永利渡假村 (WYNN) 2024 Q1 法說會逐字稿

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

歡迎參加永利度假村第一季財報電話會議。 （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。

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 and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto and Jenny Holaday.

謝謝接線員，大家下午好。今天與我通話的是拉斯維加斯的克雷格·比林斯 (Craig Billings) 和布萊恩·古爾布蘭特 (Brian Gullbrants)。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, as always. Thanks for joining us today.

謝謝，朱莉。一如既往，大家下午好。感謝您今天加入我們。

The momentum that we generated in the business throughout 2023 continued into 2024 as we delivered all-time record property EBITDAR of $647 million during the first quarter of 2024. I'm incredibly proud of all of our team members who remain so focused on delivering 5-star service and one-of-a-kind experiences to our guests. A heartfelt thank you to each of you.

我們在2023 年全年的業務發展勢頭一直持續到2024 年，我們在2024 年第一季度實現了創紀錄的6.47 億美元的財產稅息折舊攤銷前利潤(EBITDAR)。成員感到無比自豪，他們仍然如此專注於交付 5 - 為我們的客人提供星級服務和獨一無二的體驗。對你們每一個人表示衷心的感謝。

Turning to the quarter and starting here in Vegas. Wynn Las Vegas delivered $246 million of adjusted property EBITDAR, a first quarter record and up 6% year-on-year on a very difficult comp. As we noted on our last call, most of the action in the quarter was concentrated in February as the combination of Super Bowl and Chinese New Year drove all-time record EBITDAR during the month.

轉向本季度，從維加斯開始。拉斯維加斯永利酒店 (Wynn Las Vegas) 調整後物業 EBITDAR 達 2.46 億美元，創第一季紀錄，年增 6%，但業績非常困難。正如我們在上次電話會議中指出的那樣，本季的大部分行動都集中在 2 月份，因為超級盃和中國新年的結合推動了該月 EBITDAR 的歷史最高紀錄。

Quarter was characterized by strong performance across our nongaming businesses with revenue growing 16% year-on-year, led by 21% growth in hotel revenue along with healthy volumes in the casino. Through our unique combination of the best service levels in the market, continuous reinvestment in our property and our Only at Wynn programming, we continue to fire on all cylinders here in Las Vegas. More recently, our top line trends remained healthy in April with drop, handle and RevPAR all up year-over-year on yet another difficult comp.

本季的特點是我們的非博彩業務表現強勁，營收年增 16%，其中飯店收入成長 21%，賭場業務量健康成長。透過我們獨特地將市場上最好的服務水平、對我們的物業的持續再投資以及我們的「Only at Wynn」計劃相結合，我們在拉斯維加斯繼續全力以赴。最近，我們 4 月的營收趨勢保持健康，降幅、營業額和每間可用客房收入 (RevPAR) 均同比上升，這是另一個困難的比較。

Turning to Boston. Encore generated $63 million of EBITDAR during the quarter. The team in Boston successfully navigated a confluence of poor weather in January and inflationary pressures during the quarter as EBITDAR and revenue at the property were largely stable year-on-year. There were encouraging pockets of strength in the quarter with record slot handle and strong year-on-year growth in hotel revenue. More recently, demand has remained healthy through April with particular strength in slot handle and RevPAR.

轉向波士頓。 Encore 在本季度產生了 6,300 萬美元的 EBITDAR。波士頓團隊成功應對了 1 月份惡劣天氣和本季通膨壓力的雙重影響，該酒店的 EBITDAR 和收入同比基本穩定。本季出現了令人鼓舞的強勁勢頭，老虎機數量創紀錄，酒店收入同比強勁增長。最近，整個 4 月的需求一直保持健康，特別是老虎機數量和 RevPAR 表現強勁。

On the development across from Encore Boston Harbor, we have put this development on hold for the time being as we have been unable to reach an agreement with local authorities on certain financial terms. Though it's disappointing, we have numerous other development projects globally where we can redirect the capital we intended to deploy in Boston.

關於安可波士頓港對面的開發項目，我們暫時擱置了該開發項目，因為我們無法與當地政府就某些財務條款達成協議。儘管令人失望，但我們在全球還有許多其他開發項目，我們可以重新調整打算在波士頓部署的資本。

Turning to Macau. We generated $340 million of EBITDAR in the quarter on GGR market share that was above both the prior quarter and above our 2019 exit. We held above our expected range. So on a fully normalized basis, EBITDAR would have been approximately $320 million. The strength in our business has continued into Q2. In the casino, our mass drop per day in April increased 30% versus April 2019. And on the nongaming side, our hotel occupancy was 99%.

轉向澳門。本季我們的 GGR 市佔率實現了 3.4 億美元的 EBITDAR，高於上一季度，也高於我們 2019 年的退出水準。我們維持在預期區間之上。因此，在完全標準化的基礎上，EBITDAR 約為 3.2 億美元。我們業務的強勁勢頭持續到第二季​​。在賭場，我們 4 月的日均跌幅比 2019 年 4 月增加了 30%。

Overall, strong top line performance, combined with disciplined OpEx control drove healthy margins during April. We were also pleased with the results during May Golden Week, particularly in light of unfavorable weather in the region.

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 4 月份健康的利潤率。我們也對五月黃金週期間的結果感到滿意，特別是考慮到該地區的不利天氣。

In the casino, mass drop per day increased 30% versus the comparable 2019 holiday period and approach levels seen during last Chinese New Year.

