Melco Resorts & Entertainment Ltd (MLCO) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for participating in the second-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 年第二季財報電話會議。（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 & 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 second-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. Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures.

謝謝接線員，也謝謝大家今天參加我們的 2025 年第二季財報電話會議。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。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。

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.

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 achieved a strong set of results for the second quarter of 2025 in Macau. Macau property EBITDA grew by 35% year over year and 13% quarter to quarter. Gaming volumes and revenues were up with mass table games revenue at both City of Dreams and Studio City reaching all-time highs. OpEx was further refined, leading to increased margins while sustaining our market share in a very competitive environment.

謝謝你，珍妮，也謝謝大家今天加入我們。2025 年第二季我們在澳門取得了強勁的業績。澳門房地產EBITDA年增35%，季增13%。博彩量和收入均上升，新濠天地和新濠影彙的中場賭桌遊戲收入均創下歷史新高。營運支出進一步優化，從而提高了利潤率，同時在競爭激烈的環境中保持了我們的市場份額。

House of Dancing Water reopened in May with a refreshed storyline and enhanced visuals incorporating a variety of new technologies. We've had great feedback with occupancy of the theater at an average of around 98% since the opening, contributing to growing non-gaming revenue and visitation into Macau. Visitation to COD Macau increased 31% year on year over the second quarter. Average daily property visitation to our Macau properties has continued to grow, reaching record levels in July.

水舞間於五月重新開放，其故事情節煥然一新，視覺效果增強，並融合了多種新技術。我們收到了良好的回饋，自開業以來，劇院的平均上座率高達 98% 左右，為非博彩收入和澳門遊客數量的增長做出了貢獻。第二季度，前往澳門的遊客數量較去年同期增加了 31%。我們澳門物業的每日平均訪客人數持續成長，七月達到創紀錄的水平。

We are continuing to work on a number of additional initiatives in Macau to drive traffic and revenue. We have started the renovation of the main entrance to City of Dreams, which will increase visibility and accessibility to the property. We are finalizing plans for the full renovation of the Countdown Hotel, which we currently plan to open in the third quarter of 2026.

我們將繼續在澳門開展一系列其他舉措，以增加客流量和收入。我們已經開始對夢想之城的主入口進行翻新，這將提高該酒店的知名度和可及性。我們正在敲定 Countdown Hotel 的全面翻新計劃，目前計劃於 2026 年第三季開業。

The Macau will be newly branded with approximately 150 high-end luxury suites and an average room size in excess of 1,000 square feet. We believe the concept we have for this hotel will bring a one-of-a-kind experience to Macau and add to the high-end luxury hotel portfolio that we have at City of Dreams.

澳門酒店將擁有約 150 間高端豪華套房，平均客房面積超過 1,000 平方英尺。我們相信，我們對這家酒店的概念將為澳門帶來獨一無二的體驗，並豐富新濠天地的高端豪華酒店組合。

Additionally, we continue to implement enhancements in our gaming areas across our Macau properties to broaden our service and product offerings and elevate the gaming experience for our premium mass customers. In the Philippines, the heightened competitive environment continued to impact performance in the second quarter of 2025.

此外，我們持續對澳門酒店的博彩區進行改進，以擴大我們的服務和產品範圍，並提升優質大眾客戶的博彩體驗。在菲律賓，加劇的競爭環境持續影響 2025 年第二季的業績。

In response, we have implemented various cost reduction initiatives, including rationalization of our patron reinvestment and marketing expenses. We are already seeing the results of these initiatives with higher profitability, along with a recovery in gaming revenue in July. The strategic review that we have had previously announced is continuing, and we will provide updates when we are able to do so. In Cyprus, City of Dreams Mediterranean and the satellite casinos were impacted by the Iran-Israel war in June. However, recovery has been faster than expected and GGR has now surpassed pre-war levels.

作為回應，我們實施了各種削減成本的舉措，包括合理化顧客再投資和行銷費用。我們已經看到了這些措施的成果：獲利能力提高，並且 7 月博彩收入也出現回升。我們先前宣布的策略審查仍在繼續，我們將在有能力時提供最新消息。在塞浦路斯，地中海夢幻之城及其衛星賭場受到了 6 月伊朗-以色列戰爭的影響。然而，復甦的速度比預期的要快，目前博彩總收入已經超過了戰前的水平。

Based on our forward bookings for the remainder of the summer, we're cautiously optimistic that the property can deliver strong results over the remainder of the peak season. And finally, we're very excited to open City of Dreams Sri Lanka tomorrow, August 1. City of Dreams Sri Lanka is the first integrated resort in Sri Lanka and in South Asia, catering to the premium segment of the Indian customer base. We look forward to the new opportunities that this brings.

根據我們對今年夏季剩餘時間的預訂情況，我們謹慎樂觀地認為，該酒店將在剩餘的旺季期間取得強勁的業績。最後，我們非常高興明天（8 月 1 日）開設斯里蘭卡夢想之城。斯里蘭卡夢之城是斯里蘭卡乃至南亞首個綜合度假村，主要滿足印度高端客戶群的需求。我們期待由此帶來的新機會。

With that, I'll turn the call over to Geoff.

說完這些，我會把電話轉給傑夫。

Thanks, Lawrence. Our group-wide adjusted property EBITDA for the second quarter of 2025 grew 25% year over year to approximately $378 million. Adjusted for VIP hold, our property EBITDA was approximately $354 million. Favorable win rates at COD Macau had a positive impact on our property EBITDA by approximately $31 million, while an unfavorable win rate at COD Manila had a negative impact of approximately $7 million.

