永利渡假村 (WYNN) 2024 Q2 法說會逐字稿

Welcome to the Wynn Resorts second-quarter 2024 earnings call.

歡迎參加永利度假村 2024 年第二季財報電話會議。

(Operator Instructions) This call is being recorded.

（操作員說明）此通話正在錄音。

If you have any objections, you may disconnect at this time.

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.

我現在將電話轉給財務長 Julie Cameron-Doe。

Please go ahead.

請繼續。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas.

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)。

Also on the line are Linda Chen, Frederic Luvisutto, and Jenny Holaday.

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.

謝謝，朱莉。

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

下午好，一如既往，感謝您今天加入我們。

I want to start by saying thank you to my nearly 28,000 colleagues here at Wynn Resorts for delivering yet another record quarter.

首先，我要向永利度假村的近 28,000 名同事表示感謝，感謝他們創造了另一個創紀錄的季度業績。

In this case, the best second quarter EBITDAR in the history of the company at $572 million. record quarters like this one further strengthen our conviction when deploying capital, whether through CapEx or share repurchases like those we executed in the second quarter and into the third quarter.

在這種情況下，公司歷史上最好的第二季EBITDAR為5.72億美元。像這樣創紀錄的季度進一步堅定了我們在部署資本時的信念，無論是透過資本支出還是像我們在第二季和第三季執行的股票回購。

Wynn Las Vegas delivered $230 million of adjusted property EBITDAR, a second quarter record and up 3% year-on-year on yet another very difficult comp, taking trailing 12-month EBITDAR to nearly $970 million.

Wynn Las Vegas 交付了 2.3 億美元的調整後房地產 EBITDAR，創第二季紀錄，並且在另一個非常困難的比較中同比增長 3%，使過去 12 個月的 EBITDAR 達到近 9.7 億美元。

The quarter was led by 16% growth in hotel revenue along with 8% growth in slot handle and healthy table drop in the casino.

該季度的帶動因素包括酒店收入增長 16%、老虎機手柄增長 8% 以及賭場賭桌數量的健康下降。

Wynn Las Vegas continues to have the top-performing team here in Vegas.

拉斯維加斯永利酒店繼續擁有維加斯表現最好的團隊。

More recently, demand has remained healthy in 3Q with RevPAR up and slot handle broadly in line year-on-year during July, despite this year having two fewer weekend days.

最近，儘管今年週末減少了兩個工作日，但第三季的需求仍然保持健康，7 月的 RevPAR 上升，航班時刻處理量與去年同期基本持平。

Turning to Boston.

轉向波士頓。

Encore generated $62 million of EBITDAR during the quarter.

Encore 在本季產生了 6,200 萬美元的 EBITDAR。

Lower than normal table hold masked what was actually a strong quarter across the property with record slot handle, strong table drop and record RevPAR in the hotel.

低於正常的賭台持有率掩蓋了整個酒店實際上強勁的季度業績，酒店的老虎機處理量創紀錄，賭台下降率強勁，每間客房收入也創歷史新高。

More recently, demand has remained healthy through July with table drops, slot handle and RevPAR all up on a tough year-on-year comp.

最近，整個 7 月的需求一直保持健康，賭台下降、老虎機手柄和每間可出租客房收入 (RevPAR) 與去年同期相比都表現不佳。

Turning to Macau.

轉向澳門。

We generated $280 million of EBITDAR in the second quarter on slightly lower market share than we have experienced over the previous several quarters and slightly lower mass hold quarter-over-quarter.

我們第二季度的息稅折舊攤銷前利潤 (EBITDAR) 為 2.8 億美元，市佔率略低於前幾個季度，且大眾持有量較上季略低。

There has been a lot of chatter in the market about the elevated promotional environment in Macau with concessionaires jockeying for market share.

市場上有很多關於澳門促銷環境改善以及特許經營商爭奪市場份額的討論。

Of course, while we are active every day in the hand-to-hand combat for market share, you can't take market share to the bank, and thus, we have remained -- we have continued to remain disciplined in our OpEx and player reinvestment levels, highlighted by our strong EBITDAR margin in the quarter, which was 250 basis points above 2Q 2019.

當然，雖然我們每天都在積極參與爭奪市場份額的肉搏戰，但你不能將市場份額搶到銀行手中，因此，我們仍然——我們繼續在運營支出和運營支出方面保持嚴格的紀律。 ，本季強勁的EBITDAR 利潤率凸顯了這一點，比2019 年第二季高出250 個基點。

We've seen this dynamic before, and we remain confident that our market-leading product and service levels position us well to compete effectively in the long term.

我們以前已經看到過這種動態，我們仍然相信，我們市場領先的產品和服務水準使我們能夠在長期有效競爭中處於有利地位。

To that end, we were encouraged that our GGR market share moved back to our expected range in July, supported by strong mass table drop and 99% hotel occupancy during the month.

為此，我們感到鼓舞的是，我們的 GGR 市場份額在 7 月回到了我們的預期範圍，這得益於 7 月份大量餐桌下降和 99% 的酒店入住率的支持。

Wynn Macau's long-term outlook remains very bright.

永利澳門的長期前景仍十分光明。

On the development front, we continue to elevate our product offering in Macau through new and innovative food and beverage concepts and unique programming.

在發展方面，我們繼續透過創新的食品和飲料概念以及獨特的節目來提升我們在澳門的產品供應。

We also continue to advance construction work on our second major concession-related project, our destination food hall, which we expect to open in 2025.

我們也繼續推進第二個主要特許經營相關項目——目的地美食廣場的建設工作，預計將於 2025 年開幕。

Turning to our Wynn Al Marjan Island development in the UAE.

談談我們在阿聯酋的 Wynn Al Marjan 島開發項目。

I just returned from several weeks in Dubai and Ras Al Khaimah.

我剛從杜拜和哈伊馬角回來幾週。

Construction is rapidly progressing on the project with work now approaching the 15th floor of the hotel.

該工程的施工進度迅速，目前已接近酒店 15 樓。

The building now stands just over 90 meters, which is already the tallest building in the Emirate.

該建築現高達 90 多米，已是酋長國最高的建築。

During the second quarter, we contributed $357 million of equity to our UAE joint venture.

第二季度，我們向阿聯酋合資企業出資 3.57 億美元。

This transaction included the purchase of our 40% pro rata share of all 155 acres of Island Three, the island on which Wynn Al Marjan sits.

此次交易包括按比例購買 Wynn Al Marjan 所在的三號島全部 155 英畝土地的 40% 份額。

As a result, our joint venture now owns not only the land under Wynn Al Marjan, but also 70-plus acres of land for potential future development on the Island.

因此，我們的合資企業現在不僅擁有 Wynn Al Marjan 旗下的土地，還擁有 70 多英畝的土地用於島上未來的潛在開發。

Of course, we have banked land before in the US and Macau, and we are confident that acquiring this sizable Marjan land bank will prove valuable over the long term.

