永利渡假村 (WYNN) 2022 Q4 法說會逐字稿

Welcome to the Wynn Resorts Fourth Quarter 2022 Earnings Call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

歡迎來到 Wynn Resorts 2022 年第四季度財報電話會議。 （接線員說明）此通話正在錄音中。如果您有異議，此時您可以斷開連接。我現在將電話轉交給首席財務官 Julie Cameron-Doe。請繼續。

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings, Brian Gullbrants and Steve Weitman 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 go true. I will now turn the call over to Craig Billings.

謝謝接線員，大家下午好。今天與我通話的有來自拉斯維加斯的 Craig Billings、Brian Gullbrants 和 Steve Weitman。 Ian Coughlan、Linda Chen、Frederic Luvisutto 和 Jenny Holaday 也在線。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。我現在將把電話轉給 Craig Billings。

Thanks, Julie. Afternoon, everyone, and thanks for joining us. As we prepared for this call, I looked at an old analyst note that was published after our Q4 2019 earnings. The expectation for 2022 EBITDAR at Wynn Las Vegas in that note was $482 million.

謝謝，朱莉。大家下午好，感謝您加入我們。在我們為這次電話會議做準備時，我查看了一份舊的分析師報告，該報告是在我們 2019 年第四季度財報發布後發布的。該票據中 Wynn Las Vegas 對 2022 年 EBITDAR 的預期為 4.82 億美元。

Here we are 3 years in the global pandemic later and Wynn Las Vegas just printed $816 million of normalized adjusted property EBITDAR, $816 million. I'm confident that this is an all-time record for a stand-alone Las Vegas Strip property. And mind you, we did not deliver this result by nickel and diming on service standards and reducing staff to drive operating leverage.

在這裡，我們在全球大流行病中度過了 3 年，Wynn Las Vegas 剛剛打印了 8.16 億美元的標準化調整後財產 EBITDAR，8.16 億美元。我相信這是拉斯維加斯大道獨立物業的歷史記錄。請注意，我們並沒有通過降低服務標準和減少員工來推動運營槓桿來實現這一結果。

The team did it by focusing on what we do best. Great products, great service, great programming, and it showed in our market share and pricing power. The Wynn Las Vegas team absolutely crushed it in 2022. Our business in Vegas is stronger and more relevant than it has ever been.

團隊通過專注於我們最擅長的事情來做到這一點。出色的產品、出色的服務、出色的編程，這都體現在我們的市場份額和定價能力上。永利拉斯維加斯團隊在 2022 年徹底擊敗了它。我們在拉斯維加斯的業務比以往任何時候都更強大、更相關。

I'll talk more about the fourth quarter in Vegas in our outlook in a moment. Turning to several other significant events. I'd like to touch on our concession renewal and the reopening of Macau. I was in Macau for nearly 3 weeks in December. And after going through the then required quarantine, I was fortunate to attend the signing ceremony for our new concession.

稍後我將在我們的展望中更多地討論拉斯維加斯的第四季度。轉向其他幾個重要事件。我想談談我們的特許經營權更新和澳門的重新開放。 12 月份我在澳門待了將近 3 個星期。在完成當時規定的隔離後，我有幸參加了我們新特許經營權的簽字儀式。

I'm proud of the plan that we put forward as part of the concession renewal and believe that the CapEx and programming we proposed will be additive to our business there over the coming years. I would like to thank the government of the Macau for their faith in us. And importantly, I would like to thank the Wynn Macau team for their dedication to our business over the past 3 very difficult years.

我為我們作為特許權更新的一部分提出的計劃感到自豪，並相信我們提出的資本支出和規劃將在未來幾年增加我們在那裡的業務。感謝澳門政府對我們的信任。重要的是，我要感謝永利澳門團隊在過去非常艱難的三年裡對我們業務的奉獻。

Fortunately, recent actions by both Macau and Mainland authorities to reopen the market give us great confidence that the difficulties are behind us in the near-term future there are much brighter. Over the past several weeks, we've welcomed back an increasing number of guests as the region has reopened to travel and tourism in a meaningful way.

幸運的是，澳門和內地當局近期重開市場的行動讓我們充滿信心，相信困難已經過去，在不久的將來會有更光明的前景。在過去的幾周里，隨著該地區以有意義的方式重新開放旅行和旅遊業，我們迎來了越來越多的客人。

With our premium product and service levels, we are well positioned to lead the post-COVID recovery in Macau, and our strengths were evident during the recent Chinese New Year holiday period. In the casino, mass table drop reached 95% of 2019 Chinese New Year levels with strong play across the spectrum from premium mass to core mass.

憑藉我們優質的產品和服務水平，我們有能力引領澳門的 COVID 後復蘇，我們的優勢在最近的農曆新年假期期間顯而易見。在賭場，中場賭桌下降達到 2019 年農曆新年水平的 95%，從高端中場到核心中場都有強勁表現。

In direct VIP turnover was 40% above pre-COVID Chinese New Year levels. And importantly, we estimate that our hold-normalized GGR market share during the month of January was consistent with 2019 levels despite all the changes in the junket environment, define the expectations of those who continue to incorrectly believe that we are solely of VIP-focused organization.

直接 VIP 營業額比 COVID 之前的農曆新年水平高出 40%。重要的是，我們估計儘管中介環境發生了所有變化，但我們在 1 月份保持標準化 GGR 的市場份額與 2019 年的水平一致，定義了那些繼續錯誤地認為我們僅專注於 VIP 的人的期望組織。

On the non-gaming side, hotel occupancy was 96%, and our tenant retail sales increased 34% compared to Chinese New Year 2019. Overall, during the Chinese New Year period, we delivered our strongest EBITDAR performance since the onset of the pandemic, approximately $4 million of normalized EBITDAR per day.

