美高梅國際酒店集團 (MGM) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the MGM Resorts International second-quarter 2024 earnings conference call.

大家下午好，歡迎參加米高梅國際飯店集團 2024 年第二季財報電話會議。

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; Gary Fritz, President of MGM Interactive; 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.

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；弗里茲 (Gary Fritz)，米高梅互動公司總裁；馮國強，美高梅中國控股有限公司執行董事及總裁；王休伯特，米高梅中國控股有限公司首席營運長兼總裁；和投資者關係總監安德魯查普曼 (Andrew Chapman)。

(Operator Instructions). Please also note, today's conference is being recorded. At this time, I'd like to turn the floor over to Andrew Chapman.

（操作員說明）。另請注意，今天的會議正在錄製中。現在，我想請安德魯·查普曼發言。

Good afternoon, and welcome to the MGM Resorts International second-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 年第二季財報電話會議。此次電話會議正在 Investors.mgmresorts.com 上進行網路直播，我們也向 SEC 提供了 8-K 表格中的新聞稿。

On the call, we'll 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 statements as a result of new information or otherwise.

在電話會議上，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. 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, everyone. Before I get into our quarterly results, I would like to congratulate and thank all of our employees for another great quarter across all of our businesses. Their high level of execution is clearly evident in results, and I couldn't be more proud of the team for our performance this quarter.

謝謝安德魯，大家下午好。在公佈我們的季度業績之前，我要祝賀並感謝我們所有的員工，他們在我們所有業務領域創造了另一個偉大的季度。他們的高水準執行力在結果中顯而易見，我為團隊本季的表現感到無比自豪。

Turning to our second-quarter results. In Las Vegas, we achieved both top and bottom line growth year over year against a strong comparison. Net revenues grew 3%, driven by both higher rate and occupancy. Our strategic relationship with Marriott contributed to our performance this quarter now with over 410,000 rooms -- room nights booked.

轉向我們的第二季業績。在拉斯維加斯，我們的收入和利潤都實現了同比增長，對比強勁。由於較高的入住率和入住率，淨收入成長了 3%。我們與萬豪的策略關係為本季的業績做出了貢獻，目前已預訂客房數超過 410,000 間。

The future for hotel bookings in Las Vegas is bright. Looking ahead at our pace, room rates on the books in Las Vegas are up for over a year for every month in the third quarter, and group rooms on the books are pacing up mid-single digits for the rest of 2024 and 2025.

拉斯維加斯飯店預訂的前景一片光明。展望未來，拉斯維加斯的預訂房價在第三季每個月都會上漲一年多，而預訂的團體房價在 2024 年剩餘時間和 2025 年將呈現中個位數成長。

Our success in the quarter was underpinned by our luxury resorts, which are responsible for the vast majority of our top-line growth in Las Vegas. We invest meaningfully in our strip luxury offerings as this is where we see the most opportunity for profitable growth. In fact, 75% of our 2024 domestic property capital budget will be focused on these properties.

我們在本季的成功得益於我們的豪華度假村，這些度假村為我們在拉斯維加斯的營收成長做出了巨大貢獻。我們對脫衣舞豪華產品進行了有意義的投資，因為這是我們看到獲利成長機會最多的地方。事實上，我們 2024 年國內房地產資本預算的 75% 將集中在這些房地產上。

This includes room remodels, which are underway now at the MGM Grand and suite updates across our Las Vegas portfolio. On the technology side, we've now completed the integration of the Cosmopolitan of Las Vegas into our MGM Rewards program, which will now allow our MGM Rewards members to enjoy full benefits at the Cosmopolitan and vice versa.

這包括米高梅大酒店正在進行的房間改造以及我們拉斯維加斯投資組合中的套房更新。在科技方面，我們現在已完成將拉斯維加斯大都會酒店納入我們的米高梅獎勵計劃，這將使我們的米高梅獎勵會員能夠在大都會酒店享受全部優惠，反之亦然。

In the regions, net revenues remained stable, driven by relatively flat year-over-year handle with our market share holding steady across each of our markets. We also have seen a full recovery at MGM Detroit, which we all know it faced headwinds since midway through last year.

在這些地區，由於年比相對平穩，我們在每個市場的市佔率保持穩定，淨收入保持穩定。我們也看到底特律米高梅的全面復甦，我們都知道自去年中期以來它面臨阻力。

Margins were within our targeted range of the low 30s as we were vigilant on improving our variable labor effectiveness and executing on revenue initiatives, such as our expanded air charter program, just one of many examples.

利潤率處於 30 多美元的目標範圍內，因為我們對提高可變勞動力效率和執行收入計劃保持警惕，例如我們擴大的包機計劃，這只是眾多例子之一。

In Macau, MGM China net revenues grew 37% year over year, achieving a market share of 16%. Adjusted property EBITDAR reached $294 million for the quarter, marking a 40% increase with margins at 29%. During the quarter, strengthened MGM China's balance sheet by extending our maturity profile with the issuance of a new $500 million, 7 and 8 notes due 2031. The proceeds of this offering were used to pay down outstanding borrowings under the revolving credit facility.

在澳門，美高梅中國的淨收入年增37%，市佔率達16%。本季調整後的房地產 EBITDAR 達到 2.94 億美元，成長 40%，利潤率為 29%。本季度，美高梅中國透過發行新的5 億美元、2031 年到期的7 號和8 號票據來延長到期期限，增強了美高梅中國的資產負債表。於償還循環信貸安排下的未償借款。

I'll conclude my remarks with some thoughts on the free cash flow algorithm we introduced last quarter, an algorithm that enables us to achieve a mid-teens free cash flow per share compound annual growth rate through 2028. Simply put, we expect to grow our EBITDAR at a faster pace than our rent escalators, interest payments, maintenance capital, and taxes, while investing for growth and reducing our share count.

我將透過對我們上季度推出的自由現金流演算法的一些想法來結束我的發言，該演算法使我們能夠在2028 年之前實現每股十幾歲的自由現金流複合年增長率。我們預計將成長我們的 EBITDAR 的速度比我們的租金自動扶梯、利息支付、維護資本和稅收更快，同時投資於成長並減少我們的股票數量。

First, we'll generate recurring free cash flow from our resort operations by optimizing the operating model to achieve incremental revenue growth and realize cost savings. We'll grow our market share in Las Vegas through reinvestment into our properties with a focus on luxury, we'll maintain our market-leading positions in the regional markets, including an expansion in New York, and generating a growing dividend from MGM China.

首先，我們將透過優化營運模式，從度假村營運中產生經常性自由現金流，以實現增量收入成長並實現成本節約。我們將透過對我們的房地產進行再投資來增加我們在拉斯維加斯的市場份額，重點是豪華酒店，我們將保持我們在區域市場的領先地位，包括在紐約的擴張，並從米高梅中國獲得不斷增長的股息。

Next, we anticipate generating free cash flow from our digital businesses in the coming years as BetMGM reaches an inflection point and LeoVegas delivers on its numerous market entries. We'll also be investing for long-term growth in Japan and other markets where our development expertise and brand awareness provide a distinct advantage.

接下來，隨著 BetMGM 達到轉折點以及 LeoVegas 進入眾多市場，我們預計未來幾年我們的數位業務將產生自由現金流。我們也將投資日本和其他市場的長期成長，我們的開發專業知識和品牌知名度在這些市場提供了明顯的優勢。

Finally, we'll repurchase our own shares. Through our strategy of using excess cash for share repurchases, our share count has decreased to around 300 million shares from close to 500 million, an approximately 40% reduction in our float in just three years.

最後，我們將回購自己的股票。透過我們使用多餘現金進行股票回購的策略，我們的股票數量已從接近 5 億股減少到約 3 億股，短短三年內我們的流通量減少了約 40%。

Taken together, the increase in free cash flow and reduction in share count would result in a mid-teens free cash flow per share compound annual growth rate by 2028, even without a contribution from MGM Japan.

總而言之，即使沒有米高梅日本公司的貢獻，自由現金流的增加和股票數量的減少也將導致 2028 年每股自由現金流的複合年增長率達到中位數。

Bill, over to you.

比爾，交給你了。

Thanks, Jonathan, and good afternoon, everybody. I'd like to start by doubling down on Jonathan's comments on congratulating all of our employees. Their continued attention to detail in guest service, has been amazing, and it continues to show through in our NPS scores.

謝謝喬納森，大家下午好。首先，我想強調喬納森對我們所有員工表示祝賀的評論。他們對客戶服務細節的持續關注令人驚嘆，這一點繼續體現在我們的 NPS 分數中。

And also just take a second to identify and thank our management teams into a challenging wage inflation environment. I think you've seen through our margins, they've all done a great job managing their way through the first part of 2024. And I will remind everybody that most of those increases now lapse as we go into the second half of this year.

另外，請花一點時間來識別並感謝我們的管理團隊進入充滿挑戰的薪資通膨環境。我想你們已經看到了我們的利潤，他們在 2024 年上半年的管理方面都做得很好。

Turning to the quarter, we had excellent results against a strong '23 comparison. We see continued strength, as Jonathan mentioned, in Las Vegas, driven by transient group demand. The Marriott integration is going exceptionally well, and Mandalay Bay is fully leveraging on its updated space.

談到本季度，與 23 年的強勁比較相比，我們取得了出色的業績。正如喬納森所提到的，在短暫的群體需求的推動下，我們看到拉斯維加斯持續強勁。萬豪酒店的整合進展非常順利，曼德勒海灣酒店正在充分利用其更新的空間。

MGM China continues to hold its market margins against a very competitive and evolving market. And our regions continue to hold top line creating efficiency and it's great seeing Detroit finally returned to its earlier prowess in that marketplace post-strike -- post cyber last year.

在競爭激烈且不斷發展的市場中，米高梅中國繼續保持其市場利潤。我們的地區繼續保持著創造效率的最高線，很高興看到底特律終於恢復了去年罷工後網路市場的早期實力。

In Las Vegas, we believe Las Vegas growth continued its top line and maintain margins in the mid-30s. Group pace, as mentioned, is up in '24 and '25, anchored again by the refreshed space at Mandalay benefits from the Marriott program will only continue to increase, particularly on the group side, unique to MGM.

在拉斯維加斯，我們相信拉斯維加斯的收入成長將繼續，並將利潤率維持在 30 多歲。如前所述，集團步伐在24 和25 年有所加快，這再次得益於曼德勒的全新空間，萬豪計劃帶來的好處只會繼續增加，特別是在集團方面，這是米高梅獨有的。

We have a favorable supply dynamic with the closing of the Mirage in Tropicana, taking approximately 1.5 million room nights off of the circuit. Again, we'll see lower years two through five labor contract increases. And organic same-store growth driven by further database optimization is just stepping in, particularly now with the integration of the Cosmopolitan, which we finally got on yesterday. So we're very excited by that.