當然，我們之前已在美國和澳門儲備過土地，我們有信心收購馬里安這一規模龐大的土地儲備從長遠來看將具有價值。

As I have noted before, I believe the UAE is the most exciting new market for our industry in decades and our confidence in the demand and EBITDAR potential of Wynn Al Marjan continues to grow.

正如我之前指出的，我相信阿聯酋是我們行業幾十年來最令人興奮的新市場，我們對 Wynn Al Marjan 的需求和 EBITDAR 潛力的信心持續增長。

We also made meaningful progress during the quarter on the debt financing for the project and expect that we will finalize that financing later in 2024.

本季我們在專案的債務融資方面也取得了有意義的進展，預計我們將在 2024 年稍後完成融資。

I remain incredibly bullish about the future of our company.

我對我們公司的未來仍然非常樂觀。

We have the best assets in the world's premier gaming markets.

我們在全球主要遊戲市場擁有最好的資產。

We also have an exciting high ROI development project in the UAE well underway, a development opportunity that is unique in our industry.

我們還在阿聯酋開展了一個令人興奮的高投資回報率開發項目，該項目正在順利進行，這是我們行業中獨一無二的發展機會。

And we are exploring potential greenfield opportunities in attractive gateway cities like New York and Bangkok.

我們正在紐約和曼谷等有吸引力的門戶城市探索潛在的綠地機會。

Meanwhile, our leverage profile continues to improve as free cash flow grows, allowing us to increase the return of capital to shareholders through the recurring dividend and opportunistic share repurchases.

同時，隨著自由現金流的成長，我們的槓桿狀況不斷改善，使我們能夠透過經常性股利和機會性股票回購來增加股東的資本回報。

Our best days lie ahead.

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.

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。

Julie?

茱麗葉？

Thank you, Craig.

謝謝你，克雷格。

At Wynn Las Vegas, we generated $230.3 million in adjusted property EBITDAR on $628.7 million of operating revenue during the quarter, delivering an EBITDAR margin of 36.6%.

在拉斯維加斯永利酒店，本季營業收入為 6.287 億美元，調整後物業 EBITDAR 為 2.303 億美元，EBITDAR 利潤率為 36.6%。

Lower-than-normal table games hold negatively impacted EBITDAR by around $5 million in Q2.

低於正常水平的賭桌遊戲對第二季的 EBITDAR 產生了約 500 萬美元的負面影響。

OpEx, excluding gaming tax per day was $4.2 million in Q2 compared to $3.7 million in the prior year period.

第二季每日營運支出（不含博彩稅）為 420 萬美元，而去年同期為 370 萬美元。

The increase was primarily due to union-related payroll increases, along with higher variable costs due to increased volumes across the business.

這一增長主要是由於與工會相關的工資增長，以及由於整個業務量增加而導致的可變成本上升。

Turning to Boston, we generated adjusted property EBITDAR of $62.1 million on revenue of $212.6 million with an EBITDAR margin of 29.2%.

轉向波士頓，我們的調整後房地產 EBITDAR 為 6,210 萬美元，收入為 2.126 億美元，EBITDAR 利潤率為 29.2%。

As Craig alluded to, our table game hold was below normal during the quarter.

正如克雷格所提到的，本季我們的賭桌持有量低於正常。

And if we normalize hold in both periods, EBITDAR would have increased approximately 2% year on year.

如果我們將這兩個時期的持有量標準化，EBITDAR 將年增約 2%。

We've stayed very disciplined on the cost side with OpEx per day of $1.15 million, flat year-on-year and down sequentially.

我們在成本方面一直非常嚴格，每天的營運支出為 115 萬美元，與去年同期持平，並且連續下降。

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.

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 $280.4 million in the quarter on $885.3 million of operating revenue.

我們的澳門業務本季調整後的物業 EBITDAR 為 2.804 億美元，營業收入為 8.853 億美元。

Hold was a mixed bag in the quarter as higher than normal hold at Palace was more than offset by lower than normal hold at Wynn Macau, particularly in our mass table business.

本季的持股好壞參半，因為皇宮高於正常的持股被永利澳門低於正常的持股所抵消，尤其是在我們的中場業務中。

All in, we estimate hold negatively impacted EBITDAR at the combined properties by around $3 million during the quarter.

總而言之，我們估計本季合併後的物業 EBITDAR 受到的負面影響約為 300 萬美元。

EBITDAR margin was 31.7% in the quarter, an increase of 250 basis points relative to Q2 2019.

本季 EBITDAR 利潤率為 31.7%，較 2019 年第二季增加 250 個基點。

Our OpEx, excluding gaming tax, was approximately $2.5 million per day in Q2, a decrease of 19% compared to $3.2 million in Q2 2019 and down 3% on a sequential basis.

我們第二季的營運支出（不包括博彩稅）約為每天 250 萬美元，與 2019 年第二季的 320 萬美元相比下降了 19%，季減了 3%。

The team has done a great job of staying disciplined on costs, and we remain well positioned to drive strong operating leverage as the market continues to recover.

團隊在控製成本方面做得很好，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.

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。

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.

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。

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.

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.

繼續看資產負債表。

Our liquidity position remains very strong with global cash and revolver availability of over $3.9 billion as of June 30.

截至 6 月 30 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性超過 39 億美元。

This was comprised of $2.2 billion of total cash and available liquidity in Macau and $1.7 billion in the US.

其中包括澳門的 22 億美元現金和可用流動資金總額以及美國的 17 億美元。

During the quarter, we continued to reduce gross debt, repaying approximately $170 million on our bank facilities, and we have now reduced company-wide gross debt by more than $1.1 billion over the past year.

本季度，我們繼續減少總債務，償還了約 1.7 億美元的銀行貸款，目前，我們在過去一年中已將全公司總債務減少了超過 11 億美元。

The combination of strong performance in each of our markets globally with our properties generating nearly $2.4 billion of trailing 12-month property EBITDAR, together with our robust cash position creates a very healthy consolidated net leverage ratio of just over 4 times.

我們在全球各個市場的強勁表現與我們的房地產產生近 24 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，創造了非常健康的綜合淨槓桿率，剛剛超過 4 倍。

Our strong free cash flow and liquidity profile allows us to reduce leverage while returning capital to shareholders in both the US and Macau.

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，同時向美國和澳門的股東返還資本。

To that end, the Wynn Resorts Board approved a cash dividend of $0.25 per share payable on August 30, 2024, to stockholders of record as of August 19, 2024.

為此，永利度假村董事會批准於 2024 年 8 月 30 日向截至 2024 年 8 月 19 日在冊股東支付每股 0.25 美元的現金股利。

We also opportunistically repurchased approximately 741,000 shares for $68 million during the quarter.

本季我們也趁機以 6,800 萬美元回購了約 741,000 股股票。

Similarly, in June, Wynn Macau paid a dividend of $0.075 per share or USD 50 million, highlighting our commitment to prudently returning capital to shareholders.

同樣，永利澳門於 6 月派發股息每股 0.075 美元，即 5,000 萬美元，凸顯我們審慎向股東返還資本的承諾。

Finally, our CapEx in the quarter was $94 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.

