永利渡假村 (WYNN) 2023 Q2 法說會逐字稿

Welcome to the Wynn Resorts Second Quarter 2023 Earnings Call. All participants are in a listen-only mode until the question-and-answer session of today's conference. (Operator Instructions) This call is being recorded. (Operator Instructions) I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

歡迎參加永利度假村 2023 年第二季度收益電話會議。在今天會議的問答環節之前，所有參與者都處於只聽模式。 （操作員說明）此通話正在錄音。 （操作員指示）我現在將電話轉給首席財務官 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 Whiteman in Las Vegas. Also on the line are 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. I will now turn the call over to Craig Billings.

謝謝接線員，大家下午好。今天與我通話的是拉斯維加斯的克雷格·比林斯 (Craig Billings)、布萊恩·古爾布蘭茨 (Brian Gullbrants) 和史蒂夫·懷特曼 (Steve Whiteman)。在線的還有 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聲明，這些聲明可能會或可能不會實現。我現在將把電話轉給克雷格·比林斯。

Thanks, Julie. Afternoon, everyone, and thanks for joining us today. Well, what a quarter. Who would have thought just 6 months ago that we would be run rating $2.2 billion of property EBITDA? To put that in context, peak annual property EBITDA for the company was $2 billion in 2018. Yet here we are today. We have a more diversified business with the addition of Encore Boston Harbor. We have a business in Macau that is running structurally higher margins into a resurging market, a business in Las Vegas that is more relevant than ever and is producing nearly double its 2018 EBITDA on much higher margins, and we have a very substantial growth opportunity in the UAE, the most exciting new gaming market in decades.

謝謝，朱莉。大家下午好，感謝您今天加入我們。嗯，四分之一啊。就在 6 個月前，誰會想到我們會對 22 億美元的房地產 EBITDA 進行評級？綜上所述，2018 年該公司的年度房地產 EBITDA 峰值為 20 億美元。但我們今天就到了這裡。隨著安可波士頓港的加入，我們的業務更加多元化。我們在澳門的一項業務在復甦的市場中獲得了結構性更高的利潤，在拉斯維加斯的一項業務比以往任何時候都更加重要，其利潤率幾乎是2018 年EBITDA 的兩倍，而且我們在阿聯酋，幾十年來最令人興奮的新遊戲市場。

I see tremendous value in our business, and I know our brightest days are ahead of us. Our path is the clearest it has been in years, and our team is committed and energized.

我看到了我們業務的巨大價值，並且我知道我們最光明的日子就在前方。我們的道路是多年來最清晰的，我們的團隊充滿決心和活力。

Turning to the quarter and starting in Vegas, Wynn Las Vegas delivered $224 million of adjusted property EBITDA. On a hold-normalized basis, our EBITDA was up 3% on a very difficult year-over-year comp. We saw strength all over the place: the casino, the hotel, the restaurants, retail, you name it, all supported by a consumer that seems more than willing to continue spending on unique luxury experiences. Now we obviously have a very particular customer type skewing heavily to luxury, and we continue to closely monitor whether or not interest rates and inflation begin to impact that consumer. But so far, so good. In fact, drop, handle and REVPAR are all up year-over-year in July. And that's obviously before we get into the latter portion of the year, which has a number of tailwinds from citywide programming.

回到本季度，從拉斯維加斯開始，永利拉斯維加斯實現了 2.24 億美元的調整後房地產 EBITDA。在保持正常化的基礎上，我們的 EBITDA 增長了 3%，但同比增長非常困難。我們在各處都看到了優勢：賭場、酒店、餐廳、零售店，凡是你能想到的，所有這些都得到了消費者的支持，他們似乎非常願意繼續在獨特的奢華體驗上花錢。現在，我們顯然有一個非常特殊的客戶類型，嚴重偏向於奢侈品，我們將繼續密切監視利率和通貨膨脹是否開始影響該消費者。但到目前為止，一切都很好。事實上，7 月份的跌幅、處理量和 REVPAR 均同比上漲。這顯然是在我們進入今年下半年之前，今年下半年有來自全市範圍內的節目的許多推動力。

Turning to Boston. Like Vegas, Encore had a strong quarter, generating $69 million of EBITDAR, an all-time property record. We generated record GGR in the casino, led by strong growth in slot handle and the addition of retail sports betting earlier this year. On the non-gaming side, we delivered strong hotel revenue, driven by both ADR and occupancy. On the development front in Boston, we're advancing our East of Broadway expansion project now.

轉向波士頓。與維加斯一樣，Encore 的季度表現強勁，EBITDAR 達到 6,900 萬美元，創下房地產歷史記錄。今年早些時候，由於老虎機數量的強勁增長和零售體育博彩的增加，我們在賭場創造了創紀錄的總博彩收入。在非博彩方面，在平均房價和入住率的推動下，我們實現了強勁的酒店收入。在波士頓的開發方面，我們現在正在推進東百老匯擴建項目。

Turning to Macau. We generated $246 million of EBITDA in the quarter, which was 72% of pre-COVID levels. Hold was a bit of a mixed bag in the quarter as we held high in our VIP business, but that was more than offset by low hold on the mass table side. We saw strength across the property with several components of the business above 2019 levels. In the casino, mass table drop increased 4% versus Q2 2019, despite the fact that portions of Wynn Macau's casino were closed for renovation during the quarter. The quality of our product and service, the relaunch of our loyalty program and our very robust non-gaming events calendar all helped drive 14.2% market share in the quarter, consistent with our share as we exited 2019.

轉向澳門。本季度我們產生了 2.46 億美元的 EBITDA，是新冠疫情爆發前水平的 72%。本季度的持有情況有點參差不齊，因為我們在 VIP 業務中持有較高的份額，但這被大眾桌方面的較低持有量所抵消。我們看到了整個酒店業的強勁勢頭，該業務的多個組成部分都高於 2019 年的水平。在賭場方面，儘管永利澳門賭場的部分區域在本季度因裝修而關閉，但與 2019 年第二季度相比，中場賭台下降了 4%。我們的產品和服務質量、忠誠度計劃的重新啟動以及非常強大的非博彩活動日曆都幫助我們在本季度獲得了 14.2% 的市場份額，與 2019 年結束時的市場份額一致。

On the non-gaming side, our retail business continues to be incredibly strong, with tenant retail sales increasing 47% relative to 2Q 2019. Looking forward, as you have seen, market-wide GGR momentum in Macau has been impressive, building through the second quarter. The strength has continued into Q3, with mass drop per day in July exceeding what we experienced in each month in Q2 and reaching 120% of daily mass drop in 2019. In July, we also continued to experience robust hotel occupancy and very healthy tenant retail sales. On the development front, 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.

