美高梅國際酒店集團 (MGM) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International First Quarter 2024 Earnings Conference Call. Joining the call for 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, Executive Director and President of MGM China Holdings, Hubert Wang, COO and President of MGM China Holdings; and Andrew Chapman, Director of Investor Relations. (Operator Instructions). Please also note today's event is being recorded.

下午好，歡迎參加米高梅國際酒店集團 2024 年第一季財報電話會議。今天加入公司電話會議的還有執行長兼總裁 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；美高梅中國控股執行董事兼總裁馮國強、美高梅中國控股營運長兼總裁王休；和投資者關係總監安德魯·查普曼 (Andrew Chapman)。 （操作員說明）。另請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Andrew Chapman.

現在，我想請安德魯·查普曼發言。

Good afternoon, and welcome to the MGM Resorts International First Quarter 2024 Earnings Call. This call is being broadcast live on the Internet at investors.mgmresorts.com, and 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 2024 年第一季財報電話會議。本次電話會議正在網路 Investors.mgmresorts.com 上進行現場直播，我們也向 SEC 提供了 8-K 表格中的新聞稿。

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. Except as required by law, we undertake no obligation to update these segments 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。除法律要求外，我們不承擔因新資訊或其他原因而更新這些部分的義務。

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. Finally, this presentation is being recorded.

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。最後，這場演講正在錄製中。

I will now turn it over to Jonathan Halkyard.

現在我將把它交給喬納森·霍爾克亞德。

Thanks, Andrew, and good afternoon, and thank you, everyone, for joining our call. We've decided to change our approach to these calls in the new year to give you a more focused recap of our results with additional color and commentary around our plans for the future. With that in mind, I'll start the call with a discussion of the quarter and our growth algorithm and then pass it over to Bill for his comments.

謝謝安德魯，下午好，謝謝大家加入我們的電話會議。我們決定在新的一年改變我們對這些電話會議的處理方式，以便讓您更集中地回顧我們的結果，並圍繞我們未來的計劃提供更多的色彩和評論。考慮到這一點，我將首先討論本季和我們的成長演算法，然後將其轉交給比爾徵求意見。

As you saw from our press release, we delivered another record quarter across our company's consolidated businesses, generating record net revenues of $4.4 billion, up 13% from last year, net income of $217 million and adjusted EBITDAR of over $1.2 billion. During the quarter, cash provided by operating activities was $549 million and free cash flow was $377 million. This includes MGM China's $215 million in cash flow from operating activities and $15 million in capital expenditures.

正如您從我們的新聞稿中看到的，我們公司的綜合業務季度再創歷史新高，淨收入達到創紀錄的44 億美元，比去年增長13%，淨利潤達到2.17 億美元，調整後的EBITDAR超過12 億美元。本季經營活動提供的現金為 5.49 億美元，自由現金流為 3.77 億美元。其中包括米高梅中國2.15億美元的營運活動現金流和1,500萬美元的資本支出。

In Las Vegas, we achieved 4% net revenue growth supported by strong ADRs, which were up 7% year-over-year. Our luxury resort offerings on the Strip served as a distinct competitive advantage, driving top line growth up 5% during the quarter. Looking ahead to the rest of the year, rate is pacing ahead of prior year for each of the remaining three quarters and group rooms on the books are up year-over-year.

在拉斯維加斯，在強勁的美國存託憑證（ADR）的支持下，我們實現了 4% 的淨收入成長，年增 7%。我們在拉斯維加斯大道上的豪華度假村產品具有明顯的競爭優勢，推動本季營收成長 5%。展望今年剩餘時間，剩餘三個季度的房價成長率均高於去年同期，預訂的團體房也較去年同期成長。

In the regions, it's no surprise that our businesses were broadly impacted by poor winter weather in January. That said, we experienced a quick recovery in February and acceleration into March. This also will be the last quarter where we need to adjust for same-store results as Gold Strike closed in February of last year.

在這些地區，我們的業務受到 1 月惡劣冬季天氣的廣泛影響也就不足為奇了。也就是說，我們在二月經歷了快速復甦，並在三月加速。這也將是我們需要調整同店業績的最後一個季度，因為 Gold Strike 已於去年 2 月關閉。

In Macau, we lapped what was really the start of the recovery last year and achieved another record with net revenues up 71% year-over-year. MGM China earned its first ever $300 million quarter in adjusted property EBITDA, along with market share of 17% surpassing the previous record set in the fourth quarter. Given the strength in MGM China's operating performance over the past 15 months, MGM China and MGM Resorts both agree there is no longer a need for MGM to support its liquidity. And in March, the subordinated loan agreement was terminated. Further, the revolving credit facility has been nearly paid down and dividend payments have been resumed with approximately $94 million to be paid to MGM Resorts in the second quarter, all very encouraging.

在澳門，我們去年實現了真正的復甦，並創下了淨收入年增 71% 的新紀錄。米高梅中國的調整後房地產 EBITDA 首次實現 3 億美元季度，市佔率達到 17%，超過第四季創下的歷史記錄。鑑於美高梅中國過去15個月的強勁經營業績，美高梅中國和美高梅度假村均認為不再需要美高梅支持其流動性。 3月份，次級貸款協議終止。此外，循環信貸額度已接近還清，股息支付也已恢復，第二季將向米高梅度假村支付約 9,400 萬美元，所有這些都非常令人鼓舞。

Aligned with our ongoing commitment to fortify our balance sheet and bolster liquidity, we recently completed the closing on the offering of $750 million of senior notes due 2032 at 6.5%. These proceeds were used to repay our [6.75%] 2025 notes. Sarah Rogers and her team did an exceptional job, and the refinancing not only extends our liquidity profile but reduces our interest expense annually.

根據我們對強化資產負債表和增強流動性的持續承諾，我們最近完成了 2032 年到期的 7.5 億美元優先票據的發行，利率為 6.5%。這些收益用於償還我們的 [6.75%] 2025 年票據。莎拉·羅傑斯和她的團隊做得非常出色，再融資不僅擴大了我們的流動性狀況，還減少了我們每年的利息支出。

Finally, in Japan, along with our partner, Orix, our venture closed on the JPY 530 billion project financing for MGM's Osaka Integrated Resort. This was the largest project financing ever in Japan and one of the most significant integrated resort financings globally. With this important milestone achieved, we'll continue to develop as soon to be iconic resort. We also bought back over $500 million of shares in the quarter, and as of yesterday, we've reduced our outstanding float to 313 million shares, 37% fewer than the start of 2021.

最後，在日本，我們的合資企業與我們的合作夥伴 Orix 一起完成了米高梅大阪綜合度假村 5,300 億日圓的專案融資。這是日本有史以來最大的專案融資，也是全球最重要的綜合度假村融資之一。隨著這一重要里程碑的實現，我們將繼續發展，盡快成為標誌性度假村。我們還在本季回購了超過 5 億美元的股票，截至昨天，我們已將流通股減少至 3.13 億股，比 2021 年初減少了 37%。

I'll close with a summary of our financial growth algorithm. Our resort operations generate both significant and recurring cash flow. In 2023, cash provided by operating activities was $2.7 billion and free cash flow was $1.8 billion, of which MGM China accounted for $830 million of net cash from operating activities and $45 million of capital expenditures. This implies around $1 billion of free cash flow domestically. We expect to see benefit soon from our digital business with BetMGM beginning to generate significant free cash flow in the next couple of years and LeoVegas beginning to generate returns from its investment period. This free cash flow generation will fund future growth and opportunities where I expect minimum mid-teens returns. This includes international digital expansion as well as brick-and-mortar development.

最後我將總結我們的財務成長演算法。我們的度假村業務產生大量經常性現金流。 2023年，經營活動提供的現金為27億美元，自由現金流為18億美元，其中米高梅中國的營運活動淨現金為8.3億美元，資本支出為4,500萬美元。這意味著國內自由現金流量約為 10 億美元。我們預計很快就會從我們的數位業務中受益，BetMGM 開始在未來幾年內產生大量自由現金流，而 LeoVegas 也開始從其投資期產生回報。這種自由現金流的產生將為未來的成長和機會提供資金，我預計回報率至少在十幾歲左右。這包括國際數位擴張以及實體發展。

In the longer term, we have an enviable pipeline of limited license development projects in New York, Japan and potentially the United Arab Emirates which will drive free cash flow growth over the next decade while also diversifying our geographic reach and earnings sources. Any excess cash generated beyond these projects within the constraints of our financial policy will be returned to shareholders through share buybacks. Collectively, we see this algorithm is driving the compound annual growth rate of free cash flow per outstanding share to be the mid-teens through 2028. And all while investing in the Japan Integrated Resort.

從長遠來看，我們在紐約、日本以及可能在阿拉伯聯合大公國擁有令人羨慕的有限許可開發項目，這將推動未來十年自由現金流的成長，同時也使我們的地理覆蓋範圍和收入來源多樣化。在我們的財務政策限制範圍內，這些項目之外產生的任何多餘現金都將透過股票回購返還給股東。總的來說，我們認為到 2028 年，該演算法正在推動每股已發行股票自由現金流的複合年增長率達到 15%左右。

Bill, over to you.

