Melco Resorts & Entertainment Ltd (MLCO) 2025 Q1 法說會逐字稿

This is the conference operator. Thank you for holding. Please continue and the conference will begin shortly.

我是會議主持人。謝謝你的支持。請繼續，會議即將開始。

Ladies and gentlemen, thank you for participating in the first quarter 2025 earnings conference call of Melco Resorts & 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 2025 年第一季獲利電話會議。（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 & 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 all for joining us today for our first quarter 2025 earnings call. 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 2025 年第一季財報電話會議。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的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. Finally, please note that our supplementary earnings slides are posted on our Investor Relations website.

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。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。

With that, I'll now turn the call over to Mr. Lawrence Ho.

現在，我將把電話轉給 Lawrence Ho 先生。

Thank you, Jeanny, and thank you all for joining us today. We have achieved a solid set of results for the first quarter of 2025 that demonstrates our strength and our growth prospects in Macau. Mass dropped grew each month during the quarter and reached record highs at both City of Dreams and Studio City. Our market share grew from 14.7% in 4Q 2024 to 15.7% in 1Q 2025 and remained stable at this level in April despite new supply in the market.

謝謝你，珍妮，也謝謝大家今天加入我們。我們在 2025 年第一季取得了一系列穩健的業績，證明了我們的實力和在澳門的成長前景。本季度，Mass Drops 的銷售額每月都在成長，新濠天地和新濠影彙的銷售額均創下歷史新高。我們的市佔率從 2024 年第四季的 14.7% 成長到 2025 年第一季的 15.7%，儘管市場上出現了新的供應，但 4 月仍保持穩定在這個水平。

Property visitation grew by 30% year-on-year during May Golden Week. Mass drop was stronger than 2024 with City of Dreams growing by more than 20%. Rated [Theo] win was also strong across our properties in Macau and across a broad range of customers, increasing by 12% year-on-year.

五月黃金周期間，樓市參觀人數較去年同期成長30%。大規模下降幅度比 2024 年更大，夢想之城的成長幅度超過 20%。我們澳門的度假村和廣大客戶的評級也十分強勁，年增了 12%。

House of Dancing Water premiered last night, and the event was a resounding success. We're excited to have relaunched this one-of-a-kind show, which will help drive visitation to City of Dreams. We're continuing work on a number of other initiatives to drive traffic, including a revamp of our retail area and renovation of the main entrance to City of Dreams.

《水舞間》昨晚首演，取得了巨大成功。我們很高興重新推出這場獨一無二的演出，這將有助於增加遊客對夢想之城的訪客。我們正在繼續進行其他一些措施來增加客流量，包括改造我們的零售區和翻新夢想之城的主入口。

Studio City property EBITDA increased 20% quarter-to-quarter. Studio City experienced some disruption in 4Q 2024 because of the renovations of the hotel lobbies as well as the high limit areas. Most of these renovations were completed in January. And Studio City's main entrance area has seen a transformation with new lobbies for the Star and Celebrity Towers as well as the completion of the renovations at the high limit areas on the main casino floor and Epic Tower.

Studio City 物業 EBITDA 較上季成長 20%。由於酒店大廳和高限制區域的翻新，Studio City 在 2024 年第四季度經歷了一些中斷。大部分翻修工程已於一月完工。新濠影彙的主入口區域也進行了改建，星光塔和名人塔新建了大廳，主賭場樓層和 Epic Tower 的高限額區域也完成了翻新。

The sequential growth in Studio City's property EBITDA demonstrates the impact of these initiatives. We're firing on all cylinders in Macau. The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts and contributions of our teams. We're focused on continuing to drive this momentum forward with the highest quality product offerings and a strategic marketing and sales framework.

Studio City 房地產 EBITDA 的連續成長證明了這些舉措的影響。我們在澳門正全力以赴。我們的業務勢頭持續強勁，這直接得益於我們團隊的共同努力和貢獻。我們致力於透過最高品質的產品和策略行銷和銷售框架繼續推動這一勢頭。

In the Philippines, the heightened competitive environment has had an impact on performances in 1Q 2025. We're adjusting our cost structure and reviewing our marketing programs to enhance EBITDA contribution from the business.