在非博彩方面，我們的零售業務繼續強勁強勁，租戶零售額較 2019 年第二季度增長 47%。展望未來，正如您所見，澳門整個市場的 GGR 勢頭令人印象深刻，通過第二季度。這種勢頭持續到第三季度，7 月份的日質量下降超過了第二季度每個月的水平，達到2019 年日質量下降的120%。7 月份，我們還繼續經歷強勁的酒店入住率和非常健康的租戶零售銷售量。在發展方面，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，並在未來幾年為我們的業務帶來補充。

Lastly, construction is now underway on Wynn Al Marjan Island, our planned integrated resort in the UAE, with our secant walls and soil compaction complete and over 40% of the required hotel piles in the ground. As I said earlier, this is the most exciting new market opening in decades, and we will bring our A game to this development. Our 40% equity ownership and management license fees will drive a very healthy ROI for Wynn Resorts shareholders. With that, I will now turn it back to Julie to run through some additional details on the quarter. Julie?

最後，我們計劃在阿聯酋建設的綜合度假村 Wynn Al Marjan 島的施工正在進行中，我們的割線牆和土壤壓實工作已完成，超過 40% 的酒店所需樁基已入土。正如我之前所說，這是幾十年來最令人興奮的新市場開放，我們將在這一發展中發揮我們的優勢。我們 40% 的股權和管理許可費將為永利度假村股東帶來非常健康的投資回報率。現在，我將把它轉回給朱莉，以詳細介紹本季度的一些其他細節。朱麗葉？

Thank you, Craig. At Wynn Las Vegas, we generated $224.1 million in adjusted property EBITDA on $578.1 million of operating revenue during the quarter, delivering an EBITDA margin of 38.8%. Slightly lower than normal hold negatively impacted EBITDA by around $2 million in Q2, and hold-normalized adjusted property EBITDA was up 3% year-over-year. Our hotel revenue increased 6% year-over-year to $177.8 million, a new second quarter record, on the back of an increase of 24,000 occupied room nights due to rooms that were out of service for renovations in Q2 2022. ADR occupancy and RevPAR were all up slightly compared to Q2 2022, despite the increase in available room nights, highlighting the appeal of our newly renovated room product. Our other non-gaming businesses saw broad-based strength across food and beverage, entertainment and retail. In the casino, our GGR increased around 2% year-over-year, driven by a 14.8% year-over-year increase in slot handle and table drops that was roughly flat.

謝謝你，克雷格。在拉斯維加斯永利酒店，本季度營業收入為 5.781 億美元，調整後的房地產 EBITDA 為 2.241 億美元，EBITDA 利潤率為 38.8%。略低於正常持有水平對第二季度 EBITDA 產生了約 200 萬美元的負面影響，持有正常化調整後房地產 EBITDA 同比增長 3%。我們的酒店收入同比增長 6%，達到 1.778 億美元，創下第二季度新紀錄，原因是 2022 年第二季度因裝修而停止服務的客房增加了 24,000 晚入住間夜。 ADR 入住率和 RevPAR儘管可用間夜數有所增加，但與2022 年第二季度相比，所有客房數均略有上升，凸顯了我們新裝修的客房產品的吸引力。我們的其他非博彩業務在食品和飲料、娛樂和零售領域都表現出廣泛的優勢。在賭場，我們的 GGR 同比增長約 2%，這主要是由於老虎機手柄數同比增長 14.8%，賭台掉落率大致持平。

Turning to Boston. We generated adjusted property EBITDA of $69.1 million, an all-time property record. EBITDA margin was 31.1%, up 80 basis points year-over-year. We saw broad-based strength across casino and nongaming during the quarter. In the casino, we generated $193 million of GGR, a property record, with strength in both tables and slots. Our nongaming revenue grew 3.8% year-over-year to $55.1 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 $1.15 million in Q2 2023, up 3.6% year-over-year on increased business volumes and down 1% sequentially.

轉向波士頓。我們的調整後房地產 EBITDA 達到 6,910 萬美元，創下房地產歷史記錄。 EBITDA 利潤率為 31.1%，同比增長 80 個基點。本季度我們看到賭場和非博彩領域的廣泛實力。在賭場，我們創造了 1.93 億美元的 GGR，創下了財產記錄，在賭桌和老虎機方面均表現強勁。我們的非博彩收入同比增長 3.8% 至 5,510 萬美元，其中酒店和餐飲業務尤其強勁。我們在成本方面一直非常嚴格，2023 年第二季度的運營支出（不包括每天的博彩稅）約為 115 萬美元，隨著業務量的增加，同比增長 3.6%，環比下降 1%。

As you may have seen in the press, we were pleased to recently sign new union agreements that provide our employees with competitive wages, benefits and a best-in-class working environment that reflects our Wynn service standards. We expect the incremental OpEx from the new agreements to be partially offset by cost efficiencies we have identified in areas of the business that do not impact the guest experience. Additionally, I would like to note that business volumes in Q3 are temporarily being negatively impacted by the Sumner Tunnel restoration project the City of Boston is conducting that will be ongoing through August 31. The impact is primarily being felt in our table games business, as both slots and nongaming revenue continued to grow year-on-year in July.

正如您可能在媒體上看到的那樣，我們很高興最近簽署了新的工會協議，為我們的員工提供有競爭力的工資、福利和一流的工作環境，反映了我們的永利服務標準。我們預計新協議帶來的增量運營支出將被我們在不影響賓客體驗的業務領域中確定的成本效率所部分抵消。此外，我想指出的是，第三季度的業務量暫時受到波士頓市正在進行的薩姆納隧道修復項目的負面影響，該項目將持續到8 月31 日。這種影響主要體現在我們的賭桌遊戲業務中，因為7 月份老虎機和非博彩收入均繼續同比增長。

Our Macau operations delivered adjusted property EBITDA of $246.2 million in the quarter on $769.9 million of operating revenue. As Craig noted, we held high in our VIP business, but this was more than offset by lower-than-expected hold on the mass table side. We were encouraged by the meaningful uptick in visitation and demand we experienced during the quarter, with particular strength in mass casino drop, direct VIP turnover, luxury retail sales and hotel revenue all above Q2 2019 levels. EBITDA margin was 32% in the quarter, an increase of 280 basis points relative to Q2 2019, with Wynn Palace's margin reaching 33.4%, or 690 basis points above Q2 2019 levels.

