永利渡假村 (WYNN) 2023 Q4 法說會逐字稿

Welcome to the Wynn Resorts Fourth Quarter 2023 Earnings Call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

歡迎參加永利度假村 2023 年第四季財報電話會議。 （操作員說明）此通話正在錄音。如果您有任何異議，您可以此時斷開連接。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. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.

謝謝接線員，大家下午好。今天與我通話的是拉斯維加斯的克雷格·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。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。

Good afternoon, everyone, and thanks for joining us again today. Well, what a quarter. And really what a year. Every single member of the Wynn team should be incredibly proud of what they achieved together in 2023. Momentum in the business built throughout the year, and we ended on a high note with $632 million (sic) [$630.4 million] of property EBITDAR, an all-time quarterly record, capping off a record year in which we generated nearly $2.2 billion of property EBITDAR. We see tremendous value in our business as evidenced by our buybacks in the quarter and are genuinely looking forward to 2024. The company is more diversified than it's ever been.

大家下午好，感謝您今天再次加入我們。嗯，四分之一啊。真的是多麼美好的一年。永利團隊的每一位成員都應該為他們在2023 年共同取得的成就感到無比自豪。這一年業務勢頭強勁，最終我們獲得了6.32 億美元（原文如此）[6.304 億美元]的財產EBITDAR（息稅折舊攤銷前利潤），歷史季度記錄，我們創造了近 22 億美元的房地產 EBITDAR 創紀錄的一年。我們看到了我們業務的巨大價值，本季的回購證明了這一點，並真誠地期待 2024 年。該公司比以往任何時候都更加多元化。

In Las Vegas, we continue to distance ourselves from peers as the leader in luxury and it's more evident than ever that we are the go-to spot for the best customers attending citywide events like F1. We have a growing business in Macau, that is running structurally higher margins than in the past, is much less reliant on the volatile VIP segment and is increasingly well positioned to compete. And importantly, we have a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets.

在拉斯維加斯，我們作為奢侈品領域的領導者繼續與同行保持距離，比以往任何時候都更加明顯的是，我們是參加 F1 等全市活動的最佳客戶的首選地點。我們在澳門的業務不斷增長，其利潤率在結構上比過去更高，對不穩定的貴賓市場的依賴大大減少，並且在競爭中處於越來越有利的地位。重要的是，我們在阿聯酋擁有巨大的成長機會，這將進一步豐富我們的產品組合並將我們的品牌擴展到新市場。

Turning to the quarter and starting here in Vegas. Wynn Las Vegas delivered $271 million of Adjusted Property EBITDAR, an all-time quarterly record, up 24% year-on-year on a very difficult comp. While F1 was clearly a contributor, activity of the property was intense throughout the quarter, with RevPAR table drop, slot handle and food and beverage revenue all well above what was a very strong quarter in 2022. In fact, we had our best October, our best November and our best December ever in terms of EBITDAR during Q4. We continue to fire on all cylinders here in Las Vegas, and I'm incredibly proud of the Vegas team.

轉向本季度，從維加斯開始。拉斯維加斯永利酒店 (Wynn Las Vegas) 的調整後物業 EBITDAR 達 2.71 億美元，創歷史季度記錄，同比增長 24%，但業績非常困難。雖然F1 顯然是一個貢獻者，但該物業的活動在整個季度都很激烈，RevPAR 表下降、老虎機手柄以及食品和飲料收入都遠高於2022 年非常強勁的季度。事實上，我們度過了最好的10 月份，就第四季的 EBITDAR 而言，這是我們有史以來最好的 11 月和 12 月。我們在拉斯維加斯繼續全力以赴，我為維加斯團隊感到無比自豪。

More recently, January 2024 looked a lot like January 2023 from an overall revenue perspective with hotel revenue particularly strong. That being said, January isn't where the action is this quarter. It's all about February. Super Bowl, Chinese New Year and for us, the best February in our history for group and convention. Between Super Bowl and Chinese New Year, we have doubled the front money and credit that we had in 2023, and we expect record hotel revenue over Super Bowl. So a very active February will really set the tone for the first quarter.

最近，從整體營收角度來看，2024 年 1 月與 2023 年 1 月非常相似，其中飯店收入尤其強勁。話雖如此，一月份並不是本季的行動重點。一切都與二月有關。超級盃、農曆新年，對我們來說，這是我們歷史上團體和會議最好的二月。在超級盃和農曆新年之間，我們將 2023 年的前期資金和信貸增加了一倍，我們預計酒店收入將創紀錄超過超級盃。因此，非常活躍的二月確實將為第一季定下基調。

Turning to Boston. Encore generated $64 million of EBITDAR during the quarter, similar to many other regional markets, demand at the property was largely stable year-on-year. Revenue decreased by about 0.5%, but the team has done a great job remaining disciplined on OpEx, driving a 2% year-over-year increase in EBITDAR. More recently, underlying demand has remained healthy through January although a couple of unfortunately timed winter storms had negatively impacted visitation during a few recent weekends. On the development across from Encore Boston Harbor, we recently received a key environmental approval and we are advancing through a few remaining items before construction can begin.

轉向波士頓。 Encore 在本季度產生了 6,400 萬美元的 EBITDAR，與許多其他區域市場類似，該物業的需求比去年同期基本穩定。收入下降了約 0.5%，但該團隊在營運支出方面保持了良好的紀律性，推動 EBITDAR 年比成長 2%。最近，儘管幾場不幸的冬季風暴在最近幾個週末對遊客造成了負面影響，但整個一月的潛在需求仍然保持健康。關於安可波士頓港對面的開發項目，我們最近獲得了一項重要的環境批准，在施工開始之前，我們正在推動一些剩餘項目。

Turning to Macau, we generated $297 million of EBITDAR in the quarter on market share that was consistent with the prior quarter and with 2019. While we held in the normal range in mass, we held a bit high in VIP. So on a fully normalized basis, EBITDAR would have been approximately $290 million or 94% of Q4 2019 levels. The strength in our business there has continued into Q1. In the casino, our mass drop per day in January increased 32% versus January 2019 and was up sequentially versus Q4.