謝謝，勞倫斯。2025 年第二季度，我們集團範圍內的調整後房地產 EBITDA 年比成長 25%，達到約 3.78 億美元。經 VIP 持有調整後，我們的物業 EBITDA 約為 3.54 億美元。COD 澳門的良好贏率對我們的物業 EBITDA 產生了約 3,100 萬美元的正面影響，而 COD 馬尼拉的不利贏率則產生了約 700 萬美元的負面影響。

In the prior quarter, we had guided that our OpEx target for Macau was to exit the second quarter at $3 million per day, excluding House of Dancing Water and the residency concerts. We were able to outperform our earlier expectations and reduced OpEx down to approximately $3 million per day for the entirety of the second quarter.

在上一季度，我們曾預期澳門的營運支出目標是在第二季結束時達到每天 300 萬美元，不包括水舞間和駐場音樂會。我們能夠超越早先的預期，並將整個第二季的營運支出降低至每天約 300 萬美元。

OpEx for House of Dancing Water was approximately $0.1 million per day, as previously mentioned. We saw a solid flow-through in the quarter with an increase in revenue and a reduction in costs. Our Macau property EBITDA margin reached 29.2% in the second quarter of 2025, the second highest on record. We are focused on remaining disciplined on cost as our business continues to grow.

如前所述，水舞間營運成本約為每天 10 萬美元。本季度，我們看到了穩健的流通，收入增加，成本減少。我們的澳門物業EBITDA利潤率在2025年第二季達到29.2%，創歷史第二高。隨著業務的不斷成長，我們致力於嚴格控製成本。

Turning to our balance sheet. Our liquidity position remains robust. We had available liquidity of $2.3 billion with consolidated cash on hand of approximately $1.2 billion as of the end of the second quarter of 2025. Melco, excluding its operations at Studio City, the Philippines and Cyprus, accounted for approximately $644 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 年第二季末，我們擁有 23 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 6.44 億美元。

We had two bond maturities over the last couple of months, $1 billion in June at Melco and $222 million in July at Studio City. Melco's bonds were refinanced with a drawdown from its RCF, while Studio City's bonds were refinanced with a combination of a drawdown from its RCF and approximately $50 million in available cash.

過去幾個月我們有兩筆債券到期，新濠博亞 6 月到期，金額為 10 億美元，而新濠影匯 7 月到期，金額為 2.22 億美元。新濠博亞娛樂的債券是透過提取其循環信貸資金進行再融資的，而新濠影匯的債券則是透過提取其循環信貸資金和約 5,000 萬美元可用現金進行再融資的。

The RCFs were drawn in Hong Kong dollars given today's low HIBOR rates, we locked in these rates with interest rate swaps, allowing us to refinance at lower interest rates than the bonds that matured. We expect to pay down more debt over the second half of 2025 with free cash flow from operations.

由於目前香港銀行同業拆借利率 (HIBOR) 較低，RCF 以港元提取，我們利用利率掉期鎖定這些利率，從而能夠以低於到期債券的利率進行再融資。我們預計在 2025 年下半年利用營運產生的自由現金流償還更多債務。

Over April and May, we repurchased approximately $120 million of Melco shares, taking advantage of the unique opportunity that the dislocation in the equity markets provided at the time. The average price of the repurchased shares in the second quarter was approximately $5 per ADS. We have always placed priority on increasing shareholder value.

四月和五月期間，我們回購了約 1.2 億美元的新濠博亞股票，並利用了當時股市混亂提供的獨特機會。第二季回購股票的平均價格約為每股ADS 5美元。我們始終把增加股東價值放在第一位。

And although our primary objective remains debt reduction, we will continue to monitor market conditions as we balance our capital allocation objectives. And a final note on our balance sheet for reference. As announced in June 2025, we will close Grand Dragon Casino and three Mocha Clubs over the second half of this year. As a result, we recognized an impairment in goodwill of approximately $56 million in the second quarter. We expect to continue operations of the three remaining Mocha Clubs subject to the legal and regulatory requirements in Macau.

儘管我們的主要目標仍然是減少債務，但我們將在平衡資本配置目標的同時繼續監測市場狀況。最後將我們的資產負債表補充說明以供參考。正如 2025 年 6 月宣布的那樣，我們將在今年下半年關閉 Grand Dragon Casino 和三家 Mocha Clubs。因此，我們在第二季確認了約 5,600 萬美元的商譽減損。我們預計將根據澳門的法律和監管要求繼續運營剩餘的三家摩卡俱樂部。

As we normally do, we'll give you some guidance on nonoperating line items for the upcoming third quarter of 2025. 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 $115 million to $120 million. This includes finance liability interest of around $6 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.

像往常一樣，我們將為您提供有關 2025 年第三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。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 1.15 億至 1.2 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 600 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。

That concludes our prepared remarks. Operator, over to you for the Q&A.

我們的準備演講到此結束。接線員，接下來是問答環節。

(Operator Instructions) George Choi, Citi.

（操作員指示）花旗銀行 George Choi。

Congratulations on a very solid set of results. I have a couple of questions, if I may. Firstly, in your prepared remarks, you said you're going to remodel the Countdown Hotel. I'm wondering if you guys are doing anything to your gaming floors at either COD or Studio City in the near term in light of new supplies by your competitors?

恭喜您取得了一系列非常堅實的成果。如果可以的話，我有幾個問題。首先，您在準備好的發言中提到，您要改造Countdown酒店。我想知道，鑑於競爭對手的新供應，你們近期是否會對 COD 或 Studio City 的遊戲廳進行任何改動？

George, it's Lawrence. Maybe I'll start off, and I'll hand it off to Evan and then also perhaps Tim to talk about COD. But over the last 18 months, we've been improving our product and reinvesting in the customer experience. So that has been very -- I think it shows in our results. So I think all the hard work that we put in, in terms of improving that.

喬治，我是勞倫斯。也許我會先開始，然後我會把它交給 Evan，然後也許還有 Tim 來談論 COD。但在過去的 18 個月裡，我們一直在改進我們的產品並重新投資於客戶體驗。所以這非常——我認為這在我們的結果中有所體現。所以我認為我們為改善這一點所付出的所有努力都是值得的。

So as part of the Countdown, what used to be a 330-room hotel, we're really taking it down to 150 luxury suites. And I think it's going to be a super unique product, doesn't exist anywhere in the world. So we're very excited about that.