我們的澳門業務本季度調整後的房地產 EBITDA 為 2.462 億美元，營業收入為 7.699 億美元。正如克雷格指出的那樣，我們在 VIP 業務中保持高位，但這被大眾餐桌方面低於預期的保持所抵消。我們對本季度訪問量和需求的顯著上升感到鼓舞，其中大型賭場下降、直接 VIP 營業額、奢侈品零售銷售和酒店收入均高於 2019 年第二季度的水平。本季度 EBITDA 利潤率為 32%，較 2019 年第二季度增加 280 個基點，其中永利皇宮的利潤率達到 33.4%，較 2019 年第二季度水平高出 690 個基點。

EBITDA margin strength was driven by a combination of a favorable mix shift to higher-margin mass gaming and operating leverage on cost efficiencies. In fact, our OpEx, excluding gaming tax, was approximately $2.2 million per day in Q2, a decrease of 29% compared to $3.2 million in Q2 2019 and down 2% from Q1 despite the meaningful sequential increase in business volumes. The team has done a great job remaining disciplined on costs, and we're well positioned to continue to drive strong operating leverage as the business recovers over time.

EBITDA 利潤率的增長是由向利潤率更高的大眾博彩的有利組合轉變和成本效率的運營槓桿共同推動的。事實上，我們第二季度的運營支出（不包括博彩稅）約為每天220 萬美元，與2019 年第二季度的320 萬美元相比下降了29%，儘管業務量環比大幅增長，但比第一季度下降了2%。該團隊在保持成本控制方面做得很好，隨著業務隨著時間的推移而復蘇，我們有能力繼續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 commitment. And as we noted in the past few quarters, these projects require a number of government approvals, creating a wide range of potential CapEx in the very near term. As such, for 2023 through 2024, we expect CapEx related to our concession commitments to range between $300 million and $400 million.

就資本支出而言，我們目前正在推進特許經營承諾的設計和規劃階段。正如我們在過去幾個季度所指出的，這些項目需要獲得多項政府批准，從而在短期內創造廣泛的潛在資本支出。因此，從 2023 年到 2024 年，我們預計與我們的特許經營承諾相關的資本支出將在 3 億至 4 億美元之間。

Turning to Wynn Interactive, our EBITDA burn rate decreased both sequentially and year-over-year to $15 million in Q2 2023. Our team continues to stay disciplined on costs while driving improved marketing efficiencies.

就 Wynn Interactive 而言，我們的 EBITDA 消耗率在 2023 年第二季度環比和同比均下降至 1500 萬美元。我們的團隊繼續嚴格控製成本，同時提高營銷效率。

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 June 30. This was comprised of $1.8 billion of total cash and available liquidity in Macau and $2.9 billion in the U.S. Importantly, the combination of strong performance in each of our markets globally with our properties run rating approximately $2.2 billion of annualized property EBITDA, together with our robust cash and liquidity, creates a very healthy leverage profile for the company globally.

繼續看資產負債表。我們的流動性狀況仍然非常強勁，截至6 月30 日，全球現金和左輪可用資金約為47 億美元。其中包括澳門的18 億美元現金和可用流動性總額以及美國的29 億美元。重要的是，每個領域的強勁表現相結合我們的房地產年化房地產 EBITDA 約為 22 億美元，加上我們強勁的現金和流動性，為公司在全球範圍內創造了非常健康的槓桿狀況。

We're also pleased to announce that the Board approved a cash dividend of $0.25 per share payable on August 31, 2023, to stockholders of record as of August 21, 2023, highlighting our commitment to returning capital to shareholders. Finally, our CapEx in the quarter was $92 million, primarily related to the (inaudible) renovations and food and beverage enhancements at Wynn Las Vegas and normal course maintenance across the business. With that, we'll now open up the call to Q&A.

我們還很高興地宣布，董事會批准於 2023 年 8 月 31 日向截至 2023 年 8 月 21 日登記在冊的股東支付每股 0.25 美元的現金股息，這突顯了我們向股東返還資本的承諾。最後，我們本季度的資本支出為 9200 萬美元，主要與拉斯維加斯永利酒店的（聽不清）翻新和餐飲增強以及整個業務的正常維護有關。至此，我們現在將開始問答環節。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Our first question comes from Carlo Santarelli from Deutsche Bank.

我們的第一個問題來自德意志銀行的卡洛桑塔雷利。

Hey Craig, Julie, everyone. So Craig, just on the Macau front, obviously, the reduction sequentially in daily OpEx was a little bit of a differentiator relative to what we've seen in some peer reports. Can you talk a little bit more about that? And also, it looks as though your implied commission discounts, et cetera, were -- as a percentage of revenue were down nicely sequentially. Do you expect kind of that trend to continue going forward?

嘿克雷格，朱莉，大家。因此，克雷格，就澳門而言，顯然，與我們在一些同行報告中看到的情況相比，每日運營支出的連續減少有點不同。您能多談談嗎？而且，看起來你的隱含佣金折扣等佔收入的百分比也連續下降。您預計這種趨勢會繼續發展嗎？

Sure, Carlo. Well, first, on the OpEx side, I think that we're always modulating OpEx based on business volumes and what we need to get done in any particular quarter. I think the distinction between us and perhaps some of the other folks that have reported that you have seen is that we opened with a full complement of folks. And so we weren't dragging floors, we didn't have rooms out of service, et cetera, et cetera. And so we came out of the gate with the full OpEx that you're seeing today, and any movements between quarters is really going to be a function of the business in that quarter.

當然，卡洛。嗯，首先，在運營支出方面，我認為我們總是根據業務量以及我們在任何特定季度需要完成的工作來調整運營支出。我認為我們與您所看到的其他一些人的區別在於，我們開業時有完整的人員。所以我們沒有拖拖拉拉，我們沒有房間停止服務，等等。因此，我們一開始就擁有了您今天看到的完整運營支出，季度之間的任何變動實際上都將取決於該季度的業務。

On the commissions and discounts, there hasn't been any substantial change to how we do that. So again, that's going to be quite player-specific, based on the parameters of each player. And so again, I wouldn't read too much into it.

在佣金和折扣方面，我們的做法沒有任何實質性改變。再說一次，這將是非常特定於玩家的，基於每個玩家的參數。再說一遍，我不會對此進行太多解讀。

Great. And then if I could, Craig, a follow-up. Turning to Las Vegas, obviously, very strong performance on the -- especially on the cost discipline side. Can you talk a little bit -- I believe your labor contract actually ended in July. So I wouldn't have expected any impact, but could you talk a little bit about how you guys intend to kind of accrue for what may be a settlement and some new terms going forward or anything that was present in the 2Q, perhaps?

偉大的。如果可以的話，克雷格，後續行動。轉向拉斯維加斯，顯然，其表現非常強勁——尤其是在成本紀律方面。你能講一下嗎——我相信你的勞動合同實際上是在七月份結束的。所以我沒想到會產生任何影響，但是您能否談談你們打算如何為可能的和解和未來的一些新條款或第二季度出現的任何內容積累資金？

Sure. How much time have you got, Carlos?

當然。卡洛斯，你還有多少時間？

Plenty. Plenty, I guess.

