永利渡假村 (WYNN) 2024 Q3 法說會逐字稿

Welcome to the Wynn Resorts third quarter 2024 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 2024 年第三季財報電話會議。 （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. 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) 和布萊恩·古爾布蘭特 (Brian Gullbrants)。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。

Thanks, Julie, and good afternoon, everyone. As always, thank you for joining us today. About a month ago that we had the opportunity to host many of the folks on this call and here at Wynn Las Vegas to take you through our business in general and Wynn and Marjan Island in particular. It was great to see you all, and I hope that our confidence in our current business and in our development pipeline came through.

謝謝朱莉，大家下午好。一如既往，感謝您今天加入我們。大約一個月前，我們有機會在拉斯維加斯永利酒店接待了許多參加本次電話會議的人員，向您介紹我們的整體業務，特別是永利和馬里安島的業務。很高興見到大家，我希望我們對當前業務和發展管道充滿信心。

Our leadership position in the world's most attractive gaming markets, our targeted investments in our existing properties, in our development in the UAE, all give us great conviction about the future of Wynn Resorts. To that end, we announced that the Board has increased our share repurchase authorization to $1 billion, highlighting our continued commitment to prudently return capital to shareholders.

我們在世界上最具吸引力的博彩市場中的領導地位，我們對現有物業的有針對性的投資，以及我們在阿聯酋的開發，都讓我們對永利度假村的未來充滿信心。為此，我們宣布董事會已將股票回購授權增加至 10 億美元，突顯了我們審慎向股東返還資本的持續承諾。

Turning to the quarter and starting in Las Vegas. Demand remained healthy here. And on a normalized basis, revenue was up about 1% and EBITDA was essentially flat year-over-year on very tough comps. Despite those very tough year-over-year comps, we grew hotel revenue by 5%, slot handle by 4% and continued to see healthy table drop in the casino.

轉向本季度，從拉斯維加斯開始。這裡的需求保持健康。在正常化的基礎上，收入增長了約 1%，而 EBITDA 同比基本持平（在非常艱難的比較中）。儘管同比業績非常艱難，但我們的酒店收入增長了 5%，老虎機營業額增長了 4%，並且賭場的賭桌數量繼續保持健康下降。

More recently, Demand has remained healthy in the fourth quarter with strong growth in slot handle, stable drop and solid non-gaming demand. Now Las Vegas year-over-year comps are increasingly challenging, and I have said many times on these calls, trees don't grow to the sky, but demand from the high-end consumer remains stable and with $950 million of trailing 12-month EBITDA on around $5 billion of capital in the ground between Wynn and Encore, we're extremely pleased with the performance of our business.

最近，第四季需求保持健康，老虎機手柄成長強勁，下降穩定，非博彩需求強勁。現在，拉斯維加斯的同比競爭越來越具有挑戰性，我在這些電話會議上多次說過，樹木不會長到天上，但高端消費者的需求保持穩定，並且12-9 月的銷售額達9.5 億美元。

Looking ahead, our luxury positioning and unique programming continue to appeal to the market's most affluent and therefore, most resilient customers, positioning us well to continue our leadership on the strip as we move into 2025.

展望未來，我們的豪華定位和獨特的項目將繼續吸引市場上最富裕、最具彈性的客戶，使我們能夠在進入 2025 年時繼續保持在拉斯維加斯大道上的領先地位。

Turning to Boston, Encore generated $63 million of EBITDAR, up 4% year-on-year during the quarter. Demand was strong across the business with slot handle up 3% and table drop up 1% and non-gaming revenue, up 2%. More recently, demand has remained healthy through October, led by strong year-on-year growth in slot handle and stable non-gaming revenue against another tough comp.

轉向波士頓，Encore 本季產生 6,300 萬美元的 EBITDAR，年增 4%。整個業務的需求強勁，老虎機手柄增長了 3%，賭台下降了 1%，非博彩收入增長了 2%。最近，由於老虎機數量同比強勁增長，以及相對於另一個艱難的競爭而言穩定的非博彩收入，整個十月份的需求一直保持健康。

Turning to Macau. We generated $263 million of EBITDA during the third quarter, up 3% year-on-year. Demand remained healthy with operating revenue growing 6% and led by 10% year-on-year growth in combined mass table and slot wins. While the competitive environment in Macau is clearly intense, we continue to focus on maximizing EBITDA rather than purely market share.

