EBITDAR of $262 million was a 42% increase compared to the fourth quarter of 2019. This was driven by casino revenue, which increased 31% versus the fourth quarter of 2019, and more specifically our main floor segment table games win, which increased 74% from 2019. Margins were in line with the first 3 quarters of the year at 27%. Market share was an all-time record in the fourth quarter at over 16%. And for the full year, our market share exceeded 15%, which is 600 basis points above our 2019 performance and 300 basis points above our table fair share.

搬到米高梅中國。我們創紀錄的調整後財產EBITDAR 為2.62 億美元，與2019 年第四季相比成長了42%。這是由賭場收入推動的，與2019 年第四季相比成長了31%，更具體地說，我們的主要場館賭桌遊戲獲勝，較 2019 年增長 74%。利潤率與今年前 3 季的 27% 持平。第四季市佔率超過 16%，創歷史新高。全年市佔率超過 15%，比 2019 年業績高出 600 個基點，比公平市佔率高出 300 個基點。

On the digital side, BetMGM successfully met its 2023 targets by reporting positive EBITDA in the second half of the year and reaching the upper limit of its net revenue from operations guidance of $1.8 billion to $2 billion.

在數位方面，BetMGM 成功實現了 2023 年的目標，下半年實現了正 EBITDA，並達到了營運指導淨收入 18 億美元至 20 億美元的上限。

And let me close, as usual, with a brief walk-through of our capital allocation strategy and our valuation. First off, we successfully closed on an amendment and extension of our seam-secured credit facility this week. This expands our capacity by approximately $600 million to $2.3 billion and extends the maturity of that facility to 2029. The commitment from our relationship banks allows us to sustain our financial policy of a minimum $3 billion in liquidity while deploying incremental cash for further high-return investments, including share repurchases. As Bill mentioned, we expect to fully fund the equity contribution in Japan and the commercial gaming expansion in New York with our free cash flow.

最後，像往常一樣，讓我簡單介紹一下我們的資本配置策略和估值。首先，我們本周成功完成了對無縫擔保信貸安排的修改和延期。這使我們的產能擴大了約6 億美元，達到23 億美元，並將該貸款的期限延長至2029 年。我們關係銀行的承諾使我們能夠維持至少30 億美元流動性的財務政策，同時部署增量現金以獲得進一步的高回報投資，包括股票回購。正如比爾所提到的，我們希望用我們的自由現金流為日本的股權投資和紐約的商業博彩擴張提供全額資金。

Domestically, we intend to invest maintenance capital of approximately $600 million this year or 4% of revenue, which is consistent with our historical trend. Major maintenance capital projects this year focus on luxury-oriented offerings, examples being the remodeling of the Bellagio Tower Suites, the Cosmopolitan Chelsea Tower penthouses and the MGM Grand Main Tower rooms.

在國內，我們今年打算投入約6億美元的維護資金，佔營收的4%，這與我們的歷史趨勢一致。今年的主要維護資本項目專注於豪華產品，例如貝拉吉奧塔套房、大都會切爾西塔頂層公寓和米高梅金殿主塔客房的改建。

As of the end of 2023, we had liquidity of $4.5 billion when excluding MGM China. Excluding the cash that we keep on hand to operate our business, in keeping with our policy, we have $1 billion in excess cash, which will be allocated to international and digital acquisitions, high ROI capital projects, and share repurchases. We continue to see great value in our shares. And during the year, with a $2.3 billion repurchase of our shares, we reduced our share count by 14%.

截至 2023 年底，不包括米高梅中國，我們的流動性為 45 億美元。不包括我們手頭上用於營運業務的現金，根據我們的政策，我們有 10 億美元的超額現金，這些現金將分配給國際和數位收購、高投資回報率資本項目和股票回購。我們繼續看到我們股票的巨大價值。年內，我們回購了 23 億美元的股票，股票數量減少了 14%。

To close, I would briefly like to discuss our enterprise valuation and why we still believe share repurchases are a remunerative use of our capital. Consider the following. As of yesterday, our share price was $47, and we had 320 million shares outstanding. This equates to a market capitalization of $15.1 billion. And if we add our quarter end domestic net debt and subtract the market value of our 56% stake in MGM China and analyst consensus estimates for the value of our 50% of BetMGM, then we have the enterprise value of our operations less China and BetMGM of $10.6 billion. Divide this by our 2023 EBITDA adjusted for corporate expense, and we calculate an implied current trailing trading multiple of just 4.9x. We think this multiple represents a discount to the value that we see in our future cash flows, which provides us further conviction in returning capital to shareholders by repurchasing our shares at these levels.

最後，我想簡單討論一下我們的企業估值，以及為什麼我們仍然認為股票回購是對我們資本的有償使用。考慮以下。截至昨天，我們的股價為 47 美元，流通股數為 3.2 億股。這相當於 151 億美元的市值。如果我們加上季末國內淨債務，減去我們所持米高梅中國56% 股份的市場價值以及分析師對我們所持BetMGM 50% 股份價值的一致估計，那麼我們就得到了我們業務的企業價值減去中國和BetMGM 的價值。106 億美元。將此除以根據公司費用調整後的 2023 年 EBITDA，我們計算得出的隱含當前追蹤交易倍數僅為 4.9 倍。我們認為這個倍數代表了我們在未來現金流中看到的價值的折扣，這使我們進一步確信透過在這些水平上回購我們的股票來向股東返還資本。

Bill, back to you.

比爾，回到你身邊。

Thanks, Jonathan. Before I open it up for questions, maybe just some general comments on the year. And you've heard me say this and used these words, resilient and luxury, a couple of times. If you think about, particularly this last quarter, we were on our heels with a cyberattack. You all understood what that did to us. And so as we entered October, to think we'd end up having the quarter we had, I couldn't be prouder of the organization. And it particularly shown through in luxury. Bellagio, after 25 years, had its best quarter in its history and its best year in its history. And so it does prove that in continuing to invest in these properties in the right place at the right time does make a difference. And so we're very excited by thinking about that as we continue to go forward.

謝謝，喬納森。在我開始提問之前，也許只是對這一年的一些一般性評論。你已經聽我說過這句話，並且多次使用過「堅韌和奢華」這些字眼。如果你想一想，特別是上個季度，我們緊跟在後的是網路攻擊。你們都明白這對我們造成了什麼。因此，當我們進入十月時，想到我們最終會擁有我們所擁有的季度，我為這個組織感到無比自豪。尤其是在奢華方面體現得淋漓盡致。在貝拉吉奧 (Bellagio) 25 年後，迎來了歷史上最好的季度和歷史上最好的一年。因此，這確實證明，在正確的時間、正確的地點繼續投資這些房產確實會產生影響。因此，在我們繼續前進的過程中，我們對這一點感到非常興奮。

I think about what happened with BetMGM and ultimately, our database. MGM Rewards database now has over 44 million participants driven by BetMGM and ultimately, the omnichannel effect of that long term will begin, we think, to pay dividends.

我想到了 BetMGM 以及最終我們的資料庫發生的事情。 MGM Rewards 資料庫目前擁有超過 4,400 萬名由 BetMGM 推動的參與者，我們認為，最終，長期的全通路效應將開始帶來紅利。

Macau is doing amazingly well. I know some of our competitors are wondering what we're doing. Kenny and the team broke through 20% in the month of January for market share. I'm not suggesting that's sustainable. But I will tell you, I think we have repositioned those 2 properties, and we're prepared to compete on an equal basis with anybody in the marketplace.

澳門的表現非常出色。我知道我們的一些競爭對手想知道我們在做什麼。肯尼和他的團隊在一月份的市佔率突破了 20%。我並不是說這是可持續的。但我會告訴你，我認為我們已經重新定位了這兩個屬性，並且我們準備在平等的基礎上與市場上的任何人競爭。

When I think about BetMGM, the original goal 5 years ago was to get into the top 3 because we thought it mattered. And we have. We realize there's focus on product. There are some things we need to do to maintain and keep market share. And we think moves by that team, with Angstrom and other things, have done that for us.