在非博彩方面，酒店入住率為 96%，與 2019 年農曆新年相比，我們的租戶零售額增長了 34%。總體而言，在農曆新年期間，我們實現了自大流行病爆發以來最強勁的 EBITDAR 表現，每天大約 400 萬美元的標準化 EBITDAR。

Turning back to Las Vegas. The team at Wynn Las Vegas turned in a fourth quarter record with $219 million of EBITDAR. We saw broad-based strength across casino, hotel, F&B, entertainment and retail, all well above Q4 2021 levels despite the difficult year-over-year comps. Our investment in people, facilities and programming and our team's deep sense of personal ownership of our business continue to drive growth.

轉回拉斯維加斯。 Wynn Las Vegas 的團隊以 2.19 億美元的 EBITDAR 創造了第四季度的紀錄。我們看到賭場、酒店、餐飲、娛樂和零售領域的廣泛實力，儘管同比表現不佳，但都遠高於 2021 年第四季度的水平。我們在人員、設施和規劃方面的投資以及我們團隊對我們業務的強烈個人主人翁意識繼續推動增長。

We continue to monitor economic trends and forward bookings at Wynn Las Vegas. We're encouraged that the strength we have experienced over the past several quarters has continued into Q1. Similarly, our forward-looking indicators also remain quite strong despite well-known macro concerns as room bookings are pacing at or above pre-COVID-19 levels on substantially higher ADRs.

我們將繼續監控 Wynn Las Vegas 的經濟趨勢和前瞻性預訂。我們感到鼓舞的是，我們在過去幾個季度所經歷的實力一直延續到第一季度。同樣，儘管存在眾所周知的宏觀擔憂，但我們的前瞻性指標也仍然相當強勁，因為在 ADR 大幅提高的情況下，客房預訂量達到或高於 COVID-19 之前的水平。

Turning to Boston. Like Vegas, Encore had a strong quarter, generating $63 million of EBITDAR. We saw strength across the casino with record gross gaming revenue and on the non-gaming side with strong hotel revenue driven by both ADR and occupancy. The strength has continued into the first quarter with EBITDAR per day in January, largely consistent with trends we have experienced over the past few quarters.

轉向波士頓。與 Vegas 一樣，Encore 也有一個強勁的季度，產生了 6300 萬美元的 EBITDAR。我們看到整個賭場的實力強勁，博彩總收入創歷史新高，而在非博彩方面，ADR 和入住率推動酒店收入強勁。這種優勢一直持續到第一季度，1 月份每天的 EBITDAR 與我們在過去幾個季度經歷的趨勢基本一致。

We were also pleased to launch retail sports betting at Encore Boston Harbor last week, averaging a little over $0.5 million a day in handle over the first 6 days, which is about 80% of the average daily handle at Wynn Las Vegas.

我們也很高興上週在 Encore Boston Harbor 推出零售體育博彩，前 6 天平均每天處理超過 50 萬美元，約佔 Wynn Las Vegas 平均每日處理量的 80%。

During those 6 days, we also signed up about 30% more Wynn Rewards members than normal. We continue to expect the book to be a significant driver for new customer acquisition over time. We also continue to advance our plans for our upcoming development project across the street from the property that will include incremental parking, food and beverage and entertainment amenities.

在這 6 天裡，我們還簽下了比平時多 30% 的永利獎賞會員。隨著時間的推移，我們繼續期望這本書成為吸引新客戶的重要推動力。我們還將繼續推進我們即將在該物業對面進行的開發項目的計劃，該項目將包括增量停車、餐飲和娛樂設施。

At Wynn Interactive, our overall EBITDAR burn rate in the quarter ticked up sequentially to $28 million due to a well-publicized World Series bet that went against us. Adjusted for that single bet, burn was roughly flat. Our team continues to stay disciplined on cost while driving improved marketing efficiency. We're looking forward to the potential for a significant catalyst for WynnBET in Massachusetts with the combination of our recently launched retail book and the expected upcoming launch of online sports betting.

在 Wynn Interactive，我們本季度的整體 EBITDAR 消耗率連續上升至 2800 萬美元，原因是廣為人知的世界大賽賭注對我們不利。針對該單一賭注進行調整後，燒錢大致持平。我們的團隊繼續嚴格控製成本，同時推動提高營銷效率。我們期待著結合我們最近推出的零售書籍和即將推出的在線體育博彩，為馬薩諸塞州的 WynnBET 帶來重要催化劑的潛力。

Lastly, we are quickly advancing our planning for Wynn Al Marjan Island, our integrated resort in the UAE. We're in the late stages of programming for the resort, and I expect we will be driving piles for the foundation of the property by the middle of the year. I also expect we will share renderings, programming and plans publicly over the next few months.

最後，我們正在迅速推進我們在阿聯酋的綜合度假村 Wynn Al Marjan Island 的規劃。我們正處於度假村規劃的後期階段，我預計我們將在今年年中為該物業的地基打樁。我還預計我們將在接下來的幾個月內公開分享效果圖、編程和計劃。

The more time we spend in that market, the more confident we are in the project. With that, I will now turn it over to Julie to run through some additional details on the quarter. Julie?

我們在該市場花費的時間越多，我們對該項目的信心就越大。有了這個，我現在將把它交給 Julie，讓她了解本季度的一些額外細節。朱麗葉？

Thank you, Craig. At Wynn Las Vegas, we generated a fourth quarter record of $219.3 million in adjusted property EBITDAR on $585.5 million of operating revenue during the quarter, lower-than-normal hold negatively impacted EBITDAR by around $10.5 million in Q4. Our hotel occupancy was 89.9% in the quarter, up 350 basis points year-over-year and up 50 basis points versus Q4 2019.

