Melco Resorts & Entertainment Ltd (MLCO) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for participating in the first-quarter 2026 earnings conference call of Melco Resorts & Entertainment Limited.

各位女士、先生，感謝各位參與新濠博亞娛樂有限公司 2026 年第一季度業績電話會議。

(Operator Instructions)

（接線員指示）

Today's conference is being recorded. I would now like to turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited.

今天的會議將被錄音。現在我想把電話交給新濠博亞娛樂有限公司集團司庫高級副總裁 Jeanny Kim 女士。

Thank you, operator, and thank you, everybody, for joining us today for our first-quarter 2026 earnings call. We apologize for the earnings release materials being later than usual. We had a bit of an IT issue, and we wanted to give all of you a little bit more time to review the materials that were released. As usual, on the call are Lawrence Ho, Geoff Davis, Evan Winkler and our Property presidents in Macau, Manila, and Cyprus.

謝謝接線員，也謝謝各位今天參加我們 2026 年第一季度業績電話會議。我們對於業績發布材料較平時稍晚表示歉意。我們遇到了一點 IT 問題，並希望給各位多一些時間審閱已發布的材料。照例，出席本次電話會議的有 Lawrence Ho、Geoff Davis、Evan Winkler，以及我們在澳門、馬尼拉與塞浦路斯的物業總裁。

Before we get started, please note that today's discussion may contain forward-looking statements made under the Safe Harbor Provisions of federal securities laws. Our actual results could differ from our anticipated results.

在開始之前，請注意今天的討論可能包含依據聯邦證券法「安全港」條款所作出的前瞻性陳述。我們的實際結果可能與我們預期的結果有所不同。

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.

此外，我們可能會討論非 GAAP 指標。各項指標的定義以及與最可比 GAAP 財務指標的調節，已包含在業績新聞稿中。最後請注意，我們的補充業績簡報已發布於投資者關係網站。

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

接下來，我把電話交給 Lawrence Ho 先生。

Thank you, Jeanny, and thank you all for joining us today. We delivered a strong first-quarter with both group property EBITDA and Macau property EBITDA growing by 12% year-over-year. Our GGR in Macau increased by approximately 10% year-over-year with solid growth across all segments.

謝謝你，Jeanny，也謝謝各位今天加入我們。我們第一季度表現強勁，集團物業 EBITDA 與澳門物業 EBITDA 均同比增長 12%。我們在澳門的 GGR 同比增長約 10%，各細分市場均錄得穩健增長。

In March, we officially announced the upcoming launch of REM, our new luxury hotel at COD. We remain on track to begin a phased opening early in the third-quarter of 2026. We expect REM to represent a meaningful enhancement to the COD product portfolio and to redefine contemporary luxury across Macau.

在 3 月，我們正式宣布即將推出 REM——我們在 COD 的全新奢華酒店。我們仍按計劃於 2026 年第三季度初開始分階段開業。我們預期 REM 將為 COD 的產品組合帶來顯著提升，並重新定義澳門的當代奢華。

At the same time, we have commenced a refresh of the retail areas at COD and have plans underway to enhance our food and beverage offering, further elevating the guest experience and product quality. Moving on to the Philippines. Despite competitive pressures and broader industry headwinds that continued into 2026, property EBITDA for the first-quarter of 2026 grew 24% year-over-year, while GGR increased 9% -- we continue to punch above our weight in the market and are expanding our marketing initiatives across Southeast Asia to drive additional growth.

同時，我們已開始對 COD 的零售區域進行翻新，並正推進提升餐飲（F&B）供應的計劃，進一步提升賓客體驗與產品品質。接著談菲律賓。儘管競爭壓力與更廣泛的行業逆風延續至 2026 年，2026 年第一季度物業 EBITDA 同比增長 24%，而 GGR 增長 9%——我們在市場中的表現持續優於自身規模，並正擴大在東南亞的市場推廣舉措以帶動進一步增長。

City of Dreams Mediterranean and the satellite casinos in Cyprus were impacted by the conflict in the Middle East that escalated in late February. With the recent developments in the region, we've seen significant improvement in occupancy, visitation and play levels in April. We remain operationally flexible in preparation for a further recovery in travel demand.

