永利渡假村 (WYNN) 2022 Q2 法說會逐字稿

Welcome to the Wynn Resorts Second Quarter 2022 Earnings Call.

歡迎參加永利度假村 2022 年第二季度財報電話會議。

(Operator Instructions)

（操作員說明）

This call is being recorded.

正在錄製此通話。

(Operator Instructions)

（操作員說明）

I would now like to turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

我現在想把這條線交給首席財務官 Julie Cameron-Doe。請繼續。

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Ian Coughlan, Linda Chen, Frederic Luvisutto and Jenny Holaday. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.

謝謝接線員，大家下午好。今天與我通話的是拉斯維加斯的 Craig Billings 和 Brian Gullbrants。上線的還有 Ian Coughlan、Linda Chen、Frederic Luvisutto 和 Jenny Holaday。我想提醒您，我們可能會根據安全港聯邦證券法做出前瞻性陳述，這些陳述可能會或可能不會成真。

I will now turn the call over to Craig Billings.

我現在將把電話轉給 Craig Billings。

Thanks, Julie. Good afternoon, everyone. Thanks for joining us today. Before getting into the quarter, I'd really like to thank our 27,000 team members globally. 2020 so far has been very different in Macau than it has been in North America. Our folks in Macau have endured what I know is a difficult period of isolation and volatility while our teams in Las Vegas and Boston have responded admirably to meaningfully elevated business volumes.

謝謝，朱莉。大家下午好。感謝您今天加入我們。在進入本季度之前，我真的要感謝我們在全球的 27,000 名團隊成員。到目前為止，2020 年澳門的情況與北美的情況截然不同。我們在澳門的員工經歷了我所知道的孤立和動蕩的艱難時期，而我們在拉斯維加斯和波士頓的團隊對業務量的顯著增長做出了令人欽佩的反應。

To those operating in both circumstances, thank you. I appreciate you. Starting in Las Vegas. The team at Wynn Las Vegas turned in another all-time record quarter with $227 million of EBITDA and broad-based strength across casino, hotel, food and beverage and retail, all well above 2Q 2019 levels. In fact, our EBITDA this quarter was over 40% above the pre-COVID Las Vegas Strip EBITDA record also delivered by Wynn Las Vegas in 2014.

對於在這兩種情況下工作的人，謝謝。我感激你。從拉斯維加斯開始。 Wynn Las Vegas 的團隊以 2.27 億美元的 EBITDA 和在賭場、酒店、食品和飲料和零售領域的廣泛實力再次創下歷史新高，均遠高於 2019 年第二季度的水平。事實上，我們本季度的 EBITDA 比 Wynn Las Vegas 在 2014 年也創下的新冠疫情前拉斯維加斯大道 EBITDA 記錄高出 40% 以上。

A few other all-time quarterly records to call out: record EBITDA margin, record slot handle in Wynn, record non-baccarat table Wynn, record hotel revenue and record revenue from restaurants and bars. Meanwhile, our customer satisfaction scores in the first half of 2022 were up 3% over the first half of 2019. Our performance in Las Vegas speaks for itself.

其他一些歷史季度記錄：記錄 EBITDA 利潤率，記錄永利的老虎機處理，記錄非百家樂賭桌永利，記錄酒店收入以及餐廳和酒吧的收入記錄。同時，我們在 2022 年上半年的客戶滿意度得分比 2019 年上半年提高了 3%。我們在拉斯維加斯的表現不言而喻。

Looking ahead, while we are keenly aware of the macro environment and the uncertainty facing the economy, we've been encouraged that the strength we have experienced over the past several quarters has continued into Q3. In fact, our forward bookings continue to pace at pre-COVID levels on substantially higher ADRs. July was very strong for us with occupancy of 91%.

展望未來，雖然我們敏銳地意識到宏觀環境和經濟面臨的不確定性，但我們感到鼓舞的是，過去幾個季度的強勁勢頭一直持續到第三季度。事實上，我們的遠期預訂繼續在大幅提高 ADR 的情況下保持在 COVID 之前的水平。 7 月對我們來說非常強勁，入住率為 91%。

We expect the usual seasonal slowdown in August with occupancy declining in the mid- to high 80s before accelerating back to the low 90s in September as group's return in large numbers. While we haven't seen any noticeable signs of weakness in our current operations or in our outlook, we are watching this closely. Our experience during the pandemic has made us nimbler than ever, and we are confident that we can adapt quickly to changes in the economic landscape, should they arise.

我們預計 8 月份通常會出現季節性放緩，入住率在 80 年代中期至 80 年代中期下降，然後在 9 月份隨著團體的大量回歸而加速回落至 90 年代的低點。雖然我們目前的運營或前景沒有看到任何明顯的疲軟跡象，但我們正在密切關注這一點。我們在大流行期間的經歷使我們比以往任何時候都更加靈活，我們相信，如果經濟形勢發生變化，我們能夠迅速適應。

Turning to Boston. Encore also had a great quarter, generating $64 million of EBITDA, a second quarter record for the property. We saw strength across the casino with record gross gaming revenue, and on the non-gaming side, we generated record hotel revenue with particular strength in cash ADR and occupancy. The positive momentum has continued into Q3. And again, similar to Las Vegas, we have yet to see signs of a slowdown. We were happy to see the Massachusetts legislature pass the sports betting bill and having already constructed a Sports Book at Encore Boston Harbor in 2021, we expect that retail sports betting will soon be a significant opportunity for property-wide customer acquisition in Boston.

轉向波士頓。 Encore 也有一個很好的季度，產生了 6400 萬美元的 EBITDA，這是該物業第二季度的記錄。我們看到了整個賭場的實力，博彩總收入創紀錄，在非博彩方面，我們創造了創紀錄的酒店收入，現金 ADR 和入住率尤為強勁。積極勢頭一直持續到第三季度。同樣，與拉斯維加斯類似，我們還沒有看到放緩的跡象。我們很高興看到馬薩諸塞州立法機構通過了體育博彩法案，並且已經於 2021 年在 Encore Boston Harbour 建造了一本體育書籍，我們預計零售體育博彩將很快成為波士頓全物業客戶獲取的重要機會。

We also continue to finalize our plans for our upcoming development projects across the street from the property that will add incremental parking, food and beverage and entertainment amenities. Design and planning for that project is on schedule, and we are excited for our next phase of growth in Boston.

