美高梅國際酒店集團 (MGM) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the MGM Resorts International third-quarter 2025 earnings conference call. Joining the call from the company today are Mr. Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; Hubert Wang, COO and President of MGM China Holdings; and Howard Wang, Vice President, Investor Relations.

下午好，歡迎參加美高梅國際飯店集團2025年第三季財報電話會議。今天參加公司電話會議的有：執行長兼總裁比爾·霍恩巴克爾先生；首席營運官科里·桑德斯先生；首席財務官兼財務主管喬納森·哈爾基亞德先生；美高梅互動總裁加里·弗里茨先生；美高梅中國控股執行董事兼總裁馮國強先生；美高梅中國控股首席營運官兼總裁王休伯特先生和投資者關係副總裁。

(Operator Instructions) Please in this conference call is being recorded.

（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，我想把電話交給王先生。請繼續。

Thanks. Welcome to the MGM Resorts International third-quarter 2025 earnings call. This call is being broadcast live on the Internet at investors.mgemresorts.com. And we've also furnished our press release on Form 8-K to the SEC.

謝謝。歡迎參加美高梅國際酒店集團2025年第三季財報電話會議。本次電話會議正在 investors.mgemresorts.com 網站上進行網路直播。此外，我們也已向美國證券交易委員會提交了 8-K 表格形式的新聞稿。

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 as 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作出前瞻性陳述。實際結果可能與這些聲明中設想的結果有重大差異。有關可能導致實際結果不同的因素的補充資訊。除法律要求外，我們不承擔因新資訊或其他原因而更新今天新聞稿和我們定期向美國證券交易委員會提交的文件中所包含的前瞻性陳述的義務。

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，我們也會在討論公司績效時提及非GAAP財務指標。您可以在我們的新聞稿和投資者簡報中找到與 GAAP 財務指標的調整表，這些文件可在我們的網站上找到。最後，本次演講正在錄製。

I will now turn it over to Bill Hornbuckle.

現在我將把發言權交給比爾·霍恩巴克爾。

Thank you, Howard, and good afternoon, everyone. Our industry is constantly changing, and MGM is always moving forward, proactively navigating with agility and allocating capital with discipline to best position our company for future success. One example of our capital discipline was a challenging decision to withdraw our application for commercial license in Yonkers, New York.

謝謝你，霍華德，大家下午好。我們的行業瞬息萬變，而米高梅始終銳意進取，積極靈活地應對挑戰，並以嚴謹的態度分配資本，從而使公司在未來取得成功。我們資本紀律的一個例子是，我們做出了一個艱難的決定，撤回了我們在紐約州揚克斯的商業許可證申請。

We dedicated significant time and resource over the last several years to this project adjusted along the way with our best efforts to make the project work for all parties involved. We have been and continue to be a proud partner of the city of Yonkers and the State of New York.

在過去幾年裡，我們投入了大量的時間和資源來推進這個項目，並根據實際情況不斷調整，盡最大努力使該項目對所有相關方都有利。我們過去是、現在仍然是揚克斯市和紐約州引以為傲的合作夥伴。

We remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in the Hawkers and surrounding communities.

我們將繼續以目前的形式經營該物業，並相信它將繼續為霍克斯及週邊社區的顧客提供服務，並取得成功。

Also, we have been consistent in our focus on premium best-in-class market-leading integrated resort operations and have held true to our message that we will optimize our portfolio when the right value opportunities are presented. This was the case for Northfield Park, which we are selling for $546 million in cash.

此外，我們始終專注於打造一流的市場領先的綜合度假村，並堅持我們的理念，即當出現合適的價值機會時，我們將優化我們的投資組合。諾斯菲爾德公園就是這種情況，我們將以 5.46 億美元的現金出售。

You may recall, we acquired the operations in 2019 for $275 million. We have grown the business and create significant value over the last six years. And importantly, the sale multiple of 6.6 times represents a significant premium to MGM's current share price which values the opco business at less than 3 times.

您可能還記得，我們​​在 2019 年以 2.75 億美元收購了這項業務。在過去六年裡，我們發展壯大了業務，創造了巨大的價值。更重要的是，6.6 倍的出售倍數較 MGM 目前的股價有相當大的溢價，而 MGM 目前的股價對營運公司的估值不到 3 倍。

This company's diversity is also a true benefit, and then all the headlines or concerns about Las Vegas and the general consumer MGM's consolidated net revenues grew this quarter, thanks to the geographic and channel diversity of our business.

這家公司的多元化也是一項真正的優勢，而且所有關於拉斯維加斯和普通消費者的頭條新聞或擔憂，都與美高梅集團本季度的合併淨收入增長有關，這要歸功於我們業務的地域和渠道多元化。

I've spoken in the past about the evolution of Las Vegas and that over the last 30 years, the market has grown at a CAGR of over 4%. Of course, that growth ebbs and flows over shorter measurements of time. And this summer, we heard from some of our guests around value in Las Vegas, and we responded by making adjustments to ensure a rationalized premium value experience across all of our properties.

我過去曾談到拉斯維加斯的發展歷程，在過去的 30 年裡，該市場的複合年增長率超過 4%。當然，這種成長在較短的時間尺度上會有起伏。今年夏天，我們收到了一些客人關於拉斯維加斯性價比的回饋，我們對此做出了回應，並進行了調整，以確保我們所有酒店都能提供合理的優質價值體驗。

We also partnered with the destination on a fabulous five-day sale during which we sold over 300,000 room nights nearly double our typical pace, reflecting the strong demand that exists for our experiences. There are additional factors presuming the current visitation dynamic, including international visitation, particularly from Canada, Southern California drive traffic and the recent Spirit Airlines bankruptcy, resulting in several canceled routes. We are still expecting to receive over 40 million visitors to Las Vegas in 2025.

我們也與目的地合作進行了為期五天的精彩促銷活動，期間我們售出了超過 30 萬間夜的客房，幾乎是我們平時銷售速度的兩倍，這反映出市場對我們體驗的強勁需求。假設目前的旅遊動態不變，還有其他因素會影響旅遊市場，包括國際遊客（特別是來自加拿大的遊客）、南加州自駕遊以及最近 Spirit Airlines 的破產（導致多條航線取消）。我們仍然預計到 2025 年拉斯維加斯將迎來超過 4,000 萬遊客。

While we don't expect the dynamic to be changed overnight, we are proactively working to create initiatives and draw incremental visitation. Despite these headwinds, several of our luxury properties generated record 3Q slot win.

雖然我們不指望這種局面會在一夜之間改變，但我們正在積極努力製定舉措，以吸引更多遊客。儘管面臨這些不利因素，我們的幾處豪華房產在第三季仍創下了老虎機獎金紀錄。

As we look to the fourth quarter, we see signs of stabilization as the luxury market segment continues exhibiting strength, groups and conventions are returning and all MGM guest rooms will be upgraded and back online and F1 ticketing presales, particularly for the Bellagio Fountain Club are pacing higher versus the prior year. All of which puts us on a solid footing as we approach 2026.

展望第四季度，我們看到市場趨於穩定的跡象，豪華市場持續強勁增長，團體和會議活動正在恢復，所有美高梅酒店客房都將升級並重新開放，F1 門票預售，特別是百樂宮噴泉俱樂部的預售，與上一年相比增長迅速。所有這些都為我們邁向 2026 年奠定了堅實的基礎。

Over 90% of our target groups and conventions are contracted for next year, and the first quarter starts off strong with ConAg continuing into the year with other citywides. We also built off the 900,000 room nights we are facing the book through our Marriott partnership this year.

超過 90% 的目標群體和會議已簽訂明年的合同，第一季開局強勁，ConAg 將持續到年底，其他城市級會議也將陸續舉行。今年，我們透過與萬豪的合作，實現了 90 萬間夜的預訂目標。

And I'd note, October is shaping up to be the strongest room night month ever for forward bookings originating from the Marriott channel. We'll have a full year in 2026 to benefit from the group and convention initiatives launched in the second quarter this year that will allow us -- that will allow meeting planners and attendees to earn Marriott Bonvoy loyalty Perks.

值得注意的是，10 月萬豪頻道的預訂量有望成為有史以來最高的客房夜數月份。2026 年我們將有一整年的時間，可以受益於今年第二季推出的團體和會議計劃，這些計劃將使會議策劃者和與會者能夠獲得萬豪旅享家忠誠度獎勵。

In the meantime, we continue maintaining an oversized share -- room nights and rate relative to our Las Vegas competition. As visitation ramps up in Las Vegas, we fully expect our advantage will be maximized by the outside efforts of our employees who achieved our highest-ever 3Q gold plus NPS scores despite continued disruption from the MGM throughout the quarter, which, again, now has ended.