因此，作為倒數活動的一部分，我們實際上將原本擁有 330 間客房的酒店減少到 150 間豪華套房。我認為這將是一個超級獨特的產品，世界上任何地方都不存在。所以我們對此感到非常興奮。

But I think maybe I'll hand off to -- there's a lot of work being done on the casino floor for us constantly. So I think maybe I'll hand it off to Evan or Tim to elaborate.

但我想或許我會把這個交給…賭場方面有很多工作需要我們持續進行。所以我想我或許會把這個交給艾文或提姆來詳細說明。

Sure. Laurence, this is Evan. I'll start and Tim can obviously join in. There's been a huge amount of work that's already been done this year and a number of projects that are going to be completed here in this quarter and then throughout the end of the year. You'll probably recall, we completed our new high limit slot space.

當然。勞倫斯，這是埃文。我先開始，提姆當然也可以加入。今年已經完成了大量工作，許多項目將在本季以及年底完成。您可能還記得，我們​​完成了新的高限制插槽空間。

We took our old high limit slots area, and we've now converted that over to mass gaming. Over the last weekend, we took the last remaining section of that high limit slots gaming, and we created a unique clubhouse experience for our premium players that has three private salons in there, but it also has a golf simulator, a race simulator, ping pong pool, darts, pinball, jukebox, some unique food and beverage offerings and really a clubhouse environment for our players to enjoy as part of that premium gamer experience.

我們把原來的高限額老虎機區域改造成了大眾博彩區。上個週末，我們完成了高限額老虎機遊戲的最後部分，並為我們的高級玩家創造了獨特的俱樂部會所體驗，其中設有三個私人沙龍，還有高爾夫模擬器、賽車模擬器、乒乓球檯、飛鏢、彈珠台、點唱機、一些獨特的食品和飲料，以及真正的俱樂部會所環境，供我們的玩家享受高級遊戲體驗的一部分。

In the months ahead, we've got on the main gaming floor, a new redemption lounge opening. We have a new F&B counter that's going to be opening before Golden Week. We have carpet being replaced throughout COD. We have new column treatments going throughout COD. If you've been by our property, you've seen that we've taken down the fountain and stairs on the south entrance.

在未來的幾個月裡，我們將在主遊戲區開設一個新的兌換休息室。我們有一個新的餐飲櫃檯，將在黃金週之前開業。我們正在更換整個 COD 的地毯。我們有新的柱處理方法貫穿整個 COD。如果您來過我們的飯店，您會發現我們已經拆除了南入口的噴泉和樓梯。

That's now going to be a new entry experience that's going to allow much easier access into the property and much greater visibility into the property. And so we also have a number of new F&B concepts that we're going to be adding throughout the mall. So that's just on COD.

這將是一次全新的進入體驗，讓進入房產更加便捷，並且對房產的可視性也更高。因此，我們也將在整個商場增加一些新的餐飲概念。所以這只是關於 COD。

At Studio City, we recently opened a new F&B offering for our Star Tower Gala to give customers a place not just for breakfast, but to have an all-day dining experience that's been well received. You probably saw prior to that, that we had remodeled both lobby spaces. So now the Star and Celebrity lobbies have both been remodeled. We opened up a new food and beverage offering that's adjacent to our premium gaming space in the Epic Tower. And we're, in the next few months, going to get approval to sort of consolidate all that into a gaming space.

在新濠影匯，我們最近為星匯大廈盛典開設了新的餐飲服務，讓顧客不僅可以享用早餐，還可以享受全天用餐體驗，這一舉措廣受好評。您可能之前就看過，我們已經改造了兩個大廳空間。因此現在明星大廳和名人大廳都已重新裝潢。我們在 Epic Tower 的高級遊戲空間旁開設了新的餐飲場所。在接下來的幾個月裡，我們將獲得批准，將所有這些整合到遊戲領域。

So we're going to create more tables and a real premium customer environment in that unique casino experience that's just really geared at Epic and towards that premium mass. We've got a number of new F&B concepts. Bacha Coffee is coming in at the front of Studio City. We opened up Nickelodeon Play space. We've got a unique concept on health where iRad will be opening, which has a full hospital license. It's going to be doing imaging and medical procedures, which have been requested by a number of our customers. So it's going to be something very unique within Macau.

因此，我們將在獨特的賭場體驗中創造更多的賭桌和真正的優質客戶環境，這種體驗真正面向 Epic 和優質大眾。我們推出了一些新的餐飲概念。 Bacha Coffee 即將進駐 Studio City 門前。我們開放了 Nickelodeon Play 空間。我們在健康方面有一個獨特的概念，iRad 即將開業，它擁有完整的醫院執照。它將進行成像和醫療程序，這是我們許多客戶所要求的。所以這在澳門將會是非常獨特的一件事。

We've got a new concept coming in on the Level 2 Gourmet Walk at Studio City. And then if you've been on the Studio City floor, I think you've also seen that we really popped up the lighting almost everywhere along with new layouts. We've consolidated the LTG gaming space, improved the flows and improved the lighting throughout. And then as was alluded to in the prepared remarks, we've got new electronic product and tables that are going to filter through the system here by year-end. So you're going to see more product at the different IRs.

我們在 Studio City 的 2 層美食漫步中引入了一個新概念。如果你去過 Studio City 樓層，我想你也會看到我們幾乎在所有地方都安裝了燈光，並且採用了新的佈局。我們整合了 LTG 遊戲空間，改善了流程並改善了整個照明。然後，正如準備好的演講中所提到的那樣，我們將獲得新的電子產品和表格，它們將在年底前透過這裡的系統進行篩選。因此您將在不同的 IR 看到更多產品。

So I think I probably gave the laundry list. I don't know if Kevin or Tim will start giving me the thumbs up. But I think the short answer is we are very focused on making sure we continue to offer a premium experience to our customers.