我們還將繼續完成我們即將在該物業街對面的開發項目的計劃，這些項目將增加停車、餐飲和娛樂設施。該項目的設計和規劃正在按計劃進行，我們對波士頓下一階段的增長感到興奮。

In Macau, the market continues to be very difficult with market-wide GGR in July, only reaching approximately 2% of July '19 levels. Our results have reflected that in roll, drop, hotel occupancy and EBITDA. Overall, our EBITDA loss in Q2 was $90 million, which was negatively impacted by around $8 million from low VIP holds. So on a normalized basis, our EBITDA loss was $900,000 per day in 2Q. And despite the nearly 2-week market-wide casino closure in July, our EBITDA loss has been comparable at approximately $1 million per day quarter-to-date in Q3. Our team has done a fantastic job controlling costs in a very challenging operating environment through a combination of decreases in payroll and fixed OpEx.

在澳門，7 月份整個市場的 GGR 仍然非常困難，僅達到 19 年 7 月水平的約 2%。我們的結果反映了滾動、下降、酒店入住率和 EBITDA。總體而言，我們在第二季度的 EBITDA 損失為 9000 萬美元，這受到了大約 800 萬美元的低 VIP 持有量的負面影響。因此，在正常化的基礎上，我們第二季度的 EBITDA 損失為每天 900,000 美元。儘管 7 月份整個市場的賭場關閉了近 2 週，但我們的 EBITDA 損失在第三季度的季度至今每天約為 100 萬美元。我們的團隊通過減少工資和固定運營支出的組合，在極具挑戰性的運營環境中出色地控制了成本。

Several weeks ago, we announced some important leadership changes in Macau with Linda Chen moving into the role of President early next year; Frederic Luvisutto moving into the role of COO for the entire Macau business; and Craig Fullalove, assuming the role of CFO and CIO for the business. I know many of you know and as I do respect Ian immensely, so I'm pleased that he will remain at the company in an advisory role through 2023. I have immense confidence in Linda, Frederic and Craig and know that they are the right team for the future.

幾週前，我們宣布了澳門的一些重要領導層變動，明年初Linda Chen將擔任總裁一職； Frederic Luvisutto 出任整個澳門業務的首席運營官；和 Craig Fullalove，擔任企業的首席財務官和首席信息官。我知道你們中的許多人都知道，而且我非常尊重 Ian，所以我很高興他將在 2023 年之前繼續在公司擔任顧問職務。我對 Linda、Frederic 和 Craig 充滿信心，並且知道他們是對的未來的團隊。

The authorities in Macau continue to advance the concession process according to the preestablished time line. We're currently working through our response to the concession tender RFP. Longer term, we remain excited about the prospects for Macau with so much pent-up demand for travel and tourism in Asia. Our market-leading assets and strong liquidity position us well to thrive as visitation returns to the market over time.

澳門當局繼續按照預先設定的時間表推進特許經營程序。我們目前正在處理對特許權招標 RFP 的回應。長遠而言，我們對澳門的前景仍然感到興奮，因為亞洲對旅遊和旅遊業的需求如此巨大。我們市場領先的資產和強大的流動性使我們能夠隨著訪問量隨著時間的推移重返市場而蓬勃發展。

At Wynn Interactive, the strategy we implemented late last year to manage the business with a long-term shareholder-friendly view is working with our overall EBITDA burn rate declining to $21 million in Q2 from $32 million in 1Q, despite a 3% quarter-over-quarter decline in total turnover due to the seasonally weak second quarter sports calendar. We are looking forward to the potential for a significant catalyst for WynnBET in Massachusetts both in digital and retail sports betting.

在 Wynn Interactive，我們去年年底實施的戰略是以對股東友好的方式管理業務，我們的整體 EBITDA 消耗率從第一季度的 3200 萬美元下降到第二季度的 2100 萬美元，儘管季度增長率為 3%-由於季節性疲軟的第二季度體育日曆，總營業額比上一季度下降。我們期待在馬薩諸塞州的數字和零售體育博彩中，WynnBET 有可能成為重要的催化劑。

Lastly, the design and programming for our project in the UAE are really coming along, and I grow more excited about the opportunity every day. The project parking along a beautiful white sand beach will contain a 200,000 square foot casino, an extensive food and beverage portfolio and numerous forms of entertainment and spectacle. The more time I spend in this project, the more I'm convinced in our ability to build robust gaming and non-gaming businesses.

最後，我們在阿聯酋的項目的設計和編程真的很順利，我每天都對這個機會感到更加興奮。沿著美麗的白色沙灘的項目停車場將包含一個 200,000 平方英尺的賭場、豐富的食品和飲料組合以及多種形式的娛樂和奇觀。我花在這個項目上的時間越多，我就越相信我們有能力建立強大的遊戲和非遊戲業務。

With that, I'll now turn it over to Julie to run through some additional details on the quarter. Julie?

有了這個，我現在將把它交給朱莉來介紹本季度的一些額外細節。朱麗葉？

Thank you, Craig. At Wynn Las Vegas, we generated an all-time quarterly record of $226.7 million of adjusted property EBITDA on $561.1 million of operating revenue during the quarter. Higher than normal hold positively impacted EBITDA by around $6 million in Q2.

謝謝你，克雷格。在 Wynn Las Vegas，我們在本季度的 5.611 億美元營業收入中創造了 2.267 億美元的調整後房地產 EBITDA 的歷史季度記錄。高於正常水平的持有量對第二季度的 EBITDA 產生了約 600 萬美元的積極影響。

Our hotel occupancy was 90.5% quarter, up 40 basis points versus Q2 2019. Importantly, we stayed true to our luxury brand and continue to compete on quality of product and service experience with our overall ADR reaching $460 during Q2 2022, 38% above Q2 2019 levels.

我們的酒店入住率為 90.5% 季度，比 2019 年第二季度增長 40 個基點。重要的是，我們忠於我們的奢侈品牌，並繼續在產品質量和服務體驗方面展開競爭，我們的整體 ADR 在 2022 年第二季度達到 460 美元，比第二季度高出 38% 2019 級。

Our other non-gaming businesses saw broad-based strength across food and beverage and retail, which were also well above pre-pandemic levels.

我們的其他非博彩業務在食品、飲料和零售方面表現出廣泛的實力，也遠高於大流行前的水平。

In the casino, our Q2 2022 slot handle was 63% above Q2 2019 levels, and our table dropped was 28% above Q2 2019 level, despite still suppressed international plays during the quarter due to COVID-related travel challenges.

