美高梅國際酒店集團 (MGM) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International second-quarter 2025 earnings conference call. 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; Mr. Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; Mr. Hubert Wang, COO and President of MGM China Holdings; and Howard Wang, Vice President and Investor Relations. (Operator Instructions) Please note this conference call is being recorded.

下午好，歡迎參加米高梅國際酒店集團 2025 年第二季財報電話會議。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 先生、米高梅中國控股執行董事兼總裁 Kenneth Feng、米高梅中國控股首席營運長兼總裁 Hubert Wang 先生以及投資者關係副總裁 Howard Wang。（操作員指示）請注意，本次電話會議正在錄音。

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

現在我想把電話轉給 Howard Wang 先生。請繼續。

Thanks, Chuck. Welcome to the MGM Resorts International second-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，查克。歡迎參加米高梅國際酒店集團 2025 年第二季財報電話會議。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 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. I want to start by focusing on the strength that often gets overlooked, which is the power of MGM's unmatched portfolio diversity. The benefits of having a global presence in both the brick-and-mortar and digital domains drove a record highest ever consolidated net revenue results this quarter. Our vision is to be the world's premier gaming entertainment company; pursuing that vision is paying significant dividends as we generate revenues in multiple streams across the globe.

謝謝你，霍華德。首先我想談談經常被忽視的優勢，那就是米高梅無與倫比的投資組合多樣性的力量。在實體和數位領域擁有全球影響力的優勢推動了本季合併淨收入創下歷史新高。我們的願景是成為世界一流的遊戲娛樂公司；追求這一願景將為我們帶來豐厚的回報，因為我們將在全球範圍內透過多種管道創造收入。

You're seeing the power of our portfolio diversity strategy on full display this quarter, we've accelerated digital growth, combined with record-setting results in China and in our regional properties more than offset a choppy period in Las Vegas. We recognize that the substantial share buyback completed in recent years must be coupled with an active growth pipeline to fully unlock the company's value.

本季度，您將看到我們的投資組合多元化策略的威力得到充分展示，我們加速了數位化成長，再加上在中國和我們區域物業創下的創紀錄業績，足以抵消拉斯維加斯的動盪時期。我們認識到，近年來完成的大量股票回購必須與積極的成長管道結合才能充分釋放公司的價值。

In 2Q, our diversity is proving to be the bridge uniting the benefits of a lower share count and growth. We are positioned a kickoff of only significant value with notable near-term catalysts in BetMGM and Las Vegas and mid- to long-term catalysts in MGM Digital and our development projects, both domestic and international.

在第二季度，我們的多元化被證明是連接較低股份數量和成長優勢的橋樑。我們定位於具有重大價值的開端，其中 BetMGM 和拉斯維加斯是值得注意的短期催化劑，而米高梅數位和我們的國內和國際開發項目是中長期催化劑。

Our BetMGM North America venture reported their second-quarter results yesterday, raising full year 2025 guidance for a second time since the previous earnings call, which implies an EBITDA turnaround of nearly $400 million compared to last year.

我們的 BetMGM 北美合資公司昨天公佈了其第二季度業績，自上次收益電話會議以來第二次上調了 2025 年全年業績預期，這意味著與去年相比，EBITDA 扭虧為盈近 4 億美元。

In iGaming, there was a solid growth in average monthly actives and key engagement metrics such as active player days, while sports betting continues to focus on the areas that drove first-quarter profitability, more targeted player acquisition, tighter management of lower-value players and retention of more valuable active players, all of which are benefiting from site components enhancements, including performance, discoverability, and most importantly, speed.

在 iGaming 領域，平均每月活躍玩家和活躍玩家天數等關鍵參與度指標均實現了穩健增長，而體育博彩繼續專注於推動第一季度盈利能力的領域、更有針對性的玩家獲取、對低價值玩家的更嚴格管理以及對更有價值的活躍玩家的保留，所有這些都受益於網站組件的增強，包括性能、可發現性，最重要的速度是可發現性，最重要的速度。

With more efficient marketing spend, incremental revenue flow-through jumped to 66% year to date. This winning formula has given us greater conviction in our BetMGM North America's ventures ability to generate $500 million of annual reported EBITDA in the coming years. Our Las Vegas resorts are also poised to drive results higher in the near term, and I want to take this opportunity to emphasize that Las Vegas remains fundamentally solid.

隨著行銷支出更加高效，年初至今的增量收入流已躍升至 66%。這個成功秘訣讓我們更加堅信，BetMGM North America 合資公司有能力在未來幾年內創造 5 億美元的年度 EBITDA。我們的拉斯維加斯度假村也預計在短期內推動業績成長，我想藉此機會強調拉斯維加斯的基本面仍然穩固。

We saw a record 2Q table games volume and record slot volumes at our ultra luxury properties. This quarter's adjusted EBITDAR decline was, in fact, isolated from two specific factors. One, the MGM Grand accounted for over 80% of the decline where results were impacted by uniquely disruptive room remodel and severely abnormal hold and midweek weakness at two of our value-oriented properties.

我們的超豪華酒店的第二季賭桌遊戲數量和老虎機數量均創下新高。事實上，本季調整後的 EBITDAR 下降與兩個特定因素無關。首先，米高梅大酒店佔了 80% 以上的跌幅，其業績受到獨特的破壞性客房改造以及我們兩家以價值為導向的酒店嚴重異常的持有和周中疲軟的影響。

On the groups and convention side, our bookings are pacing up double digits, thanks to robust 2026 convention calendar that includes the return of (inaudible). The Las Vegas Convention Center is spending $1.6 billion to renovate its legacy campus and expand the West Hall and remains on track to finish by the end of this year. We will also benefit from greater Las Vegas convention attendance, particularly with our expansive luxury offerings.

在團體和會議方面，我們的預訂量正在以兩位數的速度增長，這要歸功於 2026 年強勁的會議日程，其中包括（聽不清楚）。拉斯維加斯會議中心斥資 16 億美元翻新其舊園區並擴建西廳，預計今年底完工。我們也將受益於拉斯維加斯會議出席人數的增加，特別是我們提供的廣泛的豪華服務。

Las Vegas also recently celebrated the groundbreaking of the new $1.8 billion MLB stadium at the former site of Tropicana which is expected to bring 400,000 new visitors annually to Las Vegas. This puts the NFL, the NHL, and MLB home venues, which also hosts a significant number of other sports and entertainment events all within 1 mile of each other. The resulting golden triangle will be surrounded by MGM properties. And importantly, the Dome Stadium will bring meaningful game and entertainment inventory during the summer, mid-week periods, which will increase the value of our rooms during that period.

拉斯維加斯最近也慶祝了位於 Tropicana 舊址、耗資 18 億美元的新 MLB 體育場的動工儀式，預計該體育場每年將為拉斯維加斯帶來 40 萬名新遊客。這使得 NFL、NHL 和 MLB 的主場以及大量其他體育和娛樂活動的舉辦地都位於彼此 1 英里以內。由此形成的金三角將被米高梅的資產所包圍。重要的是，穹頂體育場將在夏季、周中期間帶來有意義的比賽和娛樂活動，這將增加我們該期間客房的價值。

Our exclusive Marriott relationship also continues to drive performance with a higher-quality customer. We remain on budget to book 900,000 room nights through the strategic channel and saw a 2Q room night increase 31% this quarter versus last year. Marriott customers consistently spend about $150 per room night more than all other customers. And year to date, the average over 20,000 room nights booked per year this -- we averaged over 20,000 nights booked this year per week. The pace has accelerated in July, and we had our best Marriott bookings week ever just two weeks ago.

我們與萬豪的獨家合作關係也將繼續推動我們與更高品質客戶的業績成長。我們仍按預算透過策略管道預訂 90 萬個客房晚數，本季第二季的客房晚數較去年同期增加了 31%。萬豪酒店的顧客每間客房每晚的花費始終比其他顧客多出約 150 美元。今年迄今為止，我們平均每週預訂超過 20,000 個房間晚數——今年我們平均每週預訂超過 20,000 個房間晚數。七月份，預訂速度加快，就在兩週前，我們迎來了萬豪酒店預訂量有史以來最好的一周。

Our international presence brings us another near-term driver as we look to continue the momentum at MGM China, which absolutely shined in the second quarter with record adjusted EBITDAR and market share of 16.6% and representing the highest sequential gain amongst all concessionaires. What's even more impressive was that our share increased every month of the quarter, ending June at 1.3 times our first share of the market.

我們的國際影響力為我們帶來了另一個短期驅動力，我們希望延續美高梅中國的良好發展勢頭，美高梅中國在第二季度表現亮眼，調整後息稅折舊攤銷前利潤 (EBITDAR) 創歷史新高，市場份額達到 16.6%，在所有特許經營商中環比增幅最高。更令人印象深刻的是，我們的份額在本季每個月都在增加，截至 6 月份，我們的市佔率已達到第一季的 1.3 倍。

We now have all 28 (inaudible) at MGM Macau available as of this month. And while MGM Cotai has begun converting standard rooms into 63 new suites by 1Q of '26, all of which will help us further uphold our complementary position of the properties and MGM account as a leading player in the Peninsula and Cotai as a preferred destination for premium mass players.

