美高梅國際酒店集團 (MGM) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International fourth-quarter and full-year 2024 earnings conference call.

下午好，歡迎參加米高梅國際酒店集團 2024 年第四季和全年財報電話會議。

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 Howard Wang, Vice President of Investor Relations.

今天參加公司電話會議的還有執行長兼總裁 Bill Hornbuckle； Corey Sanders，營運長； Jonathan Halkyard，財務長兼財務長；米高梅互動娛樂總裁加里‧弗里茲 (Gary Fritz)；美高梅中國控股有限公司執行董事兼總裁馮建軍；米高梅中國控股有限公司營運長兼總裁王浩博 (Hubert Wang)；以及投資者關係副總裁 Howard Wang。

(Operator Instructions) Please note, this event is being recorded.

（操作員指示）請注意，此事件正在記錄中。

Now I would like to turn the call over to Howard Wang. Please go ahead.

現在我想將電話轉給 Howard Wang。請繼續。

Thanks, Gary. Welcome to the MGM Resorts International fourth-quarter and full-year 2024 earnings call. This call is being broadcast live on the Internet at investors.mgmresorts.com, and we have also furnished our press release on Form 8-K to the SEC.

謝謝，加里。歡迎參加米高梅國際酒店集團 2024 年第四季和全年財報電話會議。此次電話會議將在 investor.mgmresorts.com 網站上進行現場直播，我們也向美國證券交易委員會提交了 8-K 表格新聞稿。

On this call, we will be making forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated statements.

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陳述。實際結果可能與這些預期陳述有重大差異。

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.

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信息，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。除非法律要求，我們不承擔因新資訊或其他原因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.

在電話會議中，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。您可以在我們的新聞稿和投資者介紹中找到與 GAAP 財務指標的對帳表，這些新聞稿和投資者介紹可在我們的網站上找到。最後，本次示範正在錄製。

I will now turn it over to Bill Hornbuckle.

現在我將把發言權交給比爾‧霍恩巴克爾 (Bill Hornbuckle)。

Thank you, Howard, and welcome to the team. We're very excited to have you join us.

謝謝你，霍華德，歡迎加入團隊。我們非常高興您能加入我們。

Let me start by thanking my colleagues at MGM Resorts for delivering yet another exceptional year of record results, including our best ever for consolidated net revenues as well as an all-time high record annual domestic slot win, hotel revenue, and F&B revenue. Our company is in a solid and enviable position today because of the culture of our employees that built around show and the culture of yes.

首先，我要感謝米高梅度假村的同事們，他們又創造了又一個創紀錄的出色業績，包括我們有史以來最好的綜合淨收入以及創歷史最高的年度國內老虎機收益、酒店收入和餐飲收入。由於我們的員工建立了以「展示」和「肯定」為核心的文化，我們公司如今處於穩固和令人羨慕的地位。

Our commitment and dedication to guest centricity is reflected in our Net Promoter Scores which set an all-time record for Gold Plus customers in the fourth quarter and for the year. I can't say enough great things about our people here at MGM, who drive these great results day in and day out other than simply thank you.

我們對以客戶為中心的承諾和奉獻體現在我們的淨推薦值上，這一成績在第四季度和全年為金牌客戶創下了歷史新高。我對米高梅的員工們讚不絕口，他們日復一日地努力取得如此出色的成績，除了簡單的感謝之外，我無法用言語表達我對他們的讚美。

MGM is an industry leader, thanks to the strategic decisions we have executed on over the last few years. Our strategic plan has given us a strong financial foundation, a proficient operations, and unparalleled growth opportunities in both digital and brick-and-mortar. And we're off to a great start in 2025.

由於我們過去幾年執行的策略決策，米高梅成為了行業領導者。我們的策略計劃為我們提供了強大的財務基礎、熟練的營運以及數位和實體領域無與倫比的成長機會。2025年我們將有一個好的開始。

Obviously, the Super Bowl was just played Sunday, and from a casino perspective, was a strong event for us here in Las Vegas and at BetMGM. As we look into the rest of this quarter, and the remainder of the year, we are seeking positive indicators, with revenues up -- we are seeing, excuse me, positive indicators with revenues up in our domestic operations in January as well as ADRs on pace to continue to grow for most of the year.

顯然，超級盃剛剛在週日舉行，從賭場的角度來看，這對我們拉斯維加斯和 BetMGM 來說是一件大事。展望本季的剩餘時間以及今年剩餘時間，我們正在尋找積極的指標，收入將會增加——對不起，我們看到了積極的指標，1 月份我們國內業務的收入有所增加，而且 ADR 也有望在全年大部分時間內繼續增長。

All of this great momentum is backed by a solid balance sheet, characterized by low net debt and significant liquidity.

所有這些強勁勢頭都由穩健的資產負債表支撐，其特點是淨債務低且流動性強。

Our globally recognized brands, prime locations, development opportunities and growing digital platform enable us to reach more customers and more markets than any other company in our sector with over 46 million MGM Board members 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、優越的地理位置、發展機會和不斷發展的數位平台使我們能夠接觸到比業內任何其他公司都多的客戶和市場，米高梅董事會成員超過 4600 萬，總潛在市場超過 1500 億美元，包括我們的實體度假村和線上市場。

I'm truly excited by the opportunities in front of us in 2025 and beyond, and here's why. Our leading position in Las Vegas will be a source of stability and growth in the near term. We are investing in our business and the customer experience.

我對 2025 年及以後面臨的機會感到非常興奮，原因如下。我們在拉斯維加斯的領先地位將成為近期穩定和成長的來源。我們正在投資我們的業務和客戶體驗。

In 2024, we continued a broad improvement throughout Bellagio, the renovation of all of our suites new food and beverage offerings as well as a refresh premium gaming spaces.

2024 年，我們繼續對 Bellagio 酒店進行全面整修，翻新所有套房，提供新的餐飲服務，以及刷新高級遊戲空間。

Additionally, the Cosmopolitan of Las Vegas was transitioned to MGM Rewards and these regular capital investments into our resort operations drive continued guest visitation and increased spend.

此外，拉斯維加斯大都會酒店已轉入米高梅禮賞旗下，這些對度假村營運的定期資本投資推動了遊客的持續造訪和消費的增加。

Las Vegas December -- slot handle and slot win with an all-time record level for any month in our history, and contributed to the all-time quarterly record for slot handle and slot win in the fourth quarter.

拉斯維加斯 12 月——老虎機投注額和老虎機贏利創下了我們歷史上任何一個月的最高紀錄，並為第四季度老虎機投注額和老虎機贏利創下季度最高紀錄做出了貢獻。

We are bringing to fruition our goal of being the industry leader in groups and meetings with over 2.2 million room nights on the books for 2025. Last year, we completed a $100 million investment in Mandalay Bay Convention Center, and we welcome both new and existing convention customers to the space.

我們正在實現成為團體和會議行業領導者的目標，到 2025 年預定的客房晚數將超過 220 萬間。去年，我們對曼德勒海灣會議中心完成了 1 億美元的投資，我們歡迎新舊會議客戶前來。

December, we closed on the strongest convention booked month of the record -- of a record for a company. In fact, the bookings in December were 43% higher than our prior record month, a promising trend for our future.

12 月，我們迎來了會議預訂量創下公司歷史記錄的最高月度。事實上，12 月的預訂量比我們之前的創紀錄月份高出 43％，這對我們的未來來說是一個充滿希望的趨勢。

We concluded our first year with Marriott on 2024, which outperformed our original expectations with over 660,000 room nights stayed in the year and higher track bend in the leisure package rooms we look to displace. Importantly, we see further runway to grow in 2025 since all of our properties will be live for a full year of bookings.

我們與萬豪合作的第一年於 2024 年結束，這一成績超出了我們最初的預期，全年客房入住晚數超過 660,000 晚，我們希望取代的休閒套餐客房的客流量也更高。重要的是，我們看到 2025 年還有進一步的成長空間，因為我們的所有房產都將在全年的預訂期間保持活躍。

During the fourth quarter, we also rebended the Delano Tower at Mandalay Bay in W Las Vegas which has significantly and -- which has significant brand recognition and will now allow the resort to benefit from the Marriott distribution system and Marriott Bonvoy program.

在第四季度，我們還重建了位於拉斯維加斯西區的曼德勒海灣的德拉諾大廈，該大廈具有顯著的品牌知名度，現在該度假村將受益於萬豪分銷系統和萬豪旅享家計劃。

MGM's omnichannel advantage is now a much more meaningful opportunity with the extended improvement of the functionality and speed of the app and the launch of a single app -- single wallet in Nevada at BetMGM.

隨著應用程式功能和速度的不斷提升以及在內華達州 BetMGM 推出單一應用程式——單一錢包，MGM 的全通路優勢現在變得更加有意義。

During football season, BetMGM's significant presence throughout Las Vegas drove a 60% increase in the Nevada acquired first-time depositors versus prior season. We also saw a doubling in continued play of actives in their home state post their sign-up in Nevada, a signal that single-app single wall and is driving customer stickiness. These omnichannel players are 3 times more valuable than the digital-only players.