所以我想我可能給了洗衣清單。我不知道凱文或提姆是否會開始對我豎起大拇指。但我認為簡短的回答是，我們非常注重確保繼續為客戶提供優質的體驗。

That's a very long list. I'm sure I'll have to spend a lot more -- a longer time the next time I visit COD and Studio City. My second question, if I can, given the July momentum and whatever visibility that you might have in August, do you expect your [whole] normalized EBITDA to improve sequentially?

這是一個很長的清單。我確信下次參觀 COD 和 Studio City 時我將不得不花更多、更長的時間。我的第二個問題是，如果可以的話，考慮到 7 月份的勢頭以及 8 月份可能出現的情況，您是否預計您的 [整體] 標準化 EBITDA 會環比提高？

I think the market is doing very well. And I think the strength that we saw in -- really in the first half, we've had an excellent first half. So Q1, Q2 is -- we see it in Q3 as well in that momentum. And I think at the end of the day, is the Chinese economy stabilizing and people consuming more again. And so I think it sets us up for a great 3Q.

我認為市場表現非常好。我認為我們在上半場確實看到了實力，我們上半場表現非常出色。因此，Q1、Q2 是——我們在 Q3 中也看到了這種勢頭。我認為最終中國經濟將趨於穩定，人們的消費將再次增加。所以我認為這為我們取得出色的第三季業績奠定了基礎。

I don't know if Geoff or Evan want to elaborate.

我不知道 Geoff 或 Evan 是否想詳細說明。

No. Look, I think we feel very good. I think we've carried the momentum that we saw in June into July. I think the market feels good right now. You've obviously seen some comments from some of our competitors that some people are modulating reinvestment.

不。看，我認為我們感覺非常好。我認為我們將六月的勢頭延續到了七月。我認為目前市場狀況良好。您顯然已經看到我們的一些競爭對手的評論，即有些人正在調節再投資。

Right now, I think based on where we are with our product and service, we feel very good about where we are and very good on expense discipline. So if we sort of continue in the way that we feel that we can, I think we feel very, very good about Q3. Obviously, I don't have a crystal ball, but sitting here today, I think we all feel good about where we are.

目前，我認為基於我們的產品和服務的現狀，我們對現狀感到非常滿意，並且在費用控制方面也做得很好。因此，如果我們繼續按照我們認為可以做到的方式前進，我認為我們對第三季的表現會非常非常滿意。顯然，我沒有水晶球，但今天坐在這裡，我想我們都對自己的處境感到滿意。

Ricardo Chinchilla, Deutsche Bank.

德意志銀行的里卡多·欽奇利亞 (Ricardo Chinchilla)。

Congrats on the strong set of results. One of your competitors was mentioning that mid-quarter, they insignificantly increased reinvestment and that they will continue to monitor the market given that they experienced some market share declines. Have you guys seen anything meaningfully in terms of the competitive nature of the market? Or is it just business as usual?

恭喜您取得如此優異的成績。你們的一位競爭對手提到，在本季中期，他們略微增加了再投資，並且由於市佔率有所下降，他們將繼續監控市場。你們在市場競爭本質上有看到什麼有意義的東西嗎？還是這只是一切照舊？

Ricardo, it's Lawrence. Maybe I'll just answer and then hand it off to Evan. Macau is always going to be competitive. And we see competitors trying to grab share here and there. But I think the most important thing, I think the competitor you're referring to has really been -- have under reinvested in the market previously and it's now doing it.

里卡多，我是勞倫斯。也許我會回答然後把它交給埃文。澳門永遠都充滿競爭力。我們看到競爭對手到處試圖搶佔市場份額。但我認為最重要的是，我認為你所提到的競爭對手確實——之前在市場上的投資不足，現在也這樣做了。

But at the same time, at Melco, we want to compete on product and services. So I think the -- what we have done at City of Dreams in terms of the luxury experience with the hotels and now House of Dancing Water and the food and beverage, that stands on its own.

但同時，在新濠博亞，我們希望在產品和服務上競爭。所以我認為，我們在新濠天地所做的一切，無論是飯店的奢華體驗，還是現在的水舞間以及餐飲，都是獨一無二的。

So we don't necessarily need to match or compete on who has the best deal out there. And equally, at Studio City, in terms of the family attractions and other fun attractions, again, it's a differentiated product. So again, we don't have to be the most aggressive or give the best deal in the market. So I think that is an area we'll continue to lean in on.

因此，我們不一定需要匹配或競爭誰能提供最好的交易。同樣，就家庭景點和其他有趣的景點而言，Studio City 也是一款差異化產品。所以，我們不必成為市場上最激進的一方，也不必提供最好的交易。所以我認為這是我們將繼續關注的領域。

I don't know if --

我不知道--

No, I think Lawrence said it well. Obviously, we hear the same statements you're hearing. When one of the large operators makes a statement like that, you want to make sure you're monitoring what's going on. I think where we're sitting here today and what we've been doing over the last month is not any different than what we were doing through Q2. We continue to titrate our programs.

不，我認為勞倫斯說得很好。顯然，我們聽到的言論與您聽到的言論相同。當一家大型業者做出這樣的聲明時，你要確保自己正在監控正在發生的事情。我認為我們今天所處的位置以及我們過去一個月所做的事情與我們在第二季度所做的事情沒有什麼不同。我們將繼續改進我們的計劃。

We continue to look at it every week, but we've pretty much been business as usual. We're going to continue to look at it. If a bunch of other people followed suit, if something dramatically changed in the market, I think we would adjust. But based on what we're seeing right now, I think we're continuing with our current strategy.