同時，我們繼續保持著相對於拉斯維加斯競爭對手而言較大的市場份額——客房夜數和房價。隨著拉斯維加斯遊客數量的增加，我們完全相信，憑藉員工的外部努力，我們的優勢將得到最大的發揮。儘管整個第三季都受到 MGM 的持續幹擾，但我們的員工仍然取得了有史以來最高的 3Q 金牌及 NPS 分數，而現在，該季度已經結束了。

Our teams in the regional markets drove another quarter of solid results. Several regional properties achieved record 3Q total revenue and EBITDAR and the regional operations as a whole generated all-time record slot win this quarter. The targeted capital to create and elevate VIP experiences at Borgata but a notable role again as a casino GGR growth outpaced the market during the quarter, and the Borgata posted all-time high table game shop and slot win.

我們在區域市場的團隊又取得了一季穩健的表現。多個區域物業實現了第三季總收入和 EBITDAR 的創紀錄成長，整個區域業務在本季度創造了老虎機收入的歷史新高。目標資金用於在博加塔賭場打造和提升 VIP 體驗，但該賭場再次發揮了顯著作用，其 GGR 增長在本季度超過了市場平均水平，博加塔賭場還創下了桌面遊戲商店和老虎機收入的歷史新高。

In Macau, even a brief closure caused by typhoon wasn't enough to stop the positive momentum as MGM China achieved record 3Q EBITDAR. Our contributions are leading Macau's evolution in the entertainment destination including the Macau 2049 Residency Show at MGM Cotai and the Poly MGM Museum at MGM Macau, all while staying focused on understanding our customers, particularly our focus on premium mass. The high end continues to drive market growth, and quarter-to-date, we've seen a great response to the Alpha Gaming Club at MGM Macau, which officially opened in late September.

在澳門，即使颱風造成的短暫停留業也未能阻止積極的成長勢頭，美高梅中國第三季EBITDAR創下歷史新高。我們的貢獻引領著澳門娛樂目的地的發展，包括美高梅路氹的澳門2049駐場秀和美高梅澳門的保利美高梅博物館，同時我們始終專注於了解我們的客戶，特別是我們專注於高端大眾市場。高端市場持續推動市場成長，本季至今，澳門美高梅的 Alpha Gaming Club 自 9 月下旬正式開幕以來，已獲得熱烈反響。

Similar to the elevated experience provided by MGM Cotai's Mansion 1, MGM Macau's 3,500 square meter Alpha Gaming Club includes nearly 30 tables, dedicated restaurant cigar lounge and located just below the newly designed alpha bills. With more nongaming and entertainment events taking place in Macau, customers now have more reasons to visit and continue to drive growth into the market.

與美高梅路氹城的Mansion 1提供的高端體驗類似，澳門美高梅3500平方米的Alpha Gaming Club設有近30張賭桌、專屬餐廳和雪茄吧，位於新設計的Alpha鈔票下方。隨著澳門舉辦更多非博彩和娛樂活動，顧客現在有了更多理由到訪，並繼續推動市場成長。

The later two drove accelerated revenue growth for this segment which in aggregate -- grew top line by 23% this quarter and saw a priority market collectivity growing in line with TAM or higher. Our European Bet MGM reached a new all-time revenue high in 3Q, we've improved profitability driven by customers' growth and market share gains.

後兩項推動了該業務板塊的加速收入成長，本季總收入成長了 23%，並且重點市場群體實現了與 TAM 持平或更高的成長。我們的歐洲博彩 MGM 在第三季度創下了歷史新高，客戶成長和市場份額提升推動了盈利能力的提高。

Even though the success has been offset by increased investment in Brazil, we are seeing quarter-over-quarter growth with healthy player fundamentals. Notably, growth has been driven around key metrics of retention, which is exceeding even some of our healthy mature markets. We have a great relationship with our local media partner, Grupo Globo, and are taking a disciplined investment approach for long-term brand positioning and profitability. We expect that to gain market share and reduce our gross spend in the future and MGM Digital has an opportunity for $1 billion in revenue with a significant margin, driving double-digit returns on those investments.

儘管巴西的投資增加抵消了部分成功，但我們仍然看到季度環比增長，球員基本面健康。值得注意的是，成長主要圍繞著關鍵指標——用戶留存率——展開，甚至超過了我們一些健康的成熟市場。我們與當地媒體合作夥伴環球集團（Grupo Globo）保持著良好的關係，並採取了嚴謹的投資方式，以實現長期的品牌定位和盈利能力。我們預計這將有助於我們在未來獲得市場份額並減少總支出，而 MGM Digital 有機會獲得 10 億美元的收入和可觀的利潤，從而為這些投資帶來兩位數的回報。

Progress in Japan continues for 2030 opening, and we remain confident in our ability to generate a high-teens return at the time of opening, particularly as the only integrated resort in Japan, a country of over 120 million people.

在日本的進展仍在繼續，計劃於 2030 年開業。我們仍然有信心在開業時實現兩位數以上的回報率，尤其作為日本這個擁有超過 1.2 億人口的國家中唯一的綜合度假村。

As of early this month, all elements of this project were under construction and at one time, there are 60 to 80 cranes and other pieces of heavy equipment on site. We also recently entered a USD300 million equivalent yen-denominated credit facility at very attractive rates to support our funding commitment to MGM Osaka. And then Dubai also continues to make progress with an expected opening date in the second half of 2028.

截至本月初，該專案的所有部分都在建設中，一度有 60 至 80 台起重機和其他重型設備在現場作業。我們最近也以非常優惠的利率獲得了 3 億美元等值的日圓信貸額度，以支持我們對大阪美高梅的融資承諾。此外，杜拜也持續取得進展，預計將於 2028 年下半年開放。

With that, I will now hand it over to Jonathan to provide additional detail on our performance this quarter.

接下來，我將把發言權交給喬納森，讓他詳細介紹我們本季的表現。

Thanks, Bill. And I'd like to echo my appreciation to all of our employees throughout our operations globally for their hard work and dedication. The effort does not go unnoticed and truly is the driver behind everything MGM achieves.

謝謝你，比爾。我也要對我們全球所有員工的辛勤工作和奉獻精神表示感謝。這項努力並非無人察覺，它確實是米高梅取得一切成就的驅動力。

This quarter, the Las Vegas segment reported $601 million in EBITDAR and down $130 million year-over-year. The bridge to that shortfall includes three main parts: there was $27 million in decreased business interruption proceeds together with an increase in insurance expense due to increased reserves, $25 million in disruption from the MGM Grand Room renovation and $78 million from the impact on operations, primarily related to occupancy and ADRs.

本季度，拉斯維加斯業務部門的 EBITDAR 為 6.01 億美元，年減 1.3 億美元。彌補這一缺口主要包括三個方面：由於準備金增加，導致業務中斷賠償金減少 2700 萬美元，保險費用增加；米高梅大酒店宴會廳翻新工程造成的損失 2500 萬美元；以及對運營的影響造成的損失 7800 萬美元，主要與入住率和平均房價有關。

Roughly half of that operations impact can be attributed to Luxor and Excalibur and $6 million more can be attributed to lower hold year-over-year. The balance is attributed to softer ADRs and a decrease in occupancy, which affected volumes in food and beverage in some of our properties. This operating environment has provided an opportunity for us to focus on our cost containment efforts, and we've been able to reduce certain costs alongside top line fluctuations.

其中約一半的營運影響可歸因於盧克索酒店和石中劍酒店，另外 600 萬美元可歸因於同比持有量下降。造成收支平衡的原因是平均房價走軟和入住率下降，影響了我們部分飯店的餐飲銷售。這種經營環境為我們提供了一個專注於成本控制的機會，我們得以在收入波動的同時降低某些成本。

Net revenue in Las Vegas declined 7% but we managed expenses down accordingly where possible, including FTEs that also decreased by 7%. As we look into the fourth quarter, we're seeing improving room rates. We also have the benefit of all MGM Grand rooms online and newly upgraded in time for the group and convention season. and we're seeing strong group demand in November and December, driving stabilization in our business.

拉斯維加斯的淨收入下降了 7%，但我們盡可能地相應地降低了支出，包括 FTE 也減少了 7%。展望第四季度，我們看到客房價格有所上漲。我們也受惠於所有美高梅大飯店客房的線上預訂服務，這些客房已及時升級，以迎接團體和會展旺季。我們看到11月和12月的團體預訂需求強勁，這推動了我們業務的穩定。

As we look to next year, the 2026 group and convention channel has the ability to drive growth. Currently, future bookings are pacing up in all outer years, while attrition and cancellations are in line with historical averages. Regional operations had another steady quarter as we grew net revenues modestly. EBITDAR was down $4 million related to a decrease in business interruption proceeds of $6 million year-over-year. Beyond that impact, the results were very solid.

展望明年，2026 年團體和會議管道可望推動成長。目前，未來幾年的預訂量都在加速成長，而流失率和取消率則與歷史平均值持平。區域業務又一個季度保持穩定，淨收入小幅增長。由於業務中斷賠償金年減 600 萬美元，EBITDAR 下降了 400 萬美元。除了這項影響之外，結果也非常可靠。

MGM China continued its impressive run with record third quarter EBITDAR despite an estimated $12 million typhoon-related impact in September. We also ended the quarter with record market share of 15.5%. We continue to benefit from MGM China's strong cash flows with an $85 million dividend paid to MGM Resorts in September.