與 2019 年假期期間和去年農曆新年期間的接近水準相比，該賭場的每日損失量增加了 30%。

On the development front in Macau, we began initial demolition and construction work on our second concession-related project, our destination food hall. We are well into design and planning for our other major concession-related CapEx commitments, including our new events and entertainment center and a unique theater and showroom.

在澳門的發展方面，我們開始了第二個特許經營相關項目——目的地美食廣場的初步拆除和建設工作。我們正在認真設計和規劃其他與特許權相關的主要資本支出承諾，包括我們的新活動和娛樂中心以及獨特的劇院和陳列室。

Turning to Wynn Al Marjan in the UAE. Construction is rapidly advancing on the project. And as of this week, we are currently constructing the fourth floor of the hotel tower. You can find recent renderings and images of Wynn Al Marjan in a press release we issued yesterday ahead of a major travel convention taking place this week in Dubai. And I expect we will further update you on the advances we have made on the project later this year.

轉向阿聯酋的 Wynn Al Marjan。該項目建設正在快速推進。截至本週，我們正在建造酒店大樓的四樓。您可以在我們昨天在杜拜本週舉行的大型旅遊會議之前發布的新聞稿中找到 Wynn Al Marjan 的最新效果圖和圖像。我希望我們將在今年稍後進一步向您通報我們在該專案上取得的進展。

Finally, we are actively considering greenfield development opportunities in New York City and potentially Thailand. In New York, we believe a full-scale Wynn integrated resort in Hudson Yards will drive meaningful incremental tax revenue, tourism and employment in the state. Despite the elongation of the RFA submission process in New York, we remain intrigued by the prospect of a Wynn resort in Manhattan.

最後，我們正在積極考慮紐約市和泰國的綠地開發機會。在紐約，我們相信哈德遜城市廣場的全面永利綜合度假村將顯著增加該州的稅收、旅遊業和就業。儘管紐約 RFA 提交流程有所延長，但我們仍然對曼哈頓永利度假村的前景感興趣。

In Thailand, it's early days, and we have yet to see the regulatory and licensing structures. Thailand is already a major tourism destination with significant tourism infrastructure and a world-class service culture so we will continue to closely monitor advancement of the legalization process.

在泰國，現在還處於早期階段，我們還沒有看到監管和許可結構。泰國已經是一個主要的旅遊目的地，擁有重要的旅遊基礎設施和世界一流的服務文化，因此我們將繼續密切關注合法化進程的進展。

I remain incredibly bullish about the future of our company. In Las Vegas, we remain at the pinnacle of the market with tremendous demand for what we offer. And in an inflationary environment like this, we have the luxury of being able to reprice our hotel rooms every day in order to take advantage of that demand.

我對我們公司的未來仍然非常樂觀。在拉斯維加斯，我們仍然處於市場的頂峰，對我們提供的產品有著巨大的需求。在這樣的通貨膨脹環境中，我們可以每天重新定價我們的飯店房間，以便利用這種需求。

In Macau, we continue to punch above our weight on a revenue per hotel room basis generating meaningful market share and substantial discretionary free cash flow. We also have a meaningful high-ROI project underway in the UAE along with potential greenfield developments in other attractive gateway cities.

在澳門，我們繼續以每間酒店客房的收入為基礎，創造有意義的市場份額和大量可自由支配的自由現金流。我們還在阿聯酋開展了一個有意義的高投資回報項目，並在其他有吸引力的門戶城市進行了潛在的綠地開發。

Meanwhile, our leverage profile continues to improve as does our outlook on future free cash flow. Our best days lie ahead.

同時，我們的槓桿狀況持續改善，我們對未來自由現金流的前景也是如此。我們最美好的日子就在前方。

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

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。茱麗葉？

Thank you, Craig.

謝謝你，克雷格。

At Wynn Las Vegas, we generated $246.3 million in adjusted property EBITDAR on $636.5 million of operating revenue during the quarter delivering an EBITDAR margin of 38.7%. Hold was a bit of a mixed bag given results in the Sportsbook, and we estimate a net $5 million benefit from higher than normal hold in the quarter.

在拉斯維加斯永利酒店，本季營業收入為 6.365 億美元，調整後的房地產 EBITDAR 為 2.463 億美元，EBITDAR 利潤率為 38.7%。考慮到體育博彩的結果，持有有點好壞參半，我們估計本季高於正常水平的持有將帶來 500 萬美元的淨收益。

OpEx, excluding gaming tax per day, was $4.1 million in Q1 2024, up 9% year-over-year and in line with the increase in operating revenues as we successfully absorbed incremental OpEx related to Super Bowl programming, union-related payroll increases and other inflationary pressures.

2024 年第一季的營運支出（不包括每天的博彩稅）為 410 萬美元，年成長 9%，與營運收入的成長一致，因為我們成功吸收了與超級盃節目製作、工會相關的薪資成長和其他通膨壓力。

Turning to Boston. We generated adjusted property EBITDAR of $63 million on revenue of $217.8 million with an EBITDAR margin of 29%. We've stayed very disciplined on the cost side and, excluding a $2 million benefit from a onetime item, OpEx per day was $1.19 million in Q1 2024, up around 2% year-over-year. 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。我們的調整後財產 EBITDAR 為 6,300 萬美元，收入為 2.178 億美元，EBITDAR 利潤率為 29%。我們在成本方面一直非常嚴格，不包括一次性項目帶來的 200 萬美元收益，2024 年第一季的每日營運支出為 119 萬美元，比去年同期成長約 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 $339.6 million in the quarter on $998.6 million of operating revenue. As Craig alluded to, we estimate higher than normal hold positively impacted EBITDA by around $19 million during the quarter. VIP hold was largely in the normal range with the hold impact primarily related to higher than normal hold on Wynn Palace's mass table games.