轉向澳門。第三季我們實現 EBITDA 2.63 億美元，年增 3%。需求保持健康，營業收入成長 6%，其中中場賭台和老虎機獲勝金額年增 10%。雖然澳門的競爭環境明顯激烈，但我們繼續專注於 EBITDA 最大化，而不是純粹的市場份額。

To that end, we have several initiatives in place that focus on our natural product and service leadership that we expect will support and drive market share in 2025 and beyond.

為此，我們採取了多項舉措，重點關注我們的天然產品和服務領先地位，我們預計這些舉措將在 2025 年及以後支持和提高市場份額。

First, we continue to elevate our food and beverage programming with innovative new concepts, including four recently renovated and reimagined venues at Wynn Palace. The recently opened Drunken Fish at Wynn Macau in the mid-2025 opening of our destination food hall at Wynn Pass.

首先，我們繼續以創新的新概念提升我們的餐飲計劃，包括永利皇宮最近翻新和重新設計的四個場地。最近在永利澳門開幕的醉魚餐廳將於 2025 年中期在永利通行證的目的地美食廣場開幕。

The casino, we are currently revitalizing and expanding the Chairman's Club, our most exclusive gaming area at Wynn Macau. And in the design phase for a similar expansion and renovation of the Chairman's Club at Wynn Palace. We are supporting these CapEx efforts with continued improvements to our recently enhanced loyalty program and are only at Wynn events and experiences across culinary, music, entertainment, and sports. Longer term, our concession-related CapEx, including an event center and a production show will support visitation and ultimately drive share gains in a market where unique experiences are increasing appealing.

賭場方面，我們目前正在振興和擴大主席俱樂部，這是永利澳門最獨特的博彩區。永利皇宮主席俱樂部類似的擴建和翻新工程也處於設計階段。我們透過不斷改進最近增強的忠誠度計劃來支持這些資本支出工作，並且只參與永利在烹飪、音樂、娛樂和體育方面的活動和體驗。從長遠來看，我們與特許經營相關的資本支出（包括活動中心和製作展覽）將支持參觀，並最終在獨特體驗越來越有吸引力的市場中推動份額成長。

We've seen the current competitive dynamic in Macau before, and we are confident that continued investment in our market-leading assets and five star service position us well to effectively compete profitably over time. More recently, October was characterized by healthy mass table drop strong direct VIP turnover and 99% hotel occupancy.

我們之前已經看到了澳門目前的競爭動態，我們相信，對市場領先資產和五星級服務的持續投資將使我們能夠隨著時間的推移有效地競爭並獲利。最近，10 月的特點是大眾餐桌健康下降，直接 VIP 營業額強勁，飯店入住率達到 99%。

So our particular strength during the Golden Week holiday period where mass table drop increased almost 30% compared to last year's Golden Week. Our long-term outlook in Macau remains decidedly bullish. The development front in Macau, we continue to advance design work on our event center and production show for Wynn Palace. In fact, I was in Shanghai two weeks ago reviewing initial reversals for our production show, and I was very pleased with the early work in the production.

所以我們在黃金週假期期間的優勢特別明顯，與去年黃金週相比，福斯餐桌下降了近30%。我們對澳門的長期前景仍然十分樂觀。在澳門的發展方面，我們繼續推動永利皇宮活動中心和製作表演的設計工作。事實上，兩週前我在上海回顧了我們製作節目的初步逆轉，我對製作中的早期工作非常滿意。

Turning to Wynn and Marjan Island and the UAE we were honored to receive the first land-based gaming license issued by the GCGRA back in early October. And as I mentioned, we were delighted to share more details about the development at our analyst and investor update meeting here in Las Vegas a few go.

至於永利、馬里安島和阿聯酋，我們很榮幸在 10 月初獲得 GCGRA 頒發的第一個實體博彩許可證。正如我所提到的，我們很高興在拉斯維加斯舉行的分析師和投資者更新會議上分享有關該進展的更多細節。

Construction is rapidly progressing on the project with work now reaching the 24th floor of the hotel tower and over 3.6 million square feet of concrete and steel now in place. As we discussed in our update several weeks ago, we believe the UAE will be a $3 billion to $5 billion gaming market and certainly the most exciting new market for our industry in decade.