截至本月，澳門美高梅的所有 28 間 (聽不清楚) 客房均已開放。而美高梅路氹已於 2026 年第一季開始將標準客房改建成 63 間新套房，所有這些都將幫助我們進一步鞏固我們的物業和美高梅帳戶的互補地位，成為半島的領先企業，而路氹則是高端大眾玩家的首選目的地。

We are also benefiting from the continued momentum of our domestic regional operations. Their stability is highly valued during times of volatility, and we achieved our best second-quarter results in both net revenue and slot win. Three of our regional properties reported record high ever net revenues, and we saw strong performance across the gaming, hotel, and food and beverage segments.

我們也受惠於國內區域業務的持續發展動能。在市場動盪時期，他們的穩定性受到高度重視，我們在第二季的淨收入和老虎機收益方面都取得了最好的成績。我們的三家區域性飯店淨收入創歷史新高，博彩、飯店和餐飲領域表現強勁。

Customers have responded positively to our focused capital improvements, and New Jersey is a great example. A few years ago, we upgraded the former Water club into what is now the MGM Tower Borgata which since May has been complemented by an elevated Asian gaming and overall VIP experience, including a new bar and restaurant. The new 25,000 square foot gaming space includes 51 tables, gaming salons and a high-limit area. The customer response to thoughtful targeted capital spending has been encouraging, driving double-digit GTR growth and outperforming the market by a wide margin since its debut.

客戶對我們重點關注的資本改善做出了積極反應，新澤西州就是一個很好的例子。幾年前，我們將以前的水上俱樂部升級為現在的米高梅大廈博爾加塔 (MGM Tower Borgata)，自五月以來，它已配備了升級的亞洲遊戲和整體 VIP 體驗，包括新的酒吧和餐廳。新的 25,000 平方英尺的遊戲空間包括 51 張賭桌、遊戲沙龍和一個高限額區域。客戶對周到的定向資本支出的反應令人鼓舞，推動 GTR 實現了兩位數的成長，並且自推出以來一直遠遠超過市場表現。

Beyond our numerous near-term catalysts, we have mid- and long-term drivers that are making meaningful progress with each passing quarter, one of which is MGM Digital. Our consolidated international digital business that does not include the BetMGM North American venture. The segment showed solid improvement, notably a near breakeven performance when excluding our investment in Brazil.

除了眾多的短期催化劑之外，我們還有中期和長期驅動因素，這些因素每季都在取得有意義的進展，其中之一就是米高梅數位。我們的綜合國際數位業務不包括 BetMGM 北美合資企業。該部門表現出穩步改善，尤其是當不包括我們在巴西的投資時，業績接近盈虧平衡。

Our BetMGM Brazil venture partner, Grupo Global, continues to provide us with beneficial flexibility in terms of marketing and investment, and our launch is making great strides as we are seeing all key measures increasing, including strengthening player fundamentals and our bullish long-term view of the Brazilian market remains unchanged. And State side towards the end of the second quarter, we launched MGM's live studio from the gaming floor at the MGM Grant, content from our live dealer studio, which is currently available in seven countries provided internally to our international operations and is also monetized to other online operators.

我們的 BetMGM 巴西創投夥伴 Grupo Global 繼續為我們提供行銷和投資方面的有利靈活性，我們的推出正在取得長足進步，因為我們看到所有關鍵指標都在增加，包括加強玩家基本面，而且我們對巴西市場的長期樂觀看法保持不變。在美國方面，我們在第二季度末推出了米高梅的現場演播室，該演播室在米高梅格蘭特酒店的遊戲大廳中提供，內容來自我們的真人荷官演播室，目前已在七個國家/地區提供，供我們的國際業務內部使用，也可以通過貨幣化提供給其他在線運營商。

Earlier this month, we launched our own sportsbook product in the second market made possible by our acquisition of Tipico's US technology platform, as the integration into our in-house tech stack continues as planned.

本月初，我們透過收購 Tipico 的美國技術平台在二級市場推出了自己的體育博彩產品，並將該產品與我們內部技術堆疊的整合按計劃繼續進行。

On the development front in Japan, the first pilot was poured early this month. When MGM Osaka opens in 2030, we will be the sole license and operator, which is notable in a country where robust tourism and appetite for gaming and a population of over 120 million people. Considering these factors and how similar metrics drive other Asian destination gaming markets, we believe MGM Osaka has the potential to generate multibillions of dollars annually for MGM.

在日本的開發方面，第一個試點已於本月初啟動。當大阪美高梅於 2030 年開業時，我們將成為唯一的授權人和營運商，這對一個旅遊業和博彩業需求旺盛且人口超過 1.2 億的國家來說意義重大。考慮到這些因素以及類似指標如何推動其他亞洲博彩市場的發展，我們認為米高梅大阪有潛力每年為米高梅創造數十億美元的收入。

Progress in Dubai has also started to gather steam with an expected opening date of the second half of 2028. And in New York, we submitted our application in June and are hopeful to be awarded one of the three gaming licenses that will be issued in December.

杜拜的進展也開始加速，預計 2028 年下半年開幕。在紐約，我們於 6 月提交了申請，並希望獲得 12 月頒發的三個博彩許可證之一。

Few companies can take on any of these projects on an individual basis, but our unmatched scope, scale, and international experience allow us to manage all of these simultaneously while maintaining ample liquidity and a solid balance sheet.

很少有公司能夠單獨承擔這些項目，但我們無與倫比的範圍、規模和國際經驗使我們能夠同時管理所有這些項目，同時保持充足的流動性和穩健的資產負債表。

Reporting record highest ever consolidated net revenues is not possible without the tremendous contribution from some of our -- all of our employees across all business segments, and it's worth highlighting that we have had another record gold NPS score in the second quarter despite the ongoing room remodel disruptions at the MGM Grand.

如果沒有我們所有業務部門的部分員工（全體員工）的巨大貢獻，我們不可能報告創歷史新高的合併淨收入，值得強調的是，儘管米高梅大酒店的客房改造工作仍在進行中，但我們在第二季度仍獲得了另一個創紀錄的黃金 NPS 分數。

As you can see, it's an incredibly exciting time here at resorts, and I will now hand this over to Jonathan to provide some additional color on our performance. Jonathan?

如您所見，這對度假村來說是一個令人難以置信的激動人心的時刻，現在我將把這個交給喬納森，為我們的表現提供一些額外的色彩。喬納森？

Thanks very much, Bill. I'd like to also express my appreciation to all of our employees for their hard work and commitment to excellence, whether on the front lines delivering exceptional service are behind the scenes, innovating new solutions, their collective contributions continue to raise the bar every quarter. We're very fortunate here at MGM to have a diverse portfolio of assets that constitute such a deep growth pipeline.

非常感謝，比爾。我還要對我們所有員工的辛勤工作和對卓越的承諾表示感謝，無論是在前線提供卓越的服務，還是在幕後創新新的解決方案，他們的集體貢獻都在每個季度不斷提高標準。米高梅非常幸運，擁有多元化的資產組合，構成如此深厚的成長管道。

The BetMGM North America venture continued its momentum into the second quarter with revenue from operations up 36% and resulting in second-quarter EBITDA of $86 million. iGaming grew 29% in the second quarter despite no new state launches driven by strong player acquisition at attractive payback economics and healthy engagement activity.

BetMGM 北美合資公司在第二季延續了強勁的成長勢頭，營業收入成長 36%，第二季 EBITDA 達到 8,600 萬美元。儘管沒有新的州推出，但 iGaming 在第二季度仍增長了 29%，這得益於強勁的玩家獲取、誘人的回報經濟效益和健康的參與活動。

Sports betting top line grew 56% in the quarter, benefiting from the repositioning toward the premium mass customer as well as targeted marketing and refined player segmentation efforts. Omnichannel efforts also continue to gain momentum. Our March Madness activations fueled a record number of Nevada first-time depositors while the single app, single wallet feature helped drive 30% growth in Nevada monthly actives.

本季度體育博彩收入增長了 56%，這得益於向高端大眾客戶的重新定位以及有針對性的營銷和精細的玩家細分工作。全通路努力也持續獲得發展動力。我們的瘋狂三月活動激發了創紀錄數量的內華達州首次存款者，而單一應用程式、單一錢包功能則幫助推動內華達州每月活躍用戶成長 30%。

And as mentioned on yesterday's call from BetMGM, 2025 guidance was raised to at least $2.7 billion of net revenue and at least $150 million of EBITDA. I'm also happy to announce that BetMGM reporting will be aligned with MGM reporting beginning in the upcoming third quarter, thus no longer reporting one month in arrears going forward. We can queue the applause on the call.

正如 BetMGM 昨天在電話會議上提到的那樣，2025 年的預期淨收入將上調至至少 27 億美元，EBITDA 至少為 1.5 億美元。我也很高興地宣布，BetMGM 報告將從即將到來的第三季開始與 MGM 報告保持一致，因此從現在起不再拖欠一個月的報告。我們可以在通話中排隊掌聲。

Here in Las Vegas, the market remains fundamentally sound. During the second quarter and now into July, performance on the weekends has been solid as we've been operating near capacity in our hotels across the spectrum. Our luxury offerings in Vegas maintained rate integrity with flat and table volume increasing about 4% and several properties reporting second-quarter records for net revenue.

在拉斯維加斯，市場基本面依然穩健。在第二季以及現在的 7 月份，由於我們旗下所有飯店的客流量都已接近飽和，週末的業績表現一直很穩健。我們在拉斯維加斯的豪華酒店保持了價格的完整性，固定和桌面數量增加了約 4%，並且幾家酒店報告了第二季度淨收入的記錄。

The year-over-year adjusted EBITDAR decline in Las Vegas of $72 million was primarily confined to the MGM Grand and to a much lesser degree, midweek performance at the Luxor Excalibur. The MGM Grand represented $60 million of the difference with the vast majority due to impacts from the room remodel and hold. When you exclude the impact of the MGM Grand property on our results, Las Vegas adjusted EBITDAR decreased about 2% in the second quarter.