我們的澳門業務本季調整後的物業 EBITDAR 為 3.396 億美元，營業收入為 9.986 億美元。正如克雷格所提到的，我們估計高於正常水平的持股對該季度的 EBITDA 產生了約 1900 萬美元的積極影響。 VIP 持有量基本上處於正常範圍內，持有量影響主要與永利皇宮中場賭台的持有量高於正常水平有關。

EBITDA margin was 34% in the quarter, an increase of 140 basis points relative to Q4 2023 and 310 basis points relative to Q1 2019. Overall, our strong margin expansion relative to 2019 has been driven by a combination of the favorable mix shift to higher-margin mass gaming and operating leverage on cost efficiencies.

本季EBITDA 利潤率為34%，較2023 年第四季增加140 個基點，較2019 年第一季增加310 個基點。轉向更高的組合推動的- 保證金大規模博弈和運營槓桿對成本效率的影響。

Our OpEx, excluding gaming tax, was approximately $2.6 million per day in Q1, a decrease of 17% compared to $3.2 million in Q1 2019. OpEx increased 3% on a sequential basis, well below the 10% increase in operating revenue. The team has done a great job staying disciplined on costs, and we remain well positioned to drive strong operating leverage as the market continues to recover.

我們第一季的營運支出（不包括博彩稅）約為每天260 萬美元，與2019 年第一季的320 萬美元相比下降了17%。 % 的增幅。團隊在控製成本方面做得很好，而且隨著市場的持續復甦，我們仍然能夠推動強大的營運槓桿。

In terms of CapEx in Macau, we're currently advancing through the design and planning stages on several of our concession commitments. And as we noted 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 continue to 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，我們目前正在推動多項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，我們仍然預計 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 億美元至 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 $4.2 billion as of March 31. This was comprised of $2.2 billion of total cash and available liquidity in Macau and approximately $2 billion in the U.S.

繼續看資產負債表。截至 3 月 31 日，我們的流動性狀況仍然非常強勁，全球現金和左輪手槍可用量接近 42 億美元。

On the capital markets front, in February, we issued a $400 million add-on to the Wynn Resorts Finance 2031 unsecured notes with net proceeds along with cash on hand used to fund the tender and repurchase of $800 million of Wynn Las Vegas notes maturing in March 2025. Over the past 4 quarters, we've reduced company-wide gross debt by approximately $1 billion.

在資本市場方面，2 月份，我們在Wynn Resorts Finance 2031 無抵押票據的基礎上發行了4 億美元的附加票據，其中淨收益以及手頭現金用於為8 億美元的Wynn Las Vegas 票據的投標和回購提供資金。

Bringing it all together, the combination of strong performance in each of our markets globally, with our properties generating over $2.3 billion of trailing 12-month property EBITDAR, together with our robust cash position, creates a very healthy consolidated net leverage ratio of just over 4x.

總而言之，我們在全球每個市場的強勁表現，加上我們的房地產產生了超過23 億美元的過去12 個月房地產EBITDAR，再加上我們強勁的現金狀況，創造了一個非常健康的綜合淨槓桿率，略高於4x。

Our strong free cash flow and liquidity profile allows us to reduce leverage while returning capital to shareholders. To that end, the Board approved a cash dividend of $0.25 per share payable on May 31, 2024 to stockholders of record as of May 20, 2024.

我們強大的自由現金流和流動性狀況使我們能夠降低槓桿率，同時向股東返還資本。為此，董事會批准於 2024 年 5 月 31 日向截至 2024 年 5 月 20 日在冊股東支付每股 0.25 美元的現金股利。

Additionally, in late March, the Wynn Macau Board recommended the reinstatement of a dividend at $0.075 per share or USD 50 million highlighting our commitment to prudently returning capital to shareholders in both the U.S. and Macau.

此外，3月底，永利澳門董事會建議恢復每股0.075美元或5,000萬美元的股息，突顯我們審慎向美國和澳門股東返還資本的承諾。

Finally, our CapEx in the quarter was $97.7 million primarily related to the Villa renovations and food and beverage enhancements at Wynn Las Vegas, concession-related CapEx in Macau and normal course maintenance across the business. Additionally, we contributed $70 million of equity to the Wynn Al Marjan Island JV project during the quarter, bringing the total equity contribution to date to approximately $160 million.

最後，我們本季的資本支出為 9,770 萬美元，主要與拉斯維加斯永利酒店的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。此外，我們在本季向 Wynn Al Marjan Island 合資項目注入了 7,000 萬美元的股權，使迄今為止的股權注入總額達到約 1.6 億美元。

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) Carlo Santarelli from Deutsche Bank.

（操作員指示）德意志銀行的 Carlo Santarelli。

Craig, just in terms of what you're seeing in Macau, obviously, you guys had a strong quarter. Everything seemed to flow through very nicely. In terms of the competitive landscape that you're seeing into May now relative to perhaps what you're seeing last quarter or fourth quarter, more specifically, could you kind of characterize what's (inaudible) the market at?