我們每週都會繼續查看它，但我們的業務基本上一切如常。我們將繼續關注此事。如果其他人也紛紛效仿，如果市場發生巨大變化，我認為我們也會做出調整。但根據我們目前所看到的情況，我認為我們將繼續執行當前的策略。

Got it. That's great color. As my follow-up, I know that you guys have done a fantastic job with regards to managing expenses, particularly in Macau. So I was curious if you guys see an opportunity for further optimization of the expense base? Or if you guys, given that you're making some changes in foot traffic, are you feeling comfortable with increasing perhaps in the short term a little bit of dollars just to provide additional services to the consumer and then bring it close to that $3 million per day that you guys referenced before?

知道了。顏色真棒。作為我的後續行動，我知道你們在管理費用方面做得非常出色，特別是在澳門。所以我很好奇，你們是否看到了進一步優化費用基礎的機會？或者，考慮到你們正在對客流量做出一些改變，你們是否願意在短期內增加一點點資金，只是為了向消費者提供額外的服務，然後使其接近你們之前提到的每天 300 萬美元？

This is Geoff. So I think simply put, the $3 million per day of OpEx, I think that is a good number going into the third quarter, but maybe Evan has some additional color.

這是傑夫。所以我認為簡單地說，每天 300 萬美元的營運支出，我認為這是進入第三季的一個不錯的數字，但也許 Evan 還有一些額外的說明。

No, I think we feel good about where the expense base is. That's not to say that we don't -- Tim and Kevin are looking at me because, obviously, we spend all day every day looking for ways that we can optimize and improve. But I think, generally speaking, we've done a lot of that work and feel pretty good about where we are.

不，我認為我們對支出基礎感到滿意。這並不是說我們沒有——蒂姆和凱文正在看著我，因為顯然我們每天都在尋找可以優化和改進的方法。但我認為，總的來說，我們已經完成了很多工作，並且對目前的狀況感到滿意。

In terms of would we increase it going forward, I think we'd have to feel like we found an opportunity that we could really move market share and generate EBITDA. So I don't have some plan right now where we would increase the expense load going forward. I think 3 is a good number. But again, we're always watching the market if we think there was something that we could do opportunistically, I think we go to Lawrence. We wouldn't be afraid to spend money in order to make money. But I think we feel pretty good about where we are right now.

關於我們未來是否會增加這個數字，我認為我們必須覺得我們找到了一個能夠真正提升市場份額並產生 EBITDA 的機會。所以我現在還沒有增加未來開支負擔的計劃。我認為 3 是一個不錯的數字。但話說回來，我們一直在關注市場，如果我們認為有什麼機會可以做，我想我們會去勞倫斯。為了賺錢，我們不會怕花錢。但我認為我們對目前的狀況感覺很好。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Maybe just to build on that question about your Macau daily OpEx per day. I hear you on core, you did better in the quarter in terms of the all-in number, including House of Dancing Water and residencies. Is there any expectation maybe in the third quarter to bend or to reduce the two other components, whether it be House of Dancing Water or residencies within, say, the all-in number above and beyond core?

也許只是為了回答有關澳門每日營運支出的問題。我聽說你們的核心業務在本季度表現更好，包括水舞間和住宅在內的總體數字方面。是否有預期第三季度其他兩個組成部分的數量會有所下降或減少，無論是水舞間還是核心項目以外的總數量內的住宅？

And then the second question on that is you gave a very long list of all the new projects that you're working on, certainly makes sense in terms of your defense of -- on product. But wondering if that's going to create any construction disruption over the second half of the year?

關於這個問題的第二個問題是，您給出了您正在進行的所有新項目的很長的清單，從您對產品的辯護來看，這當然是有道理的。但想知道這是否會對下半年的施工造成影響？

Sure. Let me -- I guess on the first one, in terms of the overall expense number, and I'm assuming you're pointing towards residencies and House of Dancing Water. In terms of the residency program, that's trailed off. So Aaron had his last show on Monday. So for that component going forward, we do expect a reduction as that program has run off.

當然。讓我—我想先談談總體支出數字，我假設您指的是住宅和水舞間。就居住計劃而言，這項計劃已經落後了。因此，Aaron 在周一舉行了他的最後一場演出。因此，隨著該計劃的結束，我們確實預計該部分未來會減少。

We obviously will continue to have entertainment and concerts next year, but at a reduced level to what we've seen. In terms of House of Dancing Water, that number is probably about the right run rate. So we're starting to get things stabilized. We have very good take-up and occupancy. So again, it should be an EBITDA contributor. But in terms of its portion of the expense base, that's probably not a bad number going forward.

顯然，明年我們將繼續舉辦娛樂活動和音樂會，但規模將比現在減少。對於水舞間而言，這個數字可能是正確的運作率。因此我們開始讓情況穩定下來。我們的接待量和入住率都很好。所以，它應該再次成為 EBITDA 的貢獻者。但就其在支出基礎中所佔的比例而言，這可能不是一個糟糕的數字。

In terms of all of the projects that we're doing on each of the properties, I probably gave you a list of ones that have already happened this year and ones that are going to be happening. Studio City, I would say we're essentially behind all of that. In terms of COD, we've actually been pretty successful, I think, if you go to the property on being able to hoard zone by zone to minimize any customer disruption. Even the front entrance is sort of its own separate zone. It's not within the casino property.

就我們在每個房產上進行的所有項目而言，我可能已經為你列出了今年已經完成的項目和即將完成的項目。Studio City，我想說我們基本上支持了這一切。就貨到付款而言，我認為，如果你去酒店，我們實際上已經相當成功了，可以逐個區域地囤積，以最大限度地減少對客戶的干擾。甚至連前門也算是自己的獨立區域。它不在賭場內。

So I do think we're able to do it with fairly limited impact in terms of a customer experience as we're getting all these things done. The team spent a lot of time looking at the phase in these projects. And so again, I'm not concerned about any disruption that would come from construction over the next three to six months.