最後，我們本季的資本支出為 9,400 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。

Additionally, as Craig noted, we contributed $356.5 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to date to $514.4 million, split approximately $300 million for Wynn Al Marjan and a little over $200 million for the Marjan land bank and related infrastructure.

此外，正如克雷格指出的那樣，我們在本季度向Wynn Al Marjan Island 項目出資了3.565 億美元，使我們迄今為止的股權出資總額達到5.144 億美元，其中為Wynn Al Marjan 分配了約3 億美元，為Wynn Al Marjan 項目分配了略多於2 億美元的資金。

We estimate our remaining 40% pro rata share of the required equity is approximately $900 million, fully loaded to capitalized interest, fees and certain improvements on the island.

我們估計，我們剩餘的 40% 按比例分配的所需股本約為 9 億美元，全部包括資本化利息、費用和島上的某些改進。

Importantly, as Craig noted, we've also made meaningful progress on the debt financing for the project with significant interest from a diverse group of banks, both locally and the region as well as internationally.

重要的是，正如克雷格指出的那樣，我們在該項目的債務融資方面也取得了有意義的進展，當地、該地區以及國際上的不同銀行集團都對此表現出了濃厚的興趣。

We expect the financing will be completed later this year, and we will update you in due course.

我們預計融資將於今年稍晚完成，我們將適時向您通報最新情況。

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, Deutsche Bank.

（操作員指示）Carlo Santarelli，德意志銀行。

Thank you, good afternoon, everybody.

謝謝大家，大家下午好。

Craig, you spoke a little bit about Las Vegas, the comfort you're seeing, the trends in July, acknowledging, obviously, August booking window short, September, some group on the books and fourth quarter, probably very limited visibility at this point outside of the group bookings.

克雷格，你談到了拉斯維加斯，你所看到的舒適度，七月的趨勢，顯然，八月的預訂窗口很短，九月，一些預訂和第四季度的群體，目前的能見度可能非常有限團體預訂之外。

How would you characterize kind of the back half of the year?

您如何形容今年下半年的狀況？

And could you talk a little bit about that group footprint that's already in place?

您能談談已經存在的團隊足跡嗎？

Sure, Carlo.

當然，卡洛。

I'll start, and then I'll ask Brian to talk a bit about group in Q3, Q4.

我先開始，然後我會請 Brian 談談第三季、第四季的團隊。

Yeah, I noticed subsequent to one of our peers reporting the other day that there were some thoughts around Q4, some concerns around Q4.

是的，我注意到我們的一位同行前幾天報告說，人們對第四季度有一些想法，對第四季度有一些擔憂。

As you said, actually, the booking window is relatively short other than for group and then certain special events, F1 in particular.

正如你所說，實際上，除了團體和某些特殊活動（尤其是 F1）之外，預訂窗口相對較短。

And so we don't -- we're not seeing anything of concern per se with respect to Q4.

因此，我們沒有看到第四季度本身存在任何令人擔憂的情況。

F1 specifically, which I know was mentioned extensively again on a peer's call, F1, there really top-notch operators.

特別是F1，我知道在同行的電話會議上再次廣泛提及，F1，確實是一流的運營商。

And unlike last year, when they heavily marketed throughout the year, they just started their big marketing push for the race this month, August.

與去年不同的是，他們全年都在大力行銷，今年八月，他們剛開始為比賽進行大規模行銷推廣。

So I'm sure the race will be well executed.

所以我確信比賽將會順利進行。

Our experience during last year's F1 and more recently during the Super Bowl tells us that we will be the place to see and be seen during the race.

去年 F1 以及最近超級盃期間的經驗告訴我們，我們將成為比賽期間觀看和被看到的地方。

And so we're confident that we'll do just fine and get more than our fair share.

因此，我們有信心，我們會做得很好，並獲得超出我們應得的份額。

Brian, group in Q3 and Q4?

布萊恩，第三季和第四季的小組？

And any other thoughts on the back half of the year?

對於下半年還有什麼其他想法嗎？

Sure.

當然。

Thanks, Greg.

謝謝，格雷格。

Carlo, Q3 continues to pace very well.

卡洛，第三季繼續保持良好的節奏。

It's solid.

它很堅固。

August and September look even better than July.

八月和九月看起來甚至比七月更好。

And when we look to Q4, pacing well for the year will be the best year we've ever had in group and convention and '25 seems to be pacing actually ahead of that, all with strong ADR growth.

當我們展望第四季度時，今年的進展順利將是我們在團體和大會上經歷過的最好的一年，而「25」似乎實際上領先於這一年，所有這些都伴隨著強勁的ADR增長。

So the sales team has done a phenomenal job, and our yield management team and revenue management continues to yield because of that strong base, so it helps all segments.

因此，銷售團隊做得非常出色，而我們的收益管理團隊和收入管理由於這個強大的基礎而繼續產生收益，因此它對所有細分市場都有幫助。

So I think we're in solid shape, and we're encouraged by what we're seeing.

所以我認為我們的狀態很穩定，我們對所看到的情況感到鼓舞。

Great.

偉大的。

Thanks, Brian.

謝謝，布萊恩。

And then, Craig, if I could ask a follow-up.

然後，克雷格，我是否可以詢問後續情況。

You guys have repurchased year-to-date as of

今年到目前為止，你們已經回購了

[6/30].

[6/30]。

It looks like about $80 million of stock.

看起來價值約8000萬美元的股票。

I think you said $68 million in the quarter in the release.

我想您在新聞稿中提到了該季度 6800 萬美元。

When you look at kind of current valuations looked at many different ways, but obviously, just about any way you cut it, the embedded implied valuation for the domestic assets at the very least is seemingly compelling from a buyback perspective, acknowledging there is significant capital going out the door related to UAE.

當你以多種不同的方式審視當前的估值時，但顯然，無論你以何種方式削減它，國內資產的隱含估值至少從回購的角度來看似乎是令人信服的，承認存在大量資本走出與阿聯酋有關的大門。

How do you think about kind of perhaps accelerating some of the buyback activity?

您如何看待加速某些回購活動的可能性？

Thanks, Carlo.

謝謝，卡洛。

Well, as you know, you've followed the company for a long time.

嗯，如您所知，您已經關注公司很長時間了。

We're not programmatic buyers of the stock, and we tend to buy back more when it is particularly cheap.

我們不是股票的程序性買家，我們傾向於在股票特別便宜時回購更多股票。

So you're right to that end, we did purchase in the quarter, and we continued to purchase into July and actually the first few days of August, actually.

因此，您是對的，我們確實在本季度進行了購買，並且我們繼續購買到 7 月，實際上是 8 月的前幾天。

We still have some $365 million of capacity under the Board authorization.

根據董事會授權，我們仍有約 3.65 億美元的產能。

We're really balancing all of our liquidities needs between capital deployment for growth, the UAE, potentially other greenfield markets, delevering slightly and returning capital to shareholders through dividends and share repurchases.

我們真正平衡了成長資本部署、阿聯酋、其他潛在的綠地市場之間的所有流動性需求，略微去槓桿化並透過股息和股票回購將資本返還給股東。

Fortunately, we're in a position to do all of that.