在菲律賓，競爭環境加劇對 2025 年第一季的業績產生了影響。我們正在調整成本結構並審查行銷計劃，以提高業務的 EBITDA 貢獻。

City of Dreams Mediterranean in Cyprus achieved 10% year-over-year growth in property EBITDA for 1Q 2025 despite the continued noise in the region. The property is starting to ramp up and with forward bookings for the upcoming summer period materially higher than where -- than what we had this time last year. We are optimistic about the results that Cyprus can deliver over the rest of the year.

儘管該地區持續存在噪音，但塞浦路斯地中海夢想之城的房地產 EBITDA 在 2025 年第一季仍實現了 10% 的同比增長。該酒店的預訂量開始上升，即將到來的夏季預訂量大幅高於去年同期的預訂。我們對塞浦路斯在今年剩餘時間內所取得的成果感到樂觀。

With that, I turn the call over to Geoff.

說完，我把電話轉給了傑夫。

Thanks, Lawrence. Our group-wide adjusted property EBITDA for the first quarter of 2025 was approximately $341 million. Adjusted for VIP hold, our property EBITDA was approximately $313 million. We have been highly disciplined in managing our cost base. We brought OpEx down to $3.1 million per day for the first quarter of 2025 compared to $3.2 million in the fourth quarter of 2024.

謝謝，勞倫斯。2025 年第一季度，我們集團範圍內的調整後房地產 EBITDA 約為 3.41 億美元。經 VIP 持有調整後，我們的物業 EBITDA 約為 3.13 億美元。我們在管理成本基礎方面一直非常嚴格。我們將 2025 年第一季的營運支出降至每天 310 萬美元，而 2024 年第四季為 320 萬美元。

We are continuing to refine our cost base to identify areas to increase efficiency and flow through. And as we had previously indicated, we target to exit the second quarter of 2025 with OpEx of $3.0 million per day. This excludes costs related to House of Dancing Water and Studio City's residency concerts.

我們正在繼續完善我們的成本基礎，以確定提高效率和流通的領域。正如我們之前所說，我們的目標是到 2025 年第二季度，每天的營運支出達到 300 萬美元。這不包括與水舞間和新濠影匯駐場音樂會相關的費用。

Turning to our balance sheet. Our liquidity position remains robust. We had available liquidity of $3.3 billion with consolidated cash on hand of approximately $1.2 billion as of the end of the first quarter of 2025. Melco, excluding its operations at Studio City, the Philippines and Cyprus, accounted for approximately $662 million of the consolidated cash on hand.

轉向我們的資產負債表。我們的流動性狀況依然強勁。截至 2025 年第一季末，我們擁有 33 億美元的可用流動資金，合併現金約 12 億美元。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 6.62 億美元。

We have two bond maturities coming up this year, one in June at Melco and the other in July at Studio City. Both maturities are already covered and will be refinanced with drawdowns under the respective credit facilities and free cash on hand. We have repurchased approximately $165 million in MLCO ADSs in 2025 as of May 7. The dislocation in the equity markets has created a unique opportunity for us to repurchase shares at extremely low valuations. We will continue to review our capital allocation strategy based on our cash availability and market conditions and look to strike a balance between returning capital via buybacks and reducing debt.

我們今年有兩筆債券即將到期，一筆是新濠博亞的債券，將於六月到期，另一筆是新濠影彙的債券，將於七月到期。兩筆貸款的到期日均已涵蓋，並將利用各自的信貸安排和手頭上的現金進行再融資。截至 5 月 7 日，我們已在 2025 年回購了約 1.65 億美元的 MLCO ADS。股票市場的混亂為我們以極低的估值回購股票創造了獨特的機會。我們將根據現金可用性和市場狀況繼續審查我們的資本配置策略，並尋求在透過回購返還資本和減少債務之間取得平衡。

Our consolidated leverage has improved with the growth in EBITDA, and we intend to continue to work on reducing our leverage through EBITDA growth and repayment of debt. As we normally do, we'll give you some guidance on nonoperating line items for the upcoming second quarter of 2025. Total depreciation and amortization expense is expected to be approximately $135 million to $140 million.