隨著 Tropicana Mirage 的關閉，我們擁有了良好的供應動態，減少了約 150 萬個間夜。同樣，我們將看到第二年到第五年勞動合約的增加。由進一步的資料庫優化驅動的有機同店成長才剛剛開始，尤其是現在我們昨天終於實現了 Cosmopolitan 的整合。所以我們對此感到非常興奮。

Noting in the third quarter, I think all of you know this, but remembering back, we had the cyber-attack last year in the third quarter, and that should proved to be successful for us. However, in the fourth quarter, and I think many of you see this through our room rates, Formula 1 is showing some softness. We are hoping and believing that this rate will continue to pace up.

注意到第三季度，我想你們都知道這一點，但回想一下，我們去年第三季度遭受了網路攻擊，這對我們來說應該是成功的。然而，在第四季度，我想你們很多人都透過我們的房價看到了這一點，一級方程式賽車表現出了一些疲軟。我們希望並相信這一速度將繼續加快。

But I think you can see that we're a little focused on trying to make that the best event that it can be, but that presents a potential headwind in the fourth quarter. Overall, though, given where we are to think about records into the second quarter of Las Vegas at this point is pretty compelling and pretty exciting for all of us.

但我認為你可以看到我們有點專注於努力使之成為最好的賽事，但這在第四季度帶來了潛在的阻力。不過，總的來說，考慮到我們現在要考慮拉斯維加斯第二季的記錄，這對我們所有人來說都是非常引人注目和令人興奮的。

To the regions, business remained stable with margins holding at $0.30-plus against an established and a consistent promotional environment, and we continue to have best-in-class properties with leading market share, providing a real steady free cash flow generation.

對於各地區而言，在既定且持續的促銷環境下，業務保持穩定，利潤率保持在 0.30 美元以上，並且我們繼續擁有領先市場份額的一流酒店，提供真正穩定的自由現金流生成。

Macau, the story continues. We're outstanding performance and the drivers of strength in that market, starting, I believe, with our leadership team. We have Kenny and Hubert on the phone. Pansy has clearly leaned in on many things that impact the property in our market, and ultimately, our market share. And so we're thankful for that.

澳門，故事仍在繼續。我相信，從我們的領導團隊開始，我們就擁有出色的業績和該市場的實力驅動力。肯尼和休伯特正在打電話。 Pansy 顯然依賴許多影響我們市場上的房產並最終影響我們的市場份額的因素。所以我們對此表示感謝。

And there are many tactics that they deploy. I think the thing that's most compelling is the truly understand our customer, our customer base, and their wants and needs. And without any real capital enhancements from where we left this market in 2019, we're obviously outperforming.

他們部署了很多策略。我認為最引人注目的是真正了解我們的客戶、我們的客戶群以及他們的需求。 2019 年我們離開這個市場時，沒有任何真正的資本增強，我們的表現顯然優於其他市場。

MGM Macau is now the top producer on the Peninsula side, something in a position -- something we're proud of and a position we'd like to keep and so we're going to continue to invest into that property. And ultimately, overall, remembering the market has only returned to 80% recovery. Well, MGM is well above that. We still see opportunities not only for growth in the market, but ultimately for us to steal additional share.

澳門美高梅現在是半島方面的頂級製片商，我們對此感到自豪，並希望保持這一地位，因此我們將繼續投資該物業。最終，總體而言，記住市場僅恢復了 80% 的復甦。嗯，米高梅遠高於此。我們仍然看到了不僅是市場成長的機會，而且最終是我們搶佔額外份額的機會。

Before I turn this over to Gary Fritz, who you've not yet met, to talk more about MGM Interactive, I'd like to comment on Entain's recent announcements and BetMGM's domestic business. First, I'm excited by the relationship that we've created with Stella David as the interim CEO and now the Chair. I'm equally excited by the progress that's been made by the team and BetMGM's product enhancements with a key focus by the Entain Group.

在我把這個問題交給加里·弗里茨（Gary Fritz）（你還沒見過他）來更多地談論米高梅互動之前，我想先評論一下 Entain 最近的公告和 BetMGM 的國內業務。首先，我對我們與擔任臨時執行長和現任主席的 Stella David 建立的關係感到興奮。我同樣對團隊所取得的進步以及 Entain Group 重點關注的 BetMGM 產品增強感到興奮。

And now the recent addition of Gavin Isaacs as CEO is comforting, someone MGM and I have not known for a long time, have a great relationship, and I think he'll do wonders for that business. And ultimately, the market.

現在，最近加文·艾薩克斯（Gavin Isaacs）擔任執行長令人欣慰，我和米高梅已經不認識很久了，但關係很好，我認為他會為這項業務創造奇蹟。最終是市場。

I'd also like to make a general comment on BetMGM's Monday release and some promising green shoots reported by competitors in the space. We have stated that 2024 would be an investment year, recognizing that we've lost shares in sports and that it was impacting our leading market position in iGaming, we righteously decided to invest heavy into our sports product and continue to invest in customer acquisitions for iGaming so long as we saw both market growth and overall market share growth.

我還想對 BetMGM 週一發布的內容以及該領域競爭對手報告的一些有希望的萌芽發表總體評論。我們已經表示，2024 年將是投資年，認識到我們已經失去了體育領域的份額，並且這正在影響我們在iGaming 領域的領先市場地位，我們理直氣壯地決定大力投資我們的體育產品，並繼續投資於客戶獲取。

For the record, BetMGM was also profitable in the second quarter of '24, driven by our iGaming business, which annually contributes about $400 million to the overall business.

根據記錄，BetMGM 在我們的 iGaming 業務的推動下，在 2024 年第二季度也實現了盈利，該業務每年為整體業務貢獻約 4 億美元。

The second piece is improving our sports product. We've made substantial steps with Angstrom, and we'll deploy a whole variety of new products into the football season. As well as single account, single wallet in Nevada, establishing customers to carry a wallet with funds back to their state. We think it's a big deal for the business and for our omnichannel efforts. And so we'll obviously invest into the fall with these new product offerings, trying to win back customers on sports.

第二塊是改進我們的運動產品。我們已經與 Angstrom 合作邁出了實質的一步，我們將在足球賽季中部署各種新產品。以及內華達州的單一帳戶、單一錢包，建立客戶攜帶資金帶回其所在州的錢包。我們認為這對於業務和我們的全通路努力都是一件大事。因此，我們顯然會在秋季投資這些新產品，試圖贏得運動消費者的青睞。

In the big picture, we love what BetMGM has done for our brand. We love the long-term prospects, and we enjoy having a partner during this development stage that is equally focused on the business. We are patient and have a strong belief in the growth of this business now and long into the future.

從整體來看，我們喜歡 BetMGM 為我們的品牌所做的一切。我們重視長期前景，並且喜歡在這個發展階段擁有一個同樣專注於業務的合作夥伴。我們很有耐心，並對這項業務現在和未來的發展充滿信心。

I want to turn it over to Gary. Gary is going to talk a little bit about BetMGM, but really focus on MGM's other interactive activities in the rest of the world. Gary?

我想把它交給加里。蓋瑞將談論一些關於 BetMGM 的事情，但真正關注的是 MGM 在世界其他地方的其他互動活動。加里？

Thanks, Bill. Beginning a couple of years ago, we embarked on a journey with the vision of creating our own proprietary iGaming and sports betting platforms. The goal is to develop a differentiated product capable of capturing market share in both established and emerging markets. The crux of this strategy is based on four pillars, and I'll walk through them.

謝謝，比爾。從幾年前開始，我們開始了一段旅程，願景是創建我們自己的專有 iGaming 和體育博彩平台。目標是開發一種能夠在成熟市場和新興市場佔據市場份額的差異化產品。這個策略的關鍵是基於四個支柱，我將逐一介紹它們。

The first pillar was for MGM to own its tech ecosystem so that we were not reliant on third parties. A tech ecosystem that is scalable and cloud-based. We achieved this in 2022 through our acquisition of LeoVegas. Not only did we buy the technology, but we acquired an exceptional management team with an aggressive strategic plan that we have been executing.

第一個支柱是米高梅擁有自己的技術生態系統，這樣我們就不會依賴第三方。可擴展且基於雲端的技術生態系統。我們於 2022 年透過收購 LeoVegas 實現了這一目標。我們不僅購買了技術，而且還獲得了一支出色的管理團隊，以及我們一直在執行的積極策略計劃。

We also recognize the importance of having an owned sports betting platform to further highlight our brands and generate more cross-sell opportunities. We took a large step forward to achieving technical independence with the purchase of Tipico's US sports betting platform, which will close soon and drive important synergies.

我們也認識到擁有自有體育博彩平台對於進一步突出我們的品牌並產生更多交叉銷售機會的重要性。透過購買 Tipico 的美國體育博彩平台，我們在實現技術獨立方面向前邁出了一大步，該平台即將關閉並帶來重要的協同效應。

The secular of our strategy was to own our proprietary iGaming content with unique intellectual property. We found this through our acquisition of Push Gaming in 2023. Our strategy with Push is to develop games that are not only exclusive to our owned and operated platforms, but also to create titles that can be marketed to other operators. Since our acquisition, MGM Resort branded games have been our highest performing titles in the Push ecosystem.

我們策略的長期目標是擁有擁有獨特智慧財產權的專有 iGaming 內容。我們透過 2023 年收購 Push Gaming 發現了這一點。自從我們收購以來，米高梅度假村品牌的遊戲一直是我們在 Push 生態系統中表現最好的遊戲。

The third pillar of our strategy is to target organic growth in attractive regulated markets with the BetMGM brand. Just a reminder, we own the BetMGM brand and can use it anywhere in the world outside of the territories that the JV operates in. We do this using our LeoVegas proprietary tech stack. We have already launched the brand in the United Kingdom and the Netherlands, with great early results, and we plan soon to enter Latin America.

我們策略的第三個支柱是透過 BetMGM 品牌在有吸引力的監管市場實現有機成長。提醒一下，我們擁有 BetMGM 品牌，可以在合資企業營運地區以外的世界任何地方使用它。我們已經在英國和荷蘭推出了該品牌，並取得了很好的早期成果，我們計劃很快進入拉丁美洲。

The final component of our strategy is our live dealer product, enabled by our recently announced strategic relationship with Playtech, making us the only US operator to offer live casino content for international markets directly from the Las Vegas strip. We have already launched at Bellagio and MGM Grand and are thrilled with the positive response, both from our live and online customers.