當我想到 BetMGM 時，5 年前的最初目標是進入前 3 名，因為我們認為這很重要。我們有。我們意識到人們對產品的關注。我們需要做一些事情來維持和維持市場佔有率。我們認為該團隊與安斯特羅姆和其他公司的舉措已經為我們做到了這一點。

We realized, particularly this quarter, there's pressure on regional margins. We know what they did. But remember what Jonathan said, $60 million of the $64 million was tied to two events: a Detroit strike and ultimately, a player in our National Harbor company didn't come back year-over-year.

我們意識到，特別是在本季度，區域利潤率面臨壓力。我們知道他們做了什麼。但請記住喬納森所說的，6400 萬美元中的 6000 萬美元與兩個事件有關：底特律的罷工以及最終我們國家港口公司的一名球員年復一年沒有回來。

We find ourselves with one of the best balance sheets in the industry, which well positions us to invest in places like Japan and New York. We are looking aggressively at the U.A.E., and Gary Fritz and the digital team has constant things in front of us in terms of growing the balance of our worldwide digital business. And so we're excited by all of that.

我們發現自己擁有業內最好的資產負債表之一，這使我們能夠在日本和紐約等地進行投資。我們正在積極關注阿聯酋，加里·弗里茨 (Gary Fritz) 和數位團隊在增加全球數位業務的平衡方面始終面臨挑戰。所以我們對這一切感到興奮。

And then obviously, if again, you follow Jonathan's math, like every CEO, we think we're under-traded at 4.9x, but obviously, you all will be the judge of that.

顯然，如果你再次遵循喬納森的數學，就像每一位執行長一樣，我們認為我們的交易率為 4.9 倍，但顯然，你們都會對此做出判斷。

So with that, operator, I will open it up for questions.

那麼，操作員，我將打開它來提問。

(Operator Instructions) And our first question comes from Joe Greff with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Joe Greff。

Starting off with the Las Vegas, Bill, Jonathan and whoever else is in the room there, can you talk about maybe isolating in the fourth quarter the EBITDA contribution from F1? And then you might be still counting your money from the Super Bowl, but do you think the Super Bowl event in Las Vegas is of a larger magnitude than what the EBITDA contribution from F1 was in the fourth quarter? And then sticking to the topic of F1, Bill, you mentioned about maybe you have a better priced F1 this year and in coming years. Do you think year 2 can be bigger than year 1? Or does it have to level off before it can grow?

從拉斯維加斯開始，比爾、喬納森以及房間裡的其他人，您能談談在第四季度將 EBITDA 貢獻與 F1 分開嗎？然後你可能還在數超級盃的錢，但你認為拉斯維加斯的超級盃賽事比 F1 第四季的 EBITDA 貢獻更大嗎？然後繼續討論 F1 的話題，比爾，你提到也許今年和未來幾年你會有一輛價格更好的 F1。你認為第二年會比第一年更大嗎？還是必須先趨於平穩才能成長？

Let me give some broad stroke and then Corey and Jonathan both kick in. Look, F1, when you balance it out year-over-year, it was actually a $70 million increase year-over-year. But if I neutralize the year before, it was about $50 million. We didn't run lucky the year before.

讓我粗略地講一下，然後科里和喬納森都開始發言。看，F1，當你逐年平衡它時，實際上是同比增加了 7000 萬美元。但如果我抵銷前一年的影響，則約為 5000 萬美元。前一年我們運氣不太好。

Super Bowl was amazing. We were always concerned, we do great Super Bowl parties here, will it be the kind of event that will drive given the additional expense of the tickets, et cetera, et cetera? The answer was hands-down yes, and particularly rooms, and it drove them across the board. Unlike where F1 was isolated to our premium properties, Super Bowl drove it across the board. We had thousands of people in all of our ballrooms in the MGM Grand Garden enjoying the game and enjoying the festivities. And so it was a really successful universal event. Las Vegas showed up, and I think we all did a tremendous job hosting it. And where I was skeptical going in, I would look to clearly want to host this again.

超級盃太棒了。我們一直擔心，我們在這裡舉辦盛大的超級盃派對，考慮到門票等額外費用，這是否會推動這種活動？答案是肯定的，尤其是房間，這讓他們全面了解。與 F1 與我們的優質資產隔離不同，超級盃將其全面推動。成千上萬的人在米高梅大花園的所有宴會廳享受比賽和慶祝活動。所以這是一個非常成功的全球性活動。拉斯維加斯出現了，我認為我們在主辦它方面做得非常出色。在我對參加持懷疑態度的地方，我顯然想再次主辦這項活動。

I think on pricing when it comes to Formula One, we're going to be more cautious at some of the outlier properties that we have. We got paid for Bellagio, Aria, Cosmopolitan along the track, and we got paid well. I think the further away you've got from the track, with a couple of exceptions, MGM held in there well because of its adjacency to the paddock. There's opportunity to do that better and get more people back into the town.

我認為在一級方程式的定價方面，我們將對我們擁有的一些異常屬性更加謹慎。我們在賽道上的 Bellagio、Aria、Cosmopolitan 都得到了報酬，而且報酬很高。我認為，除了少數例外，距離賽道越遠，米高梅就因為毗鄰圍場而保持得很好。我們有機會做得更好，讓更多的人回到小鎮。

What I would add, Joe, on F1 in particular, the south Strip in particular, we would treat that probably more like a normal weekend going forward because of the lack of activation there. So we think there's opportunity there. And on Super Bowl, I mean, every cash register, from food and beverage to entertainment, was ringing. So it was much more widespread at every property compared to F1, which was isolated to the luxury.

喬，我要補充的是，特別是在 F1 上，特別是在南大道上，我們可能會認為這更像是一個正常的周末，因為那裡缺乏激活。所以我們認為那裡有機會。我的意思是，在超級盃比賽中，從食物和飲料到娛樂的所有收銀機都響了起來。因此，與與奢侈品隔絕的 F1 相比，它在每家酒店都更為普遍。

Great. And Bill, maybe this is a good chance for you to revisit any updated thinking and the Board's thinking on any kind of large-scale digital M&A. Has anything really changed or evolved since the last time you made public commentary on it?

偉大的。比爾，也許這是一個很好的機會讓你重新審視任何最新的想法和董事會對任何大規模數位併購的想法。自從您上次發表公開評論以來，有什麼事情真的發生了變化或演變嗎？

No. Look, I was at ICE last week, I met with Stella, our partner. We're still very focused on making sure everyone's focus is on BetMGM. And particularly this is a critical year, I think, for all of us. So it's about product, product, product and focus. And so that remains the focus for now.

不，聽著，我上週在 ICE，會見了我們的合作夥伴 Stella。我們仍然非常注重確保每個人的注意力都集中在 BetMGM 上。我認為，對我們所有人來說，今年尤其是關鍵的一年。所以這是關於產品、產品、產品和焦點。因此，這仍然是目前的焦點。

The next question comes from Carlo Santarelli with Deutsche Bank.

下一個問題來自德意志銀行的卡洛桑塔雷利 (Carlo Santarelli)。

I respect that you've talked about this previously and not really breaking out kind of impacts from hold, but clearly, in Las Vegas, in the third and fourth quarter, you've experienced much higher than at least what we're accustomed to hold percentages. And I was wondering if, a, you could perhaps provide some impact in the fourth quarter in Las Vegas from the hold; and b, maybe just talk about more quantitatively what's driving it and how sustainable or what you would think, if you had to go back and do it again, normalized hold is in the current environment.