拉斯維加斯調整後 EBITDAR 年減 7,200 萬美元，主要受米高梅大酒店影響，其次是盧克索神劍酒店周中演出的影響（但影響程度較小）。米高梅大酒店 (MGM Grand) 的差額達 6,000 萬美元，其中絕大部分是由於客房改造和保留造成的。如果排除米高梅大酒店對我們業績的影響，拉斯維加斯調整後的 EBITDAR 在第二季下降了約 2%。

The lower midweek visitation in our more value-oriented properties has continued in July, but we're taking advantage of this dynamic by pulling forward the MGM Grand room remodel timeline. Based on this accelerated timeline, we now expect the remodel to be completed by the end of October, which will allow us to capitalize on these refreshed rooms in November in time for F1's return to Las Vegas and for the holiday season.

7 月份，我們更注重價值的酒店周中客流量持續較低，但我們利用這一動態，提前了米高梅大酒店的客房改造時間表。根據這個加速的時間表，我們現在預計改造工作將於 10 月底完成，這將使我們能夠在 11 月利用這些翻新的房間，以便趕上 F1 重返拉斯維加斯和假期。

When you also consider, we've seen positive bookings in three of the last four weeks and solid bookings of groups and conventions that are in place for later in the year, we're optimistic about restoring a growth trajectory in Las Vegas during the fourth quarter that will carry on into 2026.

如果您還考慮到，我們在過去四周中有三週的預訂量都呈正增長，而且今年晚些時候的團體和會議預訂量也很穩定，我們對拉斯維加斯在第四季度恢復增長軌跡並持續到 2026 年感到樂觀。

In Macau, adjusted EBITDAR rose by 3%, resulting in a record quarter as visitation, player counts, and premium player accounts rose at both properties. The focus on premium players is a simple strategy, but difficult to execute, yet our team continues to capitalize on all opportunities.

在澳門，調整後的 EBITDAR 成長了 3%，創下了季度紀錄，因為兩家賭場的客流量、玩家數量和高級玩家帳戶均有所增加。專注於優質球員是一個簡單的策略，但很難執行，但我們的團隊繼續利用一切機會。

In July, we soft opened the Alpha Club at MGM Macau, an ultra-high-end offering that opened with 20 tables. We continue to fine-tune the offering and add amenities with an official opening schedule ahead of the October Golden Week. The regional properties had a particularly solid performance in the second quarter with record 2Q net revenue and a 7% increase in adjusted EBITDAR.

7 月份，我們在澳門美高梅試營運了 Alpha Club，這是一家擁有 20 張賭桌的超高端賭場。我們將繼續完善服務內容，增加便利設施，並在十月黃金週之前製定正式的開放時間表。區域物業在第二季表現特別穩健，第二季淨收入創歷史新高，調整後息稅折舊攤提前利潤 (EBITDAR) 成長 7%。

MGM Digital, our consolidated international digital business that does not include the BetMGM North America venture, grew its top line by 14% and as the BetMGM brand extension has been driving improved results in existing markets, including the UK, Netherlands and Sweden.

我們的綜合國際數位業務 MGM Digital（不包括 BetMGM 北美分公司）的營業額成長了 14%，並且由於 BetMGM 品牌的延伸，其在包括英國、荷蘭和瑞典在內的現有市場的業績有所改善。

Marketing and bonus optimization combined with OpEx management have been strong drivers of our cost management efforts. The brands we're investing in are beginning to achieve meaningful scale and BetMGM brands are achieving all-time highs as they grow.

行銷和獎金優化與營運支出管理相結合一直是我們成本管理工作的強大推動力。我們投資的品牌開始實現有意義的規模，BetMGM 品牌在成長過程中也達到了歷史最高水準。

Our full year 2025 adjusted EBITDAR expectations remain consistent with last year at MGM Digital. We're on track to achieve over $100 million -- $150 million in EBITDAR enhancements in 2025, the majority in Las Vegas with continued focus on automation and other initiatives in response to customer preferences. We've identified other opportunities to keep us on track as we champion a continuous improvement mindset across the business.

我們對 2025 年全年調整後的 EBITDAR 的預期與米高梅數字去年的預期保持一致。我們預計在 2025 年實現超過 1 億至 1.5 億美元的 EBITDAR 成長，其中大部分在拉斯維加斯，並繼續專注於自動化和其他響應客戶偏好的舉措。我們已經發現了其他機會來讓我們保持正軌，因為我們倡導整個企業的持續改進思維。

During the quarter, we repurchased 8 million shares for $217 million, all of which took place in April. The pace of our repurchases has slowed as we focus our capital deployment on our development projects. Our share count is nearly 45% lower than it was when we began this buying program, and we've received Board approval for the ability to repurchase another $2 billion of shares.

本季度，我們以 2.17 億美元回購了 800 萬股股票，所有回購均在 4 月進行。由於我們將資本配置重點放在開發項目上，我們的回購速度已經放緩。我們的股票數量比我們開始這項購買計劃時減少了近 45%，並且我們已獲得董事會批准，可以再回購價值 20 億美元的股票。

Finally, we continue to see meaningful value in the current share price. When you strip out the value of MGM China end market and assign a consensus value to the BetMGM North America venture, which we still view as a very conservative given the current trajectory, you end up with an implied multiple of 3.4 times trailing month -- 12 months adjusted EBITDA to say nothing of the value of MGM Digital the business that's capable of $1 billion in run rate top line with double-digit EBITDA margins.

最後，我們繼續看到當前股價具有有意義的價值。當你剔除米高梅中國終端市場的價值，並為 BetMGM 北美合資企業分配一個共識價值時（考慮到目前的發展軌跡，我們仍然認為這是一個非常保守的價值），你最終會得到一個隱含的倍數，即過去一個月的 3.4 倍——12 個月調整後的 EBITDA，更不用說米高梅達銀行業務的價值了 200 億美元

Said differently, there is an active accelerating growth pipeline that when paired with a nearly halved share count together will unlock meaningful value that's not reflected in our current valuation.

換句話說，存在一個活躍的加速成長管道，當與幾乎減半的股票數量相結合時，將釋放出我們當前估值中未反映的有意義的價值。

I'll turn it back to Bill.

我會把它交還給比爾。

Thanks, Jonathan. Before we get to questions, operator, I'd like to take maybe a step back and refocus more holistically on what we're up to in the strategy. For us, it's to win the greatest share of the world's growing gaming market. MGM Resorts is the only global operator with the ability to converge gaming and hospitality with entertainment and sports, whether physical or digital and deliver accelerated diversified growth at scale, and we're uniquely positioned to develop synergies across all of those businesses.

謝謝，喬納森。接線員，在我們開始提問之前，我想先退一步，更全面地重新關註一下我們的策略。對我們來說，這就是贏得全球不斷成長的遊戲市場的最大份額。米高梅度假村是唯一一家能夠將博彩和酒店與娛樂和體育（無論是實體的還是數位的）融合併實現大規模加速多元化增長的全球運營商，我們擁有獨特的優勢，可以在所有這些業務中發揮協同效應。

Our operational focus and calculate investments are paying off. Everywhere we operate, we're winning, particularly in premium and luxury. In Macau, we have been and continue to be and earn more than our fair share, and that continues in the month of July.

我們的營運重點和計算投資正在獲得回報。無論我們在哪裡開展業務，我們都取得了成功，特別是在高端和豪華領域。在澳門，我們的收入一直都超出了我們應得的份額，而且這種狀況在七月也持續延續。

In digital, we've turned the corner on both the product and cash generation fronts with huge upside to capture. And in Las Vegas, with the (inaudible) stadium, we seated in the middle of the golden triangle, ensuring MGM is uniquely advantaged by major events, especially sports.

在數位領域，我們在產品和現金產生方面都取得了突破，並具有巨大的上升空間。在拉斯維加斯，我們擁有（聽不清楚）體育場，位於金三角的中心，確保米高梅在舉辦大型活動，特別是體育賽事時擁有獨特的優勢。

And internationally, we have the sole license in Japan with 120 million plus people with a proven propensity to game. The point is, we have the size and scale to see meaningful gaming opportunities anywhere in the world. And we looked at -- and as we look into the future, we remain very excited about that. Obviously, there's been a great deal of talk and focus on Las Vegas.

在國際上，我們擁有日本的獨家授權，日本有超過 1.2 億人有明顯的遊戲傾向。重點是，我們擁有足夠的規模和範圍來發現世界任何地方有意義的遊戲機會。我們看著——當我們展望未來時，我們對此仍然感到非常興奮。顯然，人們對拉斯維加斯的討論和關注度很高。

And again, I want to look and take a step back and think of this holistically. Over the last 30 years, the CAGR in Las Vegas and GGR has been close to 5%. We host many of the world's largest events and conventions in a city that is not readily if ever duplicatable. This follow alone, we'll see Canelo/Crawford fight in Allegiant Stadium, 1 of the biggest flights Las Vegas has seen in the last 10 years.