我們的綜合槓桿率隨著 EBITDA 的成長而改善，我們打算繼續努力透過 EBITDA 成長和償還債務來降低槓桿率。像往常一樣，我們將為您提供有關 2025 年第二季非營業項目的一些指導。預計總折舊和攤銷費用約為 1.35 億美元至 1.4 億美元。

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 lease interest of approximately $5 million relating to City of Dreams Manila.

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應付費用有關的約 700 萬美元的財務責任利息和與馬尼拉夢之城有關的塞浦路斯博彩許可證和融資租賃利息約 500 萬美元。

This concludes our prepared remarks. Operator, back to you for the Q&A.

我們的準備好的演講到此結束。接線生，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)。

Thanks guys. Congratulations on a very solid set of results. I have a couple of questions, if I may. Firstly, I guess this is for Lawrence. Ever since Londoner Grand opened -- fully opened in May-April, do you guys feel any impact in -- at City of Dreams? And do you feel any change in terms of competition intensity amongst the six operators?

謝謝大家。恭喜您取得了非常堅實的成果。如果可以的話，我有幾個問題。首先，我猜這是給勞倫斯的。自從倫敦大飯店在五月至四月全面開幕以來，你們感覺到夢想之城有什麼影響嗎？您覺得六家業者之間的競爭強度有什麼變化嗎？

Hey George, so maybe I'll start and maybe Evan and others can supplement. But I think your question is like ever since Londoner Grand opened in April, have we seen any increased competition?

嘿喬治，也許我會開始，也許艾文和其他人可以補充。但我認為您的問題是，自從四月份倫敦大酒店開業以來，我們是否看到競爭加劇了？

Yeah.

是的。

No, look, we're very happy with Q1. And as I mentioned in the prepared remarks, we've maintained our market share in April. And during Golden Week, mass drop at COD was up 20%. So if anything, I think our products have held up very well. And I think with all the hard work between the teams at both City of Dreams and Studio City. Studio City successfully repositioning during and post-COVID and City of Dreams now reopening House of Dancing Water, I think we found our groove again and we discover our identity. And so I don't think there has been any cannibalization. But I don't know, maybe Evan can supplement.

不，看，我們對第一季非常滿意。正如我在準備好的演講中提到的那樣，我們在四月保持了市場份額。而在黃金週期間，COD 的跌幅更是高達 20%。所以，無論怎樣，我認為我們的產品表現都非常好。我認為這是新濠天地和新濠影匯團隊共同努力的成果。新濠影匯在疫情期間和疫情後成功地重新定位，而新濠天地現在重新開放了水舞間，我想我們又找到了自己的節奏，找到了自己的身份。因此我認為不存在任何蠶食現象。但我不知道，也許 Evan 可以補充。

No, I think Lawrence said it well. I think we're feeling good in our own business. And at least as of today, I don't think that we felt that there's been a material impact in terms of that opening and new supply cannibalizing the business at City of Dreams. We've had fairly good momentum since that period. So at least right now, it doesn't appear to have had an impact.

不，我認為勞倫斯說得很好。我認為我們對自己的業務感覺良好。至少截至今天，我認為我們並沒有感覺到開業和新供應對夢想之城的業務造成實質影響。自那時以來，我們的發展勢頭一直相當良好。因此至少目前看來，它似乎沒有產生影響。

And I think, George, as well, I think so far in the market, reinvestment has, as we mentioned on the past call, and we hope this continues to hold is more rational -- everybody is -- all the operators within Macau are more rational now than they were a year ago. And I think that's why -- and together with our cost discipline, I think we over -- we exceeded what we had guided last quarter in terms of operating costs.

喬治，我認為到目前為止，市場上的再投資，正如我們在上次電話會議上提到的那樣，我們希望這種情況繼續保持下去，變得更加理性——每個人——澳門的所有運營商現在都比一年前更加理性。我認為這就是為什麼——再加上我們的成本控制，我認為我們——在營運成本方面，我們超出了上個季度的預期。

And as long as I think the whole market, everybody is behaving, I think we can continue to strive for a newer goal as well. And I think post-COVID, we started slow and then last year at a certain time, I think even we were -- we've gone overboard with regards to the reinvestment. I think now that we've rediscovered our identity, and we offer a premium product.