塞浦路斯的 City of Dreams Mediterranean 以及衛星賭場受到 2 月下旬升級的中東衝突影響。隨著近期區域局勢發展，我們在 4 月看到入住率、到訪量與博彩水平顯著改善。我們將保持營運彈性，以因應旅遊需求進一步復甦。

Our casino operations in Sri Lanka recorded positive EBITDA in 1Q 2026. We remain focused on the progressive ramp of operations throughout the year. And finally, we announced today that we purchased the subsidiary of Melco International that owns the trademarks that were subject to the trademark license agreement. These trademarks are integral to Melco's business. This purchase gives us full control of the IP and allows us flexibility to expand our brand without any incremental cost.

我們在斯里蘭卡的賭場業務於 2026 年第一季度錄得正 EBITDA。我們仍專注於在全年逐步提升營運規模。最後，我們今天宣布已收購新濠國際旗下擁有、且原本受商標授權協議約束之商標的子公司。這些商標對新濠的業務至關重要。此次收購使我們能完全掌控相關智慧財產權（IP），並讓我們在不產生任何額外成本的情況下，更具彈性地擴展品牌。

With that, I turn the call over to Geoff.

接下來，我把電話交給 Geoff。

Thank you, Lawrence. Our group-wide adjusted property EBITDA for the first-quarter of 2026 grew 12% year-over-year to approximately $381 million. Adjusted for VIP hold, our property EBITDA was approximately $356 million. Favourable win rates at COD Macau and COD Manila had positive impacts on our property EBITDA by approximately $20 million and $5 million, respectively. Daily OpEx in Macau, excluding House of Dancing Water for the first-quarter of 2026 was approximately $3.2 million per day, in line with our prior guidance.

謝謝你，Lawrence。2026 年第一季度，我們全集團經調整物業 EBITDA 同比增長 12%，至約 3.81 億美元。若就 VIP hold 作調整，我們的物業 EBITDA 約為 3.56 億美元。COD 澳門與 COD 馬尼拉的有利贏率分別對物業 EBITDA 帶來約 2,000 萬美元與 500 萬美元的正面影響。2026 年第一季度澳門每日營運費用（OpEx）（不含《水舞間》）約為每日 320 萬美元，符合我們先前的指引。

Total OpEx per day, including House of Dancing Water and residency concerts for the last four quarters has been relatively stable, and we were able to see the benefits of operating leverage this quarter with our Macau property EBITDA margin increasing to approximately 28%. We continue to be focused on managing our costs to increase flow-through and margins going forward.

包括《水舞間》及過去四個季度的駐場演唱會在內的每日總 OpEx 相對穩定；本季度我們得以體現營運槓桿效益，澳門物業 EBITDA 利潤率提升至約 28%。我們將持續專注於成本管理，以在未來提高流量轉化（flow-through）與利潤率。

Turning to our balance sheet. Our liquidity position remains robust. We had available liquidity of approximately $2.4 billion with consolidated cash on hand of approximately $1.1 billion as of the end of the first-quarter of 2026. Melco Resorts, excluding its operations at Studio City, the Philippines, Cyprus, and Sri Lanka accounted for approximately $543 million of the consolidated cash on hand. In the first-quarter of 2026, we repaid $60 million in debt at Melco Resorts and $10 million in debt at Studio City.

接著談資產負債表。我們的流動性狀況仍然穩健。截至 2026 年第一季度末，我們可動用流動性約 24 億美元，合併現金結餘約 11 億美元。新濠博亞（不含其在新濠影滙、菲律賓、塞浦路斯及斯里蘭卡的營運）約佔合併現金結餘 5.43 億美元。2026 年第一季度，我們在新濠博亞償還 6,000 萬美元債務，並在新濠影滙償還 1,000 萬美元債務。

The group does not have any material debt maturities in 2026. As of April 29, 2026, we repurchased approximately $2.5 million of our ADSs for a total consideration of approximately $14 million year-to-date in 2026. We have been opportunistic in our share repurchases in the past, and we expect to continue to make opportunistic repurchases going forward. We believe our share price is meaningfully undervalued, especially when recent trading levels of our ADSs imply a free cash flow yield of over 20%.

