美高梅國際酒店集團 (MGM) 2024 Q3 法說會逐字稿

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

下午好，歡迎參加米高梅國際酒店集團 2024 年第三季財報電話會議。

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; Kenneth Feng, Executive Director and President of MGM China Holdings; Hubert Wang, CEO and President of MGM China Holdings; and Andrew Chapman, Director of Investor Relations.

今天參加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；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執行長兼總裁；和投資者關係總監安德魯·查普曼 (Andrew Chapman)。

(Operator Instructions) Please note this conference is being recorded, I like to turn the call over to Andrew Chapman. Please go ahead.

（操作員說明）請注意，本次會議正在錄音，我想將電話轉給安德魯·查普曼。請繼續。

Good afternoon, and welcome to the MGM Resorts International third quarter 2024 earnings call. This call is being broadcast live on the Internet at investors.mgmresorts.com. We have also furnished our press release on Form 8-K to the SEC. On this call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws.

下午好，歡迎參加米高梅國際酒店集團 2024 年第三季財報電話會議。此次電話會議正在網路上進行現場直播：investors.mgmresorts.com。我們也向 SEC 提供了 8-K 表中的新聞稿。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。

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. Such as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

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

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

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

Finally, this presentation is being recorded. I will now turn it over to Jonathan Halkyard

最後，這場演講正在錄製中。我現在將其交給喬納森·哈爾克亞德

Thanks, Andrew, and good afternoon and thanks, everyone, for joining us today. I'm happy to report that MGM Resorts posted record third quarter consolidated net revenues and record third quarter revenue and adjusted property EBITDA at MGM China.

謝謝安德魯，下午好，謝謝大家今天加入我們。我很高興地向大家報告，米高梅度假村公佈了創紀錄的第三季度綜合淨收入，以及創紀錄的美高梅中國第三季度收入和調整後的房地產 EBITDA。

Additionally, we saw record [ADRs] in Las Vegas and record occupancy at our regional resorts. Outstanding results are a testament to our MGM Resorts colleagues worldwide, who are committed to providing outstanding service to our guests every day.

此外，我們在拉斯維加斯看到了創紀錄的[ADR]，而我們的地區度假村的入住率也創下了紀錄。出色的業績證明了我們米高梅度假村全球同事的努力，他們每天都致力於為我們的客人提供卓越的服務。

Thank you for your dedication, hard work, and commitment to operational excellence. All of us on the senior leadership team are proud of what we continue to achieve together. As a team, we continue to raise the bar here in Las Vegas and in our regional properties.

感謝您的奉獻、辛勤工作以及對卓越營運的承諾。我們高級領導團隊的所有人都為我們繼續共同取得的成就感到自豪。作為一個團隊，我們繼續提高拉斯維加斯和我們區域酒店的標準。

In fact, MGM has nearly doubled its EBITDAR in Las Vegas since 2019 and has grown regional EBITDAR by almost 20% over that time period. We've improved our properties and operations to attract new sports and entertainment drivers and as a result, our businesses in a stronger position than ever.

事實上，自 2019 年以來，米高梅在拉斯維加斯的 EBITDAR 幾乎翻了一番，同期區域 EBITDAR 成長了近 20%。我們改善了我們的財產和運營，以吸引新的體育和娛樂驅動力，因此，我們的業務比以往任何時候都處於更強大的地位。

Turning to the detailed our results first in Las Vegas, revenues were up 1%, while adjusted property EBITDAR was up 2%. We grew month to month during the quarter with many of our key metrics demonstrating strength, including a 3% increase in ADR and occupancy increase of 250 basis points and 4% growth and slot handle.

首先來看我們在拉斯維加斯的詳細業績，收入成長了 1%，而調整後的房地產 EBITDAR 成長了 2%。我們在本季逐月成長，許多關鍵指標都展現出強勁的實力，包括 ADR 成長 3%、入住率成長 250 個基點、以及槽位處理量成長 4%。

The Las Vegas properties this quarter benefited from $37 million in business interruption proceeds related to the cybersecurity incident a year ago. In the fourth quarter here in Las Vegas, we're encouraged by the stability of demand that we're seeing. We're also gearing up for year two of F1, which while not as large as last year's event, still bring significant economics to MGM during what has historically been one of the slowest weekends of the year no more.

本季拉斯維加斯飯店受惠於一年前網路安全事件帶來的 3,700 萬美元業務中斷收益。在拉斯維加斯第四季度，我們看到的需求穩定令我們感到鼓舞。我們也正在為 F1 的第二年做準備，雖然規模不如去年的賽事，但在歷來是一年中最慢的周末之一期間，仍然為米高梅帶來了巨大的經濟效益。

With and our operating model, our team is focused on driving organic growth through ongoing cost review and strategic customer pricing initiatives. These activities will combine to further bolster our organic growth story. Now moving to the regional properties.

透過我們的營運模式，我們的團隊專注於透過持續的成本審查和策略性客戶定價計劃來推動有機成長。這些活動將結合起來進一步增強我們的有機成長故事。現在轉向區域屬性。

We grew revenues by 3% while adjusted property EBITDAR increased by 2%, driven by strong slot handle and growth in rated days, our best indicators of overall visitation to the properties. Our regional properties this quarter benefit from $15 million and business interruption insurance proceeds.

我們的收入成長了 3%，而調整後的飯店 EBITDAR 成長了 2%，這得益於強勁的老虎機處理量和評級天數的成長，這是我們對飯店整體訪問量的最佳指標。本季我們的區域物業受益於 1500 萬美元和營業中斷保險收益。

The insurance proceeds we received in the quarter totaling $52 million we believe represent less than half of the funds will collect ultimately. In Macau, MGM China achieved record-breaking third quarter with net revenues increasing 14% year-over-year and adjusted property EBITDAR rising 5%, resulting in a 26% margin. Our market share for the quarter was 15%.

我們在本季收到的保險收益總計 5,200 萬美元，我們認為不到最終收到的資金的一半。在澳門，美高梅中國第三季業績創下歷史新高，淨收入年增 14%，調整後物業 EBITDAR 成長 5%，利潤率為 26%。我們本季的市佔率為 15%。

Given our outstanding performance this year, MGM China announce the special dividend, bringing total dividends to MGM Resorts to approximately $200 million in 2024. In digital, I'm very encouraged by that MGM's third quarter performance.

鑑於我們今年的出色表現，米高梅中國宣布派發特別股息，使米高梅度假村的股息總額在2024年達到約2億美元。 。

During Q3, we achieved profitability again, record-high gaming results and a 70% increase in first-time depositors while stabilizing market share. I'll conclude as always with a few thoughts on our free cash flow algorithm.

第三季度，我們再次實現盈利，博彩業績創歷史新高，首次存款人數增加了 70%，同時穩定了市場份額。最後，我將一如既往地對我們的自由現金流演算法提出一些想法。

Through the first nine months of the year, our revenues have grown by 9%, generating $1.7 billion of cash from operations with capital expenditures of approximately $750 million. This results in free cash flow of about $944 million.

今年前 9 個月，我們的收入成長了 9%，從營運中產生了 17 億美元的現金，資本支出約為 7.5 億美元。這導致自由現金流約為 9.44 億美元。

Looking ahead, we plan to build upon this strong foundation with organic growth from our resort operation, building on our long-standing track record of outpacing the escalators on our fixed rent, incremental value from a commercial gaming license in New York, significant value generation from our online operation, wins both in North America through better MGM here in the US and globally through MGM International Digital.

展望未來，我們計劃透過度假村業務的有機成長，建立在這個堅實的基礎上，以我們在固定租金方面超越自動扶梯的長期記錄、紐約商業博彩牌照帶來的增量價值、顯著的價值創造為基礎透過我們的線上運營，我們透過更好的米高梅在北美贏得了勝利，並透過米高梅國際數字在全球贏得了勝利。

Fixed rate interest with no near-term maturities and relatively flat maintenance capital all augmented by opportunistic repurchasing of shares. Bill, over to you.

沒有短期到期日的固定利率和相對平坦的維持資本都透過機會主義的股票回購而增強。比爾，交給你了。

Thanks, Jonathan, and good afternoon, everyone. I'm happy to say that MGM is in a great position today due to the strategic choices we've made over the past decade. These choices have transformed MGM Resorts, giving us a strong financial foundation and unmatched growth opportunities.

謝謝喬納森，大家下午好。我很高興地說，由於我們在過去十年中做出的戰略選擇，米高梅今天處於有利地位。這些選擇改變了米高梅度假村，為我們提供了堅實的財務基礎和無與倫比的成長機會。

Our globally recognized brands, prime locations, development opportunities and evolving digital platforms enable us to reach more customers in more markets than any other company in our sector. We operate in a large scale with 18 global casino properties over 75,000 employees worldwide and a total addressable market exceeding [$150 billion], including both our physical resorts and online markets.

我們全球知名的品牌、黃金地段、發展機會和不斷發展的數位平台使我們能夠比我們行業中的任何其他公司在更多的市場上接觸到更多的客戶。我們在全球經營 18 個賭場資產，在全球擁有超過 75,000 名員工，潛在市場總額超過 [1,500 億美元]，包括我們的實體度假村和線上市場。

As we continue to expand internationally to drive long-term value to our shareholders, we remain bullish on our leading position in Las Vegas in the short term. First, Vegas has consistently grown over the past 30 years plus with the strips gross gaming revenues reaching all-time records in about half of those years, even in the face of various macro-economic conditions.