克雷格，就你在澳門看到的情況而言，顯然，你們的季度表現強勁。一切似乎都很順利。就您現在看到的 5 月份的競爭格局而言，相對於上個季度或第四季度的情況，更具體地說，您能否描述一下市場（聽不清楚）的情況？

Yes. Sure, Carlo. You cut out a little bit there at the end, but I got the gist of your question. Macau has always been and is currently a competitive market. And as you know, we focus on product and service, and we focus on attracting the best guests in the market. So I've seen a lot of the questions and the commentary around promotional activity.

是的。當然，卡洛。你最後刪掉了一點，但我明白你問題的要點。澳門過去和現在都是一個競爭市場。如您所知，我們專注於產品和服務，並專注於吸引市場上最好的客人。所以我看到了很多關於促銷活動的問題和評論。

I don't really want to speak to promotional activity by others in the market. But I can tell you that our reinvestment can move 50, 75 basis points in any given quarter depending upon what we are trying to achieve. But the core of our competitive strength remains product and service. And I think you can see that in Q1 with both our results and our margin.

我真的不想談論市場上其他人的促銷活動。但我可以告訴你，我們的再投資在任何特定季度都可能增加 50 到 75 個基點，這取決於我們想要實現的目標。但我們競爭優勢的核心仍然是產品和服務。我認為您可以在第一季的業績和利潤中看到這一點。

Helpful. And then, Craig, just going back to your remarks on Las Vegas. You made a point of kind of calling out February being the primary driver of the quarter. You then follow that up with drop, handle, RevPAR kind of all up in April and mentioned kind of tougher comparisons along the way.

有幫助。然後，克雷格，回到你對拉斯維加斯的評論。您特意指出二月份是本季的主要推動力。然後，您在 4 月跟進了下降、處理、RevPAR 等所有內容，並在此過程中提到了更嚴格的比較。

How do you kind of foresee what is a very, obviously, tough comp stack as you move through the balance of this year in the market?

當您度過今年市場的平衡期時，您如何預見非常、明顯、艱難的競爭堆疊？

Sure. Well, first, as it specifically relates to drop and handle, we've almost doubled handle from 2019 to 2023, and a lot of that was share taking. We have table drop that's up almost 50% in the same period so not too shabby. And as you know, I've said on several calls, trees don't grow to the sky.

當然。嗯，首先，因為它特別涉及下降和處理，從 2019 年到 2023 年，我們的處理量幾乎翻了一番，其中許多都是份額。同期我們的牌桌跌幅幾乎上升了 50%，所以還不錯。如你所知，我在幾次電話中說過，樹不會長到天上。

But all that being said, the comps are getting tougher. And if you go to a CPI calculator online, you will find that the purchasing power of $1 today is the same as about $0.80 in March of 2019.

但話雖如此，比賽變得越來越艱難。如果你上網查CPI計算器，你會發現今天1美元的購買力相當於2019年3月的0.80美元左右。

So for a casino and a hotel operator like us who can reprice rooms every day and whose customers gaming bankrolls reflect the current value of the dollar, we shouldn't be surprised that results today when compared to the past look pretty good. Of course, that pricing power is exacerbated by the strength of what we offer here in Las Vegas with the best service quality, the best physical experience and top-notch program.

因此，對於像我們這樣的賭場和酒店經營者來說，他們每天都可以重新定價房間，並且其客戶的博彩資金反映了美元的當前價值，因此與過去相比，今天的結果看起來相當不錯，我們不應該感到驚訝。當然，我們在拉斯維加斯提供的最佳服務品質、最佳體驗和一流項目的實力進一步增強了定價能力。

You can layer on top of that that our target customer base, they can now earn 5 points on their money just by putting it in the bank, and that has seen pretty strong wealth creation over the past several quarters, it's a pretty powerful EBITDA setup.

你可以在我們的目標客戶群之上進行分層，他們現在只需將錢存入銀行就可以賺取5 個積分，並且在過去幾個季度中看到了相當強勁的財富創造，這是一個非常強大的EBITDA 設定。

Of course, by the way, the vast majority of our deployed capital here and our debt is in yesterday's dollars. So that EBITDA setup also works wonders for returns and discretionary free cash flow.

當然，順便說一句，我們在這裡部署的絕大多數資本和債務都是昨天的美元。因此，EBITDA 設定對於回報和可自由支配的自由現金流也產生了奇蹟。

I digress slightly, but when do things go from absolutely unbelievable to just really great? I don't know the answer to that. The best I can do is give you a clear picture of what we're seeing right now as I did in my prepared remarks with respect to April, and it's good.

我稍微離題了，但是什麼時候事情會從絕對難以置信變成真的很棒呢？我不知道答案。我能做的就是讓你們清楚地了解我們現在所看到的情況，就像我在四月準備的演講中所做的那樣，這很好。

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。

My first question is on Macau and follows up on Carlos' Macau-related promotional question. If we look at the 1Q, the conversion of gross gaming revenues of Macau to casino revenues was at a better clip than it was in the fourth quarter and all of last year by quarter. How much of that sequential improvement over the last couple of quarters is just a function of maybe a high hold versus maybe you're operating the business differently than maybe some of your peers who are seeing that relationship sequence less favorably for them than it has for you?

