永利渡假村 (WYNN) 2023 Q3 法說會逐字稿

Welcome to the Wynn Resorts Third Quarter 2023 Earnings Call. (Operator Instructions) This call is being recorded. (Operator Instructions).

歡迎參加永利度假村 2023 年第三季財報電話會議。 （操作員說明）此通話正在錄音。 （操作員說明）。

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

我現在將電話轉給財務長 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 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克雷格·比林斯 (Craig Billings)、布萊恩·古爾布蘭茨 (Brian Gullbrants) 和史蒂夫·韋特曼 (Steve Weitman)。線上的還有 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聲明，這些聲明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克雷格·比林斯。

Thanks, Julie. Good afternoon, everyone, and as always, thank you for joining us today.

謝謝，朱莉。大家下午好，一如既往，感謝您今天加入我們。

I'll start here in Vegas. Wynn Las Vegas delivered $220 million of adjusted property [EBITDAR] up 12% on incredibly difficult year-over-year comp. Yes, it was aided by high hold, but it was also despite the fact that we accrued during the quarter for the estimated increases associated with the new agreement with Culinary Union. I got to tell you, activity at the property was frenetic during the quarter, with hotel occupancy, restaurant covers casino visitation, table drop and slot handle all up over what was a very strong third quarter of 2022.

我將從維加斯開始。拉斯維加斯永利酒店 (Wynn Las Vegas) 交付的調整後物業 [EBITDAR] 達 2.2 億美元，年增 12%。是的，這得益於高持有量，但儘管如此，我們在本季度累計了與烹飪聯盟新協議相關的估計增長。我必須告訴您，該酒店的活動在本季度非常活躍，酒店入住率、餐廳覆蓋賭場參觀量、賭桌掉落率和老虎機處理量都超過了 2022 年第三季度的強勁表現。

As a result of all that activity, we produced third quarter records in gross gaming revenue, food and beverage revenue and hotel revenue with 10% year-over-year growth in RevPAR. We continue to be at the top of our game here in Las Vegas, and I'm incredibly proud of the team who continue to deliver to our exacting standards even in the midst of significant customer volumes. Our top line trends remained strong through October with healthy GGR and strong year-over-year RevPAR growth during the month.

由於所有這些活動，我們第三季的博彩總收入、餐飲收入和酒店收入均創歷史新高，每間可出租客房收入較去年同期成長 10%。我們在拉斯維加斯繼續處於領先地位，我為我們的團隊感到無比自豪，即使在客戶量巨大的情況下，他們仍然繼續滿足我們嚴格的標準。整個 10 月份，我們的營收趨勢依然強勁，GGR 健康，可售房收入 (RevPAR) 較去年同期強勁成長。

Looking ahead, we have a strong pipeline of forward group demand, very healthy gaming market share and a robust programming calendar with F1 and Super Bowl just ahead of us. And while it certainly is an increasingly complex world out there between inflation, rates, geopolitics, things continue to feel pretty good around here.

展望未來，我們擁有強大的未來團體需求管道、非常健康的遊戲市場份額以及強大的節目日曆，F1 和超級盃就在我們前面。儘管通貨膨脹、利率、地緣政治之間的世界確實日益複雜，但這裡的情況仍然感覺相當不錯。

Turning to Boston. Encore generated $60 million of EBITDAR during the quarter. Business at the property was largely stable year-on-year with revenue and EBITDAR down about 1%, though there were some meaningful pockets of strength, including all-time property records for slot handle and hotel revenue. More recently, we were encouraged by the acceleration in the business we experienced during October with month-over-month growth in slot handle and table drop and strong RevPAR growth year-over-year. We will continue to closely monitor the ongoing Sumner Tunnel construction, which is expected to continue in fits and starts over the next 12 months, along with the general macroeconomic uncertainty that seems to have been impacting some of the regional gaming operators.

轉向波士頓。 Encore 在本季度產生了 6000 萬美元的 EBITDAR。該酒店的業務同比基本穩定，收入和息稅折舊攤銷前利潤 (EBITDAR) 下降約 1%，但也有一些有意義的優勢，包括老虎機手柄和酒店收入的歷史酒店記錄。最近，我們對 10 月份業務的加速成長感到鼓舞，老虎機手柄數和賭台跌幅逐月增長，每間客房收入同比強勁增長。我們將繼續密切關注正在進行的薩姆納隧道建設，預計該工程將在未來 12 個月內斷斷續續地持續進行，同時宏觀經濟的不確定性似乎已經影響了一些區域博彩運營商。

On the development across the street from Encore Boston Harbor, we have been asked by a state environmental agency to provide yet another round of analysis and documentation delaying our construction by approximately 3 months. We will continue to update you on this project, which will add meaningful amenities and EBITDAR to Encore Boston Harbor.

對於 Encore 波士頓港街對面的開發項目，州環境機構要求我們提供另一輪分析和文件，導致我們的施工延遲了大約 3 個月。我們將繼續向您通報該項目的最新情況，該項目將為安可波士頓港增添有意義的便利設施和 EBITDAR。

Turning to Macau, we generated $255 million of EBITDAR in the quarter, which was 85% of our pre-COVID levels. Hold was mixed in the quarter as we held high in our VIP business, which was more than offset by low hold on the mass table side. With mass now comprising the vast majority of our business, we are going to start normalizing for both VIP and mass.

說到澳門，本季我們產生了 2.55 億美元的 EBITDAR，這是新冠疫情前水準的 85%。本季的持有情況好壞參半，因為我們在 VIP 業務中保持較高的水平，而大眾桌方面的低水平持有足以抵消這一影響。由於大眾業務現在佔據了我們業務的絕大多數，我們將開始對 VIP 和大眾業務進行標準化。

To that end, we estimate fully normalized EBITDAR in the quarter was $266 million or 87% of the third quarter of 2019 levels. Encouragingly, mass hold returned to the expected range at both properties in October. During the quarter, we saw broad-based strength across our properties with several key areas of the business trending well above 2019 levels.

為此，我們估計本季完全正常化的 EBITDAR 為 2.66 億美元，即 2019 年第三季水準的 87%。令人鼓舞的是，十月兩處房產的持有量都回到了預期範圍。本季度，我們看到我們的資產具有廣泛的實力，幾個關鍵業務領域的趨勢遠高於 2019 年的水準。

In the casino, mass table drop increased 19% versus Q3 2019 and direct VIP turnover was 13% above Q3 2019. On the non-gaming side, our retail business continues to be incredibly strong with tenant retail sales up 24% on Q3 2019, and hotel revenue up 20% relative to the third quarter of 2019. Quality of our product and service, our relaunch Wynn Rewards loyalty program and our very robust non-gaming events calendar all helped to drive GGR market share in the quarter that was consistent with second quarter and in line with our share as we exited 2019. The strength in our business has continued in Q4 with mass drop in October 24% above October 2019, 98% hotel occupancy and healthy tenant retail sales.

在賭場，與2019 年第三季相比，中場賭台下降了19%，直接VIP 營業額比2019 年第三季高出13%。在非博彩方面，我們的零售業務仍然非常強勁，租戶零售額比2019 年第三季成長了24%，與2019 年第三季相比，飯店營收成長了20%。我們的產品和服務品質、重新推出的永利獎勵忠誠度計畫以及我們非常強大的非博彩活動日曆都有助於推動本季的GGR 市場份額，這與與我們2019 年結束時的份額一致。我們的業務在第四季度繼續強勁，10 月份比2019 年10 月大幅下降24%，酒店入住率達98%，租戶零售額保持健康。

On the development front in Macau, we expect our concession-related capital project, a collaboration with the team behind Las Vegas-based Aluminarium on a mesmerizing multimedia exhibit space to open before the end of the year. We're also deep into design and planning for our other concession-related CapEx commitments, including our destination food hall the new event and entertainment center and a unique spectacle show. Lastly, construction continues on Wynn Al Marjan Island, our planned integrated resort in the UAE.

