Melco Resorts & Entertainment Ltd (MLCO) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for participating in the fourth quarter, 2024 earnings conference call of Melco Resorts and Entertainment Limited. (Operator Instructions) Today's conference is being recorded.

女士們，先生們，感謝您參加新濠博亞娛樂有限公司 2024 年第四季財報電話會議。（操作員指示）今天的會議正在錄製。

I would now like to turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited.

現在，我想將電話轉交給新濠博亞娛樂有限公司高級副總裁兼集團財務主管 Jeanny Kim 女士。

Thank you, operator, and thank you everyone for joining us today for our fourth quarter 2024 earnings calls. On the call are Lawrence Ho, Geoff Davis, Evan Winkler, and our Property Presidents in Macau, Manila, and Cyprus. Before we get started, please note that today's discussion may contain forward-looking statements made under the Safe Harbor provision of Federal Securities Laws.

謝謝接線員，也謝謝大家今天參加我們的 2024 年第四季財報電話會議。參加電話會議的有 Lawrence Ho、Geoff Davis、Evan Winkler 以及我們駐澳門、馬尼拉和塞浦路斯的房地產總裁。在我們開始之前，請注意，今天的討論可能包含根據聯邦證券法安全港條款做出的前瞻性陳述。

Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. A definition and reconciliation of each of these measures to the most comparable GAAP financial measures are included in the earnings release.

我們的實際結果可能與預期結果不同。此外，我們可能會討論非公認會計準則指標。收益報告中包含了這些指標的定義以及與最具可比性的 GAAP 財務指標的對照表。

Finally, please note that our supplementary earnings slides are posted on our investor relations website. With that, I'll turn the call over to Mr. Lawrence Ho.

最後，請注意，我們的補充收益投影片已發佈在我們的投資人關係網站上。說完這些，我會把電話轉給 Lawrence Ho 先生。

Thank you, Jeanny, and thank you all for joining us today. 2024 was a year of transition for us in Macau.

謝謝你，珍妮，也謝謝大家今天加入我們。 2024年對我們澳門來說是轉型的一年。

We invested in our business with a focus on enhancing the customer experience and to build a stronger foundation for growth. The contributions from these initiatives are now evident, with our market share in the fourth quarter of 2024 growing month to month.

我們投資於我們的業務，重點是提升客戶體驗並為成長奠定更堅實的基礎。這些措施的貢獻現已顯現，我們在 2024 年第四季的市佔率逐月成長。

We ended the year with a market share of approximately 15.6% in December, and property visitation exceeded pre-pandemic levels for the first time since reopening of the borders.

截至 12 月份，我們的市佔率約為 15.6%，自重新開放邊境以來，飯店參觀人數首次超過疫情前的水平。

2025 is off to a great start. Our market share year-to-date continues to grow from 4Q 2024 levels. We had a solid Chinese New Year, total GGR excluding junkets outpaced both 2024 and 2019, and property visitation was up 17% compared to last year. A single day within this year's Chinese New Year period placed within our TOP10 all-time high, mass drop and GGR days.

2025 年開局良好。我們的市佔率今年迄今持續從 2024 年第四季的水平成長。我們度過了一個豐厚的農曆新年，不包括中介人在內的總博彩收入超過了 2024 年和 2019 年，酒店到訪人數與去年相比增長了 17%。今年農曆新年期間的某一天，位列我們歷史最高、跌幅最大和 GGR 最高的 TOP10 天之列。

With House of Dancing Waters scheduled to reopen in May 2025 and other projects that we have in the pipeline, we expect visitation to grow further, driving revenue and EBITDA, which will enhance our margins as we see the benefits of the operating leverage that we built through 2024. We will continue to invest in our properties in Macau. This year, our focus will be on increasing visibility and accessibility, with our primary objective to attract and retain high quality, high-value customers.

隨著水舞間計劃於 2025 年 5 月重新開放以及我們正在籌備的其他項目，我們預計遊客數量將進一步增長，從而推動收入和 EBITDA 的增長，這將提高我們的利潤率，因為我們將看到到 2024 年建立的運營槓桿帶來的好處。我們將繼續投資澳門的房地產。今年，我們的重點將放在提高知名度和可近性上，我們的主要目標是吸引和留住高品質、高價值的客戶。

For example, at Studio City, we're nearing completion of the revamp of the high limit area. At City of Dreams, we will renovate the area outside the main casino entrance and activate spaces around this entrance to enhance the visual appeal and drive incremental traffic.

例如，在 Studio City，我們即將完成對高極限區域的改造。在夢想之城，我們將翻新賭場主入口外的區域，並啟動該入口周圍的空間，以增強視覺吸引力並增加客流量。

All of our baccarat tables in Macau will be smart tables by the end of March. Full deployment of this technology across our properties in Macau will enable us to further refine our approach to marketing and player reinvestment.

到三月底，我們在澳門的所有百家樂賭桌都將變成智慧賭桌。在我們位於澳門的度假村全面部署這項技術將使我們能夠進一步完善我們的行銷和玩家再投資方法。

In Cyprus, City of Dreams Mediterranean and our satellite casinos achieved solid results for the fourth quarter of 2024, despite the ongoing challenges that we face in the region. In Sri Lanka, the fit-out of the casino at City of Dreams, Sri Lanka is progressing well, and we are on track to open in 3Q 2025.