很多。我想很多。

Well, first, what I'll say is this. First and foremost, the team at Wynn Las Vegas is the heart and soul of the place. They're very important to me, and it's the same reason that we paid everybody during the closure, during COVID. And if you look over the term of the last union contracts, their contractual wage increases initially outpaced inflation. And then, of course, lagged inflation over the course of the past couple of years. Net-net, over the last contract, they were actually flat versus core CPI.

嗯，首先，我要說的是這個。首先也是最重要的是，拉斯維加斯永利酒店的團隊是這個地方的核心和靈魂。它們對我來說非常重要，這與我們在疫情期間關閉期間向每個人支付工資的原因是一樣的。如果你看看最後一份工會合同的期限，你會發現他們的合同工資增長最初超過了通貨膨脹。當然，過去幾年通脹滯後。淨淨，在上一份合同中，它們實際上與核心 CPI 持平。

But unfortunately, and it's a reality, rent in Las Vegas has increased more than CPI over that same period. And it's very important to me that our employees can support a stable home environment for their families. So I expect there will be some back and forth as we work with culinary to find a fair compensation level that supports our folks, particularly our non-tipped folks, and their ability to maintain their housing. It's pretty early in the process. So we're not really even close to quantifying dollars yet or talking about accruals. But rest assured, we'll figure it out in a way that's positive for the business over the medium and long term.

但不幸的是，事實上，同期拉斯維加斯的租金漲幅超過了 CPI。對我來說非常重要的是，我們的員工能夠為家人提供穩定的家庭環境。因此，我預計在我們與烹飪界合作尋找一個公平的補償水平來支持我們的人們，特別是我們的無小費的人們，以及他們維持住房的能力時，將會有一些來回。現在還處於這個過程的早期階段。因此，我們還沒有真正接近量化美元或談論應計費用。但請放心，我們會以一種對中長期業務有利的方式解決這個問題。

And our next caller is Joe Greff with JPMorgan.

我們的下一個來電者是摩根大通的喬·格雷夫。

Craig, when you look back at the 2Q, would you say in Macau -- would you say when Macau and the Peninsula was -- had a meaningful amount of renovation disruption to the EBITDA line that you would call out? Or do you think you were able to effectively shift what otherwise have been disrupted to either other parts of the casino or to your property in Cotai?

克雷格，當你回顧第二季度時，你會說澳門——你會說澳門和半島的時候——對 EBITDA 線進行了大量的改造中斷嗎？或者您認為您能夠有效地將原本受到干擾的情況轉移到賭場的其他部分或您在路氹城的房產嗎？

Well, the renovation -- thanks, Joe. The renovations that took place were smack dab in the middle of the casino floor. So certainly, there was a level of disruption. I think the more macro point would be that a lot of the visitation that has come back, particularly for us, has come back in Cotai. And we've -- if you think about a world where there are no longer any junkets, yet we're holding market share. I'm incredibly proud of what we've been able to do on a combined basis.

嗯，翻新——謝謝，喬。所進行的翻修正好位於賭場樓層的中間。所以當然，存在一定程度的破壞。我認為更宏觀的一點是，很多回來的遊客，特別是對我們來說，已經回到了路氹城。如果你想像一個不再有中介人的世界，我們仍然佔據著市場份額。我對我們共同取得的成就感到無比自豪。

But certainly, we have work to do in terms of share downtown. And the business will go as that share goes. It's a pretty simple business. Your market share times the market, minus taxes, minus OpEx equals EBITDA. So our focus is on driving share downtown, and really, that's the way that we think about the business going forward. And that's why we did the renovations in the first place. So I don't want to give you the impression that the quarter's results were entirely a function of the renovation, because they're not. But certainly, on the margin, they were impacted.

但當然，在市中心共享方面我們還有很多工作要做。隨著份額的增加，業務也會隨之發展。這是一件非常簡單的事情。你的市場份額乘以市場，減去稅收，再減去運營支出，就等於 EBITDA。因此，我們的重點是提高市中心的份額，實際上，這就是我們思考未來業務的方式。這就是我們首先進行翻修的原因。因此，我不想給您留下這樣的印象：本季度的業績完全是翻修的結果，因為事實並非如此。但可以肯定的是，他們在一定程度上受到了影響。

And I'm presuming the renovation was completed at some point in June, if you can confirm that. But would you expect that Cotai and Peninsula would be more in balance going forward, similar to 2019? Or do you think visitation dynamics are such where the Cotai region is just going to get a little bit more traction?

如果您能證實這一點，我猜想翻修工程已在六月的某個時候完成。但您是否認為路氹城和半島未來會更加平衡，類似於 2019 年？或者您認為路氹地區的遊客動態會得到更多的關注嗎？

Confirmed and the latter.

確認的是後者。

Got it. Okay. And then you called out -- as others did in the 1Q and parts of the 2Q this reporting season, talking about low hold on the mass side, we can see the whole percentages in the last couple of quarters versus what you did in 2019 at both properties. What is that a function of? Are players betting side bets or playing differently? Or is it really just a couple of quarters of aberrations and expected table hold percentages?

知道了。好的。然後你大聲疾呼——正如其他人在本報告季第一季度和第二季度的部分時間所做的那樣，談論大眾方面的低保持率，我們可以看到過去幾個季度的整體百分比與你在2019年所做的相比兩個屬性。那是什麼函數？玩家是否進行邊注或以不同的方式進行遊戲？或者這真的只是幾個季度的偏差和預期的賭桌佔有率？

Yes. You're right. And historically, by the way, we haven't normalized for mass hold, and that was -- that made sense when the business was more balanced between mass and VIP. So that's something we're going to rethink going forward. But to your question very specifically, it's really a function of 2 things. And it was most acute at Wynn Macau rather than Wynn Palace. It's a function of volumes and normal course volatility.

是的。你說得對。順便說一句，從歷史上看，我們還沒有對大眾持有進行標準化，而當大眾和 VIP 之間的業務更加平衡時，這是有意義的。所以這是我們未來要重新考慮的事情。但對於你的問題來說，它實際上是兩件事的函數。其中，永利澳門的情況最為嚴重，而非永利皇宮。它是交易量和正常波動率的函數。

So you mentioned just normal aberrations, and certainly, that's part of it. But volume inherently smooths volatility. So when you had tour groups and you had core mass and you had just more bodies coming to Macau, the impact of volatility was inherently muted, and that's just not the case right now. So I would expect to continue to see volatility. Sometimes it will be to our benefit, and sometimes it will be to the players.

所以你提到的只是正常的畸變，當然，這是其中的一部分。但交易量本質上可以平滑波動。因此，當你有旅遊團、有核心群體、有更多的人來到澳門時，波動的影響本質上是減弱的，但現在的情況並非如此。因此，我預計會繼續出現波動。有時這對我們有利，有時對玩家有利。

Our next caller is Shaun Kelley with Bank of America.

