美高梅國際酒店集團 (MGM) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International first-quarter 2025 earnings conference call.

下午好，歡迎參加米高梅國際酒店集團 2025 年第一季財報電話會議。

Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; and Howard Wang, Vice President, Investor Relations.

今天參加電話會議的公司人員包括執行長兼總裁 Bill Hornbuckle、營運長 Corey Sanders、財務長兼財務主管 Jonathan Halkyard、米高梅互動總裁 Gary Fritz、米高梅中國控股執行董事兼總裁 Kenneth Feng 以及投資者關係副總裁 Howard Wang。

(Operator Instructions) Please note this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

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

現在我想把電話轉給 Howard Wang。請繼續。

Thank you, Gary. Welcome to the MGM Resorts International first-quarter 2025 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.

謝謝你，加里。歡迎參加米高梅國際飯店集團 2025 年第一季財報電話會議。此次電話會議正在 investors.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 表格上的新聞稿。

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

在本次電話會議上，我們將根據聯邦證券法的安全港條款做出前瞻性陳述。實際結果可能與這些聲明中預期的結果有重大差異。有關可能導致實際結果與這些前瞻性陳述不同的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的定期文件中。除非法律要求，否則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 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 財務指標的對賬，這些都可以在我們的網站上找到。最後，本次演講正在錄製中。

I will now turn it over to Bill Hornbuckle.

現在我將把發言權交給 Bill Hornbuckle。

Thank you, Howard. And before we get started, on behalf of everyone at MGM, our condolences go out to the family, friends, colleagues and all those who are impacted by the passing of Alexis Herman, our beloved and longtime MGM Resorts' Board Director, and the first African-American to serve as US Secretary of Labor. Alexis was an incredible woman and a tireless champion of our company and our culture, helping us to ground every Board deliberation with their compassion, her sound judgment and valued business expertise.

謝謝你，霍華德。在我們開始之前，我們代表米高梅的全體員工，向亞歷克西斯·赫爾曼的家人、朋友、同事以及所有受到他去世影響的人們表示哀悼。亞歷克西斯·赫爾曼是我們敬愛的、長期擔任米高梅度假村董事的董事，也是第一位擔任美國勞工部長的非裔美國人。亞歷克西斯是一位了不起的女性，她不知疲倦地捍衛著我們的公司和文化，她以自己的同情心、合理的判斷力和寶貴的商業專業知識幫助我們完成每一次董事會審議。

She was always so generous with her time, proving individual career mentorship to myself and many other leaders at MGM and throughout our community. As a public servant, she will always be remembered for her hard work to secure low unemployment, safe work conditions and a global standard for child labor, opening doors for individuals, individual pursuits and advancement of livelihoods. Her life's work touched so many and she truly will be great missed.

她總是慷慨地奉獻自己的時間，為我以及米高梅和整個社區的許多其他領導者提供個人職業指導。作為一名公務員，人們將永遠記得她為確保低失業率、安全的工作條件和童工的全球標準而做出的辛勤工作，為個人、個人追求和生活改善打開了大門。她一生的工作感動了許多人，我們會非常想念她。

We at MGM are fortunate to have a foundation built on exceptional employees and leaders, and I'm pleased to share with you today that their efforts have driven yet another strong quarter of financial results, highlighted by an impressive turnaround at BetMGM. Make no mistake, our ability to deliver outstanding experiences to our customers and strong results to our shareholders start with my colleagues across MGM Resorts. We've maintained record level Net Promoter Scores for our Gold Plus customers once again this quarter.

米高梅很幸運能夠擁有由傑出員工和領導者建立的基礎，今天我很高興與大家分享，他們的努力推動了又一個強勁的季度財務業績，其中 BetMGM 的出色表現尤為突出。毫無疑問，我們能夠為客戶提供卓越的體驗，並為股東帶來豐厚的回報，這要歸功於我在米高梅度假村的同事們。本季度，我們再次為金牌客戶保持了創紀錄的淨推薦值。

Their collective hard work culminated in a notable milestone this month when our MGM Rewards program costs 50 million members, which represents growth of over 50% since 2020, an achievement that reflects the staying power of MGM's iconic brands and our powerful customer insights, which can amplify the Marriott partnership and drive omnichannel opportunities, particularly with BetMGM. I'm confident in saying no other mature gaming company has seen the database growth as strong as we have over the same period.

他們的共同努力在本月達到了一個顯著的里程碑：我們的米高梅獎勵計劃會員人數達到 5000 萬，這意味著自 2020 年以來增長了 50% 以上，這一成就反映了米高梅標誌性品牌的持久力和我們強大的客戶洞察力，這可以擴大與萬豪的合作夥伴關係並推動全渠道，尤其是與 BetMGM 的合作夥伴關係。我可以自信地說，沒有其他成熟的遊戲公司在同一時期內資料庫成長如此強勁。

As we navigate the balance of the year, our business is on solid footing. Led by our luxury offerings, we deliver an elevated experience to more guests than any of our competitors on the Las Vegas Strip, making us prime beneficiaries of a strong citywide events and convention calendar. Our business is also equipped with ample liquidity, a strong balance sheet and operational agility. Specifically, our experienced operators and leaders have shown the ability to adjust quickly in the economic conditions, which have presented themselves throughout the company's life span of nearly four decades.

隨著我們度過今年的剩餘時間，我們的業務基礎穩固。憑藉我們的豪華服務，我們為拉斯維加斯大道上比任何競爭對手更多的客人提供了更高級的體驗，使我們成為強大的全市活動和會議日程的主要受益者。我們的業務還擁有充足的流動性、強大的資產負債表和敏捷的營運能力。具體來說，我們的經驗豐富的營運者和領導者已經展現出在公司近四十年的發展歷程中出現的經濟條件下快速調整的能力。

We ended this year on offense with a $200 million EBITDA enhancement plan already in motion. We now believe we fully can implement more than $150 million in 2025. We are also seeing continued growth from our existing exclusive Marriott collaboration, which we still expect will account for 900,000 room nights this year, up from the 660,000 last year.

我們以 2 億美元的 EBITDA 增強計畫結束了這一年。我們現在相信，我們完全可以在 2025 年實現超過 1.5 億美元的目標。我們也看到，我們與萬豪的現有獨家合作也持續成長，我們預計今年的客房晚間將達到 90 萬間，高於去年的 66 萬間。

Adding to these, our diversity in geography and market mix is once again proving to be a strength during these times of volatility. To set up in Las Vegas remains steady with a favorable room supply dynamic as current rooms under construction represent only 1.6% of the existing supply among the lowest of the top 25 MSAs. Additionally, second-quarter 2025 airline capacity at Harry Reid Airport remains scheduled at record levels. Domestic flight capacity in each month from April to June is up 2% with 14 of the 25 largest metro markets increasing capacity into Las Vegas.

除此之外，我們的地域和市場組合的多樣性再次證明，在動盪時期我們擁有優勢。拉斯維加斯的飯店開辦率保持穩定，客房供應動態良好，因為在前 25 個 MSA 中，目前正在建設的客房僅佔現有供應量的 1.6%。此外，哈里里德機場 2025 年第二季的航空運力仍將保持創紀錄的水平。4 月至 6 月期間，每月國內航班運力均成長 2%，其中 25 個最大城市市場中有 14 個增加了飛往拉斯維加斯的航班運力。

Our Las Vegas Strip resorts were solid despite the prior period's benefiting from the Super Bowl and the full room capacity at MGM Grand given its current room remodel program. As we approach the end of April, we continue to see a resilient operating environment with key metrics in line with what we expect in the ordinary course of business. In fact, April will be a record hotel month for our Las Vegas Strip operations.

儘管前期受益於超級盃賽事以及米高梅大酒店目前的客房改造計畫導致客房滿員，但我們拉斯維加斯大道度假村的業績依然穩健。隨著四月底的臨近，我們繼續看到具有彈性的營運環境，關鍵指標與我們在正常業務過程中的預期一致。事實上，四月將成為我們拉斯維加斯大道酒店業務創紀錄的月份。

In our regional properties, operations remained steady with only a modest decline in revenue due to some inclemental weather. Importantly, we ended the period strong with records for the month of March in RevPAR and slot win. Also, we have once again shown the ability to generate segment adjusted EBITDA margins at or above 30%.