謝謝你，克雷格。在 Wynn Las Vegas，我們在本季度的營業收入為 5.855 億美元的情況下產生了 2.193 億美元的調整後房地產 EBITDAR，創下了 2.193 億美元的記錄，低於正常水平的持有對第四季度的 EBITDAR 產生了約 1050 萬美元的負面影響。本季度我們的酒店入住率為 89.9%，同比增長 350 個基點，比 2019 年第四季度增長 50 個基點。

Importantly, we've stayed true to our luxury brand and continue to compete on quality of product and service experience with our overall ADR reaching a record $492 during Q4 2022, up 11.8% versus Q4 2021 and 53% above Q4 2019 levels. Our other non-gaming businesses saw broad-based strength across F&B, entertainment, and retail, which were up nicely year-over-year and also well above pre-pandemic levels.

重要的是，我們一直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 年第四季度達到創紀錄的 492 美元，比 2021 年第四季度增長 11.8%，比 2019 年第四季度增長 53%。我們的其他非博彩業務在餐飲、娛樂和零售方面表現出廣泛的實力，同比增長強勁，也遠高於大流行前的水平。

In the casino, our Q4 2022 slot handle increased 20.9% year-over-year and with 69% of Q4 2019 levels. Similarly, our table drop was up 1.1% year-over-year and was 43% above Q4 2019 levels despite still suppressed international play during the quarter due to COVID-related travel challenges. The team in Vegas has done a great job of controlling costs without negatively impacting the guest experience, delivering adjusted property EBITDAR margin of 37.4% in the quarter.

在賭場，我們的 2022 年第四季度老虎機處理量同比增長 20.9%，為 2019 年第四季度水平的 69%。同樣，儘管由於與 COVID 相關的旅行挑戰，本季度的國際比賽仍然受到抑制，但我們的積分榜同比下降 1.1%，比 2019 年第四季度的水平高出 43%。拉斯維加斯的團隊在控製成本方面做得很好，而且沒有對客人體驗產生負面影響，本季度調整後的酒店 EBITDAR 利潤率為 37.4%。

On a hold-normalized basis, our EBITDAR margin was up approximately 1,300 basis points compared to Q4 2019. OpEx, excluding gaming tax per day was $3.8 million in Q4 2022, up 25% compared to Q4 2019 levels but well below the 59% increase in operating revenue.

在持有標準化的基礎上，我們的 EBITDAR 利潤率與 2019 年第四季度相比上升了約 1,300 個基點。2022 年第四季度的運營支出（不包括博彩稅）為 380 萬美元，與 2019 年第四季度相比增長 25%，但遠低於 59% 的增幅在營業收入方面。

In Boston, before getting into the details, I'd like to point out that following the closing of the sale leaseback transaction on December 1, we're now reporting adjusted profit to EBITDAR for this business.

在波士頓，在進入細節之前，我想指出，在 12 月 1 日售後回租交易結束後，我們現在向 EBITDAR 報告該業務的調整後利潤。

In Q4 2022, we generated adjusted property EBITDAR of $63.3 million with EBITDAR margin of 29%. We saw broad-based strength across casino and non-gaming during the quarter. In the casino, we generated $190 million of GGR, a property record with strength in both tables and slots. Our non-gaming revenue grew 13% year-over-year to a record $56.8 million with particular strength in the hotels, driven by 93.9% occupancy and a $404 ADR.

2022 年第四季度，我們產生了 6330 萬美元的調整後房地產 EBITDAR，EBITDAR 利潤率為 29%。我們在本季度看到了賭場和非博彩領域的廣泛實力。在賭場，我們產生了 1.9 億美元的 GGR，創下了賭桌和老虎機實力的財產記錄。我們的非博彩收入同比增長 13% 至創紀錄的 5,680 萬美元，其中酒店的實力尤為強勁，這得益於 93.9% 的入住率和 404 美元的 ADR。

We've stayed very disciplined on the cost side with OpEx, excluding gaming tax per day of approximately $1.17 million in Q4 2022. This was a decrease of over 8% compared to $1.3 million per day in Q4 2019 and up modestly relative to Q3 2022. As we've discussed on prior calls, the year-over-year EBITDAR and OpEx comps were impacted by a combination of contractual labor agreements, which added around $45,000 per day to our OpEx base beginning late in Q2 2022, along with a non-recurring benefit of $2 million in Q4 last year. We're well positioned to drive strong operating leverage as we continue to grow the top line over time.

我們在運營支出方面一直非常嚴格，不包括 2022 年第四季度每天約 117 萬美元的博彩稅。與 2019 年第四季度的每天 130 萬美元相比，下降了 8% 以上，與 2022 年第三季度相比略有上升.正如我們在之前的電話會議上所討論的那樣，EBITDAR 和 OpEx 的同比收入受到合同勞動協議的綜合影響，從 2022 年第二季度末開始，我們的 OpEx 基數每天增加約 45,000 美元，以及非- 去年第四季度的經常性收益為 200 萬美元。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運營槓桿。

Our Macau operations delivered an EBITDAR loss of $59.1 million in the quarter on $190.3 million of operating revenues, lower than normal hold negatively impacted EBITDAR by around $25 million in Q4. While the COVID situation in the region was challenging during Q4, as Craig noted, we were encouraged by the meaningful uptick in visitation and demand we experienced during the recent Chinese holiday period.