在塞浦路斯，儘管我們在該地區面臨持續的挑戰，但地中海夢想之城和我們的衛星賭場在 2024 年第四季度取得了穩健的業績。在斯里蘭卡，夢想之城賭場的裝修工作進展順利，預計將於 2025 年第三季開幕。

Turning to the Philippines. City of Dreams, Manila continued its strong, solid performance with growth in EBITDA and market share quarter to quarter. We announced today that we will be exploring strategic alternatives in relation to COD Manila. We are very proud of the business that we have built together with our partners over the last 10 years.

轉向菲律賓。馬尼拉夢想之城持續保持強勁、穩健的表現，EBITDA 和市場份額逐季度增長。我們今天宣布，我們將探索與馬尼拉 COD 相關的戰略替代方案。我們為過去 10 年與合作夥伴共同建立的事業感到非常自豪。

Our decision to explore strategic alternatives is part of our strategy to be asset-like where we can. And capitalize on our investments and reallocate our resources. This will allow us to enhance financial flexibility, strengthen the balance sheet, and support our long-term growth initiatives. With that, I turn the call over to Geoff.

我們決定探索策略替代方案，這是我們盡可能採取資產類策略的一部分。並利用我們的投資並重新分配我們的資源。這將使我們能夠增強財務靈活性，加強資產負債表，並支持我們的長期成長計劃。說完，我把電話轉給了傑夫。

Thanks, Lawrence. Our group-wide adjusted property EBITDA for the fourth quarter of 2024 was approximately $295 million.

謝謝，勞倫斯。2024 年第四季度，我們集團範圍內的調整後房地產 EBITDA 約為 2.95 億美元。

Adjusted for VIP hold, our property EBITDA would have been approximately $312 million, 5% higher than that of 3Q 2024.

經 VIP 持有調整後，我們的物業 EBITDA 約為 3.12 億美元，比 2024 年第三季高出 5%。

Our OpEx in Macau during Q4 2024 increased to $3.2 million per day.

2024 年第四季度，我們在澳門的營運支出增加到每天 320 萬美元。

This was in part due to new activations and additional programming through year end.

部分原因是由於年底前新的啟動和額外的編程。

And as more staff came on board during the fourth quarter.

第四季度，更多員工加入。

Despite the sequential increase in OpEx, the EBITDA margin in Q4 2024 on a FIO basis was fairly steady compared to that in the prior quarter.

儘管營運支出連續增加，但 2024 年第四季以 FIO 計算的 EBITDA 利潤率與上一季相比相當穩定。

OpEx has been trending down so far in 2025. We expect run rate OpEx per day to decline to approximately $3.1 million within the first quarter and further down to $3.0 million as we exit the second quarter of 2025.

到 2025 年為止，營運支出一直呈現下降趨勢。我們預計，第一季的每日營運支出將下降至約 310 萬美元，到 2025 年第二季末將進一步下降至 300 萬美元。

We continue to remain disciplined in our approach to OpEx and reinvestment as we look to take advantage of operating leverage.

我們將繼續嚴格遵守營運支出和再投資方法，以期充分利用營運槓桿。

Turning to our balance sheet, our liquidity position remains strong. We added another $250 million of liquidity with the closing of a $250 million revolving credit facility for Studio City in November 2024.

從我們的資產負債表來看，我們的流動性狀況依然強勁。我們在 2024 年 11 月為 Studio City 完成了 2.5 億美元的循環信貸額度，從而增加了 2.5 億美元的流動資金。

This takes our available liquidity to $3.3 billion with consolidated cash on hand of approximately $1.3 billion.

這使我們可用的流動資金達到 33 億美元，合併現金約為 13 億美元。

Melco, excluding its operations at Studio City, the Philippines, and Cyprus, accounted for approximately $700 million of the consolidated cash on hand.

新濠博亞娛樂（不包括其在新濠影匯、菲律賓和塞浦路斯的業務）的合併現金約為 7 億美元。

We have approximately $1.2 billion of debt coming due in 2025, but those maturities are covered. We have $1.8 billion in available capacity under MLCO's RCF, which is more than enough to cover the $1 billion coming due at Melco.

我們有大約 12 億美元的債務將於 2025 年到期，但這些債務都已還清。我們在 MLCO 的 RCF 下擁有 18 億美元的可用容量，足以支付 Melco 即將到期的 10 億美元。

At Studio City. We expect to refinance the remaining bonds due in 2025 with a combination of operating cash and drawdown from the new $250 million credit facility.

在 Studio City。我們預計將利用營運現金和新的 2.5 億美元信貸額度提款來為 2025 年到期的剩餘債券進行再融資。

Debt reduction remains our key focus in terms of capital allocation.

在資本配置方面，減少債務仍然是我們的重點。

However, we believe our shares are significantly undervalued and are not trading at levels that reflect our current or future performance. We disclosed in our third quarter results that we had repurchased $112 million ADSs, and since then we have repurchased another $20 million in MLCO shares.

然而，我們認為我們的股票被嚴重低估，交易水準無法反映我們當前或未來的表現。我們在第三季業績中揭露，我們已經回購了價值 1.12 億美元的美國存託憑證，此後我們又回購了價值 2,000 萬美元的 MLCO 股票。

Corporate expense in 4Q 2024 was $25 million.