在我們地區的物業中，營運保持穩定，僅因惡劣天氣導致收入略有下降。重要的是，我們以 3 月份每間可用客房收入和角子機贏利的記錄強勢結束了這一時期。此外，我們再次證明了我們有能力達到 30% 或以上的分部調整後 EBITDA 利潤率。

Switching over to China, MGM China is maintaining mid-teens share, ending the quarter at 15.7%, even with new supply ramping up in the market. We continue to be proud and we are able to debut 10 new villas at MGM Macau today with another 18 opening by the end of the year. At MGM Cotai, we're in process of adding 60 new suites that are targeting a first quarter 2026 opening. These are welcome new room products that will help support demand from our premium gaming customers.

轉向中國，即使市場上新供應量不斷增加，美高梅中國仍保持中等水準的份額，本季末的份額為 15.7%。我們繼續感到自豪，今天我們能夠在澳門美高梅開設 10 棟新別墅，另外 18 棟別墅將於年底開幕。在美獅美高梅，我們正在增加 60 間新套房，目標是在 2026 年第一季開幕。這些是受歡迎的新房間產品，將有助於滿足我們高端遊戲客戶的需求。

As solid as our various business segments have performed, the spotlight shine brightest on BetMGM this quarter. The venture reported an increase in net revenue from operations of 34% for the quarter and EBITDA of $22 million, representing a tremendous improvement of over $150 million from the prior-year period.

儘管我們的各個業務部門表現穩健，但本季最受關注的是 BetMGM。該公司報告稱，本季的營業淨收入成長了 34%，EBITDA 為 2,200 萬美元，較去年同期大幅成長了 1.5 億美元以上。

iGaming net revenues for operating grew 27% and online sports net revenues from operations grew 68%, each on the heels of strong engagement improvement. We have previously discussed the focus on iGaming and a more thoughtful and profitable approach towards customer acquisition and the team has executed on it impressively for the year-over-year turnaround.

由於參與度的強勁提升，iGaming 營運淨收入成長了 27%，線上運動營運淨收入成長了 68%。我們之前曾討論過對 iGaming 的關注以及更周到、更有利可圖的客戶獲取方法，並且團隊在同比扭虧為盈方面表現出色。

MGM Digital, our consolidated international digital business that does not include the BetMGM venture, made great progress during the quarter as well with the launch in Brazil and our first deployment of sports betting platform that we acquired from Tipico last year.

我們的綜合國際數位業務（不包括 BetMGM 合資公司）米高梅數位 (MGM Digital) 在本季度也取得了巨大進展，在巴西推出了該業務，並首次部署了我們去年從 Tipico 收購的體育博彩平台。

In Brazil, we have seen evidence of early traction with healthy retention rates. Also having a fantastic media partner like Grupo Globo has provided flexibility in marketing, allowing us to be very deliberate on entry. We are focused on executing our marketing plan throughout the second quarter as this business continues to ramp, and we're excited to launch our live dealer platform from the MGM brand later in May.

在巴西，我們已經看到了早期吸引力和健康保留率的證據。此外，擁有 Grupo Globo 這樣出色的媒體合作夥伴也為行銷提供了靈活性，讓我們能夠非常謹慎地進入市場。隨著這項業務的持續成長，我們專注於在整個第二季度執行我們的行銷計劃，我們很高興在 5 月下旬推出來自米高梅品牌的真人荷官平台。

In Japan, we've made meaningful progress. Earlier this month, we entered into an agreement with our general contractors to proceed with construction activities as planned And we held an official ground opening -- breaking ceremony in Osaka on April 24. State side, we remain on track to submit our RFP in New York over the summer and continue to expect to hear back on our licenses before year's end.

在日本，我們取得了有意義的進展。本月初，我們與總承包商達成協議，按計劃進行施工活動，並於 4 月 24 日在大阪舉行了正式的破土動工儀式。在美國方面，我們仍將按計劃於夏季向紐約提交 RFP，並繼續期望在年底前收到有關我們許可證的回應。

Overall, MGM is well positioned for the future. We have market-leading operations in Las Vegas and the regions and the resorts have received significant investment in care over most recent years. Our digital businesses in the US and beyond are growing and turning profitable, and we have an inevitable pipeline of future project opportunities in Japan and hopefully New York, as well as a durable financial profile, including ample liquidity and a very solid balance sheet.

總體而言，米高梅已為未來做好了準備。我們在拉斯維加斯及週邊地區擁有市場領先的業務，近年來，度假村在護理方面獲得了大量投資。我們在美國及其他地區的數位業務正在成長並實現盈利，我們在日本以及紐約擁有不可避免的未來專案機會，並且擁有持久的財務狀況，包括充足的流動性和非常穩健的資產負債表。

I'll now turn this over to Jonathan to provide further details on the quarter.

現在我將把這個交給喬納森，讓他提供有關本季的更多詳細資訊。

Thanks, Bill. I'd like to echo your comments about our team here at MGM Resorts. We've delivered a really strong quarter of results despite a difficult year-over-year Super Bowl comp and overall market volatility. These results are a testament to the strength of our operators, the teams who support them and our employees who execute with excellence every day. So a huge thanks to the team.

謝謝，比爾。我想附和您對我們米高梅度假村團隊的評價。儘管超級盃賽事與去年同期相比表現不佳且整體市場波動，但我們仍取得了非常強勁的季度業績。這些結果證明了我們的操作員、支持他們的團隊以及每天出色完成工作的員工的實力。非常感謝團隊。

In Las Vegas, performance was solid, particularly when taking into account our expected year-over-year impact of about $65 million related to the Super Bowl last year plus the impact from the room remodel at the MGM brand this year, which we discussed in our last call.

在拉斯維加斯，業績表現穩健，特別是考慮到我們預計去年超級盃帶來的約 6500 萬美元的同比影響，以及今年米高梅品牌客房改造的影響，我們在上次電話會議上討論過這個問題。

Segment adjusted EBITDA was down $17 million and included $37 million in business interruption proceeds during the quarter. When considering the puts and takes of the quarter, we more than made up for the headwinds. The value of the Marriott strategic relationships was notable this quarter, helping to achieve record first-quarter occupancy.

該部門調整後的 EBITDA 下降了 1,700 萬美元，其中包括本季 3,700 萬美元的業務中斷收益。考慮到本季的得失，我們足以彌補不利因素。本季，萬豪戰略合作關係的價值十分顯著，協助實現第一季入住率創紀錄。

The incremental customers also helped drive record first-quarter slot win, which was up 7%. The regional operations held in well. And when adjusted for the $12 million of business interruption proceeds we received, the EBITDAR decline was mostly attributed to challenging weather at the start of the quarter. The regional operators ended the quarter on a high note, as Bill mentioned, with record March slot win.

新增顧客也幫助推動了第一季的時段收益創下紀錄，成長了 7%。區域行動進展順利。當我們調整收到的 1,200 萬美元業務中斷收益時，EBITDAR 的下降主要歸因於本季初的惡劣天氣。正如比爾所提到的，區域營運商以創紀錄的三月時段收益結束了本季。

RevPAR and the regional hotel portfolio impressed hitting monthly records for each month during the quarter. In Macau, margins held in at 28% due to strong OpEx control and other efforts to maximize the efficiency of our assets. The result was also notable given the advent of several very successful initiatives to drive tourism including the Macau 2049 Residency Show at Cotai and the Poly Art Museum at MGM Macau.

RevPAR 和區域酒店組合令人印象深刻，本季每個月都創下了月度記錄。在澳門，由於強有力的營運支出控制和其他旨在最大限度提高資產效率的舉措，利潤率維持在 28%。這項成果也十分引人注目，因為有幾項非常成功的旅遊推動舉措，包括在路氹城舉辦的澳門2049駐地展和在澳門美高梅舉辦的保利藝術博物館。

Importantly, MGM China increased its dividend payout policy to 50% of distributable profits, up from 35%. And earlier this month, MGM China closed on a new larger revolving credit facility, which provides about $3 billion of liquidity and represents approximately $1 billion of increased capacity and extends maturities for four years to 2030.