在賭場，我們 2022 年第二季度的老虎機手柄比 2019 年第二季度的水平高 63%，我們的賭桌比 2019 年第二季度的水平下降了 28%，儘管由於與新冠病毒相關的旅行挑戰，該季度的國際遊戲仍然受到抑制。

The team in Vegas has done a great job of controlling costs without negatively impacting the guest experience, delivering adjusted property EBITDA margin of 40.4% in the quarter. On a hold-normalized basis, our EBITDA margin was up over 1,200 basis points compared to Q2 2019.

維加斯的團隊在控製成本方面做得很好，沒有對客人體驗產生負面影響，本季度調整後的物業 EBITDA 利潤率為 40.4%。在持有標準化的基礎上，我們的 EBITDA 利潤率與 2019 年第二季度相比上升了 1,200 個基點以上。

OpEx, excluding gaming tax per day was $3.5 million in Q2 2022, in line with Q2 2019 levels despite a 21% increase in revenue due to lower head count and broad-based cost efficiencies in areas that do not impact guest experience. We remain committed to maintaining our cost structure that appropriately balance the market on our guest service standards.

2022 年第二季度的運營支出（不包括每天的博彩稅）為 350 萬美元，與 2019 年第二季度的水平一致，儘管由於員工人數減少和在不影響客戶體驗的領域的廣泛成本效率，收入增長了 21%。我們將繼續致力於維護我們的成本結構，以適當平衡我們客戶服務標準的市場。

In Boston, we generated adjusted property EBITDA at $63.7 million through Q2 2022, with EBITDA margin at 13.3%. We saw broad-based strength across casino and non-gaming. In the casino, we generated $181 million of GGR, a property record with strength across both tables and slots. Our non-gaming revenue grew 78% year-over-year with particular strength in the hotel, driven by 94.1% occupancy and a [$309] APR.

在波士頓，截至 2022 年第二季度，我們的調整後房地產 EBITDA 為 6370 萬美元，EBITDA 利潤率為 13.3%。我們在賭場和非博彩領域看到了廣泛的實力。在賭場，我們創造了 1.81 億美元的 GGR，這是一項在賭桌和老虎機上都表現出色的資產記錄。在 94.1% 的入住率和 [309 美元] 年利率的推動下，我們的非博彩收入同比增長 78%，其中酒店業務尤為強勁。

As Craig noted earlier, Q2 strength continued into Q3 as consumer spending on the unique experience remains strong. We stay disciplined on the cost side with OpEx, excluding gaming tax per day of approximately $1.1 million in Q2 2022. This was a decrease of approximately 13% compared to $1.3 million per day in Q4 2019 and up modestly relative to Q1 2022 on higher revenue and higher payroll. As we've previously foreshadowed, contractual labor agreements added around $45,000 per day for our OpEx base beginning late in the quarter. We are well positioned to drive strong operating leverage as we continue to grow the top line over time.

正如克雷格早些時候指出的那樣，第二季度的強勢持續到第三季度，因為消費者對獨特體驗的支出仍然強勁。我們在運營支出的成本方面保持自律，不包括 2022 年第二季度每天約 110 萬美元的博彩稅。與 2019 年第四季度的每天 130 萬美元相比，這減少了約 13%，並且相對於 2022 年第一季度的收入增加而略有上升和更高的工資。正如我們之前所預示的，從本季度末開始，合同勞動協議每天為我們的運營支出基礎增加約 45,000 美元。隨著我們隨著時間的推移繼續增加收入，我們有能力推動強大的經營槓桿。

Our Macau operations delivered a EBITDA loss of $90.3 million in the quarter on $117.2 million of operating revenue as the COVID situation in the region has continued [press visitation].

由於該地區的新冠疫情持續[新聞訪問]，我們的澳門業務在本季度的營業收入為 1.172 億美元，實現 EBITDA 虧損 9,030 萬美元。

As Craig noted, lower-than-normal VIP holds negatively impacted our EBITDA by around $8 million during the quarter. Businesses remained challenging into Q3 as local COVID outbreaks in Macau observed a shutdown of integrated resorts for nearly 2 weeks during July. Despite the closure, our quarter-to-date EBITDA burn was approximately $1 million per day, in line with Q2.

正如克雷格所指出的，低於正常水平的 VIP 持有量在本季度對我們的 EBITDA 產生了約 800 萬美元的負面影響。由於澳門當地爆發新冠疫情，導致綜合度假村在 7 月份關閉了近 2 週，企業在第三季度仍面臨挑戰。儘管關閉，我們的季度至今 EBITDA 消耗約為每天 100 萬美元，與第二季度一致。

Our OpEx, excluding gaming tax, was approximately $1.9 million per day in Q2, a sequential decrease compared to $2.1 million in Q1 2022. The team has done a great job remaining disciplined on costs in a difficult operating environment. Longer term, we're well positioned to drive strong operating leverage as the business recovers over time.

我們的運營支出（不包括遊戲稅）在第二季度約為每天 190 萬美元，與 2022 年第一季度的 210 萬美元相比環比下降。在艱難的運營環境中，團隊在保持成本自律方面做得很好。從長遠來看，隨著業務隨著時間的推移而復蘇，我們有能力推動強大的運營槓桿。

Turning to Wynn Interactive . In Q2, the business generated approximately $704 million in total turnover, a decline of 3% sequentially versus Q1 due to a seasonally weaker sport calendar. Decreases in marketing expense and other OpEx drove an improvement in our EBITDA burn rate of $21 million in Q2 2022 from $31.5 million in Q1 2022.

轉向永利互動。在第二季度，該業務產生了約 7.04 億美元的總營業額，由於體育賽事的季節性疲軟，與第一季度相比環比下降了 3%。營銷費用和其他運營支出的減少推動我們的 EBITDA 消耗率從 2022 年第一季度的 3150 萬美元提高到 2022 年第二季度的 2100 萬美元。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of approximately $3.1 billion as of June 30. This is comprised of $1.3 billion of total cash and available liquidity in Macau and $1.7 billion in the U.S. These numbers exclude the $500 million intercompany revolving credit facility, Wynn Resort and Wynn (inaudible) with Wynn Macau, which further bolsters our already strong liquidity position in Macau and highlights the continued confidence we have in the long-term prospects for that business.