隨著我們繼續進行國際擴張，為股東帶來長期價值，我們仍然看好我們在拉斯維加斯的短期領先地位。首先，拉斯維加斯在過去 30 多年持續成長，即使面對各種宏觀經濟條件，拉斯維加斯的博彩總收入在大約一半的時間內達到了歷史最高紀錄。

As Jonathan noted, as we saw record ADR on the third quarter, which is testament to the strength of this market. We are reinforcing our goal of being the industry leader in groups and meetings and have invested, as you know, over $100 million now complete Mandalay Bay Convention Center, which saw record catering and banquet results in 2024.

正如喬納森指出的那樣，我們在第三季度看到了創紀錄的 ADR，這證明了這個市場的實力。我們正在強化成為團體和會議行業領導者的目標，如您所知，我們已投資超過1 億美元，現已建成曼德勒灣會議中心，該中心在2024 年創下了創紀錄的餐飲和宴會業績。

MGM's omnichannel advantage is now more than meaningful opportunity with the launch in the third quarter of single app single wallet here in Nevada. Our relationship with Marriott continues to exceed our expectations.

隨著第三季在內華達州推出單一應用程式單一錢包，米高梅的全通路優勢現在不僅僅是有意義的機會。我們與萬豪的關係繼續超出我們的預期。

Bonvoy guests are driving higher spend to our properties, and we also announced last week plans to be brand our Delano Tower at Mandalay Bay to W Resort, which has significant brand recognition. Over the past decade, Las Vegas become a major player in the sporting world where we're already home to many major sports leagues in America, the city continues to build on its impressive track record.

旅享家 (Bonvoy) 賓客對我們酒店的消費不斷增加，我們上週還宣布計劃將曼德勒灣的德拉諾塔 (Delano Tower) 命名為 W 度假村，該度假村具有很高的品牌知名度。在過去的十年中，拉斯維加斯成為體育界的主要參與者，我們已經是美國許多主要體育聯盟的所在地，這座城市繼續建立其令人印象深刻的記錄。

A great example was the USCIS gave in September, saw a sold-out Allegiant Stadium and demonstrates the growth potential beyond global events like the Super Bowl. Looking ahead to the relocation of MLB's A's, hosting the NCAA's men's final four in a few years, and are hopeful and are working towards an NBA expansion team.

美國移民局在 9 月給出了一個很好的例子，忠誠體育場的門票全部售罄，並展示了超級盃等全球賽事之外的成長潛力。展望 MLB A 隊的搬遷，幾年後舉辦 NCAA 男子四強賽，我們滿懷希望並正在努力組建 NBA 球隊。

These events will continue to drill more visitors to Las Vegas and our prime strip footprint positions us to capture greater wallet share, driving the organic growth, we are confident Las Vegas we're going to deliver for many years to come.

這些活動將繼續吸引更多遊客來到拉斯維加斯，我們的黃金地帶足跡使我們能夠獲得更大的錢包份額，推動有機增長，我們有信心在未來的許多年裡為拉斯維加斯提供服務。

In the regions, we continue to experience stable results across the portfolio, supported by a rational promotional environment and a stable economic backdrop. Looking ahead, we expect our regional properties to remain reliable sources of free cash flow was almost all of our properties being market leaders located in affluent areas and operating with relatively low capital requirements.

在這些地區，在合理的促銷環境和穩定的經濟背景的支持下，我們的整個投資組合持續取得穩定的表現。展望未來，我們預計我們的區域房地產仍將是自由現金流的可靠來源，因為我們幾乎所有的房地產都是市場領導者，位於富裕地區，且資本要求相對較低。

In Macau, we had yet another record quarter of growth driven by robust mass market volumes are exceptional golden week performance, which just concluded with volumes up 20% compared to 2019, underscores the region's post-pandemic recovery and the resilience of the general economy and positive momentum still in Macau.

在澳門，在強勁的大眾市場成交量的推動下，我們又實現了創紀錄的季度增長，黃金周表現出色，剛結束，成交量較2019 年增長20%，突顯了該地區大流行後的複蘇以及整體經濟的彈性和澳門仍保持積極動能。

Our team continues to perform at a high level, and we remain confident in our long-term ability to sustain market share in the mid-teens. We're also investing in several capital improvements across our properties aimed at protecting our premium mass market position and driving organic visitation.

我們的團隊繼續保持高水平，我們對長期維持十幾歲左右市場份額的能力充滿信心。我們也對我們的酒店進行了多項資本改善投資，旨在保護我們的優質大眾市場地位並推動有機客流量。

These initiatives include the renovation of Macau's Willis and conversion of patients in Cotai into suites, increasing our suite count by 25%. Additionally, we're excited around the upcoming launch of our new show MGM 2049 scheduled to open by the year end. It's produced and directed by Johnny more, the creator of the 28 Beijing Olympics opening ceremony.

這些舉措包括改造澳門威利斯酒店以及將路氹城的患者改造成套房，使我們的套房數量增加了 25%。此外，我們對即將在年底上映的新劇《米高梅 2049》感到非常興奮。本劇由第28屆北京奧運開幕式主創約翰尼·莫爾擔任製片及導演。

And in connection with our government commitments were also to excite with new museum in Macau, how to further expanded our cultural non-gaming offerings and to drive visitation. And in digital, same as in our land-based business, we're also always focused on continuing to enhance the customer experience.

與我們政府的承諾相關的是，如何在澳門開設新的博物館，進一步擴大我們的非博彩文化產品並吸引遊客。在數位領域，與我們的實體業務一樣，我們也始終專注於持續增強客戶體驗。

This quarter, BetMGM launched a single account single wallet feature, Nevada for [football], and the results were immediate and profound linked to a doubling of first time depositors here in the state.

本季度，BetMGM 推出了單一帳戶單一錢包功能，內華達州的[足球]，其結果是直接而深遠的，與該州首次存款者翻倍有關。

We also further integrate angstrom enhancing our partly product offerings and the first eight weeks of the season. We saw a 200 basis point increase in the percentage that's coming from both traditional parlay and same game parlays. As we move to the football season, we are closely monitoring this increasingly encouraging metrics as first time deposits, retention and reactivation to ensure sustained growth and engagement.

我們也進一步整合埃加強我們的部分產品供應和本賽季的前八週。我們看到來自傳統連贏和同場連贏的百分比增加了 200 個基點。隨著足球賽季的到來，我們正在密切關注這一日益令人鼓舞的指標，例如首次存款、保留和重新激活，以確保持續增長和參與。

Internationally in the third quarter, we entered into a strategic venture with Grupo Globo Latin America's largest media group based in Brazil. This venture is meaningful as it allows us to leverage MGM's LeoVegas technology and gain access to 70 million people, providing invaluable insights into Brazil's consumer market. This aligns with our broader strategy to expand our digital footprint globally and tap into emerging markets.

在國際上，第三季度，我們與總部位於巴西的最大媒體集團拉丁美洲環球集團 (Grupo Globo Latin America) 建立了戰略合資企業。這項合資企業意義重大，因為它使我們能夠利用米高梅的 LeoVegas 技術並接觸到 7000 萬人，從而提供對巴西消費市場的寶貴見解。這符合我們擴大全球數位足跡並進入新興市場的更廣泛策略。

We aim to launch in January '25 pending licensing approval. In terms of development, we are making significant progress in Osaka, aiming to complete ground preparation, starting main construction in the middle of next year.

我們的目標是在 25 年 1 月推出，等待許可批准。在開發方面，我們在大阪正在取得重大進展，目標是在明年年中完成場地準備，開始主體建設。

In New York, we continue to advance our zoning requirements and plan to submit our RFA sometime as well in the middle of to late next year. Beyond these accomplishments, we are actively pursuing other global growth opportunities, including the OE in Thailand. These initiatives will fuel future growth and diversify our geographic reach and our earnings sources.

在紐約，我們繼續推動分區要求，並計劃在明年年中至年底的某個時候提交 RFA。除了這些成就之外，我們還積極尋求其他全球成長機會，包括泰國的 OE。這些舉措將推動未來的成長，並使我們的地理覆蓋範圍和收入來源多樣化。

Our momentum is backed by a solid balance sheet, characterized by low debt and significant liquidity ready for strategic deployment. With a strong pipeline of initiatives spanning short, medium and long term, we are well positioned to sustain growth and drive future success, all were while returning cash to shareholders. Of course, none of this and big ambitions can be made it possible that the commitment and dedication of our people to improving service consistently and delivering operational excellence 24 hours a day, 7 days a week. I'm always mindful of their efforts and always grateful for their loyalty to MGM Resorts and our guests.

我們的勢頭得到了穩健的資產負債表的支持，其特點是低債務和充足的流動性，可供戰略部署。憑藉一系列涵蓋短期、中期和長期的舉措，我們處於有利地位，可以維持成長並推動未來的成功，同時向股東返還現金。當然，如果沒有我們員工持續改善服務並每週 7 天、每天 24 小時提供卓越營運的承諾和奉獻精神，這一切和遠大的抱負都無法實現。我始終銘記他們的努力，並始終感謝他們對米高梅度假村和我們的客人的忠誠。

With that, operator, we'll now take questions.