在足球賽季期間，BetMGM 在拉斯維加斯的顯著影響力推動內華達州首次存款人數與上一季相比增加了 60%。我們還看到，內華達州註冊用戶後，其家鄉的活躍用戶持續玩遊戲的數量增加了一倍，這表明單一應用單一牆正在提高客戶黏性。這些全通路參與者的價值比純數位參與者高出三倍。

Our regional properties are truly best-in-class, and we expect them to remain a very steady source of free cash flow going forward. In Macau, we achieved the best ever full-year segment adjusted EBITDAR in the history of MGM China.

我們的區域資產確實是一流的，我們預計它們未來仍將成為非常穩定的自由現金流來源。在澳門，我們實現了美高梅中國歷史上最好的全年分部調整後EBITDAR。

We continue to be a high-performing outlier in the market with exceptional execution by the team. Macau 2049, our first resident show at MGM Cotai and the Polyart Museum at MGM Macau, which sold over 10,000 people in one day during Chinese New Year's are both important steps to drive non-gaming revenues and visitation to Macau. We grew market share in December to over 16% and we concluded the year in its levels.

憑藉團隊的出色執行力，我們繼續成為市場上表現優異的佼佼者。我們在美獅美高梅舉行的首次駐場表演《澳門2049》和澳門美高梅博覽館在農曆新年期間一天的門票銷售量超過10,000人次，都是推動澳門非博彩收入和遊客到訪的重要舉措。我們的市佔率在 12 月增長至 16% 以上，並在年底保持了這一水平。

We remain confident and believe we have proven that we have sustainable market share in the mid-teens, driven by our strong product innovation teams and the focus on the premium mass market.

我們仍然充滿信心，並相信我們已經證明，在我們強大的產品創新團隊和對高端大眾市場的關注的推動下，我們在十幾歲的市場中擁有可持續的份額。

At BetMGM, our business is stronger in virtually every aspect we compared to a year ago, and it drove over $2 billion in top line growth in net revenue from operations, accelerating from 6% in the first half of the year to 19% in the second half of the year.

在 BetMGM，我們的業務幾乎在各個方面都比一年前更加強大，並且推動營業淨收入成長超過 20 億美元，從上半年的 6% 加速到下半年的 19%。

As we look to 2025, BetMGM expects the momentum to continue with net revenues from operating growing to a range of $2.4 billion to $2.5 billion and EBITDA inflecting positive, which represents an increase of approximately $250 million year over year.

展望 2025 年，BetMGM 預計這一動能將持續，營業淨收入將成長至 24 億美元至 25 億美元之間，EBITDA 將轉為正值，較上年增加約 2.5 億美元。

In iGaming, we expanded content and player engagement tools and posted approximately $1.5 billion in revenue with over $400 million in contribution. We maintained a podium to -- iGaming market share at 22% of GGR and putting us firmly at number three in times the size of the fourth-ranked operator.

在 iGaming 領域，我們擴展了內容和玩家參與工具，實現了約 15 億美元的收入，貢獻超過 4 億美元。我們繼續保持 iGaming 市場份額的領先地位，佔 GGR 的 22%，並且穩居第三位，其規模是排名第四的運營商的幾倍。

In All-in Sports, our product experience has improved driving progress and engagement and the activity KPIs and importantly, setting us up to be contribution positive in OSB for the first time in 2025. We expect to see continued benefit of our operating leverage as we grow revenue sustainably with a strong belief that BetMGM is on its way to achieving the $500 million annual EBITDA we've talked about in the future.

在 All-in Sports，我們的產品體驗得到了改善，推動了進度和參與度以及活動 KPI，重要的是，讓我們在 2025 年首次對 OSB 做出積極貢獻。我們預計，隨著我們收入的可持續成長，我們的經營槓桿將繼續受益，我們堅信 BetMGM 正在實現我們未來談到的 5 億美元的年度 EBITDA。

In international digital, we are inducing a new reporting segment MGM Digital, which is composed of our wholly owned consolidated online business. This segment consists of three major components: first, the core LeoVegas business, which is an established online gaming and sports betting operation in Europe, when excluding new brands, this business was solidly profitable in 2024. We've added features to this business such as content development, with the acquisition of Push and sports betting with the purchase of Tipico's US betting technology.

在國際數位領域，我們正在引入一個新的報告部門米高梅數位（MGM Digital），它由我們全資擁有的合併線上業務組成。該部門由三大部分組成：首先是核心的LeoVegas業務，這是一家在歐洲成熟的線上遊戲和體育博彩業務，如果不計新品牌，該業務在2024年實現了穩健的盈利。我們為這項業務添加了諸如內容開發等功能，透過收購 Push 和購買 Tipico 的美國博彩技術添加了體育博彩。

Second, expansion of the core business to the launch of the BetMGM brand throughout Europe; and third, Brazil, which is a significant market opportunity we are going after through our venture with -- Grupo Globo. We believe in the long-run investment of our owned and operated digital business, which collectively can achieve $1 billion in top line and healthy margins in a realistic medium-term target.

第二，將核心業務擴展到在整個歐洲推出BetMGM品牌；第三是巴西，這是我們透過與 Grupo Globo 合作來尋求的一個重要的市場機會。我們相信，對我們擁有和經營的數位業務進行長期投資，可以實現 10 億美元的營業收入和健康的利潤率，這是一個現實的中期目標。

In terms of progress and strategy, we are completing progress of integrating Tipico's US sports betting technology through LeoVegas, and we anticipate going live with -- sports betting platform in our initial market as soon as next week with more launches to follow in Q2.

在進展和策略方面，我們正在透過 LeoVegas 完成 Tipico 的美國體育博彩技術的整合，我們預計最早將於下週在我們的初始市場上線體育博彩平台，並在第二季度推出更多平台。

We have already deployed the Leo-powered portion of the stack combined with our brand against favorable market opportunities in terms of scale, including the UK and Brazil and reinforced our market-leading position in Sweden through BetMGM (technical difficulty)

我們已經部署了由 Leo 提供支援的部分堆疊，並結合我們的品牌，以應對包括英國和巴西在內的有利的市場機會，並透過 BetMGM 鞏固了我們在瑞典的市場領先地位（技術難度）

We're also beginning to realize operating leverage against our more mature digital operations at LeoVegas and push. Now that much of the cost burden from the infrastructure building of these businesses is tapering. In our development pipeline, progress in Osaka is advancing as planned. Ground preparation is targeted for the completion of this year, with main construction set to commence shortly thereafter.

我們也開始意識到我們在 LeoVegas 和 push 等更成熟的數位營運方面的營運槓桿作用。如今，這些企業的基礎建設成本負擔大部分正在逐漸減輕。在我們的開發案中，大阪的進展正在按計劃推進。地面準備工作預計今年完成，主要施工將於隨後不久開始。

The official graduating ceremony scheduled for April 24, and additionally, the opening of the Yumeshima subway in January marked a significant infrastructure milestone, enhancing transportation options for future guests to our resort. In New York, we plan to submit our RFA by the middle of the year, and we are actively engaged with the City of Yonkers on zoning.

正式的畢業典禮定於 4 月 24 日舉行，此外，夢島地鐵於 1 月開通，標誌著基礎設施建設的一個重要里程碑，為未來前往我們度假村的客人提供了更豐富的交通選擇。在紐約，我們計劃在今年年中提交 RFA，我們正在積極與揚克斯市就分區規劃進行合作。

With a strong year in 2024 and good momentum to start 2025, MGM is proving the targeted capital spending for reflection growth is critical to maintain our industry-leading position and our long-term expansion.

米高梅在 2024 年表現強勁，並在 2025 年開年勢頭良好，這證明針對性資本支出對於反映增長至關重要，對於保持我們的行業領先地位和長期擴張至關重要。

We also recognize that to realize the full potential of MGM earnings power across the channels we operate in providing additional transparency to our investor community is important, so we are doing exactly that.

我們也意識到，要充分發揮米高梅在各個營運管道的獲利潛力，為我們的投資者群體提供額外的透明度非常重要，所以我們正在這樣做。

I'll now pass this over to Jonathan to provide some additional details.

我現在將這個問題交給喬納森來提供一些額外的細節。

Thanks very much, Bill. Before digging into the numbers, I'd like to take a moment to highlight a few important new disclosure that we are introducing this quarter. The first is consolidated adjusted EBITDA, a common metric, which we think will provide a more familiar measure to compare our performance across others and other industries.

非常感謝，比爾。在深入研究這些數字之前，我想花點時間強調我們本季推出的一些重要的新披露。第一個是合併調整後 EBITDA，這是一個常用指標，我們認為它將提供一個更熟悉的標準來比較我們與其他公司和其他行業的表現。

The second relates to our digital businesses. We're now breaking out an MGM -- MGM Digital segment, which Bill touched on earlier, and we've expanded our disclosure of KPIs for BetMGM.

第二個與我們的數位業務有關。我們現在正在拆分米高梅——米高梅數位部門，比爾之前提到過，而且我們已經擴大了對 BetMGM 的 KPI 的披露。

With that, I'll move on to our fourth-quarter results. In Las Vegas, in the face of comping to a very strong quarter last year, revenues were down 6% and adjusted EBITDAR was down 11%. Including the variances related to F1 and hold, the underlying trends remain solid, evidenced by several data points, including an all-time quarterly record domestic slot win in the fourth quarter.