我們策略的最後一個組成部分是我們的真人荷官產品，這得益於我們最近宣布的與Playtech 的戰略關係，使我們成為唯一一家直接從拉斯維加斯大道向國際市場提供真人賭場內容的美國營運商。我們已經在貝拉吉奧 (Bellagio) 和米高梅大酒店 (MGM Grand) 推出了這款產品，我們對現場和線上客戶的積極回應感到非常興奮。

The next phase involves constructing a dedicated space at MGM Grand featuring table games and in the future game shows from well-known third-party brands. We believe the synergy among all of these pillars will yield significant long-term returns, starting with a double-digit stabilized return by 2027.

下一階段將在米高梅大酒店建造一個專門的空間，以桌面遊戲和未來知名第三方品牌的遊戲節目為特色。我們相信，所有這些支柱之間的協同作用將產生顯著的長期回報，到 2027 年將實現兩位數的穩定回報。

In the near term, after two years of investment, we see the core businesses at LeoVegas and Push Gaming beginning to show positive momentum. Over the next few years, we will focus on expanding our sports platform and making further investments in our new owned and operated -- fully owned and operated BetMGM markets. Back to you, Bill.

短期來看，經過兩年的投資，我們看到LeoVegas和Push Gaming的核心業務開始呈現出正面的動能。在接下來的幾年裡，我們將專注於擴大我們的運動平台，並對我們新擁有和經營的——全資擁有和經營的 BetMGM 市場進行進一步投資。回到你身上，比爾。

Thanks, Gary. And obviously, excited by all the progress, and we look to scaling this business, particularly the live dealer piece here in Nevada, I think, is interesting and unique to us and exciting format.

謝謝，加里。顯然，我們對所有進展感到興奮，我們希望擴大這項業務，特別是內華達州的現場荷官部分，我認為，對我們來說是有趣且獨特的，也是令人興奮的格式。

Before I turn this open to Q&A, just a couple of overviews. Again, I think we enjoy a magnificent position in Las Vegas. We have made significant capital investment in our luxury. We've put over $1 billion into our properties in the last three years. Principally focused on the building we're in Bellagio. All of our rooms and suites now have been redone, amongst many other new amenities.

在進行問答之前，我先做一些概述。再說一遍，我認為我們在拉斯維加斯享有優越的地理位置。我們對奢侈品進行了大量資本投資。在過去三年裡，我們已向我們的房產投入了超過 10 億美元。主要關注我們位於貝拉吉奧的建築。我們所有的客房和套房現已重新裝修，並配備了許多其他新設施。

We're also continuing to explore ways to further connect the heart of Las Vegas Strip meaning Bellagio, Aria, and the Cosmopolitan together. Some of you may have seen over the last couple of weeks, a set of plans that was submitted to the county here.

我們也持續探索如何進一步連接拉斯維加斯大道的中心地帶，即貝拉吉歐 (Bellagio)、阿里亞 (Aria) 和大都會飯店 (Cosmopolitan)。你們中的一些人可能已經看到了過去幾週提交給縣政府的一系列計劃。

We are in the midst of trying to create something that we believe will be unique and special to Bellagio, something deserving, something that will have an experiential component, entertained component, must see, as well as retail and ultimately nightlife components that begin to marry itself up with some of the other things we have here that bring nightlife back to Bellagio in the long run.

我們正在努力創造一些我們相信對貝拉吉奧而言獨一無二的東西，一些值得的東西，一些具有體驗成分、娛樂成分、必須看到的東西，以及零售和最終開始結合的夜生活成分。看，我們這裡還有其他一些東西可以讓夜生活回到貝拉吉歐。

So we're excited by that. We'll have more of those plans for the next quarter to announce in terms of content and pricing. But we're excited by launching that product, hopefully, over the next several months here.

所以我們對此感到興奮。我們將在下個季度公佈更多內容和定價方面的計劃。但我們很高興能夠在接下來的幾個月內推出該產品。

As I think about our regional properties, again, I want to reiterate stable and their free cash flow generating, and we're excited to have the properties that we do within our portfolio. Many of them, as you know, are market-leading. We have shown and demonstrated now, I think, in Macau, our growing EBITDAR prowess and our ability to have set a whole new plateau of economic performance.

當我想到我們的區域房地產時，我想再次重申穩定且可產生自由現金流，我們很高興能在我們的投資組合中擁有這些房地產。如您所知，其中許多都是市場領先的。我認為，我們現在已經在澳門展示並證明了我們不斷增長的 EBITDAR 實力以及我們創造經濟表現新平台的能力。

We are excited, and I am, by the idea of omnichannel for the football this coming season for BetMGM. I think it finally unlocks our database and enables people to take their wallets and go home to places like Colorado and still have funds that they can share.

我們對 BetMGM 在下個賽季的足球全通路理念感到興奮，我也很興奮。我認為它最終解鎖了我們的資料庫，使人們能夠帶著錢包回到科羅拉多州等地的家中，並且仍然擁有可以分享的資金。

I am equally excited by the overall digital strategy that Gary has laid out. I just recently returned from Japan and that it's moving along nicely. We are in the ground as we speak, and we hope to start pilot launch by May or June of next year with a target state still middle of 2030 for opening.

我同樣對加里所製定的整體數位策略感到興奮。我最近剛從日本回來，一切都很順利。就在我們說話的時候，我們已經在現場，我們希望在明年 5 月或 6 月之前開始試點，目標是在 2030 年中期開放。

I think we are, as I think about expansion, I think about the UAE and New York, I think, in our project in Dubai of note, we're ideally situated and I have finally been some progress in New York, at least by the end of 2025. We all have to make our submissions and move that along. And I love our position in the Yonkers and what we've been able to accomplish with the local community there. I think, and I know we're in good standing as of this date. So I look forward to that.

我認為，當我考慮擴張時，我想到了阿聯酋和紐約，我認為，在我們在杜拜的專案中，我們處於理想的位置，我終於在紐約取得了一些進展，至少是透過2025 年底。必須提交意見並繼續推進。我喜歡我們在揚克斯的地位以及我們與當地社區合作所取得的成就。我認為，而且我知道截至目前為止我們的信譽良好。所以我對此很期待。

And ultimately look forward to additional markets. Next month, myself and Pansy Ho will be in Thailand looking at that opportunity. That is a venture that we're interested in. And if we do that, we'll do it through MGM China Holdings.

最終期待更多的市場。下個月，我和何超瓊將前往泰國尋找這個機會。這是我們感興趣的合資企業。

And then finally, I'm excited by some of the news -- or not news, but some of the information Jonathan consistently provides. I think we have an amazing balance sheet. We have low net debt. We have excess cash still able to deploy, whether it's into things here or against some of various propositions. And I think we ultimately have a pipeline of short-, middle- and long-term value creators.

最後，我對一些新聞感到興奮——或者不是新聞，而是喬納森一貫提供的一些資訊。我認為我們擁有令人驚嘆的資產負債表。我們的淨債務較低。我們仍然有多餘的現金可以部署，無論是用於這裡的事情還是針對某些不同的提議。我認為我們最終擁有一系列短期、中期和長期價值創造者。

With that, operator, I will turn this over to questions.

那麼，接線員，我將把這個問題轉交給問題。

(Operator Instructions). Joe Greff, JPMorgan.

（操作員說明）。喬‧格雷夫，摩根大通。

Good afternoon, everyone, Bill, Jonathan. And Bill, I'd like to start off in Las Vegas, and I realize the Marriott strategic partnership is beyond Las Vegas. It also relates to the regions. I was hoping maybe you can give us a little bit more meat on the bone with respect to the contribution from the Marriott connectivity.

大家下午好，比爾，喬納森。比爾，我想從拉斯維加斯開始，我意識到萬豪戰略合作夥伴關係的範圍超出了拉斯維加斯。也跟地區有關係。我希望您能給我們更多關於萬豪酒店連通性的貢獻。

I think, Jonathan, you mentioned at the outset, the quarter, 410,000 room nights were booked to make sure that was for the quarter. Or is that since the inception of the priority.

我想，喬納森，您一開始就提到，本季度預訂了 410,000 個間夜，以確保該季度的客房數。或者說是自成立以來的優先事項。

But I guess where I'm trying to go to, I know you kept the contribution on a steady-state basis at an annual EBITDAR level of $65 million to $75 million in the slide deck. Does that timeline in which you think you could hit that has that changed given that you've had a number of months of experience.

但我想我想要達到的目標是，我知道您在幻燈片中將年度 EBITDAR 水準保持在 6500 萬至 7500 萬美元的穩定狀態。考慮到您已經有幾個月的經驗，您認為您可以達到目標的時間表是否發生了變化？

And then as a follow-up, Bill, you mentioned that Formula 1 has some softness. When we think about the year-over-year delta related to the Formula 1 softness shouldn't that be more than offset by the benefits of Marriott connectivity? And that's all for me.

作為後續行動，比爾，你提到一級方程式賽車有一些軟性。當我們考慮與一級方程式賽車軟度相關的同比增量時，這難道不應該被萬豪連通性的好處所抵消嗎？這就是我的全部。

Good question, Joe. So first of all, just a couple of -- just to clarify a few of the facts regarding the production we're seeing out of Marriott, that 410,000 booked room nights numbers for the year-to-date as of a couple of days ago. And of that, maybe 60% or so have stayed here. The remainder are reservations for nights over the next few months. But we measure it by production. And so that's the production level.

好問題，喬。首先，只是為了澄清一些關於我們從萬豪酒店看到的生產情況的事實，截至幾天前，今年迄今為止的預訂間夜數為 410,000 間。其中，大約 60% 左右的人留在這裡。其餘的則是未來幾個月的住宿預訂。但我們透過產量來衡量。這就是生產水準。

It is, in terms of the incremental benefit, it comes from two places. One, the rate at which Marriott customers are paying as compared to those room nights that we're displacing. We are already operating at 96% occupancy. This was not about growing occupancy; it was about growing yield.

是說，從增量效益來看，它來自兩個地方。第一，萬豪客戶支付的費用與我們所取代的間夜費用相比。我們的入住率已達 96%。這並不是為了增加入住率，而是為了增加入住率。這是關於增加產量。

The second is the increased spend by those customers while on property. Roughly $100 of the benefit per room night comes from the rate premium and about $50 comes from the increased daily spend that we measure through charges to the folio. So it's not a perfect measure, but it's a pretty good proxy. And together, those are the incremental benefit from Marriott rooms.