2024 年第四季的公司支出為 2,500 萬美元。

The increase compared to the prior quarter is primarily related to the payment of trademark license fees. We have shared service agreements in place across our properties to regulate the shared service we provide between MLco Group companies. These shared services can include corporate shared services such as IT or finance functions and also include the use of trademark licenses and brands.

與上一季相比的成長主要與支付商標許可費有關。我們已在我們的物業之間制定共享服務協議，以規範我們在 MLco 集團公司之間提供的共享服務。這些共享服務可以包括企業共享服務，例如 IT 或財務功能，還包括商標授權和品牌的使用。

Milco Resorts has an agreement in place with Milo International, who owns certain trademarks and brands related to City of Dreams, and in 4 2024, this was the first quarter that these fees were paid. These fees are paid on a monthly basis and based on a percentage of revenue.

Milco Resorts 與 Milo International 達成了一項協議，後者擁有與夢想之城相關的某些商標和品牌，2024 年是支付這些費用的第一個季度。這些費用按月支付，並基於收入的一定百分比。

As we normally do, we'll give some guidance on non-operating line items for the upcoming first quarter of 2025.

像往常一樣，我們將對即將到來的 2025 年第一季的非經營項目提供一些指導。

Total depreciation and amortization expense is expected to be approximately $135 million to $140 million. Corporate expense is expected to come in at approximately $25 million to $30 million and consolidated net interest expense is expected to be approximately $100 million to $125 million. This includes finance liability interest of around $7 million relating to fees payable in relation to the Macau gaming concession and the Cyprus gaming license and finance leased interest of approximately $5 million relating to City of Dreams in Manila. That concludes our prepared remarks operator, back to you for the Q&A.

預計總折舊和攤銷費用約為 1.35 億美元至 1.4 億美元。公司支出預計約 2,500 萬至 3,000 萬美元，合併淨利息支出預計約 1 億至 1.25 億美元。其中包括與澳門博彩特許經營權和塞浦路斯博彩許可證應付費用有關的約 700 萬美元的財務責任利息，以及與馬尼拉新濠天地有關的約 500 萬美元的融資租賃利息。我們的準備好的評論到此結束，回到您的問答環節。

(Operator Instructions)

（操作員指示）

George Choi, Citi.

花旗銀行的喬治崔 (George Choi)。

Thank you very much guys for for taking my questions. I have a couple if I may first of all, this is for Lawrence, so GGR has been quite choppy in the early days this year and the trends around Chinese New Year, were not as strong as anticipated. We would love to get your views on the overall market GGR growth process, for this year if it is possible. And then secondly, in light of what you just announced on drinks Manila and the asset light strategy, I'm just wondering, what are the implications on the Studio City, please.

非常感謝你們回答我的問題。首先，如果可以的話，我有幾個問題，這是給勞倫斯的，所以今年早些時候 GGR 一直很不穩定，而農曆新年前後的趨勢並不像預期的那麼強勁。如果可能的話，我們很想了解您對今年整體市場 GGR 成長過程的看法。其次，鑑於您剛剛宣布的馬尼拉飲品和輕資產策略，我只是想知道這對 Studio City 有何影響。

Thank you very much.

非常感謝。

Hey George, maybe I'll answer the second question first. I think we all as a group committed to the asset like strategy. We really started that with Sri Lanka and, I think that is a model that we like going forward.

嘿喬治，也許我應該先回答第二個問題。我認為我們作為一個群體都致力於資產策略。我們確實是從斯里蘭卡開始這樣做的，我認為這是我們喜歡的未來模式。

At the end of the day we are, we're trying to shed weight at this stage. So in terms of Studio City.

歸根究底，我們現階段正在努力減重。就 Studio City 而言。

Taking on any more interest in there is really no longer a a priority and frankly, if Macau lets me do a meet tomorrow, I would do it.

對那裡產生更多興趣實際上不再是優先事項，坦率地說，如果澳門允許我明天參加比賽，我會參加的。

So, I think we are very focused on that site strategy and in terms of your first question about the choppiness of the market. If anything, I think as a group, Melco had an amazing January. It's probably one of the best January we've had in recent years. And I know Chinese New Year wasn't as strong as people had hoped. But the tail has been much longer. I think every single, whether it's weekday or weekend in February has been, stronger than the than the prior year.

因此，我認為我們非常關注該網站策略以及您關於市場波動的第一個問題。無論如何，我認為作為一個集團，新濠博亞娛樂度過了一個令人驚嘆的一月。這可能是我們近年來最好的一月之一。我知道農曆新年並不像人們希望的那麼強大。但尾巴卻長了很多。我認為二月的每一天，無論是工作日還是週末，都比去年同期強勁。

And so if anything, I think it's a healthy development because at the end of the day you don't want from a customer experience standpoint and also from our services, we also don't want everybody to be jam packed in Macau within a seven-day period. So for us at least we -- I think that's a healthy development that the business has spread throughout the month and onto the weekend. So I think all in all we're very happy with how 2025 has started.

所以，如果有什麼不同的話，我認為這是一種健康的發展，因為從客戶體驗的角度以及我們的服務的角度來看，我們也不希望每個人都在七天內擠滿澳門。所以對我們來說至少——我認為這是一個健康的發展，業務已經延伸到整個月甚至週末。所以我認為總的來說我們對 2025 年的開局感到非常滿意。

And I think maybe Evan can talk about a little bit of all the good stuff that we had been doing in 2024 where we're really seeing the results pay dividends.