因此，我確實認為，當我們完成所有這些事情時，對客戶體驗的影響相當有限。團隊花費了大量時間研究這些專案的階段。所以，我再說一遍，我並不擔心未來三到六個月內施工會造成任何干擾。

I appreciate that. And is there anything you can share with us it maybe at this point on the advanced look of sort of August activity in Macau?

我很感激。您能否與我們分享一下關於澳門 8 月活動的初步情況？

I mean, it's probably a little early to tell. Again, that starts tomorrow. So I think we're hoping that we're going to continue the momentum through, but a little bit early for us to be making a call on that.

我的意思是，現在說這可能還太早。再說一遍，從明天開始。所以我認為我們希望能夠維持這種勢頭，但現在就下結論還為時過早。

John DeCree, CBRE Capital Advisors.

世邦魏理仕資本顧問公司 (CBRE Capital Advisors) 的 John DeCree。

Maybe ask one question on Sri Lanka, which is opening tomorrow. Congratulations on that. Maybe, Lawrence, can you give us a little bit of how you're thinking about performance there, the ramp, the time to ramp, expected returns. Obviously, it's a very new product in a new market. So a little bit tougher to hone in on. But any kind of initial thoughts on kind of what you're hoping or expecting would be helpful.

也許可以問一個關於明天開幕的斯里蘭卡的問題。恭喜你。勞倫斯，也許你能否向我們稍微介紹一下你對那裡的表現、成長速度、成長時間以及預期回報的看法。顯然，這是新市場中的一款非常新的產品。因此，磨練起來有點困難。但是，對於您所希望或期望的任何初步想法都會有所幫助。

John, we're very excited about Sri Lanka. We have looked at it for a number of years. And it's the first integrated resort in South Asia and also in Sri Lanka. I think there is going to be definitely a teething period because we're effectively creating a whole new industry. I think the current players there are really third-world type operators.

約翰，我們對斯里蘭卡感到非常興奮。我們已經研究這個問題好幾年了。這是南亞乃至斯里蘭卡第一個綜合度假村。我認為肯定會有一個起步階段，因為我們實際上正在創造一個全新的產業。我認為那裡的當前玩家確實是第三世界類型的操作員。

So I think it's a whole new paradigm shift. So we're very excited about that. For us, it's really opening a new market in India as well. And so I think we're -- similar to what we did with Cyprus, where it's grown into a very nice market in itself. It will take a little bit of time, but I think we're very excited about it.

所以我認為這是一個全新的典範轉移。所以我們對此感到非常興奮。對我們來說，這其實也是在印度開闢了一個新市場。所以我認為我們的做法與我們在塞浦路斯的做法類似，塞浦路斯本身已經發展成為一個非常好的市場。這需要一點時間，但我認為我們對此感到非常興奮。

I don't know if Evan has any more color -- additional color or Geoff?

我不知道 Evan 是否還有更多顏色——額外的顏色還是 Geoff？

Sure. Look, I think in this market, part of what attracted Lawrence to the market was the ability to bring really the IR model into a market where if you go there and look at what's there, it's not just sort of stand-alone casino product, but it's pretty antiquated stand-alone casino product with very limited offerings. And so what we've been able to create there, drafting off this amazing property that was built by our partner, John Keells, is really a true IR experience.

當然。看，我認為在這個市場中，吸引勞倫斯的部分原因是能夠將 IR 模型真正帶入市場，如果你去那裡看看那裡有什麼，你會發現它不僅僅是一種獨立的賭場產品，而且是相當過時的獨立賭場產品，產品非常有限。因此，我們能夠在那裡創造，利用我們的合作夥伴 John Keells 建造的這座令人驚嘆的房產，這確實是一種真正的 IR 體驗。

And I think we believe over the medium term to long term, it's going to attract an entirely different customer base to come and experience that market. We've got a big jump. We're looking at a good opening for this weekend. But in terms of the ramp going up, there is going to be an education process into that consumer base for them to understand the quality of what's there and why they want to make that trip. So I do think it's going to be a ramp period before we really see the full potential.

我認為，從中期到長期來看，我們相信它將吸引一個完全不同的客戶群來體驗這個市場。我們取得了巨大的進步。我們期待這個週末有一個好的開局。但就成長速度而言，我們需要對消費者群體進行教育，讓他們了解那裡的商品品質以及為什麼他們想要進行這次旅行。因此我確實認為在我們真正看到全部潛力之前這將是一個上升期。

Got it. That's exciting. Maybe if I can ask, I know there hasn't been too much discussion on this, and I appreciate satellite casinos are a relatively small piece of the overall business in Macau. But with closures, the ones you've announced and some others, how do you kind of think about the market evolving? Do those kind of customers find a new home? Any thoughts that you have on that change that's coming this year?

知道了。這太令人興奮了。也許我可以問一下，我知道對此還沒有太多的討論，而且我知道衛星賭場在澳門整體業務中所佔的比例相對較小。但是隨著你們宣布的以及其他一些門市的關閉，你們如何看待市場的發展？這類顧客找到新家了嗎？您對今年即將發生的變化有何看法？

I think on -- for us in Macau, we're quite excited about some of the satellite closures because I think it gives -- it's an opportunity for Altira because other than the Cotai mega integrated resorts and some of the casinos on Macau Peninsula, Altira will be effectively the only game in Taipa. And we're closing three Mocha units as well. And so we're equally enthusiastic about what we can do to optimize our gaming unit by moving some of those gaming machines to City of Dreams and Studio City.

我認為——對於我們澳門人來說，我們對一些衛星賭場的關閉感到非常興奮，因為我認為這給新濠鋒帶來了機會，因為除了路氹城大型綜合度假村和澳門半島的一些賭場之外，新濠鋒實際上是氹仔唯一的賭場。我們也將關閉三個摩卡部門。因此，我們同樣熱衷於透過將部分遊戲機轉移到新濠天地和新濠影匯來優化我們的遊戲部門。

So I think all in all, it will consolidate the business at the remaining casinos and integrated resorts. I think some of the satellites on the Peninsula side, we'll see if we could try to draw some of them over to Taipa and Altira.