我的第一個問題是關於澳門的，並跟進卡洛斯關於澳門的宣傳問題。如果我們看第一季度，澳門博彩總收入轉化為賭場收入的情況比第四季度和去年全年各季度要好。過去幾季的連續改進在多大程度上只是一個高保留的函數，而您的業務經營方式可能與您的一些同行不同，他們認為這種關係順序對他們來說不如以前有利你？

Yes. Thanks, Joe. It has a lot to do with the revamp of our loyalty program and the fact that we have given our customers choice in terms of how they want their reinvestment. And so in any given quarter, those choices change. And some of those choices flow to contra revenue and some of those choices flow to OpEx. So that's really the primary driver. It's not indicative of a systemic change in the aggregate reinvestment.

是的。謝謝，喬。這與我們忠誠度計畫的改進以及我們為客戶提供再投資方式選擇的事實有很大關係。因此，在任何特定季度，這些選擇都會發生變化。其中一些選擇流向了相反的收入，而其中一些選擇則流向了營運支出。所以這確實是主要驅動力。這並不表示再投資總額發生系統性變化。

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 or Julie, I just wanted to ask about maybe the Macau OpEx trajectory. Obviously, you've driven and sounds like you expect to continue to see some pretty great operating leverage there. But it is -- as we're still normalizing in that market, it's probably a little bit tougher for us to get a sense of just sort of underlying core expense growth or inflation. So any comments as things start to annualize and normalize a little bit? How much kind of on a year-on-year basis you'd expect that to level off to maybe in the back half of the year?

克雷格或朱莉，我只是想問一下澳門營運支出的軌跡。顯然，您已經推動並且聽起來您希望繼續在那裡看到一些相當大的營運槓桿。但事實是——由於我們仍在該市場的正常化過程中，我們可能更難了解潛在的核心成本成長或通貨膨脹。那麼，隨著事情開始年度化和正常化，有什麼評論嗎？您預計今年下半年會趨於平穩嗎？

Sure. Shaun, I'll take that one.

當然。肖恩，我要那個。

Yes, we've talked quite a bit about OpEx and how we've been very disciplined in managing it and how we've been able to accommodate the nongaming OpEx that we have to spend to meet our concession commitments. So we've been really disciplined. We had OpEx per day of $2.63 million in Q1. So it's still well below Q1 '19 levels, and it's only up 3% sequentially.

是的，我們已經談論了很多關於營運支出的問題，以及我們如何非常嚴格地管理營運支出，以及我們如何能夠適應為履行我們的特許經營承諾而必須花費的非博彩運營支出。所以我們一直都非常遵守紀律。第一季我們每天的營運支出為 263 萬美元。因此，它仍然遠低於 19 年第一季的水平，並且僅比上一季增長 3%。

It was a big Q in terms of what we call tentpole events. And it's -- obviously, the OpEx increase is well below the 10% we've had sequentially in operating revenue. So we had -- we were really pleased with the flow-through there.

就我們所說的支柱事件而言，這是一個大問題。顯然，營運支出增幅遠低於我們營運收入連續 10% 的增幅。所以我們對那裡的流程非常滿意。

Going forward, we're going to continue to be really disciplined around OpEx. We have good line of sight to the events calendar and how we'll continue to incorporate that. So as we have our EBITDA margin at both properties above Q1 '19 levels and our OpEx were well controlled, we really expect revenue mix to be the key driver of margins going forward.

展望未來，我們將繼續嚴格遵守營運支出。我們對活動日曆以及我們將如何繼續整合它有很好的了解。因此，由於我們的 EBITDA 利潤率都高於 19 年第一季的水平，而且我們的營運支出得到了很好的控制，我們確實預計收入組合將成為未來利潤率的關鍵驅動因素。

We're going to have some quarter-to-quarter variation as we see different events on the calendar, and we continue to roll out programming. But we feel pretty good about what we've managed to land with OpEx. And we see potential for some quarters to be slightly inside of that $2.63 million. And maybe in a bigger quarter, it might be slightly outside of that. But overall, we're in a good place.

當我們在日曆上看到不同的事件時，我們將會有一些季度與季度的變化，並且我們將繼續推出計劃。但我們對透過營運支出所取得的成果感到非常滿意。我們認為某些季度的潛力可能略低於 263 萬美元。也許在更大的季度，它可能會稍微超出這個範圍。但總的來說，我們處於一個好的位置。

Super. And just as my follow-up, Craig, to go back to sort of the Las Vegas macro commentary, I mean, I think what many of us struggling with, and I'm sure you're familiar with this in conversations with industry executives, is just -- there have been some comments out there about some leisure -- even at the high end, some leisure pushback when maybe the product mix isn't perfect. And I think -- in some cases, it looks like Wynn is kind of perfect on many of these metrics.

極好的。正如我的跟進者克雷格，回到拉斯維加斯的宏觀評論，我的意思是，我認為我們許多人都在努力解決這個問題，我相信您在與行業高管的對話中對此很熟悉，只是 - 有一些關於休閒的評論 - 即使在高端，當產品組合可能不完美時，也會出現一些休閒阻力。我認為，在某些情況下，永利在許多指標上似乎都是完美的。

But I'm just curious, as you look through all the KPIs across your business, did you see any area of skittishness? I mean, any area that you would consider normalization or movement around or the truth is the dynamics are alive and well there and again, we may just need to be looking somewhere else across the strip or outside of Las Vegas to see that change in the consumer right now?