說完這些，我將繼續介紹我們第四季的業績。在拉斯維加斯，儘管與去年同期非常強勁的業績相比，但其收入下降了 6%，調整後的 EBITDAR 下降了 11%。包括與 F1 和保持相關的差異在內，潛在趨勢仍然穩固，這由幾個數據點證明，包括第四季度創紀錄的國內時段勝利。

We concluded the quarter and the year on a strong note with December occupancy and ADRs up single digits over 2023 and an all-time record for monthly domestic slot handle and slot win. Phantom gives us optimism that MGM's Las Vegas operations can grow in 2025, with the exception of the challenging comparisons this month of February, of course.

我們以強勁的業績結束了本季度和全年業績，12 月份的入住率和 ADR 比 2023 年增長了個位數，並且創下了每月國內老虎機交易量和老虎機收益的歷史新高。《幻影》讓我們對米高梅的拉斯維加斯業務在 2025 年實現成長充滿信心，當然，二月的比較結果並不理想。

Moving to the regional properties. We grew revenues by 7% and adjusted EBITDAR by 21% in the fourth quarter. MGM Grand Detroit drove a healthy -- of the year over year increase due to strong execution and the recovery from impacts of a labor strike in the previous year.

移至區域屬性。第四季度，我們的營收成長了 7%，調整後 EBITDAR 成長了 21%。由於強勁的執行力以及從去年罷工的影響中恢復過來，底特律米高梅大酒店 (MGM Grand Detroit) 的營收年比實現了健康成長。

But simply put, our strategy of operating best-in-class audits and high-value geographies is leading to outperformance across our regional portfolio. We achieved the KPI performances we work towards, growth in rated days, table drop and slot revenues while labor costs as a percentage of revenue were managed lower.

但簡單地說，我們實施一流審計和高價值地區的策略，使我們整個區域投資組合表現出色。我們實現了努力實現的 KPI 績效，即評級天數、賭台收入和角子機收入均有所增長，同時勞動成本佔收入的百分比也得到了較低控制。

In Macau, MGM China grew quarterly net revenues 4% year over year, and total dividends from MGM China to MGM Resorts were approximately $200 million in the year. And last, but certainly not least, our new reportable segment, MGM Digital. rNow this represents MGM's consolidated digital businesses. It does not include BetMGM, which remains an unconsolidated affiliate due to its 50-50 venture structure.

在澳門，米高梅中國季度淨收入年增 4%，全年米高梅中國向米高梅度假村派發的股息總額約為 2 億美元。最後，但同樣重要的一點是，我們的新報告部門—米高梅數位 (MGM Digital)。 r現在，這代表了米高梅的綜合數位業務。它不包括 BetMGM，由於其 50-50 的合資結構，它仍然是一家非合併附屬公司。

Net revenues at MGM Digital grew 15% in the fourth quarter. While a lot of are narrowing in the UK from decreased marketing spend increased spending related to the launch in Brazil will result in MGM Digital's 2025 EBITDAR losses to stay relatively consistent with those we had in 2024.

米高梅數位公司的淨收入第四季成長了 15%。雖然由於英國行銷支出減少，許多支出的減少幅度正在縮小，但由於巴西發布相關支出的增加，米高梅數字 2025 年的 EBITDAR 損失將與 2024 年的損失保持相對一致。

On our last conference call, we discussed identifying approximately $200 million in operational EBITDA opportunities. We expect to capture approximately $150 million of these in calendar 2025.

在我們上次電話會議中，我們討論了確定約 2 億美元的營運 EBITDA 機會。我們預計到 2025 年將獲得約 1.5 億美元的收入。

Roughly 35% of Visa's revenue actions and 65% is expense. And these initiatives will be deployed in a way that improves efficiency, leverages technology and is more responsive to changes in consumer behavior.

Visa 的收入約有 35% 來自活動，65% 來自支出。這些措施將以提高效率、利用科技、更好地回應消費者行為變化的方式實施。

Before turning it back to Bill, it's really important to put our earnings power into perspective. In 2024, we generated approximately $2.4 billion of consolidated adjusted EBITDA and that includes $461 million of noncash rent expense.

在把話題轉回比爾之前，真正重要的是要正確認識我們的獲利能力。2024 年，我們產生了約 24 億美元的綜合調整後 EBITDA，其中包括 4.61 億美元的非現金租金費用。

When you add back that nice -- rent, it represents a more accurate view of our cash earnings power. We spent approximately $1.15 billion in CapEx during the year, both here in the US and in China.

當你加上那筆不錯的租金時，它就更準確地反映了我們的現金獲利能力。我們今年在美國和中國的資本支出約為 11.5 億美元。

After deducting our CapEx, this is the fundamental earnings generation that we deploy to high-return investments in the portfolio, unique development opportunities and returns of capital to shareholders.

扣除資本支出後，這是我們部署到投資組合中的高回報投資、獨特的發展機會和股東資本回報的基本收益。

And speaking of returns, we've purchased over 40% of our float since the beginning of 2021 including 3.4 million shares in the fourth quarter last year and another 8.4 million shares thus far in 2025.

說到回報，自 2021 年初以來，我們已經購買了超過 40% 的流通股，其中包括去年第四季的 340 萬股和 2025 年迄今的 840 萬股。

Accelerating cash flow per share growth with this reduced share count. With the core brick-and-mortar operations delivering results, the growth potential of our digital businesses and future contributions from our development projects, we can create significant value for our shareholders.

透過減少股份數量來加速每股現金流的成長。憑藉核心實體業務的成果、數位業務的成長潛力以及開發專案的未來貢獻，我們可以為股東創造巨大價值。

Bill, over to you.

比爾，交給你了。

Thanks, Jonathan. Before we turn this over to questions, I'd like to double down and take a moment on Jonathan's last comment on share buybacks. We continue to see long-term value in our share price and in the continued momentum of our business. At this moment, I see significant opportunity in the value of our shares. And if you consider the following simple assessment, you see the opportunity, hopefully, that I see.

謝謝，喬納森。在我們開始提問之前，我想再深入討論一下喬納森關於股票回購的最後一則評論。我們繼續看到股價的長期價值和業務的持續發展勢頭。此刻，我看到我們股票的價值存在巨大的機會。如果您考慮以下簡單的評估，您就會看到機會，希望我也看到了。

The Viva Las Vegas will continue to grow as it has over the last 50 years, and no company is positioned to take advantage of that growth in MGM given our footprint and operational capabilities. And the stability in earnings of our regional properties, then simply take the market value of our Macau stock at face value, ignore the quantum leap we've made in sustainable market share performance and the expectation that our digital businesses are at a tipping point, with BetMGM's earning inflection positive in 2025, coupled with growth potential of MGM Digital and ascribe a marginal value to that segment of the business, you put it together in our business -- our poor business is trading at 4 times 2024 adjusted EBITDA, well under its historic multiples.

Viva Las Vegas 將像過去 50 年來一樣持續成長，鑑於我們的足跡和營運能力，沒有一家公司能夠利用米高梅的這種成長。而我們區域資產獲利的穩定性，則簡單地從表面價值來衡量我們澳門股票的市值，忽略我們在可持續市場份額表現方面所取得的巨大飛躍，以及我們的數位業務正處於臨界點的預期，BetMGM 的盈利在 2025 年將出現正拐點，我們的數位業務正處於臨界點的預期，BetMGM 的盈利在 2025 年將出現正拐點，我們為我們的業務4 倍，遠低於其歷史倍數。

With this in mind, we will continue to be aggressive in our share buyback program as we think about near-term uses of our cash.

考慮到這一點，在考慮現金的近期用途時，我們將繼續積極推行股票回購計畫。

With that, operator, I'd like to open it up for some questions and answers.

接線員，現在我想開始進行一些問答。

(Operator Instructions) Shaun Kelley, Bank of America.

（操作員指示）美國銀行的 Shaun Kelley。

Hi. Good afternoon, everyone. Thanks for taking my question. Bill, Jonathan, maybe since we've got the incremental disclosures, we can just start off with the MGM Digital business quickly. Can you just give us a little bit more color on the scale of MGM's digital investment you see in that business specifically and maybe the outlook for near-term returns?

你好。大家下午好。感謝您回答我的問題。比爾、喬納森，也許因為我們已經得到了增量披露，我們可以很快開始米高梅數位業務。您能否向我們詳細介紹一下米高梅在該業務中的數位投資規模以及近期回報的前景？

Sure, Shaun. The reason Gary is here is because he manages his business every day. And so I'm going to turn it over to him.

當然，肖恩。加里來這裡的原因是為了他每天管理他的生意。所以我要把這個任務交給他。

Thanks, Shaun. Yeah. Look, we've been hard at work at MGM Digital in the past couple of years. We've been assembling a distribution network and a product platform that we believe gives us a great opportunity to compete digitally. We've completed -- principally completed our capital deployment program.

謝謝，肖恩。是的。你看，過去幾年我們一直在米高梅數位公司努力工作。我們一直在組建分銷網絡和產品平台，我們相信這為我們提供了絕佳的數位競爭機會。我們已經完成——基本上完成了我們的資本部署計劃。

As I think Bill has mentioned in the past. We've spent about $1 billion against the Leo business, building out the proprietary content development capabilities to Push, and more recently, the acquisition of the sportsbook platform via Tipico's US assets.

