永利渡假村 (WYNN) 2023 Q1 法說會逐字稿

Welcome to the Wynn Resorts First Quarter 2023 Earnings Call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.

歡迎來到永利度假村 2023 年第一季度財報電話會議。 （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。

I will now turn the line over to Cameron -- I'm sorry, to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

我現在將電話轉給卡梅倫——對不起，轉交給首席財務官朱莉·卡梅倫-多伊。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 Linda Chen, Frederic Luvisutto and Jenny Holaday.

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。同時在線的還有 Linda Chen、Frederic Luvisutto 和 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.

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實現。

I will now turn the call over to Craig Billings.

我現在將把電話轉給 Craig Billings。

Thanks, Julie. Afternoon, everyone, and thanks for joining us today. Before we get into the specifics of the quarter, I'm pleased to say that after 3 years of suspension, today, we announced that we are resuming payment of a quarterly dividend, initially $0.25 per share. We have a number of growth projects in flight that require capital and will ultimately add meaningful EBITDA to our business. But with Macau returning to profitability and North America continuing to perform well above historical levels, we have sufficient financial flexibility to also return capital to shareholders.

謝謝，朱莉。大家下午好，感謝您今天加入我們。在我們進入本季度的具體細節之前，我很高興地說，在停牌 3 年後，今天，我們宣布恢復支付季度股息，最初為每股 0.25 美元。我們有許多正在進行的增長項目需要資金，最終將為我們的業務增加有意義的 EBITDA。但隨著澳門恢復盈利，北美的表現繼續遠高於歷史水平，我們有足夠的財務靈活性，也可以向股東返還資本。

I also want to express appreciation to our 27,000-plus team who were once again recently recognized by Forbes Travel Guide with 24 Five Star Awards, the most of any independent hotel company in the world. Thank you for all that you do.

我還想對我們的 27,000 多名團隊表示感謝，他們最近再次被《福布斯旅遊指南》授予 24 個五星級獎項，是世界上最多的獨立酒店公司。感謝您所做的一切。

Turning to Las Vegas. I have to tell you, it's a fascinating time in our business. Despite the confluence of high inflation, high interest rates, bank failures and increasingly difficult year-over-year comps, Wynn Las Vegas delivered an all-time record in Q1 with $232 million of adjusted property EBITDA, supported by a consumer that continues to feel flush. We also subsequently delivered the best April in the history of the property. We continue to invest heavily in people, programming and the building to further distance ourselves as the clear leader in luxury in Vegas.

轉向拉斯維加斯。我必須告訴你，這是我們業務中一個迷人的時刻。儘管受到高通脹、高利率、銀行倒閉和日益困難的同比收入的影響，Wynn Las Vegas 在第一季度創造了歷史新高，調整後的房地產 EBITDA 為 2.32 億美元，這得益於消費者繼續感到沖洗。我們隨後還交付了該物業歷史上最好的四月。我們繼續在人員、規劃和建築方面投入大量資金，以進一步拉開我們作為拉斯維加斯奢侈品行業明顯領導者的距離。

Looking ahead, we currently have a strong pipeline of forward group demand, continued rooms pricing power, healthy drop in handle and a robust programming calendar, particularly in the back half of the year. Yet I continue to watch the macro factors that I mentioned earlier, and I will note that with Q2 '23, we will begin comping against some very strong prior year quarters.

展望未來，我們目前擁有強大的遠期團體需求渠道、持續的客房定價能力、穩健的處理量下降和強勁的節目日曆，尤其是在今年下半年。然而，我繼續關注我之前提到的宏觀因素，我會注意到，在 2023 年第二季度，我們將開始與前一年的一些非常強勁的季度進行比較。

Lastly, just as I have the past several quarters, I will continue to tell you exactly what we're seeing. And right now, things feel good around here.

最後，就像過去幾個季度一樣，我將繼續準確地告訴您我們所看到的情況。現在，這裡感覺很好。

Turning to Boston. Like Vegas, Encore had a strong quarter, generating $63 million of EBITDA. We saw strength across the casino in terms of table drop, slot handle and overall GGR. On the nongaming side, we delivered strong hotel revenue driven by both ADR and occupancy. The strength has continued into Q2 with EBITDA per day in April, 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 EBITDA。我們在賭桌跌幅、老虎機手柄和整體 GGR 方面看到了整個賭場的優勢。在非博彩方面，我們在 ADR 和入住率的推動下實現了強勁的酒店收入。這種勢頭一直持續到第二季度，4 月份每天的 EBITDA 與我們在過去幾個季度經歷的趨勢基本一致。

We also launched retail sports betting at Encore Boston Harbor in Q1, which helped drive a 20% increase in sign-ups to our Wynn Rewards loyalty program year-to-date. I expect the book will continue to be a significant driver for new customer acquisition over time.

我們還在第一季度在 Encore Boston Harbor 推出了零售體育博彩，這幫助我們的 Wynn Rewards 忠誠度計劃今年迄今的註冊人數增加了 20%。我希望隨著時間的推移，這本書將繼續成為吸引新客戶的重要推動力。

On the development front in Boston, we finalized the interiors and began to buy out structural materials for our upcoming projects across the street from the property that will add incremental parking, food and beverage and entertainment amenities.

在波士頓的開發前線，我們完成了室內設計，並開始為我們即將在該物業街對面的項目購買結構材料，這些項目將增加停車位、餐飲和娛樂設施。

Turning to Macau. We generated $156 million of EBITDA in the quarter with lower-than-normal VIP hold negatively impacting EBITDA by about $10 million. In the casino, mass table drop reached 82% of Q1 2019 levels, and our VIP hold normalized market share was over 14% during the quarter despite unusually low hold in our mass business at Wynn Macau and the fact that significant portions of Wynn Macau's East casino were closed for renovation during the quarter. Encouragingly, that market share was consistent with full year 2019 levels.