轉向澳門，本季我們的 EBITDAR 市佔率為 2.97 億美元，與上一季和 2019 年一致。雖然我們的大眾市佔率處於正常範圍，但我們的 VIP 份額略高。因此，在完全標準化的基礎上，EBITDAR 約為 2.9 億美元，即 2019 年第四季水準的 94%。我們在那裡的業務優勢一直持續到第一季。在賭場中，我們 1 月的日均跌幅比 2019 年 1 月增加了 32%，並且比第四季連續上升。

On the non-gaming side, our hotel occupancy was 99%, along with continued strength in tenant retail sales. Overall, strong top line performance, combined with disciplined OpEx control drove healthy margins during the month of January.

在非博彩方面，我們的飯店入住率為 99%，租戶零售銷售持續強勁。總體而言，強勁的營收表現加上嚴格的營運支出控制推動了 1 月份的健康利潤率。

On the development front, we opened our first major concession-related capital project during Q4, a collaboration with the team behind Las Vegas-based Illuminarium, and initial customer feedback has been positive. We are 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 production show.

在開發方面，我們在第四季度啟動了第一個與特許經營相關的大型資本項目，這是與拉斯維加斯 Illuminarium 背後的團隊合作，最初的客戶回饋非常積極。我們正在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製作表演。

Lastly, turning to Wynn Al Marjan, construction continues on the project with much of the hotel tower and podium foundation now complete, and we are nearly ready to start going vertical on the hotel tower. Property is really going to be a stunner, and it's great to see the buildings start to take shape.

最後，轉向 Wynn Al Marjan，該項目的施工仍在繼續，酒店塔樓和裙樓地基的大部分現已完成，我們幾乎準備好開始垂直建造酒店塔樓。房地產確實會令人驚嘆，很高興看到建築物開始成形。

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. In Las Vegas, we generated $270.8 million in Adjusted Property EBITDAR and $696.8 million of operating revenue during the quarter, delivering an EBITDAR margin of 38.9%, up 140 basis points year-on-year. Higher than novel table games hold benefited EBITDAR by around $10 million in Q4. OpEx, excluding gaming tax per day was $4.4 million in Q4 '23, up 16% year-over-year, well below the 19% increase in revenue. The sequential increase in OpEx was primarily driven by higher programming and staffing costs related to F1.

謝謝你，克雷格。在拉斯維加斯，本季我們產生了 2.708 億美元的調整後房地產 EBITDAR 和 6.968 億美元的營業收入，EBITDAR 利潤率為 38.9%，年增 140 個基點。第四季度，較新穎的桌上遊戲，EBITDAR 收益增加約 1000 萬美元。 2023 年第 4 季度，每日營運支出（不包括博彩稅）為 440 萬美元，年增 16%，遠低於營收 19% 的增幅。營運支出的連續成長主要是由於與 F1 相關的程式設計和人員成本增加所致。

Turning to Boston, we generated adjusted property EBITDAR of $64.4 million on revenue of $217.1 million with an EBITDAR margin of 29.7%. We've stayed very disciplined on the cost side with OpEx, excluding gaming tax of $1.14 million per day in Q4 '23, down 2% year-over-year, driving a 70 basis point increase in EBITDAR margin. 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.

轉向波士頓，我們的調整後房地產 EBITDAR 為 6,440 萬美元，收入為 2.171 億美元，EBITDAR 利潤率為 29.7%。我們在營運支出方面一直非常嚴格，不包括 23 年第 4 季每天 114 萬美元的博彩稅，年減 2%，推動 EBITDAR 利潤率成長 70 個基點。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 $297 million in the quarter on $910.6 million of operating revenues. As Craig alluded to, we estimate higher-than-expected hold positively impacted EBITDAR by around $7 million during the quarter. Importantly, mass hold at both properties within the expected range during the quarter with the hold impact primarily related to the VIP side of the business. EBITDAR margin was 32.6% in the quarter, an increase of 140 basis points relative to Q4 2019, driven by a combination of the favorable mix shift to higher-margin mass gaming and operating leverage on cost efficiencies.

我們的澳門業務本季調整後的物業 EBITDAR 為 2.97 億美元，營業收入為 9.106 億美元。正如克雷格所提到的，我們估計高於預期的持股對本季的 EBITDAR 產生了約 700 萬美元的正面影響。重要的是，本季這兩個物業的大量持有都在預期範圍內，持有影響主要與 VIP 業務相關。本季的 EBITDAR 利潤率為 32.6%，較 2019 年第四季成長 140 個基點，這得益於向利潤率更高的大眾博彩的有利組合轉變以及成本效率的營運槓桿。

Our OpEx, excluding gaming tax was approximately $2.56 million per day in Q4, a decrease of 14% compared to $3 million in Q4 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 market continues to recover.

我們的營運支出（不包括博彩稅）在第四季度約為每天256 萬美元，與2019 年第四季的300 萬美元相比下降了14%。該團隊在保持成本控制方面做得很好，我們有能力持續推動強勁的發展隨著市場持續復甦，經營槓桿率不斷提高。

In terms of CapEx in Macau, we're 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 outcomes in the near term. As such, we expect CapEx related to our concession commitments to range between $350 million and $500 million in total between 2024 and the end of 2025.

就澳門的資本支出而言，我們目前正在推動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，從而在短期內產生廣泛的潛在資本支出結果。因此，我們預計 2024 年至 2025 年底期間與我們的特許權承諾相關的資本支出總額將在 3.5 億至 5 億美元之間。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of nearly $4.5 billion as of December 31. This was comprised of $2 billion of total cash and available liquidity in Macau and approximately $2.45 billion in the U.S. Bringing it all together, the combination of strong performance in each of our markets globally with our properties generating nearly $2.2 billion of property EBITDAR in 2023. Together with our robust cash and liquidity position, creates a very healthy leverage and free cash flow profile for the company globally.

繼續看資產負債表。截至 12 月 31 日，我們的流動性狀況仍然非常強勁，全球現金和左輪可用資金接近 45 億美元。其中包括澳門的 20 億美元現金和可用流動性總額以及美國的約 24.5 億美元。我們的物業在全球各個市場均表現強勁，到2023 年，我們的物業將產生近22 億美元的息稅折舊攤銷前利潤(EBITDAR)。加上我們強勁的現金和流動性狀況，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。

Further, the Board approved a cash dividend of $0.25 per share payable on February 29, 2024, to stockholders of record as of February 20, 2024. We also repurchased approximately 1.6 million shares to $139 million during the quarter, highlighting our commitment to prudently returning capital to shareholders. We will consider additional dividend increases at Wynn Resorts and the initiation of the dividend from Wynn Macau as the recovery progresses and the exact timing of our global capital deployment plans become more clear.