我尊重您之前談到過這一點，並且沒有真正擺脫暫停帶來的影響，但顯然，在拉斯維加斯的第三和第四季度，您所經歷的至少比我們習慣的要高得多保持百分比。我想知道，a，你是否可以在拉斯維加斯的第四季度從保留中產生一些影響； b，也許只是更定量地談論推動它的因素以及可持續性或您的想法，如果您必須回去再做一次，則在當前環境下會保持正常化。

Carlo, it's Jonathan. Yes, we've tried to get out of the business of giving quantifying hold impacts because, as you know, there's a lot of things that cut both ways when trying to isolate the impact of hold. It's certainly true that we experienced good hold in the fourth quarter. But I would also say that, first of all, with this customer segment that drove some of those results, the nature of the play is such that it can lead to higher hold anyway. So the whole idea of what a normal hold is, is a little bit different.

卡羅，我是喬納森。是的，我們試圖擺脫量化保留影響的業務，因為如您所知，在試圖隔離保留影響時，有很多事情是雙向的。確實，我們在第四季度經歷了良好的控制。但我還要說，首先，由於這個客戶群推動了其中一些結果，該遊戲的本質是無論如何它都可以帶來更高的保留率。因此，正常握持的整個概念有點不同。

And then second of all, there are expenses associated with these customer segments, including, of course, the normal complementaries as well as, in certain cases, discounts in order to induce more rapid retirement of markers and the like. But look, it positively contributed to the results. There's no question about that. But I would also highlight that there were offsets to that, including player-related expenses, as well as some other things we incurred in the quarter.

其次，與這些客戶群相關的費用，當然包括正常的補充，以及在某些情況下的折扣，以促使標記等更快地退役。但看，它對結果做出了積極貢獻。毫無疑問。但我還要強調的是，其中有一些抵消，包括與球員相關的費用，以及我們在本季發生的一些其他費用。

Okay. Good enough. I appreciate that, Jonathan. And then just one follow-up on Macau and perhaps kind of how you're thinking about things there. Obviously, the results are very good. The market share results continue to be very good. But the flow-through in the period, if we look at it on a sequential basis, was a little lower. And I'm wondering if that has anything to do with just kind of expenses that you're incurring or if it's concession-related programming, things of that nature, if you can give us some color on how we should think about 2024 through the context of flow-through and top line growth.

好的。夠好了。我很感激，喬納森。然後是關於澳門的一個後續行動，也許是你如何看待那裡的事情。顯然，結果非常好。市佔率結果繼續非常好。但如果我們按順序來看，這段期間的流量會低一些。我想知道這是否與您所承擔的某種費用有關，或者是否與特許權相關的規劃有關，類似性質的事情，如果您能給我們一些關於我們應該如何通過 2024 年思考的顏色流通和營收增長的背景。

Let me kick it off, Kenny, I'll turn it over to you. Some of it is simple activity case, to your point, I mean, we have done like all the operatives, a good job going after some of the -- and I'll use our concert that we just had is a great example of an expansion and overhead item, but to drive overall tourism with Bruno Mars, et cetera. So part of it's adhering to that.

讓我開始吧，肯尼，我會把它交給你。其中一些是簡單的活動案例，就你的觀點而言，我的意思是，我們像所有特工一樣，在追捕一些人方面做得很好，我將使用我們剛剛舉行的音樂會就是一個很好的例子擴張和管理費用項目，但與布魯諾馬爾斯等一起推動整體旅遊業。所以它的一部分遵循這一點。

Kenny, why don't you give some more color though.

肯尼，為什麼不給更多的顏色呢？

Yes. Thanks for the question. Actually, as you can see, like Q4 was a record high in MGM China, basically. We are happy to see that our January performance has continued to grow. So actually, our January performance has exceeded even October levels across all segments, including EBITDA and market share. Currently, we are in the middle of Chinese New Year basically, which is about 8 days' celebration. As to the visitation to the city, it has reached about 90%, 95% of 2019 same-period levels. As to MGM China, 2 properties combined, the visitation, the players count, the table drop, the slot handle as well as the VIP turnover have all well exceeded 2019 same-period levels. So we are confident and we are optimistic with the Chinese New Year as well as the rest of this quarter.

是的。謝謝你的提問。事實上，正如你所看到的，米高梅中國第四季基本上創下了歷史新高。我們很高興看到我們一月份的業績持續成長。因此，實際上，我們 1 月份所有細分市場的業績甚至都超過了 10 月份的水平，包括 EBITDA 和市場份額。目前，我們基本上正處於農曆新年中間，大約有8天的慶祝活動。到訪城市的人次已達到2019年同期水準的90%、95%左右。就美高梅中國而言，兩家酒店合計人次、玩家數、賭台跌幅、老虎機手數以及貴賓營業額均遠超2019年同期水準。因此，我們對農曆新年以及本季剩餘時間充滿信心和樂觀。

And Kenny, I just might add, look, contras are growing as our high volume continues to increase because, again, that's on us versus a junket operative in the middle of that. And I'll remind everybody, on our margins in particular, we do not, I wish we did, but we do not have a large retail segment, which obviously, there's a massive amount of flow-through if you're making $100 million a year in rent, which I know some of our competitors are. The flow-through on that is a lot. We don't have that luxury. So it does impact some of our margins.

肯尼，我想補充一點，看看，隨著我們的交易量持續增加，反對派也在成長，因為，這又是我們與中介人的關係。我要提醒大家，特別是在我們的利潤方面，我們沒有，我希望我們有，但我們沒有大型零售部門，顯然，如果你賺1億美元，就會有大量的流通量一年的租金，我知道我們的一些競爭對手也是這樣。這方面的流量很大。我們沒有那麼奢侈。所以它確實影響了我們的一些利潤。

Because you mentioned it, in terms of the contra revenues, it looks like they were 21%, 22% at each of the properties, respectively, in the period. Is that kind of a level that you expect maintains as long as business mix as it stands today maintains?

因為你提到了這一點，就對銷收入而言，該時期各物業的對銷收入分別為 21% 和 22%。只要目前的業務組合保持不變，您是否期望維持這種水平？

Yes, that's right. The reinvestment rate actually is pretty flat over the quarters for the past year.

恩，那就對了。實際上，去年各季度的再投資率相當穩定。

The next question is from David Katz with Jefferies.

下一個問題是來自 Jefferies 的 David Katz。

I want to just go back to BetMGM. Obviously, there is a keen focus on product in 2024 as it's been in 2023. Should we still think about 2024 as more of an investment year for that entity and if 2025 is one where we can start to sort of realize some profits? If you could just talk through the puts and takes for what might cause that trajectory to change this year, next year, that would be helpful.

我想回到 BetMGM。顯然，與 2023 年一樣，人們對 2024 年的產品非常關注。我們是否仍然應該將 2024 年視為該實體的投資年，以及 2025 年我們是否可以開始實現一些利潤？如果你能簡單地討論一下可能導致今年、明年這一軌跡改變的因素，那將會很有幫助。

Sure, David. I'll take that. Look, I think the answer is yes, you're spot-on. This will be a reinvestment year. Obviously, you've seen we've lost share, literally, in both instances. And the two folks that sit above us were being outspent 2, 2.5 to 1 in terms of raw marketing spend in dollars. We want and need to get our product in a better and different shape. We want more parlays. Obviously, the acquisition of Angstrom by our partner will be a big add to that. We'll be able to stick out more product, we'll have more confidence in it, speed to market will be better, et cetera. And so that's part of what will be developed starting with baseball this year.