重要的是，美高梅中國將股利支付政策從可分配利潤的35%提高到50%。本月初，米高梅中國完成了一筆新的更大規模的循環信貸額度，該額度提供了約 30 億美元的流動性，相當於增加了約 10 億美元的信貸能力，並將期限延長四年至 2030 年。

BetMGM continued its acceleration in the first quarter reported positive $22 million of EBITDA. That's up $154 million from last year. And it's worth noting that the prior year was impacted by a number of headwinds, but these results reflect the strong execution against the strategy and the start of its returns.

BetMGM 第一季持續加速成長，報告 EBITDA 為正 2,200 萬美元。這比去年增加了 1.54 億美元。值得注意的是，去年受到了許多不利因素的影響，但這些結果反映了該策略的強勁執行及其回報的開始。

The business is healthy and it remains on track for its guidance of $2.4 billion to $2.5 billion in net revenues from operations this year and positive EBITDA. And recall that the BetMGM results are reflected one month in arrears when recorded and the MGM Resorts results.

該公司的業務狀況良好，預計將實現今年 24 億美元至 25 億美元的淨營業收入和正 EBITDA 的預期。請記住，BetMGM 的結果在記錄時會反映一個月的拖欠情況，而 MGM Resorts 的結果也是如此。

MGM Digital, which is our consolidated international digital business and it doesn't include BetMGM, continues to make progress. Revenues in this segment were impacted by adverse effects of regulations in the Netherlands and some tough comps in our largest markets, Sweden, that we've seen some meaningful recovery starting in April.

米高梅數位 (MGM Digital) 是我們合併的國際數位業務，不包括 BetMGM，目前正在繼續取得進展。該部門的收入受到荷蘭法規的不利影響以及我們最大市場瑞典的一些艱難競爭的影響，但從 4 月開始，我們看到了一些有意義的復甦。

The year-over-year segment adjusted EBITDAR decline for MGM Digital was anticipated due to additional headcount for strategic growth as well as costs related to the launch of BetMGM in Brazil. where we've increased our marketing momentum to start the second quarter. We note that this quarter, we provided quarterly historical data in our investor presentation for the MGM Digital segment to help with your modeling.

預計米高梅數位部門調整後的 EBITDAR 年比下降是由於策略性成長的額外員工以及與在巴西推出 BetMGM 相關的成本。我們在第二季開始時增加了行銷動能。我們注意到，本季我們在投資者演示中提供了米高梅數位部門的季度歷史數據，以幫助您進行建模。

In Japan, MGM's equity commitment has increased to JPY428 billion, of which we now have remaining about JPY392 billion to invest for our future 43.5% ownership stake. Despite the increase driven by updated spend estimates as we finalized our negotiations with contractors, we still have a high conviction and a high-teens percentage return on this project and remain on time to open in 2030.

在日本，米高梅的股權承諾已增至 4,280 億日元，其中我們目前剩餘約 3,920 億日圓用於投資未來 43.5% 的所有權。儘管我們與承包商完成談判後更新的支出估算導致成本增加，但我們仍然對該項目充滿信心，並有望獲得高額回報率，並預計在 2030 年按時開業。

One item impacting corporate expense, I want to highlight, is a $9 million charitable donation that we proudly made during the quarter for an important city of Las Vegas initiative that makes the balance slightly elevated. But otherwise, this line item is consistent with our historical levels.

我想強調的是，影響公司支出的一項是，我們在本季自豪地為拉斯維加斯市的一項重要計劃捐贈了 900 萬美元，這使得餘額略有上升。但除此之外，此項與我們的歷史水準一致。

We remain dedicated to continuously improve our business. Recall we estimate the collective impact of enhancements that we announced last year will boost EBITDA by a run rate of $200 million, and we're now pacing to capture more than $150 million taking effect this calendar year, 35% of which comes from revenue actions and 65% from cost savings.

我們始終致力於不斷改善我們的業務。回想一下，我們估計去年宣布的改進措施的整體影響將使 EBITDA 的運行率提高 2 億美元，而我們現在正努力爭取在今年獲得超過 1.5 億美元的收益，其中 35% 來自收入行動，65% 來自成本節約。

Now I view our cash flow generation as our consolidated adjusted EBITDA plus our noncash rent minus our CapEx. And this not only provides us the ability to remain committed to all of our capital projects but also take advantage of any dislocations in our stock price as a result of market volatility.

現在，我將我們的現金流量產生視為合併調整後的 EBITDA 加上非現金租金減去資本支出。這不僅使我們能夠繼續致力於所有資本項目，而且還能利用由於市場波動而導致的股價波動。

Like we did in the fourth quarter, we saw significant value in our share price in the first quarter and we took advantage by repurchasing shares. When you strip out the value of MGM China at its market value and assign a consensus value to our BetMGM venture, you end up with an implied multiple of just 3.3 times trailing 12-month adjusted EBITDA.

就像我們在第四季度所做的那樣，我們在第一季看到了股價的顯著價值，而我們透過回購股票抓住了這個機會。當您扣除美高梅中國 (MGM China) 的市場價值，並為我們的 BetMGM 合資企業分配一個共識價值時，您最終得到的隱含倍數僅為過去 12 個月調整後 EBITDA 的 3.3 倍。

To say nothing of the value of MGM Digital, the business we know is capable of $1 billion in run rate top line with double-digit EBITDA margins. We think the current price represents an attractive opportunity and have continued to buy back stock. We repurchased nearly 15 million shares for about $494 million in the first quarter, and we purchased another 8 million shares in the second quarter to date for $215 million.

且不說米高梅數位公司的價值，我們知道，該公司的營業額能夠達到 10 億美元，EBITDA 利潤率也能達到兩位數。我們認為當前價格代表著一個有吸引力的機會，並將繼續回購股票。我們在第一季回購了近 1,500 萬股，耗資約 4.94 億美元，第二季迄今又回購了 800 萬股，耗資 2.15 億美元。

As we end April, our share count is nearly 45% lower than it was when we began our buying program, and we've received Board approval for the ability to repurchase another $2 billion of shares. I'll turn it back to Bill.

截至四月底，我們的股票數量比開始購買計畫時減少了近 45%，我們已獲得董事會批准，可以再回購價值 20 億美元的股票。我會把它交還給比爾。

Thank you, Jonathan. When I think about our business, it starts in Las Vegas, which remains on solid footing with our luxury offerings driving key results. This is complemented by the stability of the regional operations in MGM China, which clearly is now outpunching its weight and maintains mid-teens market share.

謝謝你，喬納森。當我想到我們的業務時，它始於拉斯維加斯，憑藉我們奢華的產品推動的關鍵業績，拉斯維加斯的基礎仍然穩固。這與米高梅中國區業務的穩定性相得益彰，米高梅中國區業務目前明顯超越了其實力，並保持了十幾歲的市場份額。

We have also witnessed significant improvements in our BetMGM venture results and with the MGM Digital segment is showing good early traction. And as Jonathan once again articulated, we see a dislocation in the markets for the combined value of these businesses and are taking advantage by repurchasing our own shares.

我們也見證了 BetMGM 合資企業績效的顯著改善，並且 MGM Digital 部門也表現出良好的早期發展勢頭。正如喬納森再次明確指出的那樣，我們看到這些企業的總價值在市場上出現了混亂，因此我們透過回購自己的股票來抓住這個機會。

With that, operator, we'll open it up for questions.

接線員，現在我們可以開始提問了。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

The first question is about Las Vegas. Obviously, really reassuring commentary about April and how that's tracking. I was wondering if you could just unpack that April comment in terms of the major KPIs, which of those KPIs are growing stronger, which are a little weaker. How do you think about April?

第一個問題是關於拉斯維加斯的。顯然，關於四月及其走勢的評論確實令人放心。我想知道您是否可以從主要 KPI 的角度來解釋一下 4 月的評論，哪些 KPI 正在增強，哪些 KPI 正在減弱。您覺得四月怎麼樣？

Jon, do you want to kick it off?