我們的澳門業務本季度營業收入為 1.903 億美元，EBITDAR 虧損 5910 萬美元，低於正常水平，對第四季度的 EBITDAR 產生了約 2500 萬美元的負面影響。正如 Craig 指出的那樣，儘管該地區的 COVID 形勢在第四季度充滿挑戰，但我們對最近中國假期期間的訪問量和需求顯著增加感到鼓舞。

Our OpEx, excluding gaming tax, was approximately $2 million per day in Q4, a decrease compared to $2.4 million in Q4 2021. The team has done a great job remaining disciplined on costs in a difficult operating environment. Longer-term, we are well positioned to drive strong operating leverage as the business recovers over time.

我們的運營支出（不包括博彩稅）在第四季度約為每天 200 萬美元，與 2021 年第四季度的 240 萬美元相比有所下降。該團隊在艱難的運營環境中保持了對成本的嚴格控制。從長遠來看，隨著業務隨著時間的推移復甦，我們有能力推動強大的運營槓桿。

In terms of the new concession, we approach the tender process very prudently, carefully balancing our commitments to the government with our responsibilities to our shareholders and, of course, our liquidity position. We're currently advancing through the design and planning stages, for these projects require a number of government approvals creating a wide range of potential CapEx in the very near-term.

就新特許權而言，我們非常審慎地對待招標過程，仔細平衡我們對政府的承諾與我們對股東的責任，當然還有我們的流動性狀況。我們目前正在推進設計和規劃階段，因為這些項目需要大量政府批准，在短期內創造廣泛的潛在資本支出。

As such, for 2023, we expect CapEx related to our concession commitments to range between $50 million to $220 million. Our future non-gaming investments, including new theater set to be home of a unique spectacle show and innovative food halls and an events and entertainment center. As Craig noted, we believe these investments play into our strength as we have a demonstrated track record of introducing innovative non-gaming investments that drive increased tourism and ultimately, strong shareholder returns.

因此，到 2023 年，我們預計與我們的特許權承諾相關的資本支出將在 5000 萬至 2.2 億美元之間。我們未來的非博彩投資，包括將成為獨特奇觀表演和創新美食廳以及活動和娛樂中心的主場的新劇院。正如 Craig 指出的那樣，我們相信這些投資會發揮我們的優勢，因為我們在引入創新的非博彩投資方面有著良好的記錄，這些投資推動了旅遊業的增長，並最終帶來了豐厚的股東回報。

Turning to Wynn Interactive. Our EBITDAR burn rate increased sequentially to $28.3 million in Q4 2022. However, adjusting for the well-publicized World Series that Craig mentioned, it was roughly flat with our Q3 2022 burn rate of $17.7 million.

轉向永利互動。我們的 EBITDAR 消耗率在 2022 年第四季度連續增加到 2830 萬美元。但是，根據克雷格提到的廣為宣傳的世界大賽進行調整後，它與我們 2022 年第三季度 1770 萬美元的消耗率大致持平。

The team continues to control costs while driving improved marketing efficiencies. Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of approximately $4.5 billion as of December 31. This was comprised of $952 million of total cash and available liquidity in Macau and $3.5 billion in the U.S.

該團隊繼續控製成本，同時推動提高營銷效率。轉到資產負債表。截至 12 月 31 日，我們的流動性狀況仍然非常強勁，全球現金和可動用現金約為 45 億美元。其中包括澳門的 9.52 億美元現金和可用流動性以及美國的 35 億美元。

These numbers exclude the undrawn $500 million intercompany revolving credit facility when results entered into with Wynn Macau. We were pleased to close the sale leaseback transaction for the real estate of Encore Boston Harbor on December 1 with gross proceeds of $1.7 billion, further bolstering our already strong liquidity position.

這些數字不包括與永利澳門簽訂業績時未提取的 5 億美元公司間循環信貸額度。我們很高興於 12 月 1 日完成了 Encore Boston Harbor 房地產的售後回租交易，總收益為 17 億美元，進一步鞏固了我們本已強勁的流動性狀況。

Importantly, the combination of very strong performance in Las Vegas and Boston, with the properties generating $1.04 billion of adjusted property EBITDAR during 2022 together with our robust liquidity creates a very healthy leverage profile in the U.S.

重要的是，拉斯維加斯和波士頓非常強勁的表現，加上這些物業在 2022 年產生了 10.4 億美元的調整後物業 EBITDAR，再加上我們強勁的流動性，在美國創造了非常健康的槓桿狀況。

With our properties performing well in each of our markets and our robust liquidity, I'd like to note our intention to repay our upcoming May 2023, Wynn Las Vegas bond maturity with cash from the balance sheet, reducing our domestic gross leverage by $500 million.

由於我們的物業在我們的每個市場都表現良好且流動性強勁，我想指出我們打算用資產負債表中的現金償還即將到期的 2023 年 5 月 Wynn Las Vegas 債券，從而將我們的國內總槓桿率降低 5 億美元.

Finally, our CapEx in the quarter was $27 million, primarily related to normal course maintenance. With that, we'll now open up the call to Q&A.

最後，我們本季度的資本支出為 2700 萬美元，主要與正常課程維護有關。有了這個，我們現在將打開問答電話。

(Operator Instructions) Our first question comes from Carlo Santarelli with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Carlo Santarelli。

Craig, Julie, whoever wants to kind of take this one. Craig, I know you spoke a little bit about kind of what you guys saw in Macau during Chinese New Year. To the extent you're willing to kind of comment on what you've seen in the aftermath and kind of the weeks following the holiday, that would be great.

克雷格、朱莉，無論誰想要拿這個。克雷格，我知道你談到了你們在農曆新年期間在澳門看到的一些東西。如果您願意對假期後的後果和假期後的幾週所見所聞發表評論，那就太好了。

Sure. Thanks, Carlo. It's been pretty good, actually. Frederic, do you want to take -- do you want to provide a little more color on that?