我想艾文可以談談我們在 2024 年所做的所有好事，我們確實看到了成果和回報。

Sure, I guess just in the context of what Lawrence was saying around the market coming our January was very strong, kind of across the board, and we've had continued momentum into February.

當然，我想，正如勞倫斯所說的那樣，我們一月份的市場表現非常強勁，全面強勁，而且這種勢頭一直延續到二月。

I think from our perspective on the market and taking what you're saying, it has been choppy in the past year, but it feels like we've solidified, we've got some strength under us, and we're moving up. I feel like within that market in the early part of this year based on our activations we've been able to take some share and we've got good momentum here heading into 2025.

我認為從我們對市場的看法以及您所說的情況來看，過去一年市場一直波動較大，但感覺我們已經鞏固了，我們有了一些實力，而且正在向上發展。我覺得，在今年年初，根據我們的行動，我們已經能夠在該市場中佔據一些份額，並且在 2025 年之前我們將擁有良好的發展勢頭。

At COD, if you've been by the property, we opened a new entrance going from the Cotai Strip directly into gaming, so we shortened substantially the amount of time it takes to get from the street. In actual gaming space. We supported that pretty heavily here in Q4. We've had very strong take up on that product. We've now got over 30 tables in that space. And that looks like that's going to be a winner for us.

在 COD，如果你去過那裡，我們開設了一個從路氹金光大道直接進入賭場的新入口，因此我們大大縮短了從街道到達賭場所需的時間。在實際的遊戲空間中。我們在第四季大力支持這一點。該產品的反應非常強烈。我們現在在那個空間裡有 30 多張桌子。看起來，這對我們來說將是一個勝利。

We've made improvements kind of throughout the property in different areas at COD. And we're now going to be riding as we go into Q2 here with House of Dancing Water coming on board. So I hope we're going from strength to strength.

我們對 COD 酒店的各個不同區域進行了改進。現在，我們將與水舞間車隊一起進入 Q2。所以我希望我們能越來越強大。

Studio City has performed well, candidly in spite of really a lot of challenges given the improvements that are being made. If you had been by Studio City, you'd notice there was hoarding almost across the entire front of the property.

坦白說，儘管在改進過程中面臨許多挑戰，但新濠影匯仍表現良好。如果你去過 Studio City，你會注意到幾乎整個建築的正面都堆滿了廣告看板。

We've just brought a lot of that down. But because of that, we've got a new all-day dining where the hoarding's down, but the inside hasn't been finished, but that's coming online in the next couple of months. We've got an incredibly beautiful new A redemption area and new sign up area as you go right into the front of the property, which is also with our, as Kevin will tell you, we're about to move our 6 ton Chinese New Year snake which did well in the front of the property and we're moving there.

我們剛剛把其中很多都降低了。但正因為如此，我們開設了一個新的全天營業的餐廳，雖然圍板已經拆除，但內部裝修尚未完工，但將在未來幾個月內投入使用。我們有一個非常漂亮的新 A 兌換區和新註冊區，您可以直接進入酒店前面，這也是我們的，正如凱文會告訴您的，我們即將把我們 6 噸重的中國新年蛇搬到酒店前面，我們正要搬到那裡。

And so again we've done a number of improvements. We've got more direct access now going directly from elevators in. We've got a new check-in area at Celebrity that's coming online. So I think a lot of the work that we've been doing on each property to kind of get the flow, get the momentum on that ground floor together has really started to pay off when we're seeing in Q1. So I think we feel pretty good here about what the quarter looks like and heading into '25.

因此我們再次做出了一些改進。我們現在有更多直接的通道，可以直接從電梯進入。我們在 Celebrity 開設了一個即將上線的新登記區。因此，我認為，我們在每個物業上所做的大量工作，以獲得流量，將底層的勢頭聚集在一起，當我們在第一季看到時，這些工作確實開始獲得回報。所以我認為我們對本季的前景以及邁向 25 年的前景感到非常滿意。

Thank you very much, Lawrence and Evan. That, those are very good colors.

非常感謝勞倫斯和埃文。那，那些顏色非常好。

Ricardo Chinchilla, Deutsche Bank.

德意志銀行的里卡多·欽奇利亞 (Ricardo Chinchilla)。

Hey guys, thank you so much for taking the question. I was hoping if you could provide a little bit of insight into your capital allocation strategy with the pro the potential proceeds from the asset disposition, would you guys would be more inclined to reduce leverage at the, restricted group level, or, maybe perhaps do a combination between debt reduction and, share buyback given that you view your share as undervalued.

嘿夥計們，非常感謝你們回答這個問題。我希望您能提供一些關於您的資本配置策略的見解，以及資產處置的潛在收益，您是否更傾向於在受限的集團層面降低槓桿率，或者也許結合債務削減和股票回購，因為您認為您的股票被低估了。

Hey Ricardo, it's Lawrence. No, I think first of all, we've had, the COD in Manila. We celebrated our 10th anniversary, and we really do like the asset considering we spent, $500 million on hard construction costs and we've generated over $1.6 billion over the 10 years in property that thought.