說到澳門。我們在本季度產生了 1.56 億美元的 EBITDA，低於正常水平的 VIP 持有對 EBITDA 產生了約 1000 萬美元的負面影響。在賭場，中場賭台下降達到 2019 年第一季度水平的 82%，儘管我們在永利澳門的中場業務持有率異常低，而且永利澳門東區的很大一部分賭場在本季度因裝修而關閉。令人鼓舞的是，該市場份額與 2019 年全年水平一致。

On the nongaming side, our retail business was incredibly strong with tenant retail sales increasing 60% compared to the first quarter of 2019, once again highlighting the strength of our premium consumer.

在非博彩方面，我們的零售業務非常強勁，與 2019 年第一季度相比，租戶零售額增長了 60%，再次凸顯了我們高端消費者的實力。

Looking forward, as you have seen, market-wide GGR momentum in Macau has been very impressive, building through the first quarter and accelerating into April. Who would have thought even 6 months ago that the market would be run rating north of $22 billion of annual GGR.

展望未來，正如您所見，澳門整個市場的 GGR 勢頭非常可觀，從第一季度開始增長並加速進入 4 月。誰會在 6 個月前想到該市場的年度 GGR 將超過 220 億美元。

In April, our mass drop per day increased versus Q1, our direct VIP turnover per day increased meaningfully versus Q1, and occupancy and retail sales were very healthy. More recently, the May Golden Week holiday period was particularly strong, outperforming Golden Week 2019 in several key areas.

4 月份，與第一季度相比，我們每天的質量下降有所增加，與第一季度相比，我們每天的 VIP 直接營業額顯著增加，入住率和零售額都非常健康。最近，五一黃金周假期尤為強勁，在幾個關鍵領域的表現優於 2019 年黃金周。

In the casino, our overall mass table drop during the holiday period was nearly 10% above 2019 Golden Week levels, and our direct VIP turnover was more than double 2019 levels.

在賭場，我們在假期期間的整體中場賭台下降幅度比 2019 年黃金周水平高出近 10%，我們的直接 VIP 營業額是 2019 年水平的兩倍多。

Outside of gaming, our tenant retail sales increased 36% compared to Golden Week 2019, and our hotel occupancy was 95%. Performance during and after the quarter was skewed towards Wynn Palace driven both by the mix of customers that have returned to Macau in the initial reopening wave and the renovation-related closures of Wynn Macau that I mentioned earlier. We are making a number of changes and improvements to Wynn Macau that I expect will drive longer-term market share gain. In the meantime, I expect that Wynn Palace will continue to pace ahead of Wynn Macau in the recovery.

在博彩業之外，我們的租戶零售額與 2019 年黃金周相比增長了 36%，而我們的酒店入住率為 95%。本季度期間和之後的表現偏向永利皇宮，這是由於在最初的重新開放浪潮中返回澳門的客戶組合以及我之前提到的永利澳門因裝修相關的關閉而推動的。我們正在對永利澳門進行多項改革和改進，我預計這將推動長期市場份額的增長。與此同時，我預計永利皇宮將繼續在復蘇中領先於永利澳門。

On the development front in Macau, we are deep into design and planning for our concession-related CapEx commitments, which we believe will help support Macau's long-term diversification goals and be additive to our business over the coming years. We look forward to telling you more in due course.

在澳門的發展方面，我們正在深入設計和規劃與特許權相關的資本支出承諾，我們相信這將有助於支持澳門的長期多元化目標，並在未來幾年對我們的業務有所幫助。我們期待在適當的時候告訴您更多信息。

Lastly, I hope that you were all able to review the information we provided a couple of weeks ago on Wynn Al Marjan Island, our planned integrated resort in the UAE. If you haven't listened to the presentation or read through the slide deck, you can find both on our IR website. I'm incredibly proud of the program and design elements we have put together thus far. And as we noted in the presentation, we think the resort will generate between $450 million and $600 million of steady-state EBITDA. The combination of our 40% equity ownership in the project along with our management and license fees will drive a very healthy ROI for Wynn Resorts shareholders.

最後，我希望你們都能夠回顧我們幾週前提供的關於我們計劃在阿聯酋的綜合度假村 Wynn Al Marjan Island 的信息。如果您還沒有聽過演示或通讀過幻燈片，您可以在我們的 IR 網站上找到這兩者。到目前為止，我為我們放在一起的程序和設計元素感到無比自豪。正如我們在演示文稿中指出的那樣，我們認為該度假村將產生 4.5 億至 6 億美元的穩態 EBITDA。我們對該項目的 40% 股權以及我們的管理和許可費用的結合將為 Wynn Resorts 股東帶來非常健康的投資回報率。

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

有了這個，我現在將把它轉回給朱莉，讓她了解本季度的一些額外細節。

Thank you, Craig. At Wynn Las Vegas, we generated an all-time record of $231.6 million in adjusted property EBITDA on $586.8 million of operating revenue during the quarter. Higher-than-normal hold positively impacted EBITDA by around $4 million in Q1. Our hotel occupancy was 88.8% in the quarter, up 1,190 basis points year-over-year and up 620 basis points versus Q1 2019. 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 $493 during Q1 '23, up 14.1% versus Q1 '22 and 46% above Q1 2019 levels.