當然，大衛。我會接受的。聽著，我想答案是肯定的，你說得對。今年將是再投資年。顯然，您已經看到我們在這兩種情況下都失去了市場份額。坐在我們上面的兩個人的原始行銷支出（美元）比我們高出 2、2.5 比 1。我們希望並且需要讓我們的產品有更好的、不同的形狀。我們想要更多的連本帶利。顯然，我們的合作夥伴收購 Angstrom 將對此產生重大影響。我們將能夠推出更多產品，我們將對它更有信心，上市速度會更快，等等。這就是今年從棒球開始開發的內容的一部分。

We hope by the time we hit football next year, a lot of the product differentiators hope to have will be in play. We hope to have a single wallet in play, as I mentioned in my prepared comments, this spring here. But ultimately, a development year this year, begin to see making some cash next year, and I'm suggesting that by 2026, we're going to have a very strong first year of -- this is where this business is going and should be.

我們希望，當我們明年開始踢足球時，許多我們希望擁有的產品差異化因素將會發揮作用。正如我在今年春天準備的評論中提到的那樣，我們希望有一個單一的錢包。但最終，今年是一個發展年，明年就會開始賺錢，我建議到 2026 年，我們將有一個非常強勁的第一年——這就是這項業務的發展方向，也應該如此。

And look, it'd be silly for me to ask, as my follow-up, will you or won't you, and so I'm not. But if you could just help us frame out the puts and takes around whether BetMGM could at some point or how it thinks about controlling that entity and being able to drive the trajectory of that product advancement that makes perfect sense, that would be helpful. So it's obviously a matter that's discussed pretty actively.

聽著，作為我的後續行動，如果我問你願意或不願意，那是很愚蠢的，所以我不會這麼做。但是，如果您能幫助我們確定 BetMGM 是否可以在某個時候或它如何考慮控制該實體並能夠推動產品進步的軌跡，這將是有幫助的。因此，這顯然是一個討論非常活躍的問題。

David, I would only echo what I said. Look, with Stella as the interim CEO, the focus on the team for product for BetMGM is the focus. I don't want to comment on any other further discussion with them at this point. I don't think it'd be prudent.

大衛，我只會重複我所說的話。看，Stella 擔任臨時執行長後，BetMGM 的產品團隊才是重點。目前我不想評論與他們的任何其他進一步討論。我認為這並不謹慎。

The next question comes from Stephen Grambling with Morgan Stanley.

下一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

Just thinking about Vegas into 2024, do you generally think of this year as being more of a lodging and F&B year versus a gaming year? And in that context, how should we think about OpEx per day growth in Vegas specifically in the year? What are the major puts and takes to think through?

想想 2024 年的維加斯，您是否普遍認為今年更多的是住宿和餐飲年，而不是遊戲年？在這種背景下，我們該如何考慮維加斯今年的每日營運支出成長？需要考慮的主要因素有哪些？

Yes. Actually, I think that's probably a good way to characterize it. When we look at the drivers of growth this year, and we've talked about a few of them already, a lot of it relates to yielding, pricing, of course, growing demand through this new Marriott partnership and so on.

是的。事實上，我認為這可能是描述它的一個好方法。當我們審視今年的成長驅動因素時，我們已經討論了其中的一些驅動因素，其中許多都與收益、定價有關，當然還有透過新的萬豪合作夥伴關係不斷增長的需求等等。

Conventions.

慣例。

Yes, and the conventions business. Thank you, Bill. So those are going to be the main drivers of top line growth. As it relates to OpEx, while, of course, we don't provide guidance for either the top line or the bottom line, we are looking at increases, the main increases associated with our new labor agreement here in Las Vegas with a culinary union. So that will be at least a year-over-year factor for the first half of the year, not really in the back half of the year, since we already incurred that in the last 6 months of the year. That will be the main issue for us. We'll be able to offset that in part through some work we're doing around productivity as well as improvement in cost of sales through leverage procurement activities. But I think kind of a low to mid-single-digit OpEx growth rate, I wouldn't be surprised if we incur that this year.

是的，還有會議業務。謝謝你，比爾。因此，這些將成為收入成長的主要驅動力。由於它與營運支出相關，當然，我們不提供營收或利潤的指導，但我們正在考慮成長，主要成長與我們在拉斯維加斯與烹飪工會簽訂的新勞工協議相關。因此，這至少是上半年的同比因素，而不是下半年的實際因素，因為我們已經在今年最後 6 個月發生了這一情況。這將是我們面臨的主要問題。我們將能夠透過我們圍繞生產力所做的一些工作以及透過槓桿採購活動來改善銷售成本來部分抵消這一影響。但我認為營運支出成長率為低至中個位數，如果我們今年出現這種情況，我不會感到驚訝。

And then maybe one other follow-up just on the buyback, I guess, how do you think through the pace that we should be anticipating this year? And what's kind of the upper bound in terms of leverage that you should be thinking through?

我想，也許還有一個關於回購的後續行動，您如何看待我們今年應該預期的步伐？您應該考慮的槓桿上限是多少？

The upper bound of leverage would be 4.5x lease-adjusted leverage, and we're a full turn below that right now. I think I mentioned in the prepared remarks, we retired 14% of our outstanding shares last year. It may have been our largest share repurchase year-to-date. I wouldn't anticipate continuing at that pace this year. But we're still active in the market. We still think that the shares are attractively valued. And we still have a fair amount of dry powder, just augmented with our revolving credit increase, to enable us to do that. So I would say it's likely going to be less than it was in 2023, but we're still being aggressive.

槓桿上限為 4.5 倍租賃調整槓桿，而我們現在完全低於該槓桿。我想我在準備好的演講中提到過，去年我們退役了 14% 的流通股。這可能是我們今年迄今規模最大的股票回購。我預計今年不會繼續以這樣的速度進行。但我們仍然活躍在市場上。我們仍然認為這些股票的估值具有吸引力。我們仍然擁有相當數量的乾粉，只是隨著循環信貸的增加而增加，使我們能夠做到這一點。所以我想說它可能會比 2023 年少，但我們仍然很積極。

The next question is from Dan Politzer with Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

First, I wanted to drill in a little bit just in the fourth quarter in Las Vegas. I think your same-store revenues were up about 10%, margins down a couple of hundred basis points. I know there's a lot of moving pieces in there in accruals and maybe some cyber impact and hold, but hoping maybe you could just parse that out as it would be helpful for us to think about that 2024 OpEx guide you mentioned.

首先，我想在拉斯維加斯的第四節進​​行一些練習。我認為你們的同店收入成長了約 10%，利潤率下降了幾百個基點。我知道應計費用中有很多變化，也許還有一些網路影響和保留，但希望您能將其解析出來，因為這將有助於我們思考您提到的 2024 年營運支出指南。

Sure. When we kind of parse it out, accounting for unusual items or things that we wouldn't expect to recur, we think that the margin in the fourth quarter in Las Vegas was maybe benefited by about 100 basis points. So that still puts us right in the mid-30s, which is where we've kind of expected the margins to be for some time. That's where we expect them to be for 2024.

當然。當我們對其進行分析時，考慮到不尋常的項目或我們預計不會重複發生的事情，我們認為拉斯維加斯第四季度的利潤率可能會受益約 100 個基點。因此，我們的利潤率仍然處於 30 多歲左右，這也是我們一段時間以來對利潤率的預期。這就是我們預計 2024 年的情況。

Got it. That's helpful. And then I guess, more broadly on Las Vegas, as we think about kind of the remainder of the year, I think March, you have CON/AGG rolling off, March Madness, but you have group, as you mentioned, kind of pacing better. How should we think about kind of baking it all in, in terms of an expectation for growth, or any major tent-pole events to kind of call out for the remainder of the year that we should get excited about?