喬恩，你想開始嗎？

Sure. Yeah. I mean, the first thing that we look at is just overall demand as evidenced by things like hotel occupancy and rate. And so as we mentioned in our prepared remarks, April in Las Vegas is shaping up to be a record April for the company, which is, we think, a very positive.

當然。是的。我的意思是，我們首先要看的是整體需求，例如飯店入住率和房價。正如我們在準備好的發言中提到的那樣，四月拉斯維加斯的業績有望成為公司創紀錄的四月份，我們認為這是一個非常積極的信號。

Another area that we look to is group performance and event performance. And also, we've seen very strong response to events here in the market and our property specifically as well as groups and the actual number of group participants that materialize and come here and spend.

我們關注的另一個領域是團體表演和活動表演。此外，我們還看到市場和我們的房地產對這裡的活動反應非常強烈，團體以及實際到訪並來這裡消費的團體參與者的數量也非常多。

The final thing I'd add is that Marriott, the Marriott partnership for us is performing exceptionally well. We already have just through April, 440,000 room nights that have been booked. And I'll do the math. It's over 20,000 room nights a week are being booked through the Marriott channel, and these are customers that we think are very accretive as compared to the customers that they would -- that they've replaced.

最後我想補充的是，我們與萬豪的合作關係表現非常出色。截至 4 月份，我們的客房預訂量已達 44 萬間夜。我會計算一下。每週透過萬豪管道預訂的客房晚數超過 20,000 間，我們認為，與他們所取代的客戶相比，這些客戶的增值潛力非常大。

So a couple of thoughts on that. Bill, did you have anything to add?

對此我有一些想法。比爾，你還有什麼要補充的嗎？

Maybe one other thought, Brandt, that kind of puts it into some perspective. Normally, we book about 40% of our business, 30 days out. That window has extended both in March and April to like 43 and 44, something of that ilk, but we still got to the desired result. And in April, we actually in the rooms department beat that both with a combination of occ and rate of note.

布蘭特，也許還有另一個想法，可以從某個角度看待這個問題。通常情況下，我們提前 30 天預訂了約 40% 的業務。該視窗在 3 月和 4 月都延長到了 43 和 44，類似這樣的長度，但我們仍然得到了預期的結果。而今年 4 月份，我們客房部門的入住率和入住率其實都超過了這兩個數字。

And so while it may be coming in later, based on obviously the overall economic condition of people's mindset in the world, it is still coming to Las Vegas, and we're still the beneficiary of it. So we feel excited by that as we think of -- excited is about the right word given the environment we're in, but we're encouraged by that given -- as we think about the balance of the year.

因此，儘管它可能來得晚一些，但顯然基於世界人民心態的整體經濟狀況，它仍然會來到拉斯維加斯，我們仍然是它的受益者。因此，當我們想到這一點時，我們感到很興奮——考慮到我們所處的環境，「興奮」這個詞用得非常恰當，但當我們考慮今年的平衡時，我們感到很鼓舞。

And the only other thing I would add is our slot volumes continue to be positive as we saw in the first quarter.

我唯一想補充的是，我們的時段量繼續保持正成長，正如我們在第一季看到的那樣。

Great. That's all really helpful, everyone. And just following up on that and maybe you could just square this with everything -- everyone sees on the news, et cetera, but specifically regarding international inbound, we've been pretty well documented that inbound from Canada has been soft and some other major source markets that you guys get business from.

偉大的。這對大家來說真的很有幫助。繼續跟進，也許你可以把這個問題與大家在新聞中看到的所有事情聯繫起來，等等，但具體到國際入境方面，我們有充分的證據表明，來自加拿大的入境人數一直很疲軟，還有一些其他主要來源市場，你們從這些市場獲得了業務。

But specifically regarding your higher end, which we would think would skew even more toward that type of business, how are you able to make up for that?

但具體到你們的高端產品，我們認為會更偏向那種類型的業務，你們要如何彌補這一點？

Well, on the higher end, it's not really having any impact at all. Actually, we just had an amazing event in April with our higher-end component of it. It's really the leisure-type business, the Canadian business that is down, but we've been able to make it up in our Marriott blocks and our casino blocks.

嗯，從高端來看，它實際上根本沒有任何影響。實際上，我們剛剛在四月份舉辦了一場精彩的活動，其中採用了我們的高端組件。真正下滑的是休閒業務，加拿大業務，但我們透過萬豪酒店和賭場酒店業務彌補了這一損失。

WestJet is the biggest carrier. They're down about 15%, but we're only down about 3% or 4%. And obviously, it's down. We all understand what's happening again. But again, Marriott, large-scale casino base, BetMGM consistently omnichannel pounding, and ultimately, a once-in-a-lifetime [buck] return of $10 million helped.

西捷航空是最大的航空公司。他們下降了約 15%，但我們僅下降了約 3% 或 4%。顯然，它已經下降了。我們都明白又發生了什麼事。但同樣，萬豪、大規模的賭場基地、BetMGM 持續的全通路衝擊，以及最終千載難逢的 1,000 萬美元回報都起到了幫助作用。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

It looks like in the -- in your filings, you disclosed obviously some of your payroll and labor and the year-over-year increases appear to be less than some of the escalators. Could we kind of read into that, that part of that -- is the efforts as part of the $150 million that you expect to achieve this year or is that kind of in excess of -- or is this kind of a separate initiative, I guess, I should say?

看起來，在您的文件中，您顯然披露了部分工資和勞動力，而且同比增長似乎低於一些自動扶梯。我們能否深入理解這一點，這部分努力是否是您預計今年實現的 1.5 億美元目標的一部分，或者是否超出了目標 - 或者我應該說，這是一種單獨的舉措？

Generally, yes, you can read into that, that that is a -- I guess, really a result of our continuous efforts to manage our costs here. It's certainly true that we've been able to manage growth in FTEs across the company. In fact, in the first quarter, we were down in FTEs across our regions, Las Vegas and our corporate office.

一般來說，是的，你可以理解為，這是一個——我想，這實際上是我們不斷努力管理成本的結果。確實，我們已經能夠管理整個公司的全職員工 (FTE) 的成長。事實上，在第一季度，我們各地區、拉斯維加斯和公司辦公室的全職員工人數都有所下降。

So it's not -- we can't hide those numbers to any specific actions we've taken. The fact of the matter is that we're always managing our labor expenses and you're seeing a reflection of that.

所以，我們不能對我們採取的任何具體行動隱藏這些數字。事實上，我們一直在管理我們的勞動力費用，而您也看到了這一點。

And Carlo, I think in the front end of our business, we're beginning to see more and more digital interaction, whether it's concierge or call centers, people calling down for, I want a pillow from my room. And so the digital interface, which is probably carrying 80% of the traffic now at least initially and ultimately, a small spattering although we're going to get more and more of AI is proven to be very productive. And so we're going to continue down that track.

卡洛，我認為在我們業務的前端，我們開始看到越來越多的數位互動，無論是禮賓服務還是呼叫中心，人們打電話來問，我想要房間裡的枕頭。因此，數位介面現在可能承載著至少在初期和最終的 80% 的流量，儘管我們將獲得越來越多的人工智慧，但事實證明它非常有效率。因此我們將繼續沿著這條路走下去。

Great. Thank you guys. And then just a clerical kind of follow-ups. As it relates to the business interruption insurance, is that in revenue and EBITDAR or just EBITDAR? And could you give us any color? I know this is hard to handicap, but any further proceeds you might expect to receive later in the year or in subsequent years? Or is this kind of wrapping it up?

偉大的。謝謝你們。然後只是文書方面的後續工作。就業務中斷保險而言，它包含在收入和 EBITDAR 中，還是僅僅包含在 EBITDAR 中？您能給我們一些顏色嗎？我知道這很難預測，但您預計在今年晚些時候或隨後幾年還會收到什麼進一步的收益嗎？或者這是一種結束嗎？

Yeah. It's an EBITDAR. It's not recorded as revenue. We have now collected over $100 million, of course, a lot in the third quarter last year and then another good slug this quarter. We're not finished. We're still in active discussions with our carriers and we do have significant claims remaining.