接線員，我們現在開始提問。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Good afternoon, everybody. Love to start with Las Vegas. Obviously, numbers here were a little bit soft on the table game volume side. Can you tell me what's going on? Are we just kind of seeing broad normalization in that segment?

大家下午好。喜歡從拉斯維加斯開始。顯然，桌上遊戲數量方面的數字有點疲軟。你能告訴我發生了什麼事嗎？我們是否只是看到該領域的廣泛正常化？

And as we kind of think about yield, the go forward in Las Vegas are already kind of thinking that that trend continues. And we're sort of looking at the $700 million were a little bit less kind of run rate quarterly EBITDA with margins that are in the more and more towards the low-30s versus the mid-30s, like what you guys reported here in 3Q, the insurance the benefit?

當我們考慮收​​益率時，拉斯維加斯的前進已經在某種程度上認為這種趨勢仍在繼續。我們正在考慮 7 億美元的季度 EBITDA 運行率，其利潤率越來越接近 30 多歲，而不是 30 多歲，就像你們在第三季度報告的那樣，保險的好處？

Thanks. Joe. It's Jonathan. I'll address that one. First of all in terms of our margin expectation, we continue to believe that our Las Vegas operations can produce margins in the mid-30s on an EBITDAR basis. As it relates to your first question, the first part of your question, that it's clear our table game drop was it was down year over year pretty significantly.

謝謝。喬.這是喬納森。我會解決這個問題。首先，就我們的利潤率預期而言，我們仍然相信我們的拉斯維加斯業務可以在 EBITDAR 的基礎上產生 30 多歲的利潤率。因為它與你的第一個問題有關，你的問題的第一部分，很明顯我們的桌面遊戲下降是逐年顯著下降。

And this was due almost entirely to our high end bulk business. And I mean, this is the way this business is and that the timing of the trips from these largest customers is not of course our choice and so some of that just didn't fall in this third quarter as we would have expected it to, and certainly as it did last year.

這幾乎完全歸功於我們的高端散貨業務。我的意思是，這就是這項業務的方式，這些最大客戶的旅行時間當然不是我們的選擇，因此其中一些並沒有像我們預期的那樣在第三季度發生，當然就像去年一樣。

And then we of course, have we have the varying fortunes of our whole percentage and that has some fluctuation year to year, although I know it was pretty normal during the third quarter.

當然，我們整個百分比的命運各不相同，而且每年都有一些波動，儘管我知道這在第三季度是很正常的。

So I do look at these as mostly timing issues. There's nothing that we're seeing in the table games business that would indicate any kind of softness going forward. We still think that that's a robust part of our business.

所以我確實認為這些主要是時間問題。我們在桌上遊戲業務中沒有看到任何跡象表明未來會出現任何疲軟。我們仍然認為這是我們業務的一個重要組成部分。

And just maybe a couple of points of color. Our gross profit on the balance of [tick] Baccarat out of the equation on the balance of our database and all of our programs and programming for the quarter was up 12%. And so I think it shows you take out the top six or seven players, whether it was a substantive swing, either between mix on that mix between of hold and not showing up it accounts for a great deal of the miss.

也許只是幾個顏色點。我們的百家樂餘額的毛利在我們的資料庫和我們所有的項目和本季的節目的餘額中計算得出，增加了 12%。所以我認為這表明你淘汰了前六名或七名球員，無論是實質性的搖擺，還是在保持和不出現之間的混合之間，這都是造成很大失誤的原因。

And then maybe another top line, 7 of our 10 properties had revenues up across the board for the quarter. I can assure you that was the top ones because of block rather did not. But I think to think about it fundamentally, and you think about some things we talked about earlier, your ADR slot handle up fundamentals are still strong, and we're excited by the continuing to move forward.

然後也許是另一條頂線，我們的 10 家酒店中有 7 家本季的收入全面增長。我可以向你保證，這是最重要的，因為有塊，而不是沒有。但我認為從根本上考慮一下，想想我們之前討論過的一些事情，你的 ADR 插槽處理基本面仍然強勁，我們對繼續向前發展感到興奮。

And just to kind of thank you all these to that. Just kind of give us some sort of perspective on backlog composition within the total table games drop. If we were to look at our trailing 12 months or 2023, what percentage of drop comes from Baccarat.

只是為了感謝你們所有這些。只是讓我們對總桌上遊戲下降中的積壓構成有某種看法。如果我們看看過去 12 個月或 2023 年，百家樂的下跌百分比是多少。

And if we were to look at segment margins on that had a compare to the rest of either the gaming segment for to the overall Las Vegas strip portfolio.

如果我們要查看該細分市場的利潤率，請與整個拉斯維加斯大道投資組合的其餘博彩細分市場進行比較。

First for is looking for the exact number, but maybe I'll put it in perspective and we hate doing this because every time we do this, we get it the other side of this coin. But look, I hold was off down, although normal 15% from the year before.

首先是尋找確切的數字，但也許我會正確地看待它，我們討厭這樣做，因為每次我們這樣做時，我們都會得到硬幣的另一面。但你看，我的持有量下降了，儘管比前一年下降了 15%，這是正常的。

And between that and this business, it's like an $80 million mission Baccarat force. So you can understand the quantum of that number versus anything that's particularly as comparative to last year. If you look in and year to date, it's about 30% of our drop is Poker.

在這個和這項業務之間，它就像一支價值 8000 萬美元的百家樂使命部隊。因此，您可以了解該數字與去年相比的任何數字。如果你看看今年迄今為止，我們的下降中大約有 30% 是來自撲克。

Thank you.

謝謝。

Shaun Kelley, Bank of America

肖恩凱利，美國銀行

Hi, good afternoon, everyone. Thanks for taking my question. Bill or Jonathan, wanted to ask about BetMGM have a little bit how the high-level question is, Maybe just on the strategy here, Bill, it sounds like you're encouraged by some of the angstrom KPIs that you're seeing so far.

嗨，大家下午好。感謝您提出我的問題。比爾或喬納森，想詢問 BetMGM 的一些高級問題，也許只是關於這裡的策略，比爾，聽起來您對迄今為止看到的一些埃的 KPI 感到鼓舞。

But can you walk us through just sort of how you're evaluating that more medium term, specifically in the context of we have seen in our sort of fight changed a little bit by some of the other operators have marketing started to kind of pivot to focus a bit more on the casino side with some success there.

但是，您能否向我們介紹一下您如何評估更中期的情況，特別是在我們看到我們的鬥爭因其他一些運營商的營銷方式開始轉向的情況下發生了一些變化。並取得了一些成功。

So how you kind of seeing the two business lines, OSB versus iGaming progressing and how you think about allocating resources there and medium term?

那麼，您如何看待 OSB 與 iGaming 這兩個業務線的進展以及您如何考慮在那裡和中期分配資源？

Yes. I'll kick it off. Look, we've said, and we still believe this, particularly with the new product lineup coming into the third and fourth quarter for football, that 2024 was going to be an investment year. I think the new product and I call on our friends at entertained will ultimately deliver this for us. It is done what it needed to do and it is faster. Parlays are a [200 basis points]. As I indicated earlier, our retention is up, which we think is positive.

是的。我會把它踢掉。看，我們已經說過，我們仍然相信這一點，特別是隨著足球領域的新產品陣容進入第三和第四季度，2024 年將是投資年。我認為新產品和我在招待會上拜訪我們的朋友最終將為我們帶來這一成果。它完成了需要做的事情，而且速度更快。連本投注是[200 個基點]。正如我之前指出的，我們的保留率有所提高，我們認為這是積極的。

The top line at the very top line of GGR is up close to 20% for the quarter, and so we find ourselves continuing to want to invest, grow the top line. Our quantum of our gaming business is substantive, and we ultimately could take a different strategy remembering and recognizing to get prepared for this launch.

本季 GGR 的最高收入成長了近 20%，因此我們發現自己繼續想要投資，增加收入。我們的遊戲業務量很大，我們最終可以採取不同的策略來記住和認識到為這次發布做好準備。

We've committed commercially to both terrestrial as well as sponsorships into the third and fourth quarter that even if we want to stop tomorrow, we couldn't necessarily. So we are studying it.

我們已經在第三和第四季對地面廣播和贊助做出了商業承諾，即使我們想明天停止，也不一定。所以我們正在研究它。

We like what we see early on in terms of these green shoots on. We think they're meaningful. We think they'll pay a dividend in the long run, for sure, any of this pricing thing to me, iGaming, even in a state like New Jersey is up plus double digits. And that's a state that said, iGaming, I don't know [15]. I can't remember how long it's been spend that's been an extended period.

我們喜歡我們早期看到的這些萌芽。我們認為它們很有意義。我們認為，從長遠來看，他們肯定會支付股息，對我來說，iGaming 的任何定價，即使在新澤西州這樣的州，也會上漲兩位數。這就是說，iGaming，我不知道[15]。我不記得已經度過了多久，那是一段很長的時期。

So we continue to see growth there as well and are up our business has suffered at the moment. We want to turn philosophically to, I think what others have done, it's there for us, but as long as we're seeing top line grew by 20%, I think the rest of the year, we're going to be mode that we're in.