比爾，交給你了。

Thanks, Jonathan, and good afternoon and good evening, everybody. I am the color commentary that Jonathan spoke to in his opening comment. And what I want to do and what I hope to do in the future on these, just go through some top line thoughts as we think about the business and reiterate things that I think are important, obviously, in what happened in the quarter, but more importantly, from a go-forward perspective.

謝謝喬納森，大家下午好，晚上好。我是喬納森在開場評論中談到的色彩評論。我想做什麼以及我希望將來在這些方面做什麼，只需在我們思考業務時回顧一些最重要的想法，並重申我認為在本季度發生的事情中顯然很重要的事情，但是更重要的是，從未來的角度來看。

Obviously, when we use the word record first quarter and if you look at and think about recent reporting, we're pretty excited and pretty pleased with that. It speaks to our diversity of our business and our four key pillars: Las Vegas, our regional properties, Macau, and we believe, ultimately, our digital business. We're obviously very excited and pleased by what's happened in China. Our EBITDA is up almost 80%, and it's 140% over 2019 levels. So it speaks to that market. I think what we've been able to accomplish.

顯然，當我們使用「記錄第一季」這個詞時，如果您查看並思考最近的報告，我們對此感到非常興奮和滿意。它體現了我們業務的多樣性和我們的四大關鍵支柱：拉斯維加斯、我們的區域房地產、澳門，我們相信最終我們的數位業務。我們顯然對中國發生的事情感到非常興奮和高興。我們的 EBITDA 成長了近 80%，比 2019 年的水準成長了 140%。所以它說明了這個市場。我認為我們已經能夠完成什麼。

In Las Vegas, our strength continues, particularly at the high end we make roughly 75% to 80% of our adjusted property EBITDAR. The idea of a luxury campus and being focused on the epicenter of activity here has paid off, and we feel will continue to. And Marriott is off to a great start. We've booked approximately 75% over our expectations. And to date, we've booked over 140,000 room nights and the most surprising thing to date has been the group business. The activity case in that segment was a little unexpected. They do know a lot of folks that we didn't know, and we're quite pleased by that.

在拉斯維加斯，我們的優勢仍在繼續，特別是在高端市場，我們約佔調整後房地產 EBITDAR 的 75% 至 80%。豪華校園和專注於這裡的活動中心的想法已經得到了回報，我們認為將會繼續下去。萬豪酒店已經有了一個好的開始。我們的預訂量比預期高出約 75%。到目前為止，我們已經預訂了超過 140,000 個間夜，而迄今為止最令人驚訝的事情是團體業務。該細分市場的活動案例有點出乎意料。他們確實認識很多我們不認識的人，我們對此感到非常高興。

And again, as I always start these, a kudos to our team, our Net Promoter Scores have never been higher. We're holding these scores on margins that have delivered. You saw the margin this past quarter at 37% for Las Vegas. And so we're very excited by that. And I want to thank the team who is doing more with less and doing it better than they've ever done it. So thank you.

再說一次，正如我總是開始這些一樣，我們的團隊值得讚揚，我們的淨推薦值從未如此之高。我們將這些分數保持在已交付的利潤率上。您看到拉斯維加斯上個季度的利潤率為 37%。我們對此感到非常興奮。我要感謝這個團隊，他們用更少的資源做更多的事情，而且做得比以往任何時候都更好。所以謝謝。

As it relates to capital allocation, you've heard Jonathan talk about the credit facility. That's about $3.6 billion in Japan that represents the largest private financing in Japan's history. And we've also been able to hedge about 60% of that project against obviously has been a massively over inflated yen in our favor over the last couple of years. And so we're well into that positioning at 60% of that project hedged for the future. And obviously, we continue to leverage the balance sheet. You heard Jonathan say we've bought back 37% of the company, and we'll continue to do so where we see value.

由於它與資本配置有關，您已經聽過喬納森談論信貸安排。日本的融資額約 36 億美元，是日本史上最大的私人融資。我們也能夠對沖該專案約 60% 的風險，以應對過去幾年對我們有利的日圓大幅過度膨脹。因此，我們對該專案的 60% 的定位是對沖未來。顯然，我們繼續利用資產負債表。你聽說喬納森說我們已經回購了公司 37% 的股份，並且我們將在看到價值的地方繼續這樣做。

I think about Las Vegas first, again, another strong quarter, principally driven by the high end. Although we did see some signs of fatigue at the lower end of the market, overall ADR was up 7% in the first quarter and expected to hold that range into the second with increased occupancies looking at the second quarter and through the balance of the year. We're excited by the opening of connectivity between ourselves and Cosmopolitan. We finished the bridge that ties Cosmopolitan Vdara and Bellagio. And next quarter, I'll talk to you more extensively about plans to do a similar thing in the front of Bellagio that will tie out the front end of the strip to the Cosmopolitan and creating what we truly hope is a luxury campus.

我首先想到的是拉斯維加斯，這是另一個強勁的季度，主要是由高端市場推動的。儘管我們確實看到了低端市場的一些疲軟跡象，但第一季的整體 ADR 上漲了 7%，並且隨著第二季和今年剩餘時間入住率的增加，預計第二季將保持這一區間。 。我們對我們與 Cosmopolitan 之間的連結性的開放感到興奮。我們完成了連接大都會維達拉和貝拉吉歐的橋樑。下個季度，我將與您更廣泛地討論在貝拉吉奧 (Bellagio) 前面做類似事情的計劃，該計劃將把地帶的前端與大都會酒店聯繫起來，並創建我們真正希望的豪華校園。

The other thing that's obviously beginning to materialize. We saw the closure of the Tropicana and the (inaudible) stadium is coming. And if you just take a moment and think about the positioning of us and all of these stadium/arenas between T-Mobile, Allegiant, and the new [A] stadium within a mile and really at the epicenter of our resorts, we have over 1 million seats a month that are accessible to some sport or entertainment activity and programming.

另一件事顯然已經開始實現。我們看到 Tropicana 關閉，（聽不清楚）體育場即將建成。如果您花點時間考慮我們以及 T-Mobile、Allegiant 和新 [A] 體育場之間所有這些體育場/場館的位置，距離其一英里之內，並且真正位於我們度假村的中心，我們就已經超過了每月有100 萬個座位可供觀賞某些體育或娛樂活動和節目。

We have suggested in prior calls that our convention business was returning and it is and it has, most notably from tech our group forecast is up 6.5% for 2023, and our year-to-date production is up 29% for all future dates. And I will tell you that Mandalay Bay in April just had one of its most successful months in its history. And so we're excited and pleased by the team and the work that they've done down there. Despite all of this, we've continued to maintain the margins. And I want to remind something on the wage, obviously, the wage impact issue was almost 11% in Las Vegas or actually across the company, if I think about some of the individualized properties, but particularly across Las Vegas, come June 1, that begins the cycle. And overall, if you recall what we did, we did a 5.5-year deal with just over a 5% CAGR. And so those percentages now will begin starting in June, at least as an increase begin to fall.

我們在先前的電話會議中表示，我們的會議業務正在回歸，而且確實如此，尤其是在科技方面，我們集團預測 2023 年將增長 6.5%，而我們今年迄今的所有未來日期產量將增長 29%。我會告訴你，四月的曼德勒灣剛剛度過了歷史上最成功的月份之一。因此，我們對團隊以及他們在那裡所做的工作感到興奮和高興。儘管如此，我們仍持續保持利潤率。我想提醒一下關於工資的事情，顯然，工資影響問題在拉斯維加斯或實際上在整個公司幾乎是11%，如果我考慮到一些個性化的財產，特別是在整個拉斯維加斯，到6 月1 日，開始循環。總的來說，如果你還記得我們做了什麼，我們簽訂了一份為期 5.5 年的協議，複合年增長率略高於 5%。因此，這些百分比現在將從六月開始，至少隨著增幅開始下降。

And then if you think about Las Vegas, maybe my final comment, Tropicana has closed. Obviously, the Mirage is pending and what may or may not happen there, but we don't see any new inventory for a considerable period of time. And obviously, we think that accretes favorably to us and ultimately, our current players.

然後，如果你想到拉斯維加斯，也許我的最後評論是，純果樂已經關門了。顯然，幻影正在等待，那裡可能會或可能不會發生什麼，但我們在相當長的一段時間內沒有看到任何新的庫存。顯然，我們認為這對我們以及最終對我們現有的玩家有利。

You heard Jonathan's comments on the regions, and I think you've heard from many others, the quarter started slow, there was bad weather, particularly in the North and the Northeast, Detroit was particularly impacted by weather, by strike and still a hangover from the cyber. But each month has gotten progressively better. And in March, we returned with 47% market share. And so we're pleased by where that business is going directionally as well as the balance of our marginals and Corey promised all of us a 30% margin, and we hit it. And so given the wage increases, I'm pleased with that team and excited by that as well.