幸運的是，我們有能力做到這一切。

And so as you rightly know, it's really a question of quantum and we'll continue to be opportunistic about it.

正如你所知道的，這確實是一個量子問題，我們將繼續對此採取機會主義態度。

Thanks, everybody.

謝謝大家。

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Hey Craig, earlier, you had mentioned that you saw a nice rebound in market share in July.

嘿克雷格，早些時候，您曾提到您在 7 月看到了市場份額的良好反彈。

That was more of a directional comment than one with any specific numbers associated with that.

這更像是一種定向評論，而不是任何與之相關的具體數字。

Would you say that the share is back to the GGR share that you saw in the 1Q?

您是否認為該份額回到了您在第一季看到的 GGR 份額？

Or is it really more approaching that level?

或者說它真的更接近這個水平嗎？

And then related to that, Craig, are you seeing in July and August to date, as you're seeing GGR share improve, are you seeing an associated lift in the non-gaming revenues as well?

與此相關的是，克雷格，到目前為止，您是否看到 7 月和 8 月，當您看到 GGR 份額有所改善時，您是否也看到非博彩收入也隨之增加？

Thanks, Joe. Well, to your second question first, there's always a relationship given the way that the gap requires you to book rooms revenue associated with the casino.

謝謝，喬。好吧，先回答你的第二個問題，考慮到差距要求你預訂與賭場相關的房間收入，總是存在一種關係。

There's always a relationship between casino volumes, quality of customers and room rates.

賭場數量、顧客品質和房價之間始終存在著某種關係。

With respect to retail, the retail component of nongaming, I think the situation with respect to luxury retail in China is hopefully well understood.

就零售業（非博彩業的零售組成部分）而言，我認為中國奢侈品零售業的情況有望得到很好的理解。

I think you've seen a lot of the large luxury retailers come out and make commentary on the topic.

我想你已經看到很多大型奢侈品零售商站出來對這個主題發表評論。

And of course, Macau and Hong Kong are not immune.

當然，澳門和香港也不能倖免。

I think what we've experienced is pretty consistent with our peers who have comparable retail footprints.

我認為我們的經驗與擁有可比較零售足跡的同行非常一致。

To the first question that you raised, we're not going to provide specific numbers, but we were pleased with the bounce back in July.

對於您提出的第一個問題，我們不會提供具體數字，但我們對 7 月的反彈感到滿意。

And as you know, market share can bounce around here and there over the course of any given year or any given quarter.

如您所知，市場佔有率在任何特定年份或任何特定季度都可能會出現波動。

And as I said in my prepared remarks, you can't take market share to the bank.

正如我在準備好的發言中所說，你不能將市場佔有率讓給銀行。

So what we don't want to do is completely blow out our reinvestment levels and pursue a market share that doesn't drive meaningful flow-through.

因此，我們不想做的就是完全超出我們的再投資水平，並追求不會帶來有意義的資金流通的市場份額。

So we are being disciplined with respect to reinvestment and being aggressive in terms of going out and getting business.

因此，我們在再投資方面遵守紀律，在走出去和開展業務方面積極進取。

Great.

偉大的。

Thank you for that.

謝謝你。

And then with respect to your UAE project, I heard all the things that you said, including the timeline for completing the debt financing.

然後，關於您的阿聯酋項目，我聽到了您所說的所有內容，包括完成債務融資的時間表。

When do you think we'll actually have specific regulations out there and specifically when you get a license?

您認為我們什麼時候會真正制定具體的法規，特別是當您獲得許可證時？

I know it's been a while now.

我知道已經有一段時間了。

Sure.

當然。

Thanks, Joe. Well, first of all, we were delighted with the public announcement of the GCGRA, the federal regulatory body for gaming.

謝謝，喬。嗯，首先，我們對 GCGRA（聯邦博彩監管機構）的公開聲明感到高興。

If you -- for, I guess, you and everybody else on the call, if you haven't, take a look at their website, we encourage you to do that.

如果你——我想，你和通話中的其他人，如果你還沒有，請查看他們的網站，我們鼓勵你這樣做。

The members of that body are some of the luminaries of the industry and very, very experienced regulators.

該機構的成員都是業內的一些傑出人物，也是非常非常有經驗的監管者。

The establishment of the GCGRA creates hopefully creates incremental clarity for investors and financing sources.

GCGRA 的成立有望為投資者和融資來源帶來更多的透明度。

It certainly has on the financing -- on the bank financing side.

它當然涉及融資——銀行融資方面。

And then you'll also note that they recently awarded a lottery license for the UAE, and I think that, that hopefully again, gives folks comfort.

然後您還會注意到，他們最近為阿聯酋頒發了彩票許可證，我認為，希望這能再次帶給人們安慰。

I assume that they will be moving forward next to the next step in our licensure.

我認為他們將繼續推進我們許可的下一步。

I don't have a specific timeline for you, but you can see all the momentum that's happening there.

我沒有給你一個具體的時間表，但你可以看到那裡正在發生的所有動力。

Thank you.

謝謝。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi good afternoon, everyone.

大家下午好。

Thanks for taking my question.

感謝您提出我的問題。

Craig or (inaudible) right for -- one thing we've been watching in the data is on the visitation front into Macau.

克雷格（Craig）或（聽不清楚）是對的——我們在數據中一直關注的一件事是澳門的訪問量。

In the second quarter, in particular, these are market-wide stats, it looks like it sort of fell a little bit below trend line and a little bit below the pace of recovery we had been seeing in prior quarters.

特別是在第二季度，這些是整個市場的統計數據，看起來有點低於趨勢線，也低於我們在前幾季看到的復甦速度。

I'm curious, do you see something similar in volumes to the property?

我很好奇，您是否看到與該房產體積相似的東西？

Perhaps you probably see it maybe it would be a little bit more acute at the Peninsula.

也許你可能會看到，也許半島的情況會更嚴重。

Appreciate base math isn't really necessarily the pond that you went in, but just kind of what are you seeing on that visitation front?

欣賞基礎數學不一定是你進入的池塘，而是你在訪問方面看到的是什麼？

And have some of those stresses or factors improved at all in July so far, early August or vice versa as it deteriorated at all?

到目前為止，其中一些壓力或因素在 7 月、8 月初是否有所改善，或者反之亦然，因為情況正在惡化？

Thank you.

謝謝。

Yeah.

是的。

Shaun.

肖恩.

Yeah, I'm sure you saw the news flow with respect to -- it was nearly a single day, but with respect to the recent visitation record, you're right.

是的，我確信您看到了有關的新聞流——這幾乎是一天，但就最近的訪問記錄而言，您是對的。

We don't really swim in that pond.

我們並沒有真正在那個池塘裡游泳。

It's not about the number of bodies, it's about the quality of the bodies.

重要的不是屍體的數量，而是屍體的品質。

You're also correct that if we had to pick one of the two properties that was more exposed to that, it would be downtown, and I can't say that, that was a meaningful -- that had a meaningful impact rather during the second quarter.