在澳門的開發方面，我們預計與特許經營相關的資本項目將與拉斯維加斯 Aluminarium 背後的團隊合作，以創造一個令人著迷的多媒體展覽空間，該項目將於今年年底前開放。我們還深入設計和規劃其他與特許經營相關的資本支出承諾，包括我們的目的地美食大廳、新的活動和娛樂中心以及獨特的奇觀表演。最後，Wynn Al Marjan 島的建設仍在繼續，這是我們計劃在阿聯酋設立的綜合度假村。

Much of the hotel tower foundation is complete with nearly all of the piles supporting the 1,500 room tower in the ground. On the back of several recent regulatory developments in the UAE, I've noticed increased chatter about the opportunities there. So I want to take a moment and give you our perspective. We believe it's highly unlikely that every Emirate will ultimately avail themselves of the right to host an integrated resource. There's a whole bunch of reasons for this, ranging from cultural nuances to population density to varying degrees of need for the additional visitation.

飯店塔樓的大部分地基已完成，幾乎所有樁都在地面支撐著這座擁有 1,500 間客房的塔樓。在阿聯酋最近的幾項監管發展的背景下，我注意到關於那裡的機會的討論越來越多。所以我想花點時間向您介紹我們的觀點。我們認為，每個酋長國最終都不太可能利用託管綜合資源的權利。造成這種情況的原因有很多，從文化差異到人口密度，再到不同程度的額外訪問需求。

Our view is that it will likely be us and us alone for a multiyear period, given that we are well underway on construction now. And of course, we all know the advantages of being first as we have seen in other markets. After that, it may be a duopoly or an oligopoly of 3. But I find either ultimate market structure undaunting, given the database advantages of being first and the fact that we very successfully operate in the 2 most competitive markets in the world, Vegas and Macau. As I've said before, this is the most exciting new market opening in decades.

我們的觀點是，考慮到我們現在的建設工作正在順利進行，在多年的時間內，這可能會是我們自己的事情。當然，我們都知道成為第一的優勢，就像我們在其他市場看到的那樣。之後，它可能是雙頭壟斷或寡占3。但我發現最終的市場結構都令人畏懼，因為資料庫具有第一的優勢，而且我們在世界上兩個最具競爭力的市場（維加斯和拉斯維加斯）運作得非常成功。澳門。正如我之前所說，這是幾十年來最令人興奮的新市場開放。

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

現在，我將把它交給朱莉，讓她詳細介紹本季的一些其他細節。

Thank you, Craig. At Wynn Las Vegas, we generated $219.7 million in adjusted property EBITDAR on $619 million of operating revenue during the quarter, delivering an [EBITDA] margin of 35.5%, higher than normal hold benefited EBITDAR by around $12 million in Q3 and hold-normalized adjusted property EBITDAR was up slightly year-over-year. The strength in the quarter was broad-based across the business. Hotel revenue increased 10% year-over-year to $178.5 million, a new third quarter record on the back of a 9% increase in ADR and 120 basis point increase in occupancy. Our other non-gaming businesses were strong across food and beverage, entertainment and retail, all up nicely year-on-year.

謝謝你，克雷格。在拉斯維加斯永利酒店，本季營業收入為6.19 億美元，調整後房地產EBITDAR 為2.197 億美元，[EBITDA] 利潤率為35.5%，高於第三季正常持有的EBITDAR 收益約1,200 萬美元，以及持有正常化調整後的EBITDAR房地產 EBITDAR 年比小幅成長。本季的強勁表現在整個業務領域都有廣泛體現。飯店營收年增 10%，達到 1.785 億美元，在平均房價成長 9% 和入住率成長 120 個基點的推動下，創下第三季新紀錄。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強勁，均較去年同期成長良好。

In the casino, our GGR increased around 22% year-over-year, driven by a 7.6% year-over-year increase in slot handle and a 6.5% increase in table drop along with higher table games hold. OpEx, excluding gaming tax per day was $4.1 million in Q3 2023, up 14% year-over-year due to variable costs associated with revenue increases, roughly $10 million of nonrecurring items and certain structural changes including an accrual for the anticipated increases associated with a new Union contract. Our annual cost of living adjustments for nonunion employees and the launch of our production show.

在賭場，我們的博彩總收入同比增長約 22%，這主要是由於老虎機手柄同比增長 7.6%、賭桌跌幅增加 6.5% 以及賭桌持有量增加所致。 2023 年第三季度，每日營運支出（不包括博彩稅）為410 萬美元，年增14%，原因是與收入增加相關的可變成本、約1000 萬美元的非經常性項目以及某些結構性變化（包括與預期相關的應計費用）新的聯盟合約。我們對非工會員工的年度生活費用進行了調整，並推出了我們的產品展示。

Turning to Boston. We generated adjusted property EBITDAR of $60.5 million on revenue of $210.4 million, both down around 1% year-on-year. EBITDA margin was 28.8%, broadly in line with Q3 2022. As Craig noted, business was largely stable year-on-year. In the casino, we generated $182.6 million of GGR, down 1% year-on-year as record slot handle was offset by lower table games volumes. Our non-gaming revenue was flat year-over-year at $54.4 million with record hotel revenue offset by lower food and beverage revenues.

轉向波士頓。我們的調整後房地產 EBITDAR 為 6,050 萬美元，營收為 2.104 億美元，年比均下降約 1%。 EBITDA 利潤率為 28.8%，與 2022 年第三季基本一致。正如 Craig 指出的那樣，業務同比基本穩定。在賭場，我們產生了 1.826 億美元的 GGR，年減 1%，因為創紀錄的老虎機手把被桌上遊戲數量的減少所抵消。我們的非博彩收入同比持平，為 5,440 萬美元，創紀錄的酒店收入被較低的餐飲收入所抵消。

As noted on our prior call and as Craig mentioned earlier, business volumes at the property were impacted by the Sumner Tunnel restoration project, which is expected to continue intermittently over the next 12 months or so. While the tunnel construction is out of our control, we have stayed very disciplined on the cost side with OpEx, excluding gaming tax of approximately $1.13 million per day in Q3 2023, down 0.5% year-over-year and down around 2% sequentially. The team has done a great job mitigating Union-related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience.

正如我們之前的電話會議和克雷格之前提到的那樣，該物業的業務量受到薩姆納隧道修復項目的影響，預計該項目將在未來 12 個月左右的時間內間歇性地繼續。雖然隧道建設超出了我們的控制範圍，但我們在營運支出方面保持了嚴格的成本控制，不包括 2023 年第三季度每天約 113 萬美元的博彩稅，同比下降 0.5%，環比下降約 2%。該團隊在緩解與工會相關的薪資成長方面做得非常出色，並且在不影響賓客體驗的業務領域提高了成本效率。

Our Macau operations delivered adjusted property EBITDAR of $255 million in the quarter on $819.8 million of operating revenue. We estimate lower-than-normal hold negatively impacted EBITDAR by around $11 million during the quarter with higher than normal hold at Wynn Palace more than offset by lower than normal hold at Wynn Macau. We saw particular strength in mass casino drop, direct VIP turnover, luxury retail sales and hotel revenues, all above Q3 2019 levels.