因此，我們也繼續看到那裡的成長，我們的業務目前受到了影響。我們想要從哲學上轉向，我認為其他人所做的，對我們來說也是如此，但只要我們看到收入增長 20%，我認為今年剩下的時間裡，我們就會採取這樣的模式我們進來了。

That's helpful. And then maybe just my follow-up, just kind of continue at the same thought. Just on I think generally, the profit targets giving the investment year imply that loss in the second half or I think supposed to be similar to what you saw in the first.

這很有幫助。然後也許只是我的後續行動，只是繼續同樣的想法。只是我認為，一般來說，投資年度的利潤目標意味著下半年的損失，或者我認為應該與您在上半年看到的損失相似。

Obviously, the quarter was pretty good. So should we sort of a manager expect a bigger dip in Q4 or just given I think, the timing of the way from the expensive hit and then any investment in Q1 or early next year around Brazil? Thanks.

顯然，這個季度的表現相當不錯。那麼，我們作為管理者是否應該預期第四季度會有更大的下跌，或者只是考慮到我認為，從昂貴的打擊到第一季或明年初在巴西周圍的任何投資的時機？謝謝。

So as it relates to bet, MGM, I think what we said early in the US is going to hold true now. I think that's a good way to look at the business and in terms of going to launch a big market now, remembering our partner Global has put in is not a standard sponsorship deal.

因此，就賭注而言，米高梅，我認為我們早些時候在美國所說的話現在將是正確的。我認為這是看待業務的好方法，就現在要推出一個大市場而言，記住我們的合作夥伴 Global 所投入的並不是標準的贊助協議。

This is truly an equity deal. They've put in advertising dollars for equity. And so the expensive that while meaningful to all of us will be handled and looked at differently it differently, but will be it will be a part of what they do it in terms of the business, we provide the technology, they provide the media platform.

這確實是一筆股權交易。他們投入了廣告資金來換取股權。因此，雖然對我們所有人都有意義，但昂貴的費用將得到不同的處理和看待，但它將成為他們業務的一部分，我們提供技術，他們提供媒體平台。

And so but yes, we're going to launch a new country. And so that number will be in the tens of millions over the course of the year. But we will find to tell where we ultimately end up. There's probably going to be a lot of competition.

所以，是的，我們將建立一個新的國家。因此，這一數字在一年內將達到數千萬。但我們會發現我們最終會走向何方。可能會有很多競爭。

There's already many, many folks who have operate inside the great market there. We love Globo as a partner and its scale. It literally controls about 80% of the eyeballs in Brazil. And we think where our product offering is going to be substantive and meaningful.

已經有很多很多人在那裡的大市場中開展業務。我們喜歡 Globo 作為合作夥伴及其規模。它確實控制著巴西約80%的眼球。我們認為我們提供的產品將是實質且有意義的。

Carlo Santarelli, Deutsche Bank

卡洛桑塔雷利，德意志銀行

Hey, everybody, good afternoon. Bill, I just wanted to ask about something you mentioned about the $80 million on progress winning it. Clearly, as we look at the fourth quarter from you guys had tremendous kind of lock on presumably with high end customers in the 4Q last year on whole percentage comparison one of the toughest I can recall call in a very long time.

嘿，大家下午好。比爾，我只是想問你提到的關於贏得 8000 萬美元進展的事情。顯然，當我們看到你們的第四季時，去年第四季的高端客戶可能有巨大的鎖定，整體百分比比較是我記憶中很長一段時間以來最艱難的一次。

Could you guys may be trying to put some parameters around that, whether it's from a lot, I guess, EBITDA perspective, we could all do the GGR perspective, but to kind of give us a sense for how we should be thinking about just that headwind alone as we think about the fourth quarter.

你們可能會嘗試圍繞這個問題設定一些參數，無論是從很多角度來看，我想，EBITDA 的角度，我們都可以從 GGR 的角度來看，但讓我們了解我們應該如何思考這一點當我們思考第第四季時，只有逆風。

Sure. Carlotz, its Jonathan. Yes, we look fondly on that quarter, the quarter of 2023, if memory serves. We did $860 million, $870 million or so of EBITDAR. I think the simple math is that probably benefited us by about $70 million during the quarter, during the entire quarter. So we're of course fighting the good fight to attract customers back to our properties and including those customers.

當然。卡洛茲，是喬納森。是的，如果沒記錯的話，我們深情地展望 2023 年這個季度。我們的 EBITDAR 收入為 8.6 億美元、8.7 億美元左右。我認為簡單的數學計算是，在本季度，整個季度，我們可能為我們帶來了約 7000 萬美元的收益。因此，我們當然正在努力吸引客戶回到我們的酒店，並包括這些客戶。

And then the other thing I would mention though is that as we look forward we've talked about November a bit, but as we look forward in December we are seeing some a very healthy group environment and pretty healthy pricing for the hotels in our system here in Las Vegas as well. So there are some offsets to that, but it was about a $70 million number last year.

然後我要提到的另一件事是，當我們展望11月時，我們已經討論了一些，但當我們展望12月時，我們看到我們系統中的酒店有一些非常健康的團體環境和相當健康的定價拉斯維加斯也在這裡。所以有一些抵消，但去年的數字約為 7000 萬美元。

And I would say, which will be helpful, the Formula One, despite the slow start on rooms and some of that's not catch-up able, when it comes to gaming, we're looking at an equal, if not better, theoretical entry into that event. Now, as you know, anything can happen, but we are excited by at least at the high-end what that event continues to generate for us in terms of people coming in.

我想說，這將是有幫助的，一級方程式賽車，儘管房間起步緩慢，而且其中一些還無法趕上，但在遊戲方面，我們正在尋找一個平等的，甚至更好的理論入口進入那個事件。現在，如您所知，任何事情都有可能發生，但我們對這項活動繼續為我們帶來的高端人群感到興奮，至少在人數方面。

Great. And then, as it pertains to the 3Q, it looks like contra revenues promotions in the gaming segment were somewhere in the range of like 46% of your gaming revenue in the period. Is that, that's up year over year, there's clearly moving parts. Obviously you had a nice hold comparison in the third quarter last year that's going to shift that percentage around a little bit.

偉大的。然後，就第三季而言，遊戲領域的對銷收入促銷似乎佔該時期遊戲收入的 46% 左右。是的，這個數字逐年上升，顯然有些變化。顯然，去年第三季的持有量比較不錯，這將使該百分比發生一些變化。

But is that level of kind of reinvestment, that 44 to kind of 46 window you've been in for the first 9 months of this year, a decent go forward rate, given kind of the mix you're shooting for and of hotel room nights you're shooting for and the, obviously, the maximizing profit within the business?

但是，考慮到您要拍攝的組合和飯店房間，今年前 9 個月您所經歷的 44 到 46 個窗口期的再投資水平是否是一個不錯的前進率？最大化？

Yes, I would say it is a pretty decent rate. We had a good level of casino room nights during the third quarter, and that reflects in the contract expenses, but I think that it's a safe level going forward.

是的，我想說這是一個相當不錯的價格。第三季我們的賭場間夜水準很高，這反映在合約費用中，但我認為未來這是一個安全水準。

Thanks, guys.

謝謝，夥計們。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

(technical difficulty) Hi, afternoon. Thanks for taking the question. I just wanted to go back to the sort of matter of [BetMGM] and congrats on the progress there. I think, Bill, if I'm correct in the past you've said that you'd sort of like to own all of it one day if you could. And I just wanted to get a sense for if that's still true, and how you think about that in the context of repurchasing stock versus keeping power drive for that. Thank you.

（技術難度）嗨，下午。感謝您提出問題。我只是想回到 [BetMGM] 之類的問題並祝賀那裡的進展。我想，比爾，如果我過去是對的，你曾說過，如果可以的話，你想有一天擁有它的全部。我只是想了解這是否仍然正確，以及您在回購股票與保持動力驅動的背景下如何看待這一點。謝謝。

Yes, Dave. Yes, David, that was I think I heard your question but for some reason it's extremely loud. Look our relationship with Entain continues to strengthen. I think I've said it last call, I'll say it again this call. We think the management change has been productive, and I think in the long haul will be good for both their business and ours.

是的，戴夫。是的，大衛，我想我聽到了你的問題，但出於某種原因，聲音非常大聲。看我們與 Entain 的關係繼續加強。我想我在上次通話中已經說過了，這次通話我會再說一次。我們認為管理階層的變革是富有成效的，我認為從長遠來看，這對他們和我們的業務都有好處。

We like the product and the direction it's going and what we've done, and so we like where we are with them. There's always room for improvement on both sides of this, but for now, that's our position, and that's really all I'm going to say about it.

我們喜歡這個產品、它的發展方向以及我們所做的事情，所以我們喜歡我們與他們合作的情況。雙方總是有改進的空間，但現在，這就是我們的立場，這就是我要說的全部。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hi, thanks. Just, I guess, focusing on operating expenses, I think that when we adjust out some of the insurance proceeds, it was around 6% year-over-year in the regions, 3% in Vegas. Was there anything unique in either of these numbers this quarter? And then, as we think about next year, are there any puts, takes to consider in operating expenses as we think about what level of growth you need to hold margins?