當然。謝謝，卡羅。其實已經很不錯了Frederic，你想——你想在上面提供更多顏色嗎？

Sure, Craig. Thank you, Carlo. We have seen typically after post Chinese New Year in the past, the period does see a slowdown. But we have been very encouraged to see the business remaining very, very strong with mass gaming, direct VIP and retail sales better than previously similar period in the past. So we have seen the resilience of the business post Chinese New Year, I'm very encouraged with that.

當然，克雷格。謝謝你，卡洛。在過去，我們通常會看到在農曆新年後，這段時間確實會出現放緩。但我們非常鼓舞地看到該業務在大眾博彩、直接 VIP 和零售銷售方面仍然非常非常強勁，好於過去同期。因此，我們看到了春節後業務的彈性，我對此感到非常鼓舞。

Great. That's helpful. And then, Craig, you talked a little bit about, obviously, what you saw on the VIP side. I believe you said direct VIP was 40% above or so. That was 2019 Chinese New Year levels. Can you comment at all as to what the experience has been with whatever junket VIP there is in the market today?

偉大的。這很有幫助。然後，克雷格，你顯然談到了一些你在 VIP 方面看到的內容。我相信你說直接 VIP 是 40% 左右。那是2019年農曆新年的水平。您能否評論一下當今市場上任何中介 VIP 的體驗？

Yes, there was some junket activity over the course of Chinese New Year. Obviously, the situation has changed a lot from the pre-COVID period. I think it's actually a little bit too early to call out what role the gaming promoters and the junkets will play in the market, but there certainly was some activity.

是的，在農曆新年期間有一些中介活動。顯然，與 COVID 之前的情況相比，情況發生了很大變化。我認為現在說博彩中介人將在市場上扮演什麼角色實際上有點為時過早，但肯定有一些活動。

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。

Sort of following on Carlo's question on what you saw in Chinese New Years in the period. Since then, can you talk about the migration of the junket VIP business into the direct and into the premium mass component of your mass business.

有點像 Carlo 提出的關於您在此期間的中國新年看到了什麼的問題。從那時起，你能談談中介 VIP 業務向直接和大眾業務的優質部分的遷移嗎？

How do you -- so do you think -- what otherwise would have been the junket? What percentage of that do you think is migrating versus maybe not coming back quite yet?

你如何 - 你認為 - 否則會是什麼中介？您認為其中有多少百分比是遷移與可能還沒有完全返回？

I think it's -- Joe, I think it's way too early to be talking about percentages given the market really just fully reopened on January 8, so really a month now. We certainly are seeing former junket customers migrate into both premium mass and into direct.

我認為這是——喬，我認為現在談論百分比還為時過早，因為市場真的在 1 月 8 日才完全重新開放，所以現在真的是一個月了。我們當然看到以前的中介人客戶遷移到優質大眾和直銷。

Remember, direct is tricky because there, you're talking about credit extension. And so you have to be quite prudent in how you manage the direct business. But unfortunately, it's just a little too early. What I would say is volumes came back, volumes came back strong. The narrative that we're VIP-focused, I think, proves to be pretty false. We competed very strongly during the Chinese New Year period, and we're incredibly proud of the results that we had.

請記住，直接是棘手的，因為在那裡，你談論的是信用延期。因此，您必須非常謹慎地管理直接業務。但不幸的是，現在還為時過早。我要說的是成交量回歸，成交量強勁回歸。我認為，我們以 VIP 為中心的說法被證明是錯誤的。我們在春節期間競爭非常激烈，我們為我們取得的成績感到無比自豪。

And when you look back in 2019, we always thought that the direct VIP component was something around 10% to 20% of the total VIP turnovers. Are we fair in picking that? Can you remind us of that?

回顧 2019 年，我們一直認為直接 VIP 部分約佔 VIP 總營業額的 10% 至 20%。我們這樣選擇公平嗎？你能提醒我們嗎？

You are. You are.

你是。你是。

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 Shaun Kelley。

Just was hoping to get a little bit more color on maybe the cost and margin picture as things start to rebound in Macau. Julie, I think in the prepared remarks, you mentioned you were down around $2 million a day in the fourth quarter in Macau, if I called it correctly, down from $2.4 million back in 2019.

只是希望隨著澳門的情況開始反彈，在成本和利潤率方面獲得更多的色彩。朱莉，我想在準備好的發言中，你提到你在澳門第四季度每天減少約 200 萬美元，如果我沒說錯的話，低於 2019 年的 240 萬美元。

Just as you're sort of re-ramping, I mean, I think we all really underappreciated the amount of operating leverage that was going to happen in certain markets in the United States and kind of trying to put some of the tea leaves together around how this may play out for Macau. So just any kind of thoughts on expenses and margins as the recovery begins here?

就像你有點重新爬坡一樣，我的意思是，我認為我們都真的低估了美國某些市場將要發生的運營槓桿的數量，並試圖將一些茶葉放在一起這對澳門有何影響。那麼隨著復甦從這裡開始，對費用和利潤率有什麼想法嗎？

Sure. Yes, you're correct, Shaun. We did talk to our OpEx per day in Q4 with $2 million, which was down from $2.4 million the year prior. We worked really hard last year to preserve cash and to manage OpEx down while we were closed. So obviously, that's not representative of how things will be necessarily moving forward.

當然。是的，你是對的，肖恩。我們確實在第四季度每天與我們的運營支出進行了 200 萬美元的討論，低於去年同期的 240 萬美元。去年我們非常努力地工作以保留現金並在我們關閉時降低運營支出。很明顯，這並不代表事情必然會如何向前發展。

As you know, we're fully open now and staffing full time in different F&B outlets and so on. So where that shakes out in terms of margin, it's really going to depend on the mix of business that comes back in that market. It's pretty much the same as that we give when we're asked about margin in Vegas.