謝謝你，克雷格。在 Wynn Las Vegas，我們本季度的營業收入為 5.868 億美元，調整後的物業 EBITDA 達到 2.316 億美元，創歷史新高。第一季度高於正常水平的持有對 EBITDA 產生了約 400 萬美元的積極影響。本季度我們的酒店入住率為 88.8%，同比增長 1,190 個基點，與 2019 年第一季度相比增長 620 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 23 年第一季度達到創紀錄的 493 美元，比 22 年第一季度增長 14.1%，比 2019 年第一季度水平增長 46%。

Our other nongaming businesses saw broad-based strength across food and beverage, entertainment and retail, which were up nicely year-over-year and also well above pre-pandemic levels. In the casino, our Q1 '23 slot handle increased 33.5% year-over-year and with 99% of our Q1 2019 level. Similarly, our table drop was up 9.6% year-over-year and was 49% of our Q1 2019 levels. The team in Vegas has done a great job of controlling costs without negatively impacting the guest experience, delivering adjusted property EBITDA margin of 39.5% in the quarter.

我們的其他非博彩業務在食品和飲料、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。在賭場，我們的 Q1 '23 老虎機處理量同比增長 33.5%，達到 2019 年第一季度水平的 99%。同樣，我們的表降幅同比增長 9.6%，是我們 2019 年第一季度水平的 49%。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 EBITDA 利潤率為 39.5%。

On a hold-normalized basis, our EBITDA margin was up approximately 300 basis points year-over-year at approximately 1,400 basis points compared to Q1 2019. OpEx excluding gaming tax per day was $3.7 million in Q1 '23, which was flat sequentially and up 20% compared to Q1 2019 levels but well below the 46% increase in operating revenues.

在保持標準化的基礎上，與 2019 年第一季度相比，我們的 EBITDA 利潤率同比增長約 300 個基點，達到約 1,400 個基點。23 年第一季度，不包括博彩稅的每天運營支出為 370 萬美元，環比持平，與 2019 年第一季度相比增長 20%，但遠低於營業收入 46% 的增幅。

Turning to Boston. We generated adjusted property EBITDA of $63.4 million with EBITDA margin of 29.3%. We saw broad-based strength across casino and nongaming during the quarter. In the casino, we generated $191 million of GGR, a property record with strength in both tables and slots. Our nongaming revenue grew 21% year-over-year to $50.9 million with particular strength in hotel and food and beverage. We've stayed very disciplined on the cost side with OpEx excluding gaming tax per day of approximately $1.17 million in Q1 '23. This is up relative to Q1 '22 on increased business volumes and flat sequentially.

轉向波士頓。我們產生了 6340 萬美元的調整後物業 EBITDA，EBITDA 利潤率為 29.3%。我們在本季度看到了賭場和非博彩業的廣泛實力。在賭場，我們產生了 1.91 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 21% 至 5,090 萬美元，尤其是在酒店和食品飲料方面。我們在成本方面一直非常嚴格，運營支出不包括 23 年第一季度每天約 117 萬美元的博彩稅。這與 22 年第一季度的業務量增加有關，環比持平。

As we've discussed on prior calls, the year-over-year EBITDA and OpEx comps were impacted by contractual labor agreements, which added around $45,000 per day to our OpEx base beginning late in Q2 '22. We're well positioned to drive strong operating leverage as we continue to grow the top line over time.

正如我們在之前的電話會議上所討論的那樣，同比 EBITDA 和 OpEx 補償受到合同勞動協議的影響，從 22 年第二季度末開始，我們的 OpEx 基數每天增加約 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運營槓桿。

Our Macau operations delivered adjusted property EBITDA of $155.8 million in the quarter on $600.1 million of operating revenues. Lower-than-normal VIP hold negatively impacted EBITDA by around $10 million in Q1. As Craig noted, we were encouraged by the meaningful uptick in visitation and demand we experienced during the quarter with particular strength in mass casino and luxury retail sales. Our OpEx excluding gaming tax was approximately $2.3 million per day in Q1, a decrease compared to $3.2 million in Q1 2019 and up modestly from Q4 despite meaningful sequential increase in business volumes. The team has done a great job remaining disciplined on costs, and we're well positioned to drive strong operating leverage as the business recovers over time.

我們的澳門業務在本季度實現了 1.558 億美元的調整後物業 EBITDA，營業收入為 6.001 億美元。第一季度低於正常水平的 VIP 持倉對 EBITDA 產生了約 1000 萬美元的負面影響。正如 Craig 指出的那樣，我們對本季度的訪問量和需求顯著增加感到鼓舞，尤其是在大眾賭場和奢侈品零售銷售方面。我們在第一季度不包括博彩稅的運營支出約為每天 230 萬美元，與 2019 年第一季度的 320 萬美元相比有所下降，但與第四季度相比略有上升，儘管業務量連續出現顯著增長。該團隊在保持成本紀律方面做得很好，隨著業務隨著時間的推移恢復，我們有能力推動強大的運營槓桿。

In terms of CapEx, we're currently advancing through the design and planning stages on our concession commitments. And as we noted last quarter, these projects require a number of government approvals, creating a wide range of potential CapEx in the very near term. As such, for 2023, we continue to expect CapEx related to our concession commitments to range between $50 million to $220 million.

在資本支出方面，我們目前正在推進特許權承諾的設計和規劃階段。正如我們在上個季度指出的那樣，這些項目需要大量政府批准，從而在短期內產生廣泛的潛在資本支出。因此，到 2023 年，我們繼續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。

Turning to Wynn Interactive. Our EBITDA burn rate decreased both sequentially and year-over-year to $21.1 million in Q1 '23. Our team continues to stay disciplined on cost while driving improved marketing efficiencies.

轉向永利互動。我們的 EBITDA 燃燒率在 23 年第一季度環比和同比下降至 2110 萬美元。我們的團隊繼續嚴格控製成本，同時推動提高營銷效率。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of approximately $4.7 billion as of March 31. This was comprised of $1.6 billion of total cash and available liquidity in Macau and $3.1 billion in the U.S.