第二個是這些客戶在房產上的支出增加。每房晚約 100 美元的收益來自房價溢價，約 50 美元來自每天增加的支出（我們以對帳單收費來衡量）。所以這不是一個完美的衡量標準，但它是一個很好的替代指標。總而言之，這些就是萬豪客房帶來的增量好處。

In terms of the timeline, we got started a little bit later on this because of the cyber incident. We didn't start until February for most of our properties when we originally anticipated during the end of 2023. So I think it's still a good estimate for the benefit for calendar 2024, even though we started a bit late.

就時間安排而言，由於網路事件，我們開始的時間稍晚。我們的大部分房產直到 2 月才開始，當時我們最初預計是在 2023 年底。

And then, Joe, as it relates to F1, I get the principal point, although we could argue that revenue goes against labor increases or insurance, a bunch of other things. I think the real issue with Formula 1 is it's off to a soft start as compared to last year where we had a lot of advanced pre-bookings. I think you can see some of our ADRs are down. If you look at what we're charging 50%, give or take.

然後，喬，就 F1 而言，我明白了要點，儘管我們可能會認為收入不利於勞動力成長或保險等一系列其他因素。我認為一級方程式賽車的真正問題在於，與去年我們進行了大量提前預訂相比，它的起步較軟。我想你可以看到我們的一些 ADR 下降了。如果你看看我們收取 50% 的費用，要嘛給予，要嘛索取。

I think the good news is we have an NFL game. So the south end of the strip that only ran in the 60s last year. I think we anticipate filling that up. But the actual event itself feels soft. It doesn't feel soft in gaming, which is the most important piece, but one of the more important pieces.

我認為好消息是我們有一場 NFL 比賽。去年 60 年代才運行的地帶南端。我認為我們預計會填補這一空白。但實際事件本身感覺很柔和。它在遊戲中感覺不軟，這是最重要的一塊，但卻是更重要的一塊。

It just doesn't room rates at the big three, meaning in this case, Aria, Cosmo, and Bellagio. So the overall impact we'll see. I'm hoping it feels later and we can yield back up again. I'm sure it will. But I think it's worthy enough, and we're concerned enough to make a point of distinction between this year versus last.

它只是不提供三大酒店的房價，在本例中是指 Aria、Cosmo 和 Bellagio。所以我們將看到整體影響。我希望感覺晚一點，我們可以再次屈服。我確信會的。但我認為這是足夠值得的，而且我們非常關心今年與去年之間的差異。

Great. Thank you.

偉大的。謝謝。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi. Good afternoon, everyone. Thank you for taking my questions. I also wanted to ask a little bit about Las Vegas and then maybe a follow-up on digital. But the question on Las Vegas would be as we, I think this second quarter in a row where we've seen some of the core gaming metrics down a little bit, but obviously, the non-room revenue side continues to drive the story in the narrative, as you just talked about with Marriott.

你好。大家下午好。感謝您回答我的問題。我還想詢問一些有關拉斯維加斯的情況，然後可能是有關數字方面的後續問題。但拉斯維加斯的問題是，我認為連續第二季度我們看到一些核心遊戲指標略有下降，但顯然，非客房收入方面繼續推動故事的發展正如您剛才與萬豪談論的那樣。

So can you just give us an update on what you're seeing out of the core gaming customer at this point? And so what some of the post cons might be about where you're targeting your focus around the strip at the moment in terms to drive that gaming customer moving forward? Thanks.

那麼您能否向我們介紹一下您目前從核心遊戲客戶看到的最新情況？那麼，為了推動遊戲客戶向前發展，您目前將注意力集中在地帶上的一些後期缺點可能是什麼？謝謝。

Corey, you want to take it?

科里，你想接受嗎？

Sure. Shaun, the core gaming customer is still pretty solid. Probably the change in the revenue on the slot side in particular, is midweek and tied to the shift in the convention mix. But we continue to see our high-end perform extremely well. Our database performed extremely well. And our focus continues to be on maximizing the right customer in the room, especially during the weekends where we think there's opportunities to yield up to the better customer.

當然。核心遊戲客戶肖恩仍然相當穩定。老虎機方面的收入變化可能特別發生在周中，並且與大會組合的變化有關。但我們仍然看到我們的高端產品表現非常出色。我們的資料庫表現非常好。我們的重點仍然是最大限度地吸引房間裡的合適客戶，尤其是在週末，我們認為有機會吸引更好的客戶。

Great. Thank you. And then maybe to follow up on digital for whoever it's appropriate, or Gary, if he wants to take it, would be thank you for the overview on where you're taking the strategy. What I was curious was, if we think about net investments, so let's exclude some of the acquisition dollars that you spent.

偉大的。謝謝。然後也許會為任何合適的人跟進數位化，或者加里，如果他想接受的話，會感謝您對您正在採取該策略的概述。我很好奇的是，如果我們考慮淨投資，那麼讓我們排除您花費的一些收購資金。

But as we think about these ventures in total, excluding what's going on with that MGM, where we have a core KPI like, is the rest of the digital venture here largely self-funding, meaning you're cash positive in some areas you're able to reinvest. Is there any need to further invest or push, especially when we think about new market launches, maybe like Brazil? Thanks.

但當我們從總體上考慮這些企業時，除了米高梅的情況（我們有一個核心 KPI）之外，數位企業的其餘部分主要是自籌資金，這意味著你在某些領域擁有現金。能夠再投資。是否需要進一步投資或推動，特別是當我們考慮推出新市場（例如巴西）時？謝謝。

Sure. Thanks for the question. I would say we definitely have importance of the portfolio, especially the core businesses at LeoVegas and Push Gaming which are definitely profitable. I would say it's a modest level of investment as we have to make around individual market launches. nothing at the scale of what we've done here at about MGM in the US.

當然。謝謝你的提問。我想說，我們的投資組合絕對很重要，尤其是 LeoVegas 和 Push Gaming 的核心業務，它們絕對是有利可圖的。我想說，這是一個適度的投資水平，因為我們必須圍繞個別市場的推出進行投資。我們在美國米高梅所做的一切規模都無法與此相提並論。

Thank you very much.

非常感謝。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hi, guys. Thanks. Good afternoon. Jonathan, previously, you talked about EBITDA growth in 2024. 3Q obviously sets up favorably your commentary around the bookings for each of the months, obviously resonates favorably. Coupled with some of the commentary around Formula 1. I guess I wanted to revisit that statement and see how you feel is the dynamic between 3Q and 4Q as we look ahead for the back half of the year?

嗨，大家好。謝謝。午安.喬納森，之前您談到了 2024 年 EBITDA 的成長。再加上一些圍繞一級方程式的評論。

Sure. The two quarters are quite different from one another in terms of the really the comparables is probably the most important distinction. Third quarter, as I noted, our outlook on the room revenues is pretty strong and everybody knows what we experienced last year in the third quarter. The fourth quarter, it depends greatly on ultimately our performance during F1.

當然。這兩個季度在可比性方面存在很大差異，這可能是最重要的區別。正如我所指出的，第三季我們對客房收入的前景相當強勁，每個人都知道我們去年第三季經歷了什麼。第四季度，最終很大程度取決於我們在F1期間的表現。

It's not the only thing going on. There's a lot of things driving the business in the fourth quarter. But that was an important driver of our performance last year. And so, I would say, carving out that risk for the moment, we feel very good about the third and the fourth quarter and their ability to grow. But just realistically, the fourth quarter does depend upon the performance of the F1 event.

這並不是唯一發生的事情。第四季有許多因素推動業務發展。但這是我們去年業績的重要推手。因此，我想說，暫時排除這種風險，我們對第三季和第四季及其成長能力感覺非常好。但實際上，第四季確實取決於F1賽事的表現。

Okay. Great. And then just if I could circle back on BetMGM. When you guys think about the balance of this year and into next year, I know that in the release that was out earlier in the week talked about debt funding some of the development and the investments and whatnot. Is there anything else that we should be mindful of looking forward in terms of contributions to the entity?

好的。偉大的。如果我能回到 BetMGM 就好了。當你們考慮今年和明年的平衡時，我知道在本週早些時候發布的新聞稿中談到了債務融資的一些開發和投資等等。在對實體的貢獻方面，還有什麼是我們該注意的嗎？

No. Carlo, no, I don't think so. I think what was put out in that release is frankly, more than sufficient. And when we pay it with debt, and we do something else, time to tell. What's important for us, we need to continue to be mindful of expenses.

不，卡洛，不，我不這麼認為。坦白說，我認為該版本中發布的內容已經足夠了。當我們用債務償還債務並做其他事情時，就是時候告訴我們了。對我們來說重要的是，我們需要繼續注意費用。

But what's important to us is we don't lose iGaming share because it is precious and that we properly relaunched the products we were talking about earlier, and we spend effectively and appropriately into it.

但對我們來說重要的是我們不會失去 iGaming 份額，因為它很珍貴，而且我們正確地重新推出了之前討論的產品，並且我們在其中進行了有效且適當的支出。

Now that's an estimate. Let's see how it plays itself out. But the bigger question of are we going to invest even more money into that. I think what we've identified is plenty of money, and I do not anticipate that.

現在這是一個估計。讓我們看看它是如何發揮作用的。但更大的問題是我們是否要為此投入更多資金。我認為我們已經確定了很多錢，但我預計不會有這種情況。

Understood. Thank you very much, guys. Appreciate it.

明白了。非常感謝你們。欣賞它。

David Katz from Jefferies.

來自傑富瑞集團的大衛‧卡茨。

Hi. Afternoon. Thanks for taking my question. I wanted to just understand better or hear you talk more about the digital strategy from a holistic perspective. BetMGM is on its own path, right, with its own issue set, while the rest of the world is, to some degree, doing its own thing.

你好。下午。感謝您提出我的問題。我只是想更好地理解或聽到您從整體角度更多地談論數位策略。 BetMGM 正在走自己的路，對吧，有自己的問題集，而世界其他地方在某種程度上正在做自己的事情。

Some of which have the same brand. How do they converge one day, right? Or is that even a possibility? And to that end, capturing the most value in your stock for all of it, right? Does that necessarily require having them converge one day?

其中一些具有相同的品牌。他們如何有一天會聚在一起，對吧？或者說這有可能嗎？為此，要充分利用你的股票的最大價值，對嗎？這是否一定需要讓它們有一天匯聚在一起？

David, obviously, that leads into the conversation of what's the relationship and what to do with Entain, and we're just not going to comment on that in broad stroke. We enjoy where we are with them. We are very hopeful for what will come this fall. And frankly, it's pivotal to the business and to our ability to regain share.