你好，謝謝。只是，我想，重點關注營運費用，我認為當我們調整部分保險收益時，這些地區的同比約為 6%，維加斯為 3%。本季這些數字有什麼獨特之處嗎？然後，當我們考慮明年時，當我們考慮需要何種水準的成長來維持利潤率時，是否需要考慮營運費用？

So, yes, Stephen, on the expenses, there were some unusual items in both Las Vegas and the regions. In Las Vegas, we had a collections expense of about $20 million over last year in the third quarter, and that is a formulaic exercise that we do looking at our casino receivables. There's nothing that indicates any kind of degradation in the credit quality or the payments of our casino customers. It's just the way the timing worked out.

所以，是的，史蒂芬，在費用方面，拉斯維加斯和其他地區都有一些不尋常的項目。在拉斯維加斯，我們第三季的收款費用比去年同期增加了約 2,000 萬美元，這是我們在查看賭場應收帳款時進行的公式化操作。沒有任何跡象表明我們賭場客戶的信用品質或付款有任何下降。這就是時間安排的方式。

And in the regions, we had about $15 million of unusual expenses year over year. Those related to one was kind of an operational issue we had in Atlantic City in July, and then there was a worker's comp accrual and so on. So about $15 million in the regions. In terms of OpEx for next year, there's really nothing that I would call out right now.

在這些地區，我們每年都有大約 1500 萬美元的異常支出。與其中一個相關的是我們七月在大西洋城遇到的營運問題，然後是工人的應計費用等等。這些地區大約有 1500 萬美元。就明年的營運支出而言，我現在確實沒有什麼可以指出的。

(multiple speakers)

（多個發言者）

Just one more thing. I would add that in Las Vegas and in the regions, our FTE count was flat even down that 1% year-on-year.

還有一件事。我想補充一點，在拉斯維加斯和其他地區，我們的 FTE 數量甚至比去年同期下降了 1%，但仍持平。

That's helpful. As a follow-up on BetMGM, just to clarify, I think you said 20% growth in revenue, or maybe that was GGR. Can you clarify what that split maybe looked like between iGaming and OSP?

這很有幫助。作為 BetMGM 的後續報導，我想澄清一下，我認為您說的是營收成長 20%，或者可能是 GGR。您能澄清一下 iGaming 和 OSP 之間的劃分是什麼樣的嗎？

Yes, hold on one second. Let me get you the number. It's very small. Sports was a little over 20, and iGaming was almost at that same point. They're both on par really, interestingly.

是的，請稍等。讓我給你號碼。它非常小。運動剛超過 20 歲，而 iGaming 也幾乎處於同一時期。有趣的是，他們兩個確實不相上下。

Great, helpful. Thank you.

太棒了，有幫助。謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good afternoon, everyone, and thanks for taking my question. I have a digital question, more in the direct digital business. Bill, you've talked in the past, I think around putting about a $1 billion into this endeavor. I guess, where do we sit here today relative to that number? I think you got push LeoVegas, Live Dealer, Grupo Global and along with that when could we expect to see return there. Thanks.

嘿，大家下午好，感謝您提出我的問題。我有一個數字問題，更多的是直接數位業務。比爾，你過去曾說過，我考慮在這項工作上投入大約 10 億美元。我想，相對於這個數字，我們今天坐在這裡的位置是多少？我認為你們已經推動了 LeoVegas、Live Dealer、Grupo Global 以及我們什麼時候才能看到他們回歸。謝謝。

Yes, as it relates to raw capital, we're all in. We don't anticipate any more capital in the BetMGM. We don't anticipate any more acquisitions as it relates to MGM Interactive in-house, we call it, which is a LeoVegas arm and some of the other stuff we've told you we've been doing.

是的，因為它與原始資本有關，所以我們全力以赴。我們預計不會再進行任何收購，因為這與我們稱為 MGM Interactive 的內部業務有關，它是 LeoVegas 的一個部門，以及我們已經告訴您的我們一直在做的其他一些事情。

And look, we have three markets under launch right now, UK, Netherlands, and soon to be Brazil. I think by the late part of next year, all of that will manifest itself and unless there's something else that breaks of scale, I think as we come out of '25, we're going to be something substantial across the board leading into '26.

看，我們現在正在推出三個市場：英國、荷蘭，很快就會推出巴西。我認為到明年下半年，所有這些都會顯現出來，除非有其他事情打破規模，我認為當我們走出 25 年後，我們將在全面進入“ 26.

And I think for us to think about '26 and beyond, $400 million or $500 million in cash flow and then some is just not out, as I kind of suggested earlier, we could turn the lever on some of it today and push half of that out the front door, I think. So I think that's a reasonable expectation.

我認為，對我們來說，考慮26 年及以後，4 億美元或5 億美元的現金流，然後有些還沒有結束，正如我之前建議的那樣，我們今天可以轉動其中一些槓桿，推動其中一半的現金流我想是從前門出來的。所以我認為這是一個合理的期望。

Got it. Thanks. And then just turning to Macau, you've lost a little bit of share in the quarter. I think that was the second quarter in a row. Is there as we think about maybe the impact of the Londoner, which I think is kind of in the stage of the reopening. And along those lines, obviously there's some stimulus that's been introduced to the market. When can we maybe look for that to be measurable or to see if there's any impact there?

知道了。謝謝。然後轉向澳門，你在本季失去了一點份額。我認為這是連續第二季。正如我們所考慮的，倫敦人的影響是否存在，我認為這是在重新開放的階段。沿著這些思路，顯然已經向市場引入了一些刺激措施。我們什麼時候可以尋找可衡量的或看看是否有任何影響？

Kenneth or Hubert, you want to handle that please?

肯尼斯或休伯特，你想解決這個問題嗎？

Okay. This is Kenny. I think Linda Niro opened in September. A s you guys don't know, like at Camp graphically on Cotai, MGM, Cotai is like [Tenneco] four or five times smaller compared to Las Vegas Strip. MGM, Cotai is always find to become a destination of these many of these like a region, or why do we enable more new products or open more products in the market and MGM Cotai will benefit. And did isn't beyond just a common data at the beginning, like a outstanding performance like a golden week for their prove that, but (inaudible) opened like all of us anticipated.

好的。這是肯尼。我認為琳達·尼羅 (Linda Niro) 是在九月開業的。你們不知道，就像在路氹城的營地，米高梅，路氹城比拉斯維加斯大道小四、五倍。美高梅路氹總是發現成為許多這樣的目的地，就像一個地區，或者為什麼我們啟用更多新產品或在市場上開放更多產品，美高梅路氹會受益。而所做的不僅僅是一開始的普通數據，就像黃金週那樣的出色表現來證明這一點，而是（聽不清楚）像我們所有人預期的那樣開業。

I think that this is Hubert, I think that we're looking at a longer term market share to stabilize around mid-team level. So this is what we have communicated to the street in the past. I think that we're confident that we can deliver this number. I think that in the next year, particularly in the second half of next year, when we have all the projects completed to create incremental revenue, I think that we'll be in good shape. Maybe some upside surprise with these products coming online second half of next year.

我認為這是休伯特，我認為我們正在考慮長期市場份額以穩定在中隊水平附近。這就是我們過去向街道傳達的訊息。我認為我們有信心能夠實現這個數字。我認為明年，特別是明年下半年，當我們把所有專案都完成，創造增量收入時，我認為我們會處於良好的狀態。這些產品將於明年下半年上線，或許會帶來一些驚喜。

And then just any comment on the stimulus and when we might be able to see that in the market? And that's all for me. Thank you.

然後是對刺激計劃的任何評論以及我們什麼時候能夠在市場上看到這一點？這就是我的全部。謝謝。

I mean, like China economy, like as we all know, like we still believe the stimulus matters. They are still unfolding. Like McCall is a very special segment of the overall regional economy, like particularly like we are very focused on premium mass, like from the visitation and also from the GDR, you can see how resilient they are. So we want to see, like, if there are more measures, like stimulus measures, definitely, like, we will all benefit in the long run.

我的意思是，就像我們都知道的中國經濟一樣，我們仍然相信刺激措施很重要。它們仍在展開。就像麥考爾是整個地區經濟中一個非常特殊的部分一樣，特別是我們非常關注優質大眾，就像從訪問和東德來看，你可以看到它們有多麼有彈性。因此，我們希望看到，如果有更多措施，例如刺激措施，從長遠來看，我們肯定都會受益。

Thanks so much.

非常感謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Great. Good afternoon. Thanks for taking my question. The first question is on Las Vegas. I'm just curious, when you look at the third quarter by month, if you saw any sort of different trends throughout the month, July, August, September, I'm assuming weather maybe had an impact on two of those months, but then also, thinking about that question, but again, taking out that, that business that you call that and leaving just at the (inaudible) is it just focusing on the database and the more stable side? Did you see any sort of changes throughout the quarter? And then how does that same trend go into October?

偉大的。午安.感謝您提出我的問題。第一個問題是關於拉斯維加斯的。我只是很好奇，當你逐月查看第三季時，如果你看到整個月（七月、八月、九月）有任何不同的趨勢，我假設天氣可能對其中兩個月產生了影響，但是然後，也思考這個問題，但再次，拿出你所說的那個業務，然後留在（聽不清楚）它只是專注於資料庫和更穩定的方面嗎？您在整個季度中看到任何變化嗎？那麼同樣的趨勢又如何進入十月呢？

I'll start, and Jonathan can fill in any detail or quarry that I miss. But July was, I know you've seen this and know this, some numbers was pretty bad for the entire community, including us. We had eight days in a row of 120 degree heat, compounded with I-15 was relatively close for three days due to a truck rollover with a battery in it that they didn't seem to know how to, didn't know what to do with it.