該項目的施工進展迅速，工程現已到達酒店大樓的 24 層，超過 360 萬平方英尺的混凝土和鋼材現已到位。正如我們在幾週前的更新中討論的那樣，我們相信阿聯酋將成為一個價值 30 億至 50 億美元的遊戲市場，無疑是我們行業十年來最令人興奮的新市場。

I remain incredibly bullish about the future of our company. We have the best assets in the world's premier gaming markets, and our team is the most dedicated team in the business. We are investing for long-term growth with an exciting high ROI development in well underway, which is unique in our industry. Outside of UAE, we are exploring potential greenfield opportunities in attractive gateway cities, and we have strategic land banks in each of our markets that provide additional development opportunities over time.

我對我們公司的未來仍然非常樂觀。我們在全球主要遊戲市場擁有最好的資產，我們的團隊是業界最敬業的團隊。我們正在為長期成長進行投資，令人興奮的高投資回報率開發正在進行中，這在我們的行業中是獨一無二的。在阿聯酋之外，我們正在有吸引力的門戶城市探索潛在的綠地機會，我們在每個市場都擁有戰略土地儲備，隨著時間的推移，可以提供更多的開發機會。

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. Our best days lie ahead.

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。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。朱莉？

Thank you, Craig. At Wynn Las Vegas, we generated $202.7 million in adjusted property EBITDA on $607.2 million of operating revenue during the quarter, delivering an EBITDA margin of 33.4%. As Craig noted, on a normalized basis, EBITDA was essentially flat year on with lower-than-normal table games hold negatively impacting EBITDA by around $2 million in Q3 '24 and higher than normal hold positively impacting EBITDA to the tune of $12 million in the prior year quarter.

謝謝你，克雷格。在拉斯維加斯永利酒店，本季營業收入為 6.072 億美元，調整後的房地產 EBITDA 為 2.027 億美元，EBITDA 利潤率為 33.4%。正如克雷格指出的那樣，在正常化的基礎上，EBITDA 與去年同期基本持平，低於正常水平的賭桌遊戲對2024 年第三季度的EBITDA 產生了約200 萬美元的負面影響，而高於正常水準的情況對2024 年第三季的EBITDA 產生了約1,200 萬美元的正面影響。

OpEx, excluding gaming tax per day was $4.2 million in Q3 '24, up 2% compared to $4.1 million in the prior year period. The Las Vegas team continued to exercise strong cost management without impacting the guest experience.

2024 年第 3 季度，每天的營運支出（不含博彩稅）為 420 萬美元，比去年同期的 410 萬美元成長了 2%。拉斯維加斯團隊在不影響客人體驗的情況下繼續實行強有力的成本管理。

Turning to Boston. We generated adjusted property EBITDA of $63 million, up 4% year-on-year on revenue of $214.1 million with an EBITDA margin of 29.4%. We've stayed very disciplined on the cost with OpEx per day of $1.14 million, up less than 1% year-on-year and down slightly sequentially.

轉向波士頓。我們的調整後房地產 EBITDA 為 6,300 萬美元，年增 4%，營收為 2.141 億美元，EBITDA 利潤率為 29.4%。我們對成本非常嚴格，每天的營運支出為 114 萬美元，年成長不到 1%，比上一季略有下降。

The Boston team has also done a great job mitigating union-related payroll increases with cost efficiency in areas of the business that do not impact the guest experience. Our Macau operations delivered adjusted property EBITDA of $262.9 million in the quarter on $871.7 million of operating revenue with table games hold in the normal range during the quarter.

波士頓團隊在緩解與工會相關的薪資成長方面也做得很好，在不影響賓客體驗的業務領域提高了成本效率。我們的澳門業務本季調整後的房地產 EBITDA 為 2.629 億美元，營業收入為 8.717 億美元，本季的賭桌遊戲維持在正常範圍內。

EBITDA margin was 30.2% in the quarter, an increase of 210 basis points relative to Q3 2019. The OpEx, excluding gaming tax was approximately $2.55 million per day in Q3, up 7% year-on-year, primarily reflecting higher payroll and higher variable costs on increased business volume but flat on a sequential basis. 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 grow over time.