你聽到了喬納森對這些地區的評論，我想你也聽到了許多其他人的意見，本季度開始緩慢，天氣惡劣，特別是在北部和東北部，底特律尤其受到天氣、罷工和宿醉的影響來自網路。但每個月都在逐漸好轉。 3 月份，我們以 47% 的市佔率回歸。因此，我們對該業務的發展方向以及我們的邊際利潤的平衡感到滿意，科里向我們所有人承諾了 30% 的利潤，我們做到了。因此，考慮到工資的上漲，我對這個團隊感到滿意，也對此感到興奮。

Macau, as you all know, for us, in particular, but I think for the market is simply booming. We continue to maintain, I think, an outsized portion of share, we're at 17% for the quarter. Obviously, record EBITDAR. We paid our first dividend since 2019. We heard this week about Visa reforms. And I think some of the regions are opening up without needing visas at all. And so I think that accretes all to visitation and obviously, in all of our favors. And if we recall, the market's probably back at about an 80% rate. So we still see some uptick and some growth there. For us, in particular, we're excited by some of the enhancements. And we're adding new villas at MGM Macau and Suites in Cotai because we are under suited in that market.

眾所周知，澳門對我們來說尤其如此，但我認為對於市場來說，它正在蓬勃發展。我認為我們繼續保持很大一部分份額，本季為 17%。顯然，記錄 EBITDAR。我們支付了 2019 年以來的第一次股息。我認為有些地區正在開放，根本不需要簽證。因此，我認為這會增加訪問量，顯然，這對我們都有好處。如果我們記得的話，市場可能會回到 80% 左右的水平。因此，我們仍然看到一些上升和增長。特別是對我們來說，我們對一些增強功能感到興奮。我們正在澳門美高梅和路氹城的套房增加新別墅，因為我們不適合這個市場。

We have a new show that was announced, [Johnny Mo], the producer the 2008 Beijing Olympics is producing a show for us, which we're very excited about. And we have a world-class museum currently under construction at MGM Macau which will begin to satisfy and speak to some of the cultural things that we promised the city in Macau in general that we do. And so overall, I couldn't be more pleased with the team and the job. And I will make this comment, margins there, you'll see our 29% for the quarter. So despite the hyperbole about all of the promotional activity, particularly aimed at us at 29%, I just query that, and I challenge that and frankly, if we had retail to the extent of someone like two of our competitors, we'd be in the low to mid-30s. And so I'm excited about what the team continues to do there. And obviously, we expect and see. And as we've seen again in April, that to continue.

我們宣布了一個新節目，2008 年北京奧運會的製片人 [Johnny Mo] 正在為我們製作一個節目，我們對此感到非常興奮。目前，我們在澳門美高梅正在建造一座世界級的博物館，它將開始滿足並講述我們向澳門這座城市承諾的一些文化事物。總的來說，我對團隊和工作非常滿意。我將發表此評論，利潤率，您將看到我們本季的 29%。因此，儘管所有促銷活動都被誇大了，特別是針對我們29% 的促銷活動，但我只是質疑這一點，我對此提出質疑，坦率地說，如果我們的零售達到像我們的兩個競爭對手這樣的水平，我們就會在30多歲到30多歲之間。因此，我對團隊繼續在那裡所做的事情感到興奮。顯然，我們期待並看到。正如我們在四月再次看到的那樣，這種情況還將繼續。

Moving over digitally. There are some challenges, obviously, in North America. We are focused with BetMGM on our product and Angstrom integration and we're working hard at that. We've launched single account, single wallet everywhere but in Nevada. And you will see that come to fruition between now and football season. And Angstrom has now begun to give us additional parlay offerings and in-play betting for baseball and NBA, and we hope to bring that to fruition again with football this fall. So a lot of work to do there. We recognize the product efficiency, but I like the road map. I like the team. I like the focus, and I like where we're going.

轉向數位化。顯然，北美存在一些挑戰。我們與 BetMGM 一起專注於我們的產品和 Angstrom 集成，並且我們正在為此努力。我們已經在內華達州以外的任何地方推出了單一帳戶、單一錢包。從現在到足球賽季，你會看到這一點實現。 Angstrom 現在已經開始為我們提供額外的連贏彩產品以及棒球和 NBA 的賽中投注，我們希望今年秋天在足球領域再次實現這一目標。所以那裡有很多工作要做。我們認可產品效率，但我喜歡路線圖。我喜歡這個團隊。我喜歡專注，也喜歡我們要去的地方。

Outside of the U.S., LeoVegas, particularly now in Sweden, has seen a return. There was a whole relicensing procedure there that cost everyone, including us, and that was their primary market. So LeoVegas is on the rebound. BetMGM U.K., which we spoke about last quarter is doing exceptionally well. We've established a real presence there. And again, something we're excited by. And then yesterday saw the first soft launch of BetMGM in the Netherlands.

在美國以外，LeoVegas 已經回歸，尤其是現在在瑞典。那裡有一個完整的重新許可程序，每個人都付出了代價，包括我們，而那是他們的主要市場。所以 LeoVegas 正在反彈。我們上個季度談到的 BetMGM U.K. 表現非常好。我們已經在那裡建立了真正的存在。再次，我們感到興奮的事情。昨天，BetMGM 在荷蘭首次試運行。

And so the BetMGM brand will begin to extend itself throughout LeoVegas' network and beyond. Overall, our digital strategy remains the same. At some point, we want to be self-sustaining with all site features, including producing our own games and our own product. Some of the initial work by Push, we've mentioned before, is doing exceptionally well, and we're excited by that. You'll see live dealer up and operating between now and the end of summer here in Las Vegas. Very excited to understand that and the value that, that ultimately bring our digital business.

因此，BetMGM 品牌將開始在 LeoVegas 的網路內外擴展。總體而言，我們的數位化策略保持不變。在某種程度上，我們希望能夠自我維持所有網站功能，包括製作自己的遊戲和我們自己的產品。我們之前提到過，Push 的一些初步工作做得非常好，我們對此感到興奮。從現在到夏末，您將在拉斯維加斯看到現場荷官的啟動和運作。非常高興了解這一點以及最終為我們的數位業務帶來的價值。

And the idea that we could do live dealing from Las Vegas and put it out into several global markets, I think it's going to be interesting and fascinating for the business and a good brand builder of note. And we are also looking at to LeoVegas business, LATAM and South America and some additional Eastern Europe countries for exposure and for expansion.

我們可以在拉斯維加斯進行現場交易並將其推廣到多個全球市場的想法，我認為這對企業和優秀的品牌建立者來說將是有趣且令人著迷的。我們也著眼於 LeoVegas 業務、拉丁美洲和南美以及其他一些東歐國家進行曝光和擴張。

On the development pipeline, we've talked about this, but now that we have financing in place. We put our consortium in place, excited to be going forward with real construction and we hope to be in the ground sometime next spring, summer, driving pylons with a -- we still have an eye on a 2030 opening and nothing is to dissuade that at this point. So we're excited by it. We're excited by the design, the development and the fact that we've got this next most important phase behind us, and so we're pushing forward aggressively.

關於開發管道，我們已經討論過這一點，但現在我們已經融資到位。我們組建了我們的聯盟，很高興能夠推進真正的建設，我們希望明年春天、夏天的某個時候能夠在地面上建造塔架——我們仍然著眼於 2030 年開放，沒有什麼可以阻止這一點在此刻。所以我們對此感到興奮。我們對設計、開發以及我們已經進入下一個最重要的階段感到興奮，因此我們正在積極推進。

You heard Jonathan talk about. We have UAE. We have an eye on Abu Dhabi in Dubai as that unfolds. And so to the extent something becomes meaningful, obviously, we'll keep you all posted. I will say we're somewhat disappointed with the process in New York, but we've been there since, I think, 2015 or '16. We will remain patient and we will remain focused. And the good news here for us is we like our [chances], the City of Yonkers has our full support behind us. And so we think that's meaningful as we come ultimately into the process that will entail. It sounds like next spring, if you will.

你聽到喬納森談過。我們有阿聯酋。隨著這一切的展開，我們正在關注杜拜的阿布達比。因此，顯然，當某件事變得有意義時，我們會及時通知大家。我想說的是，我們對紐約的進程有些失望，但我想，我們自 2015 年或 16 年以來就一直在那裡。我們將保持耐心，保持專注。對我們來說，好消息是我們喜歡我們的[機會]，揚克斯市有我們的全力支持。因此，當我們最終進入所需的流程時，我們認為這是有意義的。如果你願意的話，聽起來像是明年春天。

And then like many others, we have an eye in Texas and Thailand. Time to tell what happens both in those two markets. Obviously, it's a government process that's ongoing in both places. But we are there, and we are just trying to understand those opportunities for what they may ultimately bring to the company.

與許多其他公司一樣，我們也將目光投向了德克薩斯州和泰國。是時候講述這兩個市場發生了什麼了。顯然，這是兩個地方正在進行的政府程序。但我們就在那裡，我們只是試著了解這些機會最終可能會為公司帶來什麼。

In conclusion, you've heard me use this word in the past. And I think probably more than any other quarter, it came through in this quarter, the word diversification of our products and the diversification of our business. Obviously, Macau did a great deal of lift this quarter. Las Vegas held its own, the regionals are recovering, and the digital business has been fully funded, and we're looking forward to what it can do ultimately down the road.