我們的澳門業務本季調整後的物業 EBITDAR 為 2.55 億美元，營業收入為 8.198 億美元。我們估計，本季持有量低於正常水準對 EBITDAR 產生了約 1,100 萬美元的負面影響，其中永利皇宮持有量高於正常水準的影響被永利澳門持有量低於正常水準所抵消。我們看到大型賭場的下降、直接 VIP 營業額、奢侈品零售銷售和酒店收入的強勁下降，均高於 2019 年第三季的水平。

EBITDA margin was 31.1% in the quarter, an increase of 300 basis points relative to Q3 2019 with Wynn Palace's margins reaching 33.7% or 660 basis points above Q3 2019 levels. Our concession-related non-gaming programming have accelerated over the past few months, with the FIBA 3x3 basketball tournament the Di Vinci Immersive Art Exhibition, the Hypercar Exhibition, some DJ events and several other well-received concerts and culinary events. EBITDA margin strength was driven by a combination of a favorable mix shift to higher-margin mass gaming and operating leverage on cost efficiencies.

本季 EBITDA 利潤率為 31.1%，較 2019 年第三季增加 300 個基點，其中永利皇宮的利潤率達到 33.7%，較 2019 年第三季高出 660 個基點。在過去的幾個月裡，我們與特許經營相關的非遊戲項目不斷加速，包括FIBA 3x3 籃球錦標賽、迪芬奇沉浸式藝術展、超級跑車展覽、一些DJ 活動以及其他一些廣受好評的音樂會和美食活動。 EBITDA 利潤率的成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營運槓桿共同推動的。

Our OpEx, excluding gaming tax, was approximately $2.4 million per day in Q3, a decrease of 20% compared to $3 million in Q3 2019. 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.

我們第三季的營運支出（不包括博彩稅）約為每天240 萬美元，與2019 年第三季的300 萬美元相比下降了20%。該團隊在控製成本方面做得很好，我們有能力繼續隨著業務隨著時間的推移而復甦，推動強大的營運槓桿。

In terms of CapEx, we are currently advancing through the design and planning stages on our concession commitments 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 net terms. As such, we expect CapEx related to our concession commitments to range between $300 million and $400 million in total between Q4 2023 and the end of 2024.

就資本支出而言，我們目前正在推進特許權承諾的設計和規劃階段，正如我們在過去幾個季度指出的那樣，這些項目需要獲得多項政府批准，從而以淨值形式創造廣泛的潛在資本支出。因此，我們預計從 2023 年第四季到 2024 年底，與我們的特許經營承諾相關的資本支出總額將在 3 億至 4 億美元之間。

Turning to Wynn Interactive. You will recall we announced in August that we decided to rationalize the business to primarily focus on Massachusetts and Nevada, where we have a physical presence. As a result, our EBITDAR burn rate decreased substantially both sequentially and year-over-year to $4.9 million in Q3 2023.

轉向永利互動。您可能還記得我們在 8 月宣布，我們決定對業務進行合理化調整，主要關注我們在馬薩諸塞州和內華達州的實體業務。因此，我們的 EBITDAR 消耗率在 2023 年第三季環比和年比均大幅下降至 490 萬美元。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of approximately $4.3 billion as of September 30. This was comprised of $1.8 billion of total cash and available liquidity in Macau and $2.5 billion in the U.S. Importantly, the combination of strong performance in each of our markets globally with our properties run rating over $2.1 billion of annualized property EBITDA, together with our robust cash and liquidity creates a very healthy leverage and free cash flow profile for the company globally.

繼續看資產負債表。截至9 月30 日，我們的流動性狀況仍然非常強勁，全球現金和左輪可用資金約為43 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25 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 超過 21 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和自由現金流狀況。

To that end, we repurchased $400 million of our 2025 Wynn Las Vegas senior notes at a discount to par during the quarter. Further, the board approved a cash dividend of $0.25 per share payable on November 30th to stockholders of record as of November 20, 2023. We also repurchased approximately 597,000 shares, $56.2 million during the quarter, highlighting our commitment to prudently returning capital to shareholders.

為此，我們在本季以低於面額的折扣回購了 4 億美元的 2025 年永利拉斯維加斯高級票據。此外，董事會還批准於11 月30 日向截至2023 年11 月20 日登記在冊的股東支付每股0.25 美元的現金股息。我們還在本季度回購了約597,000 股股票，價值5,620 萬美元，凸顯了我們審慎向股東返還資本的承諾。

Finally, our CapEx in the quarter was $114 million, primarily related to the spa and villa renovations and food and beverage enhancements at Wynn Las Vegas, concession-related CapEx in Macau and normal course maintenance across the business.

最後，我們本季的資本支出為 1.14 億美元，主要與拉斯維加斯永利酒店的水療中心和別墅翻新以及餐飲增強、澳門特許經營相關的資本支出以及整個業務的正常維護有關。

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

現在，我們將開放問答電話。

(Operator Instructions) And 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, the market in the 3Q was that about -- annualized about $24.5 billion, which is about 8% kind of below the midpoint of that range you spoke to earlier in the year, I believe it was on the first quarter call. It looks like just annualizing 3Q results and not adjusting for hold, you're about halfway there at the Macau property and basically there at '19 levels give or take a couple of million bucks at the Cotai property. Based on what you've seen over the last kind of 6 months since that call, the way the markets evolved from several perspectives, does that kind of benchmark for market GGR still hold true with kind of how you're thinking about getting back to those '19 levels in totality?

克雷格，第三季的市場年化約為 245 億美元，比您今年早些時候談到的範圍中點低約 8%，我相信這是第一季的電話會議。看起來只是對第三季業績進行年度化，而不是進行持有調整，你在澳門酒店的業績大約是一半，基本上在 19 年的水平上，路氹酒店的收入有幾百萬美元。根據自該電話會議以來您在過去 6 個月中所看到的情況，市場從多個角度演變的方式，這種市場 GGR 的基準是否仍然適用於您考慮如何回到總共有那些 '19 級別？

Thanks, Carlo. Yes. Your observation on Wynn Palace is right. I mentioned earlier in the year, you're right, it was with the Q1 call that Wynn Palace would get back to 2019 levels first. And if you -- as you said, if you annualize what we did in 3Q, it's in that same zone. I think Wynn Palace did normalize in 2019, something like $675 million. So when it comes to Wynn Palace, we can check the box. We've done it.

謝謝，卡洛。是的。您對永利皇宮的觀察是正確的。我在今年早些時候提到過，你是對的，正是透過第一季的預測，永利皇宮將首先恢復到 2019 年的水平。如果你 - 正如你所說，如果你將我們在第三季度所做的事情進行年度化，它就處於同一區域。我認為永利皇宮確實在 2019 年實現了正常化，約為 6.75 億美元。所以說到永利皇宮，我們可以勾選這個框。我們已經做到了。

In October, when the market was run rating over $28 billion, obviously, we had Golden Week, Wynn Palace normalized EBITDAR per day exceeded October 2019, as you would expect. Wynn Macau, which had healthy results, but lower market share in October versus 2019 for many of the reasons that we have talked about on previous calls did not exceed its October 2019 EBITDA. So it's lagging our prediction of TAD, and we need to see market share stability and growth at Wynn Macau to get back to 2019 levels.