本集團在 2026 年沒有任何重大到期債務。截至 2026 年 4 月 29 日，我們於 2026 年迄今以約 1,400 萬美元總對價回購約 250 萬美元的 ADS。我們過去一直把握時機進行股份回購，並預期未來將繼續進行機會性回購。我們認為公司股價被明顯低估，尤其是近期 ADS 的交易水平所隱含的自由現金流收益率超過 20%。

We also announced today that the board approved a new $500 million share repurchase program. This is incremental to the existing program and increases our share repurchase authorization to $710 million. We remain focused on reducing debt and leverage, and we'll continue to evaluate our capital allocation strategy in a disciplined manner, considering cash availability, prevailing market conditions, and our share price.

我們今天亦宣布董事會批准新的 5 億美元股份回購計劃。此計劃是在現有計劃之上新增，並將我們的股份回購授權提高至 7.10 億美元。我們仍專注於降低負債與槓桿，並將在考量可用現金、市場環境及股價的前提下，以審慎方式持續評估資本配置策略。

As Lawrence mentioned, we announced today the purchase of key trademarks from Melco International for $375 million. The transaction was the result of arm's length negotiations between the independent members of the two audit committees and a professional valuation services firm who was engaged to assist in the evaluation.

如 Lawrence 所提及，我們今天宣布以 3.75 億美元向新濠國際收購關鍵商標。該交易為兩個審計委員會的獨立成員在公平交易（arm's length）基礎上談判的結果，並聘請專業估值服務機構協助評估。

Trademark license fee for the first-quarter of 2026 was approximately $13.4 million, implying a purchase price of just under seven times the annualized first-quarter fee. This is in line with Melco's current trading multiple and below the trading multiples of our Macau peers. The purchase of the trademarks provides MLCO with full ownership and control of the trademarks and eliminates any uncertainty with respect to potential increases in fees at the end of the prior royalty fee arrangements.

2026 年第一季度的商標授權費約為 1,340 萬美元，意味著收購價格略低於第一季度費用年化後的 7 倍。這與新濠目前的交易倍數一致，且低於澳門同業的交易倍數。收購商標使 MLCO 得以完全擁有並控制該等商標，並消除在先前權利金費用安排到期時，費用可能上調所帶來的不確定性。

As a result of the purchase, we have an immediate increase in EBITDA and cash flow. The purchase will be funded by a combination of a drawdown from our credit facility and internal funds, but the additional debt is immaterial to our credit profile. Debt-to-EBITDA post transaction is expected to increase by less than half a turn, and we expect to leverage our return back down to first-quarter 2026 levels before the end of 2026.

由於此次收購，我們的 EBITDA 與現金流將立即增加。收購資金將由信貸額度提取與內部資金共同支付，但新增債務對我們的信用狀況影響不大。交易完成後的債務對 EBITDA 比率預計增加不到半圈（half a turn），我們預期在 2026 年底前將槓桿降回 2026 年第一季度的水平。

And finally, as we normally do, we'll give you some guidance on nonoperating line items for the upcoming second-quarter of 2026. Total depreciation and amortization expense is expected to be approximately $140 million to $145 million. Corporate expense is expected to come in at approximately $30 million and consolidated net interest expense is expected to be approximately $115 million to $120 million.

最後，按照我們一貫的做法，我們將就即將到來的2026年第二季非營運項目提供一些指引。折舊與攤銷費用總額預計約為1.40億至1.45億美元。公司費用預計約為3,000萬美元，合併淨利息費用預計約為1.15億至1.20億美元。

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.