我們的下一個來電者是美國銀行的肖恩·凱利。

Craig, maybe one more about Macau. But just wondering if you could give a little bit of color about sort of segments of business, what you're seeing across particularly behavior-wise across premium mass and VIP. And I'm really thinking kind of spend per visit relative to what's left to recover on the visitation side as you look to see things normalize?

克雷格，也許再來一篇關於澳門的文章。但只是想知道您是否可以對某些業務領域提供一些顏色，您在優質大眾和 VIP 中特別是行為方面所看到的情況。我真的在想，當你希望看到事情正常化時，每次訪問的支出相對於訪問方面剩下的恢復費用？

Yes. I'm going to not comment on VIP, because it's obviously very patron-specific, and VIP volumes are, while surprisingly good, still a fraction of what they were previously. On the mass side, we've seen length of stay decline, which makes sense because during COVID, if you made the commitment to come, you were coming for an extended period. But we've seen spend per customer actually go up. And so frequency has increased, length of stay has decreased and spend per customer has gone up, which is great, because that gives you the opportunity to make efficient use of your rooms and is generally good for business. But I don't really have a comment on VIP.

是的。我不會對 VIP 發表評論，因為它顯然是針對特定顧客的，而且 VIP 數量雖然出人意料地好，但仍然只是以前的一小部分。在大眾方面，我們看到停留時間下降，這是有道理的，因為在新冠疫情期間，如果你承諾來，你就會來很長一段時間。但我們已經看到每位客戶的支出實際上有所增加。因此，頻率增加了，停留時間縮短了，每位客戶的支出增加了，這很好，因為這讓您有機會有效利用您的房間，並且通常有利於業務。但我對VIP實在沒有什麼評論。

Very helpful. And then maybe one for you or Julie, I just wanted to ask about the CapEx comment in the prepared remarks. I believe the callout was around some of the concession commitments and something around $300 million to $400 million. The question is, was that a per year number? Or is that a total number across kind of 2023 and 2024? And then if you could just remind us how you're thinking about sort of the CapEx versus possible OpEx components related to that concession process? Because I know it's a little different for everybody, and I know these plans are moving around some.

很有幫助。然後也許是給你或朱莉的，我只是想問一下準備好的評論中的資本支出評論。我相信此次標註是圍繞一些特許權承諾以及大約 3 億至 4 億美元的金額進行的。問題是，這是每年的數字嗎？或者這是 2023 年和 2024 年的總數？然後，您能否提醒我們，您如何考慮與特許權流程相關的資本支出和可能的運營支出組成部分？因為我知道每個人的情況都有些不同，而且我知道這些計劃正在發生變化。

Sure. I'll take that. Yes, that number we've given out of $300 million to $400 million is the '23 to '24 number. And really, we've done that. I think we've always foreshadowed that the process takes some time because of all the different approvals that are required. So we were hopeful that we would get more on this year. But actually, now we're looking at the $300 million to $400 million over the '23 to '24 period in total.

當然。我會接受的。是的，我們在 3 億至 4 億美元中給出的數字是“23 至 24”的數字。事實上，我們已經做到了。我認為我們一直預示著這個過程需要一些時間，因為需要所有不同的批准。因此，我們希望今年能取得更多成果。但實際上，現在我們正在關注 23 至 24 年間總計 3 億至 4 億美元的收入。

In terms of how we're thinking about the concession, it's more than half of the commitment we made. More than half of the $2 billion is CapEx-related, and we do expect that to be front-end loaded. So obviously, with the $300 million to $400 million in the first 2 years, and then a similar clip to that for a couple of years after that.

就我們如何考慮讓步而言，這佔了我們做出的承諾的一半以上。 20 億美元中超過一半與資本支出相關，我們確實預計這將由前端加載。很明顯，前兩年收入為 3 億至 4 億美元，之後幾年也有類似的剪輯。

And then I would just point out that on the OpEx side, I would just like to remind you that there's a lot of things that we do in the business today that already support nongaming. And so we don't expect all of that to be incremental.

然後我想指出，在運營支出方面，我想提醒大家，我們今天在業務中所做的很多事情已經支持非遊戲。因此，我們並不期望所有這些都是增量的。

Our next caller is Stephen Grambling with Morgan Stanley.

我們的下一個來電者是摩根士丹利的史蒂芬·格蘭布林（Stephen Grambling）。

Maybe a clarification on July in Macau. I think you said the run rate was 120% of 2019 levels on hold. Should we think of that as true for hold adjusted win rate comparing versus 2019? And any reason to believe that the $2.2 million in OpEx per day would be similar or different during that month versus the quarter as we build going forward?

也許七月在澳門會做出澄清。我想你說過運行率為 2019 年水平的 120%。與 2019 年相比，我們是否應該認為對於持有調整後的勝率來說也是如此？有什麼理由相信該月每天 220 萬美元的運營支出與我們未來建設的季度相比會相似或不同？

The 120 -- sure. The 120% that I referenced was drop. So it has no -- so Wynn obviously has no impact. And OpEx, no expectation of any material changes in OpEx.

120——當然。我提到的120%是下降。所以它沒有——所以永利顯然沒有影響。至於運營支出，預計運營支出不會發生任何重大變化。

And then maybe as a follow-up on capital allocation. I think if we take the $2.2 billion run rate EBITDAR, less the concession spend, some other CapEx in Vegas in the dividend. It looks like there could still be some free cash flow left over. Is that the right way to think about it? And is there appetite in our ability to ramp capital return? Or do you generally think the pandemic has altered how you think about liquidity and leverage?

然後也許作為資本配置的後續行動。我認為，如果我們採用 22 億美元的息稅折舊攤銷前利潤 (EBITDAR)，減去特許經營支出，以及維加斯的股息中的其他一些資本支出。看起來仍然可能剩下一些自由現金流。這是正確的思考方式嗎？我們是否有能力提高資本回報？或者您普遍認為疫情改變了您對流動性和槓桿的看法？

Julie, do you want to take the first portion of that, and I'll take the second?

朱莉，你想接受第一部分，我接受第二部分嗎？

About the CapEx?

關於資本支出？

About the free cash flow.

關於自由現金流。

Sure. Yes, you're quite right. We're now with the $2.2 billion run rate and interest under control and all of that, we have sizable discretionary free cash flow. And so we're very focused on what we'll be doing in terms of delevering, returning to shareholders and of course, all of the exciting projects we have in front of us.