是的。這是息稅折舊攤提前利潤 (EBITDAR)。它不被記錄為收入。當然，我們現在已經籌集了超過 1 億美元，其中很大一部分是在去年第三季籌集的，而本季又籌集了一筆不錯的資金。我們還沒完成。我們仍在與承運商進行積極討論，並且我們確實還有大量索賠。

That being said, I think we've received the majority, I would say, over 50% of what we expect. And it will be, I think, lumpy from here on out and not as significant as we've collected so far. But we're very pleased having brought $100 million in for our shareholders over the past six months.

話雖如此，我認為我們已經收到了大部分，我想說，超過了我們預期的 50%。我認為，從現在開始，這些數據將會變得不均衡，而且不會像我們迄今為止收集到的那麼重要。但我們非常高興在過去六個月中為股東帶來了 1 億美元的收益。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

I wanted to just follow up on the comments regarding Japan and in terms that you've sort of locked in with your contractor, just in the context that materials availability and cost has become a discussion point. What variability is left in that from this point forward given the size of the project?

我只是想跟進有關日本的評論，就您與承包商達成的協議而言，材料可用性和成本已成為討論的焦點。考慮到專案的規模，從現在開始還有哪些變化？

Yeah. Thank you for the question, David. We've been hard at work with our partners, with the contractors to, of course, define the project itself, get it designed and nail down the major contracts. On the one hand, there will be some variability in terms of costs as we go forward related just to overall input costs. We've done, I think, a good job of building in contingency into our budget for that potential.

是的。謝謝你的提問，大衛。我們一直在與合作夥伴、承包商努力工作，確定專案本身，進行設計並確定主要合約。一方面，隨著我們前進，與整體投入成本相關的成本方面將會出現一些變化。我認為，我們在預算中為應對這種潛在情況做好了充分的應急準備。

On the other hand, unlike other parts of the world, really before we even commenced on a project like this in the coming quarters, the project will be fully designed. So in terms of scope, we don't expect that to be a factor at all in any changes in the cost of the project.

另一方面，與世界其他地區不同的是，在未來幾季我們開始這樣的專案之前，該專案將得到全面設計。因此，就範圍而言，我們預計這不會成為專案成本變化的任何因素。

And just a couple of more items. We, together with our partners, we're going to be looking as we go forward for opportunities to be as cost efficient as possible in the construction. And then finally, for our equity commitment, we've already hedged over half of our commitment in the forward yen markets to lock in some of these favorable exchange rates against -- with the dollar and the yen. So we're all fully hedged through the middle of 2027 in terms of our equity contributions.

還有其他幾件物品。我們將與合作夥伴一起，不斷尋找機會，在施工過程中盡可能提高成本效益。最後，對於我們的股權承諾，我們已經在遠期日圓市場上對沖了超過一半的承諾，以鎖定對美元和日圓的一些有利匯率。因此，到 2027 年中期，我們的股權貢獻都已完全對沖。

And then, David, on the other side of the equation because we haven't really focused on this in some time, we said in the prepared comments, high-teens return. Look, if we use Singapore as a proxy, a couple of interesting stats, five times more of the population. If you just think of the Kansai Basin, never mind all of Japan, we have the same number of table games. We'll have twice the number of slots. Singapore just did over $600 million in the first quarter.

然後，大衛，另一方面，因為我們有一段時間沒有真正關注這個問題了，我們在準備好的評論中說過，十幾歲的孩子又回來了。瞧，如果我們以新加坡為代表，就會發現一些有趣的統計數據，其人口是新加坡的五倍。如果您只考慮關西盆地，不要考慮整個日本，我們擁有的賭桌遊戲數量是一樣的。我們的席位數量將增加一倍。新加坡第一季的出口額剛超過6億美元。

To think this thing can't five years from now or -- five years from now is 2030 -- do over $2 billion in EBITDA and return is -- we're excited about what the opportunity could ultimately be there.

想想這件事五年後，或者——五年後是 2030 年——不可能實現超過 20 億美元的 EBITDA 和回報——我們對最終可能出現的機會感到興奮。

Noted. And just following up quickly on your comment regarding the Bonvoy partnership. It sounds like it's going obviously quite well. I don't know if that's exceeded or meeting your expectations, but any possibility or thoughts about expanding that in some fashion going forward that you might be willing to share a little bit with us?

著名的。我只是想快速跟進一下您關於 Bonvoy 合作夥伴關係的評論。聽起來顯然進展得相當順利。我不知道這是否超出或滿足了您的期望，但您是否願意與我們分享以某種方式擴展這一目標的可能性或想法？

It's exceeded it. I think you know noticed this by the deal. We've obviously committed to W. Over the first 10 years, we have yet another property here in Last Vegas we need to commit. And so we're spending time and energy eventually thinking about that.

已經超出了。我想您透過這筆交易注意到了這一點。我們顯然已經對 W 做出了承諾。在最初的 10 年裡，我們還需要承諾在 Last Vegas 的另一個房產。因此我們最終花時間和精力來思考這個問題。

And then Tony and I have talked briefly about the notion of international and potentially where this relationship would go, whether it's Japan or other places. And so we'll spend some more time thinking about that, but there's nothing definitive. But notionally, that's -- we love this partnership so far. And so all things considered.

然後托尼和我簡要討論了國際概念以及這種關係的潛在發展方向，無論是日本還是其他地方。因此，我們會花更多時間思考這個問題，但目前還沒有定論。但從理論上講，到目前為止，我們很喜歡這種合作關係。所以，總而言之。

I would -- David, I'd just add, there has been one -- I consider it an important expansion in the partnership recently, which is the inclusion of group customers here in Las Vegas. Where now, if you're coming as part of a big meeting or convention and you're staying with us, you can get your Bonvoy points. And that makes us a very appealing destination for meeting planners and not to mention the participants themselves. So I think that's going to really help turbocharge the production out of the Marriott deal.

我想——大衛，我只想補充一點，最近有一項——我認為這是合作關係的一個重要擴展，即吸收拉斯維加斯的團體客戶。現在，如果您參加大型會議或大會並入住我們飯店，您就可以獲得 Bonvoy 積分。這使得我們成為會議策劃者非常青睞的目的地，更不用說對會議參與者來說了。所以我認為這將真正有助於推動萬豪交易的成果。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Bill or Jonathan, wanted to expand just to maybe wrap up on Japan since we were talking about it. Could you just remind us of the overall budget either in dollars or in yen for the projects as we sit here today? Just sort of a housekeeper there and the let-out of your equity contribution there just again for kind of modeling?

既然我們正在談論日本，比爾或喬納森就想擴大範圍，也許可以結束在日本的討論。您能否提醒我們今天坐在這裡時這些項目的總預算（以美元或日圓計算）是多少？只是一種管家，然後把你的股權貢獻放出來，再次建模？

And then the strategic question would be on New York. We obviously saw one of the large participants in the market here sort of changed their programming or planning around that. We've definitely heard other people discussing sort of their strategy to that market. Where does MGM sit as it relates to New York? Thanks.

那麼戰略問題就在於紐約。我們顯然看到這裡的一個大型市場參與者根據這一點改變了他們的編程或計劃。我們確實聽過其他人討論他們針對該市場的策略。米高梅與紐約的關係如何？謝謝。

Yeah. So our -- in terms of the overall cap table for the project right now, our commitment of $428 billion -- sorry, billion yen, is about a 43.5% equity interest. Our partners Orix and then minority shareholders make up the balance of that. And then we have a JPY530 billion credit facility on the project. So that's the cap table as it stands right now.

是的。因此，就目前專案的整體資本表而言，我們承諾的 4,280 億美元（抱歉，是 10 億日圓）約佔 43.5% 的股權。我們的合作夥伴 Orix 和少數股東構成了其中的平衡。然後我們為該項目提供了5300億日元的信貸額度。這就是目前的股權結構表。

We expect our equity -- our contributions to occur over the next four years, including 2025, about USD600 million to USD700 million per year, and then the credit -- along our equity partners. And then the bank facility will kick in at that point in 2028 and carry the funding through to the opening in 2030. So that's just kind of a rough overview.