你也是正確的，如果我們必須選擇兩個更容易受到這種影響的房產之一，那就是市中心，我不能說，這是一個有意義的——在第二季。

It was really about share.

這確實是關於分享。

We have to fight for share every day.

我們每天都必須為分享而奮鬥。

That's what we need to do.

這就是我們需要做的。

So I don't -- we don't really watch visitation numbers and think about the broader impact on our business because, again, for us, it's about who's there, not how many are there.

所以我不會——我們不會真正關注訪問量，也不會考慮對我們業務的更廣泛影響，因為對我們來說，這又是關於誰在那裡，而不是有多少人。

Great.

偉大的。

And then just maybe as a follow-up, just on the -- on the spend per visit.

然後也許作為後續行動，只是關於每次訪問的支出。

Have you seen any changes in patterns again outside of maybe the luxury piece, which you called out earlier.

除了您之前提到的奢侈品之外，您是否再次看到了圖案的任何變化？

Just anything sort of else of note behaviorally for the customers that did come.

對於前來的顧客來說，還有其他值得注意的行為。

And obviously, they're -- maybe they're looking forward demanding a little bit more on the promotional reinvestment front, but just anything behaviorally or across different status levels, base mass versus premium massive note?

顯然，他們——也許他們期待在促銷再投資方面要求更多一點，但只是行為上或不同地位水平上的任何事情，基礎大眾與溢價巨額票據？

No.

不。

There's a lot of crosscurrents happening in the economy there.

那裡的經濟發生了很多逆流。

So we watch that very closely.

所以我們非常密切地關注這一點。

And as we've seen in this cycle and in previous cycles, the gaming business has been pretty resilient.

正如我們在這個週期和之前的周期中看到的那樣，遊戲業務一直非常有彈性。

You'll note the comment that I made to the previous caller, with respect to retail.

您會注意到我對前一個來電者所做的有關零售的評論。

And I think you see that in the retail revenue and the retail revenue trends.

我認為您可以在零售收入和零售收入趨勢中看到這一點。

But with respect to gaming, we don't see that.

但就遊戲而言，我們沒有看到這一點。

What we see is a pretty competitive environment for market share.

我們看到的是市佔率競爭相當激烈的環境。

And so we have to be competitive and get our fair share.

因此，我們必須具有競爭力並獲得公平的份額。

Thank you.

謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey good afternoon, everyone.

嘿大家下午好。

Thanks for taking my questions.

感謝您回答我的問題。

First on Macau, up until this quarter, your share has been pretty stable.

首先在澳門，截至本季度，你們的份額一直相當穩定。

I mean is your sense that as GGRs slowed or decelerated in Macau that the promotional environment has maybe stepped up a notch.

我的意思是，您的感覺是，隨著澳門的 GGR 放緩或減速，促銷環境可能會提高一個檔次。

And is it -- if so, is it multiple operators, a single operator Cotai Peninsula?

如果是的話，是多個運營商還是單一運營商路氹半島？

Any additional color would be helpful.

任何額外的顏色都會有幫助。

Sure.

當然。

Well, with the caveat that Macau has always been and always will be an extremely competitive market.

好吧，要注意的是，澳門一直以來都是一個競爭極為激烈的市場。

I'm not going to comment on specific promotional activity by others in the market.

我不會評論市場上其他人的具體促銷活動。

But I can tell you that our reinvestment in any given quarter could move up or down 50 basis points, 75 basis points, something like that based on what we're trying to achieve.

但我可以告訴你，我們在任何特定季度的再投資可能會上升或下降 50 個基點、75 個基點，或類似的幅度，這取決於我們想要實現的目標。

But the core of our competitive strength will always be product and service.

但我們競爭優勢的核心永遠是產品和服務。

Got it.

知道了。

And then in terms of Las Vegas, it seems like the Sphere calendar of events has really started to fill out nicely.

然後就拉斯維加斯而言，似乎 Sphere 的活動日曆已經開始充實起來。

To what extent are you seeing an uplift there from that customer base just given your proximity to that venue?

鑑於您靠近該場地，您在多大程度上看到了該客戶群的提升？

Well, I would say, anecdotally, it is impactful.

好吧，我想說，有趣的是，它是有影響力的。

I say anecdotally because we have so much going on, both in terms of internally generated events and programming that we're doing here and citywide events that are happening or events that are happening at other properties.

我說的是軼事，因為我們有很多事情要做，無論是內部生成的事件和我們在這裡所做的編程，還是正在發生的全市範圍的事件或其他酒店正在發生的事件。

So I mentioned in my prepared remarks, we've done some $970 million in EBITDAR out of in Las Vegas over the trailing 12 months.

因此，我在準備好的發言中提到，過去 12 個月我們在拉斯維加斯的 EBITDAR 收入約為 9.7 億美元。

That's a real credit to the team here.

這對這裡的團隊來說是真正的榮譽。

So every little bit counts, I can't isolate any particular event short of, of course, the major events like F1, Super Bowl, things like that.

所以每一點都很重要，我不能孤立任何特定的事件，當然，除了像 F1、超級盃這樣的重大事件。

And as I said on the previous call, we're delighted to have the Sphere and their team as neighbors.

正如我在上次電話會議中所說，我們很高興與 Sphere 及其團隊成為鄰居。

We love innovators.

我們熱愛創新者。

We love people that do things at the cutting edge and drive high-quality visitation.

我們喜歡那些走在前沿、推動高品質訪問的人。

Great.

偉大的。

Thanks so much.

非常感謝。

Sure.

當然。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Thank you.

謝謝。

I guess sticking with Vegas, Craig, you've been in and around the industry for -- and seen multiple cycles.

我想堅持維加斯，克雷格，你已經在這個行業工作了很長時間，並且經歷了多個週期。

I guess with all the concerns mounting over the consumer, what are you on watch for in your business as perhaps a leading indicator?

我想隨著消費者的擔憂不斷增加，您在您的業務中關注什麼作為領先指標？

And how do you think about the operating leverage of the business now versus history in terms of being able to flex if the market changes?

您如何看待當前企業的營運槓桿與歷史相比，在市場變化時能夠靈活調整的情況？

Yeah, good question.

是的，好問題。

Thank you.

謝謝。

What do you look for?

你在找什麼？

High-end wine sales, club sales, I mean we can go all day.

高端葡萄酒銷售、俱樂部銷售，我的意思是我們可以逛一整天。

I mean we can look at the -- we can get into the weeds and talk about individual unit metrics I think you would be looking at if you were on the inside of our business, we haven't seen that yet as we've been saying now for -- I think we've been answering questions around the impending performance of the business for over two years.

我的意思是，我們可以看看——我們可以深入討論各個單位的指標，我想如果您是我們業務的內部人士，您會看到這一點，但我們還沒有看到這一點，因為我們一直在這樣做。

So we haven't seen that yet, but we're watching very, very closely to see how the consumer is behaving both in the moment and as they book to stay with us.