此外，董事會批准於2024 年2 月29 日向截至2024 年2 月20 日登記在冊的股東派發每股0.25 美元的現金股息。我們還在本季度回購了約160 萬股股票，總金額為1.39 億美元，突顯了我們對謹慎回報的承諾資本給股東。隨著經濟復甦的進展以及我們全球資本部署計畫的確切時間變得更加明確，我們將考慮增加永利度假村的額外股息，以及永利澳門開始派發股息。

Finally, our CapEx in the quarter was $113 million, primarily related to the spa 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，本季的資本支出為 1.13 億美元，主要與拉斯維加斯永利酒店的水療別墅翻新和餐飲增強、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) 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。

Guys, as you think about kind of Macau and obviously, with the amenities that come on, whether it's concession-related or other. Does this kind of 2.5 to 2.6 daily OpEx rate feel like you're in the right place going forward as we think about 2024, at least?

夥計們，當你想到澳門的時候，顯然，還有隨之而來的便利設施，無論是與特許權相關的還是其他的。至少在我們考慮 2024 年時，這種每天 2.5 到 2.6 的營運支出率是否感覺您處於正確的位置？

Carlo, I'll start and then I'll hand it to Julie. I mean, I think, we should put it in perspective, right. Our OpEx in the quarter was, I think, about 14% below Q4 2019, and our margins were some, I think, 140 basis points higher. So we're clearly being disciplined on OpEx. But Julie, do you want to discuss some specifics?

卡洛，我先開始，然後交給茱莉。我的意思是，我認為我們應該正確看待它。我認為，我們本季的營運支出比 2019 年第四季低了約 14%，而我們的利潤率則高了 140 個基點。因此，我們顯然在營運支出方面受到了約束。但是朱莉，你想討論一些細節嗎？

Yes. There was some specifics, Carlo, sequentially. So if you think about it, it increased $160,000 per day or $15 million sequentially and that was split across 3 different buckets. The first one was higher variable costs on the extremely robust business volumes with hotel occupancy up 100 basis points; GGR up 12%, F&B up 13%. The second bucket really is payroll. We had more overtime pay related to holidays because there were 9 public holidays in the quarter versus just 2 in the previous quarter. And then the third bucket was really the highest spending on concession-related non-gaming events, because this was a particularly heavy event quarter. And you remember, we kind of foreshadowed that on the previous call when we talked about all the different programming we had going on. And that really kicked off with the Hypercar Exhibition that we had. And then we had several well-received sports and culinary events. So that's really what was driving it, the sequential pop.

是的。卡洛，有一些具體細節，依序。因此，如果你想一想，它每天增加 16 萬美元，或連續增加 1500 萬美元，並且分成 3 個不同的部分。第一個是由於業務量極為強勁，飯店入住率上升了 100 個基點，導致變動成本上升；博彩收入成長 12%，餐飲成長 13%。第二個桶子其實是薪資單。我們有更多與假期相關的加班費，因為本季有 9 個公共假期，而上一季只有 2 個。第三個桶實際上是與特許權相關的非博彩活動的最高支出，因為這是一個特別繁忙的季度。你還記得嗎，我們在上次電話會議上談論我們正在進行的所有不同節目時就已經預示了這一點。這實際上是從我們舉辦的超級跑車展覽開始的。然後我們舉辦了幾場廣受好評的體育和美食活動。所以這才是真正的驅動力，連續的流行。

Going forward, we feel we've got -- as Craig said, with EBITDAR margin at both properties above Q4 '19 levels, and with the OpEx well controlled, we do expect the pace of growth in market-wide GGR along with our revenue mix to be a key driver of margins. So there's going to be some quarter-to-quarter variation as we see different programming coming through, and we continue to roll out the programming associated with concession commitments.

展望未來，我們認為，正如克雷格所說，兩家酒店的EBITDAR 利潤率均高於19 年第4 季的水平，並且營運支出得到良好控制，我們確實預計整個市場GGR 的成長速度以及我們的收入混合成為利潤率的關鍵驅動因素。因此，隨著我們看到不同的計劃的實施，每個季度都會有一些變化，並且我們將繼續推出與特許權承諾相關的計劃。

Carlo, barring a major facility opening like the event center, which is a number of years away. I don't foresee a step change in our OpEx, and we're managing it very, very tightly.

卡洛，除非像活動中心這樣的大型設施開放，而距離活動中心還有幾年的時間。我預計我們的營運支出不會發生重大變化，而且我們正在非常非常嚴格地管理它。

Very helpful. Then just as a follow-up. Obviously, the Las Vegas results kind of speak for themselves, and it would be hard to notice anything changed in Las Vegas in the fourth quarter. But obviously, you guys do have a new competitor there to the north. And I was just wondering now with at least a couple of months of kind of experience with that. Could you talk a little bit perhaps about how Fontainebleau has kind of impacted positively or negatively the asset and kind of daily traffic.

很有幫助。然後就作為後續。顯然，拉斯維加斯的結果是不言而喻的，第四季很難注意到拉斯維加斯有什麼變化。但顯然，北方確實有一個新的競爭對手。我現在只是想知道至少有幾個月的經驗。您能否談談楓丹白露如何對資產和日常流量產生正面或負面的影響。

Yes, it really hasn't. So I feel great about our business. We feel great about where we are. Like I said, February shaping up to be jampacked between the Super Bowl, Chinese New Year and everything else we have going on, I don't really see any impact.

是的，確實沒有。所以我對我們的業務感覺很好。我們對自己所處的位置感覺很好。就像我說的，二月將擠在超級盃、中國新年和我們正在進行的其他事情之間，我真的沒有看到任何影響。

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, in the fourth quarter, mass table GGR was 117% of fourth quarter levels, up from 106%. And in the 3Q relative to '19 or the 3Q of '19, I know you don't sort of think about it maybe or present it at least externally to the same degree that Las Vegas Sands does between how we define this premium mass and its base mass business. But when you think about within the different tiering that you guys have, would you say all of your mass table tiers are fully recovered plus relative to '19? Or are there some tiers that still have relative recovery to get to and exceed '19 levels?