本季EBITDA 利潤率為30.2%，較2019 年第三季成長210 個基點。成長變動成本隨業務量增加而增加，但較上季持平。團隊在控製成本方面做得很好，隨著市場的不斷增長，我們仍然處於有利地位，可以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 in the past few quarters, these projects require a number of government approved creating a wide range of potential CapEx outcomes in the near term. As such, we now expect CapEx related to our concession commitments to range between $350 million to $425 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，這些項目需要許多政府批准，從而在短期內創造廣泛的潛在資本支出成果。因此，我們現在預計 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 4.25 億美元之間。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability at $3.5 billion as of September 30. This was comprised of $1.7 billion of total cash and available liquidity in Macau and $1.8 billion in the US.

繼續看資產負債表。截至 9 月 30 日，我們的流動性狀況仍然非常強勁，全球現金和左輪手槍可用性為 35 億美元。

The past few months have been active from a balance sheet perspective as we continue to extend our debt maturity profile and improve our leverage position. In fact, pro forma for a few transactions in early October, we've reduced gross debt by $1.2 billion year-on-year, resulting in approximately $70 million of annualized interest expense savings.

從資產負債表的角度來看，過去幾個月一直很活躍，因為我們繼續延長債務期限並改善槓桿狀況。事實上，從 10 月初的幾筆交易來看，我們的總債務年減了 12 億美元，從而節省了約 7,000 萬美元的年化利息費用。

The combination of strong performance in each of our markets globally with our properties generating nearly $2.4 billion of trailing 12-month property EBITDA, 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，加上我們的房地產在過去12 個月的房地產EBITDA 中產生了近24 億美元，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. To that end, the Wynn Resorts Board approved a cash dividend of $0.25 per share payable on November 27, 2024, to stockholders of record as of November 15, 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，永利度假村董事會批准於 2024 年 11 月 27 日向截至 2024 年 11 月 15 日登記在冊的股東派發每股 0.25 美元的現金股利。

We also opportunistically repurchased just under 1.5 million shares for $118 million the quarter. And as Craig noted, the Board recently approved an increase of our share repurchase authorization to $1 billion, highlighting our continued commitment to prudently returning capital to shareholders.

本季我們也趁機回購了近 150 萬股股票，斥資 1.18 億美元。正如克雷格指出的那樣，董事會最近批准將我們的股票回購授權增加到 10 億美元，突顯了我們對審慎向股東返還資本的持續承諾。

Finally, our CapEx in the quarter was $101 million, primarily related to the biller renovations and food and beverage enhancements that win Las Vegas, concession-related CapEx in Macau and normal course maintenance across the business.

最後，我們本季的資本支出為 1.01 億美元，主要與贏得拉斯維加斯的帳單翻新和餐飲增強、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, we contributed $18.2 million of equity to the Wynn and Marjan Island project during the quarter bringing our total equity contribution to date to $532.6 million. We estimate our remaining 40% pro rata share of the required equity is approximately $800 million to $875 million fully loaded to capitalize interest fees and certain improvements on the island.

此外，我們在本季向永利和馬里安島計畫貢獻了 1,820 萬美元的股權，使迄今為止我們的股權貢獻總額達到 5.326 億美元。我們估計，我們剩餘的 40% 按比例所需股本約為 8 億至 8.75 億美元，滿載後將用於資本化利息費用和島上的某些改進。

Importantly, we've also made meaningful progress on the debt financing for the project with significant interest from a diverse group of banks both locally in the region as well as internationally. We expect the financing will be completed later this year, and we will update you in June.

重要的是，我們在該專案的債務融資方面也取得了有意義的進展，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。我們預計融資將於今年稍晚完成，我們將在六月向您通報最新情況。

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)

（操作員說明）

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey Craig, Julie, everyone. Craig, maybe if you could start just kind of outlining as you look out to 2025 across the regions, some of the required revenue perhaps to maintain margins, what are some of the cost increases that you guys are kind of forecasting for (technical difficulty) in your control at this point?

嘿克雷格，朱莉，大家。克雷格，也許您可以在展望 2025 年各地區時開始概述一下，一些可能是為了維持利潤所需的收入，你們預測的一些成本增加是多少（技術難度）此時在你的掌控之中嗎？

Sure, Carlo. You chopped up for a second there, but I got gest to your question. So I guess, first, with the overriding statement that as we've said many, many times before, we don't manage to a margin. We aggressively manage revenues, and we aggressively manage costs, always taking the brands into account. I think if you look across -- if you look across the two primary markets or today's markets, Vegas and Macau, in Vegas, the high-end consumer, our consumer continues to hold up. We are facing incredibly tough comps, which we've been pointing out quarter after quarter on these calls.