知道了。這很有幫助。然後我想，更廣泛地在拉斯維加斯，當我們考慮今年剩餘的時間時，我認為三月，你有CON/AGG 滾動，瘋狂三月，但正如你提到的，你有團體，一種節奏更好的。我們應該如何考慮將這一切融入其中，從成長預期的角度來看，或者在今年剩下的時間裡，我們應該對任何重大的支柱事件感到興奮？

We've got just top line, off the top of my head, Madonna's coming, Springsteen's coming, The Stones are coming, to name three. We've got a great football kickoff with USC, LSU coming. To your point, obviously, March Madness is always a big deal around here. And then Formula 1 rolls back around again. We are going to miss the Pac-12 championship next year. No, we've got 1 more year, I take that back, so we won't miss that. And so we all must admit, 2023, and if you think about the recent stretch we've just been through, was an amazing year and an amazing stretch. So replicating that won't be easy. But having said that, we still have plenty of content and activity case that kind of fill the void and fill the dates.

我們剛剛想到了最重要的一點，麥當娜要來了，史汀要來了，滾石樂團要來了，僅舉三例。南加州大學和路易斯安那州立大學即將到來，我們將迎來一場精彩的足球比賽。顯然，就你的觀點而言，瘋狂三月在這裡總是一件大事。然後一級方程式賽車再次回歸。我們將錯過明年的 Pac-12 錦標賽。不，我們還有一年的時間，我收回這句話，所以我們不會錯過這個機會。因此，我們都必須承認，2023 年，如果您考慮我們剛剛經歷的最近一段時間，您會發現這是令人驚奇的一年，也是一段令人驚嘆的時期。因此，複製這一點並不容易。但話雖如此，我們仍然有大量的內容和活動案例可以填補空白並填補日期。

And from a city perspective, I think the Sphere has been a great addition. The T-Mobile will be programmed more than it was last year. So all in all, I think it's going to be a really strong year. As you think about March, it won't only be CON/AGG, we also have Easter ending in March. So that will have a slight impact in March on the convention business but will be picked up in April.

從城市的角度來看，我認為 Sphere 是一個很好的補充。 T-Mobile 的編程量將比去年更多。總而言之，我認為這將是非常強勁的一年。當你想到三月時，它不僅是 CON/AGG，我們還有復活節在三月結束。因此，這將對 3 月的會議業務產生輕微影響，但將在 4 月有所回升。

The next question comes from Shaun Kelley with Bank of America.

下一個問題來自美國銀行的肖恩凱利。

Maybe just sticking with Las Vegas for a moment, Bill, you called out a lot of great commentary and color around the high end, just wondering if you could give us a little bit more color on maybe those core properties kind of outside the high end. What are you seeing on the customer behavior side? What's going to take to drive some growth and improvement at some of those properties as you look out to 2024?

也許只是暫時停留在拉斯維加斯，比爾，你在高端領域提出了很多精彩的評論和色彩，只是想知道你是否能給我們更多關於高端領域之外的核心屬性的色彩。您在客戶行為上看到了什麼？展望 2024 年，如何推動其中一些物業的成長和改善？

Well, I'll tell you one thing and Corey can pick this up. But the flow-through, or the spill-off, I should say, from the 100,000 more room nights principally at Mandalay for conference and convention business does flow into Luxor with setup crews, pieces and parts of these various groups, even in the Excalibur. So I think that's an opportunistic thing. Obviously, whether it's resort fees on through, we've gone through with a pricing exercise. We'll continue to do that to try to recapture, particularly the culinary increase, which we all know this year is going to be an extensive one. Then it falls off and basically flattens out for the balance of the 4.5 years.

好吧，我告訴你一件事，科里可以接手。但是，我應該說，主要在曼德勒用於會議和大會業務的100,000 個以上的客房夜數的流動或溢出確實流入了盧克索，其中包括這些不同團體的準備工作人員、零件和部分，甚至在神劍中也是如此。 。所以我認為這是一個機會主義的事情。顯然，無論是度假費，我們都已經進行了定價工作。我們將繼續這樣做，試圖重新奪回，特別是烹飪的增長，我們都知道今年將是一個廣泛的增長。然後在 4.5 年的剩餘時間裡它會脫落並基本上變平。

So Corey, anything?

那麼科里，有什麼事嗎？

Yes, the legacy properties, the growth is going to be a little bit limited there. It's a small percent of our Vegas revenue. As Bill mentioned, the convention mix, not just here but in town, in citywide, will help some overflow there. But it definitely won't have the same benefits that the luxury properties are and will see.

是的，遺留財產的成長將受到一些限制。這僅占我們維加斯收入的一小部分。正如比爾所提到的，會議混合，不僅在這裡，而且在鎮上，在全市範圍內，將有助於那裡的一些人流。但它絕對不會像豪華地產現在和將來那樣帶來同樣的好處。

Great. And just as my follow-up, I think it was called out in the prepared remarks, but $1 billion earmarked across a variety of things, including international, digital, just help us think through what some of the criteria would be there. I mean, again, I know a lot of eyeballs are focused on something more transformative with your partner. But it sounds like this is more along the lines of what you've done with LeoVegas. So maybe just give us some parameters of what could check some boxes for you in terms of that opportunity looking out for this year or next?

偉大的。正如我的後續行動一樣，我認為在準備好的發言中已經提到了這一點，但 10 億美元指定用於各種領域，包括國際、數位領域，只是幫助我們思考其中的一些標準。我的意思是，我知道很多人的注意力都集中在與你的伴侶一起進行更具變革性的事情上。但聽起來這更像是你對 LeoVegas 所做的事情。那麼，也許只需給我們一些參數，說明您可以在今年或明年尋找機會時勾選一些選項？

Sure. We contemplated 4 key pillars to getting and setting up our own shop, if you will. And so we bought LeoVegas with that in mind. We've obviously now gone and bought Push Gaming, which is a content studio. By the way, their first game, MGM Millions, or MGM Money Millions, whatever it's called, #1 game on our network; #1, first game out, branded with MGM. We are on the heels of buying Sports Technology. We want to obviously be in our own sports betting business with our own technology. And over time, we have Kambi that we use for LeoVegas.

當然。如果你願意的話，我們考慮了建立和建立我們自己的商店的 4 個關鍵支柱。因此我們考慮到這一點購買了 LeoVegas。顯然，我們現在已經收購了 Push Gaming，這是一家內容工作室。順便說一句，他們的第一款遊戲《MGM Millions》或《MGM Money Millions》，無論它叫什麼名字，都是我們網路上排名第一的遊戲； #1，第一款遊戲，以米高梅為品牌。我們緊接著收購了 Sports Technology。顯然，我們希望利用自己的技術來開展自己的體育博彩業務。隨著時間的推移，我們有了 LeoVegas 的 Kambi。

We are on the heels of a deal for Live Dealer where we've talked about and had a vision of broadcasting live games from Las Vegas to rest of world with some celebrities and entertainment tied to them, and we're on the heels of that. I'm heading down to South America next week or the week after to look at a large JV. Brazil is going to put Internet gaming in play for both casino and sports betting, and we plan to be there when that launches.

我們緊跟著真人荷官的一項交易之後，我們已經討論過並有一個願景，即從拉斯維加斯向世界其他地方直播比賽，並與一些名人和娛樂活動相關，我們緊隨其後。下週或後下週我將前往南美洲考察一家大型合資企業。巴西將把網路遊戲用於賭場和體育博彩，我們計劃在該項目推出時參與其中。

And so we're focused on building that business at its core into a real business. We've taken BetMGM U.K., as we've talked about. We've got well over 100,000 first-time depositors already in the 4.5 short months. And we're looking at another country already to do the same thing. And so we're going to grow the business. And if we ultimately acquire something else, time to tell, but for now staying focused on that is paramount to us.

因此，我們專注於將該業務的核心打造為真正的業務。正如我們所討論的，我們選擇了 BetMGM U.K.。在短短 4.5 個月內，我們已經擁有超過 10 萬名首次存款者。我們正在尋找另一個國家來做同樣的事情。所以我們要發展業務。如果我們最終獲得了其他東西，是時候告訴我們了，但現在專注於這一點對我們來說至關重要。

The next question comes from Brandt Montour with Barclays.