我先開始，喬納森可以補充我錯過的任何細節或採石場。但是七月份，我知道你已經看到了這一點並且知道這一點，一些數字對整個社區（包括我們）來說非常糟糕。我們連續八天經歷了 120 度的高溫，再加上 I-15 公路在三天內相對較近，因為一輛裝有電池的卡車翻車了，他們似乎不知道該怎麼做，不知道該做什麼用它來做。

So July was impacted substantively, and then the quarter got better. August was better. We had some substantive convention business in, and then September as well came in well. Ultimately, some of the core things that we'd hoped for, ADR, OCK, slots of note, all produced, leaning into our casino database to make that happen.

所以七月受到了實質的影響，然後這個季度就變得更好了。八月更好。我們有一些實質的會議業務，然後九月也來了。最終，我們希望的一些核心內容，ADR、OCK、值得注意的老虎機，全部產生，並依靠我們的賭場資料庫來實現這一目標。

The other thing I would add is July did have two less weekend days. The UFC fight the year before was actually in June. It was in July last year, it was in June this year at the end of June, so we didn't get the July 4, benefit there. And there's a pretty big international soccer game at the end of July that we also missed. Then as we got into August, September, and even what we're seeing in October, it feels fairly normal, very similar to what business has been, and I think we're pleased with what we see.

我要補充的另一件事是七月確實少了兩個週末。前年的UFC比賽其實是在六月。去年是7月，今年是6月底，所以我們沒有得到7月4日的福利。七月底有一場相當重要的國際足球比賽，我們也錯過了。然後，當我們進入八月、九月，甚至十月所看到的情況時，感覺相當正常，與業務情況非常相似，我認為我們對所看到的情況感到滿意。

Yes. For October, our occupancy here in Las Vegas will be 97%. Revenues are steady and still seeing the nice growth and slot handle in our regional properties actually having a pretty strong October.

是的。 10 月份，我們拉斯維加斯的入住率將達到 97%。收入穩定，我們的區域性物業仍然看到了良好的成長和老虎機處理量，實際上十月份的表現相當強勁。

That's all really helpful. Thanks for that. And then just a follow up on Las Vegas, again. Just looking at a little further, obviously not asking for guidance or anything, but just your feelings on looking out to '25 for the business that you do have visibility in grouping convention, what the pace that you're seeing so far is for the full year and then any sort of quarters where there's calendar, movements or changes of things that we should keep in mind for modeling purposes?

這一切都非常有幫助。謝謝你。然後又是拉斯維加斯的後續行動。只是看得更遠一點，顯然不是尋求指導或任何東西，而是您對 25 年在分組慣例中確實具有可見性的業務的看法，到目前為止您所看到的速度是多少全年以及任何季度，我們應該牢記出於建模目的的日曆、變動或變化？

Yes, I think that as we look broadly in 2025, we do see overall cash rates in Las Vegas growth and a couple of key calendar items, I'm sure you're aware of this, we had with the Super Bowl last February, that will impact us year over year, probably to the tune of $60 million to $70 million in the month of February. The only other thing that I would call out as we look to '25 generally is we will be actually already started modestly a renovation of the MGM Grand Hotel standard rooms.

是的，我認為，當我們放眼2025年時，我們確實看到了拉斯維加斯整體現金利率的增長和一些關鍵的日曆項目，我相信您已經意識到這一點，我們去年二月的超級碗比賽，這將逐年影響我們，二月的影響可能達到 6000 萬至 7000 萬美元。當我們展望 25 年時，我要指出的唯一一件事是，我們實際上已經開始對米高梅大酒店標準間進行適度的翻修。

So this is 4,000 standard rooms. It's a fantastic property. It's time to do that and that will have an impact in our results, although we'll, of course, do our best to migrate that demand to our other properties here in the city. But those are probably the only two big 2025 items I would call out.

這是4000個標準房。這是一個很棒的酒店。是時候這樣做了，這將對我們的業績產生影響，當然，我們會盡最大努力將這一需求轉移到我們在城市的其他酒店。但這些可能是我要提到的唯一兩個 2025 年重大項目。

Really helpful. Thanks, everyone.

真的很有幫助。謝謝大家。

John Decree, CBRE.

約翰·法令，世邦魏理仕。

Hi. Thank you for taking my questions. Maybe one, just kind of capital management to build off of the comments about some of the growth CapEx you're doing. For some of the larger stuff is, in the past, I was at Park MGM was quite large and a full renovation, but is there an opportunity to utilize your re-partners and do anything of more substance, or given how well Vegas has been growing, you've monetized some of your capital improvements. Is that a kind of a consideration in this financing strategy at all?

你好。感謝您回答我的問題。也許之一，只是一種資本管理，以建立在有關您正在做的一些增長資本支出的評論的基礎上。對於一些較大的事情來說，過去我在米高梅公園相當大並且進行了全面翻修，但是是否有機會利用您的重新合作夥伴並做任何更實質性的事情，或者考慮到維加斯的表現如何隨著您的成長，您已經將一些資本改進貨幣化。這是融資策略的一種考量嗎？

John, I think you muffled on the what partners? We didn't catch that.

約翰，我想你對什麼夥伴悶悶不樂？我們沒有註意到這一點。

Sure, your REIT partners. If there's expansion plans, the (inaudible) a big renovation of the rooms at MGM Grand, is financing from them or monetizing some of your growth CapEx, a consideration in the financial strategy?

當然，您的房地產投資信託基金合作夥伴。如果有擴張計劃，（聽不清楚）對米高梅大酒店的房間進行大規模翻新，是從它們那裡融資還是將部分增長資本支出貨幣化，這是財務戰略中的一個考慮因素？

Yes, it's a very good question. I'm glad we asked for the clarification (inaudible) and [Blackstone] are great partners of ours. We do look at that as a financing option. I think, not to speak for them, but I think they would stand ready to help us in that regard if we felt as though that made sense in terms of cost of capital. I think we would probably not go that way to finance a renovation of the property, but to the extent we contemplated an expansion of one of our businesses in Las Vegas or the regional markets, that would absolutely be something we would look at.

是的，這是一個非常好的問題。我很高興我們要求澄清（聽不清楚），[Blackstone] 是我們偉大的合作夥伴。我們確實將其視為一種融資選擇。我認為，不是代表他們說話，但我認為，如果我們覺得這在資本成本方面有意義，他們會隨時準備好在這方面幫助我們。我認為我們可能不會採取這種方式來為房產翻新提供資金，但如果我們考慮擴大我們在拉斯維加斯或區域市場的業務之一，這絕對是我們會考慮的事情。

Thanks. That's helpful, Jonathan. And maybe one of the Marriott partnership. In prior quarters, you've given us some color about some of the metrics that you've seen in KPIs and how well that's going. And as you look into '25, if anything's changed as you get further along in the partnership, are you kind of seeing kind of continued expansion or utilization of that? And so, just love to get your kind of updated thoughts on how that partnership is going and kind of what you're seeing.

謝謝。這很有幫助，喬納森。也許是萬豪合作夥伴之一。在前幾季中，您向我們介紹了您在 KPI 中看到的一些指標以及進展。當你回顧 25 年時，如果隨著你在合作關係中的進一步發展，有什麼變化，你是否會看到這種關係的持續擴展或利用？因此，我很想了解您對這種合作關係進展情況以及您所看到的情況的最新想法。

I'll kick it off. So as of last week, we did 2,500 room nights a day, which is an all-time record. We're probably pacing 20% above our own expectation for the year. The group business continues to come in and it's interesting groups.

我會把它踢掉。截至上週，我們每天住宿 2,500 間房間，這是歷史記錄。今年我們的進度可能比我們自己的預期高出 20%。團體業務繼續湧現，而且團體很有趣。

I think I mentioned this last call, but it's not huge groups that we knew because of the business that we're in already, but it's mid-tier, two to 300 room groups, Midwest, stuff we had not focused on, and I think they're going to be a really good opportunity for us to bring in that we might not otherwise have seen and gotten to. And then, the utilization, it's 70% cash, 30% redemption, and we like that, particularly because of the additional spend that these folks bring in. So we're, I think, very pleased with where we are.

我想我提到了最後一次電話會議，但由於我們已經從事的業務，我們知道的不是大型團體，而是中層，有 2 到 300 個房間組，中西部，我們沒有關注的東西，我認為這對我們來說將是一個非常好的機會，可以引入我們可能不會看到和接觸到的東西。然後，利用率是 70% 的現金，30% 的兌換，我們喜歡這樣，特別是因為這些人帶來了額外的支出。

I think the upside in particular is the W and what we're doing at the Delano. That property had very little brand recognition and we weren't able to sell it on the Marriott channel. So now with the change of that name and we believe that will be in place by the beginning of the year, we think there's some upside on the ADRs and the occupancy at that property.