其中包括約600萬美元的融資負債利息，與澳門博彩特許經營及塞浦路斯博彩牌照相關應付費用有關；以及約500萬美元的融資租賃利息，與馬尼拉新濠天地（City of Dreams Manila）相關。

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

以上為我們的準備發言。接線員，請交回給您進行問答環節。

(Operator Instructions)

（接線員指示）

George Choi, Citi.

George Choi，花旗。

I just want to say that we appreciate the purchase of the trademark license from Melco International. I think that's a very good deal. But two questions from me, if that's all right. Firstly, perhaps for Lawrence or Evan, how do you view your current OpEx level, in particular, player investments?

我想先說，我們很感謝你們向新濠國際購買商標授權。我認為那是一筆非常划算的交易。不過我有兩個問題，如果可以的話。第一個，可能想請教Lawrence或Evan，你們如何看待目前的營運費用（OpEx）水準，特別是玩家投資（player investments）？

And secondly, for the upcoming Labor Day holidays, which is a few hours away, if you can provide us with any color in terms of the upcoming holidays, that would be very much appreciated.

第二個，關於即將到來、再過幾個小時就開始的勞動節假期，如果你們能就接下來的假期表現提供一些觀察或補充資訊，我將非常感謝。

George, it's Lawrence. So maybe I'll take the second question first and then let Evan and Geoff elaborate a little bit on the OpEx question. For May Golden Week, if anything, I think with the conflict in the Middle East, we're seeing people travel shorter distance in China. So I see there's -- I read somewhere that there's 10% cancellation of flights from China to international markets. So if anything, that has really benefited us.

George，我是Lawrence。那我先回答第二個問題，然後再請Evan和Geoff就營運費用的問題補充。就五一黃金週而言，如果有什麼影響的話，我認為由於中東衝突，我們看到中國旅客傾向於選擇較短距離的出行。所以我看到——我在某處讀到，從中國飛往國際市場的航班有10%的取消。若真如此，這其實對我們非常有利。

So I think so far for May Golden Week, we're seeing both occupancy and player quality improve on a year-on-year basis. So we're quite happy about that and excited about tomorrow effectively starting. On OpEx, maybe I'll hand it off to Evan and Geoff to elaborate.

因此，到目前為止，就五一黃金週而言，我們看到入住率與客戶質量（player quality）相較去年同期都有所提升。我們對此相當滿意，也對明天實際上開始的假期感到興奮。至於營運費用（OpEx），我先交給Evan和Geoff進一步說明。

Sure. Why don't I start and Geoff can join in. I think from an OpEx perspective, we're fairly stable on where we are. Market remains very competitive. So we did see player reinvestment levels tick up.

好的。我先開始，Geoff也可以補充。從營運費用（OpEx）的角度來看，我們目前的水準相當穩定。市場仍然非常競爭，所以我們確實看到玩家回饋／再投資（player reinvestment）水準有所上升。

I think Lawrence has set the tone to begin with, which is we're not leading the market up. But when you go through periods of intense competition, we obviously react to the market. And so in an environment where it's very competitive, we have seen some increase in player reinvestment levels. I think they're stable for now. We don't see anything on the horizon that would make them increase, but we also don't see anything on the near-term horizon that would decrease those levels.

我想Lawrence一開始就定下了基調，也就是我們不會帶頭把市場往上推。但當競爭非常激烈時，我們當然會對市場做出反應。因此在高度競爭的環境下，我們確實看到玩家再投資水準有所增加。我認為目前這些水準是穩定的。我們看不到有什麼因素會讓它們在未來上升，但在短期內也看不到會讓這些水準下降的因素。

As I look into the next quarter, we are seeing just our typical salary increase takes place on April 1. So we're going to see a tick up related to that. We have a little bit of enhancement in terms of some higher-level Butler and other service amenities around our suite product. As you know that within Macau, that's continued to be an area of customer focus. Some of our competitors have made some announcements of things that they're looking to do prospectively.