所以我們還沒有看到這一點，但我們正在非常非常密切地觀察消費者在當下以及預訂入住我們酒店時的行為。

What can we do to the extent that the consumer was to soften a little bit.

我們能做些什麼，讓消費者軟化一點。

I think -- and we've talked about this on calls previously as well.

我認為——我們之前也在電話中討論過這個問題。

I mean we lived through a zero-revenue environment for several months in a seriously compressed revenue environment for many months after that as we went through COVID and the aftermath of COVID.

我的意思是，我們在收入嚴重壓縮的環境中度過了幾個月的零收入環境，在之後的許多個月裡，我們經歷了新冠疫情及其後果。

That team is still here.

那支隊伍還在這裡。

Still doing a tremendous job, and we have every playbook under the sun.

仍然做得非常出色，我們擁有所有的劇本。

We've learned how to run this business far differently than we were able to pre-COVID, which is part of the reason that we have been running such incredibly healthy margins, and we're able to fade things like the union increases the way that we have.

我們已經學會瞭如何以與新冠疫情之前截然不同的方式經營這項業務，這也是我們一直保持如此令人難以置信的健康利潤率的部分原因，而且我們能夠淡化諸如工會增加之類的事情我們有。

So we have a playbook for every possible situation, but we haven't seen any of those situations emerge yet.

因此，我們有針對每種可能情況的應對手冊，但我們還沒有看到任何一種情況出現。

And perhaps as an unrelated follow-up.

也許作為一個不相關的後續行動。

You mentioned the progress made in the UAE.

你提到了阿聯酋的進展。

There also looks like there's been some progress in Thailand.

泰國似乎也取得了一些進展。

I guess, what are your latest thoughts on that market?

我想，您對該市場的最新想法是什麼？

Would that be something that you'd pursue?

這會是你所追求的嗎？

Or do you more likely to pursue out of the Hong Kong entity?

或者您更有可能尋求離開香港實體？

Thanks.

謝謝。

Yeah, we would pursue it out of Wynn Resorts, out of the US listed entity.

是的，我們會從永利度假村、美國上市實體中尋求它。

It's still early days.

現在還為時過早。

You're right, there has been progress, and it's encouraging to see.

你是對的，已經取得了進展，而且令人鼓舞。

And it seems as though the legislators in Thailand really want to get this moving, which is great.

泰國的立法者似乎真的希望推動這項舉措，這很好。

We need to see more details on the regulatory and licensing structures.

我們需要了解有關監管和許可結構的更多細節。

But the market is an attractive market, and it's probably conducive to meaningful investment, pending again a deeper understanding of the regulatory and licensing structure.

但這個市場是一個有吸引力的市場，它可能有利於有意義的投資，有待對監管和許可結構有更深入的了解。

You have amazing tourism infrastructure.

你們擁有令人驚嘆的旅遊基礎設施。

You have a really strong service culture and a favorable operating expense structure available in that market.

您在該市場上擁有真正強大的服務文化和有利的營運費用結構。

So we're continuing to monitor the process very, very closely, and we're active on the ground there.

因此，我們將繼續非常非常密切地監控這一過程，並且我們正在積極開展實地工作。

Great.

偉大的。

Thank you.

謝謝。

For sure.

一定。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi good afternoon.

嗨下午好。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to go back to the capital allocation discussion, specifically the buyback, if I may.

如果可以的話，我想回到資本配置討論，特別是回購。

Obviously, there's wide-ranging views about how to execute those.

顯然，對於如何執行這些措施存在著廣泛的觀點。

But with you getting your company getting to that 4 times leverage, do you think about a target leverage range, separate apart from projects?

但是，當您讓您的公司達到 4 倍槓桿時，您是否會考慮與專案分開的目標槓桿範圍？

And if you could go just a little further on the philosophy around opportunistic versus programmatic in terms of the buybacks for some insight because I think the arguments are valid that your stock may be cheap at $100, right, or $76 or wherever it may be.

如果你能在回購方面進一步探討機會主義與程序化的哲學，以獲得一些見解，因為我認為這些論點是有效的，你的股票可能便宜到 100 美元，對，或者 76 美元或任何地方。

Just curious.

只是好奇。

Thanks.

謝謝。

Sure.

當然。

The second portion of your question first.

首先是你問題的第二部分。

We don't target -- we don't have target leverage levels because we will lever in place EBITDAR to develop new projects.

我們沒有目標——我們沒有目標槓桿水平，因為我們將利用 EBITDAR 來開發新項目。

But we feel very good with where we are now.

但我們對現在的處境感覺非常好。

There's a WACC minimization question that needs to be answered.

有一個 WACC 最小化問題需要回答。

And we're probably in that zone at the leverage level that we're at today.

以我們今天所處的槓桿水平，我們可能處於該區域。

With respect to buybacks, it's a little bit like capital deployment.

就回購而言，這有點像是資本部署。

We think about these things in 5 and 10-year increments.

我們以 5 年和 10 年為增量來考慮這些事情。

So -- and over 5 or 10 years, there's going to be times when the stock is expensive.

因此，在 5 年或 10 年的時間裡，股票會出現昂貴的情況。

There's going to be times when the stock is fairly priced, right, and there's going to be times when the stock is cheap.

有時股票價格相當合理，對的，有時股票價格很便宜。

And so what we need to do is continuously decapitalize in an appropriate manner.

所以我們要做的是以適當的方式持續去資本化。

And of course, we will consider whatever the implied valuation is in the equity at any given point in time, and we will act accordingly.

當然，我們會考慮在任何給定時間點股權的隱含估值，並採取相應行動。

But if we're growing the company by putting capital in the ground, we're returning to capital to shareholders through the dividends, and we are decapitalizing the business, and we're doing the right thing for those who have a long-term view on our business, and those are the people that we care about.

但如果我們透過投入資本來發展公司，我們就會透過股利將資本回饋給股東，我們就會對業務進行去資本化，對於那些擁有長期發展機會的人來說，我們正在做正確的事情。我們業務的看法，以及我們關心的人。

That's perfect.

那很完美。

Thank you very much.

非常感謝。

Sure.

當然。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Hey thanks.

嘿謝謝。

Macau question and a Vegas question.

澳門問題和維加斯問題。

For Macau, it seems like the use of smart tables has impacted market share in Macau pretty meaningfully.

對澳門來說，智慧桌的使用似乎對澳門的市場佔有率產生了相當有意義的影響。

If you could kind of remind us where you are with implementing those and maybe a timeframe for if there's kind of a learning curve for several quarters or something and kind of where you are with that?

您能否提醒我們您實施這些措施的進展情況，以及是否有幾個季度的學習曲線或其他什麼時間框架以及您的進展？

And then I have a Vegas question.

然後我有一個維加斯問題。

Thanks.

謝謝。

Sure, Robin.

當然，羅賓。

Smart tables have a few -- they've been around for a long time, but they've really just now reached a point from a technical soundness perspective and capability perspective where they could be really impactful.

智慧桌子有一些——它們已經存在很長時間了，但從技術健全性的角度和功能的角度來看，它們現在才真正達到了可以真正產生影響的地步。

So of course, they have implications on positive implications on game security.