再次，我想退一步，全面地思考這個問題。過去30年，拉斯維加斯和博彩總收入的複合年增長率接近5%。我們在這個難以複製的城市舉辦了許多世界上最大的活動和會議。僅在這一輪比賽中，我們就會看到卡內洛和克勞福德在忠誠體育場的比賽，這是拉斯維加斯過去 10 年裡規模最大的比賽之一。

In September, Paul McCartney will be -- excuse me, in October and the F1 in November with presales, better than they've ever been, will be hosted here again in our community. Long-term college football championships come our way in January of '27 and the final 4 in 2028. Las Vegas is as solid as ever and MGM couldn't be better positioned to benefit by all of it.

9 月份，保羅麥卡尼 (Paul McCartney) 將會——不好意思，是 10 月份，而 F1 將於 11 月份在我們的社區再次舉辦，預售會比以往都要好。長期大學橄欖球錦標賽將於 2027 年 1 月舉行，四強賽將於 2028 年舉行。拉斯維加斯一如既往地穩固，而米高梅則能從中獲益良多。

With that, operator, let's go to questions.

接線員，好了，我們開始提問。

(Operator Instructions) Barry Jonas, Truist

（操作員指示）Barry Jonas，Truist

I wanted to start with the MGM Grand, is $65 million still the right number to think about impact for the disruption. If it is, how much of that has been hit so far in Q1, Q2?

我想從米高梅大酒店開始，6500 萬美元是否仍然是考慮這次混亂影響的正確數字？如果是的話，那麼第一季和第二季迄今為止受到的影響有多大？

Sure, Barry. Yes, that is still a good number. The only difference is now we'll be experiencing it really through just the nine months of this year as opposed to the full year? And just on the second part of that question, I would say through the first six months by our accounting, it's been about $40 million. And so we would expect that full remaining amount through the conclusion of the project in October.

當然，巴里。是的，這仍然是一個不錯的數字。唯一的區別是，現在我們實際上只會在今年九個月內體驗到它，而不是全年？關於這個問題的第二部分，我想說，根據我們的核算，前六個月的損失約為 4000 萬美元。因此，我們預計到 10 月專案結束時，我們將能夠收到全部剩餘金額。

Got it. Got it. That's really helpful. Bill, it sounds like you somewhat addressed this, but clearly, we've heard concerns about pricing and value impacting Vegas and MGM. Maybe just spend a minute kind of address that a little bit more in detail, please?

知道了。知道了。這真的很有幫助。比爾，聽起來你似乎已經解決了這個問題，但顯然，我們聽到了有關定價和價值影響拉斯維加斯和米高梅的擔憂。也許只需花一分鐘時間更詳細地討論一下，可以嗎？

Yes. Look, I think if you think about our luxury products and our offerings, you'd see like ADR up in Bellagio -- Corey help me, 4% for the quarter, something like that?

是的。你看，我想如果你考慮一下我們的奢侈品和產品，你會看到貝拉吉奧的 ADR 上升了——Corey 幫我看看，本季度的 ADR 是 4%，大概是這個水平吧？

Yes.

是的。

And so you would see a $250,000 play and above across the first 6 months of the year, up 25%. You'd see slot revenue up for the year, particularly at the premium levels. And so when it comes to that, I don't think that's a real issue. I think when it gets to our value-oriented properties, properties that focus on all that's going on in the global economy US economy, there is impact.

因此，你會看到今年前 6 個月的投資額達到 25 萬美元及以上，漲幅達 25%。您會看到今年的老虎機收入會增加，尤其是高階老虎機收入。所以說到這個，我認為這不是一個真正的問題。我認為，當涉及到我們的價值導向資產，也就是關注全球經濟和美國經濟所有動態的資產時，就會產生影響。

But given the scale and scope of what we do and how we offer it, it's while real and we particularly experienced it in the summer, -we are excited by fourth quarter and particularly what happens into 2026.

但考慮到我們所做工作的規模和範圍以及我們提供的服務，它是真實的，特別是我們在夏天經歷過它，我們對第四季度以及 2026 年發生的事情感到興奮。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

I wanted to just go back to digital and appreciate the update that we had just a few days ago in your opening remarks about it. But I would love to get just another layer of insight into sort of how much cross benefit there is. And I think in the past, you've given us digital sign-ups for the loyalty program, et cetera, how is all that evolving given the strength?

我想回到數位化主題，並感謝您幾天前在開場白中對數位化的更新。但我希望能夠更深入地了解有多少交叉利益。我認為過去你們曾為我們提供忠誠度計劃的數位註冊等等，鑑於這種實力，這一切是如何發展的？

Sure. Well, look, I think one of the things that Bill touched on certainly is the progress we're seeing in Nevada. It's probably one of the big highlights of the omnichannel advantages that we're seeing, where we've seen about 30% growth in Nevada, monthly actives and a 4 times increase in the number of Nevada actives who continue to play with BetMGM once they go home.

當然。嗯，看，我認為比爾提到的事情之一肯定是我們在內華達州看到的進步。這可能是我們所看到的全通路優勢的一大亮點，我們看到內華達州的月活躍用戶成長了約 30%，回家後繼續在 BetMGM 玩遊戲的內華達州活躍用戶數量增加了 4 倍。

So the power of our Vegas funnel, if you will, and turning that into real customers for BetMGM is really a hallmark part of the omnichannel program. We also are aggressively investing in activating players during tentpole events here in Las Vegas. Jonathan alluded to what we did during March Madness as an example.

因此，如果您願意的話，我們的拉斯維加斯頻道的力量以及將其轉化為 BetMGM 的真正客戶確實是全通路計劃的標誌性部分。我們也積極投資在拉斯維加斯的大型活動期間激活玩家。喬納森提到了我們在瘋狂三月期間所做的事情作為例子。

And then on the content side, we're also seeing the ability to leverage things like our MGM live studio and being able to begin to provision exclusive and proprietary content for players out of that as another advantage of what we uniquely can do as an omnichannel operator.

在內容方面，我們也看到了利用米高梅直播工作室等資源的能力，並能夠開始為玩家提供獨家和專有內容，這是我們作為全通路營運商的獨特優勢之一。

Understood. And if I can, in another direction, in the past, you've made some comments around the arrangement you have with Bonvoy and its benefits. Any update there we could talk about sharing?

明白了。如果可以的話，從另一個方向來說，過去您曾就與 Bonvoy 的安排及其優勢發表過一些評論。有什麼更新我們可以分享一下嗎？

No. Look, I think, David, the update is it's -- despite all that's going on, it's on track, and we'll go over 900,000 room nights this year. And so the quarterly performance has been great. I think I mentioned in my opening comments a couple of weeks ago, we had an all-time week of 25,000 bookings in a week. Those customers continue to spend more than the average almost $150 RevPAR. And so all is positive. They've jumped into the convention space with us in a meaningful way now.

不。聽著，我認為，大衛，最新消息是——儘管發生了所有這些事情，但一切仍在按計劃進行，今年我們的客房住宿晚數將超過 90 萬間。因此本季的業績表現非常出色。我記得幾週前我在開場白中提到過，我們一周的預訂量達到了歷史最高水平，達到 25,000 份。這些顧客的消費持續超過平均每間可用客房收入 150 美元。所以一切都是正面的。他們現在已經以有意義的方式與我們一起進入了會議空間。

And while we have 13 GSOs, global sales office representatives, they have 1,300 literally. And so we're very positive and bullish on where it brings us down the road. And about 30% to 40% of those customers are redeemers. So they basically are here with a free room for lack of a better word and they're retiring with their points. And so it just presents us with a leisure customer.

雖然我們有 13 個 GSO（全球銷售辦事處代表），但他們實際上有 1,300 名。因此，我們對它的未來發展非常樂觀。其中約有 30% 至 40% 的顧客是兌換者。所以他們基本上是帶著免費房間來到這裡，找不到更好的詞來形容，然後帶著積分退休。所以它只是向我們展示了一位休閒顧客。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

I do want to ask again about Vegas, the visitation numbers for the Strip came out today, as you sure you saw, and they were quite bad for June. And it seems like leisure heavy summer fit customer, it seems like you're gaining share from Bonvoy and some of the other things you're doing. But maybe, Bill, if you could just take a step back and talk about the Strip as a whole.

我確實想再次詢問有關拉斯維加斯的問題，今天公佈了拉斯維加斯大道的遊客人數，正如您所看到的，六月的遊客人數相當糟糕。看起來，對於休閒重度夏季健身客戶來說，您似乎正在從 Bonvoy 和您正在做的其他一些事情中獲取市場份額。但是，比爾，也許你可以退一步，談談整個拉斯維加斯大道。

And talk about what you're seeing maybe near term in that fit customer in the sort of the next 4 to 12 weeks booking trends? And what gives you confidence that when conventional group comes back in the sort of summer heat abates that did customer come back in the fall?

能否談談您近期對適合客戶的未來 4 到 12 週預訂趨勢的看法？那麼，是什麼讓您有信心，當傳統團體在夏季炎熱天氣消退時回來，顧客也會在秋季回來呢？

Well, I think referencing my earlier comments, history gives us confidence I think though what we have seen, we saw starting in May, about a nine-week decline in bookings. And now over the last month, those bookings have increased. And so for the last four weeks in a row, we've seen an increase three of the last four weeks in a row, we've seen an increase in bookings.