儘管9月受到颱風造成的約1,200萬美元影響，美高梅中國仍維持了令人矚目的成長勢頭，第三季EBITDAR創下歷史新高。本季末，我們的市佔率也創下歷史新高，達到 15.5%。我們繼續受益於美高梅中國強勁的現金流，美高梅度假村在9月獲得了8,500萬美元的股息。

As we look to fourth quarter in Macau, we experienced year-over-year growth across segments during the Golden Week holiday period with visitation up 11% and total win up 20%. For the month of October, we're pacing to a 16.5% market share and well over $100 million in EBITDA.

展望澳門第四季度，在黃金周假期期間，各業務板塊均實現了同比增長，遊客量增長 11%，總收入增長 20%。10 月份，我們的市佔率預計達到 16.5%，EBITDA 也將超過 1 億美元。

Our Bet MGM North American venture reported outstanding results and also announced that prior to the end of the calendar year, it will begin distributing cash back to MGM Resorts with the expectation of doing so on a quarterly basis going forward.

我們的 Bet MGM 北美合資企業取得了優異的業績，並宣佈在今年年底前開始向 MGM Resorts 返還現金，預計今後將按季度返還。

We expect to receive at least $100 million in the fourth quarter from our $630 million total investment with more to come. The business model is proving out within just the last 12 months, we've witnessed the evolution from positive EBITDA inflection, then to solid growth trajectory, and now to a business generating ample cash capable of funding growth and cash distributions.

我們預計第四季將從6.3億美元的總投資中獲得至少1億美元，未來還將有更多投資到位。該商業模式在過去 12 個月內得到了驗證，我們見證了其從 EBITDA 正成長拐點到穩健成長軌跡，再到如今能夠產生充足現金以支持成長和現金分紅的演變過程。

MGM Digital reported revenue growth of 23% during the quarter, while segment EBITDA was a loss of $23 million. For the full year, we now expect MGM Digital to have EBITDA losses that could approach $100 million given our increased investment in Brazil.

MGM Digital 報告稱，該季度營收成長了 23%，但部門 EBITDA 虧損 2,300 萬美元。鑑於我們在巴西的投資增加，我們現在預計 MGM Digital 全年的 EBITDA 虧損可能接近 1 億美元。

Though, keep in mind, the actual contribution is consistent with our stake in the Brazil venture, which is roughly 50%. The venture has seen encouraging growth quarter-over-quarter throughout the year in active players, deposits and GGR. In our fourth quarter initiatives, including launching our in-house Sportsbook and continuing to increase the scale of the business, focusing on efficient returns.

不過，請記住，實際貢獻與我們在巴西合資企業中的股份一致，約為 50%。該公司全年活躍玩家、存款和總收入均實現了令人鼓舞的季度環比增長。在第四季度，我們採取了一系列舉措，包括推出我們自己的體育博彩平台，並繼續擴大業務規模，並專注於高效回報。

In Japan, construction continues making practice. We've recently raised a yen denominated Term Loan A at the MGM Resorts level equivalent to USD300 million at a borrowing cost of approximately 2.5% as of this month. This facility also has the ability to upsize to $450 million and we're already receiving incremental interest. We'll use the proceeds from this issuance to cover our equity contributions for MGM Osaka at least through next summer.

在日本，建築業仍在持續發展中。我們最近在 MGM Resorts 層級籌集了一筆 3 億美元的日圓計價 A 類定期貸款，截至本月，借款成本約為 2.5%。該設施還有擴大至 4.5 億美元的潛力，我們已經收到越來越多的諮詢。我們將利用此次發行所得款項來支付我們對大阪美高梅的股權出資，至少到明年夏天為止。

Finally, we continue to see significant value in our share price. In this quarter, we were able to provide yet another transaction precedent to further evidence the attractive valuation, when you strip out the value of MGM China at market value and assign a consensus value to the BetMGM North America venture, which we still view as very conservative given the current trajectory, you end up with an implied multiple of under 3 times trailing 12-month asset EBITDA to say nothing of the value of MGM Digital, a business that's capable of $1 billion in run rate top line with double-digit EBITDA margins and this compares to the 6.6 times announced sale multiple for Northfield Park operations in Ohio, which, if applied across the board to our brick-and-mortar business, inclusive of Vegas, which arguably deserves a higher multiple in the regionals that would imply a share price of approximately $60.

最後，我們仍然認為我們的股價具有顯著價值。本季度，我們又提供了一項交易先例，進一步證明了其極具吸引力的估值。剔除美高梅中國以市值計算的價值，並對BetMGM北美合資企業進行共識估值（鑑於目前的成長勢頭，我們仍然認為該估值非常保守），最終得出的隱含倍數不到過去12個月資產EBITDA的3倍。更不用說美高梅數位業務的價值了，該業務的年化營收可達10億美元，EBITDA利潤率達到兩位數。相較之下，俄亥俄州諾斯菲爾德公園業務的已公佈出售倍數為6.6倍。如果將這一倍普遍應用於我們所有實體業務，包括拉斯維加斯（區域性業務的估值倍數可能更高），則意味著股價約為60美元。

I'll turn it back to Bill.

我會把它還給比爾。

Thanks, Jonathan. Apparently, I thumbed over a page, which I would like to spend a second on commenting about our digital business. before we take your questions.

謝謝你，喬納森。我剛才快速翻閱了一頁，我想花點時間簡單談談我們的數位業務，然後再回答大家的問題。

I know a few weeks ago, you all heard BetMGM's venture reported strong three quarter results and raised our full year guidance for the second time this year. increased 2025 EBITDA guidance to approximately $200 million represents an EBITDA increase of roughly $450 million in just one year without any new jurisdictions. Importantly, BetMGM will start returning capital MGM Resorts with an expected initial cash distribution of at least $100 million in the fourth quarter.

我知道幾週前大家都聽說了BetMGM旗下合資企業公佈的強勁前三季業績，並第二次上調了全年業績預期。此次將2025年EBITDA預期上調至約2億美元，意味著在沒有任何新增業務的情況下，僅一年內EBITDA就成長了約4.5億美元。重要的是，BetMGM 將在第四季開始向 MGM Resorts 返還資本，預計首筆現金分紅至少為 1 億美元。

I also want to follow up on BetMGM's recent comments about prediction markets. For decades, the gaming industry has been a highly regulated at the state level. This intense scrutiny has been essential to ensuring the integrity of the gaming industry and in the case of sports betting, helped to identify potentially irregular activity.

我還想就 BetMGM 最近關於預測市場的評論做個後續說明。幾十年來，博彩業一直受到國家層級的嚴格監管。這種嚴格的審查對於確保博彩業的誠信至關重要，就體育博彩而言，還有助於發現潛在的違規活動。

This is not the time to back away from these high standards. Gaming historically has been and should continue to be a highly regulated industry with safeguards in place to protect consumers and promote integrity.

現在絕不是降低這些高標準的時候。從歷史上看，遊戲產業一直是並將繼續是一個受到嚴格監管的行業，有各種保障措施來保護消費者並促進誠信。

I also want to take a moment and thank our Chief Operating Officer, Corey Sanders, who will be retiring at the end of the year, making this his last earnings call. I'm sure many of you on this call spoke to Corey frequently throughout his tenure. It's impossible to overstate what Corey has meant to this company over the last 30-plus years.

我還要藉此機會感謝我們的營運長科里桑德斯，他將在年底退休，這將是他最後一次參加財報電話會議。我相信在座的各位在科里任職期間都經常與他交談。過去三十多年來，Corey 對這家公司的意義怎麼強調都不為過。

As a person, as a leader, Corey understands the importance of caring for employees and treating people with respect. We all want to thank you, Corey, for your dedication, your service and your leadership and let you know that you will be deeply missed.

作為一個人，作為一個領導者，Corey 深知關懷員工和尊重他人的重要性。科里，我們都想感謝你的奉獻、服務和領導，並讓你知道我們會非常想念你。

In closing, I want to stress that MGM is the only global operator across physical and digital channels, converging gaming and hospitality with entertainment and sports delivering diversified growth at scale. We have proven to be disciplined allocators of capital, and we'll look at any opportunities with attractive returns, including share buybacks.

最後，我想強調的是，美高梅是唯一一家橫跨實體和數位管道的全球營運商，它將博彩和酒店與娛樂和體育融合在一起，實現了規模化的多元化增長。我們已經證明自己是紀律嚴明的資本配置者，我們將專注於任何具有吸引力回報的機會，包括股票回購。

And in Las Vegas, it's worth repeating, we are focused on what we can control and are well positioned to adapt given the range and diversity of our luxury offerings. We stabilized -- we see stabilization in the fourth quarter and growth in 2026 and beyond. And over the long run, we see a measured supply outlook, a growing local population, expanding entertainment infrastructure rising demand for live entertainment and for luxury, and we remain very bullish on Las Vegas.