當然，它們會對遊戲安全產生正面影響。

They have some implications on OpEx.

它們對營運支出有一些影響。

But the important aspect of them is, in fact, the data and the ability to ingest and act on the data, which can drive better reinvestment decisions, which I think is at the core of what you mentioned when you say that it impacts market share.

但事實上，它們的重要方面是數據以及攝取數據和對數據採取行動的能力，這可以推動更好的再投資決策，我認為這是您在說影響市場份額時提到的核心。

We're -- we've had a test bank of smart tables for a while now, and we're now moving to full rollout.

我們已經擁有智慧桌子測試庫一段時間了，現在我們正在全面推出。

We've made a ton of investments in the areas of analytics and data science over the course of the past several years.

過去幾年，我們在分析和數據科學領域進行了大量投資。

And I think we'll be in a position relatively quickly to both ingest and interpret and act on that data subsequent to roll out.

我認為我們將能夠相對快速地吸收和解釋這些數據，並在推出後採取行動。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

And then just on Vegas.

然後就在維加斯。

You talked about some of the expenses that (inaudible) have kind of hurt some of the EBITDAR flow through.

您談到了一些費用（聽不清楚），這些費用在一定程度上損害了部分 EBITDAR 流量。

If you could just remind us when that will sort of be fully anniversaried.

如果你能提醒我們什麼時候是周年紀念日就好了。

And then I don't know if there's anything you'd call out about comping the Super Bowl in Q1.

然後我不知道你是否會對第一季的超級盃比賽有什麼想說的。

Anything you could call out there?

有什麼可以說的嗎？

Thanks.

謝謝。

Sure.

當然。

We lapped the union increases a couple of days ago.

幾天前，我們對工會的加薪表示滿意。

So July was the last month that we were still dealing with difficult year-over-year comparables on those.

因此，七月是我們仍在處理這些困難的年比比較的最後一個月。

And with respect to Q1, I don't have a view for you yet, to be perfectly honest.

關於第一個問題，說實話，我還沒有什麼看法。

I mean, we -- you know how we operate.

我的意思是，我們——你知道我們是如何運作的。

We aggressively manage revenue, and we aggressively manage expenses, and we'll do that throughout Q1, but what the impact of not having the Super Bowl this year will be and what that will mean to the numbers?

我們積極管理收入，積極管理支出，我們將在整個第一季這樣做，但今年沒有超級盃比賽將會產生什麼影響，這對數字意味著什麼？

I don't have any guidance for you yet.

我還沒有給你任何指導。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Sure.

當然。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Thank you for the question.

感謝你的提問。

Good afternoon and good evening, everybody.

大家下午好，晚上好。

So first one on UAE.

第一個是關於阿聯酋的。

I know it's a little early maybe to start talking about or fleshing out a go-to-market strategy.

我知道現在開始談論或充實進入市場策略可能還為時過早。

I'm curious just given that the location of the property, I know that your database, I'm sure, is global in nature.

我很好奇，鑑於該房產的位置，我確信您的資料庫本質上是全球性的。

But I'm assuming that Europe would probably be the largest source market where you're the least exposed from a physical footprint standpoint.

但我假設歐洲可能是最大的客源市場，從實際足跡的角度來看，歐洲受到的影響最小。

Maybe you could just flesh out where you think your customers are going to come from mainly out of the gate and where you plan to market the most out of the gate?

也許你可以具體說明你認為你的客戶主要來自哪裡，以及你計劃在哪裡進行最多的行銷？

Sure.

當然。

I try to figure out how to condense an hours' worth of content into a response.

我試著弄清楚如何將一個小時的內容濃縮成回覆。

But so the way I think about it is like this.

但我的想法是這樣的。

There is not a proper integrated resort on really that half of the planet, okay?

地球的那一半還沒有一個合適的綜合度假村，好嗎？

So the closest is going to be in Asia, right, Singapore or Macau.

所以最接近的將是在亞洲，對吧，新加坡或澳門。

So we have this unique asset.

所以我們擁有這個獨特的資產。

We have a very, very robust population that is within an eight-hour flight of that asset.

我們擁有非常非常強大的人口，距離該資產僅八小時飛行路程。

This is a part of the world where people are accustomed to flying longer distances in order to holiday and to visit.

在世界的這個地區，人們習慣長途飛行去度假和參觀。

You have 86 million airlifts coming into the Dubai Airport, we're about 55 minutes via one of three six-lane highways from the Dubai airport.

有 8,600 萬架次空運抵達杜拜機場，從杜拜機場經三條六車道高速公路之一行駛約 55 分鐘即可抵達。

In fact, because of traffic, it's shorter to get to us than it is to get to the major areas within Dubai.

事實上，由於交通原因，到達我們這裡的時間比到達杜拜主要地區的時間要短。

And then you have 10 million people locally, 9 million of whom are not Emirati and therefore, are able to play.

然後，當地有 1000 萬人，其中 900 萬人不是阿聯酋人，因此能夠參加比賽。

So -- and if you compare that to Boston, if you compare that to New York City, you can see that that's a pretty favorable number.

因此，如果你將其與波士頓進行比較，如果將其與紐約市進行比較，你會發現這是一個相當有利的數字。

So we have a very robust go-to-market plan.

因此，我們有一個非常穩健的上市計劃。

We're not going to talk about it publicly, but we will be ready when the door is open.

我們不會公開談論它，但當大門打開時我們會做好準備。

And I would say to your comment on Europe, yes, Europe is an important market for the UAE in general.

對於您對歐洲的評論，我想說，是的，歐洲總體上是阿聯酋的一個重要市場。

But don't forget India.

但不要忘記印度。

India is a huge market for this part of the world.

對世界這一地區來說，印度是一個巨大的市場。

There's a lot of folks there.

那裡有很多人。

There's a lot of wealth in India, and that's going to be an important market.

印度擁有大量財富，這將成為一個重要的市場。

And there are other parts of Asia that are big markets for the UAE as well.

亞洲其他地區也是阿聯酋的大市場。

So it's an exciting project.

所以這是一個令人興奮的項目。

I think the catchment area is probably larger than any other project that we have done, maybe akin to Vegas.

我認為集水區可能比我們做過的任何其他項目都要大，也許類似於維加斯。

If you take into account the fact that Europe's population is pretty substantial and the international airlift is incredibly strong.

如果你考慮到歐洲人口相當多且國際空運非常強大這一事實。

Thanks for that.

感謝那。

That was a lot of information in a short amount of time.

短時間內提供了大量資訊。

I appreciate that.

我很感激。

And then my second question is just on Macau and apologies for the short-term question.

我的第二個問題是關於澳門的，對於短期問題表示歉意。

But when your comments on July bouncing back in market share, is that -- do you think that's more because the competitive environment may have stabilized a little bit sequentially?

但是，當您對 7 月份市場份額反彈的評論時，您是否認為這更多是因為競爭環境可能已經穩定了一點？

Or is it just more related to the July visitation coming back and allowing sort of everything to cool off a little bit from the competitive standpoint?