10 月份，當市場評級超過 280 億美元時，顯然，我們迎來了黃金周，永利皇宮每日標準化 EBITDAR 超過了 2019 年 10 月，正如您所預期的那樣。永利澳門的表現良好，但 10 月的市佔率較 2019 年有所下降，原因有很多，我們在先前的電話會議中已討論過，但其 2019 年 10 月的 EBITDA 並未超過。因此，它落後於我們對 TAD 的預測，我們需要看到永利澳門的市佔率穩定且成長才能恢復到 2019 年的水準。

The last point I would make is that our concession-related non-gaming programming has picked up, honestly, quite a bit faster than I had anticipated earlier in the year. As Julie talked about in her prepared remarks, we've been doing some pretty amazing programming, and it's generated a bit of extra OpEx that is, in fact, a slight headwind. Of course, in these early days, we're figuring out what programming is EBITDAR positive, what's not, et cetera, and we'll drop that program that ultimately isn't.

我要說的最後一點是，老實說，我們與特許權相關的非遊戲節目的成長比我今年早些時候的預期要快得多。正如朱莉在她準備好的演講中所說，我們一直在做一些非常驚人的編程，它產生了一些額外的營運支出，事實上，這是一個輕微的阻力。當然，在早期，我們正在弄清楚哪些節目的 EBITDAR 為正，哪些節目不是，等等，然後我們將放棄最終不是的節目。

But that extra OpEx probably pushes the full EBITDAR recovery at Wynn Macau back a bit, but speaks to the strength of Wynn Palace because even with that incremental OpEx, we've hit that target that I talked about. At the end of the day, I guess, what I look at is we've proven that we can hold share without junkets, that we have structurally better margins and that our business is pretty well positioned for growth in Macau as the market continues to come back. So I feel pretty good about where we are.

但額外的營運支出可能會稍微推後永利澳門的全部 EBITDAR 復甦，但這說明了永利皇宮的實力，因為即使有了增量營運支出，我們也已經達到了我談到的目標。歸根結底，我想，我所看到的是，我們已經證明，我們可以在沒有中介人的情況下持有股份，我們在結構上有更好的利潤率，而且隨著市場的持續發展，我們的業務在澳門的成長處於有利地位。回來。所以我對我們現在的處境感覺很好。

Great. That's helpful. And then if I could, just one follow-up. Obviously, a lot has been made in recent earnings around reinvestment within the Macau gaming arena. It's always hard to tell when looking at kind of the public filings and the releases and whatnot. It doesn't look like there was anything sizable in this quarter in terms of reinvestment, the direction of reinvestment, one way or another. Could you comment a little bit about kind of how you guys see that data relative to 2019, maybe how you see it now and how you see it trending?

偉大的。這很有幫助。然後如果可以的話，只進行一次後續行動。顯然，最近在澳門博彩業的再投資方面取得了許多收益。在查看公開文件和新聞稿等內容時，總是很難判斷。從再投資、再投資方向等方面來看，本季似乎沒有任何規模可觀的事。您能否評論一下您如何看待 2019 年的數據，也許您現在如何看待它以及如何看待它的趨勢？

Yes. I think your analysis -- what you just said is correct. I mean reinvestment in that market can bounce around for us anyway. I can't really speak to the rest of the market, but it could bounce around 50, 60, 70 basis points at any given point in time. But I haven't seen anything that is irrational or substantive.

是的。我認為你剛才的分析是正確的。我的意思是，無論如何，對該市場的再投資可以為我們帶來反彈。我無法真正與市場的其他部分交談，但它可能在任何給定時間點反彈 50、60、70 個基點左右。但我沒有看到任何非理性或實質的事。

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。

Just going back to your earlier comments, Craig, on October, in Macau, the 2 properties in the aggregate -- how closer are they at October '19 EBITDAR levels in the aggregate? Obviously, Wynn Palace ahead Wynn Macau as you mentioned earlier.

回到你之前的評論，克雷格，10 月份在澳門，這 2 處房產的總計 - 它們與 19 年 10 月的 EBITDAR 水平總計有多接近？顯然，正如您之前提到的，永利皇宮領先永利澳門。

Yes. I would say that they are lagging slightly behind our view, nothing -- our earlier view. Again, nothing tragic, but the strength at Wynn Palace, inclusive of the programming cost that I mentioned and the impact of that, and the work we still have to do at Wynn Macau. Those are the dynamics of the 2 properties now. And I would say that it was slightly below. But again, we're within line of sight at this point, and I just do not all that worried about it.

是的。我想說的是，他們稍微落後於我們的觀點，沒有什麼——我們之前的觀點。再說一遍，這並不是什麼悲劇，而是永利皇宮的實力，包括我提到的節目製作成本及其影響，以及我們在永利澳門仍然要做的工作。這些是現在這兩個屬性的動態。我想說的是略低於。但同樣，我們現在就在視線範圍內，我只是不太擔心它。

Great. And then my follow-up question relates to Wynn Al Marjan Craig, what are the next steps and the timing -- for the next steps there including the issuance of a license?

偉大的。然後我的後續問題涉及 Wynn Al Marjan Craig，接下來的步驟和時間安排是什麼 - 包括頒發許可證在內的後續步驟？

Sure. The regulations are in draft form. The regulations -- we expect the regulations will be passed and then what we expect that the licensing process is a 2-step process, the issuance of a provisional license and then a final license. And I would expect that, that would happen soon. So it's happening. The process is moving along. You've seen that they've appointed leadership for the regulatory body there. And I think -- by the way, I think that's really good for the market because it lends a lot of certainty. It eliminates a lot of questions that we used to get, and it creates a lot of certainty for financing sources, which allows us to move forward with the construction financing relatively quickly.

當然。該法規目前處於草案形式。法規－我們預期法規將獲得通過，然後我們預期許可程序分為兩步驟：頒發臨時許可證，然後頒發最終許可證。我希望這很快就會發生。所以它正在發生。這個過程正在繼續進行中。你已經看到他們已經任命了那裡的監管機構的領導層。我認為——順便說一句，我認為這對市場來說確實有好處，因為它提供了許多確定性。它消除了我們以前遇到的許多問題，也為融資來源創造了許多確定性，這使得我們能夠相對快速地推進建設融資。

And 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。

I was hoping you could comment a little bit about the -- just the high-end play in Las Vegas. It seems like we've definitely started to see material rebound there. And kind of -- can you just talk a little bit about behavior that you're seeing, maybe level of recovery and just kind of yet some of the dynamics there would be helpful.

我希望你能對拉斯維加斯的高端比賽發表一些評論。看來我們確實已經開始看到那裡的材料反彈。您能否談談您所看到的行為，也許是恢復程度，以及一些動態，這會有幫助。

Sure. I'll start, and then I'll see if Brian has anything to add. I mean that's really kind of our business. So I can't say that we've seen anything materially different this quarter than we've seen in the past few quarters. The numbers -- I mean, if you can look at the revenue numbers, the revenue numbers are incredibly strong. And so we're pretty proud of what we've been able to deliver over the course of the past year. High-end international play remains a little bit of a mixed bag as it has over the course of really -- since the reopening from COVID. But I feel great about where our database is. We always skew towards the high end. Brian, would you add anything to that?

當然。我先開始，然後看看布萊恩是否有什麼要補充的。我的意思是，這確實是我們的事。因此，我不能說本季我們看到的情況與過去幾季有什麼實質不同。數字——我的意思是，如果你看一下收入數字，你會發現收入數字非常強勁。因此，我們對過去一年所取得的成果感到非常自豪。自新冠病毒疫情重新開放以來，高端國際賽事仍是魚龍混雜。但我對我們的資料庫所在的位置感覺很好。我們總是偏向高端。布萊恩，你能補充點什麼嗎？

No. The team is continuing to do a great job. I think we're still continuing to steal share. We continue to expand the hosting team and everything is real positive as we look forward.