值得重申的是，在拉斯維加斯，我們專注於我們能夠控制的事情，並且鑑於我們豪華產品的範圍和多樣性，我們有能力進行調整。我們已經趨於穩定——我們預計第四季將趨於穩定，2026 年及以後將實現成長。從長遠來看，我們看到供應前景穩健，當地人口不斷增長，娛樂基礎設施不斷擴大，對現場娛樂和奢侈品的需求不斷上升，因此我們仍然非常看好拉斯維加斯。

And now operator, if we could open it up for questions. Thank you.

現在操作員，我們可以開始提問了嗎？謝謝。

(Operator Instructions) John DeCree, CBRE.

（操作說明）John DeCree，CBRE。

Hi guys. Thanks so much for taking my question. I'm sure we'll talk quite a bit about Las Vegas, but maybe to start with your decision to exit New York. Obviously, it was a set focus of your orders for a while. Bill, I know you get some prepared remarks, but curious if you could elaborate. Was it just investment sizing, you put out a press release, but anything else you could tell us there?

嗨，大家好。非常感謝您回答我的問題。我相信我們會聊很多關於拉斯維加斯的話題，但或許可以先從你決定離開紐約開始。顯然，這曾經是你們一段時間內的訂單重點。比爾，我知道你事先準備了一些發言稿，但我很好奇你是否可以詳細說明一下。僅僅是投資規模方面的問題嗎？你們發布了新聞稿，還有其他可以透露的資訊嗎？

And then my follow-up with the swing in liquidity, how should we think about MGM's return hurdles for investment going forward with New York didn't quite pencil out?

然後，我接著提出了流動性波動的問題，我們該如何看待米高梅未來在紐約的投資報酬障礙？這個問題並沒有完全解決。

Sure. Look, there was originally a concern with -- and I think most of you know this, between ourselves and resorts, we basically had a guarantee to Whether we did the tax or not, we had to make whole, on the education fund, we had to make whole for the horseman. And ultimately, we struck a deal with the city of Yonkers, which meant we would have had a minimum tax of about $400 million. So that was our first hurdle. We knew that, but that remained a large hurdle.

當然。你看，最初存在一個問題——我想你們大多數人都知道——在我們和度假村之間，我們基本上有一個保證，無論我們是否徵稅，我們都必須彌補教育基金的損失，我們必須彌補騎手的損失。最終，我們與揚克斯市達成了一項協議，這意味著我們將支付至少 4 億美元的稅金。這就是我們遇到的第一個難關。我們早就知道這一點，但這仍然是一個巨大的障礙。

As we then began to understand the landscape and particularly as it's looked more and more where the competitive set would land, it put further pressure on the deal further pressure on the numbers. And I think the thing that concerned us probably the most was at the end when we thought we were buying for a 30-year license and were told it was 15 and it was done after we've made an original submission that was concerning because if not for that, then what else. And so while we initially like the return, it got tighter and tighter so much so that given overall market conditions, we think it's capital best spent some other location and some other opportunity.

隨著我們開始了解市場格局，尤其是越來越清楚地看到競爭對手的落腳點，這給交易帶來了更大的壓力，也給數字帶來了更大的壓力。我覺得最讓我們擔心的可能是最後，我們以為買的是 30 年的授權，結果卻被告知只有 15 年，而且是在我們提交了原始申請之後才發生的，這很令人擔憂，因為如果不是這件事，那還有什麼事呢？因此，雖然我們最初對回報感到滿意，但回報越來越低，以至於考慮到整體市場狀況，我們認為最好將資金投入其他地方和機會。

And John, it's Jonathan. On your second question in terms of our return thresholds. I mean, given present circumstances with our share price, our return thresholds are pretty darn high. I mean we can capture free cash yield, just in repurchasing our own shares. I don't have the math in front of me, but it's probably 25% or 30%.

約翰，我是喬納森。關於您提出的第二個問題，即我們的回報門檻。我的意思是，鑑於我們目前的股價狀況，我們的回報門檻相當高。我的意思是，我們可以透過回購自己的股票來獲得自由現金流收益。我手邊沒有具體的計算結果，但大概是 25% 或 30%。

One investment we're very excited about is our project in Japan. And despite Sarah's great efforts in securing this yen-denominated facility, which will get us through next summer, and we'll be investing in that project in late '26, '27 and '28. But this is a project that we think probably has the most favorable supply-demand dynamics of any integrated resort. So we're very excited about that project.

我們非常興奮的一項投資是我們在日本的項目。儘管莎拉為獲得這筆日圓融資做出了巨大努力，這將幫助我們度過明年夏天，但我們仍將在 2026 年末、2027 年和 2028 年對該項目進行投資。但我們認為，在所有綜合度假村計畫中，這個計畫的供需動態可能是最有利的。所以我們對這個項目感到非常興奮。

Otherwise, we're being -- we scrutinize our capital investments very closely, the growth capital investments that we have opening shortly in Las Vegas, like Cabo and Riviera, [Gymkhana], and the rest, we think are going to drive very nice returns for us. But we have a high return threshold right now as compared to simply buying our own shares.

否則，我們會非常仔細地審查我們的資本投資，我們即將在拉斯維加斯開設的成長型資本投資項目，如 Cabo 和 Riviera、[Gymkhana] 等，我們認為這些項目將為我們帶來非常好的回報。但與直接購買我們自己的股票相比，我們目前的收益率門檻很高。

Thanks, Jonathan. And Corey, congratulations on your retirement. It's been great working with you over the years. Congratulations. Thanks, guys.

謝謝你，喬納森。科里，恭喜你退休。這些年來和你一起工作非常愉快。恭喜。謝謝各位。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone, and thanks for taking my questions. Also I'd like to offer my congrats to Corey, and we enjoyed working with you for that. So if I could just build on the last question a little bit around -- the high ROI threshold, Jonathan, that you mentioned.

大家好，下午好，感謝各位回答我的問題。另外，我也想向科里表示祝賀，我們很高興能與你合作完成這項工作。所以，如果我可以就你剛才提到的高投資報酬率門檻問題再補充一點，喬納森。

I think the question we get over and over again is, obviously, I think we know the trajectory of land-based gaming in the US we think a lot more about the growth in digital that you're experiencing. Does the turnaround -- and so there's going to need to be a balance at some point between value today and a lower cost of capital but -- or a higher cost of capital, the growth that you could achieve looking to a digital future.

我認為我們反覆被問到的問題是，顯然，我們都知道美國陸基遊戲的發展軌跡，但我們更關注的是你們正在經歷的數位遊戲的成長。能否實現轉型——因此，在某種程度上，需要在今天的價值和較低的資本成本之間取得平衡，或者在較高的資本成本下，透過展望數位化未來所能實現的成長之間取得平衡。

So just trying to get your current sense on how you -- how you prioritize or balance that? And just your thoughts on doubling down on digital given, I think, the stability we've seen from the BetMGM team, obviously, lending itself to being able to return some capital to you.

所以，我只是想了解你目前是如何看待——你是如何權衡或優先考慮這些事情的？鑑於 BetMGM 團隊展現的穩定性，您認為加大對數位化投入是否明智？顯然，這有利於您收回部分資本。

Yeah. Thanks, Shaun. The interesting thing is right now, our digital investments are cash generative as opposed to cash consuming. We're in a very much a growth mode in MGM digital as it relates to our BetMGM brand expansions over in Europe and in Brazil. But the the Corio Vegas business together with, of course, BetMGM and North America are both generating now pretty substantial cash flow for us.

是的。謝謝你，肖恩。有趣的是，目前我們的數位投資正在產生現金流，而不是消耗現金流。隨著我們在歐洲和巴西拓展 BetMGM 品牌，MGM 數位業務正處於高速成長期。但是，Corio Vegas 的業務，當然還有 BetMGM 和北美業務，現在都為我們帶來了相當可觀的現金流。

So it's not requiring a digital investment. And as it relates to other additional investments in digital, we're really just focused on growing the existing businesses we have right now as opposed to doing any inorganic growth.

所以它不需要數位投資。至於其他數位化領域的額外投資，我們目前真正關注的只是發展現有業務，而不是進行任何非內生性成長。

Thanks for that. And then just as my follow-up, obviously, throughout the prepared remarks, you guys weathered pretty challenging Q3 environment. A lot of talk about Q4 stabilization as the group calendar comes back. F1 sounds encouraging. So just can you help us put it on a spectrum of what -- like we hear stabilization? Is that getting better sequentially?

謝謝。然後，作為我的後續補充，顯然，在準備好的發言中，你們經歷了相當具有挑戰性的第三季環境。隨著集團業務日程的恢復，關於第四季業績穩定的討論很多。F1聽起來很令人振奮。所以，您能否幫我們把它放在一個類似「穩定」這樣的概念的範圍內呢？情況是否逐一改善？

Is that potentially flat in the 4Q? How much better could it be? Or do you really need like a bigger group calendar like we expect to see in Q1 potentially see some growth in the Vegas segments just given some of the calendar issues that you're up against in Q4?