我認為比爾過去曾提到過。我們已經對 Leo 業務投入了約 10 億美元，為 Push 打造專有內容開發能力，最近又透過 Tipico 的美國資產收購了體育博彩平台。

And we're happy where we've ended up with all of that. We're hard at work integrating all of those assets together to create a platform player experiences that allow us to compete really anywhere in the world.

我們對最終的結果感到非常高興。我們正在努力將所有這些資產整合在一起，以創建一個平台玩家體驗，讓我們能夠真正在世界任何地方競爭。

We think market conditions are favorable. We should have that innovation complete by the end of the first half of this year. In fact, we're going live next week with our first market on the fully integrated stack and we're excited about the innovation that, that unlocks and our increasing ability to compete.

我們認為市場條件良好。我們應該在今年上半年底完成這項創新。事實上，我們將於下週在完全整合的堆疊上推出我們的第一個市場，我們對由此帶來的創新和不斷增強的競爭力感到非常興奮。

But look, what I don't think we want anybody to overlook is that why we've been capability building over the course of the past two years. Our core business at MGM Digital between Leo and Push, that's a $0.5 billion-plus revenue business.

但是，我想我們不想讓任何人忽視為什麼我們在過去兩年裡一直在進行能力建設。米高梅數字的核心業務包括 Leo 和 Push，這是一項收入超過 5 億美元的業務。

And if we were to operate those businesses with a stand-alone mentality, they'd be highly profitable, high double-digit margin businesses that would be very, very happy with their operational performance. But we've decided strategically that we want to augment those core businesses with targeted bets to drive long-term value creation.

如果我們以獨立的心態來經營這些業務，它們將會是利潤豐厚、利潤率高達兩位數的企業，而且我們對自己的營運業績會非常非常滿意。但我們已從策略上決定，希望透過有針對性的投資來增強這些核心業務，以推動長期價值創造。

So specifically, we've invested in organic growth against the BetMGM brand in a still a handful of markets in Europe. The UK, the Netherlands, and Sweden. Our early trading results in 2025 suggests that those investments are going well.

具體來說，我們在歐洲少數市場對 BetMGM 品牌的有機成長進行了投資。英國、荷蘭和瑞典。我們 2025 年的早期交易結果顯示這些投資進展順利。

Growth is strong, and we believe the operating losses associated with the market entries are going to narrow throughout 2025, setting us up with a really strong exit rate and a meaningful opportunity for operational inflection going into '26.

成長強勁，我們相信與市場進入相關的營運損失將在 2025 年縮小，這將為我們帶來真正強勁的退出率和進入 26 年營運轉折點的重要機會。

You then have Brazil. It's early days in Brazil. We're very, very happy with our partnership with Globo. We soft launched there in January when the market liberalized, and we're scheduled for our full media hard launch next week. We've built a local management team on the ground in Brazil.

接下來是巴西。巴西現在還處於早期階段。我們對與 Globo 的合作非常滿意。我們在一月份市場自由化時在那裡進行了軟發布，並計劃於下週進行全面媒體發布。我們在巴西當地建立了本地管理團隊。

It's a $7 billion TAM, we believe, in Brazil, and we're excited to compete here on a level playing field.

我們相信，巴西的潛在市場規模為 70 億美元，我們很高興能夠在公平的環境中競爭。

And then the final piece that we've decided to make a long-term bet against is what we call our MGM live operations. So our live dealer content operations from the floors of our floors of our -- Vegas casinos. We're live already, our dual-play business, which continues to grow day over day, and we'll have expanded studio capacity coming up in the first half of this year.

最後，我們決定長期押注的是我們所謂的 MGM 現場運作。因此，我們的真人荷官內容營運來自我們拉斯維加斯賭場的各個樓層。我們的雙機播放業務已正式啟動，並且每天都在持續成長，今年上半年我們將擴大攝影棚的容量。

So when you put all of that together, we feel confident we're largely done deploying capital against the owned and operated digital business. And we are definitely set up for the potential for that business to be $1 billion plus in revenue with healthy double-digit margins going forward.

因此，當你把所有這些放在一起時，我們有信心，我們已經基本上完成了對自有和運營的數位業務的資本部署。我們絕對有潛力使該業務的收入超過 10 億美元，並且未來利潤率將達到健康的兩位數。

Perfect. Thank you. And then Jonathan, probably just one quick follow-up for you, if I could. But last quarter, there was called out a little bit of BI proceeds in either the -- the Las Vegas segment and the regional segment. We got a few inbounds on whether or not there was anything in this quarter to call out. I didn't hear anything in the prepared remarks there.

完美的。謝謝。然後喬納森，如果可以的話，我只想為你做一個快速的跟進。但上個季度，無論是拉斯維加斯分部或區域分部，BI 的收益都有所減少。我們收到了一些關於本季是否有任何值得關注的事項的消息。我沒有聽到那裡準備好的發言中的任何內容。

Yeah. We did not have any meaningful BI proceeds during the fourth quarter. It was an important quarter, though, on this front. We resolved the civil litigation during the fourth quarter. We still expect to receive additional business interruption proceeds during 2025 to the tune of the numbers that we've talked about previously. So we expect those this year.

是的。我們在第四季沒有任何有意義的 BI 收益。但從這方面來看，這是一個重要的季度。我們在第四季度解決了民事訴訟。我們仍預期 2025 年將獲得額外的業務中斷收益，金額與我們先前談到的一致。所以我們預計今年會出現這些情況。

Thank you very much.

非常感謝。

Carlo Santarelli, Deutsche Bank.

德意志銀行的卡洛桑塔雷利 (Carlo Santarelli)。

Hey, Bill, Jonathan, everyone. You guys obviously have put some initiatives, and I think you talked about it a little bit when you talked about some of the 65-35 split but I wanted to focus on Las Vegas and the revenue side. As you sit here today, or on-hand one, what do you see in a flat demand environment just in terms of some of the pricing measures that you've put in, in terms of the magnitude of the head start you have on the year from some of the various new programs that you've put in for 2025 from a revenue perspective?

嘿，比爾、喬納森，大家好。你們顯然已經採取了一些舉措，我想你們在談到 65-35 分成時也談到了這一點，但我想把重點放在拉斯維加斯和收入方面。您今天坐在這裡，或者就目前的情況來看，就您實施的一些定價措施而言，在需求持平的環境下，從收入角度來看，您為 2025 年實施的一些新計劃在年初的領先優勢有多大？

Yeah. Carlos, first of all, January of 2025 was anything but flat. It was a very strong month for us and we can go into a little bit more detail on that, if you like. But to answer your question directly, it's in the tens of millions of dollars of revenue initiatives that we have put in place. Most of them actually were done during the month of December, so that we hit the year with that head start. But that gives you a sense of the magnitude of those.

是的。卡洛斯，首先，2025 年 1 月絕非平淡。這對我們來說是一個非常強勁的月份，如果您願意的話，我們可以更詳細地介紹這一點。但直接回答你的問題，這是我們已經實施的數千萬美元的收入計劃。事實上，大多數任務都是在 12 月完成的，這樣我們就能以這個優勢迎接新的一年。但這可以讓您感受到它們的規模之大。

Okay. Great. And then I just wanted to delve back to something, Jonathan. I believe you said in your remarks. On the last call, you guys talked about the Super Bowl being, I want to say, $70 million was the event magnitude for the strip on an EBITDA basis.

好的。偉大的。然後我只想深入討論一些事情，喬納森。我相信您在講話中已經說過了。在上次電話會議中，你們談到了超級碗，我想說，以 EBITDA 計算，7000 萬美元是該球場的盛事規模。

You talked about being able to grow monthly. And you weren't referring to February specifically. But when you think about the impact of the Super Bowl in the first quarter, is the goal to be able to offset that as we move through the year?

您談到了能夠每月成長。你並不是特指二月。但是，當你考慮到超級盃在第一季的影響時，我們的目標是否能夠在全年中抵消這種影響？

Yeah, we're certainly going to do our best to do that. The impact of the Super Bowl, we estimated back in the fourth quarter or when we were last together on this call, I guess, in November -- to be about our -- what we estimated about $65 million year on year.

是的，我們一定會盡力做到這一點。我們在第四季度就估計過超級盃的影響，或者說當我們上次在 11 月召開電話會議時，我們估計的同比影響約為 6500 萬美元。

So through the programs we described through organic growth, it is our goal to be able to overcome that. I'd also remind you that we do have some obstacles in terms of the impact of our renovation at the MGM Grand. This is a really important capital product for us.

因此，透過我們所描述的有機成長計劃，我們的目標是能夠克服這個問題。我還要提醒您，就米高梅大酒店的翻新工程的影響而言，我們確實面臨一些障礙。對我們來說，這是一個非常重要的資本產品。

We've actually already got 600 rooms back online with great response from our customers. So that project is moving well but it does -- it will impact us over the course of the year to the tune of about the same amount as the Super Bowl did year over year.