克雷格表示，第四季大眾餐桌 GGR 為第四季水準的 117%，高於第四季的 106%。在相對於19 年的第三季度或19 年的第三季度，我知道你可能不會考慮它，或者至少在外部呈現它的程度與拉斯維加斯金沙集團在我們如何定義這種優質質量和它的基礎大眾業務。但是當你考慮一下你們所擁有的不同等級時，你會說你們所有的大眾桌等級都已經完全恢復並且相對於 19 來說了嗎？或者是否有一些等級仍具有相對恢復能力以達到並超過 19 的水平？

I think you have to differentiate between each of the properties. So the early portion of the recovery was clearly premium mass led. You saw that in the different -- the revenue per head or revenue per visitor in the early portion of the recovery. And clearly, we saw that hit Palace first. And so we've been talking for the past several quarters about how Wynn Macau would need a little bit longer to recover. And so at Wynn Palace, now it's really about yielding the rooms and driving the best heads and beds, if you will, in order to continue to grow our position there. And the property is well positioned to do that.

我認為你必須區分每個屬性。因此，復甦的早期階段顯然是優質大眾主導的。您可以從不同的角度看到這一點——在復甦的早期階段，人均收入或每位訪客的收入。顯然，我們首先看到的是宮殿。因此，過去幾季我們一直在討論永利澳門需要更長的時間才能恢復。因此，在永利皇宮，現在真正的重點是提供房間並提供最好的床頭櫃和床鋪（如果您願意的話），以便繼續擴大我們在那裡的地位。這家酒店完全有能力做到這一點。

At Wynn Macau, where we have historically been more reliance, on more transient traffic on what other operators may refer to as core mass. You saw that start to come through in this quarter. There's still more work to do there. But honestly, if you really look at the numbers that Wynn Macau produced this quarter, I'm incredibly proud of that team. You can see the uptick in drop. You can see the uptick in GGR, and it was incredibly strong. That's really down to the targeted CapEx that we did -- that we completed just at the end of the third quarter, bridging into the beginning of the fourth quarter and then also the return of those additional segments that you referred to in your question.

在永利澳門，我們歷來更依賴其他業者可能稱之為核心群體的短暫流量。您看到這一點在本季開始實現。那裡還有更多工作要做。但老實說，如果你真正看看永利澳門本季產生的數字，我為這個團隊感到無比自豪。您可以看到下降的上升。你可以看到 GGR 的上升，而且非常強勁。這實際上取決於我們所做的目標資本支出——我們在第三季末完成，過渡到第四季度初，然後也是您在問題中提到的那些額外部分的回報。

And Craig, we heard your positive commentary about February and the 1Q in Las Vegas and in addition to the Super Bowl, the group traction, would you expect 2Q '24 through 4Q '24 group room nights to be up year-over-year?

克雷格，我們聽到了您對2 月和拉斯維加斯第一季的正面評論，除了超級盃、團體吸引力之外，您是否預計2024 年第二季至24 年第四季的團體間夜數將年增？

Yes. Brian, do you want to give a little bit more color?

是的。布萊恩，你想給更多一點色彩嗎？

Sure. Joe, as we're seeing this year play out, we're really encouraged by the forward group booking trends that we're seeing. The outlook for group business is super strong. '24 is pacing towards a record room night. So that base is there for us to yield from. And the sales and revenue teams continue to just do a great job in yield managing our properties. So...

當然。喬，正如我們今年看到的那樣，我們所看到的前瞻性團體預訂趨勢讓我們深受鼓舞。集團業務的前景非常強勁。 '24 正在邁向唱片室之夜。所以我們可以從這個基礎上屈服。銷售和收入團隊在我們的物業收益管理方面繼續做得很好。所以...

And on those group [remains prime], what would you say rate is relative to '23 pricing?

對於這些組別 [仍然是主要的]，您認為相對於 23 年定價而言，利率是多少？

We don't disclose that, but you can assume that rates are contracted on a multiyear basis, and bear some relationship to CPI.

我們沒有透露這一點，但您可以假設費率是多年簽訂的合同，並且與 CPI 有一定關係。

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 just starting and building off the answer to the last question on sort of the way the recoveries played out across the properties. Just specifically at Wynn Macau, is that the bigger beneficiary in the portfolio today as it relates to, let's call it, as we start to see visitation maybe outpace or balance out now relative to the spend per visit we saw, again, earlier in the recovery. Is that sort of the implication of the answer to the last question? Or could you just elaborate a little bit on where you expect to see some of the still very strong visitation numbers and that kind of catch up in the base mass business. Where should we see that most in your portfolio?

克雷格，也許只是開始並建立最後一個問題的答案，即各資產的復甦情況。具體來說，在永利澳門，今天的投資組合中更大的受益者，我們可以這樣稱呼它，因為我們開始看到，相對於我們在早些時候看到的每次訪問支出，現在的訪問量可能超過或平衡。恢復。這就是最後一個問題的答案的意思嗎？或者您能否詳細說明您期望在哪些地方看到仍然非常強勁的訪問量以及基礎大眾業務的追趕。我們應該在您的投資組合中看到最多的內容？

Well, I think you're going to see it across the portfolio, but you're going to see it disproportionately at Wynn Macau just based on the geographic location of the property. You tend to have that more transient customer in downtown, and we're going to be a beneficiary of that there. But it affects Palace as well. I mean, there's a lot of reasons to visit Palace and to make Palace a destination for a base mass customer.

嗯，我認為你會在整個投資組合中看到它，但僅根據該物業的地理位置，你會在永利澳門看到它不成比例。市中心往往有更多的臨時客戶，我們將成為那裡的受益者。但這也影響了宮殿。我的意思是，有很多理由來參觀 Palace 並使 Palace 成為基礎大眾客戶的目的地。

You should see the queue just to get on the gondola out in front of the lake every day. And now as we add incremental amenities like we did with Illuminarium, there's a lot of reasons to visit our property more so than they probably ever have been. So I would say it affects both properties to some extent, but I would expect it to disproportionately affect the property downtown.