不會。團隊繼續出色地工作。我認為我們仍在繼續竊取份額。我們將繼續擴大託管團隊，正如我們所期望的那樣，一切都是非常積極的。

Just as a quick follow-up, in the OpEx build, and I think this was maybe in Julie's remarks, I heard something about maybe a $10 million impact in Las Vegas? Or I was just wondering if I caught that correctly, and if you could elaborate a little bit on what that may have been?

作為快速跟進，在營運支出建設中，我想這可能是在朱莉的言論中，我聽說拉斯維加斯可能會產生 1000 萬美元的影響？或者我只是想知道我是否正確地理解了這一點，您是否可以詳細說明這可能是什麼？

Julie?

茱麗葉？

Sure. Yes. I mean I mentioned that there were a number of factors impacting OpEx, which did increase to $4.1 million in the quarter. There were a number of one-off items that added up to about $10 million in the quarter that we wanted to call out that will be nonrecurring. But in addition to that, of course, as Craig mentioned and I added to, we did accrue for the anticipated Union outcome. We also -- we took in COLA -- increased cost of living allowance increase for our nonunion employees effective first of July. We had the launch of Awakening -- the relaunch of Awakening in the program, which was just starting to ramp in the quarter as well. And so a combination of those factors is what drove up the operating expense, and yes, I can confirm it was a $10 million onetime non-recurring item.

當然。是的。我的意思是我提到有很多因素影響營運支出，而該季度營運支出確實增加到 410 萬美元。本季有許多一次性項目總計約 1000 萬美元，我們希望將其稱為非經常性項目。但除此之外，當然，正如克雷格所提到的和我補充的，我們確實為預期的聯盟結果積累了資金。我們也——我們接受了 COLA——從 7 月 1 日起增加了非工會員工的生活費津貼。我們推出了《覺醒》——在該計劃中重新推出《覺醒》，該計劃在本季也剛開始加速。因此，這些因素綜合起來推高了營運費用，是的，我可以確認這是一項價值 1000 萬美元的一次性非經常性項目。

And it was a mixed bag of stuff, Shaun.

這是一個混合的東西，肖恩。

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。

First one, just wanted to touch on the promotional environment in Macau. Some of your competitors have made comments that they're being more aggressive, so I just wanted to check with you there. And I know the contra revenues picked up a little bit in the quarter. I think that's mostly in Wynn Macau, but just anything to kind of call out there in terms of the environment or at your properties?

第一個，只是想談談澳門的促銷環境。你們的一些競爭對手評論說他們變得更加激進，所以我只是想和你們核實一下。我知道本季的對銷收入有所回升。我認為這主要是在永利澳門，但在環境或您的酒店方面有什麼值得稱讚的嗎？

No. A colleague of yours has had a similar question just a couple of minutes ago. Nothing to call out on the reinvestment side. As I said to him, our reinvestment can bounce around 50, 60, 70 basis points at any given point in time from time to time, but nothing that looks -- we don't see anything that looks irrational or concrete trend.

不。幾分鐘前，您的一位同事也提出了類似的問題。再投資方面沒有什麼值得指出的。正如我對他所說的，我們的再投資可以在任何給定的時間點不時地反彈50、60、70 個基點左右，但看起來沒有什麼——我們沒有看到任何看起來不合理或具體的趨勢。

In terms of the mix of what is contra revenue versus running through OpEx, you may recall that we relaunched our loyalty program earlier this year. The structure of that program allows for a lot more flexibility for the customer in terms of what it is they are choosing to be rewarded with and that can cause shifts in movements of $1 of reinvestment between contra revenue or between OpEx, but it's the same dollar. So it's really not any indication of an increase in reinvestment per se. It's really just geography on the income statement.

就對沖收入與營運支出的組合而言，您可能還記得我們今年稍早重新啟動了我們的忠誠度計畫。該計劃的結構為客戶提供了更大的靈活性，讓他們可以選擇獲得什麼獎勵，這可能會導致反向收入或營運支出之間 1 美元的再投資變動，但美元的金額是相同的。因此，這實際上並不表明再投資本身有所增加。這其實只是損益表上的地理因素。

Okay. So just some accounting nuance. Okay. And then just moving to Las Vegas, obviously, F1 is right around the corner. It seems like this is an event that skews more to the high end and that's right in your wheelhouse. Is there any way to think about the EBITDAR uplift given some of your competitors have thrown out this kind of mid-single-digit type EBITDAR list?

好的。所以只是一些會計上的細微差別。好的。然後搬到拉斯維加斯，顯然，F1 就在眼前。看來這是一場更偏向高端的賽事，而這正是你的駕駛室。鑑於您的一些競爭對手已經拋出了這種中個位數類型的 EBITDAR 列表，有什麼方法可以考慮 EBITDAR 的提升嗎？

Yes. We won't -- well, I'll say this. I've heard on a couple of our competitors' calls commentary around expectations coming down within the market. I will tell you that our expectations for F1 haven't changed one bit because as you rightly pointed out, we knew that it was our customer base that would be at that event from the beginning. We have more front money and credit lined up for this event than any event in the history of Wynn Las Vegas. And we had (inaudible) before. So this is shaping up to be a great event for us. We're incredibly excited. We're not talking about EBITDAR uplift, but it's going to be good. Brian, what would you add?

是的。我們不會——好吧，我會這麼說。我在一些競爭對手的電話中聽到了有關市場預期下降的評論。我會告訴你，我們對 F1 的期望沒有絲毫改變，因為正如你正確指出的那樣，我們從一開始就知道參加該賽事的是我們的客戶群。我們為本次活動準備的前期資金和信貸比永利拉斯維加斯歷史上的任何活動都多。我們以前也有過（聽不清楚）。因此，這對我們來說將是一次偉大的活動。我們非常興奮。我們不是在談論 EBITDAR 的提升，但它會很好。布萊恩，你會加什麼？

Sure. I'd say F1 has really come in nicely right now for all areas of our business. We should exceed actually our all-time hotel revenue as well. Our hotel revenue record by - up 50% for the 3-day period. And as Craig mentioned, the gaming revenue and credit is looking quite promising some of the best we've ever seen. So I think we're looking forward to an exciting and exceptional race week here at Wynn.

當然。我想說，F1 現在確實對我們業務的所有領域都起到了很好的作用。我們實際上也應該超過我們歷史上的酒店收入。我們的酒店收入在三天內增長了 50%，創歷史新高。正如克雷格所提到的，遊戲收入和信用看起來非常有希望，是我們見過的最好的。因此，我認為我們期待在永利度過一個激動人心且非凡的比賽週。

We barely even put any rooms on public sale. I mean we've had robust demand.

我們甚至幾乎沒有公開出售任何房間。我的意思是我們有強烈的需求。

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 back to Macau, I know we talked about this on prior calls, Craig, about the Peninsula, there was some disruption earlier in the year that I think tailed off into the early part of this quarter. But maybe you could just remind us the game plan of how you're going to get more recovery at that property? And any update there would be helpful.

回到澳門，我知道我們在之前的電話中討論過這個問題，克雷格，關於半島，今年早些時候出現了一些幹擾，我認為這種幹擾會在本季度初逐漸減弱。但也許您可以提醒我們您將如何在該房產上獲得更多恢復的遊戲計劃？任何更新都會有幫助。

Yes, sure. You're right. Disruption did tail off at the -- in the early portion of this quarter. There were some trailing works, including some work that was done in some of the high-end salon areas that took a little bit longer. But in the main, your statement is correct. And now it's really the hand-to-hand combat of gaining market share. I mean we've done this before.