展望下一季，我們會看到每年例行的薪資調整在4月1日生效，因此相關費用會小幅上升。我們也會在套房產品方面，提升一些更高階的管家（Butler）與其他服務配套。你也知道，在澳門這一直是客戶關注的重點領域。我們的一些競爭對手也宣布了他們未來可能會做的一些事情。

I think luckily, a lot of ours were already from a hardware position better, but from a software position, we will have a slight tick up there. And then the biggest jump up is going to be in Q3 as we start to open REM. REM, we've probably got another $30,000 to $40,000 a day in operating expenses. I think we view that as a big positive. We've got 149 keys opening, just walked the product today with Lawrence and Tim, and it looks spectacular. I think it's going to be highly differentiated in the market.

我想幸運的是，我們在硬體（hardware）方面原本就更具優勢，但在軟體（software）方面，我們會有些微的上調。接著最大的跳升會出現在第三季，因為我們將開始開幕REM。REM的營運費用大概會再增加每天3萬至4萬美元。我們認為這是非常正面的。我們將開出149間客房（keys），今天剛和Lawrence、Tim一起走訪產品，看起來非常出色。我認為它在市場上會有高度差異化。

We spent a lot of time on that property, making sure that we have the right mix. It's very heavily weighted towards the one-bedroom suite product with some flexibility in terms of combining suites and combining rooms with lock-off rooms.

我們在那個物業上投入了很多時間，確保產品組合正確。配置上非常偏重一房套房（one-bedroom suite）產品，同時在套房合併、以及透過可分隔（lock-off）房型來合併房間方面也具備一定彈性。

So I think we feel like we're going to be hitting the market with a very good product here going into Q3, and we'll have some slight expense from that, but should receive obviously a pretty big revenue uplift as that ramps.

因此，我們覺得在第三季進入市場時，會以一個非常好的產品切入；雖然會帶來一些額外費用，但隨著業務爬坡，應該也會帶來相當可觀的營收提升。

And if I can ask a follow-up question. So given your purchase of the Tremont license, any change in your CapEx for this year at all?

我可以追問一個問題嗎？鑑於你們購買了Tremont授權，今年的資本支出（CapEx）是否會有任何變化？

So total CapEx for this year has come down from about $450 to approximately $425 -- and with the amount spent in the first-quarter, we've got approximately $350 million to go for the remainder of this year.

今年的資本支出（CapEx）總額已從約4.50億美元下調至約4.25億美元——扣除第一季已支出的金額後，今年剩餘期間大約還有3.50億美元要投入。

(Operator Instructions)

（接線員指示）

Karl Choi, Bank of America.

Karl Choi，美國銀行。

Two questions here. Number one is, can you discuss a little bit about the timing of resuming your dividend, the trademark purchase? Does that mean that we may be pushing back the timing of a resumption towards 2027?

我有兩個問題。第一，能否談談恢復派息的時間點，以及這次商標購買的影響？這是否意味著我們可能會把恢復派息的時間推遲到2027年？

And second part on competition, understanding that maybe the reinvestment rate for now, you expect it to be stable near term. But sort of how much -- one of your larger competitors has been quite vocal about stepping up service offerings and things like that. And so do you feel like you still need to respond further beyond what you have said on the call?

第二部分關於競爭：理解你們目前預期再投資率短期內會保持穩定，但你們的一家大型競爭對手近期相當高調地表示要加碼服務供給等措施。那麼你們是否覺得仍需要在電話會議上所提到的內容之外，進一步做出回應？

Karl, so maybe I'll -- it's Lawrence. So let me -- I think our goal is still to resume the dividend at the end of this year, but I think maybe we'll let Geoff elaborate on our capital priorities.

Karl，我是Lawrence。那我先說——我認為我們的目標仍是在今年年底恢復派息，不過我想讓Geoff進一步說明我們的資本配置優先順序。

Yes. So all things being equal, we would definitely like to resume the dividend by year-end. That said, of course, we'll look at the opportunity set out there, and that would include our share price over the course of this year as well. As you know, we've been opportunistic over time and thus far this year in buying back the stock when we think it's on sale, and we think it's on sale at these levels. So it's all dependent on a variety of different variables, but we would like to recommence the dividend and think that the balance sheet should be in shape for that by the end of this year.