只要我認為整個市場、每個人都表現良好，我認為我們就可以繼續努力實現新的目標。我認為，在新冠疫情之後，我們起步緩慢，然後在去年的某個時候，我認為甚至我們在再投資方面做得有些過度了。我認為現在我們已經重新發現了自己的身份，並且我們提供優質的產品。

And so we should never be the most competitive and most aggressive in terms of marketing schemes and -- because at the end of the day, we have probably the two best hotels in Macau at City of Dreams and Epic at Studio City is also an amazing new product. And so having these great products, having House of Dancing Water, having the family water park and other non-gaming attractions at Studio City, those are, in our opinion, enough to attract a very broad customer base. So I think, hopefully, everybody will be disciplined, and we'll continue to focus on improving our margin.

因此，在行銷計劃方面，我們永遠不應該最具競爭力和最積極主動，因為最終，我們可能擁有澳門最好的兩家酒店，即新濠天地和新濠影彙的 Epic，這也是一款令人驚嘆的新產品。因此，我們認為，擁有這些出色的產品、水舞間、家庭水上樂園以及新濠影匯的其他非博彩景點，足以吸引非常廣泛的客戶群。因此，我希望每個人都能遵守紀律，我們將繼續致力於提高我們的利潤率。

Thanks a lot for the color. I guess switching gear over to Manila. Could you please provide us with any update on the strategic review on City of Dreams Manila?

非常感謝這個顏色。我想換到馬尼拉。您能否向我們提供馬尼拉夢之城策略評估的最新進展？

Sure, George. So we continue to run the process with the advisers. Potential buyers are signing NDAs in the virtual data room and are working through a series of questions. And over time, we will whittle down that group to a short list for the bidding process, but we remain in close dialogue with our advisers, and we'll come back when there's something to announce.

當然，喬治。因此我們繼續與顧問一起進行這項流程。潛在買家正在虛擬資料室簽署保密協議並解決一系列問題。隨著時間的推移，我們將把這個群體縮小到競標過程中的最終名單，但我們仍與我們的顧問保持密切對話，當有消息要宣佈時，我們會回來。

Thank you very much. I'll, turn back to the queue.

非常感謝。我會回到隊列。

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. Congrats on the solid results. I was hoping if you could give us a little bit of color on what are you seeing very recently on the gaming floor? Are you guys seeing any sign of weakness from any of the sets of your database or anything that would point out to other than something changing from the strong results that you guys commented on April?

嘿夥計們，非常感謝你們回答這個問題。祝賀您取得如此豐碩的成果。我希望您能為我們介紹一下您最近在遊戲廳看到的情況？你們是否從資料庫的任何集合中看到了任何疲軟的跡象，或者除了你們在四月份評論的強勁結果有所變化之外，還有什麼其他跡象？

Sorry, Ricardo, did you -- the last part, did you say that Trump -- what was the Trump thing you said?

抱歉，里卡多，最後一部分，您說川普——您說的川普的事情是什麼？

No, I was not mentioning on Trump. I was mentioning that if you -- this might be my phone, I apologize, that if you have seen any sort of weakness in the last couple of weeks or anything more recent given the macro concerns with regards to spending in your casino floors or any other indications in your booking patterns, anything that would point out to something changing from the strong results that you saw during the Golden Week in April?

不，我沒有提到川普。我剛才提到，如果您——這可能是我的電話，我很抱歉，如果您在過去幾週內看到任何形式的疲軟，或者最近考慮到賭場支出方面的宏觀擔憂或預訂模式中的任何其他跡象，有什麼跡象表明與您在四月黃金周期間看到的強勁結果相比，情況發生了變化？

Sorry, sorry, my bad. No. So as we said, April -- I think post the trade war and all of the stuff, April was very strong for us, and we were happy with the results. And as we mentioned, Golden Week, City of Dreams was up 20%. But I think furthermore, what I didn't mention is the tail was longer this year than previous year during Golden Week.