每天你都會看到湖前為了搭纜車而排隊。現在，隨著我們像 Illuminarium 一樣增加設施，人們有很多理由比以往任何時候都更頻繁地參觀我們的酒店。所以我想說它在一定程度上影響了這兩處房產，但我預計它會對市中心的房產產生不成比例的影響。

And then maybe as a Las Vegas question, obviously, some significant benefit on the event side from F1, which we know disproportionately seems like it accrued to win. You're going to have another big one, it seems like with Super Bowl. Wondering if you could comment a little bit on maybe as you look year-over-year, the broader events business in calendar, you talked about group. So how does the just broader event calendar post Super Bowl feel on a year-over-year basis? And then specifically, because we've got some tracking data that looks pretty good for you. Just any thoughts or comments on the impact of the spear? And how that has played out, especially on some of the bigger concert nights and what you might see in terms of impact there?

然後，也許作為拉斯維加斯的問題，顯然，F1 在賽事方面帶來了一些重大好處，我們知道，這似乎是為了獲勝而累積的。你將會迎來另一場盛大的比賽，就像超級盃一樣。想知道您是否可以對日曆中更廣泛的活動業務發表一些評論，您談到了團體。那麼，超級盃之後更廣泛的賽事日曆與去年同期相比感覺如何？然後具體來說，因為我們有一些看起來非常適合您的追蹤數據。對長矛的影響有什麼想法或評論嗎？效果如何，特別是在一些大型音樂會之夜，以及您可能會看到什麼影響？

Sure. On the first portion of your question, the event calendar looks pretty good because we spend a whole bunch of time creating our own events. So it's not just the city wise. We've been programming the heck out of this joint for several years now, and we've built a lot of momentum on doing that. And that not only helps us from a brand and marketing perspective, but clearly from a room night and a pricing on rooms perspective. So I feel great about the remainder of 2024 from an event perspective.

當然。關於您問題的第一部分，活動日曆看起來相當不錯，因為我們花了很多時間來創建自己的活動。所以這不僅僅是城市的明智之舉。幾年來，我們一直在為這個聯合體進行編程，並且我們已經在這方面建立了巨大的動力。這不僅從品牌和行銷的角度對我們有幫助，而且從間夜和房間定價的角度來看也明顯對我們有幫助。因此，從活動角度來看，我對 2024 年剩餘的時間感覺很好。

With respect to the sphere, it's been -- I'd tell you, it's been pretty amazing. I mean it probably doesn't affect our rate, but we sure do get a whole bunch of requests to reside on that side of the building in order to see the sphere itself. And certainly, on the 2 weekends, we see an uptick in terms of very high-quality occupancy. So you're talking about kind of the best of the best customers that want to stay with us because we're actually the closest property to the sphere as the crow flies.

就球體而言，我告訴你，這非常令人驚奇。我的意思是，這可能不會影響我們的速度，但我們確實收到了一大堆要求住在建築物的那一側以便看到球體本身的請求。當然，在這兩個週末，我們看到高品質的入住率上升。所以你說的是那些想要留在我們這裡的最好的客戶，因為我們實際上是距離直線距離最近的酒店。

So it's definitely been additive to us on the margin. And I got to tell you, I admire and respect what they've done by doing that. I think it's incredibly novel. It's incredibly unique, and it's yet another kind of only in Vegas experience that you can have, and we're delighted that they're next door.

所以這對我們來說絕對是有好處的。我必須告訴你，我欽佩並尊重他們所做的一切。我認為這非常新穎。它非常獨特，是另一個只有在維加斯才能擁有的體驗，我們很高興它們就在隔壁。

(Operator Instructions) Our next caller is Dan Politzer with Wells Fargo.

（操作員說明）我們的下一個來電者是富國銀行的 Dan Politzer。

So Vegas is obviously performing at an extremely high level, no real impact from new supply. How do you think about the parcel -- the property parcel in Wynn West that you have? And obviously, this is a longer-term focused question. But how did your thought process there maybe expand as it relates to your CapEx projects in the UAE as well as New York?

因此，維加斯的表現顯然處於極高水平，新供應並沒有產生真正的影響。您如何看待您擁有的永利西區地產地塊？顯然，這是一個長期關注的問題。但是，當涉及到您在阿聯酋和紐約的資本支出項目時，您的思考過程是如何擴展的呢？

Sure. I mean -- look, there's a lot -- we have a lot of different avenues for growth. We've got a huge land bank here in Vegas, right? We've got the land across the street. We've got the golf course. There's a lot that we can do here. We're in pursuit as I think everyone knows, in New York, we have a project that's actually coming out of the ground, in the UAE, and that's going to be a very substantial opportunity for us. There's some additional states that are moving, albeit at a relatively slow pace that might prove to be opportunities for us. We obviously don't do every possible -- every potential jurisdiction. We're very selective.

當然。我的意思是——看，有很多——我們有很多不同的成長途徑。我們在維加斯有一個巨大的土地儲備，對嗎？我們已經得到了街對面的土地。我們有高爾夫球場。我們在這裡可以做很多事情。我想大家都知道，我們正在追求，在紐約，我們在阿聯酋有一個專案實際上正在落地，這對我們來說將是一個非常重要的機會。還有一些州正在採取行動，儘管速度相對較慢，但這可能對我們來說是機會。顯然，我們並沒有盡一切可能——每一個潛在的司法管轄區。我們非常有選擇性。

And then there are certain international jurisdictions like Thailand, for example, that are also in the process of considering gaming. So we're always balancing really 2 things. Our ability to do what we do so well, remember, we're one of the last in the industry that maintains its own design and development group. And so it's not as though you can bang for these out in any particular year. So that's always a consideration. And then the other is capital, as you rightly pointed out.

還有一些國際司法管轄區，例如泰國，也考慮博彩業。所以我們總是在平衡兩件事。我們有能力把我們所做的事情做得如此出色，請記住，我們是業內最後一個擁有自己的設計和開發團隊的公司之一。因此，並不是說你可以在任何特定的年份裡做到這些。所以這始終是個考慮因素。正如您正確指出的那樣，另一個是資本。

So we're always looking at what is the highest and best use of capital that we can deploy, and then we're making decisions accordingly. We will certainly make use of that land across the street in Las Vegas. It's not a question of if, it's a question of when, and we'll see how things play out in New York and things to play out in a couple of other jurisdictions in determining the timing of the use of that land.