大衛，顯然，這引出了關於 Entain 的關係是什麼以及如何處理的對話，我們只是不會對此進行廣泛的評論。我們很享受和他們在一起的時光。我們對今年秋天的情況充滿希望。坦白說，這對於業務以及我們重新奪回市場份額的能力至關重要。

That said, we understand the exercise, we understand the long term. Gary and his team have worked diligently in markets. We think the guys at LeoVegas was an exceptional find. They're a very strong team. We've launched Netherlands with great success. We've launched UK.

也就是說，我們了解這項工作，我們了解長期目標。加里和他的團隊在市場上勤奮工作。我們認為 LeoVegas 的這些人是一個非凡的發現。他們是一支非常強大的團隊。我們推出荷蘭並取得了巨大成功。我們推出了英國。

Obviously, we have our eyes on South America and Brazil. And so there's real upshoot there and real money to be made in an organization that's already making money. So excited about that, and I'm excited by the opportunity to frankly play here with the notion of live dealer, 15% of all of the bets on BetMGM are live dealer.

顯然，我們把目光投向了南美洲和巴西。因此，在一個已經賺錢的組織中，確實會出現真正的成長，並且可以賺到真正的錢。對此我感到非常興奮，而且我很高興有機會在這裡坦白地討論真人荷官的概念，BetMGM 上 15% 的賭注都是真人荷官。

And to the extent we could make it real from emanating from these places, we think is compelling long term. And we think we can actually have some real fun with that down the road with tying celebrity to it. But I get the longer-term question, I'm just not a position to want to answer it right now.

如果我們能夠從這些地方實現這一目標，我們認為從長遠來看是令人信服的。我們認為，透過將名人與它聯繫起來，我們實際上可以從中獲得一些真正的樂趣。但我有一個更長遠的問題，我只是現在不想回答這個問題。

I think that's fair enough. Thanks a lot.

我認為這很公平。多謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey. Just a follow-up on the BetMGM investment commentary. I guess we get a lot of questions on how the cost structure here compares with some of your peers. So I would love to get any color you have on the composition of the operating expenses there as we think about marketing and promos versus perhaps product and then think about what the flow-through could look like longer term.

嘿。只是 BetMGM 投資評論的後續。我想我們收到了很多關於這裡的成本結構與一些同行相比如何的問題。因此，當我們考慮行銷和促銷與產品，然後考慮長期的流量時，我很想了解您對營運費用的任何看法。

Sure. So look, I think that what we're looking for with the product deliveries towards the end of this year at BetMGM are certainly designed especially with the extension of Angstrom in that product into more markets and more sports is something that should have a positive impact on gross gaming margins.

當然。所以看，我認為我們在 BetMGM 預計今年年底交付的產品肯定是特別設計的，特別是將該產品中的 Angstrom 擴展到更多市場和更多體育運動，這應該會產生積極的影響博彩毛利率。

And certainly, that then has a trickle down impact on the rest of the P&L and the cost structure itself because you're having significantly higher hold at the top of the funnel against handle. So that is a huge portion of the rationale behind the product releases that we're going to see coming here at the beginning of football season.

當然，這會對損益表的其餘部分以及成本結構本身產生涓滴影響，因為你在漏斗頂部的控制力明顯更高。因此，這就是我們將在足球賽季開始時看到的產品發布背後的很大一部分原因。

Got it. Maybe one other quick follow-up. Just on the bank loan, maybe I missed this, but I guess where is that being financed out of? Is that being guaranteed by either parent?

知道了。也許還有另一個快速跟進。就銀行貸款而言，也許我錯過了這一點，但我猜這筆資金是從哪裡來的？父母雙方都可以保證嗎？

That would be a -- and again, this is still underway, but it would be a facility at the BetMGM level and any amounts or nature of credit support from the parents is still under discussion. But it would be at the bed MGM level, their own credit facility.

這將是——再說一遍，這仍在進行中，但這將是 BetMGM 級別的一項設施，來自家長的信貸支持的任何金額或性質仍在討論中。但這將是米高梅的床位，他們自己的信貸設施。

Got it. Thank you.

知道了。謝謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Hey. Good evening and good afternoon, everybody, and thanks for taking my question. So the first question is on Las Vegas, Bill, you mentioned in your prepared remarks supply coming out of the strip across the two properties that's well -- I'm curious if you could just walk us through where you're seeing it, group versus leisure proximity versus price point, what got you excited enough to mention it?

嘿。大家晚上好，下午好，感謝您提出我的問題。所以第一個問題是關於拉斯維加斯的，比爾，你在準備好的評論中提到，從這兩個地產的地帶出來的供應很好——我很好奇你是否可以帶我們看看你所看到的地方，小組與休閒鄰近度與價格點相比，是什麼讓您興奮地提及它？

Corey, can follow up on this. But look, it's not as much group, particularly when you talk about Tropicana. I think there, it's a pure leisure play on that. It was clearly a value proposition. We also have several there with Luxor Excalibur and New York, New York. And so we think it's a pure leisure play there.

科里，可以跟進此事。但你看，這並沒有那麼多團體，尤其是當你談論純果樂時。我認為這只是一種純粹的休閒遊戲。這顯然是一個價值主張。我們在盧克索神劍 (Luxor Excalibur) 和紐約紐約 (New York, New York) 也有幾家。所以我們認為這是一個純粹的休閒遊戲。

There was some group activity Mirage, but not extensive. I think we've seen maybe a couple of pop-up MGM or one of the other facilities, I think, MGM. But again, I think if you think about those leisure room nights you think about other places to go in the interim, I think our MGM portfolio, MGM and Park MGM, we have a lot of stuff in mid-market that lead into that.

Mirage 有一些團體活動，但並不廣泛。我想我們可能已經看到了一些臨時的米高梅或其他設施之一，我認為是米高梅。但同樣，我認為如果你考慮那些休閒房間之夜，你會考慮過渡期間去其他地方，我認為我們的米高梅投資組合，米高梅和公園米高梅，我們在中端市場有很多東西可以導致這一點。

And I think we're ideally positioned, particularly given that we know those customers. Remember, we retained part of that database. And so leaning into them and being able to move them over, we think is meaningful.

我認為我們處於理想的位置，特別是考慮到我們了解這些客戶。請記住，我們保留了該資料庫的一部分。因此，我們認為向它們傾斜並能夠將它們移過去是有意義的。

And just generally, inventory, as we understand, Hard Rock will probably be out for three years. Tropicana is completely undefined at this point. And so it's a substantive period of time. I know we've gone into the teeth of the inverse with Fountain Blue, but it's nice to go the other way for once.

一般來說，據我們了解，硬石的庫存可能會消失三年。此時 Tropicana 完全未定義。所以這是一段相當長的時間。我知道我們已經與 Fountain Blue 陷入了相反的境地，但這次能走另一條路也很好。

That's helpful. And then a question on MGM China, the market slowed down by many measures into 2Q slightly. And even your unit production for mass took a slight step back and yet you guys hit a high watermark for margins. Just curious, what you can call out there? I'm assuming your hotels are full and you were yield managing. But is there anything else to see through for that performance?

這很有幫助。然後是關於美高梅中國的問題，進入第二季市場在許多方面都略有放緩。甚至你們的大量生產量也略有下降，但你們的利潤率卻達到了很高的水準。只是好奇，你能在那裡喊出什麼？我假設你們的飯店已經客滿，並且你們正在進行收益管理。但這場表演還有什麼好看的嗎？

Yes. I think like when we talk about China or with the economy scale and the population size, there are many dimensions to merit. We, at MGM China, are very focusing on what we should be doing. Basically, we are focusing on the innovative and the customer-centric investments both on CapEx and on OpEx.

是的。我認為，當我們談論中國或談論經濟規模和人口規模時，有很多方面值得稱讚。我們米高梅中國非常專注於我們應該做的事情。基本上，我們專注於資本支出和營運支出的創新和以客戶為中心的投資。

In July, we basically, our visitation to our property is consistently with the previous quarters. And our revenue share is still maintained at mid-teens. Our EBITDA margin is still in high percentage. I think that's where we are right now.

七月份，我們對酒店的訪問量基本上與前幾季度一致。我們的收入份額仍然維持在十幾歲左右。我們的 EBITDA 利潤率仍然很高。我想這就是我們現在的處境。

And Hubert, any color on the reason for the margins? I mean, I think I know, but go ahead.

休伯特，頁邊空白處有什麼顏色嗎？我的意思是，我想我知道，但繼續吧。

On the margin, I think that, first of all, I think very disciplined approach towards the reinvestment and the mass component of the revenue mix also increased, and that helps with the margin increment as well.

在利潤方面，我認為，首先，我認為非常嚴格的再投資方法和收入組合的大部分組成部分也有所增加，這也有助於利潤率的增加。

Perfect. Thanks, everyone.

完美的。感謝大家。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey. Good afternoon, everyone. On Vegas, the last couple of quarters, we've seen room revenues growing high single, low double-digit percentages, whereas this F&B, entertainment, group and other that piece of the business has been growing more slowly. Can you maybe unpack that a bit? Are there any trends in ancillary spend that you're seeing under the surface as it relates to the different growth in these buckets?

嘿。大家下午好。在維加斯，過去幾個季度，我們看到客房收入以高個位數、低兩位數百分比成長，而餐飲、娛樂、團體和其他業務的成長速度則較為緩慢。你能稍微解開一下嗎？您是否在表面下看到了與這些類別的不同成長相關的輔助支出趨勢？

Look, I'll set it up and then Corey, turn it over to you. I think the conversation around Marriott and our ability to yield off of that is proven in driving our room rates. The return of our convention marketplace to former highs is driving those room rates.

聽著，我會把它設定好，然後科里，把它交給你。我認為圍繞萬豪的對話以及我們從中獲益的能力已經證明可以推動我們的房價。我們的會議市場恢復到以前的高點正在推動房價的上漲。

Other side of the coin is leisure is more prevalent over transient, and I think when you look at total spend, starting with entertainment and then some food and beverage, food and beverage all-time high, but catering and banquet is driving it. When you look at the actual restaurants, the 4%, 5% down on covers.

硬幣的另一面是休閒比短暫的更普遍，我認為當你看總支出時，從娛樂開始，然後是一些餐飲，餐飲創歷史新高，但餐飲和宴會正在推動它。當你看看實際的餐廳時，你會發現4％、5％的折扣。

No, 2%.