下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So just first, I wanted to go back to Macau and ask Carlo's question in a little bit of a different way. If we just look at sort of OpEx, excluding gaming taxes, for the fourth quarter, that number did step up a little bit. And I'm just curious, if you look at that on maybe a per day basis versus '19 or however you look at that, is there onetime maybe events-related OpEx in that quarter? And what I'm really getting at is if you guys think we should be thinking about that sort of level as a run rate going forward.

所以首先，我想回到澳門，以不同的方式問卡洛的問題。如果我們只看第四季的營運支出（不包括博彩稅），這個數字確實有所上升。我只是很好奇，如果你以每天為基礎與 19 年相比，或者無論你如何看待，該季度是否有一次可能與事件相關的營運支出？我真正想說的是，如果你們認為我們應該考慮這種水準作為未來的運行率。

Kenny, maybe you could speak to this more intelligently, but I can tell you broad stroke, remember, the requirement we have, we have to spend $1.1 billion in 10-year commitment in OpEx driving tourism, and there's about $900 million or so in actual capital expense. So we've got a little over $2 billion commitment to the government, of which the $1.1 billion is pure OpEx. And so a lot of the activity case in driving international tourism and driving tourism isn't necessarily tied to the usual marketing programs that we'd think about in gaming.

肯尼，也許你可以更明智地談論這個問題，但我可以告訴你大概的情況，記住，我們的要求是，我們必須在10 年的營運支出中花費11 億美元來推動旅遊業，其中大約有9 億美元左右實際資本支出。因此，我們向政府承諾了略高於 20 億美元的資金，其中 11 億美元是純營運支出。因此，推動國際旅遊業和推動旅遊業的許多活動案例不一定與我們在遊戲中考慮的常見行銷計劃相關。

Okay. This is Kenny. As you know, like for the past year, with the new concession, we added another 200 tables. Of course, we added a little bit more FTEs. We have more daily table open hours. But in general, we are very, very tight regarding our OpEx control. You can see from our EBITDA margin, over the quarters of the last year, we are very stable, in the high 20s, along with our market share gains and the business growth. As Bill just commented, we do not have so much high-margin retail rental EBITDA, but our gaming EBITDA margin is really way up there in this marketplace. I can see for the next for these next couple of quarters, we should be quite stable with our margins.

好的。這是肯尼。如您所知，與去年一樣，有了新的特許權，我們又增加了 200 張桌子。當然，我們增加了一點 FTE。我們每天的餐桌開放時間較長。但總的來說，我們對營運支出的控制非常非常嚴格。從我們的 EBITDA 利潤率可以看出，在去年的幾個季度中，我們非常穩定，在 20 左右，同時我們的市場份額也在增長，業務也在增長。正如比爾剛剛評論的那樣，我們沒有那麼多高利潤的零售租賃 EBITDA，但我們的遊戲 EBITDA 利潤率在這個市場上確實很高。我可以看到，在接下來的幾個季度中，我們的利潤率應該會相當穩定。

Okay. That's perfect. And then circling back on digital and BetMGM specifically, I was wondering, Bill, if you want to comment at all on the sort of newly announced partnership with X, what you can say about how that deal came together, the structure of the deal, and anything from an economic standpoint that you can share and then what you expect the impact to be over time.

好的。那很完美。然後具體回到數字和 BetMGM，我想知道，Bill，您是否想對新宣布的與 X 的合作發表評論，您可以對這筆交易是如何達成的、交易的結構發表什麼評論，從經濟角度來看看您可以分享的任何內容，以及您預計隨著時間的推移會產生什麼影響。

Look, it's interesting. It just started, as you know. So we have high hopes for it. We had literally 100 million people, when they flipped on X yesterday, day before, are going to be exposed to that offering and that opportunity. That team is probably much better positioned to give you some input on what they think the outcome is going to be. I can remember from the various presentations that if you captured about 0.1% of those folks, it was a significant uptick to the company, and it's efficient. The way we've structured this deal compared to other even general bonusing, it's an extremely efficient deal for us. So we'll see. Our customers live there. But everyone was on X, I guess, but we particularly think the demographic fits well for what we do.

看看吧，很有趣。如你所知，一切才剛開始。所以我們對它寄予厚望。我們實際上有 1 億人，當他們昨天、前天打開 X 時，將接觸到該產品和機會。團隊可能更適合為您提供一些他們認為結果會是什麼的意見。我記得從各種演示中，如果你捕獲了大約 0.1% 的人，這對公司來說是一個顯著的提升，而且是高效的。與其他一般獎金相比，我們建立這筆交易的方式對我們來說是一筆極其有效的交易。所以我們拭目以待。我們的客戶住在那裡。但我猜每個人都在 X 上，但我們特別認為該人群非常適合我們所做的事情。

The next question is from Chad Beynon with Macquarie.

下一個問題來自麥格理的查德貝農 (Chad Beynon)。

I wanted to ask about the regional properties. I guess, more so in the current quarter, we've seen a number of public releases out there for January showing that there's been some pretty significant declines. And it sounds like most of that is kind of chalked up to bad weather, and we've heard that from a lot of companies. So a, maybe if you're willing to kind of touch on that given that many of your properties are in these areas that may have inclement weather in January. And then more importantly, is that core customer in the regional markets stable? Are we seeing any trends kind of rolling off in terms of that low end? Or does it still feel as good as you kind of look out to '24?

我想問一下地區屬性。我想，在本季尤其如此，我們已經看到一月份的許多公開發布的數據表明出現了一些相當顯著的下降。聽起來大部分都是因為惡劣天氣造成的，我們從很多公司都聽到了這樣的說法。因此，也許您願意談談這一點，因為您的許多房產都位於這些地區，一月份可能會遇到惡劣的天氣。然後更重要的是，區域市場的核心客戶是否穩定？我們是否看到低端市場正在出現某種趨勢？或者它仍然像你期待的 24 歲那樣感覺良好嗎？

Yes. I would say that certain of our properties were affected by the weather. Springfield comes to mind as one. Empire is another. But we also saw some pockets of strength in January as well. I would say both because of weather effects as well as the calendar a bit coming off of New Year's, January saw some of those impacts in our regional markets.

是的。我想說的是，我們的某些房產受到了天氣的影響。斯普林菲爾德就是其中之一。帝國是另一個。但我們在一月也看到了一些強勁的勢頭。我想說的是，由於天氣的影響以及新年的日曆，一月份我們的區域市場受到了一些影響。

Players are pretty stable from all age groups and all spend. During COVID, we actually eliminated a lot of that low end play. So in general, what we're seeing in February, we're pretty positive on. And we feel pretty comfortable that what you saw in January was a weather-related component of the business.

所有年齡層的玩家和所有支出都相當穩定。在新冠疫情期間，我們實際上消除了許多低端遊戲。所以總的來說，我們對二月所看到的情況非常樂觀。我們對一月份看到的業務中與天氣相關的部分感到非常滿意。

Okay. Great. Appreciate that near-term color. And then with respect to New York, is there any update in terms of the time line as we get through '24, anything to speak to us about?

好的。偉大的。欣賞近期的顏色。然後，關於紐約，24 年後的時間線有什麼更新嗎？有什麼可以跟我們說的嗎？

Yes, this is Bill. No, I wish there was. I know they're going through some of these zoning things by all of the boroughs. I think, ultimately, we're going to wait and see what happens. I suspect they're going to wait and see what happens there. It may make a decision for them. And then in fact, they'll come back to us with the round 2 questions, and then that gives our 90-day clock going. But we're hopeful, by the middle of this year, we get something submitted and that by the end of '24, something is awarded. But we don't know anymore, unfortunately.