第四季是否有可能保持穩定？還能更好嗎？或者，考慮到第四季度面臨的一些日程安排問題，您是否真的需要像我們預期的那樣，在第一季看到更大的團體行程安排，從而在拉斯維加斯市場實現一些成長？

Shaun, I'll kick it off, and obviously, my colleagues will pile on here. It has been sequential. Obviously, July for everyone in the community was a rough month. The summer was rough, but it sequentially got better. I will say the same about October.

肖恩，我先來拋磚引玉，我的同事們當然也會紛紛加入討論。這是循序漸進的。顯然，對於社區裡的每個人來說，七月都是一個艱難的月份。這個夏天很艱難，但後來逐漸好轉。我對十月的看法也是一樣。

Knock on wood, we may even be October of last year. And recognizing the fourth quarter last year was like an all-time fourth quarter.

但願如此，我們甚至可能已經回到去年十月了。去年第四季的表現堪稱史上最佳第四季。

So all that being said, F1 does feel good. leisure activity is there, we obviously can generate through value. We saw it with a fabulous sale. We literally doubled the bookings in that particular week. So we feel better about it.

綜上所述，F1確實讓人感覺很好。休閒活動就在那裡，我們顯然可以透過它創造價值。我們看到它正在進行一場非常棒的促銷活動。那一周，我們的預訂量翻了一番。所以我們感覺好多了。

There's a lot out in front of us. The FAA in its considerations with the government shutdown may or may not have an impact. It has not, to date, thankfully. But there's no precursor to what that will mean for the next six weeks or so.

擺在我們面前的路還很長。美國聯邦航空管理局在考慮政府停擺問題時，可能會也可能不會受到影響。值得慶幸的是，迄今為止還沒有發生這種情況。但未來六週左右會發生什麼，目前還沒有任何先兆。

But I think overall, we feel positive. There's a couple of weeks in December with leisure that is a hole that we need to -- we want to continue to push on to see how we fill. But sequentially, we feel better. And we use the word stabilization not lightly. We think we can get there.

但我認為總體而言，我們感到樂觀。12 月有兩週的空閒時間，我們需要填補這個空缺——我們想繼續努力，看看如何填補它。但從順序來看，我們感覺好多了。我們並非輕易使用「穩定」這個詞。我們認為我們能做到。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Good afternoon, everybody. Thanks for taking my question. Just starting off in Macau, the stats you gave for October were really impressive, obviously, implies share gains, and you gave the share number. But some of your peers have been more aggressive recently and they've been public about that. And I know the EBITDA is there for you, you gave that for the month of October as well. But have you had to change your strategy at all? And is that imputed in the share numbers that you have here?

大家下午好。謝謝您回答我的問題。剛開始在澳門開展業務，您提供的十月份數據確實令人印象深刻，顯然這意味著股價上漲，而且您也給出了具體的股價數字。但最近你們的一些同行變得更加咄咄逼人，而且他們也公開表達了這一點。我知道你們有 EBITDA 數據，你們也提供了 10 月的數據。但你是否需要改變策略？那這些因素是否已經反映在你們提供的股份數量中了呢？

Kenny, why don't you take that?

肯尼，為什麼不拿走？

Yeah. Okay. This is Kenny. Thank you for your question. Actually, competition is not new to us at all. We see rational competition in the market that operates like a folks operators are focusing on like offering quality products and bringing in accident services for Macau visitors. For MGM China, we -- as we always said, we are focusing on understanding our customers like conducting CapEx project and improving our services to refresh and fine-tune the prices for our premier customers.

是的。好的。這是肯尼。謝謝你的提問。事實上，競爭對我們來說並不陌生。我們看到市場上存在理性競爭，營運商專注於提供優質產品，並為澳門遊客提供事故救援服務。對於美高梅中國來說，正如我們一直所說，我們專注於了解我們的客戶，例如開展資本支出項目和改進我們的服務，以更新和微調我們尊貴客戶的價格。

For example, we have fully launched our four -- and the five clubs and the fantasy product at MGM side. There is no such competitive products in the Macau peninsula market. These products, the key that these products truly reflect our understanding of our customers, they are well received. Like Macau market in January looks pretty optimistic for October.

例如，我們已經全面推出了我們的四傢俱樂部——以及 MGM 旗下的五傢俱樂部和夢幻產品。澳門半島市場上沒有此類具有競爭力的產品。這些產品之所以受到好評，關鍵在於它們真正反映了我們對客戶的理解。澳門市場1月的表現看起來對10月的前景相當樂觀。

But for MGM China, we believe we anticipate we will deliver one of the strongest months in terms of GGR and the EBITDA performance at our company's history. So currently, what we are focusing on is we are focusing on the effective projects. Like on Cotai side, we are trying -- we are doing like we are converting 160 rooms to 63. Majority of them are two-bedroom saves. So construction has started.

但對於美高梅中國來說，我們相信，我們預計我們將迎來公司歷史上業績最強勁的月份之一，無論是在營業總收入 (GGR) 還是息稅折舊攤銷前利潤 (EBITDA) 方面。所以目前，我們關注的重點是有效的項目。就像在路氹城那邊一樣，我們正在嘗試——我們正在把 160 間客房改建為 63 間。其中大部分是兩房的房源。所以，施工已經開始了。

We targeted to complete in the first half of next year. We believe these 60 spaces will -- to the evolving taste of our customers. And we are also developing some other high-end gaming place. places at MGM Cotai side as well. We hope we can utilize this our advantage, which is our deep concerning our customers. We are acting quickly and to maintain our market share. in the mid-teens in Macau.

我們的目標是在明年上半年完成。我們相信這 60 個空間將滿足我們顧客不斷變化的口味。我們也在美高梅路氹城那邊開發一些其他的高階遊戲場所。我們希望能夠利用我們對客戶的深切關懷這一優勢。我們正在迅速採取行動，以維持我們在澳門的市場份額，目前市佔率約十幾個百分點左右。

Okay. That's great color. Thanks for that. And then back domestically, you guys had a saving program of about $150 million. Some of that was taking price in certain areas. And I was hoping you could give a refresh on that program and if you had to change things around, given some of the consumer awareness of prices in Las Vegas and if that was something that had to be adjusted and how you're faring there?

好的。顏色真好看。謝謝。回到國內，你們有一個大約 1.5 億美元的儲蓄計劃。其中一些原因是某些地區的價格上漲。我希望您能簡要介紹一下這個項目，考慮到消費者對拉斯維加斯物價的認知，您是否需要做出一些調整，以及您在這方面的進展如何？

Yeah. We are deep into that program now. In fact, most of the actions, the vast majority, let's say, over 90% of the actions that we set out really about this time last year are complete. And I would say -- and I don't want to speak for Core or Bill, but in my opinion, there's really nothing we would have done differently on the -- on the customer value side than what we did.

是的。我們現在已經深入這個計畫了。事實上，我們去年這個時候制定的行動計畫中，絕大多數（可以說超過 90%）都已經完成。我想說——我不想代表Core或Bill發言，但依我之見，在客戶價值方面，我們所做的一切，真的沒有什麼需要改變的。

In fact, many of the things that we did were in response to what we were hearing from our customers and the kinds of things that they were and were not willing to pay for A lot of our activities also were in just the daily blocking and tackling of labor management and procurement and those types of things as well. I certainly wouldn't undo any of that because I don't think they in the end really had a customer impact so -- and yeah, this may be a more global view on the whole value.

事實上，我們所做的很多事情都是為了回應我們從客戶那裡聽到的回饋，以及他們願意或不願意為哪些東西付費。我們的許多活動也只是日常的勞動力管理和採購等方面的瑣碎工作。我當然不會撤銷任何這些操作，因為我認為它們最終並沒有真正對客戶產生影響——而且，是的，這可能是對整體價值的更宏觀的看法。

Look, we lost control of the narrative over the summer. I think we would all agree to that in hindsight. When we look at the $150 million, we think about resort fees and parking and some of the other things that were fee-based inside that number, those have remained as and in place. When we think about pricing and things that got everyone's attention, whether it's the infamous bottle of water, where Starbucks Coffee Excalibur cost shame on us.

你看，我們在夏天失去了對輿論的控制權。事後看來，我想我們都會同意這一點。當我們看到這 1.5 億美元時，我們會想到度假村費用、停車費以及其他一些包含在這個數字中的收費項目，這些費用仍然保持不變。當我們想到定價以及那些引起大家注意的事物時，無論是臭名昭著的瓶裝水，還是星巴克咖啡Excalibur的價格，我們都感到羞愧。

We should have been more sensitive to the overall experience at a place like Excalibur to those customers. You can't have a $29 room and a $12 coffee. And so we've gone through the organization. We think we hope we believe and we price corrected. I think the sale that the community did and we participated in a meaningful way, demonstrated we -- test value we're going in Las Vegas and will always be that.