因此，我們總是在考慮什麼是我們可以部署的資本的最高和最佳用途，然後我們做出相應的決策。我們肯定會利用拉斯維加斯街對面的那塊土地。這不是是否的問題，而是何時的問題，我們將看看紐約的情況以及其他幾個司法管轄區的情況如何確定該土地的使用時間。

And then just for my follow-up, right, Macau is certainly continuing along a nice trajectory here. You outlined some CapEx as you think about it related to the concession renewals. But how do you balance that with maybe the subsidiary paying up dividends to the parent. Is that something that we could see within the next 12 to 18 months? Or is that something longer term that you'd like to envision coming back?

然後，就我的後續行動而言，澳門無疑地繼續沿著良好的軌跡發展。您概述了一些與特許權續約相關的資本支出。但是，您如何平衡這一點與子公司向母公司支付股息的情況。我們會在未來 12 到 18 個月內看到這種情況嗎？還是這是您希望回歸的長期目標？

Yes. It really depends -- you're right. There's a lot of moving parts there, right? We have a debt maturity later this year there. We need to think about our leverage profile in Macau. And what that longer-term leverage profile should be. We have some capital that we need to put in the ground there. We had nearly 3 years of closure and cash burn. So the question is, what do we want the balance sheet to be? How will the CapEx plans come together in terms of the timing of capital deployment, which we're studying and learning more about as we go through the design and development process every day. And then, of course, the dividend. And as you know, the dividend just as a global statement, dividends are the cornerstone of our capital return strategy. So stay tuned. We are looking very closely at it, and we'll figure it out in due course.

是的。這確實取決於——你是對的。那裡有很多活動部件，對嗎？我們的債務將於今年稍後到期。我們需要考慮我們在澳門的槓桿狀況。以及長期槓桿率應該是多少。我們有一些資本需要投入其中。我們經歷了近三年的倒閉和燒錢。那麼問題是，我們希望資產負債表是什麼樣的呢？資本支出計畫將如何在資本部署的時間方面結合起來，我們在每天的設計和開發過程中都在研究和了解更多資訊。當然，還有股息。如您所知，股息就像全球聲明一樣，股息是我們資本回報策略的基石。所以請繼續關注。我們正在密切關注這個問題，我們將在適當的時候解決這個問題。

Our next caller is Robin Farley with UBS.

我們的下一個來電者是瑞銀集團的羅賓法利。

I wanted to ask about Vegas. It sounds like clearly, very strong events calendar and outlook for February. Your January comments sounded like it was maybe a little bit flattish year-over-year. I'm just wondering how much is looking on kind of a year-over-year basis when you get past some of the big events in Feb?

我想問一下維加斯的情況。聽起來顯然，二月的活動日曆和前景非常強勁。您一月份的評論聽起來可能與去年同期相比有點平淡。我只是想知道，當您經歷了 2 月份的一些重大事件後，與去年同期相比，您的收入是多少？

Sure, Robin. Yes, January -- well, keep in mind, last year, Chinese New Year started in January. And so this year, it starts in February. So as I mentioned in my prepared remarks, February really sets the tone for the quarter, and it's where all the action is this year in Q1. March has a couple of headwinds. Easter timing is one of them, and then the [CONEXPO-CON/AGG] is another. But our forward booking indicators continue to look strong, and we feel good about it.

當然，羅賓。是的，一月——好吧，請記住，去年的農曆新年是在一月份開始的。今年，它從二月開始。正如我在準備好的發言中提到的，二月確實為本季定下了基調，也是今年第一季所有行動的所在地。三月有一些不利因素。復活節時間是其中之​​一，然後 [CONEXPO-CON/AGG] 是另一個。但我們的提前預訂指標看起來仍然強勁，我們對此感覺良好。

I've said probably 5 times on the last 3 or 4 calls that trees don't grow to the sky, and I would continue to tell you how things are looking in Vegas, and they continue to look good. We continue to look good for us. So how the quarter plays out, we'll be very dependent on February. And again, all forward indicators look strong for February. But subsequent to that, we'll take it from there.

在過去的 3 或 4 個電話中，我大概已經說過 5 次了，樹不會長到天上，我會繼續告訴你維加斯的情況如何，而且它們看起來仍然很好。我們繼續保持良好的狀態。因此，本季的表現如何，我們將非常依賴二月。再說一次，二月份的所有前瞻性指標看起來都很強勁。但在那之後，我們將從那裡開始。

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。

In Macau and Palace, I guess, specifically, but these are -- it's a broader question. Can you comment on just the broader competitive environment for premium mass players. How it's evolved sort of into the end of the year and into the early part of this year, which with volumes being strong, infrastructure, travel and infrastructure going back, how has that changed? And is that a tailwind for you as we go forward here and as volumes continue to grow?

我想，具體來說，是在澳門和皇宮，但這是一個更廣泛的問題。您能否評論一下優質大眾玩家更廣泛的競爭環境？它是如何演變到今年年底和今年年初的，隨著交易量強勁，基礎設施、旅行和基礎設施回落，情況發生了怎樣的變化？隨著我們的前進以及銷量的持續增長，這對您來說是順風嗎？

Sure. Specifically as it relates to Wynn Palace, Wynn Palace is incredibly well positioned. And it has been since the day it opens, [I quote that] but it only grows more so as we continue to evolve the amenities in Wynn Palace. Competition for premium mass customers has been fierce forever end today. So it's really nothing new.

當然。具體而言，就永利皇宮而言，永利皇宮的地理位置非常優越。自開業之日起，[我引述]，但隨著我們不斷發展永利皇宮的設施，它只會變得更加如此。如今，對優質大眾客戶的競爭一直非常激烈。所以這確實不是什麼新鮮事。

What we try to do is really focus on what we do well, stay true to who we are and be really, really disciplined, including on reinvestment because at the end of the day, I don't think the bank takes market share. I think they take cash. And so we're really focused on generating cash and EBITDAR. So I think Palace turned in a great quarter, its future is bright, and we will continue to aggressively chase market share responsibly.

我們試圖做的就是真正專注於我們擅長的事情，忠於我們是誰，並且非常非常自律，包括再投資，因為歸根結底，我不認為銀行會佔據市場份額。我認為他們收的是現金。因此，我們真正專注於產生現金和息稅折舊攤提前利潤 (EBITDAR)。因此，我認為 Palace 的季度表現出色，未來光明，我們將繼續負責任地積極追逐市場份額。

Stephen Grambling with Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

I may have missed this, but I guess how are you thinking about looking currently at the Super Bowl, how that might compare to Formula 1? Or is there any way to kind of back out how you think about the contribution from Formula 1 in the quarter and how that might grow next year?