我們預計我們的股權——我們的貢獻將在未來四年內發生，包括 2025 年，每年約 6 億至 7 億美元，然後是我們的股權合作夥伴的信用。然後銀行貸款將於 2028 年啟動，並將資金持續到 2030 年開業。這只是一種粗略的概述。

And then on New York, we are planning to make our submission at the end of June, which I think we all understand is the date. We haven't changed appreciably in the plan. We like what we came up with. I think we're comfortable with the city. We're going through and got most of our environmental impact study done, et cetera.

然後在紐約，我們計劃在六月底提交意見，我想我們都知道這個日期。我們的計劃沒有太大的改變。我們喜歡我們的想法。我認為我們對這座城市很滿意。我們正在進行並完成了大部分環境影響研究等等。

And so we really haven't changed the plan. It is of interest we watch where the others are going and potentially where they will go. It's our anticipation there will still be three licenses. We'll take a unique position. I think we always have there. And so it's all things being relative and see what happens. You never know, it is New York. We'll make our submission next month -- end of next month.

所以我們其實沒有改變計劃。有趣的是，我們觀察其他人的去向以及他們可能將去向何方。我們預計仍將有三個許可證。我們將採取獨特的立場。我想我們一直都在那裡。所以所有的事情都是相對的，看看會發生什麼。你永遠不知道，這就是紐約。我們將在下個月——下個月月底——提交報告。

And then just changing gears for a second on MGM Digital. I think I caught -- it sounds like you're going into a little bit of a marketing phase there in Brazil. Can you just remind us of maybe the cadence of investment around -- especially this year as I think it's a little lumpy as you're kind of building out that business versus kind of what maybe your exposure or your process is for the year after? Just help us think about the investment period here.

然後，我們稍微改變一下話題，談談米高梅數位公司 (MGM Digital)。我想我已經明白了——聽起來你們在巴西正進入一個行銷階段。您能否提醒我們周圍的投資節奏——尤其是今年，因為我認為它有點不穩定，因為您正在建立這項業務，而您可能在明年的風險敞口或流程是什麼？只是幫助我們思考這裡的投資期。

Yeah, thanks. Things are starting off terrific in Brazil. We've been live since Q1. In terms of the pacing of investment, we believe that the first half of this year probably bleeding over a little bit into Q3 is the core of our marketing deployment.

是的，謝謝。巴西的情況開始變得非常好。我們從第一季開始上線。在投資節奏方面，我們認為今年上半年可能略微延續到第三季是我們行銷部署的核心。

We probably got off to a little bit slower start than we anticipated, so that may shift out by a month or so. But principally, the real marketing dig against the business will occur over, let's call it, the next six months. And then we'll see those investments begin to tether. That's the current plan.

我們的起步可能比我們預期的要慢一點，所以可能會推遲一個月左右。但原則上，針對該業務的真正行銷攻擊將發生在未來六個月內。然後我們就會看到這些投資開始受到約束。這是目前的計劃。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

I think over the past four years, your repurchases have been about almost now 95% of the current market cap. You also highlighted the discounted EBIT -- EBITDA multiple on the domestic business. So I'm curious, are there other opportunities that create value either by monetizing assets or simplifying the story that you're thinking about or that you would think about if the stock stays range bound?

我認為在過去四年中，你們的回購額幾乎占到當前市值的 95%。您也強調了國內業務的折扣 EBIT - EBITDA 倍數。所以我很好奇，是否有其他機會可以透過資產貨幣化或簡化您正在考慮的故事來創造價值，或者如果股票保持區間波動，您會考慮這些機會嗎？

Yeah. Thanks for that question. And we have seen a tremendous opportunity recently just in repurchasing our own shares. I mean, the -- we put a page in the presentation this quarter that we've done from time to time. But really, the situation with the trading in the stock has just presented us with, we think, a fantastic opportunity to repurchase shares for the shareholders.

是的。謝謝你的提問。我們最近在回購自己的股票時看到了巨大的機會。我的意思是——我們在本季的簡報中加入了我們不時做過的頁面。但實際上，我們認為股票交易的情況為我們提供了一個為股東回購股票的絕佳機會。

I mean, you brought up ways to kind of monetize that. If you look not to -- not too far in the past where we were able to sell Gold Strike in Tunica for I think that was about 11 times EBITDA, the Mirage for I think it was 14 or 15 times EBITDA. And now we can buy the Bellagio and Aria for 3 times EBITDA.

我的意思是，你提出了將其貨幣化的方法。如果你不去想的話——不久前，我們能夠以大約 11 倍 EBITDA 的價格出售位於 Tunica 的 Gold Strike，而我認為 Mirage 的價格是 14 倍或 15 倍 EBITDA。現在我們可以以 3 倍 EBITDA 的價格購買 Bellagio 和 Aria。

So we think that that's a pretty good use of capital. And that's why we've been so aggressive in the past four months.

所以我們認為這是對資本的非常好的運用。這就是我們在過去四個月裡如此積極進取的原因。

And then, Stephen, remember, I suspect you do that Northfield Park and Springfield are ongoing discussions. So those are assets that we've been talking about for a while.

然後，史蒂芬，記住，我懷疑你會說諾斯菲爾德公園和斯普林菲爾德是正在進行的討論。這些就是我們已經談論過一段時間的資產。

Yeah, makes sense. And maybe one quick follow-up. Just on the digital side, I guess, is there any way to think about the contribution from an omnichannel standpoint, the benefits that you're getting outside of just BetMGM individually, but how it may benefit the retail business as well or the brick-and-mortar business?

是的，有道理。也許還有一個快速的後續行動。我想，僅從數位方面來看，是否可以從全通路的角度來考慮其貢獻，即您在 BetMGM 之外獲得的利益，但它又如何使零售業務或實體業務受益？

Yeah. Well, look, we certainly see beyond just the direct benefits between the marketing synergy and the synergies with our host teams here in Vegas, helping BetMGM. On the regional side, I mean, it's just like another reason for folks to be an MGM customer in region is the fact that they can continue that relationship with us both in their on-property play and play at home, and we've built the rewards ecosystem to underscore that. We have event programming around that to encourage customers for their play in both channels. And that's really borne fruit in markets like Detroit and in the capital area as well.

是的。嗯，你看，我們當然看到的不僅僅是行銷協同效應和與我們在拉斯維加斯的主隊之間的協同效應之間的直接利益，還有助於 BetMGM。從區域方面來看，我的意思是，人們成為該地區米高梅客戶的另一個原因是，他們可以在酒店內和家中繼續與我們保持這種關係，我們已經建立了獎勵生態系統來強調這一點。我們圍繞這一點制定了活動計劃，以鼓勵客戶透過這兩個管道進行遊戲。這在底特律和首都地區等市場確實取得了成果。

And what we have seen definitely in this quarter, in particular, it trips up pretty significantly in our spend. It's not a little bit lower base, but there are pretty significant numbers we are beginning to see out of that channel.

特別是我們在本季看到的情況是，我們的支出出現了相當大的成長。這不是一個稍微低一點的基數，而是我們開始從該頻道看到相當顯著的數字。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Jonathan, maybe for you to piggyback on that last question. Can you talk a little bit about how you think of share repurchases going forward as CapEx starts to ramp up? I think if I heard correctly, your equity contribution for Japan would be up 600 to 700 per year beginning this year and new work maybe around the quarter if you're lucky enough for that opportunity.

喬納森，也許你可以回答最後一個問題。隨著資本支出開始增加，您能否談談您對未來股票回購的看法？我想如果我沒聽錯的話，從今年開始，你對日本的股權貢獻每年將增加 600 到 700 美元，如果你夠幸運，有機會，那麼可能在本季度左右會有新的工作。

And so how should we think about your approach to balance sheet management and repurchasing as that CapEx steps up a little bit? And I guess the specific question there is would you let leverage go up a little bit to take advantage of all the opportunities in front of you if they should stay this way?

那麼，隨著資本支出略有增加，我們應該如何看待您的資產負債表管理和回購方法？我想，這裡的具體問題是，如果槓桿率保持這種狀態，你是否會允許槓桿率稍微上升，以利用你面前的所有機會？

Yeah. I've probably been saying for six quarters that our pace of share repurchases was going to come down slightly. And we haven't really done that just because we've looked at the math, some of which I just went through and said this is a really compelling opportunity.