轉到資產負債表。我們的流動性狀況仍然非常強勁，截至 6 月 30 日，全球現金和左輪手槍的可用性約為 31 億美元。這包括澳門的 13 億美元現金和可用流動性以及美國的 17 億美元。這些數字不包括 5 億美元的公司間循環信貸設施、永利度假村和永利（聽不清）與永利澳門合作，這進一步鞏固了我們在澳門本已強勁的流動性狀況，並突顯了我們對該業務長期前景的持續信心。

Our previously announced sale leaseback transactions at a real estate Encore Boston Harbor remains on track for a Q4 close. Pro forma for the transaction, we have approximately $4.7 billion of consolidated global cash and liquidity. Importantly, the combination of very strong performance in Las Vegas and Boston with the property generating trailing 12-month EBITDA of just over $1 billion together with our robust liquidity creates a very healthy pro forma domestic leverage profile. Finally, our CapEx in the quarter was $90 million primarily related to the Wynn Las Vegas room remodel and the theater renovation.

我們之前宣布的 Encore Boston Harbour 房地產售後回租交易仍有望在第四季度結束。就交易而言，我們擁有約 47 億美元的全球綜合現金和流動性。重要的是，拉斯維加斯和波士頓的強勁表現與過去 12 個月 EBITDA 略高於 10 億美元的房產相結合，再加上我們強勁的流動性，創造了非常健康的備考國內槓桿狀況。最後，我們本季度的資本支出為 9000 萬美元，主要與永利拉斯維加斯的房間改造和劇院改造有關。

With that, we'll now open up the call to Q&A.

有了這個，我們現在將打開問答電話。

(Operator Instructions)

（操作員說明）

Our first question comes from Carlo Santarelli with Deutsche Bank.

我們的第一個問題來自德意志銀行的 Carlo Santarelli。

Obviously, the booking pace on group remains pretty solid in Las Vegas. And clearly, there's a lot of pent-up demand for that. With the experience of now taking on bookings and hosting groups in the new facility. As you guys look out to 2023, what do you believe to be kind of the tailwind from an occupied room night perspective or an occupancy perspective? As well as perhaps what impact that might have on kind of the margin profile of the property with the presumably added occupancy?

顯然，拉斯維加斯的團體預訂速度仍然相當穩定。顯然，對此有很多被壓抑的需求。憑藉現在在新設施中進行預訂和接待團體的經驗。當你們展望 2023 年時，從被佔用的房間夜景或入住率的角度來看，你認為什麼是順風？以及可能對可能增加的入住率的房產的利潤率狀況產生什麼影響？

Yes, it's definitely true that group continues to be strong. And I'll ask Brian to talk about pacing in just a second. As we've talked about on prior calls, we did have some legacy group rooms as I think everyone at the market would from contracts booked in prior years that were at lower ADRs. We've been obviously signing new contracts at higher ADRs, which as they roll in will offset that.

是的，這絕對是真的，團隊繼續強大。我會請布賴恩在幾秒鐘內談談起搏。正如我們在之前的電話會議中談到的那樣，我們確實有一些傳統的團體房間，因為我認為市場上的每個人都會從前幾年預訂的 ADR 較低的合同中獲得。我們顯然一直在以更高的 ADR 簽訂新合同，隨著它們的推出將抵消這一點。

From an occupied room night perspective, I mean, we're running very healthy occupancy today. So I don't think it would change overall occupancy, but obviously, it does mix. Brian, do you want to talk about pacing a little bit?

從被佔用的房間夜晚的角度來看，我的意思是，我們今天的入住率非常健康。所以我不認為它會改變整體入住率，但很明顯，它確實混合了。布賴恩，你想談談起搏嗎？

Sure. Our sales team here at Wynn Las Vegas continues to just do an outstanding job, building a really strong base of business for our future. The second half of '22 that we're into now is ahead of pace and '23, we see quite strong. Just to give you a bit a sense of how we're doing the cumulative group bookings in the first half of '22 we're 40% above the first half of '19. So the team just continues to build that solid base from which I think we can effectively yield-manage our rooms better next year and as we move into the future.

當然。我們在 Wynn Las Vegas 的銷售團隊繼續出色地完成工作，為我們的未來建立了一個非常強大的業務基礎。我們現在進入的 22 年下半年領先於 23 年，我們看到了相當強勁的勢頭。只是為了讓您了解一下我們在 22 年上半年的累積團體預訂情況，我們比 19 年上半年高出 40%。因此，團隊只是繼續建立堅實的基礎，我認為我們可以在此基礎上有效地管理我們的房間，更好地管理我們明年和未來的房間。

Great. And then just as you think about that group room night as it pertains to 2023, and acknowledging other than the first quarter, which was a little lighter from an occupancy perspective, but 90% in this quarter. Who does that customer supplant next year? Is that -- are you still getting a healthy or at least a tangible amount of rooms through OTAs and third-party channels right now? Or who is kind of being replaced? I assume it's likely not the casino customer.

偉大的。然後就像您考慮與 2023 年有關的那個團體房間之夜一樣，並承認除了第一季度之外，從入住率的角度來看，這有點輕，但在本季度為 90%。那位客戶明年會取代誰？是嗎 - 您現在是否仍然通過 OTA 和第三方渠道獲得健康或至少有形數量的房間？或者誰會被取代？我認為這可能不是賭場客戶。

Well, we -- it's a great question, Carlo. We've already scaled back our allocation to some of the lower profitability channels. That's obviously the first thing you do any time you're yield managing. And it's a little bit of a rich man's problem now as we think forward because we have a very healthy casino business, as you saw in the numbers, and we have a very healthy group business. So we're attuned to how we optimize that mix, and we'll be doing that over the course of the next couple of quarters. So stay tuned on '23, but we recognize, I'd love to call it an issue, it's actually an opportunity. We recognize the opportunity, and we will take advantage of it.

好吧，我們——這是一個很好的問題，卡洛。我們已經縮減了對一些盈利能力較低的渠道的分配。這顯然是您在進行收益管理時要做的第一件事。現在這是一個有錢人的問題，因為我們有一個非常健康的賭場業務，正如你在數字中看到的那樣，我們有一個非常健康的集團業務。因此，我們已經適應了我們如何優化這種組合，我們將在接下來的幾個季度中這樣做。所以請繼續關注'23，但我們認識到，我很樂意將其稱為問題，這實際上是一個機會。我們認識到機會，我們將利用它。

Our next caller is Joe Greff with JPMorgan.

我們的下一位來電者是摩根大通的 Joe Greff。

I have 2 questions. One is another similar question on group in Las Vegas. When you look at next year, Craig, what are you targeting in terms of percentage of room nights related to the group segment? And then how much of that is on the books now? And how much of the strategy is in the period for the period going forward on group given the seemingly upward movement in ADR rock Group?