當然。是的，你說得很對。我們現在控制著 22 億美元的運行率和利息，所有這些，我們擁有可觀的可自由支配的自由現金流。因此，我們非常關注我們將在去槓桿化、回報股東方面所做的事情，當然還有我們面前的所有令人興奮的項目。

Yes. We're well capitalized at the moment. And I expect we will maintain some extra liquidity until we really see how a few things play out. First is New York. The second is the macro economy and the third is the yield curve. And we're always looking at the markets, the capital markets and thinking about when to refinance and whether to do it dollar-for-dollar or modestly delever. And when to return capital to shareholders, primarily by adding to the dividend. So we're in a bit of a wait-and-see approach at this moment. But if you think about it, we've got a great project in the UAE that is going to be a stunner. We've reinitiated our dividend, and our leverage is well under control. So we feel pretty good about where we are.

是的。目前我們資本充足。我預計我們將保持一些額外的流動性，直到我們真正看到一些事情會如何發展。首先是紐約。第二是宏觀經濟，第三是收益率曲線。我們一直在關注市場、資本市場，並思考何時進行再融資，以及是按美元兌美元還是適度去槓桿化。何時向股東返還資本，主要是通過增加股息。因此，我們目前處於觀望態度。但如果你仔細想想，我們在阿聯酋有一個偉大的項目，這將是一個令人驚嘆的項目。我們已經重新發放股息，我們的槓桿率也得到了很好的控制。所以我們對自己所處的位置感覺很好。

Our next caller comes from David Katz with Jefferies.

我們的下一個來電者來自杰弗里斯的大衛·卡茨。

I'm hoping for just a little more insight on margins in Macau. It's been one of the questions that -- trying to figure out what the new normal is or could be longer term as we think about the future, largely driven by revenue mix. I wonder what updated thoughts you may have versus what we would have had 90 days ago. Or more than that when I was over to visit, where it was the prevailing question.

我希望對澳門的利潤率有更多的了解。這是我們思考未來時試圖弄清楚新常態是什麼或可能是長期的問題之一，這主要是由收入組合驅動的。我想知道與 90 天前相比，您現在的想法有何更新。或者更重要的是，當我去訪問時，這是普遍存在的問題。

Sure, David. Not really. I mean, I think a little bit like what happened in the U.S., we learned to run our business differently. So you mentioned primarily related to business mix. And certainly, that's a component of it. But we're running the business really, really well. The quality of service is as it should be and as it has always been, yet our OpEx has come down pretty meaningfully. And I think it's a testament to Linda and Frederic and Craig (inaudible), our CFO, over there and everything they've been able to do with the business. So really, what you're seeing is particularly at Palace, you can see it in the margin. What you're seeing is the impact of both sides of it with operating leverage coming through from business volumes and pretty robust expense control.

當然，大衛。並不真地。我的意思是，我認為有點像美國發生的事情，我們學會了以不同的方式經營我們的業務。所以你提到主要與業務組合有關。當然，這是其中的一個組成部分。但我們的業務運營得非常非常好。服務質量一如既往，但我們的運營成本卻大幅下降。我認為這證明了琳達、弗雷德里克和我們的首席財務官克雷格（聽不清）以及他們在業務方面所做的一切。所以說真的，你所看到的尤其是在宮殿，你可以在邊緣看到它。您看到的是雙方的影響，運營槓桿來自業務量和相當強大的費用控制。

Right. And leaving it to us to decide on the order of magnitude, but it is fair to assume that there still should be some margin upside in Macau still to be captured as volumes return, correct?

正確的。讓我們來決定數量級，但可以公平地假設，隨著成交量的回升，澳門仍然應該有一些利潤上升空間，對嗎？

Well, I haven't been in an Excel model in probably 15 years. But if I were doing one, I would probably hold margin at Palace relatively constant, just to be conservative. I mean, it's in the low-30s today, which is pretty darn good. And I would assume that Wynn Macau's margin increases as we aggressively fight for share.

嗯，我大概有 15 年沒有接觸過 Excel 模型了。但如果我這麼做的話，為了保守起見，我可能會保持宮殿的利潤率相對穩定。我的意思是，今天的價格是 30 多歲，這非常好。我認為，隨著我們積極爭奪市場份額，永利澳門的利潤率會增加。

Our next caller is Brandt Montour with Barclays.

我們的下一個來電者是巴克萊銀行的布蘭特·蒙圖爾。

So in Las Vegas, obviously, a great result there. REVPAR and ADR were flat to up small year-over-year. Just curious, how you're feeling about taking rate from these levels that you're at. Today, obviously, occupancy is pretty full. And looking out in the back half of the year, how do you feel about your comparisons -- sort of cadence, third quarter, fourth quarter, as well as the sort of financial impact or the hotel impact from F1 in the fourth quarter?

顯然，在拉斯維加斯，取得了很好的成績。 REVPAR 和 ADR 同比持平或小幅上升。只是好奇，你對從你所處的這些水平上獲取利率有什麼感覺。顯然，今天的入住率已經相當滿了。展望今年下半年，您對比較有何看法——節奏、第三季度、第四季度，以及第四季度 F1 的財務影響或酒店影響？

Sure. I'll start, and then I'll ask Brian to comment. We have grown ADR pretty meaningfully, certainly since the property reopened from the closure in 2020, and I'm incredibly proud of our ability to do that. It really speaks to the product that we offer. And we've held those rates, and we've continued to have a rate premium to the rest of the town. Our ability to continue to take rate really depends on the macro.

當然。我先開始，然後請布萊恩發表評論。自 2020 年該酒店關閉後重新開業以來，我們的 ADR 增長非常有意義，我對我們做到這一點的能力感到非常自豪。它確實與我們提供的產品有關。我們維持了這些利率，並且繼續保持比鎮上其他地方更高的利率。我們繼續採取利率的能力實際上取決於宏觀。

And as I mentioned in my opening remarks, the best I can do is kind of give you a clear picture of what we're seeing right now, and it's good. But as I've said before, we have a 2023 playbook for really end 2024 for every scenario. So I'm not really going to forecast whether we think we can continue to take rate given how dependent it is on the overall economy, but we're feeling great about our business. Brian, do you want to talk about pacing?

正如我在開場白中提到的，我能做的最好的事情就是讓您清楚地了解我們現在所看到的情況，這很好。但正如我之前所說，我們為每種情況準備了 2023 年的劇本，直到 2024 年年底。因此，考慮到利率對整體經濟的依賴程度，我不會真正預測我們是否可以繼續採用利率，但我們對我們的業務感覺很好。布萊恩，你想談談節奏嗎？

Sure. Yes. I mean if you look at -- our forward-looking demand indicators are really remaining quite healthy. The room bookings we have are pacing up year-over-year. And as far as group pace, it continues to be strong. We've mentioned it on previous calls, Q3 and Q4 continue with the same pace that we've had thus far this year. So 2023 will wind up being a record group year. And '24 continues to pace ahead of that. So we keep looking for the signs, but lead volume is there, and our team does a great job of converting.