當然，卡洛。你停頓了一下，但我已經回答你的問題了。所以我想，首先，最重要的聲明是，正如我們之前多次說過的那樣，我們沒有取得優勢。我們積極管理收入，積極管理成本，並始終將品牌納入考量。我認為，如果你看看兩個主要市場或今天的市場，維加斯和澳門，在維加斯，高端消費者，我們的消費者繼續保持成長。我們面臨著極其艱難的競爭，我們在這些電話會議上每季都指出了這一點。

We've lapped the largest of the union payroll increases. And so while there is a little bit of wage pressure, it's nothing nothing significant. So I guess 2025 in Vegas is really all about demand and everything that we see now indicates that we're in pretty good stead. I mean, geez, our retail lease revenue which is heavily tied to luxury retail was up 3.5% year-over-year in Q3.

我們已經實現了工會薪資增幅最大的一次。因此，雖然有一點工資壓力，但沒什麼大不了的。因此，我認為 2025 年維加斯實際上完全取決於需求，我們現在看到的一切都表明我們處於非常有利的地位。我的意思是，天哪，我們與奢侈品零售密切相關的零售租賃收入在第三季同比增長了 3.5%。

So we continue to see a strong consumer here, which gives us comfort in revenues, but not comps because, again, the comps are getting tougher and tougher and that is what it is. But we feel good about it here.

因此，我們繼續在這裡看到強大的消費者，這讓我們對收入感到滿意，但在競爭方面卻沒有，因為競爭變得越來越艱難，事實就是如此。但我們在這裡感覺很好。

In Macau, Q3 was a little bit unique from a margin since you were focused on margin from a margin perspective. Our market share was stable sequentially, but GGR was down because market GGR was down quarter-over-quarter, I'm talking about now.

在澳門，第三季的利潤率有點獨特，因為你們從利潤率的角度關注利潤率。我們的市佔率連續穩定，但 GGR 下降了，因為我現在談論的是市場 GGR 環比下降。

Second, we had higher VIP commissions in the quarter because VIP turnover was up even though VIP GGR was flat. Third, retail revenue declined by about $3 million, and then we had an extra day in the quarter, so we had an extra day of OpEx. So it was a little bit unique in Macau. But in Macau, and we kept in line, by the way, on a per day basis. So in Macau, again, I think it really comes down to the competitive nature of the market there and market share versus EBITDA as we set up into to 2025. But again, it looks pretty good. We feel good.

其次，我們本季的 VIP 佣金較高，因為儘管 VIP GGR 持平，但 VIP 營業額卻有所增加。第三，零售收入下降了約 300 萬美元，然後本季我們多了一天，因此我們的營運支出也多了一天。所以這在澳門有點獨特。但在澳門，我們每天都要排隊。因此，在澳門，我認為這實際上取決於當地市場的競爭性質以及市場份額與 EBITDA 的比較，因為我們預計到 2025 年。我們感覺很好。

Great. Thank you. And then if I could, just one follow-up. As you guys -- obviously, Craig, you've talked a lot for several quarters about some of the comp challenges in Las Vegas. To the extent that you can kind of frame the headwind that you guys will kind of be looking at as well to the market in the first quarter from the Super Bowl last year. If you'd be able to put any parameters around that?

偉大的。謝謝。然後如果可以的話，只進行一次後續行動。作為你們——顯然，克雷格，幾個季度以來你們已經談論了很多關於拉斯維加斯的一些比賽挑戰。在某種程度上，您可以從去年的超級盃比賽開始，了解您在第一季也會看到的市場逆風。如果您能夠在其中添加任何參數嗎？

No. We haven't talked about the incremental EBITDA that we experienced with Super Bowl last year. And certainly, that a headwind from a comp perspective, but we haven't put out any numbers. Q4 and F1 is actually shaping up quite nicely for us. You can look at our room rates, our posted published room rates relative to our competitors see that we're pricing at a very significant premium to the rest of the strip. And as we -- I think we said on the last call, although it's a later booking window than last year's F1, we thought we would be in pretty good stead and anyhow it's shaped up.