不，2%。

Okay, yeah. And so, yeah, I think underlying it -- look, it's never been the story. Las Vegas has always been the story, people will come. The story is when they come, what do they do and how much can you extract? And so I think it's fair to assume that when it comes to entertainment, food and beverage, single digit, but we've seen some softness. But for now, and I think into the foreseeable future, based on what we've set up, room rates will overcome most of that, if not all of it.

好吧，是的。所以，是的，我認為其背後——看，這從來都不是故事。拉斯維加斯一直都是有故事的地方，人們會來。故事是當他們到來時，他們會做什麼以及你能提取多少？因此，我認為可以公平地假設，在娛樂、食品和飲料方面，增幅為個位數，但我們已經看到了一些疲軟。但就目前而言，我認為在可預見的未來，根據我們的設定，房價將克服大部分（如果不是全部）。

Dan, what I would add, we're definitely feeding more mouths. It's just where they're being fed. Whether it's convention halls or in restaurants. So the food and beverage side is a little bit misleading from that perspective. The entertainment change is there is a lot of supply out there.

丹，我要補充的是，我們肯定在養活更多的人。這就是他們被餵食的地方。無論是會議廳還是餐廳。因此，從這個角度來看，食品和飲料方面有點誤導。娛樂方面的變化是有大量的供應。

And with the spirit and their 18,000 seats in their three shows a day. It just puts a lot of pressure on a market that probably has a lot of supply. We're really focused on making sure we have the right acts in our buildings and are able to attract the customers that are looking for those performances.

憑藉他們的精神和每天三場演出的 18,000 個座位。它只會給可能有大量供應的市場帶來很大壓力。我們真正專注於確保我們的建築內有正確的表演，並能夠吸引正在尋找這些表演的顧客。

Got it. That's helpful. And then in terms of the buybacks, I think you have an excess cash balance of $800 million and about $1.3 billion remaining on the repo. I know you've been pretty prolific here in repurchasing shares. But as we think about where we go over the next year or two. And Jonathan laid out that free cash flow in the mid -- growing in the mid-teens. Is there a scenario where you would be willing to add debt to finance the share repurchases? Or should we think about this tapering down over time?

知道了。這很有幫助。然後就回購而言，我認為您有 8 億美元的超額現金餘額，以及回購協議上剩餘的約 13 億美元。我知道你在回購股票方面做得非常多。但當我們思考未來一兩年要去哪裡。喬納森（Jonathan）列出了中期的自由現金流——在十幾歲左右增長。您是否願意增加債務來為股票回購融資？或者我們應該考慮隨著時間的推移而逐漸減少？

Well, I'll offer a couple of thoughts. First of all, at these values, we still believe our shares are a very attractive value. I mean just looking on the screen, probably our stake in MGM China is worth $10 or $11 per share. And so it's a very appealing free cash flow yield when you look at the value of just the operating businesses, not to mention at MGM and our digital investments.

好吧，我將提供一些想法。首先，按照這些價值，我們仍然相信我們的股票具有非常有吸引力的價值。我的意思是，只要看螢幕，我們在米高梅中國的股份可能價值每股 10 美元或 11 美元。因此，當您只考慮營運業務的價值時，這是一個非常有吸引力的自由現金流收益率，更不用說米高梅和我們的數位投資了。

That being said, you're right, we've called out about $800 million in excess cash right now. But that grows with the free cash flow generation. And when we put out things to the end of '25, like a potential license fee for a New York expansion, it does open up the possibility for additional share repurchases.

話雖這麼說，你是對的，我們現在已經調出了大約 8 億美元的超額現金。但這隨著自由現金流的產生而成長。當我們在 25 年底推出一些事情時，例如紐約擴張的潛在許可費，它確實開啟了額外股票回購的可能性。

So I do think over time, it tapers off a bit, but its values, we'll still be aggressive purchasers. And finally, we would consider additional financial leverage to fund these repurchases. Our lease coverage is growing nicely. And as Bill noted in the opening remarks, net debt is still close to zero. So we're well below our leverage limits and we would consider doing that, but we don't have to right now.

所以我確實認為隨著時間的推移，它會逐漸減少，但它的價值，我們仍然會是積極的購買者。最後，我們將考慮額外的財務槓桿來為這些回購提供資金。我們的租賃覆蓋範圍成長良好。正如比爾在開場白中指出的那樣，淨債務仍接近零。因此，我們遠低於槓桿限制，我們會考慮這樣做，但現在不需要。

Got it. Thanks so much.

知道了。非常感謝。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey, guys. Wanted to just follow up on F1. Given last year was so high end focused, and we've heard plans to hopefully make this year a little more balanced. Do you see a chance for the performance at some of the non-luxury properties? Or are you just concerned that might not be enough to make up for the softness you're seeing today at the top three properties?

大家好。只想跟進F1。鑑於去年的重點是高端，我們聽說有計劃希望今年變得更加平衡。您是否認為有機會在一些非豪華酒店進行演出？或者您只是擔心這可能不足以彌補您今天在前三名房產中看到的疲軟狀態？

The answer is yes. I don't know if you heard my comment earlier. We've got the Raiders are in town with the game that weekend, and that will tremendously support the south end of the strip. And we've already seen that, we've already said that occurring once the schedule is announced.

答案是肯定的。我不知道你之前是否聽到了我的評論。突襲者隊週末將在城裡進行比賽，這將極大地支持地帶的南端。我們已經看到了，我們已經說過，一旦宣佈時間表，就會發生這種情況。

Last year, I think we did an amazing job scaring the hell out of people in terms of traffic. Obviously, there was -- during the actual event, it was fascinating, there was no traffic. And so the idea of bringing people back to town, focusing them on some of the values that are still here is critical. And I think particularly driven by the game, you'll see the south end of the strip come to life.

去年，我認為我們在交通方面做得非常出色，嚇壞了人們。顯然，在實際活動期間，這很有趣，沒有交通。因此，將人們帶回城鎮，讓他們專注於仍然存在的一些價值觀的想法至關重要。我認為，特別是在遊戲的推動下，你會看到地帶的南端變得栩栩如生。

I want to put it in quantum, too, in terms of what's at stake here. I'm talking $30 million-ish, plus or minus. So when we think about the comment and we think about what's at stake at the overall aggregate of the company for the quarter, let's all keep it in perspective. But having said that, we're far from giving up. I'm signaling as it sits today, ticket sales are soft, and therefore, room sales are soft.

我也想把它放在量子的角度，就這裡的利害關係而言。我說的是 3000 萬美元左右，上下浮動。因此，當我們思考這一評論並思考本季度公司整體業績面臨的利害關係時，讓我們都保持正確的態度。但話雖如此，我們還遠遠沒有放棄。我要發出的信號是，就目前情況而言，門票銷售疲軟，因此客房銷售也疲軟。

And what I would say is we've heard from other markets, it's fairly consistent year one, there's a lot of high for it. This will be a good weekend for us compared to an average normal weekend. Just in comparison to F1 last year was so substantial, especially on the rates at the luxury properties.

我想說的是，我們從其他市場了解到，第一年的情況相當穩定，有許多高點。與一般的正常週末相比，這對我們來說將是一個美好的週末。與去年的 F1 相比，這是非常可觀的，尤其是在豪華房產的價格方面。

Got it. Got it. And then just wanted to follow up for the regionals and ask what you're seeing across the database segments and on rated play. We continue to hear about some softness at the low end are underrated, but obviously, your guys are more luxury focused. Thanks.

知道了。知道了。然後只是想跟進地區並詢問您在資料庫細分和評級遊戲中看到的情況。我們不斷聽說低端市場的一些軟性被低估了，但顯然，你們更關注奢侈品。謝謝。

Yeah. The regionals had an interesting start. April was a little bit more challenging. It had one plus weekend day and then we saw May and June come back pretty strong. The majority of the customers, the middle end to high end are still pretty strong, still visiting quite a bit.

是的。地區賽有一個有趣的開始。四月更具挑戰性。那天有一個週末，然後我們看到五月和六月的表現相當強勁。大多數客戶，中端到高端仍然相當強大，仍然有相當多的訪問量。

The lower end of the database has seen a little bit of softening. And then on the, what we would call the unrated play, that's down slightly also, but a lot of that was driven in April by that one extra weekend day.

資料庫的低端有所軟化。然後，我們稱之為未評級的比賽，也略有下降，但其中很大一部分是四月那個額外的周末造成的。

Got it. Thanks so much.

知道了。非常感謝。

John DeCree, CBRE.

約翰‧德克里，世邦魏理仕。

Hi, everyone. Thanks for taking my question. Maybe to shift the conversation to your development pipeline first on the UAE. We've got some guidelines from the GCGRA recently about the licensing process. And so realizing there's probably a lot of detail you can elaborate on.

大家好。感謝您提出我的問題。也許首先將話題轉移到阿聯酋的開發管道。我們最近從 GCGRA 獲得了一些有關許可流程的指南。因此，意識到可能有很多細節可以詳細說明。

So a high-level question, is there, Bill, anything that you've seen or learned over the last couple of weeks or months for new information that changed your level of enthusiasm, one way or another, for that prospective opportunity?

因此，一個高層次的問題是，比爾，在過去幾週或幾個月裡，您所看到或學到的任何新資訊是否以某種方式改變了您對潛在機會的熱情程度？

And then the follow-up specifically would be there's quite a bit of discussion in those guidelines about online gaming. And so most of our conversation with you and others have been around potential IR opportunities. So curious with your international digital business with online gaming in that market, be interesting for MGM? Is that something that you're looking at? And if that opportunity were to come up?

然後，具體的後續行動將是在線上遊戲的指南中進行大量討論。因此，我們與您和其他人的大部分對話都是圍繞著潛在的投資者關係機會。對您在該市場的線上遊戲國際數位業務感到好奇，米高梅對此感興趣嗎？這是你正在看的東西嗎？如果這個機會出現呢？

Yeah. Thanks, John, for the question. With UAE, I think the great news is now that they've announced the lottery, which is something that they say we'd do. I'm encouraged that the rest of this will roll out as defined. Now timing is still unknown. It keeps moving around.

是的。謝謝約翰提出這個問題。對於阿聯酋，我認為現在的好消息是他們已經宣布了抽籤，他們說我們會這樣做。令我感到鼓舞的是，其餘部分將按定義推出。現在時間仍未知。它一直在移動。

But I can't imagine by end of this quarter or into early next, we won't know with some specificity around what it means for Abu Dhabi and then potentially what the umbrella language is as it relates to all of the other emirates.