或者這只是與七月的訪問更相關，從競爭的角度來看，讓一切都冷靜下來？

No.

不。

Well, first of all, market share can bounce and three people can come in and change your market share on any given day.

好吧，首先，市場份額可能會反彈，並且三個人可以在任何一天介入並改變您的市場份額。

That's the nature of the business, right?

這就是業務的本質，對嗎？

Particularly when you're operating at the high end.

特別是當您在高端運營時。

So market share can bounce around.

因此市場份額可能會反彈。

I think we are in a constant process of evaluating and reevaluating not just the quantum of reinvestment that we will provide, but the form of that reinvestment, and we are targeting that reinvestment at very specific segments and subsegments of the market.

我認為我們正在不斷地評估和重新評估我們將提供的再投資的數量，以及再投資的形式，而我們的再投資目標是市場的非常具體的細分市場和子細分市場。

And so we recognized what we needed to tweak from Q2 and from June, in particular, and we corrected it, and we went to market with it.

因此，我們認識到我們需要從第二季和六月開始調整，特別是，我們糾正了它，然後我們將其推向市場。

And we -- like I said, we bounced back in July, which was good to see.

正如我所說，我們在 7 月反彈，這是很高興看到的。

Perfect.

完美的。

Thanks very much.

非常感謝。

Thank you, Brandt.

謝謝你，布蘭特。

And Operator, the next question will be our last.

接線員，下一個問題將是我們的最後一個問題。

Thank you.

謝謝。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Afternoon.

下午。

Thanks for taking my question.

感謝您提出我的問題。

Craig, you highlighted just kind of the overall strength in Vegas, the $970 million.

克雷格，您強調了維加斯的整體實力，即 9.7 億美元。

You guys are always out punching your weight in that market, and you still have additional space to expand the property or build something differently.

你們總是在那個市場上發揮自己的作用，而且你們仍然有額外的空間來擴大財產或建造不同的東西。

So kind of going back to the capital allocation question, how are you thinking about Vegas long term as a market to grow your footprint and the returns in that market versus some of the other things that you've talked about on this call.

回到資本配置問題，與您在本次電話會議中討論的其他一些事情相比，您如何看待拉斯維加斯作為一個長期市場來擴大您的足跡以及該市場的回報。

Thanks.

謝謝。

Sure.

當然。

We will grow in Vegas.

我們將在維加斯成長。

It's really a question of when, not if, and we will take advantage of the land bank that we have in Las Vegas.

這實際上是一個何時的問題，而不是是否的問題，我們將利用我們在拉斯維加斯擁有的土地儲備。

In terms of relative returns, I think the highest relative return that we can quantify now is absolutely in the UAE on Al Marjan Island.

就相對回報而言，我認為我們現在可以量化的最高相對回報絕對是在阿聯酋的阿爾馬里安島。

And as I mentioned, we just took down a land bank there as well.

正如我所提到的，我們也剛剛拿下了那裡的一個土地儲備。

You can look at the history of gaming markets, Macau, in particular, and you can see the power of a land bank and the power of using that land bank and going to market relatively quickly.

你可以看看博彩市場（尤其是澳門）的歷史，你可以看到土地儲備的力量以及利用土地儲備和相對快速進入市場的力量。

So that's top of mind for us.

所以這是我們的首要任務。

The other development opportunities that we have, most notably the potential in New York and the potential in Thailand, it's too early to say what the returns will be because we don't know what the tax rate will be.

我們擁有的其他發展機會，最顯著的是紐約的潛力和泰國的潛力，現在說回報是什麼還為時過早，因為我們不知道稅率是多少。

And obviously, that heavily inversely correlates to what the return on the project will be.

顯然，這與專案的回報密切相關。

And we won't do projects, vanity projects, if those vanity projects don't deliver appropriate returns relative to everything else that we have on our plate.

如果這些虛榮項目相對於我們手上的其他項目不能帶來適當的回報，我們就不會做這些項目。

Thanks.

謝謝。

And then secondly, just in terms of the different customers in your database, focusing on the US, I guess, mainly still in Vegas.

其次，就資料庫中的不同客戶而言，我想主要集中在美國，主要仍在拉斯維加斯。

Are you seeing any change in trends with your, I guess, your high end versus your ultra high end?

我猜您的高階產品與超高階產品的趨勢有什麼變化嗎？

Anything you're able to talk about?

有什麼可以聊的嗎？

I know retail, you talked about in Macau is kind of moving with the market, but anything that you're seeing differently in the US with the different levels of upper end customers in your database.

我知道你在澳門談到的零售業是隨著市場而變化的，但你在美國看到的任何東西都不同，因為你的資料庫中有不同級別的高端客戶。

Sure.

當然。

Not really.

並不真地。

So I talked about this a little bit on the last call.

所以我在上次通話中談到了這一點。

There is a bright side to the fact that purchasing power -- the purchasing power of the dollar today is the same as about $0.80 in June of 2019.

購買力（今天美元的購買力）與 2019 年 6 月的 0.80 美元左右相同，這一事實有一個光明的一面。

We reprice our rooms every day.

我們每天都會重新定價房間。

Our gaming customers' bank roles are in current dollars.

我們的博彩客戶的銀行角色以現價美元計算。

Of course, our invested capital and our debt is in yesterday's dollars, which is a great setup.

當然，我們的投資資本和債務都是以昨天的美元計算的，這是一個很好的設定。

If you look at that $970 million of EBITDAR on our invested capital here.

如果你看看我們這裡投資資本的 9.7 億美元 EBITDAR。

It's a very, very healthy return.

這是一個非常非常健康的回報。

That being said, we don't see it, and I wouldn't say that there's wide differentiation across the customer database.

話雖如此，我們沒有看到這一點，而且我不會說整個客戶資料庫存在很大的差異。

So again, and you referenced this, we focus on a very specific customer.

再說一遍，您提到了這一點，我們專注於非常特定的客戶。

Brian, anything you would add there?

布萊恩，你有什麼要補充的嗎？

Yeah, I would say the highest end of the market continues to grow for us on the non-gaming side.

是的，我想說的是，在非遊戲方面，我們的高端市場持續成長。

And the team has done a phenomenal job in capturing that business and it's perfect for our brand, and that's where we sit and operate and do a great job.

團隊在獲得該業務方面做得非常出色，這對我們的品牌來說是完美的，這就是我們坐鎮運作並做得很好的地方。

So it continues to grow.

所以它繼續增長。

Great.

偉大的。

Thank you very much.

非常感謝。

Sure.

當然。

Well, thank you, Chad, and thank you, everyone.

嗯，謝謝你，查德，也謝謝大家。

We'll now close the call.

我們現在將結束通話。

Thank you for your interest in Wynn Resorts, and we look forward to updating you again next quarter.

感謝您對永利度假村的關注，我們期待下季再次為您提供最新消息。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝。

That does conclude today's conference.

今天的會議到此結束。

You may disconnect at this time.

此時您可以斷開連線。