我有 2 個問題。一個是另一個關於拉斯維加斯小組的類似問題。克雷格，當您展望明年時，您的目標是與集團細分市場相關的房晚百分比是多少？那麼現在書上有多少呢？鑑於 ADR rock Group 看似向上的走勢，該策略在未來期間的策略有多少？

Brian, do you want to take that?

布賴恩，你想接受嗎？

Sure. I think as we look at it right now, we're pacing to a normal percentage of around roughly 30%. We continue to excel as far as where we are for next year, we're slightly ahead of where we should -- where we normally are. So we're very confident that we'll hit the number we need to and it continues to contribute to our bottom line in base.

當然。我認為，當我們現在看它時，我們的步調正處於大約 30% 左右的正常百分比。就明年的情況而言，我們繼續表現出色，我們略微領先於我們應該達到的水平——我們通常的水平。因此，我們非常有信心達到我們需要的數量，並且它繼續為我們的底線做出貢獻。

And those new bookings, particularly for new customers in the out years are at a substantially higher ADR.

而這些新的預訂，特別是對於過去幾年的新客戶，其平均房價要高得多。

Great. One thing that maybe surprised us looking at your earnings release tonight, Craig, was the buyback activity. Can you talk about that and how much of your capital allocation going forward is going to be buyback activity, assuming share price levels at or around these levels?

偉大的。克雷格（Craig），當我們看到您今晚發布的收益報告時，可能會讓我們感到驚訝的一件事是回購活動。假設股價處於或接近這些水平，您能否談談這一點以及您未來的資本配置中有多少將是回購活動？

Joe, you know us, you've been following us for years, and you know that we're not programmatic about buybacks. We repurchased the stock when we think it's ridiculously cheap. And during Q2, that was certainly the case, particularly from mid May through the end of the quarter. So we're always balancing liquidity needs, capital deployment for growth and returning capital to shareholders. The wildcard, let's be honest, the wildcard is Macau. So as we get better visibility on Macau over time then we can have more confidence in each particular form of capital deployment and know that we can do them concurrently.

喬，你了解我們，你已經關注我們多年了，你知道我們在回購方面不是程序化的。當我們認為股票便宜得離譜時，我們就回購了股票。在第二季度，情況確實如此，尤其是從 5 月中旬到季度末。因此，我們一直在平衡流動性需求、增長的資本部署以及向股東返還資本。通配符，老實說，通配符是澳門。因此，隨著時間的推移，隨著我們對澳門的了解越來越多，我們就可以對每種特定形式的資本部署更有信心，並知道我們可以同時進行。

Our next caller is Shaun Kelley with Bank of America.

我們的下一位來電者是美國銀行的肖恩·凱利。

I just wanted to sort of ask about the trends in Las Vegas a little bit more. The color on just the trajectory of what you're seeing on the casino floor relative to the hotel. Could you just maybe help us think about as we get into some of the tougher, I think, comps on the growth that we've seen in casino, what are some of your expectations around trends or what may be driving that growth? I know market share gains, maybe on the slot side has been a theme, but maybe pros cons on casino growth? And then like I said, we've already talked about hotels, so just more on the GGR line?

我只是想多問問拉斯維加斯的趨勢。您在賭場地板上看到的相對於酒店的軌跡上的顏色。當我們進入一些更艱難的時期，我想，你能不能幫助我們思考一下我們在賭場看到的增長，你對趨勢的一些期望是什麼，或者是什麼推動了這種增長？我知道市場份額的增長，也許在老虎機方面一直是一個主題，但也許對賭場增長有利弊？然後就像我說的，我們已經討論過酒店，所以更多關於 GGR 線？

Sure. I'll start and then Brian will jump in. So this started really back in 2019. So you've heard us talk about before our reconstitution of our database strategy. We've made a bunch of changes in hosting. We launched Wynn Rewards. So really going into the reemergence of COVID, we had reoriented our casino strategy, and I think it shows.

當然。我會開始，然後布賴恩會加入。所以這實際上是在 2019 年開始的。所以在我們重組數據庫戰略之前，你已經聽過我們談論過。我們在託管方面進行了一系列更改。我們推出了永利獎賞。因此，真正進入 COVID 重新出現時，我們已經重新定位了我們的賭場戰略，我認為這表明了這一點。

At the same time, we've been very relentlessly reinvesting in the property in Las Vegas despite COVID. In the rooms, in the food and beverage, and amenities, and it shows and customers notice it. And so yes, we are taking share, and I'm incredibly proud of the team for doing that.

與此同時，儘管有新冠疫情，我們一直在無情地對拉斯維加斯的房產進行再投資。在房間裡，在食物和飲料裡，和設施裡，它會顯示出來，顧客會注意到它。所以是的，我們正在分享，我為團隊這樣做感到無比自豪。

Brian, do you want to give a little bit of incremental color qualitatively on July?

布賴恩，你想在七月定性地給一點增量顏色嗎？

Yes. When you look at what we've done in July, we actually what the host team and the marketing team and the casino segments have focused on really expanding into markets that we haven't been in before, reaching in further into domestic segments that we are seeing great returns on. And year-over-year, both drop and handle are significantly up. I couldn't be happier with the team right now, and they continue to just continue to push with special events and driving weekends. It's just a great balance right now, and we're going to continue to do more of it.

是的。當你看看我們在 7 月份所做的事情時，我們實際上是主辦團隊、營銷團隊和賭場部門專注於真正擴展到我們以前從未涉足的市場，進一步進入我們之前沒有涉足的國內市場。正在看到巨大的回報。與去年同期相比，下降和處理均顯著上升。我現在對團隊非常滿意，他們繼續推動特殊活動和周末駕駛。現在只是一個很好的平衡，我們將繼續做更多的事情。

And Shaun, we acknowledge trees don't grow to the sky, right? I mean you're seeing this in all your Las Vegas names. But as I said in my prepared remarks, we watch the data daily, right? We don't have to look in Las Vegas. We don't have to look after 10 properties. We look after 1. And we know everything that's going on in this building. And as I mentioned in my prepared remarks, we don't see slowdowns, so that's where we are.