是的，當然。你說得對。在本季初期，幹擾確實有所減弱。還有一些後製工作，包括一些在一些高端沙龍區域完成的工作，花了一些時間。但總的來說，你的說法是正確的。現在真的是爭奪市佔率的肉搏戰了。我的意思是我們以前已經這樣做過。

When Palace opened, we were not nearly as experienced as some of our competitors in mass marketing. We got experienced very fast. And you can see, obviously, the results of that at Palace. And so it's really kind of every lever that you have to pull, right? It comes down to the hosting team. It comes down to food and beverage. It comes down to amenities that you're offering, it's everything. And so I can't tell you that there's 1 silver bullet. You're really doing it 1 basis point at a time, and that's where we're focused now.

當 Palace 開業時，我們在大眾行銷方面的經驗遠不如我們的一些競爭對手。我們很快就有經驗了。顯然，你可以在皇宮看到這個結果。所以這確實是你必須拉動的每一個槓桿，對吧？這取決於主辦團隊。歸根結底是食物和飲料。這取決於您提供的便利設施，這就是一切。所以我不能告訴你有 1 個靈丹妙藥。你實際上一次只做一個基點，這就是我們現在關注的重點。

That's super helpful. And then another question in Macau. The OpEx consideration from the concession commitments, it's probably too early to quantify what that is for next year. But maybe you could give us a little bit of flavor for if it's going to be -- how the mix will sort of skew between Peninsula and Cotai and sort of how it might -- the cadence might step up throughout the year?

這非常有幫助。然後是澳門的另一個問題。從特許權承諾中考慮營運支出，現在量化明年的營運支出可能還為時過早。但也許你可以給我們一點線索，看看半島和路氹之間的混合將如何傾斜，以及全年的節奏可能會如何加快？

Sure, Brian. Maybe I'll start with this and maybe Craig can add if I miss anything. I'll just talk sort of more broadly for our Home Macau business. Sequentially, you've seen that our EBITDA margin decreased around 90 basis points. About half of that was due to lower hold, but there was an additional $6 million of OpEx sequentially due to bad debt because we did have a credit in Q2.

當然，布萊恩。也許我會從這個開始，如果我錯過了什麼，也許克雷格可以補充。我將更廣泛地談論我們的澳門主場業務。接下來，您會看到我們的 EBITDA 利潤率下降了約 90 個基點。其中大約一半是由於持有量較低，但由於壞賬，營運支出連續增加了 600 萬美元，因為我們在第二季度確實有信貸。

And then as I mentioned in my prepared remarks, I think I gave you a pretty detailed list of all the non-gaming programming that we've really accelerated and started doing in the last few months with the FIBA tournament, The Da Vinci Exhibition, the Hypercar Exhibition, some DJ events and concerts and culinary events. So when you adjust for that noise, the margin improvement we're seeing is clearly operating leverage because we held share, and we were prudent with OpEx.

然後，正如我在準備好的發言中提到的，我想我給了你們一份非常詳細的清單，列出了我們在過去幾個月里通過國際籃聯錦標賽、達文西展覽真正加速並開始做的所有非遊戲項目， Hypercar 展覽、一些 DJ 活動、音樂會和烹飪活動。因此，當你根據噪音進行調整時，我們看到的利潤率改善顯然是營運槓桿，因為我們持有份額，我們對營運支出持謹慎態度。

So if we think about going forward, we're expecting margin at Palace to generally stay in the current range and margin at Wynn Macau to improve as business volumes come back. So there will be quarter-to-quarter variations from our events calendar as we continue to roll out programming associated with our concession commitment.

因此，如果我們考慮未來，我們預計皇宮的利潤率將整體保持在當前範圍內，而永利澳門的利潤率將隨著業務量的回升而改善。因此，隨著我們繼續推出與我們的特許經營承諾相關的計劃，我們的活動日曆將出現季度與季度的變化。

And it's -- it's really too early to say. Honestly, I didn't -- when I think about everything we've done this year and the list is extensive. I actually didn't expect it to pick up this quickly. The team has gotten incredibly creative and incredibly resourceful in terms of what they've done. And keep in mind, we do not yet have certain tools that our competitors have like an arena or an event center. Now that's part of our plan from a CapEx perspective and part of our CapEx concession commitments. And so we'll catch up in due course. But it's really too early to say what the seasonal cadence will be because some can be done only outside of typhoon season, others can be done year around, and it's also a little too early to say what the split will be between properties.

現在說還太早。老實說，當我想到我們今年所做的一切時，我並沒有想到，名單很長。其實我沒想到這麼快就恢復了。該團隊在他們所做的事情上變得非常有創造力並且足智多謀。請記住，我們還沒有競爭對手擁有的某些工具，例如競技場或活動中心。現在，從資本支出的角度來看，這是我們計畫的一部分，也是我們資本支出優惠承諾的一部分。所以我們會在適當的時候趕上。但現在說季節節奏確實還為時過早，因為有些只能在颱風季節之外進行，有些則可以全年進行，而且現在說房產之間的分配情況還為時過早。

I don't think it changes the investment thesis much. I mean you're talking about a few million dollars here and there, but it's important in terms of fulfilling our concession commitments, and honestly, it's important if you do it right, it's important in terms of building your brand into that region, similar to what we've done in Vegas, frankly, with all the programming that we've done here, it's important for building your brands and for casino marketing.

我認為這不會對投資理論有太大改變。我的意思是，你在這裡或那裡談論了幾百萬美元，但這對於履行我們的特許權承諾很重要，老實說，如果你做對了，這很重要，對於在該地區建立你的品牌也很重要，類似坦白說，我們在維加斯所做的一切，以及我們在這裡所做的所有規劃，對於建立您的品牌和賭場行銷非常重要。

And our next call is Robin Farley with UBS.

我們的下一個電話是瑞銀集團的羅賓法利 (Robin Farley)。

Great. Two questions. One is -- and I don't know if this may not be a key in your view to the Peninsula property recovering. But I'm curious if you have a view on the kind of the growing mass visitor coming back to Macau, or what it will take for that customer to recover the 2019 levels if you're you -- you see it as a transportation bottleneck issue or kind of macro so in China? Or just would love to get your take on that.

偉大的。兩個問題。一是——我不知道這是否不是您認為半島地產復甦的關鍵。但我很好奇您是否對返回澳門的日益增長的遊客數量有什麼看法，或者如果您是您，那麼該客戶需要什麼才能恢復到 2019 年的水平 - 您認為這是一個交通瓶頸在中國有什麼宏觀問題嗎？或者只是想聽聽您對此的看法。

Sure. Robin. I think it's a little bit all of the above. You're correct in that downtown is much more skewed towards a transient customer, towards a more base mass to use the term customer, and we benefit when -- we benefit there disproportionately when visitation to Macau is high. And so as visitation to the market returns, which inevitably, I believe it will, we will benefit from that. Of course, we don't want to -- and that's due to any number of factors, many of which you described. Of course, we don't want to wait for that, right?

當然。羅賓.我認為以上幾點都有。你是對的，市中心更偏向於臨時客戶，更偏向於使用「客戶」一詞的基礎大眾，當澳門的訪問量很高時，我們會受益匪淺。因此，隨著市場訪問的回歸（我相信這將不可避免），我們將從中受益。當然，我們不想——這是由於多種因素造成的，其中許多因素你都描述過。當然，我們不想等待，對吧？

So in the meantime, we need to be very, very focused on market share and driving operating leverage by gaining market share. But no doubt, as that transient customer comes back downtown will benefit disproportionately to Palace, which is already doing extremely well?