嗯，我認為參考我先前的評論，歷史給了我們有信心，但我認為，儘管我們看到了從五月開始預訂量下降了大約九週。而現在，過去一個月的預訂量有所增加。因此，在過去的連續四周中，我們看到預訂量連續三週出現成長。

And so that gives us confidence as we think about August, September and into October, remembering that the booking cycle here is short. I mean 50% of our bookings come within 30-odd days. And so it's pretty particularly in the summer, reactionary I think July will replicate June in a meaningful way. But we have between programming conventions and just, again, back to the Bonvoy program and our Marriott relationship, we have great confidence in the fourth quarter and beyond.

因此，當我們想到 8 月、9 月和 10 月時，這給了我們信心，因為這裡的預訂週期很短。我的意思是，我們的 50% 的預訂都是在 30 天內完成的。因此，尤其是在夏季，我認為七月將以有意義的方式複製六月。但是，我們在編程慣例之間，再次回到 Bonvoy 計劃和我們與萬豪的關係，我們對第四季度及以後充滿信心。

And what I would add, June and July this year, we had some pretty big groups cycle out of the city. And we know that they will be back in the future years. You also had the convention center under construction. A few of our competitors had some of their space under construction. So I think it was just a unique summer when it comes to the convention business that we haven't seen in the past.

我想補充的是，今年六月和七月，我們迎來了相當大的一批騎車出城的團體。我們知道未來幾年他們還會回來。你們還在建設會議中心。我們的一些競爭對手的部分空間正在建設中。因此，我認為就會議業務而言，這是一個我們過去從未見過的獨特夏天。

Okay. And then maybe for Jonathan, the $150 million cost savings and synergy savings targets this year. What are you -- what can you tell us about, what you realized in the second quarter, what you realized in the first half and sort of how to think about the second half?

好的。那麼對喬納森來說，今年的成本節約和協同節約目標可能是 1.5 億美元。您能告訴我們什麼嗎？您在第二季度意識到了什麼，在上半年意識到了什麼，以及如何看待下半年？

Yes. The first half total is about $80 million. So it's about similar for the first half and the second half of the year, and these are coming from a lot of different areas. They include some of the benefit that we've gotten from digital check-in from our AI-driven chat bond has helped.

是的。上半年總額約8000萬美元。因此，上半年和下半年的情況大致相同，而且這些情況來自許多不同的領域。其中包括我們從人工智慧驅動的聊天紐帶的數位簽到中獲得的一些好處。

Of course, we have we made some moves in some other revenue areas as well. So we're doing more in our quick service restaurants with ordering using barcodes and the rest. So it's really probably 70 or 80 different initiatives, which will come together to drive this improvement work.

當然，我們也在其他一些收入領域採取了一些措施。因此，我們在快餐店中採取了更多措施，使用條碼和其他方式進行訂購。因此，實際上可能有 70 或 80 個不同的舉措將共同推動這項改進工作。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Maybe one to shift gears on Macau and another solid quarter for MGM China. So maybe the first question is kind of high level on the market, we've seen gaming revenue accelerate in May and really in June. So curious if you have opinions on what's driving that acceleration mark and wide if it's some economic improvements if it's just the event schedule and calendar and how sustainable might this GGR acceleration be for the market?

或許可以改變澳門的局面，並讓米高梅中國再創佳績。因此，也許第一個問題是市場水平較高，我們已經看到遊戲收入在 5 月和 6 月加速成長。我很好奇，您對推動這項加速發展的因素有何看法？是一些經濟方面的改善，還是只是活動安排和日曆？這種 GGR 加速對市場而言有多大的永續性？

Kenny or Hubert, why don't you grab that?

肯尼或休伯特，你們為什麼不抓住它呢？

Yes. This is Kenny. I think we are happy to see a growing market driven by premier mass. Macau is not only an event even driven like customers coming for concerts, but we are seeing more and more customers, they come for like a refreshing experiences and quality products and services.

是的。這是肯尼。我認為我們很高興看到由優質大眾推動的市場不斷成長。澳門不僅是一個吸引顧客前來觀賞音樂會的活動，我們也看到越來越多的顧客前來尋求令人耳目一新的體驗以及優質的產品和服務。

So if we come to like MGM China, we continue to see a very strong trend in July, our performance is pretty robust. We see like our strong volumes across nearly all business segments and solid market share and margin. In general, I would see like in the entire market, I think as like we are seeing -- we are expecting a promising summer.

因此，如果我們看好美高梅中國，我們會繼續看到 7 月非常強勁的趨勢，我們的表現相當穩健。我們看到，我們幾乎所有業務部門的銷售都十分強勁，市場佔有率和利潤率也十分穩固。總的來說，我認為就像我們看到的整個市場一樣——我們期待一個充滿希望的夏天。

Got it. That's helpful. I appreciate the color. Maybe big picture, maybe Jonathan, for you. Can you update us on the dividend policy at MGM China, certainly GGR EBITDA ramping and it sounds like MGM China is continuing to gain a little bit of share, so great performance. And how are you thinking about maybe the balance sheet in MGM China and dividend policy as it relates to MGM?

知道了。這很有幫助。我很欣賞這個顏色。對你來說，也許是大局，也許是喬納森。您能否向我們介紹美高梅中國的股利政策？ GGR EBITDA 肯定在不斷增長，而且聽起來美高梅中國的份額還在繼續增長，表現非常出色。您如何看待米高梅中國的資產負債表以及與米高梅相關的股利政策？

I was with you until the last as it relates to MGM. I'll make a comment on the dividend policy at MGM China, and then I'll invite Hubert or Kenny to speak to the balance sheet there. The Board just approved it was in March or May a dividend policy of 50% of distributable net income, that's of course is very important to MGM Resorts as such a large shareholder. And that dividend income approaches $150 million to $200 million a year. It's a substantial source of of cash flow for the company and I think an appropriate level for MGM China.

我一直和你在一起，直到最後關於米高梅的事。我將對美高梅中國的股息政策發表評論，然後我將邀請 Hubert 或 Kenny 就那裡的資產負債表發表演講。董事會剛剛在三月或五月批准了一項將可分配淨收入的 50% 作為股息的政策，這對於米高梅度假村這樣的大股東來說當然非常重要。而每年的股息收入接近1.5億至2億美元。這是公司現金流的重要來源，我認為對於米高梅中國來說這是一個合適的水平。

Hubert and Kenny, do you want to, I guess, address the general question around the balance sheet?

休伯特和肯尼，我想你們想討論一下資產負債表的一般問題嗎？

Yes. In terms of dividend earlier this year, we have changed our dividend policy to a regular dividend of up to 50% payout plus special dividend expanding. So I think the Board will review our cash flow position from time to time and make appropriate decisions taking into account potential development projects in the pipeline. So that's what I have for the answer.

是的。就今年稍早的股息而言，我們已將股息政策更改為高達 50% 的定期股息加上擴大特別股息。因此我認為董事會將不時審查我們的現金流狀況，並考慮到正在進行的潛在開發項目做出適當的決定。這就是我的答案。

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Maybe a high-level one for whoever wants to take it. Curious on view on the big beautiful bill, just the impact here on sort of the gambling community as it relates kind of what's going on here. Obviously, the tax deduction limitation is impactful. And in particular, we think about it impacting I think VIP players and some of the professional players who may kind of bounce around a variety of properties.

對於任何想獲得它的人來說，這或許都是一個高級的。我很好奇這張美麗的大鈔的看法，它對賭博界的影響與這裡發生的事情有關。顯然，稅收抵扣限制是有影響的。特別是，我們認為它會影響 VIP 玩家和一些可能在各種資產之間徘徊的職業玩家。

So just how do you think about it? And to the extent you're able -- maybe you can talk about some of the political angles MGM is working to maybe make any changes there?

那麼您對此有何看法？在您力所能及的範圍內—您能否談談米高梅正在努力做出的一些政治改變？

Shaun, let me start off and then I'll turn it over to Jonathan to talk about the tax impacts on the deductions, et cetera. So last week, we had an opportunity to meet with the House Committee Chair here on appropriations. Myself, Tom Reeg, Craig Billings met with him. And we were focused specifically on the 90% issue of losses.

肖恩，讓我先開始，然後我會把時間交給喬納森來談談稅收對扣除的影響等等。因此，上週我們有機會與眾議院委員會主席就撥款問題進行會面。我自己、湯姆·里格 (Tom Reeg)、克雷格·比林斯 (Craig Billings) 都與他會面。我們特別關注的是 90% 的損失問題。

He has a willing -- and he subsequently had a hearing here to go over the Big Beautiful Bill with the community, he brought that up is something that he's going to help us work on as well with Congressman Dina Titus to get that corrected because we don't think that's a fair deal, the way it lays out, you could win $1,000, lose $1,000 and still end up paying a 10% tax on 10% of losses in terms of losses. So we're very focused on that as a starting point. I think some of the other things, raising up the slot win from [1,200 to 2,000] is helpful. And so some of it was productive.

他願意——隨後他在這裡舉行了一場聽證會，與社區一起討論《大美麗法案》，他提出，他將幫助我們與國會議員迪娜·泰特斯一起努力糾正這個問題，因為我們認為這不是一個公平的交易，按照它的規定，你可以贏 1,000 美元，也可以輸 1,000 美元，但最終仍然需要為 10% 的損失。因此，我們非常重視這一點，並將其作為起點。我認為其他一些事情，將老虎機贏利從 [1,200 到 2,000] 提高是有幫助的。因此其中一些是富有成效的。

And then on the greater picture, John, why don't you speak to the (inaudible)?