事實上，我們已經恢復了 600 間客房的運營，並得到了顧客的熱烈回饋。所以該項目進展順利，但它確實會——在一年的時間裡，它對我們的影響將與超級碗對去年的影響大致相同。

And Carlos, maybe one last color point. The Super Bowl, interestingly for us in the casino, was better than it was last year. Some of that was simple luck, but the bottom line is we ended up in a better place. So the degradation is hotel and sponsorships of note.

卡洛斯，也許還有最後一個色彩點。有趣的是，對於賭場裡的我們來說，超級盃比去年更精彩。其中有些只是運氣好，但最重要的是我們最終取得了更好的成績。因此，值得注意的問題是酒店和贊助商的退化。

Same with Chinese New Year. We had a Chinese New Year's when it was all said and done. And so while I'm sure there's some momentum at the -- end of the market that people are concerned with and want to watch out, watch out for. If you look at our year-end projections, we think we can exceed what we've done this year. So that implies exactly your question that we're going to surpass this Super Bowl and more.

和農曆新年一樣。當一切都塵埃落定之後，我們就過了一個中國新年。因此，我確信市場末端存在一些人們擔心並且想要留意的勢頭。如果你看看我們的年終預測，我們認為我們可以超越今年的成績。所以這恰恰暗示了你的問題，我們將超越這場超級碗，甚至更多。

And so we're -- I think we're off to a great to start January as an indicator, was a really good month.

所以，我認為一月是一個好的開始，從指標來看，這是一個非常好的月份。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Brandt Montour, Barclays.

巴克萊銀行的 Brandt Montour。

Good afternoon, everybody. Thanks for taking my question. I also would love for you to go into January, Jonathan, in terms of non-gaming versus gaming. And definitely, I want to hear about your thoughts on room rates. I know that you sound very positive, but the December, January room rate effect versus October and November except if you saw any movement there sequentially?

大家下午好。感謝您回答我的問題。喬納森，我還想請您談談一月份非遊戲與遊戲的差異。當然，我想聽聽您對房價的看法。我知道您的態度聽起來很積極，但是 12 月和 1 月的房價效應與 10 月和 11 月相比是否有任何連續的變化？

Yeah. I guess I walked right into that one, Brandt. So I appreciate the question. Yeah -- no, January, we set some January records for occupancy at 94% ADR. The record slot handle restaurant revenue.

是的。我想我正好走進了那個地方，布蘭特。我很感謝你提出這個問題。是的 - 不，一月份，我們創下了 1 月份入住率的一些記錄，達到 94% ADR。創紀錄的時段處理餐廳收入。

So these were all very strong indicators for us in terms of just aggregate demand. So one of the reasons we felt good about the start of the year, Bill in his prepared remarks, talked about the booking we had on the group side in December.

因此，就總需求而言，這些都是對我們來說非常強勁的指標。因此，我們對今年年初感到滿意的原因之一是，比爾在他準備好的演講中談到了我們 12 月在團體方面的預訂情況。

Now that the rooms that are booked not only for '25, but in years beyond '25, but it gives a sense of just the level of demand from that important segment for our rooms and that's, of course, reflected in rates. So again, except for February, which we discussed year over year, we're seeing, let's call it, mid-single-digit growth in ADRs in the other months, at least in the nearer term view.

現在，預訂的客房不只是 2025 年的，還有 2025 年以後的，但它可以讓我們了解這個重要群體對我們客房的需求水平，當然，這也反映在房價上。因此，除了我們討論過的同比二月份之外，其他月份的 ADR 都出現了中等個位數增長，至少從近期來看是如此。

And what I would add is even in October and November, October was really limited to the first week of the year, and those were Jewish holidays and you don't get a lot of convention business. And the rest of October was pretty solid. Throughout the -- one week, the rest of November was pretty solid.

我想補充的是，即使在十月和十一月，十月也僅限於一年的第一周，而那是猶太節日，所以不會有很多會議業務。十月的剩餘時間表現相當強勁。整個——一周，十一月的剩餘時間都相當穩定。

December has been great. As Jonathan said, January will continue -- was a great month. And then February outside of the Super Bowl weekend, it's going to be a great month for us from an ADR perspective.

十二月過得非常棒。正如喬納森所說，一月將會繼續下去——是一個偉大的月份。從 ADR 的角度來看，二月（除了超級盃週末）對我們來說將是一個美好的月份。

Okay. Great. That's really helpful, guys. And I guess the follow-up question is more of the why. Obviously, the convention you have momentum with Marriott and their group engine.

好的。偉大的。夥計們，這真的很有幫助。我想後續的問題更多的是為什麼。顯然，此次大會與萬豪及其集團引擎一起推動發展。

But when you look across regionals and Vegas and all of the different data you see, is there a sense that your -- that the consumer just feels better post election? Do you feel like there's a trend change there?

但是，當您查看地區和拉斯維加斯以及您看到的所有不同數據時，是否有一種感覺——消費者在選舉後感覺更好？您覺得那裡的趨勢改變了嗎？

Brandt, it's Bill. I don't know if I'd go that far, but I would say this, and the Marriott example you brought up is a good one and we didn't have them in play last January, but we all did a year-end or beginning of the year launch. And we've now, for the fourth week in a row, booked over 20,000 room nights with Marriott. And so I think we're about 85,000 room nights for the last four weeks, which, if that continues, and we have a pace and a goal of about $900,000 this year. That changes the dynamic.

布蘭特，我是比爾。我不知道我是否會走那麼遠，但我想說的是，你提到的萬豪酒店的例子很好，去年 1 月我們還沒有推出它們，但我們都在年底或年初推出了它們。我們已經連續第四周在萬豪酒店預訂了超過 20,000 個房間晚數。所以我認為，過去四周我們的客房預訂晚數約為 85,000 間，如果這一勢頭持續下去，我們今年的預訂速度和目標將達到約 90 萬美元。這改變了現狀。

It just does. That's just a lot of room nights, which help a great deal underlying the foundation of what we do and how we do it and how we leverage the rest of our yielding. So that's been positive.

事實就是如此。這相當於很多的房晚數，這對我們開展工作的基礎、開展工作的方式以及如何利用剩餘的收益有很大幫助。這是積極的。

You heard me mention the convention numbers earlier. Now the interesting thing about that is tech business has come back. Obviously, some of it's in '25, much of it's in '26 and '27. So there's been no sign from corporate America to us that they're quote-unquote concerned to the contrary, particularly when you think about what happened in December, we put a push on it and the result was just staggering in terms of the number of room nights that we booked. And so I don't know, Corey, you do --

您之前聽過我提到大會號碼。現在有趣的是科技業務已經回歸。顯然，其中一些是在 25 年發生的，大部分是在 26 年和 27 年發生的。因此，美國企業界沒有向我們表明他們對此感到擔憂，特別是當你想想 12 月份發生的事情時，我們對此施加了壓力，而結果卻是我們預訂的房間晚數驚人地多。所以我不知道，科里，你知道--

I would add, our core casino business is very solid. And the amount of room nights we have on the casino segment in Las Vegas is also helping us yield the rooms up. So we're pretty favorable on what we see looking forward in that segment also.

我想補充一點，我們的核心賭場業務非常穩固。我們在拉斯維加斯賭場的房間晚數也幫助我們增加了房間數。因此，我們對該領域的前景也非常看好。

Our active base, our MGM Rewards database, has never been larger. Obviously, that MGM has added to that, et cetera, et cetera. And so it's just all inflecting in Las Vegas down a couple of hotels, not forgetting that.

我們的活躍基礎，即 MGM Rewards 資料庫，從未如此龐大。顯然，米高梅已經對此進行了補充，等等。所以這一切都與拉斯維加斯的幾家酒店有關，別忘了這一點。

Excellent. Thanks, everyone. Nice quarter.

出色的。謝謝大家。不錯的季度。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

Hi, everyone. Thanks for taking my questions. I wanted to go back to digital, if I may. And I'm just curious, the degree to which MGM Digital is engaged at all aligned or in any way with BetMGM in the US and how that is affected?

大家好。感謝您回答我的問題。如果可以的話，我想回到數位化。我只是好奇，米高梅數字與美國 BetMGM 的合作程度如何，以及會受到怎樣的影響？

David, let me kick that off, and I'll turn it over to Gary to clean up any sloppiness I may create here. But we have specifically with content development and with Push. We have created games that they are using. I think Gary can speak to the success of some of those MGM branded games. We will ultimately, over time, look at some of the live dealer things we've talked about.

大衛，讓我開始吧，然後我會把它交給蓋瑞來清理我在這裡可能造成的任何混亂。但我們專門從事內容開發和 Push。我們已經創建了他們正在使用的遊戲。我認為加里可以談談一些米高梅品牌遊戲的成功。隨著時間的推移，我們最終會回顧我們所討論過的一些真人荷官的事情。

We think it's meaningful coming from the home of and it's real. And when you see the thing that we all built at MGM brand itself, on the casino floor, it's compelling. And so, Gary, I don't know if you want to clean that up with.

我們認為它來自家鄉，很有意義，而且很真實。當你在賭場裡看到我們在米高梅品牌上所創造的東西時，它是引人注目的。所以，加里，我不知道你是否想把它清理乾淨。

No, I think that's right. I mean I think like content creation and content development is probably the area where the MGM Resorts digital capabilities helps BetMGM the best. In terms of the owned and operated BetMGM distribution points and cooperating with BetMGM. We certainly try not to do things that are silly and we try to make sure we can support each other where we can. But those are 2 very distinctly operated businesses, given the nature of the joint venture agreement.