如您所知，我們現在已經全面營業，並在不同的餐飲店等處配備了全職員工。因此，在利潤率方面發生變化的地方，實際上將取決於返回該市場的業務組合。這與我們在拉斯維加斯被問及保證金時給出的幾乎相同。

It's very much mix dependent. And we don't manage our business on margin. That's really the outcome. We managed to our brand, and we start accordingly. And we're very tight in terms of staffing. We're very focused on doing that appropriately and we're very focused on -- but we're very, very focused on our service delivery centers as well.

這在很大程度上取決於混音。而且我們不靠保證金來管理我們的業務。真的是這樣的結果。我們設法建立了自己的品牌，並據此開始。而且我們在人員配備方面非常緊張。我們非常專注於適當地做到這一點，而且我們非常專注於——但我們也非常、非常專注於我們的服務交付中心。

And I would just add, it's primarily a mass mix now. So you're going to have -- that's inherently higher margin and a portion of the cost savings that we implemented during the COVID period, which I think, is long behind us. We will maintain. So the margin profile should be healthy. So again, it's -- we're really talking about a couple of weeks here. So it's a little bit early to start forecasting specific margins.

我只想補充一點，現在主要是大規模混合。所以你將擁有 - 這本質上是更高的利潤率和我們在 COVID 期間實施的部分成本節約，我認為這已經落後於我們很久了。我們會維護。因此，利潤率應該是健康的。再說一次，我們真的在這裡談論幾週。因此，現在開始預測具體利潤率還為時過早。

Great. Understood. And then maybe just the follow-up. Another thing that kind of came up in the prepared remarks was the CapEx outlook in Macau, and I think you gave a pretty wide range. Can you just kind of talk about what would sort of dictate maybe the high versus the low? What are some of the different either projects that could get underway or things that could impact the outcome of the range that you discussed?

偉大的。明白了。然後也許只是跟進。準備好的發言中提到的另一件事是澳門的資本支出前景，我認為你給出了相當廣泛的範圍。你能談談什麼會決定高價與低價嗎？可能正在進行的不同項目或可能影響您討論的範圍結果的事情有哪些？

Sure. So I think taking a step back, if you think about our total commitment when we put through our concession proposal, we've committed to $2.2 billion over 10 years. And that's -- obviously, that's a mix of CapEx and OpEx. But we're very focused on getting the CapEx done as quickly as possible so that we can start to drive strong returns from it.

當然。所以我想退一步，如果你想想我們在通過特許權提案時的總承諾，我們已經承諾在 10 年內投入 22 億美元。那就是 - 顯然，這是資本支出和運營支出的混合體。但我們非常專注於盡快完成資本支出，以便我們可以開始從中獲得豐厚的回報。

The limiting factor is really the approval that we need locally to break ground and build anything. So it's really not in our hands. That's why we've given such a wide range because from our perspective, we're pacing towards getting through our D&D and designing everything, but we have to go through government approvals for anything that's construction related. So the range we gave was $50 million to $220 million.

限制因素實際上是我們需要在當地破土動工和建造任何東西的批准。所以它真的不在我們手中。這就是為什麼我們給出瞭如此廣泛的範圍，因為從我們的角度來看，我們正在努力完成我們的 D&D 和設計一切，但我們必須通過政府批准才能獲得與建築相關的任何東西。所以我們給出的範圍是5000萬到2.2億美元。

Our next caller is David Katz with Jefferies.

我們的下一位來電者是 Jefferies 的 David Katz。

This is Cassandra on behalf of David. You mentioned that digital was nearly broke even in the fourth quarter, excluding the World Series results. Can you discuss the upcoming launches and whether we should expect the business to inflect to profit this year?

這是代表大衛的卡桑德拉。你提到數字在第四季度幾乎收支平衡，不包括世界大賽的結果。您能否討論即將推出的產品以及我們是否應該期望該業務今年轉為盈利？

Sure. The upcoming -- the most significant upcoming launch is Massachusetts, where obviously, we have Encore Boston Harbor, and I would hope and expect that we will have a reasonable market share because of that -- the presence of that property as our competitors have in other markets.

當然。即將到來的 - 即將到來的最重要的發射是馬薩諸塞州，顯然，我們有 Encore Boston Harbor，我希望並期望我們將因此而擁有合理的市場份額 - 該物業的存在就像我們的競爭對手一樣其他市場。

We are driving the business as hard as we can while being prudent. I would expect some point of inflection in late 2023, depending upon how much user -- money good user acquisition we do in Massachusetts, but we have the burn at this point, really, really well under control.

我們在謹慎行事的同時盡最大努力推動業務發展。我預計 2023 年末會出現一些拐點，這取決於我們在馬薩諸塞州進行的用戶數量——金錢良好的用戶獲取，但在這一點上，我們已經完全控制住了燒錢。

And again, as we talked about before, the long-term strategy is really focused on Massachusetts and positioning ourselves for iGaming which would make the business accretive to our land-based resorts.

再一次，正如我們之前談到的，長期戰略真正專注於馬薩諸塞州，並將我們定位於 iGaming，這將使我們的陸地度假村業務增長。

Great. If I may follow up. Can you talk about your upcoming maturity? And any thoughts about tapping to the capital market now since we have seen some activity in the last few weeks?

偉大的。如果我可以跟進。你能談談你即將成熟的嗎？自從我們在過去幾週看到一些活動以來，現在有沒有關於進入資本市場的想法？

I think Julie just mentioned in the prepared remarks that we're going to pay down our upcoming maturity with cash on the balance sheet.

我認為朱莉剛剛在準備好的發言中提到，我們將用資產負債表上的現金償還即將到期的債務。

Our next caller is Robin Farley with UBS.