是的。在其他條件相同的情況下，我們確實希望在年底前恢復派息。不過，當然，我們也會評估外部的機會集合，其中也包括今年期間我們的股價表現。如你所知，我們一向會把握機會；今年到目前為止，當我們認為股價被低估時也會進行回購，而我們認為在目前這些水準上股價是被低估的。因此這取決於多種不同變數，但我們希望重新開始派息，並且認為到今年年底資產負債表應該會具備相應條件。

And Karl, on your reinvestment question, I'm sure you guys are super smart and you can back out the fact that Melco is the most disciplined in terms of our reinvestment. And it's a constant internal discussion as well, which is sort of an annoying one because we see our competitors keep picking it up. And as Evan mentioned earlier on, we don't want to lead that race. But I don't know, I'll let Evan elaborate on it further.

Karl，關於你問的再投資問題，我相信你們都很聰明，可以推算出新濠在再投資方面是最有紀律的。這在內部也一直是個持續討論的議題——坦白說有點惱人，因為我們看到競爭對手不斷加碼。正如Evan先前提到的，我們不想帶頭去領跑那場競賽。但我不知道——我讓Evan再進一步補充。

No. Look, I think we feel good on where we are on a relative basis sitting here today. I think as you remarked, a number of our competitors have done more aggressive things in the marketplace over the last few months and we've responded. I don't get the sense that they're going to double down on that because I think they've experienced that you sort of hit a point where the incremental benefit of that spend is very muted and you end up having dilution, obviously, in profitability.

不。我認為就目前相對位置而言，我們對自身狀況感到滿意。正如你所說，過去幾個月我們的一些競爭對手在市場上採取了更激進的做法，而我們也做出了回應。我不覺得他們會再加倍加碼，因為我想他們也體會到，支出增加到某個程度後，邊際效益會非常有限，最後反而會稀釋獲利能力。

So that's why I say I feel like we've hit a stable point. I don't see in the near term a need for us to ratchet up -- that being said, as Lawrence articulated, if one of our competitors did something relative to the status quo that was very, very aggressive and the market followed, we probably would reluctantly need to change our approach. But again, I think we are fighting to be disciplined and obviously are encouraging our other competitors to compete in a healthy way in the marketplace. So sitting here today, I think we feel like we're stable.

所以這就是為什麼我說我覺得我們已經達到一個穩定點。我不認為短期內我們有需要再把力度往上調——話雖如此，正如 Lawrence 所闡述的，如果我們的某個競爭對手相對於現狀做出非常、非常激進的舉措，而市場也跟進了，我們可能會不情願地需要改變我們的做法。但再一次，我認為我們正在努力保持紀律，並且顯然也在鼓勵其他競爭對手在市場上以健康的方式競爭。所以就今天坐在這裡而言，我想我們覺得我們是穩定的。

Yes. And we respect the fact that Macau being the biggest market in the world is always going to be very competitive. But I think we've always encouraged that we should compete based on product and service and not rebates and commissions and stuff like that. But it's unfortunate that we can't -- this is out of our control. But at the same time, I think on a product and service standpoint, we've talked -- Evan talked quite a bit about REM.

是的。而且我們也尊重澳門作為全球最大的市場，必然會一直非常競爭。但我認為我們一直鼓勵大家應該基於產品與服務來競爭，而不是回扣、佣金之類的東西。但很不幸我們無法——這不在我們的控制之內。不過同時，我想在產品與服務層面，我們也談過——Evan 也相當多地談到了 REM。

We're very excited about the all-new suite product there. I think in due course, we're happy to show it off with our phase opening in Q3 because it's truly a unique product in -- not only in Macau, but Macau, Hong Kong and probably the entire Asia. It's probably something that's never been done before.