那麼從更宏觀的角度來看，約翰，你為什麼不跟（聽不清楚）？

Yes. Just a couple of other items that we, of course, have been watching the one, no tax on tips no tax on over time. We believe that's basically neutral to the company and won't really have any impact on our cost structure. The bonus depreciation, however, is quite a large deal for us. We're a company, of course, that invests a lot in our properties to -- and the MGM Grand renovation is the latest example.

是的。當然，我們一直在關注的其他幾個問題是，小費免稅，加班費免稅。我們認為這對公司來說基本上是中性的，不會對我們的成本結構產生任何影響。然而，獎金貶值對我們來說是一件大事。當然，我們是一家在資產上投入大量資金的公司——米高梅大酒店的翻新就是最新的例子。

And this is one of the reasons why we've updated our tax forecast from a liability of approximately $100 million this year to actually a positive refund of $100 million in 2025. So that's a pretty meaningful change, not only because of this, but in large part because of this bill -- this law.

這就是我們更新稅收預測的原因之一，從今年約 1 億美元的負債到 2025 年實際退稅 1 億美元。所以這是一個非常有意義的變化，不僅因為這個，而且很大程度上是因為這項法案——這項法律。

That's great. And then, Jon, as my follow-up, maybe you could just walk us through kind of where we sit on the buyback strategy? Obviously, you indicated in the prepared remarks, most of the buyback was done in April and the pace has slowed a lot. Still a very large authorization and the shares remain valued. But there's also this obviously, a very big growth pipeline.

那太棒了。然後，喬恩，作為我的後續問題，也許你可以向我們介紹我們的回購策略？顯然，您在準備好的評論中指出，大部分回購是在4月完成的，而且速度已經放緩了很多。授權金額仍然很大，而且股票仍然有價值。但顯然，這也是一個非常大的成長管道。

New York is coming up, Japan checks are being written. So can you just help us balance that out? Is there a leverage kind of target or ceiling that you're managing to? What are kind of the puts and takes around being able to be a little bit more active in the stock for the balance of the year?

紐約即將到來，日本的支票正在開立中。那麼你能幫助我們平衡這一點嗎？您是否正在努力實現某種槓桿目標或上限？為了在今年餘下的時間裡能夠更積極地投資股票，有哪些利弊？

We entered the year 2025 with a more cautious stance towards share repurchases because of the development pipeline that we're fortunate to have. But then we saw a real dislocation in the price during the first quarter. And and we were compelled just by the value to be aggressive. And as you probably recall, I think our -- we did about $700 million or so in the first quarter that continued into April.

由於我們很幸運擁有開發管道，因此在進入 2025 年時，我們對股票回購採取了更加謹慎的態度。但隨後我們在第一季看到了價格的真正混亂。而我們被價值觀所驅使，必須採取積極行動。您可能還記得，我認為我們在第一季的銷售額約為 7 億美元，並且持續到 4 月。

So we were more aggressive than -- well, we did more than I expected we would coming into the year, but that was purely because of the price. We don't have a -- in terms of leverage, we're well within our leverage targets of about 4.5 times lease-adjusted debt to EBITDA. I think this company, even with our development pipeline, we still have the ability to repurchase shares, which is why we saw the increase in the authorization.

因此，我們比以前更加積極——好吧，我們今年的表現超出了我的預期，但這純粹是因為價格。就槓桿率而言，我們的槓桿率遠低於目標值，即租賃調整後債務與 EBITDA 比率約為 4.5 倍。我認為，即使我們擁有開發管道，這家公司仍然有能力回購股票，這就是我們看到授權增加的原因。

I mean, you just look at a quarter like that $750 million in consolidated adjusted EBITDA to roughly $250 million in CapEx, $100 million in interest expense or thereabouts this is $400 million in a quarter roughly of cash flow that we can use for share repurchases or development CapEx. So well over $1 billion annually and even against the development projects that we have, that still leaves room to return to capital to shareholders. But for the time being, we are in a more cautious stance, and it's primarily because of that development pipeline.

我的意思是，你只要看一下這樣的一個季度，合併調整後 EBITDA 為 7.5 億美元，資本支出約為 2.5 億美元，利息支出約為 1 億美元，或者說，這個季度的現金流大約為 4 億美元，我們可以將其用於股票回購或開發資本支出。因此，每年的投資金額遠超過 10 億美元，即使相對於我們現有的開發案而言，仍有空間將資本回饋給股東。但就目前而言，我們採取了更謹慎的態度，這主要是因為開發管道。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Great updates this week from Adam and Gary on the JV BetMGM side. So I wanted to ask about the digital business. I know you guys have talked about investing, particularly in the first half of this year, good growth on the revenue side. Can you just broadly talk about where we are with the investment side of this, whether it's Brazil or other markets and how you kind of see the setup for the back half of the year and getting to that inflection point in '26?

本週 Adam 和 Gary 在 JV BetMGM 方面發布了精彩更新。所以我想問一下有關數位業務的問題。我知道你們談到了投資，特別是今年上半年，收入方面實現了良好的成長。您能否大致談談我們在投資方面的現狀，無論是巴西還是其他市場，以及您如何看待今年下半年的情況以及如何在 26 年達到轉折點？

Yes, sure. Thanks for the question. It's Gary. Yes. So I think Jonathan said in the prepared remarks, and I'd underscore it that in the absence of the investments we're making in Brazil, we're basically beginning to achieve breakeven in the rest of the MGM digital portfolio. the bulk of the growth in that portfolio. We are seeing growth in sort of our core LeoVegas business, but the bulk of the growth is coming from the BetMGM branded business internationally, which we've invested over the course of the past 1.5 years, quite heavily in.

是的，當然。謝謝你的提問。我是加里。是的。所以我認為喬納森在準備好的發言中說過，我想強調的是，在沒有我們在巴西進行的投資的情況下，我們基本上開始在米高梅其他數位投資組合中實現收支平衡。該投資組合的大部分成長。我們的核心 LeoVegas 業務正在成長，但大部分成長來自 BetMGM 品牌的國際業務，我們在過去 1.5 年中對該業務進行了大量投資。

So we are definitely seeing returns from that. and don't see anything between now and the end of the year that would suggest that those trends would be interrupted, and we will continue to operate with that level of profitability. So really, the investment is concentrated in Brazil. And we really took flight with respect to our investments in Brazil in Q2 we got the product in good shape in Q1.

因此，我們肯定會從中看到回報。並且從現在到年底，沒有看到任何跡象表明這些趨勢將被打斷，我們將繼續以這種盈利水平運營。因此，投資實際上集中在巴西。我們在第二季度對巴西的投資確實取得了長足的進步，並且在第一季我們的產品就達到良好的狀態。

Q2, we turned on the marketing with a reasonable level of ingression, and we're very happy about what we're seeing. Player values are strong down there. we see nothing to give us any concern about the TAM and the long-term health in the market in Brazil. And our relationship with Globo couldn't be better, and that relationship affords us a tremendous amount of operating flexibility that our competitors do not have. we can have access to inventory very quickly.

第二季度，我們以合理的程度進行了行銷，我們對所看到的結果感到非常滿意。那裡的球員價值很高。我們沒有發現任何值得我們擔心的 TAM 和巴西市場的長期健康狀況。我們與 Globo 的關係非常好，這種關係為我們提供了競爭對手所不具備的巨大營運靈活性。我們可以非常快速地獲得庫存。

We can make decisions about changing marketing mix very quickly because of our relationship with Globo. So that dig will continue through the end of the year, but we'll reiterate again this year in '25. Total performance on the bottom line and MGM Digital should mimic what it looked like last year. And we'll move into '26 optimistically.

由於我們與 Globo 的關係，我們可以非常快速地做出改變行銷組合的決策。因此，挖掘工作將持續到今年年底，但今年（25 年）我們將再次重申這項任務。底線和米高梅數字的整體表現應該與去年的情況相似。我們將滿懷樂觀地邁入26年。

Great. And then going back to Macau, the margins in the back half of '24 were around that 25% range. And I think on the past couple of calls, we've talked about being grounded around that 25% margin range. First half of this year, you're almost at 28%, obviously driven by higher market share and good premium mass.

偉大的。再回到澳門，24 年下半年的利潤率在 25% 左右。我認為在過去的幾次電話會議中，我們已經討論過將利潤率控制在 25% 左右。今年上半年，你們的市佔率幾乎達到了 28%，這顯然是受到更高的市場份額和良好的高端品質的推動。

But can you talk about if maybe we should be thinking about a slightly higher margin? Or maybe asked differently, if you're able to hold market share above that 15% range we had been thinking about before, could the margins be higher than what we had spoken about?

但是您能否談談我們是否應該考慮稍微提高一點的利潤率？或者換一種問法，如果你能夠將市場份額保持在我們之前考慮的 15% 以上，利潤率是否會高於我們所說的水平？

Kenny or Hubert, do you want to grab that? And might I have to -- go ahead.

肯尼還是休伯特，你想抓住它嗎？我可能必須——繼續。

Yes. This is Kenny. I think like we are pretty -- we feel pretty confident that we can continue to maintain such market share, which we have guided for the past few years is around mid-teens. And while maintaining the EBITDA margin in mid-20s to high 20s. So we will -- I think based on our current performance is just indicated in our July performance we see very solid market share and margin in such range.