是的，這是比爾。不，我希望有。我知道他們正在對所有行政區進行一些分區工作。我認為，最終我們將拭目以待，看看會發生什麼。我懷疑他們會等著看那裡會發生什麼事。它可能會為他們做出決定。事實上，他們會帶著第二輪問題回到我們這裡，然後我們的 90 天時鐘就開始了。但我們希望，到今年年中，我們會收到一些東西，並且到 24 年底，一些東西會被授予。但不幸的是，我們已經不知道了。

The next question is from Barry Jonas with Truist Securities.

下一個問題來自 Truist Securities 的 Barry Jonas。

As you think about the potential for A's baseball stadium, how does that influence your thinking about incremental CapEx for your adjacent properties over the next few years?

當您思考 A 棒球場的潛力時，這對您對未來幾年鄰近物業增量資本支出的想法有何影響？

Very interesting question. We've been thinking about that, talking about it. For us, obviously, the place to invest capital, first and foremost, if in fact that all happens, is MGM. I mean it's our brand. It's our name's sake. It's on the corner of Las Vegas Boulevard drop. It would literally be adjacent to the stadium, and it needs some love. It's a 30-year-old property. We're going to reinvest in the rooms this year. We've got some new show concepts. We've done a few restaurants. But the front end of the property, as you get closer to Las Vegas Boulevard, needs some attention and some reprogramming. We're waiting to see where that lands. I have to believe, in the next 30 to 60 days, we should find out more. I've been shown three versions of it now in terms of where it will actually sit on the site and how it will connect. Once it settles in, we'll get serious about what we might want to do and how we might want to communicate with it, if you will, in terms of pedestrian traffic, et cetera. But that's how to think about where we might go first is really MGM and see how it all plays out.

非常有趣的問題。我們一直在思考這個問題、談論這個問題。顯然，對我們來說，投資資本的首要場所（如果這一切真的發生的話）就是米高梅。我的意思是這是我們的品牌。這是我們名字的緣故。它位於拉斯維加斯大道下降的拐角處。它確實毗鄰體育場，因此需要一些關懷。這是一棟有30年歷史的房產。今年我們將對房間進行再投資。我們有一些新的演出概念。我們開了幾家餐廳。但是，當您越來越接近拉斯維加斯大道時，該物業的前端需要一些關注和一些重新編程。我們正在等著看它落地的地方。我必須相信，在接下來的30到60天內，我們應該會發現更多。我現在已經看到了它的三個版本，了解它在網站上的實際位置以及連接方式。一旦它穩定下來，我們就會認真考慮我們可能想做的事情以及我們可能想如何與它溝通，如果你願意的話，在行人交通等方面。但這就是如何思考我們可能首先去哪裡（真正的米高梅），看看一切如何發展。

Okay. Great. And then just as a follow-up, you talked a bit about U.A.E., but maybe can you get into what the next steps are for gaming legalization there? And maybe also elaborate on how you could potentially participate in Abu Dhabi.

好的。偉大的。作為後續行動，您談到了阿聯酋，但也許您可以談談那裡的遊戲合法化的下一步是什麼？也許還可以詳細說明您如何參與阿布達比。

As I think we suggested last year, we spent some time on the ground there, specifically in Abu Dhabi, trying to understand the license in general for U.A.E., but ultimately, the opportunity in Abu Dhabi. We believe it would be on the Yas Island. That opportunity still exists. To the extent there is a submission to be had, we may participate in that. Obviously, we have Dubai. We have our project there, which is an amazing project. It's going to be over a $2.5 billion project without a casino in it. And so if and when both Abu Dhabi itself as the general license granter for all or any of the Emirates goes, and then ultimately, one by one, the Emirates say they would like it, we hope to be positioned either for Dubai or Abu Dhabi, but time to tell. And it may start with digital first, a lottery, potentially digital.

正如我去年所建議的那樣，我們在那裡花了一些時間，特別是在阿布達比，試圖了解阿聯酋的整體許可證，但最終了解阿布達比的機會。我們相信它將在亞斯島。這個機會仍然存在。只要有提交意見，我們就可以參與其中。顯然，我們有杜拜。我們在那裡有我們的項目，這是一個了不起的項目。這將是一個耗資超過 25 億美元的項目，但其中沒有賭場。因此，如果阿布達比本身作為所有或任何酋長國的一般許可授予者都消失了，然後最終，酋長國一一表示他們願意，我們希望為杜拜或阿布達比定位，但時間到了。它可能首先從數位化開始，彩票，潛在的數位化。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

I just have two pretty quick ones. One is just if you could clarify, in the regional for Q4, I think it was $60 million, how much of that was just the strike, if we were trying to think about just the kind of nonrecurring piece of that $60 million decline?

我只有兩個很快的。一個問題是，如果你能澄清一下，在第四季度的區域中，我認為這是 6000 萬美元，其中有多少只是罷工，如果我們試圖考慮 6000 萬美元下降中的那種非經常性部分？

Yes. The $60 million, roughly half is related to the strike and the other half to the National Harbor.

是的。 6000萬美元中，大約一半與罷工有關，另一半與國家港口有關。

Okay. Great. And I don't know if you said for Marriott, and I know it's only been a couple of weeks, but did you give any metrics about what percent of room nights or kind of the dollar premium on rooms sold through Marriott, any color like that you could give?

好的。偉大的。我不知道你是否說萬豪酒店，我知道這才過去幾週，但你有沒有給出任何指標，說明通過萬豪酒店銷售的房間的間夜百分比或美元溢價，任何顏色，例如你可以給嗎？

We did give some expectations, I believe it was second quarter earnings call in August of last year, Robin. And although our implementation was delayed from October to a few weeks ago to January, our estimation of what the arrangement can bring us has not changed. So I'd just refer you back to those measures that we gave in August.

我們確實給了一些預期，我相信那是去年八月的第二季財報電話會議，Robin。儘管我們的實施從十月份推遲到了幾週前的一月份，但我們對這項安排可以為我們帶來什麼的估計並沒有改變。所以我只想請您回顧我們在八月提出的那些措施。

Does that mean that it's kind of too early to know what the last 3 weeks? In other words, like at the moment, no change in your expectations? Or are you seeing enough to say that it's delivering those numbers?

這是否意味著現在要了解過去三週的情況還為時過早？換句話說，就像現在一樣，你的期望沒有改變嗎？或者您是否看到足夠多的信息來證明它正在提供這些數字？

The answer is yes. It's early days. But as I think Bill noted in his opening remarks, we're very encouraged by what we're seeing in the first few weeks.

答案是肯定的。現在還早。但正如我認為比爾在開場白中指出的那樣，我們對前幾週所看到的情況感到非常鼓舞。

The next question is from John DeCree with CBRE.

下一個問題來自 CBRE 的 John DeCree。

Maybe a high-level question, to get your view on the consumer, so we talked a lot about the performance at your high-end properties in Las Vegas. I'm curious if you see similar trends or consumer trends at your regional properties, is it the high end and high tiers of the database that are driving performance there as well? Or might the business mix be a little bit more balanced? And realizing regionals have the same event draw that Vegas does, but curious if you have kind of a view on the segments of the database from a consumer perspective?

也許這是一個高層次的問題，為了了解您對消費者的看法，所以我們討論了很多關於您在拉斯維加斯的高端酒店的表現。我很好奇您是否在您的區域酒店中看到類似的趨勢或消費者趨勢，是否是資料庫的高端和高層也推動了那裡的性能？或者業務組合可以更平衡一點？並意識到區域性活動與維加斯具有相同的吸引力，但好奇您是否從消費者的角度對資料庫的各個部分有某種看法？

Yes. It's Jonathan. I'll offer a couple of comments. The answer is yes, but really for different reasons. In the regional markets, I think, as Corey mentioned, we've really directed our marketing efforts, and to a certain extent, the property amenities themselves, to higher-worth guests. We've reduced our marketing investments and promotional investments on the lower end. And that really started in the aftermath of the pandemic, and it's carried forward. So the fact is that the increases that we've seen in those regional properties are really predominantly from the higher average daily worth customers.