我們對那裡全新的套房產品感到非常興奮。我想在適當的時候，隨著我們在第三季的分期開幕，我們也很樂意展示給大家看，因為這確實是一個獨特的產品——不僅在澳門，在澳門、香港，甚至可能整個亞洲都是如此。這大概是前所未有的。

And at the same time, we're also redoing our retail at City of Dreams. If anything, we've always felt that with our partnership with DFS ending, that was always an area of weakness. So I think from a product offering standpoint, starting next year, we're going to have some exciting new brands that we're dealing directly with where we think will really complement the luxury proposition of City of Dreams.

同時，我們也正在重新打造新濠天地（City of Dreams）的零售。如果要說的話，我們一直覺得隨著我們與 DFS 的合作結束，那一直是我們的弱項之一。所以我認為從產品供給的角度來看，從明年開始，我們將會有一些令人興奮的新品牌，並且我們會直接與其合作，我們認為這將真正補強新濠天地的奢華定位。

Got it. That's good to hear. If I may ask a follow-up question. I just want to go back to the GGR trends for a second. Good to hear about the good color about the upcoming May holiday.

了解。很高興聽到這些。如果我可以追問一下，我想先回到 GGR 的趨勢談一下。也很高興聽到你們對即將到來的 5 月假期提供了不錯的資訊。

But I just want to go back to April, there's some market chatter that I think for the sector overall win rate was low. But more specifically, there was some chatter that VIP volume was also weak. Just want to see if that's something you've seen? And also if that's the case, is that really more transitory, nothing to be worried about, especially as you look forward? Or that's something that you have to pay attention?

但我想回到 4 月，市場上有一些傳聞說我認為整個板塊的贏率偏低。但更具體地，也有一些傳聞說 VIP 量也偏弱。想確認一下你們是否也有看到這種情況？另外如果確實如此，這是否只是短期波動、無需太擔心，尤其是往前看？還是說這是你們需要留意的事情？

It's harder for us to answer that sort of market-wide. For us, it was probably not the strongest month. But to be fair, that is a business that we track almost player by player given the concentration that exists in some of the large VIP play. And so some of the players that had come in Q1 are due to be coming later in the quarter. So I don't know that April set the world on fire for VIP. At the same time, I don't think there was anything we saw that was concerning in terms of the future health of that business.

這種全市場層面的問題對我們來說比較難回答。就我們而言，4 月可能不是最強的一個月。但公平地說，考慮到部分大型 VIP 博彩的集中度，我們幾乎是以「逐個玩家」的方式追蹤這項業務。因此，一些在第一季來過的玩家，預計會在本季稍後回來。所以我不會說 4 月的 VIP 表現非常亮眼。同時，我也不認為我們看到任何會讓人擔心這項業務未來健康狀況的跡象。

D.S. Kim, JPMorgan.

JPMorgan 的 D.S. Kim。

And as George said earlier, I really appreciate also us purchasing trademark at a reasonable, if not attractive valuation, kudos to that. But just wanted to check on very high-level stuff, if I may, because we and the market came across news or government announcement last month that they want to establish, I think, a MOP20 billion fund to support economic diversification. And they target to raise, if I'm not mistaken, up to MOP9 billion from private capital private parties.

另外，正如 George 先前提到的，我也非常欣賞我們以合理、甚至可說具吸引力的估值購買商標，這點值得稱讚。不過我想就一些非常高層次的事情確認一下，如果可以的話。因為我們以及市場在上個月看到新聞或政府公告，表示他們想要成立一個我記得是 200 億澳門元（MOP20 billion）的基金，以支持經濟多元化。他們也目標從私人資本、民間方面募集——如果我沒記錯——最多 90 億澳門元（MOP9 billion）。

So just wondering, has there been any discussion between -- with the government as to if we need to or if we want to participate in that fund? And if that's the case, is it going to come out of our previous commitment for the non-gaming commitment at the license signing? Or would there be additional burden or commitment that we need to do in the future?