當然。是的。我的意思是，如果你看一下——我們的前瞻性需求指標確實保持相當健康。我們的客房預訂量逐年增加。就團體節奏而言，它仍然很強勁。我們在之前的電話會議中提到過這一點，第三季度和第四季度繼續以與今年迄今為止相同的速度進行。因此，2023 年將成為創紀錄的團體年。 '24 繼續領先於此。因此，我們一直在尋找跡象，但潛在客戶量是存在的，而且我們的團隊在轉化方面做得很好。

Okay. That's super helpful. And then for Al Marjan, I appreciate the comments. Obviously, an exciting property. Can you give us an update on the casino license and sort of the pathway there and just an update, if you have everything you need for the sort of full plan that you've laid out in your initial projections?

好的。這非常有幫助。對於 Al Marjan，我很欣賞您的評論。顯然，這是一個令人興奮的財產。如果您擁有在最初預測中製定的完整計劃所需的一切，您能否向我們提供有關賭場許可證和途徑的最新信息以及更新信息？

Sure. We have everything we need to operate gaming in Al Marjan. And I think there's confusion here because there's a lack of understanding regarding individual Emirates versus the UAE as a whole. It's clearly a 10, as I think I've talked about before to a state and federal system. So while there may be conversation in other Emirates about legalization or legalization at the federal level, thereby covering all Emirates, I expect that we will have our license for Ras Al Khaimah actually imminently. But there should be no concern that there is a legalization process that needs to occur in order for a broader legalization process in order for gaming to occur in that property.

當然。我們擁有在阿爾馬里安經營博彩所需的一切。我認為這裡存在混亂，因為人們對單個阿聯酋航空與整個阿聯酋缺乏了解。顯然是 10，正如我之前向州和聯邦系統討論過的那樣。因此，雖然其他酋長國可能會就合法化或聯邦層面的合法化進行討論，從而覆蓋所有酋長國，但我預計我們很快就會獲得哈伊馬角的許可證。但不必擔心需要進行合法化過程，以便進行更廣泛的合法化過程，以便在該財產中進行博彩。

Thank you. Our next caller is Dan Politzer with Wells Fargo.

謝謝。我們的下一位來電者是富國銀行的丹·波利策 (Dan Politzer)。

On prior calls, I think you mentioned that you could get back to a run rate EBITDA -- and I think it was about $26 billion, $27 billion range for GGR. I mean given what you're seeing in terms of mix and margin, is that still achievable? And going back to that July under 20% data point that you gave, is this something that maybe is achievable in the back end of this year?

在之前的電話會議上，我想您提到您可以回到 EBITDA 運行率，我認為 GGR 約為 260 億美元至 270 億美元。我的意思是，考慮到您在組合和利潤方面所看到的情況，這仍然可以實現嗎？回到那年 7 月，您提供的 20% 數據點下，這可能在今年年底實現嗎？

I mean it depends on the market. Again, the model there is, as I said, pretty straightforward. Your share times the market, minus taxes, minus OpEx. So it really depends on which way the market goes. The market estimate where we think we would get back remains, as you described, probably closer to 27 versus 26, based on the share we turned in this particular quarter, but generally, that holds true.

我的意思是這取決於市場。同樣，正如我所說，該模型非常簡單。你的份額乘以市場，減去稅收，再減去運營支出。所以這實際上取決於市場的走向。正如您所描述的，根據我們在這個特定季度的份額，我們認為我們會收回的市場估計可能更接近 27 比 26，但總的來說，這是正確的。

Got it. And then just for my follow-up. In terms of Wynn Macau, you mentioned you're going to be fighting for share there. Is that -- is it fair to say that margins maybe come down a little bit from these current levels? And I guess more broadly, as it relates to premium mass, are you seeing an uptick in promotions within that segment?

知道了。然後只是為了我的後續行動。就永利澳門而言，您提到您將爭奪那裡的份額。可以公平地說，利潤率可能會比目前的水平略有下降嗎？我想更廣泛地說，因為它與優質大眾相關，您是否看到該細分市場的促銷活動有所增加？

On the second question, no, the market has been pretty disciplined, and we're certainly pleased with that. On the first question, I don't think you should expect margin to go down at Wynn Macau. If the subtext of your question was will we need to get promotional in order to drive business to Wynn Macau, no, you should not assume that the margin will go down because we have tremendous operating leverage that comes with each 10 basis points of share at that property.

關於第二個問題，不，市場一直非常有紀律，我們當然對此感到滿意。關於第一個問題，我認為你不應該期望永利澳門的利潤率會下降。如果您問題的潛台詞是我們是否需要進行促銷以推動永利澳門的業務，不，您不應該假設利潤率會下降，因為我們擁有巨大的運營槓桿，每 10 個基點的份額都會帶來該財產。

Our next caller is Chad Beynon with Macquarie.

我們的下一個來電者是麥格理的查德·貝農 (Chad Beynon)。

I wanted to ask about the Interactive cash burn. You mentioned that that's come down again year-over-year and sequentially. Are you still on track for this to turn profitable in the fourth quarter? And any other kind of insights in terms of where this is going and how the flow-through should look if revenues rise from here during peak season?

我想問一下互動現金消耗的情況。您提到，這一數字逐年連續下降。您是否仍有望在第四季度實現盈利？還有其他關於這方面的見解嗎？如果旺季期間收入從這裡增加，流量應該如何看待？

Sure. I don't think we ever said it would be breakeven in the fourth quarter. But what we are focused on is making sure that it goes down every quarter.

當然。我認為我們從未說過第四季度會實現收支平衡。但我們的重點是確保它每個季度都會下降。

Yes. Just -- I mean the sports betting's a tough business. It's about the game of commodity. They're difficult businesses, but we're very focused on managing this business. We've got a very long-term shareholder-friendly view on it. So that's our focus.

是的。只是——我的意思是體育博彩是一項艱難的生意。這是關於商品的遊戲。它們是困難的業務，但我們非常專注於管理這項業務。我們對此抱有非常長期的、有利於股東的觀點。這就是我們的重點。

And then another one on Macau. You just mentioned the $27 billion GGR number. We did see some sequential growth in the last recent month. But I'm just wondering, as some of the farther out visitors come back to the market, I guess we'd kind of have to look through the database figuring out where all the premium players are in all of China. But does this matter as much for you guys? Or are there enough people in kind of Hong Kong and Guangdong for you to continue to put up numbers? Or do you really need some of those further out markets to open up from a visa and just a visitation standpoint? And are they driving higher spend per trip than what you're seeing in the property right now?