我們應該更加關注顧客在像 Excalibur 這樣的地方的整體體驗。你不能花 29 美元住一間房，卻要花 12 美元買一杯咖啡。就這樣，我們已經了解了整個組織的狀況。我們認為，我們希望，我們相信，並且價格已經調整。我認為社區進行的這次銷售，以及我們以有意義的方式參與其中，都證明了我們的價值——我們將進軍拉斯維加斯，並且永遠都會如此。

We'll always need to be that. And so I think we've positioned ourselves for that, and we'll continue to do so going forward.

我們始終都需要做到這一點。所以我認為我們已經為此做好了準備，並且我們將繼續這樣做。

Great color. Thanks, everyone.

顏色很棒。謝謝大家。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

Hey, good afternoon, everyone. Thanks for taking my question. I was wondering if we could talk a little bit about Las Vegas through the lens of the high end and low end. Bill, you mentioned luxury properties, record slot handle there. and then juxtapose that with Excalibur and Luxor. Have you seen maybe a widening in the performance between the segments of your portfolio? And if so, what are the adjustments or levers you can make going forward to keep everything on the growth path?

大家好，下午好。謝謝您回答我的問題。我想問我們能否從高端和低端兩個角度來談談拉斯維加斯。比爾，你提到了豪華飯店，還有那裡的老虎機交易額紀錄。然後你又把這些和石中劍酒店、盧克索酒店做了比較。您是否注意到投資組合中各部分之間的績效差距可能正在擴大？如果是這樣，接下來你可以做出哪些調整或採取哪些措施來保持一切朝著成長的方向發展？

I think the core answer is yes. I don't think that's unique to us or our industry for that matter. But yes, look at Bellagio, ARIA, Cosmopolitan have continued to maintain rates, continue to maintain ADRs, generally speaking, in a tough environment. you lose 400,000 seats in a marketplace over the summer, principally around Spirit and spirits of value or airline that speaks to a marketplace that we potentially lost. When you think about what's going on in the country and you think about Southern California market, heavily Hispanic, I think our drive -- I don't think I know our drive traffic was down in the summer.

我認為核心答案是肯定的。我認為這種情況並非我們獨有，也並非我們這個行業獨有。但是，看看百樂宮、ARIA 和 Cosmopolitan，它們在如此艱難的環境下仍然維持了房價和平均房價。夏季期間，市場損失了 40 萬個座位，主要集中在 Spirit 航空以及其他一些價格親民的航空公司，這些航空公司代表我們可能失去的市場份額。當你想到國內正在發生的事情，再想想南加州市場，那裡的西班牙裔人口眾多，我認為我們的駕車出行——我不太確定，但我認為我們的駕車出行量在夏季有所下降。

And so that had presented and continues to present somewhat of a challenge. You think about international visitation in Canada. And while we're all trying to do things to make that better, I don't think that's going to go away anytime soon.

因此，這曾經是、現在仍然是個挑戰。你在考慮加拿大的國際探訪事宜。雖然我們都在努力改善這種情況，但我認為這種情況不會很快消失。

And obviously, that's really across all of our marketplaces, the international piece, but it also impacts, I think, to a degree, for sure, Luxor Excalibur, which is the two properties that we struggled here in Las Vegas the most. I don't know, Corey, if you have some more color.

顯然，這確實影響到我們所有的市場，包括國際市場，但我認為，這在一定程度上也肯定會影響到盧克索石中劍酒店，這兩家酒店是我們拉斯維加斯經營最艱難的兩家酒店。科里，我不知道你是否還有其他顏色。

Look, I think you look at the Bellagio, it seems to be -- you wouldn't know anything was wrong with it. We're able to fill the hotel rooms. The gaming volumes are high-end players is where it has been in the past. Weekends for everywhere, we were able to get occupancy. Rates sometimes a little more challenged than it was last year, but still we're able to fill the hotels.

你看，我覺得你看看百樂宮酒店，它看起來——你根本不會知道它有什麼問題。我們能夠把飯店房間全部訂滿。遊戲玩家群仍然以高端玩家為主，這與過去的情況類似。週末各地都有空房，我們都能訂到房間。雖然房價有時比去年更具挑戰性，但我們仍然能夠填滿飯店房間。

And this midweek when the convention base is not here, it's really Luxor and Excalibur, that probably have the biggest challenges of occupying rooms.

本周中，當會展客群不在時，盧克索酒店和石中劍酒店可能面臨最大的客房入住挑戰。

Got it. Thanks. And then this is a higher level one for Bill or Jonathan, whoever wants to take it. Obviously, there's been a few deals on the M&A front lately that you guys have been involved in, but I guess can you just talk about the appetite for a more diversified cash flow stream as you think about the things that you're seeing in your portfolio now? And obviously, the balance sheet is in good shape right now, but if something did come across your plate, what are the thresholds we should think about that you guys would go to take advantage of that?

知道了。謝謝。然後，對於比爾或喬納森來說，這是一個更高難度的挑戰，誰想挑戰就挑戰誰。顯然，最近你們參與了一些併購交易，但我想請你們談談，在考慮你們目前投資組合中的項目時，你們對更加多元化的現金流的需求是什麼？顯然，目前的資產負債表狀況良好，但如果真的有機會出現，你們會考慮哪些門檻來抓住這個機會呢？

Well, I'll talk about 40,000 feet, and Jon I can think about the actual threshold. Diversification, we've been saying it all along is key. We think we have the opportunity, given our scale, scope, breadth and knowledge to participate in many pieces of this marketplace. We think we do best when we're creating things that are at the highest end. And I think a lot of the recent things we've done in Macau proved that to be the case.

好吧，我會談談 40,000 英尺的高度，至於 Jon，我可以想想實際的閾值。我們一直強調，多元化是關鍵。鑑於我們的規模、範圍、廣度和知識，我們認為我們有機會參與這個市場的許多環節。我們認為，當我們創造最高品質的產品時，我們才能做得最好。我認為我們最近在澳門所做的很多事情都證明了這一點。

I think ultimately, what you'll see in Japan will prove that out to be the case. We are obviously in the digital business in a big way, the combined businesses next year will probably do $3.5 billion top line. And as we've said, time to tell bottom. All that said, diversification is key.

我認為最終，你在日本所看到的將會證明這一點。我們顯然在數位業務領域投入龐大，明年合併後的業務營收可能會達到 35 億美元。正如我們所說，是時候揭曉答案了。綜上所述，多元化是關鍵。

We have a large Las Vegas concentration which we understand and we manage to and -- but we will continue to look. I mean, obviously, right now, the value of our stock, you just -- I mean, when we're trading under 3 times for our core business, not to continue to buy back our own stock. It doesn't make -- it makes all the sense in the world to us for today, but I'm sure the market because it always has, will readjust itself and other opportunities may come up.

我們擁有大量拉斯維加斯地區的投資，我們理解這一點，我們也設法做到了——但我們會繼續尋找。我的意思是，很顯然，就目前而言，我們的股票價值，我的意思是，當我們的核心業務市盈率低於 3 倍時，我們不應該繼續回購自己的股票。對我們來說，這在今天看來完全說得通，但我相信市場會像以往一樣進行自我調整，其他機會也可能會隨之出現。

I think, our -- one of the pretty things about the performance of MGM China, for example, and BetMGM, and we expect MGM Digital as our company is becoming more diversified rather than less as those relatively smaller business businesses grow at very high rates.

我認為，例如，MGM China 和 BetMGM 的表現非常出色，我們預計 MGM Digital 將會隨著公司業務的多元化程度的提高而提高，而不是降低，因為這些相對較小的業務正在以非常高的速度成長。

With respect to M&A activity in the regional markets, between Goldstrike and Tunica, over $100 million EBITDA business, Northfield Park over $130 million EBITDA business. These are big businesses, but yet they are ones that we don't think have the growth to represent the scale of the regional portfolio that we aspire to have.

就區域市場的併購活動而言，Goldstrike 和 Tunica 之間的 EBITDA 業務超過 1 億美元，Northfield Park 的 EBITDA 業務超過 1.3 億美元。這些都是規模龐大的企業，但我們認為它們的成長速度不足以代表我們渴望擁有的區域投資組合的規模。

So it's a pretty high bar for us to look at any additional regional properties. They have to be, of course, of the quality consistent with our brand but also of a scale, and they're just in any market that we're not in. So it's a pretty high bar for regional M&A, I would say.

因此，對我們來說，考察任何其他區域性房產的門檻都相當高。當然，它們的品質必須與我們的品牌保持一致，而且規模也要足夠大，它們只是進入了我們沒有進入的任何市場。所以，我認為這對區域併購來說是一個相當高的門檻。

All right. Thanks so much.

好的。非常感謝。

Steve Wieczynski, Stifel.