是的。這是喬納森。我將提出幾點意見。答案是肯定的，但實際上是出於不同的原因。在區域市場，我認為，正如科里所提到的，我們確實將行銷工作以及在一定程度上將酒店設施本身瞄準了高價值的客人。我們減少了低端​​市場的營銷投資和促銷投資。這實際上是在大流行之後開始的，並且一直在延續。因此，事實是，我們在這些區域物業中看到的成長實際上主要來自平均每日價值較高的客戶。

But I say it's the same effect for different reasons because in Las Vegas, what has been really driving this has been our special events, our focus on these customers through our branch offices and our own marketing efforts. And obviously, the citywide events that are going on have skewed more toward that high-end luxury growth as well as our capital investment in our luxury properties, so same effect for different reasons.

但我說，出於不同的原因，這是相同的效果，因為在拉斯維加斯，真正推動這一趨勢的是我們的特別活動、我們透過分支機構對這些客戶的關注以及我們自己的行銷努力。顯然，正在發生的全市範圍的活動更偏向於高端奢侈品的增長以及我們對豪華房產的資本投資，因此出於不同的原因產生相同的效果。

I appreciate that color. And then maybe quickly on the growth CapEx plan this year. I think you listed a couple of the projects that go into that bucket, and you guys have this dialed in pretty tight by now. But is there anything that we should think about in terms of disruption? Are any of those projects large enough or the timing of such that we might want to think about any disruption at the assets?

我很欣賞那種顏色。然後也許很快就會實施今年的成長資本支出計畫。我想你們列出了幾個屬於這個桶子的項目，你們現在已經把這個項目撥得很緊了。但在顛覆方面我們應該考慮什麼嗎？這些項目中是否有足夠大的項目或項目的時間安排，以至於我們可能需要考慮對資產的任何干擾？

I would say no. I've been at MGM for 3 years, and I've been amazed at our operator's ability to manage through disruption and room renovations as well as on the casino floor, but mainly in the room renovations. If you think what we've done just in the last year or so with New York-New York, the spa tower, The Water Club, the Borgata, et cetera. This year, we have, the ones I mentioned, Chelsea suites, we're starting in the MGM Grand and so on, and also in the Bellagio Main Tower suite. So no, I would not advise you to really incorporate any disruption from those investments.

我會說不。我在米高梅工作了 3 年，我對我們的營運商管理幹擾和房間翻新以及賭場樓層的能力感到驚訝，但主要是在房間翻新方面。如果你想想我們去年左右在紐約-紐約、水療塔、水上俱樂部、Borgata 等項目上所做的事情。今年，我們有我提到的切爾西套房，我們從米高梅大酒店等開始，還有貝拉吉奧主塔套房。所以不，我不建議你真正納入這些投資帶來的任何干擾。

The next question is from Steve Wieczynski with Stifel.

下一個問題是 Steve Wieczynski 和 Stifel 提出的。

So real quickly, just two quick questions for me, but when we think about margins in the regional markets, look, I understand there was a material impact in the fourth quarter from the strikes and the customer at National Harbor, but Jonathan, maybe just how are you guys thinking about the way margins could look for this year?

這麼快，對我來說只有兩個簡單的問題，但是當我們考慮區域市場的利潤時，看，我知道第四季度的罷工和國家港口的客戶產生了重大影響，但喬納森，也許只是你們如何看待今年的利潤率？

Yes. There were a lot of things going on this quarter. I would say that we can do 30% margins in the regions. We do have a number of tools at our disposal, but we're also facing some labor cost increases there. But when we do the forensics on the fourth quarter and look ahead to this year, we believe that, that's achievable.

是的。這個季度發生了很多事情。我想說我們可以在這些地區實現 30% 的利潤。我們確實有許多可用的工具，但我們也面臨勞動成本的增加。但當我們對第四季度進行取證並展望今年時，我們相信這是可以實現的。

And in the regionals, especially fourth quarter because of weather and it's a little slower, you'll have a little bit lower margin in the fourth quarter, but 30% for the year is attainable.

在區域地區，尤其是第四季度，由於天氣原因，速度有點慢，第四季度的利潤率會稍低一些，但全年 30% 是可以實現的。

Okay. Great. And then Bill and Jonathan, you've given us a lot of color around the gives and takes for this year in Vegas. So without getting too much into guidance, I'm going to try to ask this question and see if I'll get an answer out of you, but I guess the simple question is, do you think it's actually possible to grow full year EBITDA this year? Are the overall comparisons, the hold comparison, is just going to be too tough to overcome?

好的。偉大的。然後比爾和喬納森，你們為我們今年的維加斯付出和要求提供了很多色彩。因此，在沒有太多指導的情況下，我將嘗試問這個問題，看看是否能從您那裡得到答案，但我想簡單的問題是，您認為實際上有可能增加全年 EBITDA今年？整體比較、保留比較是否會變得難以克服？

No. Look, I think the answer is yes. I think we've budgeted to that. We've convinced our Board of that. We're incentivized to do that. And I think the answer is yes. Obviously, '23 was an amazing year. We've got some headwinds with particularly labor costs. But there's enough programming out there, enough momentum that, in macro, we think we surpass. And so it's not going to be like double-digit, I can assure you, but I think we surpass.

不，我想答案是肯定的。我想我們已經為此做了預算。我們已經讓董事會相信了這一點。我們有動力去做。我認為答案是肯定的。顯然，23 年是了不起的一年。我們遇到了一些阻力，尤其是勞動成本。但從宏觀角度來看，我們認為我們已經超越了足夠的專案和足夠的動力。所以我可以向你保證，它不會像兩位數那樣，但我認為我們超越了。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Bill Hornbuckle for any closing remarks.

女士們先生們，我們的問答環節到此結束。我想將會議轉回比爾·霍恩巴克先生發表閉幕詞。

Thank you, operator. Thank you all for joining us today. Just a couple of thoughts. I mentioned this word earlier, again, resiliency, our troops have demonstrated, so I again want to thank them. '23 was an incredible year. We had an all-time EBITDA year, 7 of our properties continue to break records, and so we're anxious for the future. Macau is well positioned. We've ended up in a great space in digital, and we're in the game for real for the long haul, and so you'll see us continue to do that. And we launched our own digital brand and business in rest of world, and so excited by it, excited by the balance sheet and the development opportunities. Remember in '23, Japan came our way, which is one and only and a very unique thing for the company in the long term. And so we're excited by that and potentially the opportunity that New York may bring. So '23 was a great year. We hope to replicate it and then some in '24. And we thank you for your time.

謝謝你，接線生。感謝大家今天加入我們。只是幾個想法。我剛才提到了這個詞，再次強調，我們的部隊已經表現出了韌性，所以我要再次感謝他們。 23 年是令人難以置信的一年。我們的 EBITDA 創歷史新高，我們的 7 處房產繼續打破記錄，因此我們對未來感到焦慮。澳門的地理位置優越。我們最終進入了一個偉大的數位空間，我們將長期投入到這個遊戲中，所以你會看到我們繼續這樣做。我們在世界其他地方推出了自己的數位品牌和業務，對此感到非常興奮，對資產負債表和發展機會感到興奮。請記住，23 年，日本向我們走來，從長遠來看，這對公司來說是唯一的、非常獨特的事情。因此，我們對此以及紐約可能帶來的潛在機會感到興奮。所以23年是偉大的一年。我們希望能夠複製它，然後在 24 年複製一些。我們感謝您抽出時間。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路。