我認為特別好的一面是W 和我們在Delano 所做的事情。該酒店的品牌知名度非常低，我們無法在萬豪渠道上出售它。因此，現在隨著該名稱的更改，我們相信這將在今年年初到位，我們認為 ADR 和該物業的入住率有一些上升空間。

Thanks for that. That's helpful. Bill and Jonathan, thank you very much for fielding all the questions.

謝謝你。這很有幫助。比爾和喬納森，非常感謝你們回答所有問題。

Thank you.

謝謝。

Barry Jonas, Truist.

巴里‧喬納斯，真理主義者。

Hey, guys. I just wanted to make sure on F1, are you still looking at that sort of $30 million this year, a year, EBITDA headwind or has anything changed at all since Q2 earnings call?

嘿，夥計們。我只是想確定 F1，你是否還在關註今年 3000 萬美元的收入、EBITDA 逆風，或者自第二季度財報電話會議以來有什麼變化嗎？

No, I think we're still looking at the same number. The thing that we can't replicate is when it was first announced last year, it sold out relatively quickly, and particularly our hotels. And so the leverage on that kind of yield type timeframe, we were selling rooms at Bellagio for $2,000 a night. And so it's really the big three that will carry that burden.

不，我認為我們仍在尋找相同的數字。我們無法複製的是，當它去年首次宣佈時，它很快就售空了，尤其是我們的酒店。因此，利用這種收益率類型的時間框架，我們以每晚 2,000 美元的價格出售 Bellagio 的房間。因此，真正承擔這負擔的是三巨頭。

The other thing is the construction of the fountain club out in front that some of you have maybe seen or experienced. It's incredible. That being said, last year it was capitalized, this year it needs to be expensed. And so you put the combination of those two things together, unless we get really lucky in the casino and all things can happen, we think that number holds.

另一件事是前面的噴泉俱樂部的建設，你們中的一些人可能已經看到或經歷過。太不可思議了。話雖如此，去年它是資本化的，今年它需要費用化。所以你把這兩件事結合在一起，除非我們在賭場非常幸運並且所有事情都有可能發生，否則我們認為這個數字是成立的。

Got it. Got it. And then just for a follow up, I wanted to see if there's any updates on some of those other international development opportunities you're looking at, whether that's UAE or Thailand. Thanks.

知道了。知道了。然後，作為後續行動，我想看看您正在尋找的其他一些國際發展機會是否有任何更新，無論是阿聯酋還是泰國。謝謝。

In Thailand, I've made my third trip. We'll continue to monitor it. We've said we're going to do that in concert with MGM China Holdings (inaudible) and I just made a trip there. It's working its way through the legislation, ultimately hopefully through their parliament. We hope by early next year something will be announced. We like what we hear to date in terms of tax.

泰國是我第三次旅行。我們將持續關注。我們已經說過我們將與米高梅中國控股公司（聽不清楚）合作做到這一點，我剛剛去了那裡。它正在通過立法，最終有望通過議會。我們希望明年初能夠宣布一些消息。我們喜歡迄今為止所聽到的稅收方面的消息。

We like the investment ratios that we hear. Obviously, it's a great place to build relatively cheaply as compared to other markets. The cost of doing business there is extremely low. So from an operating margin perspective, we love the opportunity it could bring. But I think we're still a long way away from getting to the finish line. UAE, we continue to monitor closely. There's obviously a couple other opportunities that will probably come forward.

我們喜歡聽到的投資比率。顯然，與其他市場相比，這是一個建造成本相對較低的好地方。在那裡做生意的成本極低。因此，從營業利潤率的角度來看，我們喜歡它可能帶來的機會。但我認為我們距離終點線還有很長的路要走。阿聯酋，我們將繼續密切關注。顯然還有其他一些機會可能會出現。

We love our position in Porto Island. That has started in earnest and construction is now starting to come out of the ground. They're pouring foundational concrete as we speak, and so that's a late 27 project. So we'll see ultimately once the decrees come out by Emirate, who wants to do what. But we're keenly focused on it and we would love, we love our Dubai project. I would particularly love it, obviously, if it had gaming.

我們喜歡我們在波爾圖島的位置。這項工作已經正式開始，建設工作現已開始動工。正如我們所說，他們正在澆築基礎混凝土，所以這是一個 27 月底的項目。因此，一旦酋長國頒布法令，我們最終會看到誰想做什麼。但我們非常關注它，我們會喜歡我們的杜拜計畫。顯然，如果它有遊戲功能，我會特別喜歡它。

Great. Thank you.

偉大的。謝謝。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Yes, hey guys. Good afternoon. So, Bill, I fully understand you guys don't give formal guidance, but if we think about next year, can you maybe help us think from a high level how you guys are thinking about your major markets? Essentially, trying to understand if you think you'll be able to grow EBITDA both in Vegas and your regional assets given some of the headwinds and what not that you've already called out?

是的，嘿夥計們。午安.所以，比爾，我完全理解你們沒有提供正式的指導，但如果我們考慮明年，你們能否幫助我們從高層次上思考你們是如何考慮你們的主要市場的？從本質上講，試圖了解您是否認為在面臨一些不利因素以及您已經指出的不利因素的情況下，您是否能夠在維加斯和您的區域資產上實現 EBITDA 成長？

Look, we are suggesting in 2025, particularly in those two markets, that we can improve. It won't be massive, but I think one of the ways we're going to do that and get our margins back on track is we've started on a -- I hate to use the word program, but we've started on an initiative that we're trying to get $200 million out of the bottom. And we're thinking forgetting the obvious places to go get revenue, we think there's a few more to get revenue off of the top. And so we think that will be a creative to margin more than anything else.

看，我們建議到 2025 年，特別是在這兩個市場，我們可以改進。這不會是大規模的，但我認為我們要做到這一點並使我們的利潤重回正軌的方法之一是我們已經開始了——我討厭使用“計劃”這個詞，但我們已經開始了我們正試圖透過一項舉措來擺脫困境，籌集2 億美元。我們正在考慮忘記那些顯而易見的獲得收入的地方，我們認為還有更多的地方可以從頂部獲得收入。因此，我們認為這將是一種比其他任何方式都更能獲得利潤的創意。

We think the markets continue to grow at a couple of percentage points. You heard Jonathan. We do have some headwinds. We've got the Super Bowl. We've got some of the other things that we mentioned. But the bar that all of this has been set at and the level that we're at, we think we have some room to grow and go, particularly in the long run here.

我們認為市場繼續以幾個百分點的速度成長。你聽到喬納森了。我們確實面臨一些阻力。我們有超級盃。我們還有一些我們提到的其他事情。但這一切已經設定的標準和我們所處的水平，我們認為我們還有一些成長和發展的空間，特別是從長遠來看。

Okay, got you. Thanks for that, Bill. And the second question, if we go back to Macau real quick, if we look at the third quarter, the margin in Macau came in just a little bit, probably a little lower than what we were kind of looking for. Is there anything there you would call out in terms of pressuring the margin in the third quarter and then maybe also a little bit more color on the current promotional environment that's happening right now over there?

好的，明白了。謝謝你，比爾。第二個問題，如果我們很快回到澳門，如果我們看看第三季度，澳門的利潤率只有一點點，可能比我們想要的要低一點。在第三季的利潤壓力方面，您有什麼需要指出的，然後可能還會對目前正在發生的促銷環境進行更多的色彩介紹？

Yes, let me handle the front end of this and then Kenny, Hubert kick in. Look, I mentioned the show earlier for a reason. That's coming with expense. It's a major show and it's something we're all pretty excited by, as well as the expenses surrounded by launching a museum. It's an amazing museum once anybody and everybody sees it.

是的，讓我來處理這件事的前端，然後肯尼、休伯特介入。這是有費用的。這是一場重要的展覽，我們都對此感到非常興奮，還有開設博物館所需的費用。一旦任何人和每個人都看到它，它就會成為一個令人驚嘆的博物館。

And so while we're excited by those and hopefully delivering on the promise we made to the government, they do come with some expense. I've been led to believe and do that the promotional environment is actually lessened in the context of expense with some of the programming that was going on earlier in the year.

因此，雖然我們對這些感到興奮，並希望兌現我們對政府的承諾，但它們確實需要一些費用。我被引導相信並且確實認為，在今年早些時候進行的一些節目的費用背景下，促銷環境實際上有所減少。

So Kenny and Hubert, you want to talk about was going on earlier in the year. So Kenny and Hubert, you want to talk about that in terms of cost and how you think about it for '25?

肯尼和休伯特，你想談談今年早些時候發生的事情。肯尼和休伯特，你們想談談成本方面的問題以及你們對 25 年的看法如何？

Yes, okay, thanks, this is Kenny. In the third quarter, we had a one-time cost to payroll and some costs related to entertainment spend to help fulfill our concession commitment. But we still aim a margin, operating margin of mid to high-20s. But as you all know, we are managing a very dynamic business. Industry revenue growth, seasonality, hold, lack of sector, even scheduling, they all affect margins. But we are very, very disciplined on gaming promotions and the incentives. They are very, we expect them to be, continue to be steady. I think but we still focus on incremental EBITDA dollars. That's the current over position.