是的。我可能已經說了六個季度了，我們的股票回購速度將會略微放緩。我們並沒有真正這樣做，只是因為我們已經研究過一些數學問題，我剛剛經歷了一些事情，並說這是一個非常引人注目的機會。

But that being said, yeah, our Japan equity investments are now closer and New York is coming closer. So it will be important for our own planning to reserve some capital for those investments. I would not be adverse to letting leverage tick up a little bit in order to fund some of these opportunities.

但話雖如此，是的，我們的日本股票投資現在更接近了，紐約也越來越接近了。因此，為我們自己的規劃預留一些資金來投資是很重要的。我不會反對稍微提高槓桿率來為這些機會提供資金。

We do enjoy the diversification of our operations here in Las Vegas and the regional markets. We have a nice dividend flow at MGM China, and we are really not investing any more capital in BetMGM or MGM Digital for that matter. Those investments are behind us and those businesses are really prime to grow. But I do think that for the remainder of this year, we will not be as aggressive as we've been in the first four months just recognizing some of the things that are in front of us right now.

我們確實很享受在拉斯維加斯和區域市場的業務多元化。美高梅中國有不錯的股息流，而且我們實際上不會在 BetMGM 或美高梅數字上投入更多資金。這些投資已經完成，這些業務確實處於成長的最佳階段。但我確實認為，在今年剩餘的時間裡，我們不會像前四個月那樣積極主動，因為我們意識到了目前面臨的一些事情。

Got it. Understood. That's helpful, Jonathan. And then if I could for a follow-up change gears to Macau a little bit. We've asked a lot of questions on this call and previously about Vegas and indicators that you see there as it relates to domestic demand. We probably have similar questions as it relates to Macau and the Chinese consumer.

知道了。明白了。這很有幫助，喬納森。然後，如果我可以稍微轉換話題，談談澳門。我們在這次電話會議上以及之前問了很多關於拉斯維加斯的問題以及您在那裡看到的與國內需求相關的指標。對於澳門和中國消費者，我們可能也有類似的問題。

So curious if you could give us any insight as to what you're seeing really since the beginning of the month when the tariffs went to effect, if there's been much change in how you're booking business and kind of visitation levels that you're seeing in Macau? And anything you could share would be helpful.

我很好奇，您能否告訴我們，自本月初關稅生效以來，您的實際看到的情況是怎樣的？您在澳門預訂業務的方式和遊客數量是否發生了很大變化？您分享的任何內容都會有所幫助。

[Kenny], you're living it every day. Why don't you take this?

[肯尼]，你每天都過著這樣的生活。為什麼不接受這個？

Yeah. Okay. Thanks for the question. So far, we are not seeing any material impacts. And we are continuing to closely monitor the situation.

是的。好的。謝謝你的提問。到目前為止，我們還沒有看到任何實質的影響。我們將繼續密切關注局勢發展。

In Q1, our business was resilient. And we saw our market share. As we all know, China government is taking all kinds of matters, policies to spur the economy. Macau is resilient -- Macau market is resilient, is unique. So we see our business is quite stable.

第一季度，我們的業務表現強勁。我們看到了我們的市場份額。眾所周知，中國政府正在採取各種措施和政策來刺激經濟。澳門市場具有韌性，是獨一無二的。所以我們看到我們的業務相當穩定。

Actually, we just had like today is the first day of Golden Week and we had a pretty good, stronger pretty holiday week. And today is the first day. So our booking is pretty strong. We feel confident for these upcoming holidays.

實際上，今天是黃金週的第一天，我們度過了一個非常愉快、充實的假期週。今天是第一天。因此我們的預訂量相當強勁。我們對即將到來的假期充滿信心。

Barry Jonas, Truist.

巴里·喬納斯，Truist。

With the likelihood of higher tariffs, can you talk a little bit more about how that could impact operations and budgets for some of your domestic development pipeline?

由於關稅可能上調，您能否進一步談談這將如何影響您部分國內開發案的營運和預算？

Right now, it's hard to see how it would have much of an impact on the development pipeline. We've been focused more in the near term on its potential impact on just cost of sales and operational considerations, and it's quite a small impact. We've done virtually all of our slot purchases for the year. We have alternatives as it relates to some of the consumables that we -- that might be subject to tariffs. So we think we can manage that impact considerably during the year.

目前，很難看出它會對開發流程產生多大影響。近期我們更關注其對銷售成本和營運考量的潛在影響，但影響相當小。我們實際上已經完成了今年所有的時段購買。對於一些可能需要繳納關稅的消耗品，我們有其他選擇。因此我們認為我們可以在今年內大大控制這種影響。

Same goes on our technology investments. We've done a lot of that in the past 18 months, seems like PC refreshes and those types of things. So that will be a very limited impact. And I don't really see much of an impact that's going to have on our development ambitions, at least in the next years.

我們的技術投資也是如此。在過去的 18 個月裡，我們做了很多這樣的事，像是 PC 更新之類的事情。所以影響非常有限。我不認為這會對我們的發展目標產生太大影響，至少在未來幾年不會。

I mean, Barry, the only thing on the obvious horizon is New York that would be domestic. And we're not building a high rise. So even the steel will be de minimis.

我的意思是，巴里，目前唯一顯而易見的國內目的地就是紐約。我們不會蓋高樓。因此，即使是鋼鐵，其品質也將是最低的。

Got it. Got it. Okay. And then just for a follow-up, Bill, I saw you were out in the UAE recently. Can you maybe talk about next steps there for the hotel in Dubai and any gaming opportunities and just also interesting to see Barry Diller was with you. Is that strictly from a Board perspective? Or are there maybe some ways you can work closer with IAC?

知道了。知道了。好的。然後，比爾，順便問一下，我看到你最近去了阿聯酋。您能否談談迪拜酒店的下一步計劃以及任何博彩機會？很高興看到巴里·迪勒 (Barry Diller) 與您在一起。這是嚴格從董事會角度來看的嗎？或者有什麼方法可以與 IAC 進行更密切的合作？

Well, look, we've worked closely with IAC ever since the inception of their investment. I mean, that -- Joey has been instrumental in some of our digital business and Barry ultimately with creative and the content pieces of our business. And so it's always been integrated in that context. They're very active Board members, and we enjoy that.

嗯，你看，自從 IAC 開始投資以來，我們就一直與 IAC 密切合作。我的意思是，喬伊 (Joey) 在我們的一些數位業務中發揮了重要作用，而巴里 (Barry) 則在我們的業務的創意和內容部分發揮了重要作用。因此它始終被融入這樣的環境。他們是非常活躍的董事會成員，我們對此感到高興。

Actually, Paul Salem, Barry and myself and one of their individual and our team, we've been kind of overriding this thing for the last couple of years. A gentleman named Ari Kastrati went out there. Key mission was to see the prints and to update him on our project, tell them the opportunity that we thought it could bring, not only in the context of fully integrated resort like we're building, MGM Aria, Bellagio, but the potential gaming could bring to not only UAE, but Dubai specifically and the whole notion of entertainment and the kind of unique things that we could bring to the city, and it was a great conversation.

實際上，保羅·塞勒姆、巴里和我以及他們的一名成員和我們的團隊在過去幾年裡一直在關注這件事。一位名叫阿里·卡斯特拉蒂 (Ari Kastrati) 的紳士去了那裡。主要任務是查看印刷品並向他匯報我們的項目進展，告訴他們我們認為它可以帶來的機會，不僅是在我們正在建設的米高梅艾麗婭、貝拉吉奧等綜合度假村的背景下，而且潛在的遊戲不僅可以為阿聯酋帶來，而且特別是為迪拜帶來，以及整個娛樂概念和我們可以為這座城市帶來的獨特事物，這是一次很棒的談話。

It's completely in their hands. This is just like the states. It's in the province of any one of the individual rulers to determine whether they want gaming or not. They haven't said yes, they haven't said no. We are building an environment that can accommodate it. And that building is due to complete third quarter of '27. We are literally up on the fifth floor of the MGM Tower as we speak.