不，我認為是這樣。我的意思是，我認為內容創作和內容開發可能是米高梅度假村的數位能力對 BetMGM 提供最大幫助的領域。就擁有和經營的 BetMGM 分銷點以及與 BetMGM 合作而言。我們當然會盡量不做傻事，並盡力確保能夠盡可能互相支持。但從合資協議的性質來看，這是兩家經營方式截然不同的企業。

Got it. And just following up on your commentary with respect to sports betting, is there any back and forth or information share, content share or anything like that?

知道了。再說說您對體育博彩的評論，雙方是否有交流或資訊共享、內容共享或諸如此類的事情？

We operate those businesses largely independently.

我們基本上是獨立經營這些業務。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Barry Jonas, Truist Securities.

巴里喬納斯（Barry Jonas），Truist Securities。

Hey, guys. I really appreciate the commentary on the MGM Grand Hotel renovations and the impact you expect. Maybe talk about how we should think about the ADR uplift once these rooms come back online? And any overall ROI expectations we should think about for the model? Thanks.

嘿，大家好。我非常感謝您對米高梅大酒店翻新工程的評論以及您所預期的影響。也許可以討論一下這些房間恢復運作後我們應該如何考慮 ADR 的提升？我們應該考慮該模型的整體投資報酬率預期嗎？謝謝。

I had an opportunity, by the way, to walk them for the first time yesterday or day before. They came out spectacular. And I think they are actually a complete chain and uplift to the property. More so than any of the renovation we've done in a while. So Corey, you can handle the math?

順便說一句，昨天或前天我有機會第一次和它們一起散步。他們表現得十分出色。我認為它們實際上對房地產形成了一個完整的鏈條並提升了房地產的品質。比我們近期進行的任何翻新工程都要好。那麼 Corey，你能搞定數學嗎？

Yeah. I think between the convention business and getting the rates we should get for there because those rooms are new. We are going to convert some rooms into suites. We think there's some lift there also. Both from an ADR perspective and a casino perspective.

是的。我認為，在會議業務和獲得我們應該獲得的價格之間，因為那些房間都是新的。我們準備將一些房間改造成套房。我們認為那裡也存在一些升力。從 ADR 和賭場的角度來看都是如此。

To quantify the uplift, we'll raise our minimum rates there, but I don't think we'd put a pencil to that paper quite yet.

為了量化提升，我們將提高最低利率，但我認為我們不會立即付諸行動。

Got it. Got it. And we get a lot of questions from clients about states increasing sports betting taxes, governor of Maryland also talked about maybe increasing table games taxes. So just wanted to get your thoughts. How concerned are you about more states looking to lease digital or land-based taxes?

知道了。知道了。我們收到了很多客戶關於各州增加體育博彩稅的問題，馬裡蘭州州長也談到了可能增加賭桌稅的問題。所以只是想聽聽你的想法。您是否擔心越來越多的州尋求租賃數字或土地稅？

And two, are there ways for you to offset this?

第二，有什麼辦法可以抵銷這種影響嗎？

Yeah. Obviously, this is something we've dealt with for a very long time. The fact that we're now in 42 states, give or take, with particularly with digital opportunities, makes it more complex. I think for now in Maryland, I think we've cured that moving forward.

是的。顯然，這是我們處理這個問題很久了。事實是，現在我們已遍布大約 42 個州，尤其是數位化機會的出現，使得情況變得更加複雜。我認為就目前而言在馬裡蘭州，我們已經解決了這個問題。

I feel very comfortable about that because when we sat with the Governor of the office and went through the gives and takes and what that meant in terms of employment and jobs and some of the other commitment we met -- the commitments we gave to the community.

我對此感到非常放心，因為當我們與辦公室主任坐在一起，討論雙方的付出和收穫，以及這對就業和工作意味著什麼，以及我們所履行的其他一些承諾——我們對社區的承諾。

It was a pretty quick and good understanding of that. And so I think we've backed that down. And it's a competitive landscape. Virginia now is not only existing casinos to the south, but they're talking about one to the north.

我們很快就能理解這一點，而且理解得很好。所以我認為我們已經放棄了。這是一個競爭激烈的局面。維吉尼亞州現在不僅在南部擁有現有的賭場，而且還在考慮在北部開設一家賭場。

As it relates to digital, I think it's going to be an ongoing game, if you will. I think there are markets that get it. There are markets that want to see true growth and keep it onshore versus offshore out of black holes. And there's a couple of states, I think we'll continue to -- it will be interesting to see states come up next for iGaming and how they think about tax. I do believe it's manageable.

就數字而言，我認為這將是一場持續的遊戲，如果你願意的話。我認為有些市場能夠理解這一點。有些市場希望看到真正的成長，並將其保持在岸成長，而不是離岸成長，以免出現黑洞。還有幾個州，我想我們會繼續下去——看看各州下一步對 iGaming 的態度以及他們對稅收的看法將會很有趣。我相信這是可以解決的。

I think we've done -- I think we, the entity, by the way, it's not just on MGM, have done a good job so far communicating what's at stake and why. And so never say never, but of all the things that keep me up at night, it's not one of them. I don't know it keeps you up, I hope, Gary.

我認為我們已經做到了——順便說一句，我認為我們這個實體，不僅僅是米高梅，到目前為止已經很好地傳達了利害關係以及原因。所以永遠不要說永遠，但是在所有讓我徹夜難眠的事情中，它並不是其中之一。我不知道這能讓你保持清醒，我希望，蓋瑞。

It certainly keeps me up.

它確實讓我保持清醒。

All right. Appreciate it. Nice quarter.

好的。非常感謝。不錯的季度。

John DeCree, CBRE.

世邦魏理仕 (CBRE) 的 John DeCree。

Hi, everyone. Thanks for taking my questions. I just maybe wanted to ask about you've commented a little bit on how strong the swap business had been in Las Vegas, particularly in December. And curious if you could maybe dive into that a little bit and because of a sense if you have an idea of what's driving that? Is it how you're feeling rooms? And just looking to see how sustainable those slot growth trends might be?

大家好。感謝您回答我的問題。我可能只是想問一下，您對拉斯維加斯的掉期業務有多強勁，特別是 12 月份的掉期業務有多強勁有何評論。我很好奇您是否可以深入探討這個問題，並且您是否知道是什麼推動了這一現象？你對房間的感覺是這樣嗎？只是想看看這些老虎機成長趨勢的可持續性如何？

Yeah. I think it does have to do with, of course, the casino mix that we have in the business in the fall and into December. I think it also comes down to product. We do have a, I think, a very proficient slot center of excellence that does an outstanding job managing our product portfolio and also -- and doing so, I think, at very reasonable CapEx levels.

是的。我認為，這當然與我們秋季和十二月業務中的賭場組合有關。我認為這也取決於產品。我認為，我們確實有一個非常熟練的卓越中心，它在管理我們的產品組合方面做得非常出色，而且我認為，它的資本支出水平非常合理。

But in the end, I think it's just the work that we've done to manage the mix of the hotel. We've also made some important capital investments this year in high-limit slot areas, ARIA, MGM Grand, The Bellagio is underway. And in the regions, we've done it in National Harbor as well as some work at the Borgata and others. So it's all of those things coming together to really build a robust slot business.

但最終，我認為這只是我們為管理酒店組合所做的工作。我們今年也在高限額老虎機領域進行了一些重要的資本投資，ARIA、MGM Grand 和 Bellagio 都在籌備中。在區域方面，我們在國家港口以及博爾加塔等地也進行了類似的工作。所以，所有這些因素結合在一起才真正建立了一個強勁的老虎機業務。

And we've also seen an uplift from our regions coming into Vegas also. So that's helped also.

我們也看到我們地區進入拉斯維加斯的勢頭有所增強。這也有幫助。

Maybe I know it's a bit of ways ahead to think about F1 this year, but though the first year was gangbusters and then we talked about last year's 2024 F1 quite a bit. But curious on your thoughts if there's things that you might do differently this year for 2025 and ways to keep improving and calibrating the approach to F1 from MGM's perspective?

也許我知道今年考慮 F1 有點太遠了，但儘管第一年非常成功，去年我們也談論了 2024 年的 F1。但我很好奇您認為今年 2025 年您是否會做一些不同的事情，以及從米高梅的角度來看，如何不斷改進和調整 F1 的方法？

Yeah, I'll take that. This is Bill. Look at 40,000 feet, first year was a phenom. It was the first time, et cetera. Our average rates, which really drove our results are like 800 and change throughout the company.

是的，我接受。這是比爾。看看 40,000 英尺，第一年就是一個奇蹟。這是第一次，等等。真正影響我們業績的平均費率是 800，並且在整個公司範圍內發生變化。

Interestingly, this year, though, there were 100 and change. And that is literally 2 times than normal. If you all recall, this is the second worst weekend of the year. So we're excited to continue to support it. We're excited to be behind it.