轉到資產負債表。截至 3 月 31 日，我們的流動性狀況仍然非常強勁，全球現金和可動用資金約為 47 億美元。其中包括澳門的 16 億美元現金和可用流動性以及美國的 31 億美元。

Importantly, the combination of very strong performance in Las Vegas and Boston with the properties generating over $1.1 billion of adjusted property EBITDA in the 12 months through March 31, together with our robust liquidity, creates a very healthy leverage profile in the U.S.

重要的是，在截至 3 月 31 日的 12 個月內，拉斯維加斯和波士頓的強勁表現與產生超過 11 億美元調整後房地產 EBITDA 的物業相結合，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。

As Craig noted, with our properties performing well in each of our markets and our robust liquidity, we're pleased to announce that the Board approved the resumption of our quarterly dividend with a cash dividend of $0.25 per share payable on June 6, 2023, to stockholders of record as of May 23, 2023, highlighting our commitment to prudently returning capital to shareholders.

正如 Craig 指出的那樣，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，我們很高興地宣布董事會批准恢復我們的季度股息，將於 2023 年 6 月 6 日支付每股 0.25 美元的現金股息，向截至 2023 年 5 月 23 日在冊的股東披露，強調了我們謹慎地向股東返還資本的承諾。

Finally, our CapEx in the quarter was $124 million primarily related to the spa and villa renovations and F&B enhancements at Wynn Las Vegas and normal course maintenance across the business.

最後，我們本季度的資本支出為 1.24 億美元，主要與 Wynn Las Vegas 的水療和別墅翻新以及餐飲改善以及整個業務的正常課程維護有關。

With that, we will 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。

Craig, as you talked about kind of some of the work you guys are doing on the Peninsula at that asset, how much of the, I guess, trailings of that asset relative to Cotai is related to the work versus how much of the overall recovery that you've experienced or the market has experienced in Cotai? How much is the Peninsula kind of lagged that? And what do you think or what do you think it takes to kind of narrow that gap in the resumption of kind of attempting to attain '19 levels in both geographies?

克雷格，當你談到你們在半島上對該資產所做的一些工作時，我猜，該資產相對於路氹的尾隨有多少與工作有關，而整體復甦有多少你在路氹經歷過或市場經歷過什麼？半島落後了多少？您如何看待或您認為需要什麼才能縮小在兩個地區恢復達到 19 級水平的嘗試中的差距？

Sure. No problem. Carlo, thanks for the question. So first, it's important to note, we don't normalize for mass hold. And so when we talk about normalized numbers, they don't include any unusually low hold of that. And we did hold low in mass at Wynn Macau in the quarter.

當然。沒問題。卡洛，謝謝你的提問。所以首先，重要的是要注意，我們不會針對質量保持進行標準化。因此，當我們談論標準化數字時，它們不包括任何異常低的保持率。本季度我們在永利澳門的質量確實很低。

But certainly, and I called it out for a reason, Wynn Palace is leading the charge amongst our 2 properties as the market comes back. There's really a few factors at play. I think everybody who follows Macau closely knows that GGR and visitation were somewhat disconnected in the initial wave in that you had a lot of dedicated players come back. A lot of those players -- well all -- most of those players are rated players. And they weren't coming with tour groups. They were coming as individual visitors and they disproportionately, at least within our business, ended up at Wynn Palace on Cotai when Macau historically has been more exposed to our group business, general unrated business, et cetera, et cetera. So I'm not surprised from that perspective that Wynn Palace led Wynn Macau. That's the first point.

但可以肯定的是，我之所以這麼說是有原因的，隨著市場的複蘇，永利皇宮在我們的 2 家酒店中處於領先地位。確實有幾個因素在起作用。我想每個密切關注澳門的人都知道 GGR 和訪問在最初的浪潮中有些脫節，因為你有很多專注的玩家回來了。很多這樣的球員——好吧——大部分球員都是有等級的球員。而且他們沒有跟旅遊團一起來。他們以個人遊客的身份前來，他們不成比例地（至少在我們的業務範圍內）最終來到了路氹城的永利皇宮，而澳門在歷史上更容易接觸到我們的集團業務、一般未評級業務等。因此，從永利皇宮領導永利澳門的角度來看，我並不感到驚訝。這是第一點。

The second point is that there are a number of changes that we're making to Wynn Macau, the property needs to be refreshed, and we're making those changes now. We did start those in Q1, including some pretty significant refreshment of the East casino there, which disrupted significant numbers of pits concurrently. They were effectively closed during the quarter. So that also had an impact.

第二點是我們正在對永利澳門進行一些更改，該物業需要更新，我們現在正在進行這些更改。我們確實在第一季度開始了這些，包括那裡的 East 賭場的一些相當重要的茶點，這同時擾亂了大量的坑。他們在本季度實際上已經關閉。所以這也有影響。

So I think as the market continues to recover, as more unrated play comes back to the market, as more tour groups come back to the market, then we'll get the natural benefit downtown. And then, of course, we're trying to make the property the best that it can be to take as much market share as we possibly can. But in the interim, as I said, I would expect Palace to lead Wynn Macau.

所以我認為，隨著市場繼續復甦，隨著更多未評級的遊戲重返市場，隨著更多旅行團重返市場，我們將在市中心獲得自然收益。然後，當然，我們正在努力使該物業成為最好的物業，以盡可能多地佔據市場份額。但在此期間，正如我所說，我預計皇宮將領導永利澳門。

That's helpful. And then as a follow-up, Obviously, there's plenty of development activity. There's obviously some spend on Cotai and your contributions down the road for the UAE development. What was the primary thought process and driving factors and the decision to reinstitute the dividend?