嘿，里卡多，我是勞倫斯。不，我認為首先，我們已經在馬尼拉實現了貨到付款。我們慶祝了成立 10 週年，考慮到我們花費了 5 億美元的硬性建設成本，並且在過去 10 年裡我們在房地產領域創造了超過 16 億美元的收益，我們真的很喜歡這項資產。

But I think for us, maybe I'll let Jeff talk about some of the, uses potentially.

但我認為對我們來說，也許我會讓傑夫談論一些潛在的用途。

Sure, I think paying down debt is and will continue to be our primary objective for the foreseeable future, but in addition to that, I think there are other levers that we can pull and specifically if we look at capital Light investment opportunities that will also play a role in how we consider capital allocation going forward.

當然，我認為償還債務現在是、並將繼續是我們在可預見的未來的主要目標，但除此之外，我認為我們還可以利用其他槓桿，特別是如果我們考慮資本輕型投資機會，這也將在我們如何考慮未來的資本配置中發揮作用。

There are going to be plenty of additional opportunities for new and attractive markets for Melco to explore and of course with the shares trading where they are, we have been opportunistic and active in buying back Melco shares and to the extent we continue to see deeply discounted valuations in the share price. That's also going to be one of the things that we'll look very closely when we consider use of proceeds for a potential sale in Manila and just more broadly when we think about how to allocate excess capital to shareholders. So paying down debt is number one, but with the shares where they are, we're going to take a very hard look at buying back more stock.

新濠博亞娛樂將有大量額外的機會去探索新的和有吸引力的市場，當然，鑑於股票交易的情況，我們一直在抓住機會，積極回購新濠博亞娛樂股票，而且我們繼續看到股價估值大幅折讓。當我們考慮將收益用於馬尼拉的潛在銷售時，以及當我們考慮如何將過剩資本分配給股東時，這也是我們要密切關注的事情之一。因此，償還債務是首要任務，但考慮到股價的現狀，我們將認真考慮回購更多股票。

Thank you. I want to follow up on your comments with regards to Golden Week. Can we interpret from your comments that, usually historically, after a very strong golden week, you had a couple of weeks where, volumes declined significantly. Have, there's been less the situation after this year's golden week. And you guys have had, less of a dropdown from the golden week, business volumes to, the following couple of weeks.

謝謝。我想跟進您關於黃金週的評論。我們能否從您的評論中解讀出，從歷史上看，通常在一個非常強勁的黃金周之後，會有幾週的交易量大幅下降。有，今年黃金週之後這種情況就少了。從黃金周到接下來的幾週，你們的業務量下降幅度已經縮小。

Yeah, Ricardo, yeah, we absolutely have seen, overall February has been very strong. And, I think post-Chinese New Year, the weekends have been, much stronger than prior year and even on a normal weekdays have also been stronger. So I think all in all we're having a very good start to 2025 and you know this is before a lot of the excitement comes into play that Evan talked about earlier on with House of Dancing Water returning in May. Various property activations that we've had success on starting with last year. So, and the construction disruption being completely done at Studio City. So I think all in all, it's setting up to be a great year.

是的，里卡多，是的，我們確實看到，二月整體表現非常強勁。而且，我認為春節過後，週末的客流量比去年大得多，甚至在普通工作日的客流量也比去年還要大。所以我認為總的來說，我們在 2025 年有一個非常好的開端，而且你知道，這是在 Evan 之前談到的許多令人興奮的事情發生之前，水舞間將於 5 月回歸。從去年開始，我們已成功開展各種房地產活動。因此，Studio City 的施工中斷已完全結束。所以我認為總的來說，這將是偉大的一年。

Perfect. Last one for me, could you please be so kind to provide, detail, topics guidance for the different parts of the business, between university group, Studio City, and outside of the versity group.

完美的。對我來說最後一個問題，請您為大學集團、Studio City 和大學集團之外的不同業務部分提供詳細的主題指導。

Thank you.

謝謝。

Sure, for 2025 we anticipate having about $415 million of total CapEx, about $80 million of that will be for Sri Lanka. $290 million roughly for for Macau. But of that $290 million approximately $70 million will be for Studio City.

當然，到 2025 年，我們預計總資本支出約為 4.15 億美元，其中約 8,000 萬美元將用於斯里蘭卡。澳門約需 2.9 億美元。但在這 2.9 億美元中，約有 7,000 萬美元將用於 Studio City。

Thank you so much.

太感謝了。

Thank you. Your next question comes from --

謝謝。您的下一個問題來自--

Sorry, the remainder of that will be of course in Manila and and Cyprus.

抱歉，其餘的當然會在馬尼拉和塞浦路斯。

John Decree, CBRE.

世邦魏理仕的約翰·德克里。

Hi, everyone. Jeff Lawrence, I wanted to ask about the, OpEx comments that you made, coming down in one cue and then again in two, and we've kind of always associated a little bit of an uptick in OpEx , with house dancing water. So, curious what's kind of driving the little bit of OpEx decline that you're seeing to start the year and then I guess the follow up would be.

大家好。傑夫勞倫斯，我想問您所說的運營支出評論，首先是下降，然後是下降，我們總是將運營支出的略微上升與房屋舞動的水聯繫起來。所以，我很好奇是什麼原因導致了年初營運支出的輕微下降，然後我猜後續情況會是什麼。

Is that sustainable for the full year or or would we see OpEx step up again in the back half of '25 around programming or whatever.