對不起，對不起，我的錯。不。所以正如我們所說的，四月——我認為在貿易戰和所有事情之後，四月對我們來說非常強勁，我們對結果感到滿意。正如我們所提到的，在黃金週期間，夢想之城的票房上漲了 20%。但我認為此外，我沒有提到的是今年黃金週的尾巴比去年更長。

And so we're happy about that. And right before this call, like 10 minutes ago, I just walked our gaming floor at City of Dreams and for a Thursday night, it is really, really full. So I don't know, I think how much of it is an impact from the opening of House of Dancing Water, but I'm sure when we get House of Dancing Water up and running, that's two shows a day, 2,000 people per show, that's 4,000 additional heads driving into the box. So I think all in all, we're quite happy with it. And even post the whole trade war thing in April.

所以我們對此感到高興。就在這通電話之前，大約 10 分鐘前，我剛剛走過夢之城的遊戲廳，對於週四晚上來說，這裡真的非常擁擠。所以我不知道，我認為這在多大程度上是受到水舞間開幕的影響，但我確信，當我們讓水舞間投入運營時，每天會有兩場演出，每場有 2,000 名觀眾，也就是說會有 4,000 名額外的觀眾湧入包廂。所以我認為總的來說，我們對此非常滿意。甚至在四月發布了整個貿易戰事件。

April held up stronger than we had expected. And as we've always said, Chinese policy is the most important thing to us, even more important than the Chinese economy. And Chinese policy right now has been super supportive and is now focusing on increasing domestic consumption, discretionary spending and domestic travel. So these are all key criteria for us. So if anything, we're quite happy with what we're seeing in the past -- in addition to Q1 and so far in Q2. I don't know if there's anything anybody wanted to add.

四月份的表現比我們預期的還要強勁。正如我們一直所說，中國的政策對我們來說是最重要的，甚至比中國的經濟更重要。目前中國政策非常支持，重點是增加國內消費、可自由支配的支出和國內旅遊。所以這些都是我們的關鍵標準。因此，無論怎樣，我們對過去看到的情況都感到非常滿意——除了第一季和第二季迄今為止的情況。我不知道是否有人想補充什麼。

No, I think Lawrence said it well. We were pleasantly surprised. I think there was a question mark in terms of what would happen during Golden Week, and there were certainly rumors in the marketplace with some of the larger players that we might see some reduction in terms of volume. We didn't see that. We had a very solid Golden Week.

不，我認為勞倫斯說得很好。我們感到非常驚喜。我認為黃金週期間會發生什麼情況還是一個問號，而且市場上確實有一些大型企業傳言稱，我們可能會看到交易量減少。我們沒有看到這一點。我們度過了一個非常充實的黃金週。

And as we move into the post Golden Week period, as Lawrence articulated, we can't specifically say what it is, but we're certainly not seeing that sort of pullback or kind of hangover effect that you get right after the holiday period. We've actually continued to have pretty strong drops here in the following days. So I think we're feeling pretty good right now about the market.

正如勞倫斯所說，隨著我們進入黃金周後時期，我們無法具體說出它是什麼，但我們肯定不會看到假期剛結束後出現的那種回調或後遺症。事實上，在接下來的幾天裡，這裡的跌幅持續相當強勁。所以我認為我們現在對市場感覺很好。

Perfect. For my follow-up, could you please give us some guidance on CapEx for the balance of the year or any projects that we should be aware of with regards to CapEx for 2026?

完美的。作為我的後續問題，您能否為我們提供一些有關今年餘額資本支出的指導，或者有關 2026 年資本支出我們應該注意的任何項目？

So for 2025, full year CapEx guidance remains unchanged at $415 million. And as far as major projects, the only one I'd highlight would be the completion of Sri Lanka.

因此，到 2025 年，全年資本支出指引保持不變，仍為 4.15 億美元。就重大計畫而言，我唯一要強調的是斯里蘭卡計畫的完成。

Perfect. Thank you so much.