所以我認為總的來說，它將鞏固剩餘賭場和綜合度假村的業務。我認為，我們會看看是否可以嘗試將半島的一些衛星酒店吸引到氹仔和新濠鋒。

Vitaly Umansky, Seaport Research Partners.

維塔利·烏曼斯基（Vitaly Umansky），海港研究合作夥伴。

I wanted to follow up on the player reinvestment discussion that we had a bit earlier. Just looking at the numbers, it seems like Studio City player reinvestment was relatively flat if you kind of factor in volume changes, et cetera. But COD, the numbers actually improved. They came down.

我想跟進一下我們之前關於球員再投資的討論。僅從數字來看，如果考慮到數量變化等因素，Studio City 球員的再投資似乎相對相當。但《決勝時刻：黑色行動》的數據確實有所改善。他們下來了。

I think the expectation would be that at the high end is driving the growth in Q2 and now Q3 that that player reinvestment as a percentage of mass would go up. That seems to have been the case for most of the Cotai properties at [Sands] and for MGM Cotai. You guys are an outlier. And I'm assuming once we see the other results, there'll be outliers as well.

我認為預期高端市場將推動第二季和第三季的成長，而玩家再投資佔總投資的百分比將會上升。對於金沙集團和美高梅路氹的大部分路氹物業來說，情況似乎都是如此。你們真是異類。我認為，一旦我們看到其他結果，也會出現異常值。

I know, Evan, you talked a little bit about kind of what you guys are doing and how you're trying to differentiate, but it seems like a very divergent trend that you're seeing at COD. Can you maybe elaborate as to what you're doing on player reinvestment that may be different? Is there a different methodology you're incorporating? Is it a different set of player reinvestment initiatives that you have that's leading to this because that's a big part of the -- that you've seen this quarter.

我知道，埃文，你稍微談了一下你們正在做的事情以及你們如何嘗試區分，但你在 COD 看到的似乎是一個非常不同的趨勢。您能否詳細說明您在球員再投資方面所做的可能有何不同？您是否採用了不同的方法？您是否採取了不同的球員再投資舉措來促成這一結果，因為這是您本季看到的一個很大一部分。

Well, again, it's a little hard for us to comment on how we're doing it relative to others because, obviously, I'm not sitting with their teams. What I would say is we're trying to utilize our -- sort of as we're getting better and better data out of [walker] and better and better insight into the player, we're trying to be more strategic in terms of where we're putting those dollars to get the best bang for our buck. And so we're trying to titrate it more carefully.

好吧，再說一次，我們很難評論我們相對於其他人的表現如何，因為很明顯我沒有和他們的團隊坐在一起。我想說的是，我們正在嘗試利用我們的——隨著我們從沃克那裡獲得越來越好的數據以及對球員越來越深入的了解，我們正嘗試在資金投入方面更具戰略性，以獲得最佳的投資回報。因此，我們正在嘗試更仔細地進行滴定。

I think, again, we were able to bring it down pretty successfully. The markets dynamic. We're constantly titrating it. So again, it will bump up and down a little bit from where it is. But I think, again, we're trying to make sure we're rewarding the right folks who we think are really bringing in the contribution. And it's hard for me to comment on what we're doing different than the others because I don't know exactly how they're apportioning their spend.

我認為，我們能夠再次相當成功地將其擊落。市場動態。我們不斷地對其進行滴定。因此，它會再次從當前位置上下波動一點。但我認為，我們正試圖確保獎勵那些我們認為真正做出貢獻的人。我很難評論我們與其他人所做的事情有何不同，因為我不知道他們究竟是如何分配支出的。

Yes. That's fair. And maybe a second question, just broadly speaking, and I know we touched a little bit on this, but broadly speaking, the strength that we're seeing in June and July, it's largely been coming from a higher-end customer base. What do you think has changed in that player behavior? And correct me if I'm wrong on that, maybe you're seeing something different.

是的。這很公平。也許第二個問題，從廣義上講，我知道我們稍微談到了這一點，但從廣義上講，我們在六月和七月看到的強勁勢頭主要來自高端客戶群。您認為玩家行為發生了哪些變化？如果我錯了，請糾正我，也許你會看到不同的東西。

Again, I don't know but it depends on where you're cutting to the high end. But we are seeing, again, certainly at that middle but affluent tier, good volumes. I think what Lawrence said probably is a big part of the answer, which is a lot of the overhang and concern in China around global economy seems to have dissipated. And so people who potentially were worrying about their own business or worrying about the global economic environment are both feeling a little more confident and a little more excited about traveling and spending again, and we're seeing the benefit of that.

再說一次，我不知道，但這取決於你在哪裡削減高端。但我們再次看到，在中間但富裕的階層，交易量肯定不錯。我認為勞倫斯所說的話可能在很大程度上回答了這個問題，那就是中國對全球經濟的擔憂和憂慮似乎已經消散。因此，那些原本可能擔心自身業務或全球經濟環境的人們，現在對再次旅行和消費感到更加自信和興奮，我們也看到了這種做法的好處。

Praveen Choudhary, Morgan Stanley.

摩根士丹利的 Praveen Choudhary。

Congratulations for a very good set of results. A couple of questions from me. Of course, the focus is on OpEx and competitive dynamics where you've already answered all the questions. I have two questions, one on Philippines and another on House of Dancing Water. Both are, for me, catalysts to take it to the next level from your stock price perspective and profitability.

恭喜您取得了非常好的成績。我有幾個問題。當然，重點是營運支出和競爭動態，您已經回答了所有問題。我有兩個問題，一個關於菲律賓，另一個關於水舞間。對我來說，從股價角度和獲利能力來看，這兩者都是將其提升到新水平的催化劑。

So would you be able to quantify or at least subjectively explain if House of Dancing Water is actually contributing positively to gaming business? I understand you mentioned that it might be EBITDA neutral on the non-gaming side. And is that helping or helped the Q2 number in City of Dreams? So that's the first question.