肖恩，我們承認樹不會長到天上，對吧？我的意思是你在所有拉斯維加斯的名字中都看到了這一點。但正如我在準備好的評論中所說，我們每天都在看數據，對吧？我們不必去拉斯維加斯看看。我們不必照顧 10 處房產。我們照顧 1。我們知道這棟大樓裡發生的一切。正如我在準備好的講話中提到的那樣，我們沒有看到放緩，所以這就是我們所處的位置。

Really encouraging. And then my follow-up would be not so much about slowdown, but just about maybe traditional seasonality a little bit here, right? Historically, I think the properties tend to do a little bit better in the first half than second, especially in the third quarter. Can you help us just think about how those patterns may shape up for the balance of the year? Because we are hearing a little bit more from the broader lodging industry about a return to more normal seasonal behavior. Just any comments we could think about just to make sure we're in the right place for seasonal purposes?

真是令人鼓舞。然後我的後續行動將不是關於放緩，而是關於這裡的傳統季節性，對吧？從歷史上看，我認為房地產在上半年的表現往往比下半年好一點，尤其是在第三季度。你能幫我們想想這些模式如何在今年的平衡中形成嗎？因為我們從更廣泛的住宿行業聽到更多關於恢復更正常的季節性行為的消息。只是為了確保我們處於季節性目的的正確位置，我們可以考慮任何評論嗎？

Sure. You're right. August is usually pretty weak in Las Vegas. I think that's probably true or I shouldn't think pretty weak, relatively weak, particularly given the quarter that we've just experienced. So August is usually a pretty slow month. Groups come back in September, and you start to see an increase in occupancy. I talked about the occupancy shifts that we would expect over the course of Q3 in my prepared remarks, and we stand by that.

當然。你是對的。拉斯維加斯的八月通常很弱。我認為這可能是真的，或者我不應該認為相當弱，相對弱，特別是考慮到我們剛剛經歷的那個季度。所以八月通常是一個相當緩慢的月份。團體在 9 月回來，您開始看到入住人數增加。我在準備好的評論中談到了我們在第三季度的預期入住率變化，我們堅持這一點。

So business is good. In fact, it's really good. But you always see seasonality in the quarter. You can go back and look at historical Q2 to Q3 movement from an EBITDA perspective in percentage terms. And I think you will see that seasonality.

所以生意很好。事實上，它真的很好。但是您總是會看到本季度的季節性。您可以從 EBITDA 的角度回顧歷史第二季度至第三季度的百分比變化。我想你會看到這種季節性。

Our next caller is David Katz with Jefferies.

我們的下一位來電者是 Jefferies 的 David Katz。

I was hoping for some insight around Interactive. Given that Massachusetts is moving forward, we do observe that there was a little bit of movement and the loss in the quarter. What are your updated thoughts there? Would the burn go up a bit, given that Massachusetts becomes an opportunity on home turf will take it all?

我希望能對 Interactive 有所了解。鑑於馬薩諸塞州正在向前發展，我們確實觀察到本季度出現了一些變動和虧損。你有什麼更新的想法？考慮到馬薩諸塞州成為主場的機會，燒錢會增加一點嗎？

Sure. No problem. So beginning, I think, with our Q3 call, since last year, we talked a little bit about what we were seeing in the market and some of the irrationality that we were seeing in the market. I can say that, that has markedly declined, and that's encouraging. So to see other players in the market behaving reasonably well is great. For us, Massachusetts, I've said this before, Massachusetts was always an important good strapping event for WynnBET and for Wynn Interactive as is any movement in iGaming, which we obviously don't see at the moment, but I'm certainly will over the longer term.

當然。沒問題。因此，我認為，從去年開始，在我們的第三季度電話會議中，我們談到了我們在市場上看到的情況以及我們在市場上看到的一些非理性。我可以說，已經明顯下降，這是令人鼓舞的。因此，看到市場上的其他參與者表現得相當好是很棒的。對我們馬薩諸塞州來說，我之前說過，馬薩諸塞州對於 WynnBET 和 Wynn Interactive 來說一直是一個重要的精彩賽事，就像 iGaming 中的任何運動一樣，我們目前顯然沒有看到，但我肯定會從長遠來看。

So our goal is really to make sure that we are consistently running the business as best we can from a lifetime value to cost per acquisition perspective. So increased retention, decreased CPA, increased handle per customer. That's the way we run the business. That has resulted in a declining burn over time, which you've seen in each quarter has sequentially gone by, as we told you it would. That burn could go up modestly with the launch of Massachusetts because we will do some user acquisition. I don't think we'll ever be back in the position that we were in at the launch of last NFL season.

因此，我們的目標實際上是確保我們始終如一地從生命週期價值到每次收購成本的角度盡可能地運營業務。因此增加了保留率，降低了每次轉化費用，增加了每位客戶的處理量。這就是我們經營業務的方式。隨著時間的推移，這導致了燃燒量的下降，正如我們告訴你的那樣，你在每個季度都看到這種情況依次過去了。隨著馬薩諸塞州的推出，這種消耗可能會適度增加，因為我們將進行一些用戶獲取。我認為我們永遠不會回到上個 NFL 賽季開始時的位置。

We've learned a lot in terms of which marketing channels work and which don't. But the business is -- they're really executing in that portion of our business, and we're watching the market very, very closely. We'll be in Massachusetts day 1.

關於哪些營銷渠道有效，哪些無效，我們學到了很多。但是業務是-他們確實在我們業務的那一部分中執行，我們正在非常非常密切地關注市場。我們將在馬薩諸塞州的第一天。

Understood. And if I can just follow up, does the promotional landscape that you noted, enable you to consider going back to other states where you don't have a land-based presence or regrowing the business? Or should we really just be thinking about Massachusetts for the moment?

明白了。如果我可以跟進，您提到的促銷環境是否使您能夠考慮回到您沒有陸上業務或重新發展業務的其他州？還是我們現在真的應該只考慮馬薩諸塞州？

Well, we are continuing to launch in additional states, and we're continuing to set the foundation in place to grow that business over time as the TAM grows and as our business grows. But Massachusetts, obviously, for obvious reasons, we have the land-based presence there. You've seen market share from fellow market participants in places where they have brick-and-mortar presence, and it obviously warrants prioritizing Massachusetts.

好吧，我們將繼續在其他州推出，並且隨著 TAM 的增長和我們的業務增長，我們將繼續為隨著時間的推移發展該業務奠定基礎。但是馬薩諸塞州，顯然，出於顯而易見的原因，我們在那裡有陸上存在。您已經看到其他市場參與者在他們擁有實體店的地方的市場份額，這顯然值得優先考慮馬薩諸塞州。

Our next caller is Dan Politzer with Wells Fargo.