但我很好奇，當您查看整個企業的所有 KPI 時，您是否發現了任何令人不安的地方？我的意思是，任何你認為正常化或運動的地區，或者事實是，那裡的動態都充滿活力，而且一次又一次，我們可能只需要看看拉斯維加斯大道對面或拉斯維加斯以外的其他地方，看看經濟中的變化。

Yes. Sure, Sean. Not really. So if you think about what's happening in Vegas, those who have deployed capital in Vegas over the course of the past 5 years, it actually hasn't been so much -- at least innovative capital. It actually hasn't been so much the industry.

是的。當然，肖恩。並不真地。因此，如果你想想維加斯正在發生的事情，那些在過去五年中在維加斯部署資本的人，實際上並沒有那麼多——至少是創新資本。事實上，這個行業還沒有那麼多。

It's been the sphere, it's been the raters. It's been smaller but still impactful capital deployment here that has driven all kinds of demand to the market. And you've heard our competitors talk about this as well, and we have a unique position in the market.

是領域，是評估者。這裡的資本部署雖然規模較小，但仍具有影響力，推動了市場的各種需求。您也聽到我們的競爭對手談論過這一點，我們在市場上擁有獨特的地位。

So again, I'll say it, trees don't grow to the sky and comps get tougher and tougher over time. But from a pricing power perspective, we feel great, certainly relative to the rest of the strip.

所以，我再說一遍，樹不會長到天上，隨著時間的推移，比賽會變得越來越艱難。但從定價能力的角度來看，我們感覺很棒，當然相對於該地帶的其他部分而言。

Brian, do you have any comments on what we're seeing in the booking window at this point?

Brian，您對我們目前在預訂窗口中看到的內容有什麼評論嗎？

Yes. I mean, everything is pretty much a result of retreated back to what it was in 2019 with respect to bookings. And when you look at the pace of group, we continue to pace to have our best year ever over '23, which was our best year ever, and '25 and '26 are pacing nicely, not just in group, but we're seeing that across the board.

是的。我的意思是，一切幾乎都是預訂量回落至 2019 年水準的結果。當你觀察球隊的節奏時，我們會繼續加快腳步，爭取23 年以來最好的一年，這是我們有史以來最好的一年，而25 和26 隊的節奏很好，不僅在球隊中，而且我們全面看到這一點。

So I think continuing to focus on our people, our assets, our experiential events that we put together really allow us to just drive price and continue to balance all our channels.

因此，我認為繼續關注我們的員工、我們的資產和我們舉辦的體驗活動確實可以讓我們推動價格並繼續平衡我們的所有管道。

And what it means by 2019 is that it's reverted to a normal -- a very normal booking process.

這意味著到 2019 年，它會恢復正常——一個非常正常的預訂流程。

The booking windows are back to normal, and it's quite nice.

預訂窗口恢復正常了，這很不錯。

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。

Just one quick one on Las Vegas. Just in terms of your occupancy at that property, I mean you typically run in the high 80s there. I mean you're getting as much rate as it looks like you want. I mean fundamentally, is that property structurally different in that relative to the Macau properties where you run occupancy close to 99%? It just seems like -- I know there's a balance there, but any reason occupancy in Vegas couldn't go higher as you keep pushing rates up modestly?

只是在拉斯維加斯快速一睹為快。就您對該房產的入住率而言，我的意思是您在那裡的入住率通常在 80 多歲。我的意思是，您所獲得的利率與您想要的利率一樣多。我的意思是，從根本上來說，該物業與你們入住率接近 99% 的澳門物業相比，在結構上是否有所不同？看起來就像——我知道那裡存在平衡，但是當你繼續適度提高利率時，維加斯的入住率有什麼理由不能上升？

Sure. So first and foremost, and this is true company-wide, we never want to be in a position where we have to walk someone because we don't have their room type or we don't have their room available for them. Second, at some point, the experience on the property actually degrades if you get to use an extreme 99% occupancy. So we're always balancing occupancy and rate in order to drive strong revenue results but also maintain a great experience on the property.

當然。因此，首先也是最重要的是，這在全公司範圍內都是如此，我們絕不希望因為沒有他們的房間類型或我們沒有可供他們使用的房間而不得不步行某人。其次，在某些時候，如果您使用 99% 的極端入住率，飯店的體驗實際上會下降。因此，我們始終平衡入住率和房價，以推動強勁的營收業績，同時保持良好的飯店體驗。

Macau is very different. Macau, there is a decent amount of occupancy that occurs on the day. So you have people that are in-market and we will offer them a room while they're in-market so you have the ability to drive up that occupancy very, very close to 100%. So it's really just a difference in market dynamics.

澳門則很不一樣。澳門，當天的入住率相當高。因此，您有市場上的人，我們會在他們有市場上的時候為他們提供房間，這樣您就有能力將入住率提高到非常非常接近 100%。所以這其實只是市場動態的差異。

And can we run higher in Vegas? Sure, we could. We could do that. And at times, we do. We do run higher and then it washes out later in the quarter where we run lower. It's really just a question of the on-premises experience and maximizing revenue.

我們能在維加斯跑得更高嗎？當然，我們可以。我們可以做到這一點。有時，我們確實如此。我們確實走高，然後在我們走低的季度晚些時候被沖走。這實際上只是本地體驗和收入最大化的問題。

Got it. And then just switching to Thailand. Maybe could you talk a little bit about that opportunity potentially? I know it's quite early days but just high level in terms of timing, project size, how competitive do you think this process would be? Any incremental color would be great.