但我無法想像到本季末或下個月初，我們將無法具體了解這對阿布達比意味著什麼，以及與所有其他酋長國相關的總括語言可能是什麼。

We're excited by it. We're excited by obviously addition in Dubai. I think I've mentioned on several calls that we and our partner have an amazing facility property there under construction as we speak, by the way. We're driving pylons right now. And that facility isn't a combination for a large-scale casinos. So there's a lot of opportunities throughout the region.

我們對此感到興奮。我們對迪拜的新增項目感到非常興奮。順便說一句，我想我已經在幾次電話中提到，我們和我們的合作夥伴正在那裡建造一座令人驚嘆的設施。我們現在正在駕駛塔。而且該設施並不是大型賭場的組合。因此，整個地區有很多機會。

Probably the initial license is going to be spoken for, I believe. But I would suggest that each Emirate will have its own opportunity to issue a license. And so I know Gary spent a couple of minutes on that, and we'll continue to follow that closely, particularly for Dubai as a more place to emanate from.

我相信，最初的許可證可能會被討論。但我建議每個酋長國都有自己發放許可證的機會。所以我知道加里花了幾分鐘的時間，我們將繼續密切關注，特別是杜拜作為一個更多的發源地。

Thanks, Bill. That's helpful. I think there's two or three in there. So happy to go back in the queue. Thank you.

謝謝，比爾。這很有幫助。我想裡面有兩三個。很高興回到隊伍中。謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thanks. Just wanted to circle back to your some of the comments you're making about middle high, low end, different consumers. I know Vegas has a lot of puts and takes with the eight counts in Q3 tougher in Q4.

偉大的。謝謝。只是想回顧一下您對中高端、低端、不同消費者的一些評論。我知道維加斯有很多看點和看點，第三季度的八次計數在第四季度更加艱難。

But when you look at our gaming revenues declining in Q2 and then in the regional markets, some of the softness you've talked about, is there, in your view, to put on your economist hat here, macro factors that you think could change that or maintain that over time?

但是，當您看到我們的遊戲收入在第二季度以及區域市場中下降時，您所談到的一些疲軟狀況是否存在，在您看來，在這裡戴上經濟學家的帽子，您認為可能會改變的宏觀因素或隨著時間的推移保持這種狀態？

Or do you think it's just getting back to some pre-pandemic normalization before things would return to growth? Or what's the big picture when you look at the trends? Thanks.

或者您認為在經濟恢復成長之前，這只是恢復到疫情前的正常化程度？或是當你觀察趨勢時，大局是什麼？謝謝。

Sure, Robin. It's Jonathan. I guess I would disagree a bit with the premise of the question, which is that we're seeing some strength out of customers. I mean, to take a couple of examples. The second quarter was a record drop in table games in Las Vegas for us in the quarter.

當然，羅賓。這是喬納森。我想我有點不同意這個問題的前提，即我們看到了客戶的一些優勢。我的意思是，舉幾個例子。第二季拉斯維加斯的賭桌遊戲數量創下了本季的創紀錄下降。

We were down a little bit in slot, and that's for sure. But much of that was due to just a shift in mix from casino customers. Those casino room nights were down a couple of points because group room nights were up about 10%. So that mix contributes a lot to it.

我們的處境有點落後，這是肯定的。但這很大程度上是由於賭場客戶結構的轉變。賭場間夜數下降了幾個百分點，因為團體間夜數增加了約 10%。所以這種混合對此做出了很大貢獻。

On the regional side, our rated or rated day, so the customers we know best our most loyal customers, was up 4% or 5% during the quarter. So we did see some consistency and strength. Speaking for myself, I don't see any macro factors that would really -- that could really dislodge the growth that we're seeing in gaming.

在區域方面，我們的評級或評級日，即我們最了解的客戶，我們最忠誠的客戶，在本季度增長了 4% 或 5%。所以我們確實看到了一些一致性和強度。就我自己而言，我認為沒有任何宏觀因素會真正阻礙我們在遊戲領域看到的成長。

Our customers have seen a fair amount over the past 18 months in terms of increased interest rates and higher hotel rates and the rest and yet have continued to show nice growth. So that's, I guess, the way I'll answer your question.

我們的客戶在過去 18 個月中看到了相當多的利率上升和酒店價格上漲以及其他方面的影響，但仍繼續表現出良好的增長。我想這就是我回答你問題的方式。

Yeah. Thank you.

是的。謝謝。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Afternoon. Thanks for taking my question. You guys have laid out a number of different items in Las Vegas and the growth, particularly on the non-gaming side, food and beverage, room rates, et cetera, maybe offsetting some of the stability in the gaming business. So has anything changed in terms of how we should think about Las Vegas margins, I guess, in the near term or beyond as maybe that non-gaming piece grows?

下午。感謝您提出我的問題。你們在拉斯維加斯制定了許多不同的項目和增長，特別是在非博彩方面，食品和飲料，房價等，可能會抵消博彩業務的一些穩定性。那麼，我想，隨著非博彩業務的成長，我們應該如何看待拉斯維加斯的利潤率，在短期內或以後是否發生了變化？

And then last, maybe separately, what are you seeing just in terms of the expense side of the business, particularly in labor. Is that now under core inflation and manageable to hold margins if non-gaming is growing? Thank you.

最後，也許是單獨的，您在業務支出方面看到了什麼，特別是在勞動力方面。如果非博彩業成長的話，現在在核心通膨下是否可以控制利潤率？謝謝。

Thanks, Chad. Broadly speaking, we're comfortable with where margins are in our Las Vegas operations where they've been in the last couple of quarters, let's call it, the mid-30s. We have experienced some increases in unit labor costs over the past three or four quarters, much of that due to our collective bargaining agreements.

謝謝，查德。從廣義上講，我們對拉斯維加斯業務的利潤率感到滿意，過去幾個季度，我們稱之為 30 多歲。在過去的三、四個季度中，我們的單位勞動成本增加，其中很大一部分原因是我們的集體談判協議。

I think our team has done a fantastic job in managing labor expenses, particularly this last quarter, FTEs were down a couple of points in Las Vegas. A couple of points in the regional markets and about 7% in the corporate office. So I think we've done a good job at offsetting those increases.

我認為我們的團隊在管理勞動力費用方面做得非常出色，特別是上個季度，拉斯維加斯的 FTE 下降了幾個百分點。區域市場有幾個點，公司辦公室大約有 7%。所以我認為我們在抵消這些增長方面做得很好。

Going forward, those increases in unit labor costs will be lower than they've been over the past few quarters, as Bill mentioned in his remarks, we're lapping now some of those increases that we incurred due to those new labor agreements and not just in Las Vegas. So that's why we're comfortable that we can maintain margins in this area.

展望未來，單位勞動力成本的增長將低於過去幾個季度的水平，正如比爾在演講中提到的那樣，我們現在正在接受由於新的勞動協議而產生的一些增長，而不是就在拉斯維加斯。這就是為什麼我們對保持這一領域的利潤率感到滿意。

Okay. Thank you. And then in terms of the Vegas portfolio and where it stands just from a customer-facing standpoint with Bellagio complete, you mentioned Mandalay Bay. Are there any other projects that you're contemplating, maybe in the next 12 to 18 months?

好的。謝謝。然後，就維加斯的投資組合以及從面向客戶的角度來看，百樂宮完成的情況而言，您提到了曼德勒灣。您是否正在考慮在未來 12 到 18 個月內開展其他專案？

Or given the current situation with some room capacity coming out of the market and you guys running in the mid-90s, does it make sense to maybe defer bill outside of what you were talking about with Bellagio maybe defer some core renovations that you would otherwise think about doing at this time?

或者考慮到目前的情況，市場上有一些房間容量不足，而你們這些人都在90 年代中期，除了您與貝拉吉奧談論的內容之外，推遲賬單是否有意義，也許推遲一些你本來會進行的核心翻新工程此時想做什麼？

I think that, look, it's something we always look at, we challenge ourselves with our capital allocation and particularly our maintenance capital because it's just that. That said, and this goes back away is I think our average room remodel now is under 10 years finally. But Aria has not been touched in a while. We're doing MGM as we spoke. So we own those goods. So that process starts next year -- excuse me, later next year in earnest.

我認為，這是我們一直關注的問題，我們透過資本配置，特別是維護資本來挑戰自己，因為事實就是如此。也就是說，這可以追溯到我認為我們現在的平均房間改造最終不到 10 年。但阿麗亞已經有一段時間沒有被碰觸了。我們說話的時候我們正在做米高梅。所以我們擁有這些商品。所以這個過程會在明年開始——對不起，是在明年晚些時候。

And so those are the two big ones to come. I think as it relates to the rest of the inventory, I hear you and don't disagree. We're going to get creative with Excalibur. We're transferring furnishings out of the MGM there. And so continue to do creative things.

這就是即將到來的兩個重大事件。我認為，由於它與清單的其餘部分有關，我聽到了你的意見，並且不反對。我們將在 Excalibur 上發揮創意。我們正在將家具從米高梅轉移到那裡。所以繼續做有創意的事情。

But one of the challenges that if you don't continue to rerate those rooms on a proper cycle, you wake up one day than you are where you are. And so I wouldn't anticipate us coming much off of those levels. I think it will come down some. $600 million, $700 million a year going down the road in terms of true maintenance cap. But --

但挑戰之一是，如果您不繼續以適當的周期重新評估這些房間，有一天您醒來時就會發現自己所處的位置不同。因此，我預計我們不會脫離這些水平。我認為它會下降一些。 6 億美元，就真正的維護上限而言，每年 7 億美元。但 -

And I think our room remodels are spaced out enough where we minimize disruption and make sure that we're able to push some of that business into the right buildings that will also enhance those buildings.

我認為我們的房間改造間隔足夠大，可以最大限度地減少干擾，並確保我們能夠將部分業務推向正確的建築物，這也將增強這些建築物。

Thanks. Appreciate the color.

謝謝。欣賞顏色。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys. Good afternoon. So I want to stay on Vegas real quick. Jonathan, in your prepared remarks, you noted you guys expect to take market share in Vegas moving forward, given your continued investment in your properties, which I know you guys just talked about there.

大家好。午安.所以我想盡快留在維加斯。喬納森，在您準備好的發言中，您指出，鑑於您對房產的持續投資，您希望在未來獲得維加斯的市場份額，我知道你們剛剛在那裡談到了這一點。

But I want to understand that comment a little bit better. And does that making share as Mirage, the Trop come out of service? Or does that comment mean you think there's further share to take beyond those assets essentially shutting down?