我們的下一位來電者是富國銀行的 Dan Politzer。

I just wanted to follow up on Las Vegas. Obviously, margins were really strong in the quarter. I think your gaming mix at this point is back to 2019 levels. So now that mix is basically normalized. Is there any reason to think that you wouldn't be able to sustain margins in that high 30% range going forward?

我只是想跟進拉斯維加斯。顯然，本季度的利潤率非常強勁。我認為您此時的遊戲組合已回到 2019 年的水平。所以現在這種混合基本上已經正常化了。是否有任何理由認為您將無法將利潤率維持在 30% 的高位？

Well, look, we've generated operating leverage all over the building over the course of really the past 3 or so quarters. And I'm incredibly proud of the team for doing that. If you look at our rates, if you look at what we've done in food and beverage, really every nook and cranny we've driven operating leverage. So what you're seeing is that really the culmination not of aggressively reducing FTEs or negatively impacting the customer experience but rather pricing.

好吧，看，在過去 3 個左右的季度裡，我們已經在整個大樓內產生了運營槓桿。我為團隊這樣做感到無比自豪。如果你看看我們的費率，如果你看看我們在食品和飲料方面所做的事情，我們實際上已經推動了運營槓桿的每一個角落。所以你看到的是，真正的高潮不是積極減少 FTE 或對客戶體驗產生負面影響，而是定價。

And so we go as -- with that in mind, we go as pricing does, right? And so I'm loath to pin a margin and forecast whether we can maintain a 40% margin, an incredibly healthy margin because what we won't do is gut staffing and degrade the customer experience to even if there is a modest recession. We just don't do that. We're thinking about our brand over a 20-year term, not over a quarter.

所以我們按照 - 考慮到這一點，我們按照定價進行，對吧？因此，我不願確定利潤率並預測我們是否可以保持 40% 的利潤率，這是一個令人難以置信的健康利潤率，因為我們不會做的是削減人員配置並降低客戶體驗，即使出現適度的衰退也是如此。我們只是不這樣做。我們在 20 年的期限內考慮我們的品牌，而不是超過四分之一。

So I'm loath to pin a particular margin, but what I can tell you is that the team here is very appropriately managing staffing. We're probably down about 10% from pre-COVID levels. yet our customer satisfaction scores are up, and we are pricing our product appropriately based on the quality of that product.

所以我不願意確定一個特定的利潤，但我可以告訴你的是，這裡的團隊非常適當地管理人員配置。我們可能比 COVID 之前的水平下降了約 10%。然而，我們的客戶滿意度得分上升了，我們正在根據產品的質量適當地定價我們的產品。

Got it. And then just pivoting to Interactive. Obviously, you guys have become a lot more rational. The markets become more rational in terms of pricing and promotion and marketing. As we think about where we go from here as we go into football season in the back end of the year, how should we think about your burn rate relative to that 2Q number?

知道了。然後只是轉向交互式。顯然，你們變得更加理性了。市場在定價、促銷和營銷方面變得更加理性。當我們考慮在今年年底進入足球賽季時，我們應該從哪裡開始，我們應該如何考慮相對於 2Q 數字的燃燒率？

Well, what we have consistently said is that we'll be driving down the burn each quarter. Now Massachusetts, as I mentioned earlier, I think, to David's question, Massachusetts could change that. But I don't imagine it materially shifting. So it's really kind of immaterial in the grand scheme of things. And so I wouldn't -- I wouldn't spend a bunch of time and brand damage trying to forecast it. The trend should be down with the exception of a few quarters that we might do some user acquisition in Massachusetts as the market opens.

好吧，我們一直說的是，我們每個季度都會減少消耗。現在馬薩諸塞州，正如我之前提到的，我認為，對於大衛的問題，馬薩諸塞州可以改變這一點。但我不認為它會發生實質性變化。因此，在宏偉的計劃中，它確實是無關緊要的。所以我不會——我不會花很多時間和品牌損害來試圖預測它。這一趨勢應該會下降，但隨著市場的開放，我們可能會在馬薩諸塞州進行一些用戶獲取，但有幾個季度除外。

Our next caller is Brandt Montour with Barclays.

我們的下一位來電者是 Barclays 的 Brandt Montour。

So in Las Vegas, I was hoping you could just talk about international inbound visitation? And maybe walk us around the globe, where you think you have the most sort of mix during normal times? We obviously have our assumptions. But if you could just walk us around the globe and talk about where you think you're going to see upside near term, medium term, long term? And how much of upside we could sort of see here?

所以在拉斯維加斯，我希望你能談談國際入境訪問？也許帶我們環遊全球，你認為在平時你有最多的混合？我們顯然有我們的假設。但是，如果您可以帶我們環遊全球並談論您認為近期、中期、長期的上漲空間？我們可以在這裡看到多少上漲空間？

I'll start and then I'll pass it to Brian. Keep in mind there are a lot of potential international visitors that have been unable to visit. So we've been able -- we've been quite successful on the international front despite that, but that is a tailwind that we have. Brian, do you want to talk about mix and opportunities?

我會開始，然後我會把它傳給布賴恩。請記住，有很多潛在的國際遊客無法訪問。所以我們已經能夠——儘管如此，我們在國際上還是相當成功的，但這是我們所擁有的順風。布賴恩，你想談談組合和機會嗎？

Sure. We've definitely seen a pickup in the international clientele, both from the gaming and non-gaming side of our business. Obviously, Canada and Mexico are the first ones that have popped up. We're seeing great traction in the U.K. now. In fact, just came out of a meeting with the LVCVA and the lift out of London is actually at 106% now of what it was in 2019 pre-COVID level.

當然。從我們業務的遊戲和非遊戲方面，我們肯定看到了國際客戶的增加。顯然，加拿大和墨西哥是最先出現的國家。我們現在在英國看到了巨大的吸引力。事實上，剛剛結束與 LVCVA 的會議，倫敦的電梯現在實際上是 2019 年 COVID 之前水平的 106%。

So it means U.K. is back. The biggest opportunity for us moving forward is obviously China. We're not seeing -- it's anemic at this point, and that's all based on what you all know out there. So right now, our biggest upside is China. We are seeing other Asian business come back, but not to the extent we'd like. So I'm optimistic about what's in the future, and we got a lot of upside, I think, at some point.

所以這意味著英國回來了。我們前進的最大機會顯然是中國。我們沒有看到——在這一點上它是貧血的，這一切都是基於你們都知道的。所以現在，我們最大的優勢是中國。我們看到其他亞洲業務正在回歸，但沒有達到我們想要的程度。所以我對未來的發展持樂觀態度，我認為，在某個時候，我們有很大的上升空間。

Okay. Great. And just if I could follow up on Macau. Maybe you could just give us an update on your thoughts around the retendering process, any sort of surprises or anything that you'd want to let us know about in an update?