是的，好的，謝謝，這是肯尼。在第三季度，我們產生了一次性工資成本和一些與娛樂支出相關的成本，以幫助履行我們的特許經營承諾。但我們的目標仍然是利潤率，營業利潤率在 20 左右。但眾所周知，我們正在管理一個非常充滿活力的業務。產業收入成長、季節性、持有、部門缺乏，甚至調度，它們都會影響利潤率。但我們在遊戲促銷和激勵方面非常非常嚴格。我們希望他們能夠繼續保持穩定。我認為但我們仍然關注增量 EBITDA 美元。這就是目前的優勢位置。

Hubert, any further?

休伯特，還有嗎？

Yes, as I mentioned previously, I think that some of the projects that we're working on currently, such as expansion of our high end gaming area at MGM Macau, where the conversion of the renovation of the Villa product at MGM Macau, and also the conversion of the suite at MGM Cotai. I think that they'll put us in a better position competitively in this market. When these projects come into completion and fruition in the second half of next year, we expect the margin to continue to improve.

是的，正如我之前提到的，我認為我們目前正在進行的一些項目，例如擴建澳門美高梅的高端博彩區，改造澳門美高梅的別墅產品，以及還有美獅美高梅套房的改造。我認為它們將使我們在這個市場上處於更有利的競爭地位。當這些項目在明年下半年竣工並取得成果時，我們預計利潤率將繼續改善。

Yes, I just want to add a little bit, like particularly on MGM Macau side. MGM Macau is a 17 year old property. Like I said, the third quarter of mid of this year, we started a few very meaningful projects. Our villas, our mini like, events center, and also our gaming floor, refreshment program, and then a couple like F&B outlets.

是的，我只是想補充一點，尤其是澳門美高梅。澳門美高梅是一間擁有 17 年歷史的飯店。就像我說的，今年第三季中旬，我們啟動了一些非常有意義的專案。我們的別墅、迷你活動中心、遊戲廳、茶點設施以及一些餐飲店。

The goal of our development is really to make sure all these products to reflect the latest trend of the customers. So all these projects, we are expecting to be done by the middle of next year. So once all these projects are finished, we all believe we are going to have a continued to lead all Macau Peninsula market.

我們開發的目標實際上是確保所有這些產品能夠反映客戶的最新趨勢。因此，所有這些項目，我們預計將在明年年中完成。因此，一旦所有這些項目完成，我們都相信我們將繼續領先整個澳門半島市場。

For Cotai side, our villa projects, our room conversion, suite conversion project, we are expected to finish by the end of next year. We are going to convert about 160 standard rooms into about 60 suites. So it will give us more competitive advantage like on the Cotai side as well.

對於路氹這邊，我們的別墅項目、我們的房間改建、套房改建項目，我們預計在明年年底完成。我們計劃將約160間標準客房改造成約60間套房。因此，這將為我們帶來更多的競爭優勢，就像路氹這邊一樣。

Okay, great. Thanks, guys.

好的，太好了。謝謝，夥計們。

Cahd Beynon, Macquaire.

卡德·貝農，麥奎爾。

Afternoon. Thanks for taking my question. Wanted to ask about Vegas demand. You guys noted the Marriott benefit, but I guess what I'm trying to get at is what you're seeing in the mix of casino guests. At this point, are you seeing any deterioration in terms of what that core group is doing in terms of visitation? And then more importantly, for '25, when you're hoping for growth, will the casino guest piece of the inventory, should we expect that that goes down and they'll be replaced with more group and kind of Marriott business travelers? Thanks.

下午。感謝您提出我的問題。想詢問維加斯的需求。你們注意到了萬豪的好處，但我想我想要了解的是你們在賭場客人中看到的情況。目前，您是否發現該核心小組在訪問方面所做的工作有任何惡化？更重要的是，對於 25 世紀，當你希望成長時，賭場客人是否會參與庫存，我們是否應該期望這種情況會下降，並且他們會被更多的團體和類型的萬豪商務旅行者所取代？謝謝。

Chad, this is Corey. I think what we're seeing with the casino guest is pretty consistent with what we've been seeing throughout the past few years. It's pretty solid. We are hitting the database in a decent way, using our cross regional functionality in a great way.

查德，這是科里。我認為我們在賭場客人身上看到的情況與我們過去幾年所看到的情況非常一致。非常堅固。我們正在以一種不錯的方式存取資料庫，以一種很好的方式使用我們的跨區域功能。

We don't that mix is, I think, where we like it right now, and I wouldn't envision that changing that much next year. As we look at Marriott, it's really a transient play and hopefully moving out some package business and that will be our strategy for next year also.

我認為，我們現在並不喜歡這種混合方式，而且我不認為明年會發生太大變化。當我們審視萬豪時，這確實是一個短暫的遊戲，希望能夠轉移一些套餐業務，這也將是我們明年的策略。

Great, thank you. And then on just overall on the bricks and mortar side of things, the retail side has anything changed in terms of M&A opportunities as you kind of looked at other markets where the hub and spoke can make sense or kind of long term? iGaming seems like there's a number of just some kind of big cities that that could potentially fit the portfolio. Thank you.

太好了，謝謝。然後，就整體而言，在實體方面，零售方面在併購機會方面發生了任何變化，因為您著眼於其他市場，在這些市場中，中心和輻條可以有意義或可以長期發展？ iGaming 似乎有一些大城市可能適合該投資組合。謝謝。

Thanks, Chad. It's Jonathan. Our criteria are fairly restrictive in terms of the additional assets that we would acquire. We really like our position in Las Vegas with the disposition of the Mirage and the acquisition of the Cosmopolitan. As it relates to regional markets, it would have to be a market we're not currently in.

謝謝，查德。這是喬納森。我們的標準對於我們將收購的額外資產相當嚴格。我們非常喜歡我們在拉斯維加斯的地位，因為我們出售了 Mirage 並收購了 Cosmopolitan。由於它涉及區域市場，因此它必須是我們目前尚未進入的市場。

It would have to be a property of significant scale to really make a difference for the consolidated enterprise and have a quality level that's coherent with our brand positioning. So that leaves a pretty small list, but we think we are good operators of regional properties. And so, we remain open to those possibilities. It's just a pretty narrow set.

它必須是一個規模龐大的財產，才能真正為合併後的企業帶來改變，並且具有與我們的品牌定位一致的品質水準。因此，剩下的名單很小，但我們認為我們是區域地產的優秀營運商。因此，我們對這些可能性持開放態度。這只是一個非常狹窄的集合。

Thank you very much. Appreciate it.

非常感謝。欣賞它。

Thank you. This concludes our question and answer session. I would like to turn the conference back over to Bill Hornbuckle for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉回比爾·霍恩巴克 (Bill Hornbuckle) 致閉幕詞。

Thank you, operator. Just a couple of thoughts before we leave. And again, I appreciate everyone's time this evening. Las Vegas and regional trends, as we've hopefully indicated, are solid. They've been solid throughout the years, and we anticipate that to continue.

謝謝你，接線生。在我們離開之前，有幾點想法。再次感謝大家今晚抽出時間。正如我們希望表明的那樣，拉斯維加斯和區域趨勢是穩固的。多年來它們一直很穩定，我們預計這種情況會持續下去。

I think in the presentation, you'll see a couple of graphs that are meant to demonstrate that. Macau continues to perform well. We're proud of what we've been able to do in the whole re-ratcheting of the market share. And it's obviously continuing to contribute dividends.

我認為在簡報中，您會看到一些旨在證明這一點的圖表。澳門繼續表現良好。我們對在重新調整市場份額方面所做的努力感到自豪。而且它顯然正在繼續貢獻股息。

And this year we hope we have pulled out $200 million and expect that to continue. Our digital business, we feel is on a path to positive earnings in both the US and internationally. And we think there's significant TAM opportunity between the both of those when it's all said and done. And we think that manifests itself late '25 into '26 and beyond.

今年我們希望已經拿出 2 億美元，並希望這種情況能持續下去。我們認為，我們的數位業務正在美國和國際上實現正收益。我們認為，歸根結底，兩者之間存在著重要的 TAM 機會。我們認為這會在 25 世紀末到 26 世紀及以後顯現出來。

I think our development pipeline is unmatched with properties in Japan, New York and the potential of UAE and Thailand. I think those are going to be incredible opportunities over time for the company. And again, the fundamentals, the question about is Las Vegas, met its match in '23. Well '23 was an incredible year. The fundamental signs of the business remain strong, whether it's ADR, slot handle, et cetera, we feel really good about it.

我認為我們的開發項目與日本、紐約的房地產以及阿聯酋和泰國的潛力是無法比擬的。我認為隨著時間的推移，這些對公司來說將是難以置信的機會。再說一次，基本面，問題是拉斯維加斯在 23 年遇到了對手。 23 年是令人難以置信的一年。業務的基本面跡象依然強勁，無論是ADR、老虎機手柄等等，我們都感覺非常好。

And in Macau, we continue to break records despite our size. So overall, we're exceptionally well diversified and we're very optimistic about both our near-long, near-mid and long-term, and we hope you are as well. So we thank you for your time and have a great evening.

在澳門，儘管我們規模龐大，但我們仍不斷打破紀錄。總的來說，我們的多元化程度非常高，我們對我們的近長期、近中期和長期前景都非常樂觀，我們希望您也是如此。感謝您抽出寶貴的時間，祝福您有個愉快的夜晚。

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

會議現已結束。感謝您的參與。現在您可以斷開線路。