但我想更好地理解這個評論。 Mirage、Trop 的共享服務會停止服務嗎？或者這個評論是否意味著您認為除了那些基本上關閉的資產之外還有進一步的份額可以獲得？

I'll make the headline comment. I think there's further share to take. There's a high-end retail nightlife seen that I'd like to see us go after more aggressively. I think some of the club scene has lost some of its luster. And I don't mean just ours, I mean, in general. And so I think there's things to do, particularly in this building. I think there's things to do next door in Cosmopolitan, Aria of note.

我來發表一下頭條評論吧。我認為還有更多的份額可以分享。我希望看到我們更積極地追求高端零售夜生活。我認為俱樂部的一些場景已經失去了一些光彩。我的意思不僅僅是我們的，我的意思是，一般而言。所以我認為還有很多事情要做，特別是在這棟大樓裡。我認為隔壁的 Cosmopolitan 有很多事情可以做，尤其是 Aria。

As we think about ways to enhance the properties and just convince folks that the idea of staying within this compound is impressive and compelling with the amenities that -- there's no reason to go anywhere. And so we're going to continue to jump on that.

當我們思考如何增強房產並讓人們相信，住在這個大院子裡的想法令人印象深刻，而且設施齊全，令人信服——沒有理由去任何地方。因此，我們將繼續努力。

And I also believe as we continue to perfect and get better at personalization of data and all of the things that, that program is beginning to yield, I think we can yield more on that by making sure we keep foster buildings.

我還相信，隨著我們繼續完善和提高數據個性化以及該計劃開始產生的所有效果，我認為透過確保保留寄養建築，我們可以在這方面取得更多成果。

I would add the investments we're making are really aimed at the luxury customer. And gaining a portion of that market share, I think, achieves the goal that Jonathan mentioned previously. So as we look at Bellagio and look what the competition is out there and we could get additional wallet or an additional trip, but we'll be able to regain that market share that we're talking about.

我想補充一點，我們正在進行的投資實際上是針對奢侈品客戶的。我認為，獲得一部分市場份額可以實現喬納森之前提到的目標。因此，當我們看看貝拉吉奧並看看那裡的競爭情況時，我們可以獲得額外的錢包或額外的旅行，但我們將能夠重新獲得我們正在談論的市場份額。

Okay. Got you. And then second question, Bill, if we switch over to digital real quick. And I ask this in a way that might get an answer out of you and I'm not trying to be offensive here. But is there a point -- at some point in the future, where if you aren't getting the results that you want out of the digital segment, you would make the tough decision to essentially pivot away from investing there and instead get more aggressive with the core business, which seems like to us that it's pretty undervalued at this point? I hope that makes sense.

好的。明白你了。然後是第二個問題，比爾，我們是否很快轉向數位化。我問這個問題的方式可能會從你那裡得到答案，我並不是想冒犯你。但是否會在未來的某個時刻，如果你沒有從數位領域獲得你想要的結果，你就會做出艱難的決定，從根本上放棄對數位領域的投資，轉而變得更加激進核心業務，在我們看來，目前它的價值被嚴重低估了？我希望這是有道理的。

Yeah. I understand the point. And look, yeah, at some point, of course, I would never say never. At some point, how hard do you chase sports versus learning iGaming flow? How much does iGaming grow on itself? But I think look at both of those businesses, we're past the major investment scale. I mean a relative scheme of things. We've invested, call it, $650 million-ish, give or take in BetMGM at this point, something on that.

是的。我明白這一點。是的，在某些時候，當然，我永遠不會說永遠不會。在某些時候，您追求運動與學習 iGaming 流程的努力程度如何？ iGaming 自身成長了多少？但我認為看看這兩項業務，我們已經超過了主要投資規模。我的意思是事物的相對方案。我們已經投資了大約 6.5 億美元，目前已經向 BetMGM 給予或接受了類似的東西。

And Gary is -- so we're a $1.5 billion all in, we've been LeoVegas and some of the other acquisitions, that would be a lot. And we're not -- and just putting any of that going forward, this is more about yielding off of what we've created and hopefully doing that.

加里 - 所以我們總共投入了 15 億美元，我們已經收購了 LeoVegas 和其他一些公司，這將是很多。我們不是——只是將其中的任何一個向前推進，這更多的是關於我們所創造的成果的產出，並希望能夠做到這一點。

But I understand the core question. We're not giving up on digital by any stretch. We still believe, it's a key component of growth, not only within our company, but within the industry. And I think it's been proven out in several different places. And so we are going to be patient with it for a while.

但我理解核心問題。我們無論如何都不會放棄數位化。我們仍然相信，它是成長的關鍵組成部分，不僅在我們公司內部，而且在整個行業內。我認為這已經在幾個不同的地方得到了證明。因此，我們將耐心等待一段時間。

Understood. Thanks for the color. Appreciate it.

明白了。謝謝你的顏色。欣賞它。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Great. Thank you. It was touched on, but Jonathan, a big point when you came to the company several years back was they want to improve the cross-sell between your assets by setting players to other properties in Vegas. Can you maybe just frame that progress you've seen in recent years and just the future opportunities not in place today that you can help further drive that?

偉大的。謝謝。有人談到這一點，但是喬納森，幾年前您來到公司時的一個重點是，他們希望通過將玩家設置為拉斯維加斯的其他房產來改善您的資產之間的交叉銷售。您能否簡單描述一下您近年來所看到的進展以及目前尚未到位的未來機會，您可以幫助進一步推動這一目標？

And if you're talking about -- first of all, I appreciate the question. And if you're talking about the, I guess, capturing in-market share of our customers' spend while they're here in Las Vegas, I've never been more optimistic about our ability to do that for both internal and external reasons.

如果你談論的是——首先，我很欣賞這個問題。如果你談論的是，我想，捕獲我們的客戶在拉斯維加斯的消費的市場份額，出於內部和外部原因，我對我們做到這一點的能力從未如此樂觀過。

Internally, we have -- we've invested capital to connect our properties, particularly here in the center strip. Of course, our acquisition of the Cosmopolitan and disposition of the Mirage made much of that possible. Culturally, our casino marketing teams, and our convention sales team work as one, presenting the entire portfolio to our customers and encouraging them in many ways to stay within the portfolio. And there are many other things we've done internally to drive that.

在內部，我們投資了資金來連接我們的物業，特別是在中心地帶。當然，我們對大都會號的收購和幻影號的處置使這一切成為可能。在文化上，我們的賭場行銷團隊和會議銷售團隊作為一個整體，向我們的客戶展示整個產品組合，並以多種方式鼓勵他們留在產品組合中。為了推動這一目標，我們在內部做了許多其他事情。

Externally, just our positioning geographically in Las Vegas in the center and South Strip is where so much of the investment in activity is going on, that whether it be NFL or T-Mobile or even F1, there's really no better -- we're the ace. No better place to be than within our portfolio.

從外部來看，我們位於拉斯維加斯市中心和南大道的地理位置是大量活動投資的所在地，無論是 NFL 還是 T-Mobile，甚至 F1，真的沒有比這更好的了——我們王牌。沒有比我們的投資組合更好的地方了。

So for all of those reasons, and this comes back to my optimism about our ability to gain share over the coming years, I think we are in a great position to do that, and we've already been doing that. You can see that in our results.

因此，出於所有這些原因，這又回到了我對我們在未來幾年獲得市場份額的能力的樂觀態度，我認為我們處於一個很好的位置來做到這一點，而且我們已經在這樣做了。您可以在我們的結果中看到這一點。

Great. Thank you. And just for the follow-up for online. Last quarter, you talked about the path forward with MGM and just some of the long-term targets and the confidence around hitting those targets. With the announcement the other day and just the slight step out, just given the further investment, is there anything to opine on in terms of what changed in that outlook from back in April to today, whether it's competitive from a competitive perspective or an integration perspective? Thank you.

偉大的。謝謝。並且只是為了在線後續。上個季度，您談到了米高梅的前進道路以及一些長期目標以及實現這些目標的信心。前幾天宣布了這一消息，只是稍微邁出一步，考慮到進一步的投資，從4 月份到現在的前景變化，是否有什麼可以發表的意見，無論是從競爭的角度來看還是從整合的角度來看是有競爭力的看法？謝謝。

I think what changed in the outlook to the extent it was understood is what it would take to get with the right product back in front of people. and begin to gain back share for sports. And so those are estimates. Frankly, if it's not working, we're going to pull back. It's not a -- just here is the bucket of money and go, guys.

我認為，在人們理解的範圍內，前景的變化是如何將正確的產品重新擺在人們面前。並開始重新獲得體育市場份額。這些都是估計。坦白說，如果不起作用，我們就會撤退。這不是——只是這就是一桶錢，走吧，夥計們。

And so we're going to watch that very closely and very diligently each and every day and make sure those investments are paying off. So I sense and I understand the concern. We all share it, and it's a key time for the business and for the company in the next six or seven months to see BetMGM begin to perform into that space.

因此，我們將每天非常密切、非常勤奮地關注這一點，並確保這些投資得到回報。所以我感覺到並且理解這種擔憂。我們都同意這一點，對於業務和公司來說，這是一個關鍵時刻，在接下來的六、七個月裡，BetMGM 開始在這個領域發揮作用。

Great. Thank you very much.

偉大的。非常感謝。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Bill Hornbuckle for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想請比爾·霍恩巴克 (Bill Hornbuckle) 發表結束語。

Thank you, operator, and thank you all for joining us today. I will end where we started. It's still compelling, I hope, to all of you to think about Las Vegas, to think about the company, and to think that several records continue to be broken. We're proud of the activity case. We're proud of what we're doing here.

謝謝運營商，也謝謝大家今天加入我們。我將從我們開始的地方結束。我希望，對你們所有人來說，想想拉斯維加斯，想想這家公司，想想幾項記錄不斷被打破，這仍然是令人信服的。我們為這個活動案例感到自豪。我們為我們在這裡所做的事情感到自豪。

Like every business, we have some challenges in this environment. And I think we're meeting in -- maximizing on most of those. Excited by where Gary is going digitally and the longer term of all of that. And so, with that said, I thank you all, and have a great evening.

就像每個企業一樣，我們在這種環境中也面臨一些挑戰。我認為我們正在開會——最大限度地利用其中的大部分。對加里的數位化方向以及所有這一切的長期發展感到興奮。話雖如此，我感謝大家，並祝您度過一個愉快的夜晚。

Thank you for joining. You may now disconnect your lines.

感謝您的加入。現在您可以斷開線路。