是的。這是肯尼。我認為我們非常有信心能夠繼續維持這樣的市場份額，過去幾年我們的預期是大約十五六個百分點。同時將 EBITDA 利潤率維持在 25% 左右至 25% 左右。所以我們會——我認為根據我們目前的業績，正如我們 7 月份的業績所表明的那樣，我們看到了非常穩固的市場份額和利潤率。

Yes, I agree. I think that -- this is Hubert. I think that our focus on premium mass is not going to change. Our strategy remains consistent, and we have product to support that strategy in the near future. And I think that lends to itself that we expect our margin to be stable at high 20s range.

是的，我同意。我認為──這是休伯特。我認為我們對高端大眾市場的關注不會改變。我們的策略保持一致，並且在不久的將來我們有產品來支持該策略。我認為這有助於我們預計我們的利潤率將穩定在 20% 左右。

Yes. This is Kenny. As to the competition, like the people right now, we are talking in this marketplace like competition is nothing new in Macau -- we are focusing on. We are competing on spending our customers and focusing on continuously to refresh our products and services. We just want to mature adding investments we are making are effective and to reflect what the latest -- what the customers want, the trend, the latest trends -- so we are really seeing like a sustainable market share and the margin, as we said. Thanks.

是的。這是肯尼。至於競爭，就像現在人們談論的那樣，在這個市場上，競爭在澳門並不是什麼新鮮事——我們關注的是競爭。我們在客戶支出方面具有競爭力，並致力於不斷更新我們的產品和服務。我們只是希望成熟起來，我們所做的投資是有效的，並且能夠反映最新的——客戶想要什麼，趨勢，最新的趨勢——所以我們真正看到的是可持續的市場份額和利潤率，正如我們所說的那樣。謝謝。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

First, I want to go back to the Strip, Bill, Jonathan, Corey, whoever wants to take it. You guys have all been doing this for a very long time. strip visitation, it's been declining pretty much all year. And to your credit, you've managed through this impressively, especially given the disruption in MGM brand. I guess -- is there anything you can kind of pinpoint in what's driving this decline in visitation? Is it international inbound? Is it different type of customer, (inaudible) -- and then to what extent do you have levers to kind of adapt further in this environment where it seems like visitation continues to be under pressure?

首先，我想回到拉斯維加斯大道，比爾、喬納森、科里，無論誰想去都可以。你們已經這樣做很久了。脫衣舞的訪問量幾乎全年都在下降。值得稱讚的是，您出色地解決了這個問題，尤其是在米高梅品牌受到衝擊的情況下。我想—您能指出導致遊客數量下降的原因嗎？是國際入境嗎？這是不同類型的客戶嗎？ （聽不清楚）—那麼在這種訪問量似乎持續承受壓力的環境下，您在多大程度上可以採取進一步適應的措施？

I'll start. I think international visitation has been an issue, not only for Las Vegas, but a lot of destinations. But particularly earlier in the year with Canada, we host a lot of hockey games by way of example, and we saw visitation down. And I think it's -- I don't think I know, it's still down. We've seen some of our carriers, I think inbound seats is down 6% now. By the way, mostly driven by Spirit with the challenges with their engines. I think Southern California this summer has laid quiet more than it historically has.

我先開始。我認為國際遊客一直是一個問題，不僅對於拉斯維加斯如此，對於許多旅遊目的地也是如此。但特別是今年早些時候與加拿大合作，我們舉辦了許多曲棍球比賽，結果遊客人數下降。我認為——我認為我不知道，它仍然處於下降趨勢。我們看到一些航空公司的入境座位數目前下降了 6%。順便說一句，這主要是由 Spirit 的引擎帶來的挑戰。我認為南加州今年夏天比以往更加安靜。

And so I think that's a consideration that we all need to think about going forward as it relates to value-oriented customers and how to attract them and what to do. We do feel solid about our ability to attract premium customers. And again, looking at the higher end of our spectrum in luxury with (inaudible) and Bellagio, of no -- we continue to drive above occupancy and yield from those customers, but we do need to keep an eye on value.

因此，我認為這是我們所有人都需要考慮的問題，因為它與以價值為導向的客戶有關，以及如何吸引他們以及該做什麼。我們確實對自己吸引高端客戶的能力充滿信心。再次，看看我們在豪華酒店領域的高端產品，例如（聽不清楚）和貝拉吉奧，我們繼續提高入住率並從這些客戶那裡獲得收益，但我們確實需要專注於價值。

We've followed the headlines as I think many have in terms of the value equation, the value stories and what is being said about Las Vegas, and we did need to enhance upon that. Las Vegas is still an amazing value. Some of the rates out there this next midweek are comparable to things I've seen 20 years ago. And so same Las Vegas is not a value, which I know has taken some headline is just not a complete reality. And so -- but we all need to focus on that.

我們一直在關注頭條新聞，我認為很多人都關注著價值方程式、價值故事以及有關拉斯維加斯的報道，我們確實需要在此基礎上進行改進。拉斯維加斯仍然具有令人驚嘆的價值。下週中旬的一些利率與我 20 年前看到的利率相當。因此，同樣的拉斯維加斯並不有價值，我知道這已經成為一些頭條新聞，但這並不是完全的現實。所以——但我們都需要關注這一點。

We all need to change the narrative and continue to keep it positive. And obviously, as it relates to our particular offerings, Luxor or Excalibur potentially New York and somewhat MGM, keeping a focus on that for us as we think about winter season and ultimately, next summer is going to be really important.

我們都需要改變這種敘述方式並繼續保持積極的態度。顯然，就我們的特定產品而言，盧克索酒店或石中劍酒店可能是紐約酒店，米高梅酒店也有可能，當我們考慮冬季以及最終明年夏天時，我們會重點關注這一點，這將非常重要。

And I think our main levers, our casino database continues to be extremely strong, especially on the regional side and what we're doing with the Marriott relationship obviously is an advantage in this time frame. And then the other area that I think we look a lot at is of business travel. And when it's not there, the airlines cut back as I think you'll see in the fourth quarter, they're going to start adding into the city again, which I think will be to the benefit of the city.

我認為我們的主要槓桿，我們的賭場資料庫仍然非常強大，特別是在區域方面，我們與萬豪的關係顯然在這個時間範圍內是一個優勢。我認為我們重點關注的另一個領域是商務旅行。當沒有航班時，航空公司就會削減航班，我想你會在第四季度看到，他們會再次開始增加飛往這座城市的航班，我認為這將對這座城市有利。

Got it. That's helpful. And then just in terms of the third quarter, there's a lot of moving pieces there and obviously, kind of the backdrop you guys just kind of addressed. But if I think about the $25 million from MGM Grand disruption and then you're lapping a $37 million impact from insurance, just kind of any orders of magnitude through which to think about the third quarter in Las Vegas and kind of before that bounced back in the fourth quarter?

知道了。這很有幫助。就第三季而言，有很多變動，顯然，這就是你們剛才談到的背景。但是，如果我考慮到米高梅大酒店造成的 2500 萬美元損失，然後再考慮保險業造成的 3700 萬美元損失，那麼拉斯維加斯第三季度的業績以及第四季度的反彈幅度是多少呢？

I think what we're seeing certainly in July and looking into August is pretty similar to what we experienced in June in terms of the localization of some of the impacts, so midweek during -- for the value-oriented properties and then the MGM Grand impact, which we've talked about. And I'm glad that you called out the insurance -- the cyber insurance proceeds we realized in the third quarter of last year of $37 million.

我認為，就一些影響的本地化而言，我們在 7 月份看到的情況以及展望 8 月份的情況與我們在 6 月份經歷的情況非常相似，所以在周中期間 - 對於以價值為導向的物業以及我們已經討論過的米高梅大酒店的影響。我很高興您提到了保險——我們去年第三季實現的網路保險收益為 3700 萬美元。

And then, of course, we'll continue these EBITDA enhancement activities, which I mentioned, which came up earlier, we continue to see the benefit of that through the third quarter. So it's going to be kind of a similar situation. And some of it, we're taking on intentionally so we can position the company really well for the fourth quarter, particularly with respect to the MGM Grand.

然後，當然，我們將繼續這些我之前提到的 EBITDA 增強活動，我們將在第三季繼續看到其帶來的好處。所以這將是一個類似的情況。其中有些是我們有意承接的，這樣我們才能在第四季度為公司做好充分的準備，特別是對於米高梅大酒店而言。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

So Bill, whoever wants to take this. I want to go back and ask another question on that Vegas FIT cohort. And Bill, you obviously mentioned a couple of times here that FIT cohort has shown some stability recently. And just -- and I guess my question here, I was just wondering if you guys have done anything to kind of stimulate that FIT improvement.

所以比爾，無論誰想拿這個。我想回去再問一個有關 Vegas FIT 群體的問題。比爾，你顯然在這裡提到過幾次，FIT 群體最近表現出一定的穩定性。而且——我想我的問題是，我只是想知道你們是否做了什麼來刺激 FIT 的改善。

We've seen some of your peers out there doing some pretty aggressive promotional or cutting resort fees and stuff like that. I'm just wondering where you guys stand? And that kind of leads me to my second question, which is, Jonathan, maybe how you're thinking about the flow-through in Vegas over the next couple of quarters given the shift in the customer mix that's coming into that market?

我們看到一些同行正在採取相當激進的促銷措施或削減度假費等。我只是想知道你們的立場是什麼？這就引出了我的第二個問題，喬納森，考慮到進入拉斯維加斯市場的客戶結構的變化，您如何看待未來幾季拉斯維加斯的流量？

So let me start with the FIT. Look, I think based on some of our group activity, it will pick up later part of the quarter, I think, again, with Marriott at play, we don't see -- we're aggressive and we're priced accordingly, and we continue to follow. I can assure you, what the market is doing. But we also want to make sure we're market leaders in many respects. And so we continue to drive in buildings like the one we're all sitting in Bellagio price, and we think that's important. I think occupancy is down 3 or 4 points for the quarter.