不。當然，從比較的角度來看，這是一個逆風，但我們還沒有公佈任何數字。 Q4 和 F1 實際上對我們來說進展順利。您可以查看我們的房價，相對於我們的競爭對手，我們發布的房價會發現我們的定價比該地帶其他地區的溢價非常高。正如我們——我想我們在上次電話會議上說過，儘管預訂窗口比去年的 F1 晚，但我們認為我們會處於有利地位，無論如何它已經成型。

Great. Thank you very much.

偉大的。非常感謝。

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Good afternoon everybody. Craig, just starting on Macau. You mentioned or you touched on the competitive environment in Macau and what you're doing to address it with different changes to F&B and venue and loyalty programs and various programming, does it feel if we look at where the market is today relative to the beginning of the summer that at least competitive pressures vis-a-vis reinvestment market-wide in the business is a little bit better than where it was today versus at the beginning of the summer.

大家下午好。克雷格，剛開始在澳門。您提到或談到了澳門的競爭環境，以及您正在採取哪些措施來解決這個問題，透過對餐飲、場地、忠誠度計劃和各種節目進行不同的改變，如果我們看看今天的市場相對於一開始的情況，有什麼感覺從今年夏天的情況來看，至少整個市場的再投資競爭壓力比今年夏天初的情況要好一些。

Yes, stable to slightly better, I guess, I would -- how I would characterize it. But it's still -- it's very competitive.

是的，穩定到稍微好一點，我想，我會——我會如何描述它。但它仍然非常有競爭力。

Understood. And then just as a follow-up to that. October, obviously was great at the beginning of the month with Golden Week and the subsequent week after. Does the rest of -- since then, does it feel like a normal period? Or does it feel like we're starting to see a little bit improvement in terms of visitation or spend relative to what we saw earlier in the year?

明白了。然後作為後續行動。十月，顯然在月初的黃金週和接下來的一周很棒。從那時起，剩下的時間感覺像正常時期嗎？還是感覺我們開始看到訪問量或支出相對於今年早些時候有所改善？

Well, I think my comments on October from the script stand, we don't tend to provide in-quarter guidance or main quarter view other than our prepared remarks. And so I guess I would stand by what I said in my prepared remarks, Golden Week was great. And you've seen the rest of the -- you've seen the market-wide October numbers in total. We feel fine with where we are in Macau.

好吧，我認為我對 10 月的評論來自劇本立場，除了我們準備好的評論之外，我們不傾向於提供季度指導或主要季度觀點。所以我想我會堅持我在準備好的發言中所說的話，黃金週很棒。您已經看到了其餘部分 - 您已經看到了整個市場 10 月份的總數據。我們對澳門的處境感覺很好。

Thank you.

謝謝。

John DeCree, CBRE.

約翰‧德克里，世邦魏理仕。

Good afternoon, everyone. Thanks for taking my question. Craig, I wanted to ask maybe specifically about Wynn Macau where the gaming business there has done quite well, particularly this quarter, I think mass market table drop was up 10%. And so a lot of discussion happens around (inaudible), but curious as visitation recovers to Macau, if you could give us any insight or color as to what you're seeing on the peninsula at Wynn Macau?

大家下午好。感謝您提出我的問題。克雷格，我想具體問一下永利澳門，那裡的博彩業務做得很好，特別是本季度，我認為大眾市場賭桌下降了 10%。因此，周圍發生了很多討論（聽不清楚），但隨著澳門遊客數量的恢復，我們很好奇，您能否給我們提供有關您在永利澳門半島上所看到的情況的任何見解或色彩？

Sure. I mean, it's really a testament to our team. If you rewind a year or so ago, the team had identified a number of areas where we could improve the physical experience, the food and beverage experience really, again, kind of like I mentioned in my prepared remarks, focus on the things that we are really, really good at that we know drive market share.

當然。我的意思是，這確實是對我們團隊的證明。如果你回顧大約一年前，團隊已經確定了許多我們可以改善身體體驗、食品和飲料體驗的領域，就像我在準備好的演講中提到的那樣，重點關注我們我們真的非常擅長推動市場份額。

They identify those, and we've executed those on the -- over the course of the past year or so. It is a fact that the more visitation you have given the transient nature of the downtown customer, that visitation will disproportionately benefit Wynn Macau. But I would put it much more down to execution and the execution that we have done over the course of the past year.