總之，你過去聽過我用過這個詞。我認為本季可能比任何其他季度都更能體現出我們產品的多元化和業務的多元化。顯然，澳門本季取得了巨大的進步。拉斯維加斯保持了自己的地位，地區性地區正在復蘇，數位業務已獲得充足的資金，我們期待它最終能做什麼。

So with all of that, I will turn this open to questions.

綜上所述，我將對此進行提問。

(Operator Instructions) Our first question today comes from Joe Greff from JPMorgan.

（操作員指示）我們今天的第一個問題來自摩根大通的 Joe Greff。

Good afternoon, everybody. Bill, the early experience with Marriott and bookings there positive. Obviously, Tony Capuano mentioned that this morning on Marriott's earnings conference call. I was hoping you could just talk a little bit about what you're seeing so far. I know it's early in terms of out-of-room spend with these bookings compared to maybe either the bookings they're displacing or with just MGM, and this is more of a specific Las Vegas stripe question. And then further to this, is it helping more on the high end? Is it potentially serving as a buffer on the low end? You obviously referenced low-end fatigue in your prepared comments?

大家下午好。比爾，早期在萬豪酒店的經驗和預訂都是正面的。顯然，托尼·卡普阿諾今天早上在萬豪的財報電話會議上提到了這一點。我希望你能簡單談談你到目前為止所看到的情況。我知道，與他們正在取代的預訂或米高梅的預訂相比，這些預訂的客房外支出還為時過早，這更多是一個特定的拉斯維加斯條紋問題。除此之外，它是否對高端市場有更多幫助？它是否有可能充當低端的緩衝區？您在準備好的評論中顯然提到了低端疲勞？

Yes, Joe, it's Jonathan. I'll offer a couple of observations. First, as you noted in the [premise] of the question, it is early. I mean, we're off to a great start with over 130,000 rooms booked. We've actualized over 50,000 of those so far. What we're seeing now is a higher premium then we had figured when we were going into this deal, breaks down between rate and the on-property spend. But between the two of those, right now, it's around $150 higher than the rooms that we believe are being displaced by this occupancy. About 100 or so of that is on rate and about $50 premium on on-property spend. So that's all with the caveats around it being early, but that's what we're seeing.

是的，喬，我是喬納森。我將提供一些觀察結果。首先，正如您在問題的[前提]中指出的那樣，現在還為時過早。我的意思是，我們已經有了一個良好的開端，預訂了超過 130,000 間客房。到目前為止，我們已經實現了 50,000 多個這樣的專案。我們現在看到的溢價比我們在進行這筆交易時所計算的要高，按費率和酒店內支出進行細分。但目前，兩者之間的價格比我們認為因該入住而被取代的房間高出約 150 美元。其中約 100 美元左右為房價費用，約 50 美元為飯店內消費溢價。這就是圍繞它的早期警告的全部內容，但這就是我們所看到的。

And I'll offer one comment and then maybe Bill or Corey want to comment on the group side of this equation and that is that it really is the leisure customers that we're displacing coming through other channels, but they are across all of the businesses, including our regional properties.

我會提出一個評論，然後也許比爾或科里想對這個等式的團體方面發表評論，那就是我們確實正在透過其他管道取代休閒客戶，但他們遍布所有領域企業，包括我們的區域物業。

Yes. In the properties, I mean, it's pretty -- they're booking throughout the portfolio. Probably Bellagio's leading, and we're actually seeing some pickup even in our legacy properties. In addition, the other area where we're seeing some pretty nice pickup is Borgata. So we're very pleased with what we're seeing across the portfolio.

是的。我的意思是，在酒店方面，它很漂亮——他們在整個投資組合中進行預訂。可能是貝拉吉奧 (Bellagio) 處於領先地位，而且我們實際上甚至在我們的遺留物業中也看到了一些回升。此外，我們看到一些相當不錯的皮卡的另一個區域是 Borgata。因此，我們對整個產品組合中看到的情況非常滿意。

And as it relates to group, Joe, we've gotten tens of thousands of referrals. And the fascinating thing is we didn't know, and we thought we're pretty good at this, we have been historically, but we didn't know 80% of those referrals. And the vast majority of that business is going midstream. MGM has been so far -- again, it's very early, the biggest beneficiary of bookings into the group segment. And so we have 13 GSOs, they have 1,300 literally. So it's meaningful.

就喬而言，我們已經收到了數以萬計的推薦。有趣的是我們不知道，而且我們認為我們在這方面相當擅長，我們在歷史上一直如此，但我們並不知道其中 80% 的推薦。絕大多數業務都在中游。到目前為止，米高梅一直是團體預訂的最大受益者，再說一次，現在還為時過早。我們有 13 個 GSO，而他們實際上有 1,300 個。所以這是有意義的。

And then my follow-up question, maybe more geared towards Jonathan. About a month ago, there was news reports of potential efforts to divest certain regional assets? Obviously, if there was something to update us on, you would update us in the press release. But more of my question is about the strategic thinking in terms of how you go about and maybe thinking about pruning the portfolio domestically and what are the certain characteristics or considerations that you think about when thinking about this?

然後是我的後續問題，也許更適合喬納森。大約一個月前，有新聞報告可能會剝離某些區域資產？顯然，如果有什麼需要我們更新的，您會在新聞稿中更新我們的資訊。但我更多的問題是關於策略思維，即你如何著手，也許考慮在國內修剪投資組合，以及你在考慮這個問題時考慮的某些特徵或考慮因素是什麼？

Sure. I appreciate the question. Clearly, we can't comment on anything like those reports you referenced. But look, we're always looking at the portfolio and to understand how it fits in overall with that strategically. Things that are very important include market positioning in markets that we believe have strong potential for growth. Overall scale because this is a business where most of our properties, including our regional properties are doing north of $200 million annually EBITDAR. So scale matters.

當然。我很欣賞這個問題。顯然，我們無法對您引用的那些報告之類的內容發表評論。但是看，我們一直在關注產品組合併了解它如何在策略上與整體相適應。非常重要的事情包括我們認為具有強大成長潛力的市場的市場定位。整體規模，因為我們的大部分資產（包括我們的區域性資產）每年的 EBITDAR 收益超過 2 億美元。所以規模很重要。

And then finally, the way in which all of our properties interact with the whole importation of business into Las Vegas, the linkage with our digital businesses, et cetera. But those are the general lenses through which we look at the portfolio and how they fit in with the strategy.

最後，我們所有的財產與整個業務進入拉斯維加斯的互動方式，與我們的數位業務的聯繫等等。但這些是我們審視投資組合以及它們如何與策略相適應的一般視角。

And Joe, I'll only add one other thing. And those properties that demonstrate beyond just organic growth, real growth potential at some point for various -- each property is a little different, so for various reasons. But if they don't demonstrate that, then we have potentially a different view.

喬，我只想補充一件事。這些資產不僅展示了有機成長，而且在某些時候具有不同的實際成長潛力——每個資產都略有不同，因此出於各種原因。但如果他們沒有證明這一點，那麼我們可能會有不同的觀點。

Our next question comes from Shaun Kelley from Bank of America.

我們的下一個問題來自美國銀行的肖恩凱利。

I was hoping we can maybe just drill in on digital a little bit. So maybe one kind of specific and then one strategic. The specific question would just be, can you help us think about the loss cadence? I think we've been very clear here that 2024 would be an investment year again. So just help us think about how some of those investments may play throughout. And is there some additional marketing, especially in the second half as you get the product to, I think, where you want in the Angstrom integrations kind of done?

我希望我們可以深入研究數位技術。所以也許是一種具體的，然後是一種策略性的。具體的問題是，你能幫助我們考慮一下損失頻率嗎？我認為我們已經非常明確地表示 2024 年將再次成為投資年。因此，請幫助我們思考其中一些投資將如何發揮作用。是否有一些額外的行銷，特別是在下半年，當你將產品帶到你想要的 Angstrom 整合的地方時？

And then maybe the strategic question, just to hit it all at once would be a big picture here. Kind of what more would you look for in digital? Are there some things on the technology side? And/or is it more of the market expansion side that you're kind of looking to expand upon digitally?

然後，也許戰略問題，只是一次性解決所有問題將是這裡的一個大問題。您還想在數位領域尋找什麼？技術方面有一些東西嗎？和/或者您更希望以數位方式擴展市場擴展方面？

I'll take that first part of that. So when it comes to BetMGM, if you will, I think your comments are pretty relatively spot on, we want to see the product development as it comes out throughout the balance of the year. I think the idea -- we've all talked about the idea of leaning in, if we think where we need to be and want to be by end of the year, particularly through football and beyond. Obviously, for the first quarter, I think digital for all of us was a little rough. Nobody wanted a Super Bowl bet, no one seemed to win a March Madness bet. We're not alone in that. But all that said, I think the plan that we had put forward in discussions to date, you can hold true on.