那麼，您能否量化，或者至少主觀地解釋水舞間是否真的對博彩業務做出了積極貢獻？我理解您提到，在非博彩業務方面，它可能對EBITDA（息稅折舊攤提前利潤）沒有影響。這對夢想之城第二季的業績有幫助嗎？這是第一個問題。

The second question on Philippines, the weakness is all across Philippines. It's not just yours. So I just want to understand when does it stop getting worse? And then related to that was a transaction that you were working on. Any update if you can give us, that will be awesome.

第二個問題關於菲律賓，菲律賓全國都存在弱點。這不僅僅是你的問題。所以我只是想了解一下，什麼時候情況才會停止惡化？與此相關的是您正在進行的交易。如果您能向我們提供任何更新信息，那就太好了。

Praveen, maybe I'll answer the first one on House of Dancing Water, and then I'll hand it off to Geoff Andres on Philippines and Geoff Davis can talk about the transaction. So I think House of Dancing Water and maybe Evan and Tim can add. It's done wonders for us ever since the opening on May 7 because the House of Dancing Water IP is so closely aligned with City of Dreams.

Praveen，也許我會回答關於水舞間的第一個問題，然後我會把它交給菲律賓的 Geoff Andres，Geoff Davis 可以談談交易。所以我認為水舞間以及 Evan 和 Tim 可以添加。由於水舞間IP與夢想之城緊密結合，自5月7日開幕以來，它就為我們帶來了奇蹟。

So if anything, the grand relaunch of House of Dancing Water was really relaunching City of Dreams as well. And I think since then, we have seen record visitation across the board. I think now consistently, we're getting over 40,000 property visitation in City of Dream. So it certainly has contributed to the success that we saw in Q2 and part of that momentum into Q3.

因此，如果有什麼不同的話，水舞間盛大重新開業實際上也是夢之城的重新開業。從那時起，我們的遊客量就全面創下了紀錄。現在，夢想之城的遊客量持續超過4萬人次。因此，它無疑對我們在第二季度看到的成功以及在第三季度取得的部分進展做出了貢獻。

I don't know if you want to elaborate.

我不知道您是否想詳細說明。

Sure. Look, on the days that it's running, it brings in 1,900 people twice. So it's 3,800 people come in to the property. It helps a lot on F&B coverage. It helps a lot on the retail environment. It helps in the overall environment.

當然。你看，在它運行的日子裡，它兩次吸引了 1,900 人。因此，共有 3,800 人來到該地。它對餐飲報道有很大幫助。它對零售環境有很大幫助，對整體環境也有幫助。

It provides a halo to the property. It was a positive EBITDA contributor in Q2. I would say that I think that there is still an opportunity for us to do an improved job on converting those customers into gaming customers.

它為該物業增添了光環。它對第二季的 EBITDA 做出了積極的貢獻。我想說，我認為我們仍然有機會更好地將這些客戶轉化為遊戲客戶。

So we get a lot of mass tourists in general. We also know because we have the data that we are getting people who are coming from other properties who are likely to be gamers. I'm not as happy with our conversion rate. I think we have opportunities. So I don't think it necessarily did a huge amount of gaming revenue in Q2. And I think that's something that we're looking to try and optimize here in the quarters ahead.

因此，我們總體上會接待大量大眾遊客。我們也知道，因為我們有數據，來自其他地方的人很可能是遊戲玩家。我對我們的轉換率不太滿意。我認為我們有機會。所以我不認為它在第二季一定會實現巨額的遊戲收入。我認為這是我們希望在未來幾季嘗試優化的事情。

So on the strategic review, as we said in the prepared remarks, we are still continuing to work through the process with our advisers on a short list of potential buyers. Nothing to announce at the moment. But when there is, we'll make the appropriate disclosures and remain cautiously optimistic on this opportunistic exploration that there'll be something to do in Manila.

因此，在策略評估方面，正如我們在準備好的演講中所說，我們仍在繼續與我們的顧問一起確定潛在買家的名單。目前尚無任何消息可以宣布。但一旦有消息，我們將做出適當的披露，並對這一機會性探索保持謹慎樂觀的態度，相信在馬尼拉一定會有所作為。

There was also another question on Philippines business.

還有一個問題涉及菲律賓業務。

This is Geoff Andres, Praveen. On the Manila market, you're right. There was some softness that we all experienced in the first half of the year. As a result of that, we've really been taking thoughtful and measured expense initiatives over the last five months that we're starting to see some of that bear fruit in July. And we've also seen a stabilization in the market in July.

這是傑夫·安德烈斯 (Geoff Andres)，普拉文 (Praveen)。關於馬尼拉市場，你是對的。今年上半年我們都經歷了一些疲軟。因此，在過去的五個月裡，我們確實採取了深思熟慮和謹慎的支出舉措，並在七月開始看到一些成效。我們也看到七月市場趨於穩定。

And as well, there's been a transition, I think, in the -- from the second quarter going into the third quarter on the VIP part of the business, some junkets transitioning out of the market, and we've had signing up some new junkets that we think will be performing at a higher level. And so we're feeling better going into the second half of the year.

而且我認為，從第二季度到第三季度，貴賓業務部分經歷了一個轉型，一些中介機構退出了市場，我們簽了一些新的中介機構，我們認為這些中介機構的表現會更好。因此，我們對下半年的前景感覺更好。

And again, hopefully, this uptick continues. And once again, congratulations.

再次希望這種上升趨勢能夠持續下去。再次恭喜你。

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 our call today. We look forward to speaking with you again next quarter. Thank you.

感謝您今天參加我們的電話會議。我們期待下個季度再次與您交談。謝謝。

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

謝謝。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。