然後另一則關於澳門的。您剛才提到了 270 億美元的 GGR 數字。最近一個月我們確實看到了一些連續增長。但我只是想知道，隨著一些更遠的遊客回到市場，我想我們必須查看數據庫，找出所有優質玩家在中國的哪些地方。但這對你們來說重要嗎？或者香港和廣東有足夠的人讓你繼續放數字嗎？或者從簽證和訪問的角度來看，您真的需要一些更遠的市場來開放嗎？他們每次旅行的支出是否比您現在在酒店看到的更高？

Every customer matters, Chad. It's -- of course, we want to see the underlying regions start to contribute to Macau. Are we dependent on it? No. But certainly, that's going to add incremental heft to the recovery, and that's going to add incremental heft to the total market, which again pushes us further back towards breakeven. Sorry, breakeven with 2019 or equal to 2019.

每個客戶都很重要，查德。當然，我們希望看到基礎地區開始為澳門做出貢獻。我們依賴它嗎？不會。但可以肯定的是，這將增加複甦的增量力量，這將為整個市場增加增量力量，這再次推動我們進一步回到盈虧平衡。抱歉，2019 年盈虧平衡或等於 2019 年。

And our next caller is John DeCree with CBRE.

我們的下一個來電者是 CBRE 的 John DeCree。

Maybe just a 2-part question on Las Vegas. Craig, to the extent you can provide maybe a little bit more color around the visibility you have for the big events like F1 or Super Bowl. And then maybe the second part of that question is when you look at your forward demand indicators for bookings, is -- how much of that kind of year-on-year growth is tethered to those events? And excluding those events, are you still seeing good booking indicators for those maybe less peak periods or less kind of event-driven periods?

也許只是關於拉斯維加斯的兩部分問題。克雷格，在某種程度上，你可以為 F1 或超級碗等大型賽事的知名度提供更多的色彩。然後，也許這個問題的第二部分是，當你查看預訂的預期需求指標時，是——這種同比增長有多少與這些活動有關？排除這些活動，對於那些可能不太高峰期或不太受活動驅動的時期，您是否仍然看到良好的預訂指標？

Sure. I'll start, and then I'll ask Brian to comment. So Brian's prior comment on booking pace was independent of those events, to answer your -- to answer your last question. F1, Super Bowl, I mean, these are events that are made for us, right? Because we end up picking up the top end of the patrons and customers that come to town for those events. And so we're really excited about it, about where we are and where we sit. Brian, do you want to provide some more color?

當然。我先開始，然後請布萊恩發表評論。因此，布萊恩之前對預訂速度的評論與這些事件無關，是為了回答你的最後一個問題。 F1、超級碗，我的意思是，這些都是為我們舉辦的賽事，對吧？因為我們最終吸引了來鎮上參加這些活動的頂級顧客和顧客。因此，我們對此感到非常興奮，對我們所處的位置和坐的位置感到非常興奮。 Brian，你想提供更多顏色嗎？

Sure. Yes, I think both of these events, specifically F1 and then Super Bowl, definitely played to the strengths of our brand. It's a perfect match. We are getting significant premiums for those 2 events themselves. And I think we're pacing quite nicely. I know some of our competitors have given more specific data, but I can tell you we're going to do just fine here.

當然。是的，我認為這兩項賽事，特別是 F1 和超級碗，絕對發揮了我們品牌的優勢。這是一個完美的搭配。我們從這兩項活動本身中獲得了可觀的溢價。我認為我們的節奏非常好。我知道我們的一些競爭對手已經提供了更具體的數據，但我可以告訴你我們在這裡會做得很好。

Thanks, John. And operator, the next question will be our last.

謝謝，約翰。接線員，下一個問題將是我們的最後一個問題。

Thank you. And our final question comes from Robin Farley with UBS.

謝謝。我們的最後一個問題來自瑞銀集團的羅賓·法利。

Great. Thank you for letting me sneak in here at the end. Can you clarify just to sort of make it comparable to previous periods, what the VIP hold added to make EBITDA in Macau?

偉大的。謝謝你最後讓我偷偷溜進來。您能否澄清一下，為了與之前的時期進行比較，VIP 持有增加了哪些澳門 EBITDA 的收益？

JulIe? Holding back to VIP.

朱麗葉？保留VIP。

Holding back to VIP. I mean as we said on the call, we held a little bit high on VIP, but that was more than offset by lower mass hold. So we're not actually getting into breaking it out.

保留VIP。我的意思是，正如我們在電話會議上所說，我們對 VIP 的持倉有點高，但這被較低的質量持倉所​​抵消。所以我們實際上並沒有打算打破它。

Okay. And then...

好的。進而...

It was about $20 million. So we have $20 million of high hold on VIP. This is what I was alluding to earlier. We need to -- we're going to start normalizing for mass hold, because so much of our business now is mass. But it's about $20 million in Macau, and low mass hold more than offset that, as Julie said.

大約是2000萬美元。因此，我們對 VIP 有 2000 萬美元的高額保留。這就是我之前提到的。我們需要——我們將開始標準化大規模保留，因為我們現在的大部分業務都是大規模的。但正如朱莉所說，在澳門它的價值約為 2000 萬美元，而低質量足以抵消這一點。

Okay. Great. And I appreciate you breaking that out just to make it kind of comparable to previous quarters. So -- and then -- and I'm sorry if I missed your comment on this, but have you talked about how much of the margin do you think you can hold on to in Vegas?

好的。偉大的。我很感謝您將其打破，只是為了使其與前幾個季度具有可比性。那麼——然後——如果我錯過了你對此的評論，我很抱歉，但是你有沒有談論過你認為你可以在維加斯保留多少利潤？

Well, in the midst of -- in the midst of the dark days of COVID, we put out a permanent cost savings figure, and we've held to that. We certainly, again, learned to run our business differently during COVID. And what I would say is that our business volumes over the course of the past 1.5 years have been absolutely off the charts, and we've held the line and still held true to the brand. So the business kind of is the business now. To the extent that there is a macro -- any macro-driven change to our business volumes or to our ADRs, et cetera, we have a playbook for that because we just lived it as we went through COVID, and we'll be ready. Again, we're not seeing that. But we're certainly ready for every scenario.

嗯，在新冠疫情的黑暗日子裡，我們提出了一個永久的成本節省數字，並且我們一直堅持這一數字。當然，在新冠疫情期間，我們再次學會了以不同的方式經營我們的業務。我想說的是，過去 1.5 年裡我們的業務量絕對是破紀錄的，我們一直堅守著底線，仍然忠於品牌。所以現在的生意就是生意。就宏觀而言——任何宏觀驅動的對我們的業務量或我們的 ADR 等的變化，我們都有一個應對策略，因為我們在經歷新冠疫情時就經歷過它，我們會做好準備。再說一遍，我們沒有看到這一點。但我們當然已經為每種情況做好了準備。

Well, thank you, operator. With that, that concludes the Q2 earnings call. Thanks, everybody, for your attention. We look forward to talking to you again soon.

好的，謝謝你，接線員。第二季度財報電話會議到此結束。謝謝大家的關注。我們期待很快再次與您交談。

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。