我將採取第一部分。因此，當涉及 BetMGM 時，如果您願意的話，我認為您的評論相當正確，我們希望看到產品開發在今年餘下的時間裡出現。我認為這個想法 - 我們都討論過向前邁進的想法，如果我們認為我們需要並希望在年底前達到目標，特別是透過足球及其他領域。顯然，在第一季度，我認為數位化對我們所有人來說都有點困難。沒有人想要超級碗賭注，似乎沒有人贏得瘋狂三月賭注。我們並不孤單。但話雖如此，我認為我們迄今為止在討論中提出的計劃是可以堅持的。

As it relates to longer, there are obviously -- particularly with things like Angstrom and product deliverable, there's a lot to be done that can be done. We're pushing 40-odd states in terms of sports betting. Obviously, iGaming is the real opportunity over time. Arguably, we're all in fix. I think we operate in five and three that really make a difference. And so there's huge upside to that potential. And we continue to try to push for that each and every day.

當它涉及到更長的時間時，顯然有很多事情要做，尤其是像 Angstrom 和產品可交付性這樣的事情。我們正在推動 40 多個州開展體育博彩。顯然，隨著時間的推移，iGaming 才是真正的機會。可以說，我們都已經解決了。我認為我們在五個和三個方面的運作確實有所作為。因此，這種潛力有巨大的上升空間。我們每天都在繼續努力推動這一目標。

If you think about then the digital side of our other business, meaning the LeoVegas business, it is about the extension of BetMGM's brand and what it could mean in certain established markets. And the focus on places like South America of note and LATAM, we see long-term real growth potential there if we can get ourselves established in the proper regulated markets. And so none of that happens overnight, as you know, but like what we've done in terms of positioning like the products that we have and the foundation we've built, particularly there and some of the things we were bought to add going down the road there to stabilize that business and to own all of that business. And so we're excited by that.

如果你考慮我們其他業務的數位方面，即 LeoVegas 業務，它是關於 BetMGM 品牌的延伸以及它在某些成熟市場中的含義。重點關注南美洲和拉丁美洲等地區，如果我們能夠在適當的監管市場中站穩腳跟，我們就會看到那裡的長期實際成長潛力。所以，正如你所知，這一切都不是一朝一夕就能發生的，但就像我們在定位方面所做的那樣，比如我們擁有的產品和我們建立的基礎，特別是在那裡，以及我們購買的一些東西是為了增加繼續發展的能力。所以我們對此感到興奮。

Our next question comes from Carlo Santarelli from Deutsche Bank.

我們的下一個問題來自德意志銀行的卡洛桑塔雷利。

Jonathan, just doubling back to some of your comments earlier in the call. Obviously, good ADR growth in the first quarter, rates pacing up for each subsequent quarter grew pacing well. Obviously, as Bill mentioned, we lapped the big headwind with the union contract, the incremental expenses. As you guys think about the rest of the year and all the puts and takes, be it hold comparisons from last year, easy/hard et cetera, events last year, although that should pretty much normalize right now in the book of business that you currently have with kind of some of the known expenses and where they're going, obviously, going up but less heartily as they have been. Do you look at the outlook for the rest of this year and believe there's potential for Vegas Strip EBITDAR to grow as you work through the year?

喬納森，請再次回顧您在電話會議之前的一些評論。顯然，第一季的 ADR 成長良好，隨後每季的利率也都成長良好。顯然，正如比爾所提到的，我們克服了工會合約帶來的巨大阻力，即增量費用。當你們思考今年剩下的時間以及所有的看跌期權時，無論是與去年的比較，簡單/困難等等，還是去年的事件，儘管現在在商業書中這應該已經正常化了目前有一些已知的費用以及它們的去向，顯然，它們正在增加，但不像以前那麼猛烈。您是否看待今年剩餘時間的前景並相信隨著您這一年的工作，Vegas Strip EBITDAR 有成長的潛力？

Yes, is the simple answer. As we look not only to the leading indicators that we have in our book of business, but also the initiatives that we have underway. And yes, we are confident that we can grow EBITDAR in Las Vegas this year.

是的，這是簡單的答案。我們不僅關注業務中的領先指標，還關注我們正在進行的舉措。是的，我們有信心今年能夠在拉斯維加斯實現 EBITDAR 成長。

And then if I could, just -- I know you guys tightened up some of the slide deck materials and stuff and actually, it's very user friendly. Will the Hong Kong filing provide much of the same material that it provided historically on the MGM China piece of the business for modeling purposes?

然後，如果可以的話，我知道你們收緊了一些幻燈片材料和內容，實際上，它非常用戶友好。香港的備案是否會提供與歷史上為建模目的提供的米高梅中國業務部分相同的大部分材料？

Yes, it will.

是的，它會。

And will that be out at some point this evening?

今晚某個時候會發布嗎？

Yes, in about 30 minutes. I'm told.

是的，大約 30 分鐘後。有人告訴我。

Our next question comes from David Katz from Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

I wanted to follow on in the digital train of thought. And when we last spoke publicly, there were notions about potential further tuck-ins and some potentially of some meaningful size and continuing to grow that business through some acquisitions. I'm not sure that you touched on that today. And I just wanted to get a sense for what that thinking might be.

我想遵循數位化的思路。當我們上次公開講話時，有一些關於潛在的進一步收購的想法，一些可能具有一定的有意義的規模，並透過一些收購繼續發展該業務。我不確定你今天是否談到了這一點。我只是想了解這種想法可能是什麼。

I didn't on purpose. There are some contemplated tuck-ins coming down the road. But for now, I'm just going to leave it at that. I think I stated on the earlier call, we're anxious to solidify something in sports. We like content businesses. We're anxious to get into the live dealer business. And so none of that's changed. And so I think you'll see us over the course of time here, do things that will further solidify that strategy and get us deeper into those objectives.

我不是故意的。未來還會有一些計畫進行。但現在我就先到此為止。我想我在之前的電話會議上說過，我們渴望在體育領域鞏固一些東西。我們喜歡內容業務。我們渴望進入真人荷官業務。所以這一切都沒有改變。因此，我認為隨著時間的推移，您會在這裡看到我們，做一些事情來進一步鞏固該策略並使我們更深入地實現這些目標。

And if I can just follow up on BetMGM, right? There's a lot of your sort of commentary and vision for BetMGM has progressed appropriately, but in a steady way where from afar, it seems like there's a lot of fluidity on your partner side. And my question is, has there been any near-term sort of positive change and sort of how they're approaching the business, executing on the business, et cetera, beyond what you mentioned in some of your prepared remarks?

如果我可以跟進 BetMGM，對嗎？你對 BetMGM 的許多評論和願景已經取得了適當的進展，但從遠處看，你的合作夥伴方面似乎有很多流動性。我的問題是，除了您在一些準備好的發言中提到的內容之外，近期是否有任何積極的變化以及他們處理業務、執行業務等方面的變化？

Yes. Look, I think Stella, their new CEO, is the breath of fresh air. She's been extremely transparent, she took Adam Greenblatt, who is the CEO of BetMGM to India to get under the covers, to meet with the design development teams. So she had him speak at a town hall about the importance of BetMGM and all that mattered and so we're excited by that. We think it's movement in the right direction, and it's something that, frankly, heretofore hadn't happened. And so that's all affirmative and positive. Everyone is agreeing to the road map. It's an extensive road map on product development, and it's going to take some time and energy and some investment, particularly in Entain's behalf, and they're fully supportive of that. And so yes, I think things have changed, and I think for the much better.

是的。聽著，我認為他們的新任執行長斯特拉是一股新鮮空氣。她的態度極為透明，她帶著 BetMGM 執行長 Adam Greenblatt 前往印度，與設計開發團隊會面。所以她讓他在市政廳演講，講述 BetMGM 的重要性以及所有重要的事情，我們對此感到興奮。我們認為這是朝著正確方向發展的，坦白說，這是迄今為止從未發生過的事情。所以這都是肯定和正面的。每個人都同意路線圖。這是一個廣泛的產品開發路線圖，需要一些時間、精力和投資，特別是 Entain 的利益，他們對此表示全力支持。所以，是的，我認為事情已經改變，而且我認為變得更好了。

Our next question comes from Brandt Montour from Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So first question is on Las Vegas. Maybe you could reconcile or help us reconcile the slot volume trends that you saw in the quarter versus the really strong room rates? And I guess what I'm asking is, is there any sort of behavioral shift for customer trend shift going on under the surface? And what's driving that? Can you talk about the trade-off between those two factors? And how much control you have over that shift?

第一個問題是關於拉斯維加斯的。也許您可以協調或幫助我們協調您在本季度看到的老虎機數量趨勢與真正強勁的房價？我想我要問的是，客戶趨勢轉變是否有某種行為轉變？是什麼推動了這一點？您能談談這兩個因素之間的權衡嗎？您對這種轉變有多少控制權？

Yes, I'll start, and John, if you want to add in. In the quarter, our convention mix was up, but also with the Marriott integration, we definitely strategically looked at reducing our lower end of that casino base. And so we definitely -- we believe that we got the revenue back in the hotel in the convention base for the lost revenue on the slot side there.