我們的下一位來電者是瑞銀的 Robin Farley。

I wonder just circling back to how things are trending or post-Chinese New Year obviously really strong numbers through the holiday. There's been chatter that the drop-off in the market overall. It was a little bit more than seasonal. So I wonder if you could sort of give your take on that. Is it reasonable to think that there'll just be kind of increased volatility, maybe around kind of shorter periods? Or I guess, how would you kind of frame that more than normal for the seasonal drop off post the holiday?

我想知道事情的趨勢如何，或者春節過後整個假期的數字顯然非常強勁。有傳言稱市場整體下滑。這比季節性多一點。所以我想知道你是否可以對此發表看法。認為只會增加波動性，也許是在更短的時期內，這是否合理？或者我想，對於假期後的季節性下降，你會如何看待比正常情況更多的框架？

Robin, yes, I'm not sure who you've been talking to. Frederic just mentioned that actually we've been performing above what we would normally see during that drop-off period.

羅賓，是的，我不確定你在和誰說話。 Frederic 剛剛提到，實際上我們的表現一直高於我們通常在下降期間看到的水平。

But when you say performing above, I don't know if that was a combination of you talked about your expenses being down, and so it could be overall EBITDAR. But just wondering on the...

但是當你說上面的表現時，我不知道這是否是你談到你的費用下降的組合，所以它可能是整體 EBITDAR。但只是想知道...

No. He was talking business volumes.

不，他說的是業務量。

Okay. So would you then assume that that's a growth in market share? And in other words, what's your take on sort of the overall market volatility that maybe you're gaining share in, it sounds like in that period, but just your thinking.

好的。那麼你會認為這是市場份額的增長嗎？換句話說，你對整體市場波動的看法是什麼，也許你正在獲得份額，這聽起來像是在那個時期，但只是你的想法。

It's a weak, right? In the grand scheme, it's a week. So it's hard to read any tea leaves in a week. What I would say is that the market roared back, Macau was a ranger on the mass side, on the direct VIP side, on the retail side, and on the occupancy side during Chinese New Year, and it outperformed our expectations for the lull period shortly thereafter. Anything beyond that, it's just too early to read.

這是一個弱者，對吧？在宏偉的計劃中，這是一個星期。所以很難在一周內閱讀任何茶葉。我要說的是，市場回升，澳門在農曆新年期間在大眾方面、直接貴賓方面、零售方面和入住方面都表現出色，超出了我們對淡季的預期此後不久。除此之外，現在閱讀還為時過早。

Okay. And just to clarify, when you say it outperformed your expectations, but you meant specifically that it was a better sequential drop off than what you've seen in '19 or just better than what your expectations were for this year?

好的。澄清一下，當你說它超出了你的預期時，你的意思是說它比你在 19 年看到的更好，或者只是比你今年的預期更好？

Former.

以前的。

Our next question is Daniel Palzer from Wells Fargo.

我們的下一個問題是富國銀行的 Daniel Palzer。

I wanted to circle back on the $4 million EBITDAR per day for Chinese New Year that you mentioned. Is there any way you could put that into historical context, I don't know what it was in 2019 or during other Golden Week or Chinese New York periods?

我想回到你提到的農曆新年每天 400 萬美元的 EBITDAR。有沒有什麼辦法可以把它放在歷史背景下，我不知道它在 2019 年或其他黃金周或中國紐約時期是什麼？

Yes, it would have been -- I don't remember if we've quoted it previously. So I want to be careful in terms of prior disclosure, but it's substantial relative to prior periods. It's not -- it's certainly not where we peak. I'll put it to you that way, because the junket contribution wasn't there this year, and that was, call it, $700 million to $1 million of EBITDAR in a normal Chinese New Year.

是的，本來可以——我不記得我們之前是否引用過它。所以我想在之前的披露方面要小心，但它相對於之前的時期來說是相當大的。它不是 - 它肯定不是我們達到頂峰的地方。我會這樣告訴你，因為今年沒有中介人的貢獻，那是在正常的中國新年裡 7 億到 100 萬美元的 EBITDAR。

I think the point is, it's a substantial number, given that the market really opened at the beginning of January, and it gives us confidence in the remainder of 2023 and beyond.

我認為關鍵是，這是一個很大的數字，因為市場真正在 1 月初開放，這讓我們對 2023 年剩餘時間及以後充滿信心。

Understood. And then just pivoting to Las Vegas. I mean to what extent since China is effectively reopened, have you seen that high-end Asia business kind of resurface your Vegas property?

明白了。然後就轉向拉斯維加斯。我的意思是，自從中國有效地重新開放以來，您是否看到高端亞洲業務在多大程度上重新出現在您的維加斯房產上？

Too early to say. I mean, our backdrop in the fourth quarter was pretty strong. So we've been doing pretty well on the back of [domestic box] business. And in fact, those folks from the region that chose to sit it out -- sit COVID out over here. So again, a little bit early to say.

說得太早了。我的意思是，我們在第四季度的背景非常強勁。因此，我們在 [國內盒子] 業務的支持下一直做得很好。事實上，來自該地區的那些選擇坐下來的人——把 COVID 坐到這裡來。所以，再說一遍，有點早。

You have to go through the process of getting a visa, you have to arrange travel, et cetera, et cetera. But certainly, international travel is a tailwind that we hope to see in Vegas in 2023 given that really in 2022, it was only -- the only real inbound visitation was some from Europe and from Latin America.

你必須完成獲得簽證的過程，你必須安排旅行，等等，等等。但可以肯定的是，國際旅行是我們希望在 2023 年在拉斯維加斯看到的順風，因為實際上在 2022 年，它只是 - 唯一真正的入境訪問是來自歐洲和拉丁美洲的一些。

Operator, the next question will be the last one.