但有趣的是，今年這個數字已經達到 100 多。這實際上是正常情況下的兩倍。如果大家還記得的話，這是今年第二個糟糕的周末。因此我們很高興繼續支持它。我們很高興能夠支持它。

We cut back on our ticket packaging this year. We focused on the Fountain Club. We got rewarded for that. But I think if you think about Formula One and going forward, the best news I've heard is they are recontemplating and considering pricing and what to charge. And I think that's meaningful because to the extent we can get a foundation going early, we can continue to build on that.

今年我們減少了票務包裝。我們的焦點是噴泉俱樂部。我們因此得到了獎勵。但我認為，如果你想想一級方程式賽車及其未來發展，我聽到的最好的消息是，他們正在重新考慮並考慮定價和收費標準。我認為這很有意義，因為只要我們能儘早打下基礎，我們就能繼續在此基礎上發展。

And so I think that messaging has been delivered and heard. So we're excited by that.

所以我認為訊息已經傳達和被聽到了。我們對此感到很興奮。

And then obviously, we and the rest of the city, have a three-year deal with an extension opportunity. We don't think it's going anywhere. We don't want it to go anywhere. But come next year, we're going to have to obviously sit down and discuss what it feels like going forward from there.

顯然，我們和這座城市的其他人都有一份為期三年的協議，並且有續約的機會。我們認為它不會去任何地方。我們不希望它去任何地方。但到了明年，我們顯然必須坐下來討論接下來的走向。

Great. Thanks. Appreciate it, everyone.

偉大的。謝謝。大家多多讚賞。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

Hey. Thanks for taking the question. Maybe turning to Macau. I just wondering if there's any color you could provide on Chinese New Year, how we started the year, just given all the noise from a tariff and otherwise, and there just seems to be conflicting commentary out of the industry data so far.

嘿。感謝您回答這個問題。或許可以轉向澳門。我只是想知道您是否能提供一些有關農曆新年的信息，我們如何開始新的一年，考慮到關稅和其他方面的所有噪音，到目前為止，行業數據似乎存在相互矛盾的評論。

I'll turn this over to Kenny here in a minute. I think we had a great Chinese New Year in terms of market share, particularly win and visitation for our properties. But Kenny, why don't you give us some real color, Hubert?

我馬上就把這個交給肯尼。我認為，就市場份額而言，尤其是我們的物業贏利和訪問量而言，我們度過了一個非常棒的農曆新年。但是肯尼，休伯特，為什麼不給我們一些真實的色彩呢？

Okay. This is Kenny from Macau. I think like we had a pretty solid Chinese New Year. Both properties recorded strong traffic about like 18% higher than the 2024 Chinese New Year. Like -- gaming volume was also higher than last year's Chinese New Year, and we have maintained our mid-teens market share.

好的。我是來自澳門的Kenny。我覺得我們度過了一個相當充實的農曆新年。這兩處場館的客流量均較 2024 年農曆新年高出約 18%。例如－遊戲量也高於去年農曆新年，我們的市佔率維持了中等水準。

Particularly I want to point out, we have noticed a very, very longer tail to Chinese New Year with a high percentage of players arriving post-Chinese New Year holidays versus 2024. Actually, our business volume was almost in the second week of Chinese New Year was as strong as the three of Chinese New Year. I think this comment for me.

我特別想指出的是，我們注意到農曆新年的尾巴非常非常長，與 2024 年相比，農曆新年假期後到來的玩家比例很高。實際上，我們的業務量在農曆新年的第二週幾乎與農曆新年的第三週一樣強勁。我認為這則評論適合我。

Great. Maybe one unrelated follow-up, if I can sneak one in, just on Vegas. I think you had said that the aspiration is for EBITDA to be positive to host Super Bowl comparison here. I guess within that, is there any color you could provide on how to think about run rate wages and any other puts and takes on the expenses for Vegas in particular?

偉大的。也許有一個不相關的後續行動，如果我可以偷偷溜進去的話，就在拉斯維加斯。我認為您曾說過，我們的願望是 EBITDA 為正值，以便在這裡舉辦超級盃比賽。我想，您能否就如何考慮運行率工資以及特別是拉斯維加斯的其他費用支出提供一些說明？

I'll kick it off, and Corey can clean this up for sure, John. I think the biggest thing to think about is, remember, we're now going into the third year of our culinary agreement. And so June, while there's a step-up, it's demonstratedly less than it was. I think we went from 12, Corey you help me, or just under 6.

我來開始吧，科里一定能把這件事解決掉，約翰。我認為需要考慮的最大的事情是，記住，我們現在正進入烹飪協議的第三年。因此，6 月份，雖然有所增加，但明顯比以前少。我想我們從 12 開始，Corey 你幫了我，或剛好不到 6。

And I think it's a little lower.

我認為這個數字還要低。

Yeah. And we're now in the 4s. So if we think about wage and inflation increase in that perspective, I think we're in really good shape. I think the team has gotten a really good handle on FDEs. We have been flat now for some time.

是的。現在我們已經進入 4s 階段了。因此，如果我們從這個角度考慮薪資和通貨膨脹的成長，我認為我們的狀況非常好。我認為該團隊已經很好地掌握了 FDE。我們現在已經平淡了好一陣子了。

And I think I'm encouraged by it because as I stated earlier, we continue to keep our FDEs and our service where we want and needed to be without adding additional staff. And so that piece of it, I think, is well under control.

我覺得我對此感到鼓舞，因為正如我之前所說，我們會繼續保持我們的 FDE 和服務處於我們想要和需要的水平，而無需增加額外的員工。所以我認為，這部分已經得到了很好的控制。

Yeah. What I would add is in some of the initiatives we're running through, we think, hopefully, will also bring our labor costs down. So the goal would be is to neutralize as much of the increase as possible and feel pretty positive that we'll be able to do that.

是的。我想補充的是，我們正在實施的一些措施也有望降低我們的勞動成本。因此，我們的目標是盡可能地抵消成長，並且我們非常有信心我們能夠做到這一點。

Great. Thank you so much.

偉大的。太感謝了。

Dan Politzer, Wells Fargo.

富國銀行的 Dan Politzer。

Hey. Good afternoon, everyone. Thanks for taking my questions. First, you took a lot of slot share in the quarter, but your rate of promotions was up a tad. Are there any changes in your strategy or the promotional environment that you'd call out? And are you more aggressively going after that slot player?

嘿。大家下午好。感謝您回答我的問題。首先，您在本季度佔據了大量的時段份額，但您的促銷率略有上升。您的策略或促銷環境是否會有什麼改變？您是否會更積極地追逐那位老虎機玩家？

No, no meaningful change in the promotional investment. I mean we are always tweaking it and try to improve, but nothing, no meaningful change either way.

不，促銷投資沒有任何有意義的變化。我的意思是我們總是在調整它並嘗試改進，但無論如何都沒有任何有意義的改變。

Got it. And just to clarify, it does sound like you're certainly more protractive on the demand environment. Jonathan, you called out ADR up mid-single digits ex a Super Bowl and record January. So just wanted to clarify.

知道了。需要澄清的是，聽起來你對需求環境的態度確實更加正面。喬納森，你曾說過，在超級盃和創紀錄的一月份，ADR 上升了中等個位數。所以只是想澄清一下。

So the first quarter, I mean, even with the Super Bowl lapping, it sounds like you should grow and then the same thing for the second quarter through fourth quarter. I just want to make sure we're getting that straight.

所以我的意思是，第一季度，即使超級盃比賽仍在繼續，聽起來你仍然應該會成長，然後第二季到第四季也會有同樣的事情發生。我只是想確保我們理解了這一點。

It's going to be pretty difficult in the first quarter with a $65 million year-over-year headwind. So the way we plan the business is, we try to adjust internally for those not that we give ourselves a pass in terms of growing the business. So we just have to be realistic about that headwind.

由於面臨同比 6,500 萬美元的逆風，第一季的經營將會相當困難。因此，我們規劃業務的方式是，我們嘗試進行內部調整，以便在業務成長方面給自己一個機會。所以我們必須現實地對待這不利因素。

I think -- but to save not for that, meaning Super Bowl, ADRs, [AG] and all we feel progressive and positive on. I want to make sure that you understand the rational reason for that is principally, and for today, given what we've seen today, Super Bowl.

我認為 — — 但儲蓄並不是為了這些，而是為了超級盃、ADR、[AG] 以及所有讓我們感到進步和積極的東西。我想確保你理解這樣做的合理原因，主要是，就今天而言，考慮到我們今天所看到的超級盃。

Got it. That makes sense. Thank you.

知道了。這很有道理。謝謝。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Great. Thanks. Just circling back on your comment that you were targeting to make up for that $65 million in Super Bowl for the year. I don't know if we could take that as like soft guide that you think EBITDA will be flat year over year in Vegas.

偉大的。謝謝。回到你剛才的評論，你的目標是彌補今年超級盃 6500 萬美元的損失。我不知道我們是否可以將其視為軟指南，即您認為拉斯維加斯的 EBITDA 將同比持平。

But just wondering, you mentioned the $150 million of the $200 million in opportunity mix of revenue expense. With that $150 million, is that part of what gets you to flat in Vegas for the year or what the incremental? I don't know if that was a company-wide number? Thanks.