是的，我會開始，約翰，如果你想補充的話。因此，我們確信，我們相信我們可以在會議基地的酒店中收回收入，彌補老虎機方面的收入損失。

And my second question is on MGM China. And Bill, you touched on the competitive environment there. Your market share in January was well documented to be high, but your average from the mass table market share over the quarter was obviously lower, it implies a lower exit rate. I'm just curious if you want to double back on the January market share and maybe talk about what happened there? And was it -- I guess it wasn't permanent of course, and how much of [those hold]? But what can you say about exit rate on market share heading in the second quarter?

我的第二個問題是關於米高梅中國的。比爾，你談到了那裡的競爭環境。有證據表明，您一月份的市場份額很高，但該季度大眾餐桌市場份額的平均值明顯較低，這意味著退出率較低。我只是好奇你是否想將一月份的市場份額加倍，也許可以談談那裡發生了什麼？我猜這當然不是永久性的，[那些保留]有多少？但您對第二季市佔率的退出率有何看法？

Let me deflect to Kenny and/or Hubert here. I think most of it was tied to hold in January, but gentlemen, correct me if I'm wrong.

讓我在這裡轉向肯尼和/或休伯特。我認為大部分都是在一月份舉行的，但是先生們，如果我錯了，請糾正我。

Yes. You were right. And we have also had some VIP place in January. So that was a major reason that we reached 20% market share in January, but definitely [all of all] is in mid-teens as we always said in our previous calls.

是的。你是對的。一月份我們也有一些VIP席位。因此，這是我們在 1 月達到 20% 市場份額的主要原因，但正如我們在之前的電話會議中總是說的那樣，[所有]市場份額肯定在十幾歲左右。

The exit market share rate for March was 15.8%, and we're pretty much stable on that front. And we see a little higher number in April around that.

3 月的退出市佔率為 15.8%，我們在這方面相當穩定。我們看到四月的數字略高一些。

(technical difficulty)

（技術難度）

Thank you for holding everyone. We do have the speakers rejoining the conference. Our next question comes from Chad Beynon from Macquarie.

謝謝大家的包容。我們確實有發言人重新加入會議。我們的下一個問題來自麥格理的查德·貝農。

I wanted to start with capital allocation. So you purchased another $0.5 billion worth of stock in the quarter. Can you just update us. I know you said there's [17] left on the plan, but how you're thinking about opportunistic versus programmatic over the next couple of quarters?

我想從資本配置開始。因此，您在本季又購買了價值 5 億美元的股票。你能給我們更新一下嗎？我知道您說過計劃還剩 [17] 個，但是您如何考慮接下來幾季的機會主義與程序化？

Thanks, Chad. And again, I apologize for the interruption there. Yes, we did $500 million in the first quarter. It will be programmatic for the remainder of the year. That being said, we are looking at some upcoming equity investments later this year and into 2025 in our project in Japan. So that will certainly have some bearing on our share repurchase activity. But we do have, by our calculation about $1.2 billion in excess cash right now. And so at these values, share repurchases will continue to be a meaningful part of our capital allocation program.

謝謝，查德。再次，我對打擾您表示歉意。是的，我們第一季的營收為 5 億美元。它將在今年剩餘時間內以程序化方式進行。話雖這麼說，我們正在考慮今年稍後和 2025 年我們在日本的項目即將進行的一些股權投資。因此，這肯定會對我們的股票回購活動產生一些影響。但根據我們的計算，我們目前確實擁有約 12 億美元的過剩現金。因此，按照這些價值，股票回購將繼續成為我們資本配置計畫的重要組成部分。

And then on the regional margins, I know there was a lot of weather interruption in January. Can you help us think about maybe the March exit rate, how that looks from a year-over-year perspective? And if you expect that to be stable on a go-forward basis?

然後在區域邊緣，我知道一月份有很多天氣中斷。您能否幫助我們思考一下 3 月的退場率，從年比的角度來看如何？如果您預計這一情況會在未來保持穩定？

I'll cover it. March was an exceptional month as we saw it play really come back and the exit margin there was at 35%.

我會覆蓋它。 3 月是一個特殊的月份，因為我們看到它真正回歸，退出利潤率達到 35%。

But I wouldn't suspect that to sustain let's be clear.

但我不認為要維持這一點，讓我們澄清一下。

Our next question comes from Stephen Grambling from Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

I appreciate the longer-term thought process on the mid-teens free cash flow algo. But hoping you could peel back the onion a bit there as we think about tracking this going forward, what would be the underlying growth that you'd think through in Vegas versus the regions versus MGM China, kind of separating that out from BetMGM or new markets. And I think I heard you say through 2028. And I guess is that the right bookend? Or is that just more of a long-term thing?

我很欣賞青少年自由現金流演算法的長期思考過程。但希望你能在我們考慮跟踪未來發展時稍微剝開洋蔥，你會想到維加斯與其他地區與米高梅中國的潛在增長是什麼，有點將其與 BetMGM 或新的區分開來。我想我聽到你說到 2028 年。或者這只是一個長期的事情？

Yes. We believe that the domestic operations can continue to grow, both in Las Vegas and the regions in the mid-single digits over that time frame. Now that's organic growth. We do have plans for some additional growth capital investment in Las Vegas mainly, which would increase that growth rate. We think the growth rate is that or higher in our China operations. And then the reason we use the 2028 time frame is in that time frame, while that would capture our expected investments in the New York market, it would not capture the returns on the investment in Japan. But we just think that, right now, a 5-year time frame that's what we use for our internal planning, and that's what we think is reasonable to introduce when we talk about our compound annual growth rate of free cash flow per share.

是的。我們相信，在這段時間內，拉斯維加斯和其他地區的國內業務可以繼續成長。現在這就是有機成長。我們確實計劃主要在拉斯維加斯進行一些額外的成長資本投資，這將提高成長率。我們認為我們中國業務的成長率等於或更高。然後我們使用 2028 年時間範圍的原因是在這個時間範圍內，雖然這將捕捉我們在紐約市場的預期投資，但它不會捕捉在日本的投資回報。但我們只是認為，目前我們用於內部規劃的時間框架是 5 年，也是我們在談論每股自由現金流複合年增長率時引入的合理時間框架。

And maybe one other quick follow-up. Just on BetMGM, you've said in the past that it's going to be self-funding from here. Is there anything that you'd be looking for where you'd say this is something that we would want to invest in to contribute to BetMGM or provide them with additional capital for any reason?

也許還有另一個快速跟進。就在 BetMGM 上，您過去曾說過，它將從這裡自籌資金。您是否正在尋找任何您認為我們願意投資以向 BetMGM 做出貢獻或出於任何原因向他們提供額外資本的東西？

Yes. Well, there's a couple of potential things. Look, obviously, not that California is going to happen anytime soon. But if California were our other large markets, Texas, et cetera, Georgia, it could probably be another one you could put into this boat. We would be aggressive there, like I think all others would be, and so that would take some capital. And so we would never say never to be clear. And I'm speaking on behalf of MGM in terms of its growth and what it wants to do with that business. And so I think for now, as we think about this year, the plan that we put forward is going to hold. If we get product really right, we see an opportunity to lean in, we will. I don't necessarily know what it will do to the cash. It won't be meaningful. And so only some other or some acquisition comes along that we think BetMGM might be ripe for. But I think the way to think about it is the projection we have out there is probably a pretty safe projection for now.

是的。嗯，有一些潛在的事情。顯然，加州不會很快發生。但如果加州是我們的其他大型市場，德州等等，喬治亞州，它可能是您可以放入這艘船的另一個市場。我們會在那裡積極進取，就像我認為所有其他人一樣，因此這需要一些資本。所以我們永遠不會說永遠不會澄清。我代表米高梅談論其發展以及它希望對該業務做什麼。因此，我認為，就目前而言，當我們考慮今年時，我們提出的計劃將會持續下去。如果我們的產品確實正確，我們就會看到一個傾斜的機會，我們會的。我不一定知道這會對現金產生什麼影響。不會有任何意義。因此，只有我們認為 BetMGM 可能成熟的其他或某些收購才會出現。但我認為思考這個問題的方法是，我們目前的預測可能是一個相當安全的預測。

Our next question comes from John DeCree from CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

[Bob], maybe to start off on a high level, Bill, you've talked about some of the opportunities that you're watching Thailand, UAE, Texas. And obviously, we know where we're at in New York and Japan right now. So maybe of the other ones, curious if you could give us some additional thoughts or which ones you might be most excited about or I think maybe have the best chance of coming to fruition over the next couple of years?

[鮑伯]，也許從高水準開始，比爾，你談到了你正在關注的泰國、阿聯酋、德州的一些機會。顯然，我們知道我們現在在紐約和日本的處境。那麼也許還有其他的想法，想知道您是否可以給我們一些額外的想法，或者您可能最興奮哪些想法，或者我認為在未來幾年內最有可能實現？

I think at least in terms of the market, I think UAE will come to fruition. I think there's enough indicators there enough work has been done to recognize that either Abu Dhabi of note or one of the other Emirates will come to life. Obviously, [Winn] has got a project in the ground and is waiting for national legislation and regulatory framework. So I think that would be the most affirmative.