因此，同時，我們需要非常非常關注市場份額，並透過獲得市場份額來提高營運槓桿。但毫無疑問，隨著這位短暫的顧客回到市中心，Palace 將會獲得不成比例的好處，而後者已經表現得非常好？

And then just -- the other question is, just wondering why you're adjusting for a hold in the mass business in Macau, you haven't done historically with the other operators, like, it's typically sort of not done. So just why the change in thought on why that would be something to start adjusting for.

然後，另一個問題是，只是想知道為什麼你要調整澳門大眾業務的持有量，你在歷史上沒有與其他運營商做過，就像，這通常是沒有完成的。那麼，為什麼要改變想法，就需要開始調整。

Sure. Others not doing it has never been a reason for us to consider. We have no problem being the first or being a little bit of an outlier. It's really because of the mix of our business now. I mean we are disproportionately mass now. And so what we're trying to do is give a clearer view of how the assets are performing by providing a normalized number, frankly, the same way we do in base.

當然。別人不做從來都不是我們要考慮的理由。我們可以成為第一個，也可以成為一個外人。這實際上是因為我們現在業務的混合。我的意思是我們現在的人數太多了。因此，坦白說，我們想做的是透過提供標準化數字來更清楚地了解資產的表現，就像我們在基礎上所做的那樣。

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）。

So you referenced accruing for the union contract in Vegas in the quarter, and I'm sure you still have an impact in the fourth quarter. But as we look forward to 2024, how are you thinking about the major puts and takes to margins and whether you can hold margins in Vegas similar to what you were just kind of outlining in Macau, obviously, different considerations here.

因此，您提到了本季度維加斯工會合約的應計費用，我相信您在第四季度仍然會產生影響。但當我們展望2024 年時，您如何考慮主要的看跌期權和看跌期權保證金，以及您是否可以在拉斯維加斯保持保證金，類似於您剛才在澳門概述的情況，顯然，這裡的考慮因素不同。

Sure. Well, first, it is an important note before I get to the crux of your question, normalized margin historically compresses from Q2 to Q3. You can go back and see that. And it's really due to the customer mix during the summer months. To your primary question, as we've said before, we really view margin as an outcome of aggressively driving revenues and diligently managing costs, an outcome, not a target. So we don't forecast margin per se. On the revenue side, I think our results in Q3 speak for themselves, and we will continue to make sure that we have the best offering in Vegas.

當然。好吧，首先，在我解決問題的關鍵之前，有一個重要的說明：標準化利潤率歷史上從第​​二季壓縮到第三季。你可以回去看看。這實際上是由於夏季的客戶組合所致。對於你的主要問題，正如我們之前所說，我們確實將利潤率視為積極推動收入和勤奮管理成本的結果，是結果，而不是目標。因此，我們本身並不會預測利潤率。在收入方面，我認為我們第三季的業績不言而喻，我們將繼續確保我們在維加斯提供最好的產品。

On the cost side, Julie mentioned a whole bunch of factors affecting Q3 in her prepared remarks. And with respect to the labor cost increases that you referenced, we are, of course, looking at ways to offset some of them. And as I've said before, because of COVID, we have a playbook for every scenario out there, and we know how to run the business as efficiently as possible at any given revenue level.

在成本方面，朱莉在她準備好的演講中提到了影響第三季的一大堆因素。關於您提到的勞動成本增加，我們當然正在尋找抵消其中一些成本的方法。正如我之前所說，由於新冠疫情，我們針對每種情況都有了一套劇本，並且我們知道如何在任何給定的收入水平下盡可能高效地運營業務。

But as always, we will focus on our service levels and our brand. And so if demand continues to be as strong as it is right now, will we trim solely to claw back, I don't know, a point of margin, for example, get damage the brand, no. But if the demand picture or pricing power changes, we will, of course, manage OpEx accordingly in a manner that is best for the long term.

但一如既往，我們將專注於我們的服務水準和我們的品牌。因此，如果需求繼續像現在一樣強勁，我們是否會僅僅為了收回一點利潤而削減利潤，例如，損害品牌，不。但如果需求狀況或定價能力發生變化，我們當然會以最適合長期的方式相應地管理營運支出。

Fair enough. And then one follow-up on the top line. How should we think about Super Bowl versus Formula 1 for you? Do you generally think that this will be a different customer base, the same customer base? I guess, what are you seeing as you get closer to Formula 1 and start to see bookings, I imagine, for Super Bowl at least interest?

很公平。然後是第一行的後續行動。我們應該如何為您考慮超級盃與一級方程式賽車？您通常認為這會是一個不同的客戶群，還是同一個客戶群？我想，當你越來越接近一級方程式賽車並開始看到超級盃的預訂時，你會看到什麼，至少對超級盃感興趣？

I guess at a headline level, and then I'll turn it over to Brian. Think about it as international individuals and domestic group. Brian, would you add anything to that?

我猜是標題級別的，然後我會把它交給布萊恩。將其視為國際個人和國內團體。布萊恩，你能補充點什麼嗎？

No, I'd agree with you, Craig. I think on the casino side, we're going to see a very similar overlap, but on the [transient] side, we're going to see heavy domestic. We're really looking forward to it and already getting quite a bit of interest with one heck of a waiting list. On the corporate side, I think we'll even do stronger. There's a tremendous amount of demand on the corporate group side, for hospitality entertaining at the highest level. And it's our specialty here at Wynn. So I think it will pay very well for Super Bowl. So we're looking forward to successful weekends.

不，我同意你的觀點，克雷格。我認為在賭場方面，我們將看到非常相似的重疊，但在[短暫]方面，我們將看到大量的國內業務。我們真的很期待它，並且已經對它產生了相當大的興趣，並有一個等待名單。在企業方面，我認為我們會做得更強。企業集團方面對最高水準的款待娛樂有著巨大的需求。這是永利的特色。所以我認為超級盃的回報會非常好。所以我們期待著成功的周末。

Our next caller is David Katz with Jefferies.

我們的下一個來電者是 Jefferies 的 David Katz。

I'd love just a little more color on how we think about margins going forward. I admit it's one of the aspects of the model where we've sort of spent more time and thought and trying to get those, particularly in Macau, what a normalized margin could be and what the puts and takes are around that. Obviously, I'm not asking for a specific guided number. Just some qualitative commentary.

我希望對我們如何看待未來的利潤率有更多的了解。我承認這是該模型的一個方面，我們花了更多的時間和思考並試圖獲得這些，特別是在澳門，正常化的利潤可能是多少，以及圍繞它的看跌期權和持倉是多少。顯然，我並不是要求一個具體的指導號碼。只是一些定性評論。

Sure. Julie, do you want to cover again your thinking on margin.

當然。朱莉，你想再談談你對保證金的看法嗎？

Yes. I think, David, I think I ran through it. And clearly, you heard the point about sequentially. We had a move in margin, which was really a bunch of timing with the credit from OpEx. We had hold the credit from OpEx in -- versus Q2 there -- if you think about the way we look at it, and we manage our OpEx really tightly, and we're thinking really carefully about our concession commitments, and how we can program really effectively to use them really as a marketing effort to drive that kind of brand recognition and attract customers in. We've done a lot of that, and that has impacted on the OpEx per day in the quarter.