我可能錯過了這一點，但我猜你現在如何看待超級盃比賽，它與一級方程式賽車相比如何？或者有什麼方法可以反駁您對本季一級方程式貢獻的看法以及明年的貢獻如何？

Yes, it's a really good question. The Super Bowl is distinctly more corporate in terms of visitation. And so I think that's an important point to keep in mind. So we have -- I alluded to it actually explicitly stated in my prepared remarks, we have very strong front money and credit for Super Bowl about double what we had last year. And that will be a very important segment of our business over the course of the next week, and I expect it will generate very strong results.

是的，這是一個非常好的問題。就參觀人數而言，超級盃顯然更具企業性。所以我認為這是需要牢記的重要一點。所以我們——我在我準備好的發言中實際上明確指出了這一點，我們為超級碗擁有非常強大的前期資金和信用，大約是去年的兩倍。這將是我們下週業務的一個非常重要的部分，我預計它將產生非常強勁的成果。

We also have a lot of folks in house who will never go near a gaming table because there's a lot of corporate visitation around this particular event. So the real answer to your question is, we don't know. We're going to see. But if we had to spitball it now, what I would say is that it's not going to be as impactful in the casino, and it will be equally, if not more impactful when it comes to hotel revenue. Fair assessment, Brian?

我們內部還有很多人永遠不會靠近賭桌，因為圍繞這一特定活動有很多企業來訪。所以你問題的真正答案是，我們不知道。我們要去看看。但如果我們現在不得不吐槽它，我想說的是，它不會對賭場產生那麼大的影響，而當涉及到酒店收入時，它的影響力將是同等的，甚至更大。公平的評估，布萊恩？

Yes, both hotel revenues and rates are very similar to Formula One. The weekend Super Bowl event is another great match, I think, for our brand. And as you said, we're going to have double the credit and track money we had previously. So I think we're in for a great weekend here.

是的，飯店收入和房價與一級方程式賽車非常相似。我認為，週末超級盃賽事對我們的品牌來說是另一場精彩的比賽。正如你所說，我們將擁有雙倍的信貸和追蹤資金。所以我想我們會在這裡度過一個愉快的周末。

Our next caller is John DeCree with CBRE.

我們的下一個來電者是 CBRE 的 John DeCree。

Maybe 2 follow-ups. One is on F1, and we've had some conversations. This was the first year, obviously, quite successful for you. Curious how you think about next year and going forward? Is there opportunities to calibrate event and see growth and build upon this? Or do you have a view that's the first one in Vegas might be the best. We've had some different folks, different opinions about that, whether next year is a tough comp or an opportunity perhaps to just continue to grow that event for you and for the city?

也許有 2 個後續行動。其中一個是在 F1 上，我們已經進行了一些對話。顯然，這是你非常成功的第一年。想知道您對明年和未來有何看法？是否有機會校準事件並看到增長並在此基礎上繼續發展？或者您認為維加斯的第一個景觀可能是最好的。我們有一些不同的人，對此有不同的看法，明年是否是一場艱難的比賽，還是一個繼續為你和這座城市發展這項賽事的機會？

Yes. Great question. I guess I'll answer that as a Las Vegan and someone who cares about the broader market and wanting to see everybody in the market participate and do really well. There's clearly -- I mean, look, the first time you do anything of this scale, you're going to have learnings. And it's just natural. And so I do think that there's a lot that can be done to make the event more relevant for the town more broadly. And I think that F1 understands that. And I think, frankly, the operators in town understand that, even those like us who disproportionately benefited. So I think the event is only going to get better and better.

是的。很好的問題。我想我會作為一個拉斯維加斯素食主義者和一個關心更廣闊市場並希望看到市場中的每個人都參與並做得很好的人來回答這個問題。很明顯——我的意思是，看，當你第一次做這種規模的事情時，你就會學到東西。這很自然。因此，我確實認為可以做很多事情來使活動與整個城鎮更廣泛地相關。我認為 F1 明白這一點。坦白說，我認為鎮上的經營者明白這一點，即使是像我們這樣受益匪淺的人。所以我認為這個活動只會變得越來越好。

I think what this year proved is that the core contingent of people that travel to go to an F1 race is our customer. And so you better believe that we will program the heck out of this place yet again, just like we did this F1 -- this last F1, this coming year, and we will do our best to attract the best customers in the market. And hopefully, again, there will be more opportunities for some of the other tiers of properties in the market to participate in the event this year as they continue to evolve and change the event.

我認為今年證明了，前往觀看 F1 比賽的核心人群是我們的客戶。所以你最好相信，我們將再次對這個地方進行規劃，就像我們對F1所做的那樣——最後的F1，來年，我們將盡最大努力吸引市場上最好的客戶。再次希望，隨著活動的不斷發展和改變，市場上其他一些級別的酒店今年將有更多機會參與該活動。

Maybe one more top down on the other side of the world in Macau. We still hear from investors skittish about some of the uncertainty around the macroeconomic picture in China yet. We continue to see monthly numbers out of Macau and your performance things just continue to recover and grow. Curious if you want to take a stab or someone of the team to kind of weigh in on how Macau's kind of fundamental recovery has been decoupled from that. And what you're kind of seeing that it gives some confidence that the recovery trend continues. And if you have any top-down high-level comments, it would be helpful.

也許在世界的另一端的澳門還有一個由上而下的地方。我們仍然聽到投資者對中國宏觀經濟情勢的一些不確定性感到不安。我們繼續看到澳門的月度數據，您的業績繼續恢復和成長。如果你想嘗試一下，或者團隊中的某個人，想對澳門的基本復甦如何與此脫鉤感到好奇。你所看到的，這讓人們對復甦趨勢的持續產生了一些信心。如果您有任何自上而下的高層評論，那將會很有幫助。

Yes. I'll leave the detailed China macro analysis to people who do that for a living. But there's certainly a lot of crosscurrents to consider. You have tremendous pent-up demand still from several years of mirror closure. You have the ease of proximity to Macau, which actually benefits Macau when the economic situation perhaps isn't as robust as it could be. And you have some modest stimulus efforts that we've seen. But you -- also, as you rightly pointed out, clearly, have a litany of difficult economic indicators. Yet Macau continues to tread along.