這很有幫助。然後作為後續行動，顯然，有大量的開發活動。路氹城顯然有一些支出，您為阿聯酋的發展做出了貢獻。主要的思維過程和驅動因素是什麼，以及重新開始分紅的決定是什麼？

Well, thanks, Carlo. Yes, the dividend, we -- as we always talk about with our investors, the dividend is the cornerstone of our capital return strategy. And the U.S. business is generating plenty of cash flow. Macau is coming back quickly. And so now we are doing exactly what you just alluded to. We're balancing these high-ROI development projects in Boston and the UAE.

好吧，謝謝，卡洛。是的，股息，我們——正如我們經常與投資者談論的那樣，股息是我們資本回報戰略的基石。美國業務正在產生大量現金流。澳門正在迅速回歸。所以現在我們正在做你剛才提到的事情。我們正在平衡波士頓和阿聯酋的這些高投資回報率開發項目。

We're preserving a bit of capital related to New York City to the extent that, that advances and on the other side, our desire to reimplement that dividend and return capital. So we felt like this initial dividend was a great place to start. And from there, stay tuned. We'll see how we grow it over time.

我們保留了一些與紐約市相關的資本，一方面，我們希望重新實現股息和回報資本。所以我們覺得這個初始紅利是一個很好的起點。從那裡開始，敬請期待。隨著時間的推移，我們將看到我們如何發展它。

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。

Craig, it looks like EBITDA margins on net revenues in Macau in March were about 30%. I just want to make sure if my math is right on that. And then when I just look at overall OpEx growth versus net or gross gaming or gross revenue growth, it looks like OpEx growth is approximately half of revenue growth. Do you think that can continue? Or do you think OpEx growth is lagging because of labor constraints and maybe other nuance things in the Macau marketplace?

克雷格，澳門 3 月份淨收入的 EBITDA 利潤率似乎約為 30%。我只是想確定我的數學是否正確。然後當我只看整體運營支出增長與淨或毛遊戲或總收入增長時，看起來運營支出增長大約是收入增長的一半。你認為這可以繼續嗎？還是您認為 OpEx 增長滯後是因為勞動力限制以及澳門市場的其他細微差別？

Well, I think -- thanks Joe. The market is structurally different than it was in 2019 and before for a few reasons. I think the change in the junket environment and the shift to mass is well understood. On the OpEx side, the concessionaires were encouraged to and generally did maintain labor throughout the course of the shutdown. There are components of the labor pool where I think all of us were able to, particularly with respect to some foreign labor, where we were able to trim.

好吧，我想——謝謝喬。由於一些原因，市場在結構上與 2019 年及之前有所不同。我認為中介環境的變化和向大眾的轉變是很好理解的。在 OpEx 方面，特許經營商被鼓勵在整個停工期間維持勞動力，而且通常確實如此。我認為我們所有人都能夠削減勞動力資源的某些組成部分，特別是在一些外國勞動力方面，我們能夠削減這些部分。

And so I think I've heard comments from some of our competitors that they were bringing labor back on, particularly on the housekeeping side, et cetera, et cetera. I think that's generally true for us. We have been operating at full capacity since the day the market reopened. We're probably light in a couple of labor categories, not high-dollar labor categories. So I don't think we're in a situation where certainly our fixed costs are going to meaningfully accelerate as the market accelerates. And I would expect some pretty healthy operating leverage coming out of the business over the course of the next couple of years.

所以我想我已經聽到我們的一些競爭對手的評論，他們正在重新僱傭勞動力，特別是在客房服務方面，等等。我認為這對我們來說通常是正確的。自市場重新開放之日起，我們就一直在滿負荷運轉。我們可能在幾個勞動力類別中很輕，而不是高薪勞動力類別。因此，我認為我們的固定成本肯定不會隨著市場加速而顯著加速。我預計在接下來的幾年中，該業務會出現一些相當健康的運營槓桿。

If you look at where Palace printed this quarter, you can look at that relative to 2019, and you can see that there was distinct margin improvement. Our service levels certainly haven't degraded versus 2019. So I'm pretty bullish.

如果你看看 Palace 本季度的印刷情況，你可以看看相對於 2019 年的情況，你會發現利潤率有明顯改善。與 2019 年相比，我們的服務水平肯定沒有下降。所以我非常樂觀。

Great. And I was hoping you can maybe put a little bit more meat on the bones with respect to your comments about April and Macau in terms of an EBITDA run rate. I don't know if you want to look at it as a percentage growth rate in relation to March or for the full quarter, but any additional details would be appreciated.

偉大的。我希望你能在 EBITDA 運行率方面就你對 4 月和澳門的評論說得更透徹一點。我不知道你是否想將其視為與 3 月份或整個季度相關的百分比增長率，但如能提供更多詳細信息，我們將不勝感激。

Well, I would just say our average EBITDA per day in April was up over our average EBITDA per day in Q1. You saw what the market did. The market grew quite healthy from both February to March and then March to April. And we had 14% share in the first quarter. So I think you can probably do the math from there.

好吧，我只想說我們 4 月份每天的平均 EBITDA 高於第一季度的平均每天 EBITDA。你看到了市場的表現。從 2 月到 3 月，然後是 3 月到 4 月，市場增長相當健康。我們在第一季度佔有 14% 的份額。所以我認為您可以從那裡進行數學計算。

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 we could get a little bit more color on the recovery you're seeing maybe in the VIP segment. So obviously, I think you called out direct being, I think, double over the Golden Week holiday. But maybe just in general, how you're serving that higher-end customer where you see them playing on the floor? Just kind of behaviorally, how has the market kind of adapted and adjusted to that and how your direct program has evolved as well?

只是希望我們能對您在 VIP 部分看到的複蘇有更多的了解。很明顯，我認為你直接呼籲在黃金周假期加倍。但也許只是一般而言，您如何為您看到他們在地板上玩耍的高端客戶提供服務？只是在行為上，市場是如何適應和調整的，你的直接計劃是如何發展的？

Sure. I think it's -- Shaun, I think it's honestly a little bit too early to forecast the overall trajectory of VIP, both direct and junket. But certainly, we were pleased with turnover in both the quarter and subsequent to, including Golden Week. I think it's a testament to how much Macau in general and we, in particular, have to offer those customers, including those from broader Asia.