那麼讓我先從 FIT 開始。你看，我認為根據我們集團的一些活動，它會在本季度後期回升，我認為，再次，在萬豪的參與下，我們看不到——我們很積極，我們的定價也相應，我們會繼續關注。我可以向你保證，市場正在做些什麼。但我們也希望確保我們在許多方面都成為市場領導者。因此，我們將繼續在像我們現在所在的貝拉吉奧價格大樓這樣的建築中前行，我們認為這很重要。我認為本季的入住率下降了 3 或 4 個百分點。

I think you might see the same in the next quarter, but not at the expense of ADR and certainly not at the expense of some of the programs we put in play over the years. When you talk about resort fees, parking fees, et cetera. And so we're not panicked and nor will our programs indicate that. I do think we need to get the value creation right at the other end of the spectrum with Excalibur and Luxor.

我認為您可能會在下個季度看到相同的情況，但不會以犧牲 ADR 為代價，當然也不會以犧牲我們多年來實施的一些計劃為代價。當您談到度假費、停車費等等時。因此我們並不恐慌，我們的計劃也不會表現出這一點。我確實認為我們需要透過 Excalibur 和 Luxor 在另一端實現正確的價值創造。

It is a highly competitive market and remains that. But at the end of the day, while they are generating cash flow and they make us money, it's not the whole ball game. And so we will look at those independent and a little bit differently. And we will lean into as we have the better part of the summer, our casino database. One of the reasons our slot win is up is because of our casino database. I mean we continue to drive into that and it's been fruitful for us.

這是一個競爭激烈的市場，而且仍然如此。但最終，雖然他們產生了現金流並為我們賺錢，但這並不是全部。因此，我們將以獨立且略有不同的視角來看待這些問題。由於夏季大部分時間我們都將依賴我們的賭場資料庫。我們的老虎機贏錢數增加的原因之一是我們的賭場資料庫。我的意思是我們會繼續努力，並且已經取得了豐碩成果。

On the flow-through question, I think a generally safe assumption is that we can we can bring 50% of the revenue increase to the bottom line if we're talking about Las Vegas. And strive as we might if we have -- if we do have revenue declines. Again, it depends on where it's coming from. But a general rule of thumb is that we can fade 50% of that through cost management, but maybe 50% of it would hit the bottom line.

關於流通問題，我認為一個普遍安全的假設是，如果我們談論的是拉斯維加斯，我們可以將 50% 的收入成長帶入底線。如果我們的收入確實下降，我們會盡最大努力。再次，這取決於它來自哪裡。但一般的經驗法則是，我們可以透過成本管理來消除其中的 50%，但也許其中的 50% 會影響底線。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

I saw in the deck that the overall CapEx moved a little bit lower for the year, which was maybe surprising in the context of some of the benefits from the big beautiful bill. I guess what's driving the reduction? And remind us of the timing of some of the major projects that are on the horizon. And I know it's still early, but could the accelerated depreciation change or approach to ROI investments as we look out to 2026?

我在簡報中看到，今年的整體資本支出略有下降，考慮到這項大額美麗法案帶來的一些好處，這或許令人驚訝。我猜是什麼導致了這種減少？並提醒我們即將實施的一些重大項目的時機。我知道現在還為時過早，但展望 2026 年，加速折舊是否會改變或改變投資報酬率投資的方法？

Yes. The reduction was really a function of just as we get into the year and look at what we're spending and the ongoing just refinement of the capital plan that occurs during the course of the year, -- we looked at that and said, it's unlikely that we're going to be actually spending the amount that we had put out there. There are no notable projects that we've stopped or decided not to do.

是的。削減實際上是因為我們進入新的一年，看看我們的支出情況，以及在這一年中不斷改進的資本計劃——我們看了這些之後說，我們不太可能真正花掉我們投入的金額。我們沒有停止或決定不做任何值得關注的項目。

This always happens. Sometimes it's a little bit of an increase. Most often, it's a reduction. So we wanted to make that clear -- go ahead.

這種事總是會發生。有時會有一點點增加。最常見的情況是減少。所以我們想明確這一點——繼續吧。

Well, I was just going to get into some of the major projects -- so really, the only significant projects, the likes of, say, an MGM Grand renovation would be the renovation of the ARIA rooms, which presently we're looking to begin in the late second, kind of early third quarter of 2026.

好吧，我正要談一些重大項目——所以實際上，唯一重要的項目，例如米高梅大酒店的翻新工程，就是 ARIA 房間的翻新工程，目前我們計劃在 2026 年第二季末或第三季初開始。

And then Stephen, one of the things that slowed down this year is we have done an Opera cloud migration, our front-end hotel system, into the cloud, given the challenges up and down the street in the community, we want to be cautious that we took a relook at that. It cost us a couple of months in time. But we just launched Park last week seamlessly. It was up and down in 12 hours.

然後史蒂芬，今年放慢速度的事情之一是我們已經完成了 Opera 雲端遷移，將我們的前端飯店系統遷移到雲端，考慮到社群上下面臨的挑戰，我們希望謹慎地重新審視這一點。這花了我們幾個月的時間。但我們上週才順利推出了 Park。12個小時就上上下下。

And now we're going to head to the Cosmopolitan and the rest of the Strip. And so that had some capital tied to it that we simply delayed because we wanted to make sure we got it right. I'm feeling -- the team did a great job with it, and so I'm excited about going forward filing with that idea.

現在我們要前往大都會酒店和拉斯維加斯大道的其他地方。因此，這與一些資本有關，我們只是推遲了，因為我們想確保我們做對了。我感覺——團隊在這方面做得很好，所以我很高興能夠繼續提出這個想法。

And well, just while we're talking about capital is, I consult my list of projects which I won't spend time going through. But when I look at the number of exciting projects that we have coming online in the late third quarter and early fourth quarter, it's pretty it's pretty dramatic. There's not a property here in Las Vegas and a few in the regional markets that don't have some really exciting projects coming online.

好吧，就在我們談論資本的時候，我查閱了我的項目清單，我不會花時間去查看這些項目。但當我看到第三季末和第四季初我們上線的眾多令人興奮的項目時，我感到相當驚訝。拉斯維加斯和該地區其他一些市場上的所有房地產都正在上線一些真正令人興奮的項目。

That's helpful. Maybe one unrelated follow-up, but looking at Vegas, I think it was this quarter last year that you called out Formula One kind of proactively, anything that you're seeing at this point, looking out to Formula One relative to last year?

這很有幫助。也許有一個不相關的後續問題，但看看拉斯維加斯，我認為是去年這個季度你主動呼籲一級方程式賽車，你現在看到什麼，相對於去年而言，一級方程式賽車有什麼變化嗎？

Yes, I feel much better about it. This is Bill. Pricing was taken in a whole new ball game or holding consideration. And so we think and believe and I think ticket sales, both ours as well as formula ones would indicate we got it right. I think they've sold over 65% of the tickets today. There's some number like that, we're in that zone. And so we feel good about it generally as well as, obviously, what we do internally with rooms and particularly the Fountain Club that we put up here at Bellagio is a massively unique experience.

是的，我感覺好多了。這是比爾。定價是以一種全新的視角或持有的考慮來進行的。所以我們認為並且相信，而且我認為門票銷售情況（包括我們的門票銷售和一級方程式賽車的門票銷售）都表明我們做對了。我認為他們今天已經售出了超過 65% 的門票。有這樣的數字，我們就在那個區域。因此，我們總體上對此感到滿意，而且顯然，我們在房間內部所做的工作，特別是我們在貝拉吉奧酒店設立的噴泉俱樂部，是一種非常獨特的體驗。

The race this year is going to have two events versus just the F1 cars, which will be more content. They're going to do some other special things with us around the fountain, which I think will be exciting for not only Bellagio and MGM, but Las Vegas in terms of eyeballs and camera time. And so we're pretty excited by what's happened and where it's all going.

今年的比賽將有兩場賽事，而不僅僅是F1賽車，內容將更加豐富。他們還將與我們一起在噴泉周圍做一些其他特別的事情，我認為這不僅會讓貝拉吉奧和米高梅感到興奮，而且會讓拉斯維加斯在吸引眼球和拍攝時間方面感到興奮。因此，我們對所發生的事情以及未來的發展感到非常興奮。

Just had $1 million sale down the club yesterday, great.

昨天俱樂部剛完成了 100 萬美元的銷售額，太棒了。

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

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·霍恩巴克爾先生，請他作最後發言。請繼續。

Well, again, thank you all for joining us today. I know it's getting late. Just as a reference, I'll be in New York at the Bank of America Conference in September. So I hope to see many of you there. Otherwise, we look forward to discussing our 3Q results with you all in a few months. So have a great end of the summer and thank you all for your attendance today.

好吧，再次感謝大家今天的參加。我知道已經很晚了。僅供參考，我將於 9 月在紐約參加美國銀行會議。所以我希望在那裡見到你們。否則，我們期待幾個月後與大家討論我們的第三季業績。祝大家夏天有個愉快的結束，謝謝大家今天的出席。

This concludes our conference call. Thank you for your participation. You may now disconnect.

我們的電話會議到此結束。感謝您的參與。您現在可以斷開連線。