我認為至少在市場方面，我認為阿聯酋將會取得成果。我認為已經有足夠的指標和足夠的工作來認識到，無論是著名的阿布達比還是其他酋長國之一都將煥發活力。顯然，[Winn] 已經啟動了一個項目，正在等待國家立法和監管框架。所以我認為這將是最肯定的。

Thailand is interesting. Obviously, it's fully within the government's control and hands at this point. The dialogue to date has been encouraging. We will see the cost to do business there, the margins that could be had would be compelling, very. But again, I don't want to get ahead of that curve.

泰國很有趣。顯然，目前這完全在政府的控制和掌控之中。迄今的對話令人鼓舞。我們將看到在那裡開展業務的成本，可能獲得的利潤將非常引人注目。但同樣，我不想走在這條曲線前面。

And Texas is -- if there's two or three states left in the U.S. that are meaningful, it's one of them. And so there's four big cities that have been talked about there without giving strategy. Everyone's got positioning and eyes on one of them as do we. And so we continue to follow that. But I wouldn't look for anything immediate there either, frankly, particularly in terms of brick-and-mortar.

德克薩斯州是——如果美國還剩下兩三個州是有意義的，那麼它就是其中之一。因此，我們已經討論了四個大城市，但沒有給出策略。每個人都和我們一樣，都有自己的定位和目光。所以我們繼續關注這一點。但坦白說，我也不會在那裡尋找任何直接的東西，特別是在實體方面。

And maybe a follow-up more on BetMGM and the rest of the portfolio in the omnichannel strategy, it's kind of been a little bit of a focus. I don't know if we've talked too much about it today. So curious if you can share some updates on what you're seeing in terms of kind of crossover play and then maybe in the context of an event like Super Bowl in Las Vegas with a big draw. And now that you've got kind of tentacles around the whole nation through BetMGM, I'm curious how you're seeing those trends play out.

也許是 BetMGM 和全通路策略中其他產品組合的更多後續行動，這有點成為焦點。我不知道我們今天是否談太多了。非常好奇您是否可以分享一些您所看到的跨界比賽的最新情況，然後也許是在拉斯維加斯超級碗這樣的大型抽獎活動的背景下。現在，您已經透過 BetMGM 觸角遍布全國，我很好奇您如何看待這些趨勢的發展。

I think the notion of omnichannel and the notion of people that play back and forth is about 15% of BetMGM's database give or take. Until we get this single account, single wallet in Nevada, I don't think it's as meaningful as it could and potentially will be. I think that can be very meaningful long term for us because it's a unique position we would have here, particularly over the other leading contenders in this space. And obviously, we see a whole bunch of visitors every year here who have intent. And so for things like Super Bowl, et cetera, it would be important. But we have done a meaningful job and a good job in Super Bowl is the example of inviting, reaching out and making sure that BetMGM's VIP clientele are well catered to, and we hosted several of them during that event in particular, private party tickets to the game, et cetera. And so that activity will continue. It's really when we get single account, single wallet set up, and some more connectivity between MGM Rewards and BetMGM's loyalty system that you really see some traction.

我認為全通路的概念和來回播放的人們的概念大約佔 BetMGM 資料庫給予或獲取的 15%。直到我們在內華達州獲得這個單一帳戶、單一錢包之前，我認為它並沒有像它可能和潛在的那樣有意義。我認為，從長遠來看，這對我們來說非常有意義，因為這是我們在這裡擁有的獨特地位，特別是相對於該領域的其他領先競爭者而言。顯然，我們每年都會看到一大群有意的遊客。因此，對於超級盃等賽事來說，這很重要。但我們做了一項有意義的工作，超級盃的出色工作就是邀請、接觸並確保 BetMGM 的 VIP 客戶得到很好的照顧，我們在該活動期間接待了其中幾位客戶，特別是私人派對門票遊戲等等。因此該活動將繼續下去。事實上，當我們建立單一帳戶、單一錢包，以及 MGM Rewards 和 BetMGM 忠誠度系統之間的更多連結時，您才真正看到了一些吸引力。

I think it's also notable to mention that we had about 1 million sign-ups for MGM rewards during the quarter, an all-time record, 600,000 of those came from BetMGM.

我認為還值得注意的是，本季我們有大約 100 萬名註冊 MGM 獎勵，創歷史記錄，其中 60 萬來自 BetMGM。

Our next question comes from Robin Farley from UBS.

我們的下一個問題來自瑞銀集團的羅賓法利。

Just circling back to your outlook for EBITDA in Vegas growing this year. Can you give us a sense of, I don't know, any kind of quarterly cadence? I assume that Q3 since you'd be comping the cyber hacking last year is maybe would have the easiest comps or would provide maybe most of the growth in that? Is that the right way to think about that?

回到您對今年維加斯 EBITDA 成長的展望。我不知道，您能為我們介紹一下季度節奏嗎？我認為，自從您去年對網路駭客進行比較以來，第三季度可能會有最簡單的比較，或者可能會提供大部分成長？這是正確的思考方式嗎？

And then I also wanted to -- I was curious about a comment that Bill sort of mentioned here about additional capital investment in Vegas, and I'm wondering if you could give us any further shape of what that might mean?

然後我也想——我對比爾在這裡提到的關於拉斯維加斯額外資本投資的評論感到好奇，我想知道你是否能給我們進一步說明這可能意味著什麼？

Sure. We, right now, I think we'll be able to grow EBITDAR in Las Vegas in each of the next three quarters. And you're correct to note that the third quarter will probably represent greater growth relative to the second and the fourth quarter, primarily because of the incident last year. And then on the capital question.

當然。現在，我認為我們將能夠在未來三個季度中逐年增加拉斯維加斯的 EBITDAR。您正確地註意到，第三季可能會比第二季和第四季出現更大的成長，這主要是由於去年的事件。然後是資本問題。

Yes, I'm sorry, Robin. I often never (inaudible). I will go through that in some detail next quarter. And I think you'll find it all very interesting. And so if you could give me the privilege of that time, that would be great.

是的，我很抱歉，羅賓。我常常從不（聽不清楚）。我將在下個季度詳細介紹這一點。我想你會發現這一切都很有趣。因此，如果您能給我當時的特權，那就太好了。

And our next question comes from Dan Politzer from Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

We've been hearing more about outbound China picking up more recently. To what extent are you seeing that in Las Vegas? And particularly as it relates to (inaudible), is that part of that growth outlook that you've kind of laid out here for 2024?

最近，我們聽到更多有關中國出境遊回升的消息。您在拉斯維加斯看到了多少這種情況？特別是與（聽不清楚）相關的是，這是否是您在此為 2024 年制定的成長前景的一部分？

I make a macro comment. The challenge with China right now, we're about 30% recovered in terms of volume of people to fly in and out of China, if you have to fly over Russia, there's an economic burden if you can't fly over Russia. And so that puts pressure on packaging, tour, leisure, et cetera. And so until that's resolved, i.e., Ukraine, I think that challenge is going to exist.

我做一個宏觀評論。目前中國面臨的挑戰是，就進出中國的人數而言，我們已經恢復了大約30%，如果你必須飛越俄羅斯，如果你不能飛越俄羅斯，就會有經濟負擔。這給包裝、旅遊、休閒等帶來了壓力。因此，在這個問題解決之前，即烏克蘭問題，我認為這項挑戰將會存在。

I had the good fortune of being in China about a month ago. I actually had the good fortune of meeting with President Xi and talking about this very subject. He is open to people to people exchange as he referenced it in a meaningful way. But I think we all have that bit of a hurdle. And then Corey, I don't know Chinese New Years was good, but go ahead.

大約一個月前，我有幸來到了中國。事實上，我有幸與習主席會面並談論了這個話題。他對人們之間的交流持開放態度，因為他以有意義的方式提到了這一點。但我認為我們都有這樣的障礙。然後科里，我不知道中國新年好不好，但繼續吧。

Chinese New Year's was good. And on the high-end side, we probably saw for the first time since COVID some more million-dollar customers than we've seen in the past, which is positive. We're still only about 55% of where we were in China on the high end from 2019. But even last -- a few weeks ago, we had a group come in for the Masters. They came to Vegas first, and they're going to send them to the [master]. So we're seeing some positive results there.

中國新年過得真好。在高端方面，自新冠疫情以來，我們可能第一次看到比過去更多的百萬美元客戶，這是積極的。與 2019 年相比，我們在中國的高端水平仍然只有 55% 左右。他們先到維加斯，準備把他們送到【主人】那裡。所以我們在那裡看到了一些積極的成果。

And then just pivoting to Macau. I think flow through in the quarter was around 30%. I know you've talked in the past a little bit about margins and expectations there. But is that kind of the right way to think about it going forward as we kind of fill out in terms of the recovery?

然後就轉向澳門。我認為本季的流量約為 30%。我知道您過去曾談過一些關於利潤率和期望的問題。但是，當我們在復甦方面進行填寫時，這種思考未來的方式是正確的嗎？

Kenny, why don't you take that?