這種狀況在全年是否可持續？或者我們會看到 25 年下半年在程式設計或其他方面的營運支出再次上升？

I just, this is Jeff before I hand over to Evan, just one quick comment. The numbers that I provide in my prepared remarks are of course excluding House of Dancing Water.

我只是，這是傑夫，在我交給艾文之前，我只想快速評論一下。我在準備好的發言中提供的數字當然不包括水舞間。

House of Dancing Water is still approximately 0.1% of incremental expense when that goes back online, but I'll hand over to Evan for the color. Sure.

當水舞間重新上線時，它仍然大約佔增量費用的 0.1%，但我會將顏色交給 Evan。當然。

Look, I think from an expense standpoint, as we were in Q4, expenses were higher than we anticipated.

看起來，我認為從費用的角度來看，正如我們在第四季度那樣，費用高於我們的預期。

I call it about 40% of the overage was probably in greater focus on activations, advertising, supporting the new gaming area, supporting with some more entertainment as we were going through a tougher period from a customer standpoint at Studio C where we had hoarding and pushing into the business. I think we feel pretty good about having spent that, given the momentum that we saw December carrying into January.

我認為超額的 40% 左右可能是因為我們更加專注於激活、廣告、支持新的遊戲領域以及提供更多的娛樂支持，因為從客戶的角度來看，Studio C 正經歷一段較為艱難的時期，我們必須囤積並大力發展業務。考慮到 12 月延續的勢頭，我認為我們對花掉這筆錢感到非常滿意。

About 30% of that was some sponsorships and some higher anticipated than anticipated maintenance costs, and then about 30% of that was was candidly creep as we've improved product and service sort of everywhere.

其中約 30% 是一些贊助和一些預期的高於預期的維護成本，然後約 30% 是隨著我們在各方面改進產品和服務而產生的坦率增長。

We've had increase across the board and we were a little bit slower there probably in getting some. Of the titration of getting those costs down, having looked now at sort of what works and what doesn't work, Tim, Kevin, Raymond, myself, the team in Macau has been pretty laser focused on that over the last few weeks. We've already put in place a number of things to bring those costs down and so I think we feel very confident that we can bring those down to that level.

我們的業務全面成長，但成長速度可能稍微慢了一點。關於如何降低這些成本，我們已經研究過哪些方法有效，哪些方法無效，提姆、凱文、雷蒙德和我，澳門的團隊在過去幾週一直非常關注這個問題。我們已經採取了一些措施來降低這些成本，所以我認為我們非常有信心將這些成本降至這個水平。

We've also got the benefit here is we're looking now at the next phase going into Q2 to bring it down further where Walker is going to sort of be fully online. We're already seeing some of those benefits and we're using that to be more surgical in what we're doing from a gaming reinvestment standpoint and how we're modifying those programs, which is going to drive a lot of the rest. And I think that's why we're confident we can bring them back to what we think is a healthy level here going into the end of Q2. The one caveat I will say on that, it does feel like we've kind of hit, I would say, the rational moment in Macau.

我們在這裡得到的好處是，我們現在正在考慮進入第二季的下一階段，以進一步降低 Walker 的線上費率。我們已經看到了其中的一些好處，我們正在利用這些好處，從遊戲再投資的角度更有針對性地開展工作，並修改這些計劃，這將推動其餘許多方面的發展。我認為這就是為什麼我們有信心在第二季末將它們恢復到我們認為的健康水平。對此我要說的一點是，我覺得我們確實已經到達了澳門的理性時刻。

I don't feel like everyone is doing what they were doing earlier in the year where we had this sort of fierce competition where at one point it felt like everyone was trying to figure out how to run a fast food restaurant on their gaming floor and what could you do more and more and more, and I think that's all settled and it's going in the right direction.

我不覺得每個人都在做他們今年早些時候所做的事情，那時我們面臨著如此激烈的競爭，一度感覺每個人都在試圖弄清楚如何在他們的遊戲廳經營一家快餐店，以及你能做什麼，越來越多，我認為這一切都已經解決，並且正在朝著正確的方向發展。

I don't think it's going to be incredibly rapid, but I think certainly the highs are behind us, and I think us and everyone else as we look now into the later part of the year that you're going to see some gradual easing up on that as all of us have have looked at what we're doing and added a bit more rationality into that. So when we look at those factors, I think we feel good about being able to bring those down to the level that we think is appropriate.

我不認為它會以令人難以置信的速度發展，但我認為高峰已經過去，而且我認為我們和其他人一樣，在展望今年下半年時，你會看到這種情況會逐漸緩解，因為我們所有人都已經審視了我們正在做的事情，並在其中增加了一些理性。因此，當我們考慮這些因素時，我認為我們很高興能夠將它們降低到我們認為合適的水平。

Great, thanks Seven. I think you you probably answered my next too so I appreciate that.

太好了，謝謝 Seven。我想您可能也回答了我的下一個問題，所以我很感激。

[Joe Storff], Susquehanna.

[喬·斯托夫]，薩斯奎漢納。

Thank you. Good morning. I just wanted to follow up on that answer. That was really helpful on the daily OpEx. But so in the fourth quarter, of the [overage] 40% really due to higher spending given some of the new projects and products that you had.

謝謝。早安.我只是想跟進一下這個答案。這對於日常營運支出確實很有幫助。但在第四季度，超過 40% 的支出實際上是由於你們推出了一些新項目和新產品而增加的。

Is it fair to say that was a tactical decision, meaning you knew you had new product you wanted to spend behind it to get a return.