好的。偉大的。如果我能跟進澳門。也許您可以向我們提供有關重新提交過程的最新想法、任何驚喜或您想在更新中讓我們知道的任何事情？

I'll start, and then I'll ask Ian to provide his thoughts as well. Not really. I mean we understand and appreciate what Macau is trying to achieve, diversifying the market, both in terms of the geographic origin of visitors and their motivations to visit is not a process that happens overnight.

我會開始，然後我也會請 Ian 提供他的想法。並不真地。我的意思是，我們理解並欣賞澳門正在努力實現的目標，使市場多樣化，無論是在遊客的地理來源和他們的訪問動機方面，都不是一夜之間發生的過程。

In Vegas, it took many years, and it was a concerted effort by both government and business. We were instrumental in leading that change here in Vegas, and we will, of course, continue to play our part in Macau's journey to do the same. Ian anything you would add, in particular, on the tender requirements?

在拉斯維加斯，它花了很多年，是政府和企業共同努力的結果。我們在維加斯的變革中發揮了重要作用，當然，我們將繼續在澳門的旅程中發揮我們的作用。伊恩您會補充什麼，特別是關於招標要求？

I think the rules that were issued and the time line, we're very clear. We have sought some minor clarifications and we're in a 6-week process of crystallizing our responses, which will get submitted by all 6 operators on September 14. And then we go into a period of negotiation. And I think the government's intent is clearly before the end of the year to announce the successful operator.

我認為發布的規則和時間線，我們非常清楚。我們尋求了一些小的澄清，我們正處於一個為期 6 週的具體回復過程中，所有 6 家運營商都將在 9 月 14 日提交這些回复。然後我們進入談判階段。而且我認為政府的意圖顯然是在年底前宣布成功的運營商。

Okay. Operator, we'll take 1 last question.

好的。接線員，我們將回答最後一個問題。

And our final question comes from Robin Farley with UBS.

我們的最後一個問題來自瑞銀的 Robin Farley。

Great. Two things just to clarify that you've talked about it a little bit already. One was just for group for '23, what's your booked position or kind of room nights booked compared to 2019 at the moment for '23? It sounds like there was a lot of acceleration in the first half. I'm just wondering where that kind of you booked for '23.

偉大的。兩件事只是為了澄清你已經談過一點了。一個只針對 23 年的團體，與 23 年目前的 2019 年相比，您預訂的位置或預訂的房晚類型是什麼？聽起來上半場有很多加速。我只是想知道你在哪裡預訂了 23 年的那種。

Brian?

布賴恩？

Sure. We are ahead of both '19 and obviously '21 and we continue to pick up. We're not going to need to pick up much in the year for the year as we are focused on moving forward with actually a higher number. So we'll have -- we're hoping the highest number of group rooms we've ever had because of the expansion of the convention center we had a couple of years ago. So really starting to grow into that space and take advantage of it. It also allows us with a slightly larger base to yield a little bit better our rates as we move forward into the year. So all encouraging but certainly better than '19 and '21.

當然。我們領先於 19 年和 21 年，而且我們繼續保持領先。我們今年不需要增加太多，因為我們專注於以實際更高的數字向前發展。所以我們將擁有 - 我們希望由於幾年前我們擁有的會議中心的擴建，我們擁有的團體房間數量是有史以來最多的。所以真正開始進入那個空間並利用它。隨著我們進入今年，它還使我們的基數稍大，從而可以產生更好的利率。因此，所有這些都令人鼓舞，但肯定比 '19 和 '21 更好。

Okay. Great. And then the other question is just on the Vegas margins. And I know you talked about maintaining the guest experience and all of that. How much of the margin increase do you think is sustainable? Because the -- I guess you said in the past on previous calls that you don't have as many open positions maybe as some other Vegas properties. But is there anything about the margin that you think is not sustainable? Or how would you sort of guide us to expect that?

好的。偉大的。然後另一個問題就在拉斯維加斯的邊緣。我知道你談到了保持客人體驗和所有這些。您認為有多少利潤增長是可持續的？因為——我猜你過去在之前的電話會議上說過，你的空缺職位可能沒有拉斯維加斯的其他一些房產那麼多。但是，您認為利潤率有什麼不可持續的嗎？或者你會如何引導我們期待這一點？

Sure. we learned to run the business differently before COVID. We've talked about this before. And we completely reevaluated how we do that. And so we are running, I mentioned earlier on about 10% less FTEs than pre-COVID. And we're doing it in an absolute range of the market and our customer satisfaction scores are going up. So that's a real testament to the team. So I would consider that at this point, permanent.

當然。在 COVID 之前，我們學會了以不同的方式經營業務。我們以前談過這個。我們完全重新評估了我們如何做到這一點。所以我們正在運行，我之前提到過，FTE 比 COVID 之前減少了大約 10%。而且我們在市場的絕對范圍內這樣做，我們的客戶滿意度得分正在上升。所以這是對團隊的真實證明。所以我認為在這一點上是永久性的。

The operating leverage that we were able to obtain out of the business units, look, room, as you well know, room prices fluctuate with supply and demand. So you can have positive operating leverage -- deleveraging operating leverage in rooms in a week's notice.

我們能夠從業務單元中獲得的經營槓桿，外觀，房間，眾所周知，房間價格隨供求關係而波動。因此，您可以擁有積極的經營槓桿——在一周的通知中降低客房的經營槓桿。

On the food and beverage side, I suspect some of it's sticky. I mean, inflation is what it is, and we've been able to drive a decent amount of operating leverage out of the food and beverage portion of the business. So it's a little bit of a mixed bag. But Robin, I guess what I would say is the FTE count is what it is.

在食品和飲料方面，我懷疑其中一些很粘。我的意思是，通貨膨脹就是這樣，我們已經能夠從業務的食品和飲料部分中擠出相當數量的經營槓桿。所以這是一個混合包。但是羅賓，我想我想說的是 FTE 計數就是這樣。

Okay. Well, with that, we'll now close the call. Thank you, everyone, and we look forward to talking to you again next quarter.

好的。好了，我們現在將結束通話。謝謝大家，我們期待下個季度再次與您交談。

Thanks, everybody.

謝謝大家。

Thank you for participating on today's conference. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連接。