是的。我會把詳細的中國宏觀分析留給那些以此為生的人。但肯定有很多逆流需要考慮。由於幾年來的鏡子關閉，您仍然有巨大的被壓抑的需求。您距離澳門很近，這在經濟狀況可能不太強勁時實際上對澳門有利。我們已經看到了一些適度的刺激措施。但正如您正確指出的那樣，您顯然也有一系列困難的經濟指標。然而澳門仍在繼續前進。

So to us, it's really the long-term viability of Macau. We're thinking in kind of 5-, 10-year increments. So it's really the long-term viability of Macau that's most relevant. And we're clearly already at levels that allow us the financial and operating flexibility to plan for that longer-term time horizon. So I think it's well observed, maybe not well understood, but well observed that Macau's trajectory does seem to be decoupled from the broader China macro. I think you saw that in 2009 as well. And I think that bodes well for the future. Does it bode well for next quarter? I don't know. Does it bode well for the quarter after that? I don't know. But it certainly bodes well for the future, and that's what we're thinking about.

所以對我們來說，這確實是澳門的長期生存能力。我們正在考慮以 5 年、10 年為增量。因此，最重要的是澳門的長期生存能力。顯然，我們已經達到了財務和營運靈活性的水平，可以為更長期的時間範圍進行規劃。因此，我認為，澳門的軌跡似乎確實與更廣泛的中國宏觀經濟脫鉤，這一點得到了很好的觀察，也許沒有很好的理解，但也得到了很好的觀察。我想你在 2009 年也看到了這一點。我認為這對未來來說是個好兆頭。這對下個季度來說是個好兆頭嗎？我不知道。這對之後的季度來說是個好兆頭嗎？我不知道。但這對未來無疑是個好兆頭，這也是我們正在考慮的。

Thank you, John. And operator, the next caller will be -- the next question will be our last.

謝謝你，約翰。接線員，下一個來電者將是－下一個問題將是我們的最後一個問題。

And our final question comes from Chad Beynon with Macquarie.

我們的最後一個問題來自麥格理的查德·貝農。

Just to kind of pile in on that Macau question. Wondering if you could elaborate a little bit in terms of the health of the shopping retail market, that's something that we've heard from the luxury operators continues to be strong in specific markets. Wondering how you're seeing that right now. And then as some of the catchment areas recover in terms of visitation, if that could be an additional tailwind in the future.

只是想補充一下澳門問題。想知道您是否可以詳細說明購物零售市場的健康狀況，這是我們從奢侈品運營商那裡聽到的，在特定市場上仍然表現強勁。想知道你現在怎麼看。然後，隨著一些集水區的遊客量恢復，這是否會成為未來的額外動力。

Sure. I guess what I would say is if you look at the trajectory over the course of 2023, retail sales have been and were incredibly strong in Macau, up over 2019. You saw -- you can see -- you can look at our numbers, Q3 to Q4, you can see that they were up very, very modestly, I think, about 10 basis points. And so certainly, if anything from China macro is affecting Macau is probably there. But again, given the relative strength compared to pre-COVID, I think it's difficult for us to complain.

當然。我想我想說的是，如果你看看2023 年的軌跡，澳門的零售額一直非常強勁，比2019 年有所增長。你看到了——你可以看到——你可以看看我們的數字，從第三季度到第四季度，你可以看到它們的漲幅非常非常小，我認為大約是 10 個基點。因此，如果中國宏觀經濟有什麼影響澳門的話，那麼肯定是存在的。但同樣，考慮到與新冠疫情之前相比的相對優勢，我認為我們很難抱怨。

I think what appears to us to be occurring is, to a certain extent, Macau has become a substitute for Hong Kong from a retail sales perspective. And certainly, based on the changing type of visitation that you see, particularly on Cotai, I think you can support that premise. And so I think it's -- again, if you look at the long term, I think it's very bright for Macau from that perspective. And I think to the extent that someone goes to Macau with a retail-based motivation and the gaming-based motivation or eventually a retail-based motivation and entertainment-based motivation, that's fine. That's great. I mean that's a natural evolution of Macau. But you can see the quarter-over-quarter changes in our numbers.

我認為，在我們看來，從零售銷售的角度來看，澳門在某種程度上已經成為香港的替代品。當然，根據您所看到的不斷變化的訪問類型，特別是在路氹城，我認為您可以支持這個前提。所以我認為，如果你從長遠來看，我認為從這個角度來看，澳門是非常光明的。我認為，如果有人帶著零售動機和博彩動機去澳門，或是最終帶著零售動機和娛樂動機去澳門，那就沒問題了。那太棒了。我的意思是，這是澳門的自然演變。但您可以看到我們數據的季度環比變化。

Perfect. And then in terms of the interactive business, is there any update to speak about? Or could there be an opportunity to monetize or partner this in a shareholder-friendly way?

完美的。那麼在互動業務方面，有什麼更新可以說嗎？或者是否有機會以股東友好的方式將其貨幣化或合作？

I'll take that one. Thanks, Chad. Yes, so we announced in August that we were exiting the jurisdictions we operate in, and we were leaving New York and Michigan under review. So we're continuing to -- that strategic review of those 2 states, and we'll stay tuned. We'll have more information on that in the future. Everywhere else is pretty much wrapped up now. We've just -- we're working on closing down Massachusetts online as well.

我會接受那個。謝謝，查德。是的，所以我們在 8 月宣布，我們將退出我們營運所在的司法管轄區，並讓紐約和密西根州接受審查。因此，我們將繼續對這兩個州進行策略審查，我們將繼續關注。我們將來會提供更多相關資訊。其他地方現在都差不多了。我們剛剛——我們也在努力關閉馬薩諸塞州的線上服務。

And wherever we're able to and where we can interact with anybody else, obviously, with a quick player databases and so on. We'll make sure that we do the best for our shareholders and monetize the assets that we have in a way that works well with what's allowed and what's available out there in the market.

顯然，只要我們能夠與其他人互動，我們就可以透過快速的玩家資料庫等進行互動。我們將確保為股東提供最好的服務，並以符合市場允許和可用的方式將我們擁有的資產貨幣化。

With that, we'll close the call. Thank you for your interest, and we look forward to talking to you again next quarter.

這樣，我們就結束通話了。感謝您的關注，我們期待下個季度再次與您交談。

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。