是否可以說這是一個戰術決策，這意味著你知道你有新產品，你想在它上面花錢來獲得回報。

And essentially I think I heard you suggest that you know it looks as though early or year-to-date that's paying off just to clarify.

基本上，我認為我聽到您建議，您知道看起來好像年初或年初至今的舉措是有回報的，只是為了澄清一下。

I think that's correct, meaning we we knew we were going to be above where we were.

我認為這是正確的，這意味著我們知道我們將超越現在的水平。

If you'd been out to Macau, we extended some activations. We were doing from the Cotai Strip into the property. We've extended promotions and giveaways. We went a little heavier into advertising promotion. We went a little heavier on entertainment. We did some last minute calls in terms of concerts and some other spends in terms of bringing people into the property. We wanted to make sure it was vibrant in what we're doing. And we saw sort of a benefit in a couple of ways. One, in the case of COD, we just brought a lot more people onto property.

如果您去過澳門，我們會延長一些活動。我們正從路氹金光大道前往該酒店。我們擴大了促銷和贈品活動。我們加大了廣告推廣力度。我們在娛樂方面投入了更多精力。我們在音樂會方面做了一些最後一刻的安排，並在吸引人們進入場地方面做了一些其他花費。我們希望確保我們所做的事情充滿活力。我們在幾個方面看到了好處。首先，就 COD 而言，我們剛剛將更多的人帶入了這個產業。

Now not all of them ended up as rated players. Your percentage, conversion of that is still fairly low, but it does help the property, it does help the ecosystem, and even at the conversion percentage we were getting, we were bringing in about 1,000 new people a day, so meaningful in terms of what we were able to accomplish there.

現在，並不是所有人都成為了評級球員。您的轉換率仍然相當低，但它確實對酒店有幫助，對生態系統有幫助，而且即使按照我們獲得的轉換率，我們每天也能吸引大約 1,000 名新客戶，因此就我們在那裡取得的成就而言，意義重大。

On Studio City again, I think we were a little bit more defensive trying to make sure with everything going on there that we held.

再次談到 Studio City，我認為我們採取了更多防禦措施，以確保在那裡發生的一切都能得到控制。

I think we felt emboldened when we did our first kind of reconstruction works on the gaming floor where we were knocking out the marble and we had limited hoarding.

我想，當我們在遊戲廳進行第一次重建工作時，我們感到很大膽，當時我們敲掉了大理石，並且囤積了有限的物品。

We seemed a little bit immune from the players having an adverse reaction, so I think we thought we would be. A better off than we were, but the hoarding was so extensive this time, and it was really an access issue directly from the front of the property and from the street that the impact was a little more profound.

我們似乎對球員的不良反應有點免疫，所以我認為我們認為我們會這樣做。比我們的情況好一些，但這次囤積的面積太大了，而且這實際上是直接從房產前面和街道進入的問題，因此影響更為深遠。

And so when that happened, we again decided to step on the gas a little bit. So in that part, deliberate. I think we feel good about that and again feel good about the momentum it's given us here going into Q1.

所以當這種情況發生時，我們再次決定加大油門。因此，在這方面，我們是經過深思熟慮的。我認為我們對此感到滿意，並且對它為我們進入第一季帶來的動力感到滿意。

Got it. Makes a lot of sense and I mean, with the effort again to, in Macau in particular to with a change in management and trying to recruit new employees and so forth in different aspects of your Macau operations, do you feel as though you're there in terms of what you need to operate with going forward, or are there still some tweaks that you feel you need to do in terms of, again, so your headcount and the people that you think you need?

知道了。這很有道理，我的意思是，特別是在澳門，再次努力改變管理層，並試圖在澳門運營的不同方面招募新員工等等，您是否覺得您已經做好了未來運營的準備，或者您是否覺得在員工人數和您認為需要的人員方面還需要做一些調整？

I think we feel generally speaking very good about the team that we have on the field in terms of who we've recruited.

我認為，就我們招募的球員而言，我們對目前這支球隊的整體感覺非常良好。

Look, there's some things that we always look for. We always look for exceptional salespeople.

瞧，有些東西我們一直在找。我們一直在尋找優秀的銷售人員。

We always look if there's an exceptional culinary talent, kind of in any market, but in terms of What we need to do to fill out both on the executive side from a functionality standpoint and then also the incremental headcount for product and service.

我們總是在尋找任何市場中是否有出色的烹飪人才，但就我們需要做什麼來從功能的角度填補行政方面的空缺，同時也增加產品和服務的員工人數。

We feel good. I also think as we're now looking at every aspect that we improved and looking at the ones that have been most meaningful to the guests and the ones that we think have been less meaningful, we're going to allow some of that increase to actually kind of move out by attrition. And so on some of these areas you do have employee turnover and as we're having some people drop off we're looking at which areas we want to continue and to keep and which areas we can cut back on a little bit now that our product and service is really back where we want it to be.

我們感覺很好。我還認為，我們現在正在審視我們改進的每一個方面，並研究哪些方面對客人來說最有意義，哪些方面我們認為意義不大，我們將允許部分增長透過自然減員的方式實際轉移出去。因此，在某些領域確實存在員工流動，隨著一些人的離開，我們正在研究哪些領域我們想要繼續並保留，哪些領域我們可以稍微削減一點，因為我們的產品和服務已經真正回到了我們想要的水平。

Got it. Understood. Thanks a lot.