當然。我認為 - Shaun，我認為現在預測 VIP 的整體軌跡（包括直接和中介）還為時過早。但當然，我們對本季度及之後的營業額感到滿意，包括黃金周。我認為這證明了澳門，特別是我們，必須為這些客戶提供多少服務，包括來自更廣汎亞洲的客戶。

So we're watching the situation closely. Stay tuned. I don't think there's been a lot of, frankly, changes in terms of how we execute in direct. We certainly have developed some incremental relationships, player referral relationships outside of the traditional markets, and that's part of the broader mandate to improve international visitation to Macau. But the way that we underwrite credit, the way we think about extending credit, none of that has changed. So we'll see how it develops over the course of the next couple of quarters. But overall, I think we've been pleasantly surprised.

所以我們正在密切關注局勢。敬請關注。坦率地說，我不認為我們直接執行的方式有很多變化。我們當然已經在傳統市場之外發展了一些增量關係，玩家推薦關係，這是改善澳門國際訪問量的更廣泛任務的一部分。但是我們承銷信貸的方式，我們考慮提供信貸的方式，都沒有改變。因此，我們將看到它在接下來的幾個季度中如何發展。但總的來說，我認為我們感到驚喜。

And as my follow-up, could you just -- going back to the renovations for a second on the Peninsula, your expectations for when those should conclude or if they don't conclude entirely sort of become materially less of a headwind from here, how long that program is expected to last?

作為我的後續行動，你能不能——回到半島的翻修一秒鐘，你對這些應該何時結束或者如果他們沒有完全結束的期望從這裡開始變得不那麼不利了，該計劃預計將持續多長時間？

The material impact will subside this quarter. So we had the portions of the main floor on the East side closed at various points throughout Q1. That's complete. Now we're doing some work in some of our adjacent salons, and that will complete this quarter. There's a number of other things that will have a longer tail, but it shouldn't impact revenue the same way.

物質影響將在本季度消退。因此，我們在整個第一季度的不同時間點關閉了東側主樓層的部分。那是完整的。現在我們正在一些鄰近的沙龍做一些工作，這將在本季度完成。還有很多其他東西會有更長的尾巴，但它不應該以同樣的方式影響收入。

(Operator Instructions)

（操作員說明）

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 wanted to actually pivot to Wynn on margin. Can you maybe talk about how we should think about this property evolving over time in terms of the timing of your capital commitment, maybe the financing breakdown versus the equity contributions versus debt, gaming versus nongaming? Just any additional color and I appreciate that the presentation was pretty thorough. But just as we think about this going forward and over the next few years, that would be helpful.

我真的想在保證金上轉向永利。你能不能談談我們應該如何根據你的資本承諾的時間來考慮這個財產隨著時間的推移而演變，也許是融資分解與股權出資與債務，博彩與非博彩？只是任何額外的顏色，我很欣賞演示非常詳盡。但正如我們在未來幾年考慮這一點一樣，這將是有幫助的。

Yes. Sure. Think about it as a $4 billion project for now. Think about it as 50% equity, 50% construction-related financing with the exact percentage TBD. Think about the equity going in pro rata with the construction cost, that's always a debate you have with the financing sources. So we'll see how that goes, but that's the way that I would model it for now.

是的。當然。現在將其視為一個 40 億美元的項目。將其視為 50% 的股權，50% 的建築相關融資，具體百分比待定。想想股權與建築成本成正比，這一直是你與融資來源的爭論。所以我們會看看情況如何，但這就是我現在建模的方式。

I've talked a bit about this on prior calls. The market in Dubai from a nongaming perspective is incredibly healthy. If you look at ADRs, if you look at spend on food and beverage, if you look at spend on luxury retail, it's tremendous. And so we think that this -- the more time we spend there, we think that this business is much more akin to our Las Vegas business than it is, say, Macau or Boston, which are primarily gaming-centric markets. So we think that this will be a healthy balance of gaming-nongaming and that, that will allow us to provide a very full and high-quality experience and generate very healthy returns.

我在之前的電話中已經談過這個問題。從非博彩業的角度來看，迪拜市場非常健康。如果你看看 ADR，如果你看看在食品和飲料上的支出，如果你看看在奢侈品零售上的支出，就會發現這是巨大的。所以我們認為，我們在那裡度過的時間越多，我們認為這項業務更類似於我們在拉斯維加斯的業務，而不是澳門或波士頓等主要以博彩為中心的市場。所以我們認為這將是遊戲與非遊戲的健康平衡，這將使我們能夠提供非常完整和高質量的體驗並產生非常健康的回報。

Got it. And then just in terms of Macau, I know there was a couple of moving pieces in the quarter. Is there any way to maybe quantify -- and I recognize that this is not something you would typically adjust for, but that mass hold in the quarter in terms of the impact to EBITDA as well as that construction disruption and just as we kind of think about in a normalized scenario going forward, that would be helpful.

知道了。然後就澳門而言，我知道本季度有一些變化。有沒有什麼方法可以量化——我認識到這不是你通常會調整的東西，但在對 EBITDA 的影響以及施工中斷方面，這個季度的質量保持不變，就像我們認為的那樣關於在未來的正常情況下，這會有所幫助。

Yes. So there's probably 500 basis points of low mass hold, plus or minus. You have the statistics in the press release, you have drops, so you can apply that to it. And the construction disruption, we have not quantified.

是的。所以可能有 500 個基點的低質量持有，正負。你有新聞稿中的統計數據，你有下降，所以你可以將其應用到它。而施工中斷，我們還沒有量化。

Our next caller is David Katz with Jefferies.