完美的。太感謝了。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Thank you. Good morning. Good evening. II wanted to ask on -- just a follow up on the daily OpEx in Macau. I heard your comments, obviously, that exiting the second quarter, I think you'll be around $3 million. And I just want to confirm that, that would include, say, the incremental OpEx from House of Dancing Water and any residual from residencies that you would have? And then essentially within -- so largely, that obviously would be a third quarter number. But for the second quarter, are we still expecting approximately $3.2 million? Or is that going to be -- is that going to be maybe a touch higher?

謝謝。早安.晚安.我想問一下——只是想跟進一下澳門的每日營運支出。顯然，我聽到了您的評論，我認為到第二季結束時，您的收入將在 300 萬美元左右。我只是想確認一下，這是否包括水舞間專案的增量營運支出以及住宅專案產生的剩餘收入？然後基本上在......很大程度上，這顯然是第三季的數字。但對於第二季度，我們是否仍預計約為 320 萬美元？或者說——這個數字可能會稍微高一點嗎？

So let me take the first part of that. The OpEx guidance that we gave excludes both House of Dancing Water and the residency. So those costs would be incremental to the one that we gave and the one that was reported. We had brought down OpEx to $3.1 million per day, excluding those two items in this first quarter. And the guidance that we've given and reiterated is to bring that down to $3.0 million, not $3.2 million in the second quarter, and that's still where we're looking to take it.

那麼讓我來談談第一部分。我們給出的營運支出指導不包括水舞間和駐地。因此，這些成本將會是我們給予的成本和報告成本的增量。除去第一季的這兩項費用，我們已將營運支出降至每天 310 萬美元。我們給出並重申的指導是將第二季的收入降至 300 萬美元，而不是 320 萬美元，這仍然是我們希望實現的目標。

Got it. Thank you for clarifying that. And I wanted to ask essentially maybe quarter-to-date, you're seeing strength. And wondering if that does include maybe any notable improvement in base mass that you've seen, whether it be in the Studio City or elsewhere?

知道了。感謝您澄清這一點。我想問的是，從本季至今，您是否看到了強勁表現。並且想知道這是否包括您所看到的基礎品質的任何顯著改善，無論是在 Studio City 還是其他地方？

So I think just across the board, we're getting -- as articulated earlier, we're getting increasing drop numbers across the system. And so we're seeing some general strength. I mean there are some pockets and week-to-week, you have different sort of ups and downs within player categories within the database. We tend to get a lot of our big players here, obviously, during holiday periods. And then in some of the other periods, it's reverting to more of sort of that middle tier or mass, mass. But we're seeing general sort of solid results across in the market right now across both properties.

因此我認為，就整體而言，正如先前所闡述的，整個系統的下降數量正在增加。因此，我們看到了一些整體實力。我的意思是，資料庫中的球員類別存在一些差異，每週都會出現不同的起伏。顯然，在假期期間，我們往往會邀請很多大牌球員來這裡。然後在其他一些時期，它又恢復到中間層或質量。但我們目前看到市場上這兩款產品都取得了整體穩健的表現。

Got it. Thanks very much. Nice quarter.

知道了。非常感謝。不錯的季度。

Praveen Choudhary, MS.

Praveen Choudhary，MS。

Thank you. Congratulations, Lawrence, Geoff and everybody in the team. Amazing inaugural show of House of Dancing Water and also a very strong first quarter results. I have two quick questions. The first one is, if we think about the market share and the strength that you have talked about in April and May, and Golden Week has been strong, and you're also working on sequentially taking down the cost, would it mean that hold adjusted EBITDA should be sequentially growing in Q2, assuming it doesn't fall off the cliff. Is that a fair assumption?

謝謝。恭喜勞倫斯、傑夫和團隊中的每個人。水舞間首演精彩紛呈，第一季業績也十分亮眼。我有兩個簡單的問題。第一個問題是，如果我們考慮您在 4 月和 5 月談到的市場份額和實力，而且黃金周表現強勁，而且您還在努力逐步降低成本，這是否意味著調整後的 EBITDA 應該在第二季度逐步增長，假設它不會大幅下滑。這是一個合理的假設嗎？

That's the first question. And the second question is on Sri Lanka. I just wanted to understand when do we expect potential implication to our P&L, assuming it's opening sometime in third quarter? Thank you.