知道了。然後就轉到泰國了。也許您可以談談這個潛在的機會嗎？我知道現在還處於早期階段，但就時間安排、專案規模而言只是高水平，您認為這個過程的競爭力如何？任何增量顏色都會很棒。

Sure. Yes, it's very, very early. I mean, we -- first things first, we need to understand that the regulatory structure, the licensing structure, the bidding structure, et cetera, are all going to be consistent with other jurisdictions that are considered best-in-class. I personally think they will be based on the information that we have to date. But that's really a condition precedent to our further involvement.

當然。是的，現在非常非常早。我的意思是，我們——首先，我們需要了解監管結構、許可結構、招標結構等等，都將與其他被認為是一流的司法管轄區保持一致。我個人認為它們將基於我們迄今為止所掌握的資訊。但這確實是我們進一步參與的先決條件。

It's an interesting market for the reasons that I described in my prepared remarks, lots of great infrastructure, a very strong tourism sector today. And I think it will be a competitive process. I think in any market like that, that has those dynamics, I think you're going to find a lot of folks that are interested in being there. And we are very confident in our capabilities given the strength of the portfolio as it exists today and the talent that we have in this business.

這是一個有趣的市場，原因正如我在準備好的演講中所描述的那樣，有很多良好的基礎設施，當今的旅遊業非常強大。我認為這將是一個競爭的過程。我認為在任何這樣的市場，有這些動態，我想你會發現很多人有興趣進入那裡。考慮到現有產品組合的實力以及我們在該業務中擁有的人才，我們對自己的能力非常有信心。

Our next caller is John DeCree with CBRE.

我們的下一個來電者是 CBRE 的 John DeCree。

First one, maybe, Craig, you've introduced some new renderings and photos of Al Marjan in front of the ATM conference here in Dubai. Curious if you could remind us total capital contribution and budget or construction cost and if that's changed at all since you've kind of updated the renderings for that project.

第一個，克雷格，您可能在杜拜 ATM 會議前介紹了 Al Marjan 的一些新效果圖和照片。很好奇您能否提醒我們總資本投入和預算或建築成本，以及自從您更新了該項目的效果圖以來，這些情況是否發生了變化。

Sure. The total budget is around $4 billion. If budgets move here and there but no substantial movement, our capital contribution will be, round numbers, call it, $900 million. That heavily depends on the construction leverage. So we're in the midst of figuring that out now. But you can figure something like 50-50 debt to equity and then we would be 40% of the equity.

當然。總預算約40億美元。如果預算到處變動但沒有實質變動，我們的出資額將是（整數）9 億美元。這在很大程度上取決於建設槓桿。所以我們現在正在解決這個問題。但你可以算出債務與股本之比為 50-50，那麼我們就佔股本的 40%。

Got it. Understood. That's helpful. And then maybe one back domestically to get a little granular, perhaps in Las Vegas on the quarter. You called out February. We knew that was going to be an event-driven month. But I was wondering if you could kind of parse out what January and March look like. And I guess some color on April coming out of the quarter quite strong. But as you kind of size up 1Q, any comments about January and March, specifically relative to year-over-year in terms of performance.

知道了。明白了。這很有幫助。然後也許會回到國內了解一些細節，也許本季在拉斯維加斯。你呼喚二月。我們知道這將是一個由事件驅動的月份。但我想知道你是否能解析一下一月和三月是什麼樣子。我認為本季 4 月份的一些色彩相當強勁。但當你評估第一季時，關於一月和三月的任何評論，特別是相對於去年同期的表現。

Sure. What I would say is this. February, as we called out, it would be -- was, of course, the strongest month of the quarter. And then in rank order, it would be March and January.

當然。我要說的是這個。正如我們所說，二月當然是本季最強勁的月份。然後按照排名順序，將是三月和一月。

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 wonder if you could just touch on anything for Al Marjan that has to happen from a regulatory perspective approval at any level. If the construction were done tomorrow before it can actually start operating the casino, just to clarify that.

我想知道您是否可以談談 Al Marjan 必須從任何級別的監管角度批准的任何事情。如果施工明天在賭場實際開始運作之前完成，只是為了澄清這一點。

Sure, Robin. Just like other jurisdictions, there are regulatory requirements that are required before we can open the doors. And so we expect that we will meet those regulatory requirements and receive the necessary approvals in due course.

當然，羅賓。就像其他司法管轄區一樣，我們需要滿足監管要求才能敞開大門。因此，我們希望我們能夠滿足這些監管要求並在適當的時候獲得必要的批准。

But is there anything from a perspective in terms of anything that has to be legalized at any level or separate from just what we have to do to meet licensing?

但是，從某個角度來看，是否有任何事情必須在任何層面上合法化，或者與我們為滿足許可而必須做的事情分開？

We're not building on spec, put it that way. So I think you've seen -- hopefully, you've seen that they have created a federal regulatory body of the GCGRA in order to license and issue -- license operators and issue regulations associated with gaming. The GCGRA's activities are ongoing, and we are aware of what they are. And we'll get all the necessary approvals in due course.

這麼說吧，我們不是在規範的基礎上建構的。因此，我認為您已經看到——希望您已經看到他們創建了 GCGRA 聯邦監管機構，以便向運營商頒發許可證並頒發與博彩相關的法規。 GCGRA 的活動正在進行中，我們了解這些活動的內容。我們將在適當的時候獲得所有必要的批准。

Our next caller is Ben Chaiken with Mizuho.