知道了。明白了。多謝。

Praveen Choudhary, MS.

Praveen Choudhary，MS。

Thank you. It's hi Lawrence. How are you? Couple of questions for me. First of all, congratulations that I see the positive trend in the market share. The two questions I have is, the first one is you mentioned that, Milo MLCU has been paying a certain amount of money to 200 HK for the first time.

謝謝。你好，勞倫斯。你好嗎？我有幾個問題。首先，祝賀我看到市場佔有率的正面趨勢。我有兩個問題，第一個問題是你提到，Milo MLCU 首次向 200 HK 支付了一定金額的錢。

Just wanted to get the run rate going forward, or is it too small, and what changed after, 20 years of this business, I know LBS and win, etc. All this space, so if you can tell us a little bit about that, that'll be helpful. And the second question was on ass a light strategy that you're going to employ in, Philippines. Could we extrapolate that to Cyprus as well as if you, are interested in Thailand.

只是想了解未來的運行率，或者它是否太小，以及這項業務 20 年後發生了哪些變化，我知道 LBS 和 win 等。所有這些空間，所以如果你能告訴我們一些關於這方面的情況，那將會很有幫助。第二個問題是關於您將在菲律賓採用的輕鬆策略。如果您對泰國有興趣的話，我們可以將其推廣到塞浦路斯嗎？

Thank you so much.

太感謝了。

Hey Praveen, maybe I answered the second question first, and I think the acid light strategy is one that we are committed to. And so any jurisdiction we're in, I think if it is feasible we would do it. So Cyprus would certainly be within that bucket and, I think Thailand is a generational opportunity, probably happens once every century. So I think, but it's still early days in Thailand. We've done a lot of studies, we've made a lot of trips, we've opened an office. We've done a whole bunch of stuff there, but I think having experienced the bidding process. I think we're in the very early innings in in Thailand right now, so we'll keep a very close eye to it.

嘿，Praveen，也許我首先回答了第二個問題，我認為酸性光策略是我們致力於的策略。因此，無論我們身處哪個司法管轄區，我認為只要可行，我們就會這樣做。因此，塞浦路斯肯定屬於這個類別，我認為泰國是一代人的機遇，可能每個世紀才會出現一次。我覺得，但泰國還處於早期階段。我們做了很多研究，進行了很多次旅行，也開設了一個辦公室。我們在那裡做了很多事情，但我認為經歷了競標過程。我認為我們現在正處於泰國的初期階段，因此我們將密切關注。

And we're always very open-minded with structures and, partners anyways. But you know if Thailand, I think Jeff mentioned it earlier on for these exceptional growth opportunities we might make exceptions.

無論如何，我們對結構和合作夥伴始終持非常開放的態度。但你知道，如果是泰國，我想傑夫之前提到過，對於這些特殊的成長機會，我們可能會做出例外。

So I think that that's on the asset like part of it, and you know I think on the trademark licensing fee I think maybe just can.

所以我認為這是資產的一部分，而且你知道，我認為商標許可費也許可以。

So that that is reflected in our corporate expense and the incremental amount is. Is provided in the corporate guidance that we have provided.

這反映在我們的公司費用和增量金額中。在我們提供的公司指導中有所說明。

We definitely took a look at and surveyed some of what of what of our competitors are doing in the market in respect to IP fees, but we felt it was the appropriate time to institute these fees going forward, but the level is at a considerably lower percentage of revenue than what we see from our competitors.

我們確實研究並調查了我們的競爭對手在市場上在智慧財產權費用方面的做法，但我們認為現在是製定這些費用的適當時機，但這些費用佔收入的比例比我們從競爭對手那裡看到的要低得多。

Oh, thanks very much for for the clarification. If I could have one follow up, I see that you're guiding for lower OpEx quarter over quarter, but obviously higher market share quarter of a quarter.

哦，非常感謝您的澄清。如果我可以跟進一下，我發現您預測營運支出會逐季度下降，但市場份額會逐季度上升。

It sounds like we could get much higher level of quarterly run rate going into Q1 and and then House of Dancing water may be higher. So again, without boxing you in a number, it sounds like 300 quarter kind of number can be achieved. If the current momentum stays, is that a good way to think about it?

聽起來，我們進入第一季時可能會獲得更高水平的季度運行率，然後《舞動之家》的水價可能會更高。因此，再說一次，不用給你一個數字的限制，聽起來 300 個季度這樣的數字是可以實現的。如果目前的勢頭持續下去，這是一個好的想法嗎？

Directionally I think that that's accurate. We're looking to rationalize our OpEx and at the same time, build off the foundation we've built in 2024 to enhance our assets to drive more market share.

從方向上看我認為這是準確的。我們希望合理化我們的營運支出，同時在 2024 年建立的基礎上增強我們的資產，以擴大市場份額。

Thank you, and all the best.

謝謝，祝一切順利。

Thank you.

謝謝。

There are no further questions at this time. I'll now hand back to Jeanny for closing remarks.

目前沒有其他問題。現在我將把發言交還給 Jeanny，請她做最後發言。

Thank you for participating in the call today, and we look forward to speaking to you again next quarter. Thank you.

感謝您今天參加電話會議，我們期待下個季度再次與您交談。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。