但只是好奇，您提到了 2 億美元收入支出機會組合中的 1.5 億美元。有了這 1.5 億美元，這是讓您今年在拉斯維加斯住宿的一部分嗎，還是增量呢？我不知道這是不是全公司範圍的數字？謝謝。

Yeah, that is a company-wide number, and we certainly don't intend guidance one way or the other. We're just trying to put some of the pieces together so people can understand what our objectives are this year. We have two things to overcome the Super Bowl. We talked about quite a lot. I mentioned the impact of the renovation of the MGM Grand, which is off to a fantastic start.

是的，這是全公司範圍的數字，我們當然不打算以任何方式提供指導。我們只是想把一些部分放在一起，以便人們能夠了解我們今年的目標是什麼。我們有兩件事可以戰勝超級盃。我們談論了很多事情。我提到了米高梅大酒店的翻新工程帶來的影響，這項工程開局非常好。

But we do have we do have a number of things going for us. Of course, the solid execution so far this year. And then this program that we put in place at the -- early in November of last year to get ourselves in a position to overcome some of those obstacles. So that's pretty much where it stands for the year.

但我們確實有很多事情要做。當然，今年到目前為止的執行情況很紮實。然後，我們在去年 11 月初實施了這項計劃，以使我們能夠克服其中的一些障礙。這就是今年的情況。

Okay. And as a follow-up, just on the share repurchase intentions. I feel like at times last year, you've talked about not necessarily repurchasing shares. At the same rate you had in more recent years. How should we think about what level of share repurchase you might be thinking about for '25? Thanks.

好的。作為後續行動，我們只是討論股票回購意圖。我覺得去年有時你談到不一定要回購股票。與最近幾年的速度相同。我們應該如何考慮您在 25 年可能會考慮的股票回購水準？謝謝。

Yeah. We're really -- we think there is a tremendous value in the shares right now for the reasons some of the reasons Bill articulated at the end of his prepared remarks.

是的。我們真的——我們認為現在這些股票具有巨大的價值，原因比爾在其準備好的演講結束時已經闡明了。

I mean the fact of the matter is, while we have some attractive investments in front of us, our own shares, the investment we know the best represents such a compelling value that we just think it's the most responsible thing to do to allocate capital toward that.

我的意思是，事實是，雖然我們面前有一些有吸引力的投資，但我們自己的股票，我們最了解的投資代表著如此引人注目的價值，我們認為將資本分配到該投資上是最負責任的事情。

So that's why we made those comments. And at these levels, we just think it's very attractive. So that's why we say we're going to continue to be aggressive.

這就是我們發表這些評論的原因。從這些層面來看，我們認為它非常有吸引力。這就是為什麼我們說我們將繼續積極進取。

It could be at a similar rate to last year's repurchase?

可能會和去年的回購幅度類似嗎？

I mean we did $120 million in the fourth quarter, and we've done almost $300 million so during the month of January. So you can see how we've picked up the pace on that driven by the -- really just the valuation of the shares.

我的意思是，我們在第四季的營收為 1.2 億美元，而 1 月的營收則接近 3 億美元。所以你可以看到我們是如何加快步伐的——實際上只是股票估值的推動。

Robin, I think that double down here, we'll remain active and aggressive to the extent the share price is in the realm that it's in. And then maybe, look, despite, I don't want even to walk away with the flat commentary is flat. Despite the issues that we have, we have projected growth. I'm not going to say much in Las Vegas EBITDA in 2025. Obviously, it's a long way to go.

羅賓，我認為，只要股價還在目前的範圍內，我們就會加倍下注，保持積極和進取的態度。然後也許，看，儘管如此，我甚至不想帶著平淡的評論離開。儘管存在這些問題，我們仍預計會實現成長。我不會對 2025 年拉斯維加斯的 EBITDA 發表太多評論。顯然，這還有很長的路要走。

We all understand the ups and downs of this business. But fundamentally, we love the summer season. We've got -- which is always important to us in terms of lineup of entertainment. We've got everyone and their brother coming back. And so we're excited by that.

我們都了解這個行業的起起伏伏。但從根本上來說，我們熱愛夏天。我們已經擁有了——就娛樂陣容而言，這對我們而言始終很重要。每個人都和他們的兄弟都回來了。我們對此感到興奮。

So we remain optimistic and positive. And so I just want to make sure that it's left in that bank.

因此我們保持樂觀和積極的態度。所以我只是想確保它留在那家銀行。

Okay. Thank you very much. Thanks.

好的。非常感謝。謝謝。

Chad Benyon, Macquarie.

麥格理的查德本永 (Chad Benyon) 說：

Hi. Good afternoon. Thanks for taking my question. Bill, I was just going to pile on where you left off on that last question. So if we think about Vegas, just the luxury versus the core, obviously, notwithstanding what's going on at MGM Grand.

你好。午安.感謝您回答我的問題。比爾，我正想接著你上一個問題的結尾繼續回答。因此，如果我們考慮拉斯維加斯，顯然只考慮奢華而非核心，不管米高梅大酒店 (MGM Grand) 的情況如何。

Is it safe to say that you and the team still believe that the pricing opportunities and the growth will still probably put luxury exceeding core again what we're seeing the hotel industry. Is that your view at this point based on group casino bookings and just where you see the consumer?

可以肯定地說，您和您的團隊仍然相信定價機會和成長可能仍會使奢華再次成為酒店業的核心嗎？這是您目前基於團體賭場預訂情況以及您所看到的消費者的看法嗎？

Yeah, absolutely. And for us, particularly given the nature of our business and the nature of who we attract and who we appeal to, give you a little off-color stat here. If you think about the fourth quarter, and you think about premium customers, you saw what we missed in the fourth quarter by, there was less than 10 customers that equated to about $80 million of baccarat year-over-year difference. And so that can go either way, go up and go down. But it's pretty consistent.

是的，絕對是如此。對我們來說，特別是考慮到我們業務的性質以及我們所吸引和所吸引的人的性質，這裡給你一些不尋常的統計數據。如果你想想第四季度，想想優質客戶，你會看到我們在第四季度錯過了什麼，只有不到 10 位客戶，這相當於百家樂同比差距約為 8000 萬美元。因此，它可以朝任意方向發展，上升或下降。但它相當一致。

And given our scale and scope, we obviously enjoy a nice piece of that oversized piece of that. But yes, we feel positive, particularly about the top end of the marketplace.

考慮到我們的規模和範圍，我們顯然享有其中很大一部分份額。但是的，我們感到很樂觀，特別是對於高端市場。

Okay. Great. Thank you. And then on the digital business, as we look at some of these markets that you talked about that you're growing into, is there a market share goal that you believe can be achieved? Is that uniform across markets? Or is every market given the number of players and the tax rate and the like?

好的。偉大的。謝謝。然後談到數位業務，當我們看看您談到的您正在發展的一些市場時，您是否認為可以實現市場份額目標？各個市場都是統一的嗎？還是每個市場都給定了參與者數和稅率之類的？

Yeah. I think we try to calibrate our market share target to the relative maturity of the market, competitive intensity and whether or not we have the strength of our value proposition in any given market. So it would be hard to say that we have a uniform target across everything. That being said, I don't think we think it's worth attacking or entering a market if our goal wasn't to get to at least 5% in any given market we entered.

是的。我認為，我們會嘗試根據市場的相對成熟度、競爭強度以及我們在任何特定市場中是否具有價值主張的實力來調整我們的市場份額目標。因此很難說我們在所有事情上都有統一的目標。話雖如此，如果我們的目標不是在所進入的任何市場中達到至少 5% 的份額，那麼我認為我們不值得進攻或進入該市場。

Thank you very much. Appreciate it.

非常感謝。非常感謝。

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

女士們、先生們，我們的問答環節到此結束。我想將會議交還給比爾·霍恩巴克 (Bill Hornbuckle) 並請他作最後發言。

Thank you. And thanks, everyone, for joining. Now it's late, particularly back on the East Coast. I'd love to wish everyone a happy belated New Year. This year marks the year of the snake which interestingly symbolizes strength, renewal and growth.

謝謝。感謝大家的參與。現在已經很晚了，特別是在東海岸。我謹祝大家新年快樂。今年是蛇年，有趣的是，蛇象徵力量、更新和成長。

We see a great deal of strength in our land-based US Macau operations and a positive trajectory that we believe will continue well into; 25. Renewal of several story franchises with fresh capital and rebranding initiatives, particularly here at Bellagio, what we're attempting in doing at MGM Grand and the newly rebranded W at Mandalay and growth I think you've heard a lot about that today in terms of the change that MGM is expecting to produce and ultimately, what happens to the balance of our digital platforms and, of course, Japan.

我們看到，我們在美國澳門的陸基業務擁有巨大的優勢，我們相信這種積極的發展軌跡將持續下去； 25.利用新資本和品牌重塑計劃更新幾個故事系列，特別是在貝拉吉奧酒店，我們正在嘗試在米高梅大酒店和新更名的曼德勒 W 酒店進行擴張，我想你們今天已經聽到了很多關於米高梅預計將進行的變革以及最終我們的數字平台和日本的平衡會發生什麼變化的信息。

We think there's plenty of reasons to be optimistic for each of our business segments within MGM. And with that, we thank you all and wish you a good night.

我們認為有很多理由對米高梅旗下的每個業務部門感到樂觀。最後，我們向大家表示感謝，並祝大家晚安。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。