這完全掌握在他們手中。這就像各州一樣。任何一位統治者都有權決定是否要進行博彩。他們沒有說是，也沒有說不是。我們正在建造一個可以容納它的環境。該建築預計將於 27 年第三季完工。當我們說話的時候，我們實際上已經到達了米高梅大廈的五樓。

And so it's a pretty exciting building. It's an exciting project, a truly interesting resort with all kinds of features. And so hopefully, we'll get to add gaming. But it's the ball truly now having made this -- taking this -- and then taking us -- receiving us in their court.

所以這是一座非常令人興奮的建築。這是一個令人興奮的項目，一個具有各種特色的真正有趣的度假村。因此，我們希望能夠添加遊戲功能。但現在球確實已經做出了這個動作 — — 拿走了這個動作 — — 然後把我們帶走 — — 在他們的球場上接收我們。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Just wanted to circle back a little bit on some of the Vegas comments. Around nongaming, Bill, you mentioned the impact from Marriott just from kind of a qualitative level, but were non-gaming KPIs up if we think about excluding the Super Bowl from a year-over-year standpoint, whether we're thinking about January, March or just kind of taking out that $65 million impact?

我只是想稍微回顧一下有關維加斯的一些評論。關於非博彩業務，比爾，您提到了萬豪酒店的影響，只是從某種定性層面來看，但如果我們從同比角度考慮排除超級碗，非博彩業務的 KPI 是否會上升，無論我們考慮的是一月、三月，還是僅僅扣除那 6500 萬美元的影響？

Just trying to get a sense of if you're seeing any sensitivity given where prices are on some of the food and beverage, shopping, et cetera, at your properties? Thank you.

只是想了解一下，您是否對您所在酒店的食品和飲料、購物等的價格有任何敏感性？謝謝。

Really no change in trend during the quarter as it relates to non-gaming spend. Things like entertainment spend kind of ebb and flow with the number of events that are going on in town. And as it relates to spend per cover in our food and beverage or retail, those trends were all pretty consistent during the quarter.

本季非博彩支出的趨勢確實沒有改變。娛樂活動的費用會隨著城鎮中舉辦的活動數量而起伏。就我們食品飲料或零售業的每人支出而言，這些趨勢在本季都相當一致。

If you take this Super Bowl out of it, our revenue for occupied rooms are actually up about 3%.

如果不算今年的超級碗，我們的客房收入實際上增加了約 3%。

One thing on programming because I think it's important -- and look, we all have eyes wide open on where all of this could go. But if I think about the calendar, we have 0.5 million more seats available in the market this next coming quarter, the second quarter than we did first quarter between events at Allegiant, T-Mobile and all the big block event houses. So we're adding 0.5 million seats. Everything from Post Malone, to Gaga's coming back. We're hosting (inaudible), Coldplay, Beyonce. I could go on and on and on.

關於程式設計的一件事，因為我認為這很重要——看，我們都睜大眼睛看著這一切將會走向何方。但如果我考慮一下日程安排，那麼下個季度，也就是第二季度，我們在市場上的可用座位比第一季在 Allegiant、T-Mobile 和所有大型活動場所舉辦的活動多出 50 萬個。因此我們增加了 50 萬個座位。從 Post Malone 到 Gaga 的回歸。我們將邀請（聽不清楚）、酷玩樂團、碧昂絲。我還可以繼續說下去。

So our activity case is ripe and good. better than '24, replicate somewhat '23. And so we're excited by that. Time to tell when -- like I said earlier, 44% of your bookings in the last 30 days, you don't know until you know. But we like the programming. We like the momentum. We like our ability to control expenses. I think we're in good shape there and what we've been able to do with labor and other costs, I think, have collectively put us in the position that we're in.

因此，我們的活動案例已經成熟並且很好。比'24'更好，在某種程度上複製了'23'。因此我們對此感到興奮。是時候告訴我們了——就像我之前說的，過去 30 天內 44% 的預訂，你只有親自了解後才能知道。但我們喜歡這個程式設計。我們喜歡這種勢頭。我們喜歡我們控制開支的能力。我認為我們在那裡的狀況很好，而且我們在勞動力和其他成本方面所做的努力使我們處於目前的地位。

Great. Thank you. And then back on the tariffs, one of other competitors in the space paused a major project in the US here just because of uncertainty around cost and just getting the materials in. I know you're far out from planning anything major like New York and US. But as you think about regular CapEx or maybe even a little bit further on some of those bigger projects, do you think this will change how you're thinking about ROI to the point where maybe something would be off the table? Or it's still high enough above the cost of capital that it is kind of a no-brainer still? Thank you.

偉大的。謝謝。再回到關稅問題上，該領域的另一個競爭對手暫停了在美國的一個重大項目，只是因為成本和材料進口方面的不確定性。我知道你還遠遠沒有打算去紐約和美國這樣的大城市。但是，當您考慮常規資本支出，或甚至考慮一些較大項目的進一步支出時，您是否認為這會改變您對投資回報率的看法，甚至可能使某些事情不再考慮？或者它仍然高於資本成本，因此這仍然是一件無需考慮的事情？謝謝。

Well, yeah, if you take New York out, and I think our capital issue is about $800 million of which is a couple of hundred million in what we consider true growth capital, and there's about $600 million in core issues tied to IT, tight to room remodels. This year, as you know, we're doing MGM. I think next year is Aria followed by Cosmopolitan in '27.

嗯，是的，如果把紐約除去，我認為我們的資本問題大約是 8 億美元，其中幾億美元是我們認為的真正的成長資本，還有大約 6 億美元是與 IT 相關的核心問題，與房間改造緊密相關。如你所知，今年我們將與米高梅合作。我認為明年會是 Aria，然後是 27 年的 Cosmopolitan。

Where we source for those projects, meaning those room remodels because that's the biggest thing that I think could be tariff-related, we'll have to pay close attention to. But unless something happens more macro with the environment and our balance sheet, we wouldn't change our thinking around those significant remodels. And so no, I guess the answer to the question really is no, other than that.

我們從哪裡尋找這些項目的資源，也就是那些房間改造，因為我認為這是與關稅相關的最大問題，我們必須密切注意。但除非環境和我們的資產負債表發生更宏觀的變化，否則我們不會改變對這些重大改造的想法。所以，除了這一點之外，我想這個問題的答案確實是否定的。

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 Bill Hornbuckle 並請他做最後發言。

Thank you, operator. And again, I'd like to thank everyone for joining us today. I think maybe to reiterate, we have a best-in-class, high-quality portfolio of assets, both digital and physical. We think we'll generate and continue to generate meaningful cash flow, enabling us to take advantage of just about any opportunity, whether that's building in Japan or buying back shares at attractive multiples.

謝謝您，接線生。我再次感謝大家今天的出席。我想也許需要重申的是，我們擁有一流的、高品質的資產組合，包括數位資產和實體資產。我們認為我們將產生並繼續產生有意義的現金流，使我們能夠利用幾乎任何機會，無論是在日本建造還是以有吸引力的倍數回購股票。

I think we need to reiterate what Jonathan walked you through, I understand the macro environment, but we are literally trading at 3.3 times multiple in our core business. And we see significant insight, obviously, ultimately with our digital businesses.

我認為我們需要重申喬納森向您介紹的內容，我了解宏觀環境，但我們的核心業務的交易金額實際上是 3.3 倍。顯然，我們最終從數位業務中看到了重要的見解。

As we look ahead, we're confident that our experienced management team, which has adapted to numerous economic cycles, will further provide the ongoing resilience to the business we've had so many times before. Obviously, we have seen this. We're all veterans in many of these activities good, better or worse. And we really think we're in a good space and a good place. And we do think Las Vegas is resilient and it's proven itself to be. And so we like where we are generally speaking. So thank you all for joining us today.

展望未來，我們相信，我們經驗豐富的管理團隊已經適應了無數次經濟週期，將進一步為我們之前多次經歷過的業務提供持續的韌性。顯然，我們已經看到了這一點。無論好壞，我們都是這些活動的資深人士。我們確實認為我們處在一個良好的空間和良好的位置。我們確實認為拉斯維加斯具有韌性，事實也證明了這一點。所以整體來說，我們喜歡我們現在所處的位置。非常感謝大家今天的參與。

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。