這是第一個問題。第二個問題是關於斯里蘭卡的。我只是想了解一下，假設它是在第三季的某個時候開始，我們預計什麼時候會對我們的損益表產生潛在影響？謝謝。

Well, maybe the second question first. So we do see some impact to the P&L through preopening expense for Sri Lanka. But above the line, we'd anticipate seeing that starting in August of this year. And as far as your first question --

嗯，也許先問第二個問題。因此，我們確實看到斯里蘭卡開業前的費用對損益表產生了一些影響。但從上面來看，我們預計從今年 8 月開始就會看到這種情況。關於你的第一個問題--

Yeah, I mean, obviously, that's our intention. We're trying to be fairly disciplined in terms of our expense and reinvestment levels and assuming we can continue to keep the momentum that, that would then translate into incrementally improved EBITDA.

是的，我的意思是，顯然這是我們的意圖。我們試圖在費用和再投資水平方面保持相當的紀律，並假設我們能夠繼續保持這種勢頭，這將轉化為逐步改善的 EBITDA。

Great. I mean can I have a follow-up on one other point that you mentioned, $165 million, that's a lot of money that you used on buyback. Obviously, we are hoping that deleveraging helps the stock price and equity value. Just to understand how and when you're going to use a buyback versus deleveraging or paying off debt. How should we think about it, please? Thank you.

偉大的。我的意思是，我能否就您提到的另一點進行跟進，1.65 億美元，這是您用於回購的一大筆錢。顯然，我們希望去槓桿有助於股價和股權價值。只是為了了解如何以及何時使用回購而不是去槓桿或償還債務。請問我們應該怎樣考慮呢？謝謝。

Hey, Praveen, maybe I'll start and then Geoff can supplement. But as we stated, our main focus in the last couple of years has been on taking down debt and bringing down debt. But at these ridiculous share price levels, it's just kind of a once-in-a-lifetime opportunity. We don't think we'll have this chance ever again to get -- to buy shares at these prices. So I think for us, we're always thinking about how to maximize shareholder value.

嘿，Praveen，也許我先開始，然後 Geoff 可以補充。但正如我們所說，過去幾年我們的主要重點是減少債務和降低債務。但在這些荒謬的股價水準上，這只是千載難逢的機會。我們認為我們不會再有機會以這樣的價格購買股票。所以我認為，對我們來說，我們一直在思考如何最大化股東價值。

So I think at the current $5s, it's -- and it was even in the $4s earlier for MLCO. But I think we're hoping that now that the market has turned a corner and hopefully, people have more confidence in gaming stocks in general. So I don't know, Geoff, do you want to -- anything to supplement?

所以我認為，以目前的 5 美元計算，MLCO 早些時候的價格甚至達到了 4 美元。但我認為，我們希望現在市場已經出現轉機，並且希望人們對遊戲類股票整體上更有信心。所以我不知道，傑夫，你想──補充什麼嗎？

So yeah, the debt reduction is still the key priority, but we make specific capital allocation decisions based on a dynamic and changing environment. And right now, we've had, as Lawrence said, a tremendous opportunity to buy the shares and create shareholder value through share repurchase, and we'll continue to monitor that going forward. But we still do have a strong inclination to continue to pay down debt over time.

所以，減少債務仍然是首要任務，但我們會根據動態變化的環境做出具體的資本配置決策。正如勞倫斯所說，現在我們有一個絕佳的機會來購買股票並透過股票回購創造股東價值，我們將繼續關注這一情況。但我們仍然有強烈的意願繼​​續償還債務。

Got it. Very clear. So good results, great opening of House of Dancing Water and buyback. Everything going in the right direction. Congratulations. Thank you.

知道了。非常清楚。效果非常好，水舞間開業和回購都很順利。一切都在朝著好的方向發展。恭喜。謝謝。

Thank you, Praveen.