接線員，下一題就是最後一題了。

And our last question comes from Stephen Grambling with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Stephen Grambling。

I may have missed this. But in Las Vegas, can you just provide any additional color on what you're seeing in terms of forward bookings, not only in -- I guess, the first quarter should be particularly strong, but even as we look out over the course of the year, what you're seeing and any expectations as it relates to kind of convention mix?

我可能錯過了這個。但是在拉斯維加斯，你能否提供任何額外的顏色來說明你在遠期預訂方面看到的情況，不僅是——我想，第一季度應該特別強勁，但即使我們展望未來這一年，您看到了什麼以及與會議組合相關的任何期望？

Sure. I'll start, and then I'll ask Brian to comment. So first and foremost, we have been really intentional over the past year and how we've approached our business in Las Vegas. Our business here is more relevant with the best customers than ever before. And so even with the tailwinds we've outperformed, yet we're keenly aware of the broader economic environment from interest rates to gas prices to layoffs, and we have a 2023 playbook for any number of economic scenarios. Brian, do you want to talk about your view on 2023 and then perhaps dig a little bit more into convention?

當然。我會開始，然後我會請 Brian 發表評論。因此，首先也是最重要的是，我們在過去一年中一直非常有意，以及我們如何處理我們在拉斯維加斯的業務。我們在這裡的業務比以往任何時候都與最好的客戶更相關。因此，即使順風順水，我們的表現仍然出色，但我們敏銳地意識到從利率到汽油價格再到裁員的更廣泛的經濟環境，我們有一個 2023 年的劇本可以應對任何數量的經濟情景。布賴恩，你想談談你對 2023 年的看法，然後或許更深入地了解一下慣例嗎？

Absolutely. As we look to '23, not only were we pacing strong coming out of '22 going into '23, has just accelerated, I'm so excited about what we've got coming in '23. When you look at it, we've got the best teams in the business. We've got the best assets in the business. In Vegas, we've got strong pace of group, particularly as we look forward into '23 and then even beyond.

絕對地。當我們展望 23 年時，我們不僅在 22 年進入 23 年時步伐強勁，而且剛剛加速，我對我們在 23 年取得的成就感到非常興奮。當你看它時，我們擁有業內最好的團隊。我們擁有業內最好的資產。在維加斯，我們的團隊節奏很快，尤其是在我們展望 23 年甚至更遠的時候。

Q1 may be a record for us. It's just really done well. We have strong pricing power in every channel. We got a new show. We just launched with awakening. We've got several projects coming in '23 that are really exciting. And then we kind of kicked things at the end, up a notch with F1 in November. So our outlook for the year, pending no other macroeconomic impacts looks pretty good. We're feeling pretty good about what we can see right now. So on the group side, very strong.

Q1 可能是我們的記錄。它真的做得很好。我們在每個渠道都有強大的定價權。我們有一個新節目。我們剛剛啟動了覺醒。我們在 23 年推出了幾個非常令人興奮的項目。然後我們在最後踢了一些東西，在 11 月的 F1 上提升了一個檔次。因此，在沒有其他宏觀經濟影響的情況下，我們對今年的展望看起來相當不錯。我們對現在所看到的感覺非常好。所以在集團方面，非常強大。

We're doing really well on what we can control. We don't control the macro economy. That's a fact. So how that flows, I don't know. But we're feeling good about our business here.

我們在我們可以控制的事情上做得很好。我們不控制宏觀經濟。這是事實。那麼它是如何流動的，我不知道。但我們對我們在這裡的業務感覺良好。

Fair enough. Then if I can just sneak in a quick follow-up on Macau. As you think about how to grow the direct VIP business, you're thinking about that as an opportunity, is one way to think through maybe some of the customers were used to that, both VIP and in the mass market segment as a target customer? And is there any way to frame how big that business could grow?

很公平。然後，如果我能偷偷跟進澳門的情況。當您考慮如何發展直接 VIP 業務時，您正在考慮將其視為一個機會，這是一種思考方式，也許一些客戶已經習慣了 VIP 和大眾市場部分作為目標客戶？有什麼方法可以確定該業務可以增長到多大？

Every customer is unique. And so it's really difficult. If I had a broad strokes playbook, I probably wouldn't share it on a public call. But every customer is unique. And so the ecosystem now, which is comprised of junkets but different, promoters, and us, it gives us the ability to address a subsegment of those junket customers.

每個客戶都是獨一無二的。所以這真的很難。如果我有一本粗略的劇本，我可能不會在公開電話會議上分享它。但每個客戶都是獨一無二的。因此，現在的生態系統由不同的中介人、發起人和我們組成，它使我們能夠解決這些中介人客戶的一個細分市場。

Some of them, they're going to -- it's going to take years to figure out. But certainly, a portion of those will migrate into our direct business. You saw it over Chinese New Year. And some of them will migrate into premium mass. But I don't think there's a broad swath playbook that we can talk about.

他們中的一些，他們會——這將需要數年時間才能弄清楚。但可以肯定的是，其中一部分將遷移到我們的直接業務中。你在農曆新年期間看到了它。其中一些將遷移到優質大眾。但我不認為我們可以談論一個廣泛的劇本。

Okay. Well, with that, we'll now close the call. Thank you all for your time today and your support in Wynn Resorts. We look forward to updating you very soon.

好的。好吧，有了這個，我們現在將結束通話。感謝大家今天抽出寶貴時間以及對永利渡假村的支持。我們期待盡快為您更新。

Thanks, everybody.

謝謝大家。

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

感謝您參加今天的電話會議。您現在可以斷開連接。