史蒂夫·維欽斯基，斯蒂費爾。

Yeah, hey guys, good afternoon. So when I asked the Strip leisure recovery question maybe a little bit differently. So if we think about the next couple of months and fully aware, the booking window is a little bit tighter right now. But are you seeing a major difference in the booking patterns for that FIT visitor between your different properties.

嗨，大家好，下午好。所以，當我問及拉斯維加斯大道休閒恢復問題時，我的方式可能略有不同。所以如果我們展望未來幾個月，並且充分意識到，目前的預訂窗口期確實比較緊張。但是，您是否發現不同房源的散客預訂模式有顯著差異？

You talked -- you touched on this a little bit, Bill, but meaning is demand at Bellagio, Cosmo, ARIA, whatever you want to think about it, all really strong and you aren't seeing the same thing at the other properties like New York, New York, Luxer, et cetera? Or moving forward, are the booking patterns starting to become a little bit more similar across all your assets there?

比爾，你剛才也稍微提到了這一點，我的意思是，百樂宮、大都會、ARIA等等這些酒店的需求都非常強勁，而像紐約紐約酒店、盧瑟福酒店等等其他酒店的需求卻沒有這麼強勁嗎？或者說，展望未來，您所有資產的預訂模式是否開始變得越來越相似？

I think the luxury booking patterns are similar to what they've been in the past. The core is -- and the legacy properties are booking a little bit differently. So where we used to book a ton of that in 30 days, we're seeing some of that book out a little further.

我認為豪華酒店的預訂模式與過去類似。核心在於—而且傳統飯店的預訂方式略有不同。所以以前我們常常在 30 天內就預訂完很多房源，現在我們看到有些房源的預訂時間提早了一段時間。

Okay. Got you. And then, Jonathan, to your last remark there. If we think about the rest of your regional portfolio now after the Northfield sale. Just wondering how you view the rest of your regional assets at this point, meaning would any of the remainders be for sale? Are they all for sale at the right price? Just any high-level thoughts there about rightsizing the rest of that regional portfolio would be helpful. Thanks.

好的。抓到你了。然後，喬納森，關於你剛才的最後一句話。如果我們現在考慮一下在出售 Northfield 之後，您剩餘的區域投資組合。想了解您目前如何看待您在該地區的其他資產，也就是說，剩餘的資產是否會出售？它們都以合適的價格出售嗎？關於如何合理調整該區域投資組合的其餘部分，任何高層次的想法都將不勝感激。謝謝。

Well, that's a tough question with my CEO in right next, yeah, but I'll go -- I mean, sure, I guess, at some price, all properties are for sale. But I would say that our regional portfolio right now, they represent pretty much in every case, market-leading properties with very nice importation into Las Vegas. Most of them very important BetMGM omnichannel locations as well. So we like that regional portfolio a lot.

嗯，這個問題有點棘手，我的CEO就在旁邊，不過我會回答——我的意思是，當然，我想，所有房產都有價格，都是可以出售的。但我認為，我們目前在拉斯維加斯的區域投資組合，幾乎每一項都代表著市場領先的物業，並且都得到了非常好的引進。它們中的大多數也是非常重要的 BetMGM 全渠道地點。所以我們非常看好這個區域性投資組合。

Yeah. And of the seven -- five of them, our market leaders that they dominate anywhere from 25% to 47% of market mix in those particular -- the markets that they serve. And so we think of them, whether it's Borgata or the Bow in Mississippi as highly representing our brand well, market leaders independent of anything else we do, they stand on their own and they do quite well.

是的。在這七個品牌中，有五個是我們的市場領導者，它們在各自服務的市場中佔據了 25% 到 47% 的市場。因此，我們認為無論是博加塔賭場還是密西西比州的弓賭場，都很好地代表了我們的品牌，它們是獨立於我們其他任何業務的市場領導者，它們本身實力雄厚，而且經營得相當不錯。

Obviously, to Jonathan's comment on digital, it's important in most all of those states. A couple of them are not. Obviously, we've talked about New York. And so how to think about that long, long term, time to tell. But one day at a time, we've just come off of the -- we're not going to push forward for today in New York.

顯然，正如喬納森所說，數位化在大多數州都很重要。其中有幾個不是。顯然，我們已經談到了紐約。那麼，該如何考慮長遠發展，何時才能見分曉呢？但是，我們得一步一步來，我們剛剛結束——我們今天不會在紐約推進任何事情。

Okay, thanks for the color, guys. Appreciate it.

好的，謝謝各位提供的色彩。謝謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Thanks. Just want to follow up on Dan's question, but perhaps from the opposite angle. You talked about the undervalued nature of the stock. So what do you view as the primary levers or path that you could pursue to unlock value from here? And I know you referenced diversification, but is there also a path of simplification to consider? And if there are, what do you think is the the lowest hanging fruit as we look across China, BetMGM, digital or otherwise? Thanks.

謝謝。我想就丹的問題做個補充，但或許可以從相反的角度來回答。你談到了這支股票被低估的性質。那麼，您認為從目前的情況來看，釋放價值的主要槓桿或途徑是什麼？我知道您提到了多角化經營，但有沒有可能考慮簡化經營呢？如果真有這樣的機會，你認為當我們放眼中國，無論是 BetMGM、數位平台或其他平台時，最容易實現的是什麼？謝謝。

Hey. Let me kick it off and then Jonathan be up. Obviously, digital and the unlock over time of BetMGM is something that we'd contemplate and that's not a surprise to anybody on the call. And so we're constantly talking to our partner about how we can all get the best value of what has been created there. which is a tremendous business. I think that's very real.

嘿。我先開始，然後喬納森上。顯然，數位化以及 BetMGM 的逐步開放是我們會考慮的事情，這對於電話會議上的每個人來說都不驚訝。因此，我們一直在與合作夥伴探討如何才能最大程度地發揮他們所創造的價值，這真是一項了不起的業務。我認為這非常真實。

Look, we enjoy our position in Macau. We particularly as of late. I think the team has done an amazing job there. You all know we own 56.7% of it. And so we've had a 20-year relationship with Pansy Ho, and so I don't see that changing anytime in the near future.

你看，我們很滿意我們在澳門的地位。尤其是最近一段時間。我認為團隊在那裡做得非常出色。你們都知道我們擁有其中56.7%的股份。因此，我們與何超儀已經保持了 20 年的合作關係，所以我認為在不久的將來這種情況不會改變。

If we can diversify and continue to grow our digital business and obviously, when Japan steps in, it's going to outweigh this -- but if we could continue to grow our digital business, it will become more and more of a performer and more and more of what's important to us -- but that's probably the place that we most think about diversification.

如果我們能夠實現多元化發展，並繼續壯大我們的數位業務，顯然，當日本介入時，這將超過這一點——但如果我們能夠繼續發展我們的數位業務，它將變得越來越重要，對我們來說也越來越重要——但這可能是我們最重視多元化的地方。

Yeah. And I think it's generating cash flow through our dividend stream from MGM China, now dividends from BetMGM. And then the other thing I'd say is we've, of course, talked a lot about the last quarter in Las Vegas, but we still think Las Vegas is a fantastic market, and we love our position here. We have a better cost structure than we've ever had in Las Vegas. And so with the dynamism in this market, I think that that's an unlock also for the stock.

是的。我認為這正在透過 MGM China 的股息流以及現在 BetMGM 的股息產生現金流。另外，我們當然也談了很多關於拉斯維加斯上個季度的情況，但我們仍然認為拉斯維加斯是一個非常棒的市場，我們很喜歡我們在這裡的地位。我們的成本結構比在拉斯維加斯時任何時候都要好。因此，我認為，鑑於市場的活力，這對股票來說也是一個釋放潛力的機會。

That's helpful. Maybe one quick follow-up since you flagged digital unlock with BetMGM first. Are there any organizational changes or bylaws to consider that need to be thought through as we think about the timing or path?

那很有幫助。既然您首先在 BetMGM 提到了數字解鎖，那麼或許可以快速跟進。在考慮時機或路徑時，是否有任何組織變革或章程需要考慮？

No, not really. Look, we have a great relationship and partnership with our folks and friends and Entain. We constantly think about ways to improve that business. But no, there's nothing in that context that we need to unlock it.

不，其實不是。你看，我們和我們的夥伴、朋友以及 Entain 建立了良好的關係和合作關係。我們一直在思考如何改善這項業務。但是，在這種情況下，我們不需要解鎖它。

Thank you.

謝謝。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Hey, guys. First off, congrats, Corey. It's been a real pleasure working with you over the years. I wanted to start on a Strip question on the 2026 group outlook. I know the homebuilders conference is not in town for just next year. But that definitely doesn't seem to dampen the enthusiasm we're hearing for growth.

嘿，夥計們。首先，恭喜你，科里。這些年來與您共事非常愉快。我想先就 2026 年集團展望提出一個 Stripe 問題。我知道明年的房屋建築商大會不會只在我們這裡舉辦。但這似乎絲毫沒有減弱我們對成長的熱情。

So ConAg obviously, returns. But are there other specific large conference call outs you could share so we better understand what's driving the growth outlook? Thank you.