是的。我想，大衛，我想我已經經歷過了。顯然，您已經聽到了有關順序的觀點。我們的利潤率有所提高，這實際上是利用營運支出的時機。與第二季度相比，我們從營運支出中獲得了榮譽，如果你考慮我們看待它的方式，我們非常嚴格地管理我們的營運支出，我們正在非常仔細地考慮我們的特許權承諾，以及我們如何能夠我們已經做了很多這樣的事情，這對本季每天的營運支出產生了影響。

In the early days, I think, some of those will work and some of them won't. And we're going to get a better sense of that, and we'll be smart about the kinds of things that we'll do. But coming back to what I said, we're expecting the margin for Wynn Palace to generally stay where it's at and for Wynn Macau to improve with operating leverage as business volumes return. We -- the quarter-to-quarter, there'll be some small movement, but we wouldn't expect it to be significant from the events calendar in Macau.

我認為，在早期，其中一些會起作用，而另一些則不會。我們將會對此有更好的認識，並且我們會明智地對待我們要做的事情。但回到我所說的，我們預計永利皇宮的利潤率將大致保持在現有水平，而隨著業務量的恢復，永利澳門的經營槓桿將得到改善。我們－每季都會有一些小變動，但我們預期澳門的活動日曆不會有重大變化。

But importantly, both properties are structurally higher than they were in 2019. So we're doing great from a margin perspective. If we can yield, and I do believe we can. If we can yield Wynn Macau and Wynn Palace to other rooms appropriately because as you know, it's not about occupancy, it's about who's in the room, then we could see incremental margin expansion there, but I wouldn't underwrite it yet. I think Wynn Macau's -- Wynn Palace's margin is great as it is, and I would hold at that level. And Wynn Macau, it's a question of operating leverage coming from volumes.

但重要的是，這兩家酒店的結構性增長均高於 2019 年。因此，從利潤率角度來看，我們做得很好。如果我們能夠屈服，我相信我們可以。如果我們能夠適當地將永利澳門和永利皇宮讓給其他房間，因為如你所知，這與入住率無關，而與房間裡的人有關，那麼我們可以看到那裡的利潤率逐步擴大，但我還不會承保。我認為永利澳門－永利皇宮的利潤率很高，我會維持在這個水準。對永利澳門來說，這是一個來自銷售的營運槓桿問題。

All Right. And so if I may, just following that up, as you continue to add in more non-gaming elements, should we think about that as somewhat of a headwind to sort of finding that comfortable margin? Or are those just really vehicles for maintaining where you're going to wind up from gaming anyway?

好的。因此，如果我可以的話，隨著您繼續添加更多非遊戲元素，我們是否應該將其視為尋找舒適利潤的逆風？或者這些只是真正的工具來維持你最終從遊戲中得到的結果？

Yes, I would break that into 2 pieces. I would say that as we bring material CapEx online, like, an event center or a spectacle show, those businesses will have a margin profile in and of themselves, and they will be additive to our gaming business and ultimately drive gaming customer visitation which will be accretive to margin. But that is way too early to even talk about that even at a qualitative level given where we are in the CapEx cycle.

是的，我會把它分成兩個部分。我想說，當我們將物質資本支出帶到網上時，例如活動中心或眼鏡表演，這些業務本身就會有利潤狀況，它們將增加我們的遊戲業務，並最終推動遊戲客戶的訪問量，這將增加利潤。但考慮到我們所處的資本支出週期，即使在定性層面上討論這個問題也還為時過早。

With respect to programming, which is what we're doing now, which is essentially more OpEx driven with the facilities that we have today. We're able to do that without having a material impact on margin, and you saw that in Q3 where we did a reasonable amount of programming at Wynn Palace actually, and we were still able to deliver the margin that we have shown you today.

就程式設計而言，這就是我們現在正在做的事情，本質上更多的是利用我們今天擁有的設施來驅動營運支出。我們能夠做到這一點，而不會對利潤率產生重大影響，並且您在第三季度看到，我們實際上在永利皇宮進行了合理數量的編程，並且我們仍然能夠提供我們今天向您展示的利潤率。

John DeCree with CBRE Securities.

世邦魏理仕證券公司的約翰‧德克里 (John DeCree)。

Just one for me, we'll maybe finish it up with a quick capital allocation discussion. So, I guess, the share repurchase is a bit higher than we've seen in the quarter and also the tender for the Wynn Las Vegas notes. So Julie or Craig, curious if you could tell us how you're thinking about allocating capital in the quarter?

對我來說只是一個，我們可能會透過快速的資本分配討論來結束它。因此，我認為，股票回購量略高於我們在本季看到的情況，也高於永利拉斯維加斯票據的投標量。朱莉或克雷格，想知道您是否能告訴我們您如何考慮在本季分配資本？

And then as we look ahead, so you have the dividend and some CapEx that's on the horizon. So how are you kind of thinking about capital allocation for things like we saw in the 3Q as well, whether it's share repurchases or being opportunistic with your debts?

然後當我們展望未來時，你會看到即將到來的股息和一些資本支出。那麼，您如何看待我們在第三季看到的資本配置，無論是股票回購還是對債務進行機會主義？

Yes, sure. So we're always balancing some liquidity needs, right, between capital deployment growth, returning capital to shareholders, et cetera. And we're in good position to do kind of all of the above right now. You just mentioned a bunch of potential uses in your question. And as you know, we restarted our dividend earlier this year. So we're really well capitalized.

是的，當然。因此，我們總是在資本部署成長、向股東返還資本等之間平衡一些流動性需求。我們現在處於有利位置，可以完成上述所有工作。您剛剛在問題中提到了一些潛在用途。如您所知，我們在今年稍早重新啟動了股息。所以我們的資本確實充足。

And I expect that we're going to maintain extra liquidity until we see how a few things play out. The situation in New York macro economy, the yield curve, et cetera, et cetera. I would say our bias is even in a rising rate environment to try to stay in a free cash flow position comparable to where we are now. We're fortunate to have a lot of long-dated fixed debt. So we have a lot of time to figure that out. And for the yield curve to potentially move before we're in a position to materially refinance.

我預計我們將保持額外的流動性，直到我們看到一些事情會如何發展。紐約宏觀經濟的情況，殖利率曲線等等。我想說，即使在利率上升的環境下，我們的偏見也是試圖維持與現在相當的自由現金流狀況。我們很幸運擁有大量長期固定債務。所以我們有很多時間來解決這個問題。在我們能夠進行實質再融資之前，殖利率曲線可能會改變。

But between now and the point at which we know the fate of the license in New York, I would expect that we are going to do when the stock is mispriced as we believe it has been. We're going to do some share repurchases. We'll manage the debt stack consistent with what I just talked about in terms of wanting to fade some incremental interest expense, and then, of course, we have capital deployment that we'll be doing to build a luxurious beautiful property in the UAE. So that's kind of where we are.

但從現在到我們知道紐約許可證的命運為止，我預計當股票像我們認為的那樣被錯誤定價時，我們將採取行動。我們將進行一些股票回購。我們將按照我剛才談到的方式來管理債務堆棧，希望減少一些增量利息支出，然後，當然，我們將進行資本部署，在阿聯酋建造一棟豪華美麗的房產。這就是我們現在的處境。

Well, thank you, everyone. That will now conclude the Q3 earnings call for Wynn. Thank you for your interest, and we look forward to talking to you again soon.

嗯，謝謝大家。永利第三季財報電話會議至此結束。感謝您的關注，我們期待很快再次與您交談。

Thanks, everybody.

謝謝大家。

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

感謝您參加今天的電話會議。現在您可以繼續並斷開連接。