肯尼，你為什麼不接受這個？

Yes. I think like basically, as we always said, in our cause, we are targeting about like a high 20s, around 30% of our EBITDA margin. Based on the current business trends, we feel comfortable with such kind of expectations.

是的。我認為基本上，正如我們常說的，在我們的事業中，我們的目標是 20 多歲左右，即 EBITDA 利潤率的 30% 左右。從目前的業務趨勢來看，我們對這樣的期望感到滿意。

And our final question today comes from Barry Jonas from Truist Securities.

今天我們的最後一個問題來自 Truist Securities 的 Barry Jonas。

I want to start with Macau. Could you maybe talk a little bit about the specific benefits you're seeing with your smart tables there? Should we expect any impact to market share once competitors get those tables? And I guess, is there any opportunity to use that technology in any other of your markets?

我想從澳門開始。您能否談談您在智慧桌子上看到的具體好處？一旦競爭對手獲得這些桌子，我們是否應該預期市場佔有率會受到影響？我想，是否有機會在你們的其他市場中使用該技術？

Go ahead, Hubert.

繼續吧，休伯特。

There are multiple aspects of the benefits of smart tables. First of all, you have game security. Of course, it's -- everything is tracked, and it's very difficult to cheat the game. It's almost impossible. And we have cases where people thought that they got away. But as soon as the chips come back, they were caught. And also operating efficiency because far less supervision manning. So these are just from a basic operation standpoint. And then because of the capability of tracking [all these] play, so it allows us to have a lot more data, which allows us to do precision marketing based on various customers playing level, we can also give them real-time rewards.

智慧桌子的好處有多個面向。首先，你有遊戲安全。當然，一切都會被跟踪，很難欺騙遊戲。這幾乎是不可能的。我們也遇過人們認為自己逃脫了的案例。但籌碼一回來，就被抓住了。而且由於監管人員少，運作效率也很高。所以這些只是從基本操作的角度來看。然後因為能夠追蹤[所有這些]遊戲的能力，所以它讓我們擁有更多的數據，這使得我們能夠根據不同客戶的遊戲水平進行精準行銷，我們還可以給他們即時獎勵。

And it allows us to develop new games as well. For instance, we already launched insurance bet in this market, and this is impossible to do it manually. And with this technology, we can do it. So -- and it's also very favorably viewed by the regulators in this environment. And so yes, you're right, everybody is trying to implement that. And I think that we have at least several years of lead in the implementation and also take advantage of this technology to execute various programs.

它也使我們能夠開發新遊戲。例如我們已經在這個市場推出了保險投注，這是不可能手動完成的。有了這項技術，我們就能做到。因此，在這種環境下，監管機構也非常看好它。所以是的，你是對的，每個人都在努力實現這一點。我認為我們在實施方面至少領先幾年，並且還利用這項技術來執行各種計劃。

Kenny do you want to add anything?

肯尼你想補充什麼嗎？

I just want to add a little bit in like -- actually, we had this technology already in 2016. People are always asking how we are leading this market? Why we are recovering in this way after COVID? I just want to make a little bit of comment on that. What differentiates us in the market is really -- most is a company-wide from the senior management, we possess a deep outstanding of our customers, particularly the premium mass from their culture, their habit, behavior background profile, even their home province and the dialects.

我只是想補充一點——實際上，我們在 2016 年就已經擁有了這項技術。為什麼我們在新冠疫情之後能夠以這種方式恢復？我只想對此發表一點評論。我們在市場上的獨特之處在於——大多數是全公司範圍內的高階主管，我們擁有深厚的客戶優勢，特別是來自他們的文化、習慣、行為背景、甚至他們的家鄉的優質群體。方言。

China is a vast country with a huge supply of nearly everything like a cutting edge technology like various hospitality products. In the past three years, we didn't waste our time and kept innovating and refreshing our products, our services to meet the ever-changing customer expectations. So we are doing that. We just launched two Casino [F&B] outlets in April, which has been well received on the social media and by customers. Basically, all the team members here, we encourage all of you to visit us in person, seeing is believing. So when you come, we can walk you through all the details, initiatives implemented in the past few years that we have done. I think that's my comment about our performance competitiveness.

中國是一個幅員遼闊的國家，幾乎所有東西都有大量供應，例如各種飯店產品等尖端技術。在過去的三年裡，我們沒有浪費時間，不斷創新和刷新我們的產品、我們的服務，以滿足不斷變化的客戶期望。所以我們正在這樣做。我們在四月剛推出了兩家賭場[餐飲]店，在社群媒體和顧客中廣受好評。基本上，這裡的所有團隊成員，我們鼓勵你們所有人親自拜訪我們，眼見為憑。因此，當您來時，我們可以向您介紹過去幾年我們所做的所有細節和舉措。我想這就是我對我們績效競爭力的評價。

And then maybe just as a final question. Bill, when you look at the M&A environment right now, is there anything interesting for you strategically on the buy side within land-based gaming and the regionals or even Vegas?

然後也許只是最後一個問題。比爾，當您審視目前的併購環境時，您在實體遊戲、地區性甚至維加斯的買方策略上有什麼有趣的事情嗎？

Barry, if I could answer that, I wouldn't. But there's always interesting things. Vegas, we have a full plate as you know. And so -- look, the good news is we're in a position that we get advised news of most things that are happening out there. But no, there's nothing imminent that sits there as gee, wouldn't it be great to have at this point in time. So that's why we're focused on new markets and our digital business.

巴里，如果我能回答這個問題，我不會的。但總是有一些有趣的事情。維加斯，如你所知，我們有一個完整的盤子。所以 - 看，好消息是我們能夠獲得有關正在發生的大多數事情的建議消息。但不，沒有什麼迫在眉睫的事情坐在那裡作為天啊，在這個時候擁有不是很棒嗎？這就是我們專注於新市場和數位業務的原因。

And then ultimately, because this just leads into this, what's left with a lot of free cash flow is continue to buy back shares to get back to shareholders if we just don't think there's anything better to do with the cash. And we've done a lot of that. So I think it speaks to our -- obviously, the comps from (inaudible) was extremely accretive, and we look for those, but there are not a lot of them out there.

最終，因為這只會導致這種情況，所以如果我們認為沒有更好的辦法來處理現金，那麼剩下的大量自由現金流就是繼續回購股票以回饋股東。我們已經做了很多這樣的事情。所以我認為這說明了我們的——顯然，來自（聽不清楚）的補償非常具有增值性，我們正在尋找這些，但那裡的補償並不多。

And ladies and gentlemen, this will conclude our question-and-answer session. I'd like to turn the conference call back over to Bill Hornbuckle for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將電話會議轉回給比爾·霍恩巴克 (Bill Hornbuckle)，讓他發表結束語。

Thank you, operator, and thank you all for joining us. Sorry for the glitch in the middle of this. We're not sure exactly what happened on either side.

謝謝您，運營商，也謝謝大家加入我們。抱歉中間出了點問題。我們不確定雙方究竟發生了什麼事。

As we talked about, obviously, a well-balanced portfolio. We think we've got great pillars in the ground in these four specific locations, Las Vegas, Regional, Macau and Digital. We think if you think about Las Vegas, we have luxury, we have convention, we have value. And we're literally in the epicenter of the entertainment offerings, both current and future. And so we're very excited by that.

正如我們所討論的，顯然是一個均衡的投資組合。我們認為，我們在拉斯維加斯、地區、澳門和數位這四個特定地點已經奠定了堅實的基礎。我們認為，如果你想想拉斯維加斯，我們有奢華，我們有慣例，我們有價值。無論是當前還是未來，我們確實處於娛樂產品的中心。我們對此感到非常興奮。

While we are third in digital, in BetMGM, we are #1 in brick-and-mortar operators who have entered this space. And so this is a highly competitive space. We're excited by where we are and what we're trying to get to. Much work to be done there and frankly, some catch-up to be done there. And we recognize it as well as our partner does. And so we're excited by that.

雖然我們在數位領域排名第三，但在 BetMGM 中，我們在進入該領域的實體營運商中排名第一。因此，這是一個競爭激烈的領域。我們對我們所處的位置和我們想要實現的目標感到興奮。那裡還有很多工作要做，坦白說，還有一些工作要做。我們和我們的合作夥伴都認識到這一點。所以我們對此感到興奮。

We'll keep you all posted as New York and hopefully, UAE become a reality and same with Thailand and/or Texas. And in the interim, and I just said it earlier, but to the extent we have free growing cash flow, and we do, we'll continue to return it to shareholders when we don't there's anything better to do with the cash. So I thank you all, and have a great evening.

我們將隨時向大家通報紐約的情況，並希望阿聯酋成為現實，泰國和/或德克薩斯州也是如此。在此期間，我剛才說過，但就我們擁有自由成長的現金流而言，我們確實如此，當我們沒有更好的辦法處理現金時，我們將繼續將其返還給股東。所以我感謝大家，祝大家有個愉快的夜晚。

Ladies and gentlemen, with that, we'll conclude today's presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，我們今天的演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路。