所以 ConAg 顯然會回傳。您能否分享其他具體的、大型的電話會議訊息，以便我們更了解推動成長前景的因素？謝謝。

Yeah. Barry, we'd have to look and get back to you on the large conference call outs that I could tell you, our mix is going to be better next year. We're going to have more room nights. First half of the year is going to be extremely strong. First quarter and second quarter will be north of 20% convention mix, which allows us really not only to fill all of our rooms but even potentially yield up our rates.

是的。巴里，關於大型電話會議，我們需要檢查情況再回覆你。但我可以告訴你的是，我們明年的組合會更好。我們將增加房間入住晚數。今年上半年將會非常強勁。第一季和第二季的會議預訂比例將超過 20%，這不僅使我們能夠填滿所有房間，甚至有可能提高房價。

Understood. Okay. And then just as a follow-up. There have been some talk about increasing promotions in the regional markets. Curious to get your take on what you're seeing there, just in the regions and at the Strip, you're seeing anything there as well? Thank you.

明白了。好的。然後，作為後續。有傳言稱，應加大在區域市場的促銷。很好奇你對那裡的情況有什麼看法，包括週邊地區和拉斯維加斯大道，你在那裡也看到了什麼嗎？謝謝。

Both regional and Strip. Look in the regional markets -- well, I guess I go back to Kenny's answer, there's always competition. Maryland continues to be more and more competitive as does New Jersey. Look in New Jersey, we've recreated a real differentiator with our product. We've gone in there. We've done all the rooms now what's called the MGM Tower, with the old Water club.

包括區域性和拉斯維加斯大道。看看區域市場——嗯，我想我還是要回到肯尼的回答，競爭總是存在的。馬裡蘭州和新澤西州的競爭力都在不斷增強。看看新澤西州，我們的產品已經重新創造了真正的差異化優勢。我們已經進去了。我們已經把所有房間都裝修好了，現在這裡被稱為米高梅大廈，還有以前的水上俱樂部。

We've gone through and redone and have an amazing baccarat area of VIP, domestic VIP. We have a new noodle shop. We have a new BBar, which is a center bar. And so you go in there, it's refreshed. It feels like a new property, and it's really focused on the high end. We've repositioned an aircraft there. So we are doing personalization when it comes to our highest level customers in that market.

我們已經徹底改造，現在擁有一個非常棒的百家樂貴賓區，包括國內貴賓區。我們新開了一家麵館。我們新添置了一根BBar，它位於酒吧中央。所以你進去之後，感覺煥然一新。感覺像是全新的樓盤，而且非常注重高端定位。我們已將一架飛機重新部署到那裡。因此，我們針對該市場中最高層級的客戶進行個人化服務。

And so while we're aggressive, we're aggressive, not necessarily in what shows up in your mailbox, but what shows up with your host. And so we're pushing that high-end VIP extensively there. The other markets continue to be aggressive, and we continue to do what we do. I think the margin in this quarter was 30.1% for regional. So I think it's indicative of our activity case is measured and appropriate. And I think we'll to do that.

因此，雖然我們很積極主動，但我們的積極主動並不一定體現在你的信箱裡，而是體現在你的主機上。因此，我們正在大力推廣高端VIP服務。其他市場依然保持著正面的態勢，而我們也繼續做我們一直在做的事情。我認為本季區域利潤率為 30.1%。所以我認為這顯示我們的行動方案是經過深思熟慮且適當的。我認為我們會做到這一點。

And we monitor all of our competitors in all of our markets also. And our reinvestment is where we thought it would be and it's fairly close to what it was last year.

我們也會密切關注所有市場中的所有競爭對手。我們的再投資額達到了預期水平，與去年相當接近。

Got it. Thank you so much.

知道了。太感謝了。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Good afternoon and thanks for taking my question, and Corey, congrats from us as well on your retirement. I wanted to ask about, I guess, capital in Vegas. So maybe a two-parter on this. First on MGM Grand. I think the disruption that you outlined today on last quarter's call, ended up being exactly what you had thought.

下午好，感謝您回答我的問題。科里，也恭喜您光榮退休。我想問的是，在拉斯維加斯，資金方面的狀況。所以，或許可以分成兩個部分來討論這個問題。首家在米高梅大酒店。我認為您在上個季度電話會議上概述的顛覆性影響，最終正如您所預料的那樣發生了。

So first question on that, given that, that project is done, should we start to see the ADR increases and some of the returns come in? Or do you maybe have to ease into this a little bit just because of the market softness?

那麼第一個問題是，鑑於該專案已經完成，我們是否應該開始看到平均存託憑證 (ADR) 上漲並獲得一些回報？或者，或許是因為市場疲軟，所以需要循序漸進？

And then the second question that I have on capital projects in Vegas. Bill, I think you teased us before on ARIA potentially being a project in '26. I believe that wouldn't start until maybe after some of the big conventions, but if you could update us on that as well. Thank you.

接下來，我想問第二個問題，關於拉斯維加斯的資本項目。比爾，我想你之前曾暗示過 ARIA 可能會在 2026 年推出。我認為這可能要等到一些大型會議之後才會開始，但如果您也能告知我們這方面的最新消息就太好了。謝謝。

Sure, Chad. I'll kick it off. Well, I think we were down for the quarter, 8% in room nights and 5% in OC. So I think the first real challenge for all of us given market conditions is to refill those rooms, and we've begun to do that, frankly, occupancy fairly easily and not easily, but I mean, we're in good shape there.

當然可以，查德。我先來。嗯，我認為我們本季的業績有所下滑，客房夜數下降了 8%，營業額下降了 5%。所以我認為，鑑於目前的市場狀況，我們所有人面臨的第一個真正挑戰是重新填滿這些房間，坦白說，我們已經開始做到這一點了，入住率有的比較容易，有的則比較難，但我的意思是，我們在這方面情況良好。

Yes, over time, it will build because the actual product itself is spectacular. I think it exceeded not only our expectations, but the customers who have stayed there. And so I think as that gets out and use of what that product actually is, I think we'll see both AC and ADR lift over the long haul. We are going to take pretty much the balance of '26 off in terms of room remodel.

是的，隨著時間的推移，它會越來越好，因為產品本身非常出色。我認為這不僅超出了我們的預期，也超出了入住過的顧客的預期。所以我認為，隨著人們對該產品的了解和使用，從長遠來看，空調和ADR都會有所提升。2026 年剩餘時間，我們基本上不會進行任何房間改造。

And what may be MGM so impactful was we were redoing the bathrooms and plumbing. So we were taking two more floors out than normal. So there was always five to eight floors out in any given moment. normal remodel centers around three.

米高梅之所以能產生如此巨大的影響，或許是因為我們當時正在翻新浴室和管道。所以，我們比平常多拆了兩層樓。所以任何時間總有五到八層樓在施工。通常的翻修工程集中在三層樓左右。

But we're not going to start the ARIA until November of next year and then really push it into '27 and have the principal work being done over the summer so we can come out of that seasonality rate to roll and go to the next one, which is -- like Golden Gate Bridge in 2028.

但我們要到明年 11 月才會開始 ARIA 項目，然後真正將其推進到 2027 年，並在夏季完成主要工作，這樣我們就可以擺脫季節性利率的影響，滾動到下一個項目，例如 2028 年的金門大橋。

Chad, it's Jonathan. we will be, as Bill said, starting that in November, we will incur CapEx right at the end of '26 in the room renovation, but even so, we expect CapEx to be in '26 to be below in 2025. And during our fourth quarter call, we'll give specifics on CapEx guidance for the year.

查德，我是喬納森。正如比爾所說，我們將從11月開始，在2026年底進行房間翻新，屆時將產生資本支出，但即便如此，我們預計2026年的資本支出將低於2025年的水平。在第四季財報電話會議上，我們將給出全年資本支出預期的具體資訊。

Excellent. Thank you very much.

出色的。非常感謝。

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。我謹將會議交還給比爾‧霍恩巴克爾先生，請他作總結發言。請繼續。

Thank you, operator. And again, I appreciate everyone's recognition of Corey's, with Corey congrats and you're making me just. And look, Vegas is fine fundamentally. We feel good about the fourth quarter and particularly going into '26. Macau continues to outperform, and we're excited by that.

謝謝接線生。再次感謝大家對Corey的認可，恭喜Corey，你們讓我感到非常欣慰。你看，拉斯維加斯的基本面是沒問題的。我們對第四季以及即將到來的2026年都充滿信心。澳門股市持續跑贏大盤，我們對此感到非常興奮。

And we're even more excited by what the digital business has been able to do year over year and ultimately where we think this goes. So hopefully, you share some of that excitement, and I appreciate everyone's time today. I know it's late back East. So thank you all.

我們對數位業務逐年取得的成就以及我們認為它最終的發展方向感到更加興奮。希望你們也能感受到這份激動，感謝大家今天抽出時間。我知道東部時間已經很晚了。所以，謝謝大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。