所以想請教一下：公司是否曾與政府討論過我們是否需要、或是否希望參與該基金？如果是的話，這會從我們在牌照簽署時對非博彩承諾的既有承諾中支出嗎？還是未來會有額外的負擔或承諾需要我們去做？

D. S, and again, thank you for the question, and thank you for the comment on the trademark. On the Macau government fund, we really can't comment too much about it. But all I can say is that what we had committed as part of the license renewal back at the end of 2022 remains.

D.S.，再次感謝你的提問，也謝謝你對商標的評論。關於澳門政府基金，我們確實不便多作評論。但我能說的是，我們在 2022 年底牌照續期時所承諾的內容仍然維持不變。

So that amount is not going to increase. So -- and just to remind everybody, we're lucky to have the lowest commitment among the 6 concessionaires, and there will be no change to that amount.

所以那個金額不會增加。並且——提醒大家一下——我們很幸運在 6 家承批公司中承諾金額最低，而這個金額也不會有任何變動。

Congrats again on a strong quarter.

再次恭喜本季表現強勁。

George Choi, Citi.

Citi 的 George Choi。

Just a quick follow-up, on the aforementioned refresh on CODs retail. How should we think about disruption, if any?

簡單追問一下，關於前面提到的新濠天地零售翻新。我們應該如何看待可能的干擾（如果有的話）？

Maybe I'll take that one and others can add. So if you've been by the property, we've already started. So if you go into sort of the front by the Cotai Strip in the luxury retail arc, the north section already hoarded. We're already underway in terms of the remodel. Tim and the team here have developed a very good phasing plan.

我先回答這題，其他人也可以補充。如果你最近有到現場，其實我們已經開始了。所以如果你從路氹金光大道那一側的前方進入奢華零售拱廊，北段已經圍板。我們的翻新工程已經在進行中。Tim 和這裡的團隊制定了一個非常好的分期計畫。

So we're not going to have any period where we think the property is going to be massively impacted, but we are going to be going zone by zone in really creating a brand-new retail experience throughout that podium level. That's going to take place from now, and it's really going to go on for the next 10 to 12 months.

所以我們不會有任何一段時間讓我們認為物業會受到大幅影響，但我們會逐區域推進，在整個基座樓層打造全新的零售體驗。這將從現在開始，並且會在接下來 10 到 12 個月持續進行。

We're zoning it very carefully, but there is going to be construction in various zones throughout that period. We're also, again, going to go through a period with our tenants where we're keeping some old friends, but on a direct basis, we're making a lot of new friends with the new exciting names that we're glad are going to be joining us.

我們非常謹慎地進行分區，但在那段期間的不同區域都會有施工。同時，我們也會再次與租戶一起經歷一段過渡期：我們會保留一些老朋友，但以直接合作的方式，我們也會結識許多新朋友——一些令人興奮的新品牌名稱，我們很高興他們將加入我們。

And during this next three to four quarters, we're working with them and at various times as they're disrupted, obviously, providing relief to those tenants as they are committed to us and sticking with us during this transformational period.

在接下來三到四個季度期間，我們會與他們合作，並在他們於不同時間受到施工影響時，當然會向這些租戶提供紓困/減免，因為他們對我們作出承諾，並在這段轉型期與我們並肩同行。

I guess what I would say is we're very excited about where we're going to end up. I think there's going to be some work to do during the journey, but very proud of Tim and the construction team for really coming up with a really good, phased plan with some good ideas around hoarding and property activations that should minimize the disruption during that period.

我想我會說的是，我們對最終成果非常興奮。我認為在這段過程中會有一些工作要做，但我也非常為 Tim 和施工團隊感到自豪，他們確實提出了一個非常好的分期計畫，並在圍板與場內活動（property activations）方面有一些很好的想法，應能在那段期間把干擾降到最低。

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

目前沒有進一步的問題。我現在把電話交回給 Jeanny Kim 女士作結語。

Thank you, everybody, for joining the call again today, and we'll see you next quarter. Thank you.

感謝各位今天再次參與電話會議，我們下個季度見。謝謝。

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

我們今天的電話會議到此結束。感謝各位參與。您現在可以掛線。