我們的下一位來電者是 Jefferies 的 David Katz。

We'll go to the next caller. Robin Farley, you may go ahead with UBS.

我們會去找下一個來電者。 Robin Farley，你可以繼續與瑞銀合作。

I just wanted to circle back to your comments about VIP hold, the fact that it was at kind of 2x the level of 2019 your direct business for Golden Week. If we think about your direct VIP business in 2019 being maybe kind of 15% of total VIP, is it reasonable to think you could get back to 30% of previous VIP levels or even higher since this is really just kind of out of the box here under the new regulations?

我只是想回到你對 VIP 保留的評論，事實上它是 2019 年黃金周直接業務水平的 2 倍。如果我們考慮您在 2019 年的直接 VIP 業務可能佔 VIP 總數的 15%，那麼認為您可以恢復到之前 VIP 水平的 30% 甚至更高是否合理，因為這真的有點開箱即用這裡是根據新規定？

Well, thanks, Robin. I think what's unknown at this point is the denominator in your equation. So we don't know what total VIP will be yet, right? We need to really see how that develops over the course of the next couple of quarters.

好吧，謝謝，羅賓。我認為此時未知的是你方程式中的分母。所以我們還不知道 VIP 總數是多少，對吧？我們需要真正了解在接下來的幾個季度中情況如何發展。

There's really no legal or structural impediments to us returning to our prior direct VIP business or, frankly, exceeding it. It's unaffected by -- generally unaffected by the legal changes that happened. So I think that we were...

我們真的沒有法律或結構上的障礙來阻止我們回到我們之前的直接 VIP 業務，或者坦率地說，超過它。它不受——通常不受發生的法律變化的影響。所以我認為我們是...

I mean that's what I was suggesting. In other words, if you were at 2x the level already for Golden Week that you could -- in other words, is there a reason that wouldn't be a sustainable rate of sort of recovery of your previous what was direct, that you'd be able to recapture some of what have been junket business at that same level or even higher?

我的意思是這就是我的建議。換句話說，如果你的水平已經是黃金周的 2 倍，你可以——換句話說，有沒有理由說你以前的直接恢復速度不是可持續的，你是否能夠重新奪回相同級別或更高級別的中介業務？

No. There's no reason that we couldn't do that, other than credit underwriting. What we won't do is underwrite players that we're not comfortable with from an asset perspective. So with that caveat, no, there's nothing that could stop that.

不，除了信用承銷之外，我們沒有理由不能這樣做。我們不會做的是承保我們從資產角度來看不滿意的球員。所以有了這個警告，不，沒有什麼可以阻止它。

We'll take one last question, operator.

接線員，我們將提出最後一個問題。

John DeCree with CBRE.

世邦魏理仕的 John DeCree。

Maybe bring the conversation back home for one in Las Vegas, obviously, a fantastic quarter for you guys in the market as a whole. And 2 kind of customer segments that we're paying attention to is the international customer and convention recovery. Presumably, we've seen both of those kind of accelerate in 1Q. So curious to get your thoughts on where the recovery of those 2 segments are for Wynn specifically and how much room you see in front for those kind of 2 customer segments relative to '19.

也許把談話帶回拉斯維加斯，顯然，對於整個市場的你們來說，這是一個美妙的季度。我們關注的兩種客戶群是國際客戶和會議恢復。據推測，我們在第一季度看到了這兩種加速。很想知道你對 Wynn 的這兩個細分市場的複蘇具體在哪裡的想法，以及相對於 19 年，你看到這兩個客戶細分市場前面有多少空間。

Sure. I'll cover international and then I'll ask Brian to talk about the group and convention pacing. On the international side, you're right, the market has not gotten back to its full pre-COVID levels. It's really been a geography-by-geography question. LatAm started to return early. Europe has started to come back. And so there are certainly opportunities in international.

當然。我將介紹國際，然後我會請 Brian 談談集團和會議的節奏。在國際方面，你是對的，市場還沒有完全恢復到 COVID 前的水平。這確實是一個逐個地理的問題。 LatAm 開始提前回歸。歐洲已經開始回歸。所以在國際上肯定有機會。

I do want to -- I would specifically call out China and Mainland Chinese guests where we don't know yet because it's very, very early there. And so we'll see how that plays out. But international is starting to trickle back. And I think that, that will be a tailwind as we move through 2023 with the caveat that I mentioned with respect to seeing how China plays out.

我確實想 - 我會特別召集我們還不知道的中國和中國大陸客人，因為那裡非常非常早。因此，我們將看看結果如何。但國際開始回流。而且我認為，這將是我們在 2023 年前進時的順風，我提到了關於中國如何發揮作用的警告。

Brian, do you want to comment on our group and convention pace?

布賴恩，你想評論我們的團隊和會議節奏嗎？

Sure. Thanks, Craig. John, yes, I would say that group is back beyond '19 levels at this point. When you look to Q1 and what we did, the team did an amazing job. We had one of our best -- well, we had the best convention group revenue we've ever had. We had all the stars line up, CES, Homebuilders, CONEXPO. It was just a phenomenal quarter, which then helped drive the record quarter.

當然。謝謝，克雷格。約翰，是的，我會說該小組此時已經回到了 19 歲以上的水平。當您查看第一季度和我們所做的事情時，該團隊做得非常出色。我們擁有最好的之一——好吧，我們擁有有史以來最好的會議集團收入。 CES、Homebuilders、CONEXPO 等明星齊聚一堂。這只是一個非凡的季度，隨後幫助推動了創紀錄的季度。

If you look forward, I think the group business is solid. Our team has done a great job. We're pacing towards record group room nights for this year with very strong ADRs. We built a solid base that will allow us to yield manage our rooms in the other segments as we move forward. And right now, '24 -- knock on wood, '24 is actually pacing ahead of what we believe will be a record '23.