我們的下一個來電者是 Mizuho 的 Ben Chaiken。

Just one quick one in Macau. At the Wynn Macau property, your mass hold was around 19% for the second quarter in a row after holding below normal for a long period of time. Do you think the current gaming volumes at this property are enough to have more normalized variability in hold, such as what we've seen in the last few quarters? Any color there would be great.

在澳門就快一趟吧。在永利澳門酒店，在長期低於正常水平之後，您的大規模持有量連續第二個季度約為 19%。您認為該酒店目前的博彩量是否足以使持有量出現更標準化的變化，就像我們在過去幾季所看到的那樣？任何顏色都會很棒。

Sure. And then we held high subsequent to the end of the quarter. It really is just a function of the normal ebb and flow of the game. A lot of that has to do with the volume of high-end play. And so there's really nothing -- there's really not a lot to see there and, over time, hold will normalize.

當然。然後我們在季度末後保持高位。這其實只是遊戲正常潮起潮落的函數。這很大程度上與高端遊戲的數量有關。所以實際上什麼都沒有——那裡真的沒有太多可看的東西，隨著時間的推移，保持將會正常化。

Operator, we'll take one last question after this one.

接線員，我們將回答這一問題之後的最後一個問題。

And that last caller comes from David Katz with Jefferies.

最後一位來電者來自傑弗里斯的大衛‧卡茨 (David Katz)。

I wanted to just touch on Las Vegas, given the comps are in (inaudible) market given the available resources that you have. I just wonder under what circumstances you might look at developing some of the excess volumes you have in Las Vegas and what would have to happen moving forward?

我想談談拉斯維加斯，考慮到您擁有的可用資源，這些比較處於（聽不清楚）市場中。我只是想知道在什麼情況下您可能會考慮開發拉斯維加斯的一些過剩產量以及未來會發生什麼？

Thanks, David. You were chopping up there a bit, but I think I got the gist of your question. I think you were addressing the development opportunities in the land that we have here. But we do -- we have a very substantial land bank in Las Vegas, as you know. And the reality is that we are replacing choices now from a development perspective.

謝謝，大衛。你說得有點斷斷續續，但我想我明白了你問題的要點。我認為您正在討論我們這裡的土地的發展機會。但我們確實如此，如您所知，我們在拉斯維加斯擁有非常龐大的土地儲備。現實是，我們現在正在從發展的角度更換選擇。

We've got the projects going on in the UAE. By the way, we will have a land bank there as well. We're obviously looking at New York. We are considering Thailand as that process evolves.

我們在阿聯酋正在進行一些專案。順便說一句，我們在那裡也會有一個土地儲備。我們顯然正在關注紐約。隨著這一進程的發展，我們正在考慮泰國。

And so we have a lot of things in the hopper at the moment that are going to meaningfully increase our EBITDAR and our free cash flow base. We are always considering particularly the adjacent land on the strip as a potential development opportunity, but we really want to see how some of these other things play out.

因此，我們目前有很多東西可以有效地增加我們的 EBITDAR 和自由現金流基礎。我們一直特別考慮將大道上的鄰近土地視為潛在的開發機會，但我們真的很想看看其他一些事情如何發揮作用。

And that was -- the nature of my question is sort of what would have to happen for you to want to move forward on Las Vegas? Would some of these have to fall out or just move forward and this comes right after that. I think that was just a nuance to what I was trying to get at.

那就是——我的問題的本質是，如果你想在拉斯維加斯繼續前進，必須發生什麼？其中一些是否必須退出或繼續前進，這就是在那之後發生的。我認為這只是我想要表達的意思的細微差別。

Sure. Yes. So -- the reality is it's many things. So what happens in the macro economy, what happens to borrowing cost, what happens to the cost to build and then what are our other opportunities, how many of those opportunities can be pushed through our design and development team at any given point in time.

當然。是的。所以——現實是有很多事情。那麼宏觀經濟會發生什麼，借貸成本會發生什麼，建造成本會發生什麼，然後我們的其他機會是什麼，在任何給定的時間點，我們的設計和開發團隊可以推動其中多少機會。

So it's a -- I don't know, 5D question, I guess. I don't know if you can get into the fifth dimension. But there's a lot of questions there. And right now, we're focused on New York. We're observing Thailand, and we're in the midst of constructing in the UAE. So we like our development pipeline at the moment. We like our future EBITDAR and free cash flow profile at the moment. So stay tuned.

所以我猜這是一個——我不知道，5D 問題。不知道能不能進入第五次元。但那裡有很多問題。現在，我們的重點是紐約。我們正在觀察泰國，並且我們正在阿聯酋進行建設。所以我們喜歡目前的開發管道。我們目前對未來的息稅折舊攤提前利潤 (EBITDAR) 和自由現金流狀況感到滿意。所以請繼續關注。

Thank you. And thank you, operator. With that, we'll bring this call to a close. We thank you for your interest in the company and look forward to talking to you again next quarter.

謝謝。謝謝你，接線生。至此，我們將結束本次通話。我們感謝您對公司的興趣，並期待下季度再次與您交談。

Thanks, everybody.

謝謝大家。

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

感謝您參加今天的電話會議。您現在可以斷開連線。