謝謝你，普拉文。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hey everyone, I wanted to circle back to Golden Week. And for us, it was a surprise, I think, the visitation numbers that we've seen to the upside, obviously. So my first question is, curious, you have certainly more visibility than we do, but if it was better than expected in terms of visitation to Macau more broadly?

大家好，我想回到黃金週的話題。對我們來說，我認為這是一個驚喜，我們看到的訪問量明顯上升。所以我的第一個問題是，很好奇，你們肯定比我們更了解情況，但從更廣泛的澳門遊客數量來看，情況是否比預期的要好？

And then the follow-up, you've mentioned the table drop at COD, the mass market table drop was quite strong. Curious if you could offer any insights during Golden Week into non-gaming spend, retail and some other things that we kind of look at to gauge the health of the consumer as well. So any additional color would be helpful. Thanks guys.

然後是後續問題，您提到了 COD 的桌面下降，大眾市場的桌面下降相當強勁。我很好奇您是否可以對黃金週期間的非博彩支出、零售以及我們用來衡量消費者健康狀況的其他一些方面提供一些見解。因此任何額外的顏色都會有幫助。謝謝大家。

Yeah. Hey, John, so Golden Week was -- visitation was strong. It was up 40% year-over-year. But I think fundamentally, the market has changed somewhat. And so I think that's why the attractions like -- people in China nowadays are very much into experiences and in terms of whether it's Little Red Book or having those memories and moments captured.

是的。嘿，約翰，黃金週的遊客數量很旺盛。較去年同期成長40%。但我認為從根本上來說，市場已經發生了一些變化。所以我認為這就是為什麼如今的中國人非常注重體驗，無論是透過小紅書還是捕捉那些記憶和瞬間。

So I think House of Dancing Water together with the Studio City attractions makes a huge difference. And if anything, we're very happy with the fact that I think today, we're dominating in Little Red Book from all -- the House of Dancing Water opening, premiere and all of that stuff. I think retail has kind of fundamentally changed in all part of the world, whether it's Hainan, Hong Kong or Macau. And so that's probably less compelling now. But at the same time, I think with all the non-gaming attractions that we have built years in advance, I think that will be great for us going forward.

所以我認為水舞間與新濠影匯景點的結合會帶來巨大的改變。如果有什麼不同的話，那就是我們對今天的事實感到非常高興，因為我認為我們在《水舞間》的開幕、首映和所有這些東西上都佔據了《小紅書》的主導地位。我認為世界各地的零售業都發生了根本性的變化，無論是海南、香港或澳門。所以現在這可能就沒那麼引人注目了。但同時，我認為，由於我們提前幾年就已建成了所有非博彩景點，這對我們未來的發展大有裨益。

I think that's right. We -- look, the properties were very active during Golden Week across the board. So in terms of activity within the mall and with F&B, strong. As Lawrence has already said, I think on a relative basis, Studio City from a retail standpoint fares better in this environment just because the retail mix in that property, which is mass focused and pretty affordable, more consumable type items. In terms of COD, where it's really targeted at high-end luxury retail, that category continues to struggle.

我認為那是對的。我們看，黃金週期間各大房地產市場都非常活躍。因此，就商場內部活動和餐飲而言，情況強勁。正如勞倫斯所說，我認為從相對基礎來看，從零售角度來看，新濠影匯在這種環境下表現更好，因為該物業的零售組合以大眾為中心，價格相當實惠，且更多是消費品。就 COD 而言，其真正針對的是高端奢侈品零售，但這一類別仍在苦苦掙扎。

I don't think that we're struggling more than other operators, but I think across the board, that area continues to be challenged this year, as Lawrence said.

我並不認為我們比其他業者面臨更大的困難，但我認為，正如勞倫斯所說，總體而言，今年該領域將繼續面臨挑戰。

Great, thanks guys. I appreciate all that.

太好了，謝謝大家。我對此表示感謝。

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

謝謝。目前沒有其他問題。現在我將把發言交還給 Jeanny Kim，請她做最後發言。

That concludes our conference call today. We look forward to speaking to you next quarter. Thank you.

今天的電話會議到此結束。我們期待下個季度與您交談。謝謝。