如果你向前看，我認為集團業務是穩固的。我們的團隊做得很好。今年，我們正朝著創紀錄的團體間夜數邁進，ADR 非常強勁。我們建立了一個堅實的基礎，使我們能夠在前進的過程中管理我們在其他部門的房間。而現在，24 年——敲木頭，24 年實際上領先於我們認為將創紀錄的 23 年。

So yes, we're back to beyond '19 levels, and we see this right now continuing. We're looking for the signs. Don't see any signs of softening yet, but we're going to be cautious and reactive, we have to. But right now, it looks pretty good.

所以是的，我們回到了 19 世紀以後的水平，我們現在看到這種情況還在繼續。我們正在尋找跡象。目前還沒有看到任何軟化的跡象，但我們將保持謹慎和被動，我們必須這樣做。但是現在，它看起來還不錯。

And we have -- again, as Brian said, it's proven to be interesting. I think everybody, at least that we talk to on the sell side and the buy side, keeps waiting for a shoe to drop in Vegas. And it hasn't to date.

而且，正如布賴恩所說，我們再次證明它很有趣。我認為每個人，至少我們在賣方和買方交談過的人，都在等待拉斯維加斯的一隻鞋子掉下來。而且它還沒有日期。

Now we have a 2023 playbook, 2024 playbook for every possible scenario because we learned how to operate our business incredibly efficiently as we went through all the various iterations of COVID. So we feel great about where we are. We're ready for anything, and we'll see how we go.

現在我們有針對每種可能情況的 2023 年和 2024 年行動手冊，因為我們在經歷了 COVID 的所有各種迭代過程中學會瞭如何非常有效地運營我們的業務。所以我們對自己所處的位置感覺很好。我們已經準備好迎接任何事情，我們會看看我們如何去。

That's really helpful. Maybe as a follow-up, one more on Macau. Craig, could you kind of give us your insights on the competitive landscape, I guess, particularly on the direct VIP and premium mass? It seems like there's been plenty to go around so far in early recovery, but curious to get your updated thoughts on player reinvestment and how competitive or promotional the market has been, if at all?

這真的很有幫助。也許作為後續行動，再來一個關於澳門的。克雷格，我想你能給我們介紹一下你對競爭格局的見解嗎，尤其是直接 VIP 和優質大眾？到目前為止，在早期恢復階段似乎還有很多事情要做，但很想知道你對球員再投資的最新想法，以及市場的競爭或促銷情況，如果有的話？

Sure. It's early, right? And a wise person once told me that half of great strategic thinking is ignoring noise, and there is a tremendous amount of noise in the market in Q1. We had competitors with rooms out of commission. We had whole volatility because in the early portion of the quarter when you have lower volumes, you inherently have whole volatility. You have a lot of things. You have the market compounding month over month and growing month over month and creates a lot of noise.

當然。還早吧？一位智者曾告訴我，偉大的戰略思想有一半是忽略了噪音，而第一季度市場上有大量的噪音。我們的競爭對手的房間沒有佣金。我們有整體波動，因為在本季度的早期，當你的交易量較低時，你本身就有整體波動。你有很多東西。市場逐月復利，逐月增長，並產生大量噪音。

But in general, I would say that the market is coming back much more quickly than anybody would have thought of certainly 6, 9 months ago. It's incredibly good to see. The margin profile of the businesses across Macau looks pretty strong, which would indicate to me that reinvestment rates are relatively disciplined, which is good. And I think that overall, the behavior in the market is quite rational. So I think the next couple of months, the next quarter, 1.5 quarters, I think will be telling to see what the pace and size of the recovery is.

但總的來說，我會說市場恢復的速度比任何人在 6、9 個月前想像的要快得多。看到它真是太好了。澳門企業的利潤率狀況看起來相當強勁，這對我來說表明再投資率相對穩定，這很好。我認為總體而言，市場行為是非常理性的。所以我認為接下來的幾個月，下一個季度，1.5 個季度，我認為將會說明復甦的速度和規模。

If you -- I mean who can imagine that we're run rating $22 billion of GGR right now. For us, if you kind of roll the business forward and do your modeling, what you'll find is that at around $26.5 billion of GGR, our combined properties start to produce the EBITDA, something close to the EBITDA that they produced in 2019, which is pretty unbelievable.

如果你——我的意思是誰能想像我們現在正在對 220 億美元的 GGR 進行評級。對我們來說，如果您將業務向前推進並進行建模，您會發現，在大約 265 億美元的 GGR 中，我們的合併資產開始產生 EBITDA，接近他們在 2019 年產生的 EBITDA，這真是令人難以置信。

And so I think as you see the market continue to gain momentum, and we've all -- all of us in that market have been around the block many, many times, have been through ups, downs and everything else, I think you'll see the concessionaires behave relatively rationally. And I think it's good for the market. It's good for us. It's good for them.

所以我認為，正如你所看到的市場繼續獲得動力，我們所有人 - 我們在那個市場上的所有人都經歷過很多很多次，經歷了起伏和其他一切，我想你會看到特許經營者的行為相對理性。我認為這對市場有利。這對我們有好處。這對他們有好處。

Yes. That sounds very encouraging, Craig. Congratulations on a great quarter.

是的。這聽起來很鼓舞人心，克雷格。祝賀一個偉大的季度。

Thank you. Appreciate it.

謝謝。欣賞它。

Thank you. Well, with that, we'll close the call. Thank you for your interest in Wynn Resorts, and we look forward to sharing more information with you next quarter.

謝謝。好吧，有了這個，我們將結束通話。感謝您對永利渡假村的關注，我們期待下個季度與您分享更多信息。

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。