他們確定了這些，我們在過去一年左右的時間裡執行了這些。事實上，考慮到市中心顧客的短暫性，您的訪客越多，永利澳門就越能受益。但我更願意把這歸功於執行力以及我們在過去一年所做的執行力。

Thanks Craig. That's helpful. And maybe a follow-up on Las Vegas table drop. I think you've mentioned in your prepared remarks that you're still seeing really healthy trends from the high-end customer, but I think table drop is down a little. One of your peers talked about some big players that maybe didn't show up this quarter and then you mentioned, I think, quarter-to-date in Vegas table drop is up. So just wondering if you could give us a little bit more color on kind of what you're seeing in the high-end table play if there's kind of been any shift in customer trends from Q-on-Q or anything like that?

謝謝克雷格。這很有幫助。也許是拉斯維加斯賭桌下降的後續行動。我想你在準備好的發言中提到，你仍然看到來自高端客戶的真正健康的趨勢，但我認為餐桌下降了一點。你的一位同行談到了一些可能在本季度沒有出現的大玩家，然後你提到，我認為，維加斯的季度至今的桌子下降已經上升。所以想知道您是否可以給我們更多關於您在高端牌桌遊戲中看到的情況的信息，如果客戶趨勢從 Q-on-Q 或類似的情況發生了任何轉變？

No shifts of significant shifts of note. I guess, let's put it in a historical perspective. If you rewound the clock six, seven, eight years ago in Las Vegas, you had a business that was subject to a lot of volatility from very, very high-end table play. And we've done a lot of very deliberate things over the course of the past X number of years, the past several years to really grow and diversify our casino business.

沒有顯著變化的變化。我想，讓我們從歷史的角度來看。如果你把時間倒回六、七、八年前的拉斯維加斯，你的生意會因為非常非常高階的牌桌遊戲而受到很大的波動。在過去的幾年裡，在過去的幾年裡，我們做了很多非常深思熟慮的事情，以真正發展我們的賭場業務並使其多元化。

We still lend a lot of casino market share, and we've dampened the exposure to extreme high-end volatility. And I think it shows in the numbers. But as it relates to any given quarter, sure, you could have one or two people that could impact table drop overall. But that's the beauty of the Las Vegas model, right? It's got diversification. So hotel revenue up, slot handle up, table drop steady to down a couple of points. It's just -- it's not a broader trend. It's just part and parcel with running the business.

我們仍然藉出大量賭場市場份額，並且我們已經抑制了極端高端波動的風險。我認為這體現在數字上。但由於它涉及任何特定的季度，當然，你可能有一兩個人可能會影響整體的表格下降。但這就是拉斯維加斯模式的美妙之處，對吧？它具有多元化。因此，酒店收入上升，老虎機手柄上升，餐桌下降穩定下降幾個百分點。這只是——這不是一個更廣泛的趨勢。這只是經營業務的重要組成部分。

Thanks Craig. I really appreciate it.

謝謝克雷格。我真的很感激。

Robin Farley from UBS.

瑞銀集團的羅賓法利。

Great, thanks. I guess kind of a follow-up question on -- when you look at the gaming revenue decline in Vegas, -- was that just more your international VIP play? Or was there also some domestic sort of difficult comps making domestic gaming revenue down as well?

太好了，謝謝。我想一個後續問題是——當你看到維加斯的博彩收入下降時——這是否只是你的國際 VIP 遊戲？或者是否還有一些國內的困難競爭也導致國內遊戲收入下降？

Julie, you want to take that?

朱莉，你想要那個嗎？

Sure. Robin, I'm happy to take that. Look, I think when you look at the comps, you really have to take account of hold. So when you normalize the hold year-over-year, that makes a big difference to that calculation. So in terms of the applied increase if you think about country revenue of GGR, first normalize the hold. And then bear in mind that our ADRs have increased about 7% year-over-year.

當然。羅賓，我很高興接受。聽著，我認為當你看比賽時，你真的必須考慮到保持。因此，當你逐年標準化持有量時，這會對計算產生很大的影響。因此，就應用程式的成長而言，如果您考慮 GGR 的國家收入，請先保留標準化。請記住，我們的 ADR 同比增長了約 7%。

So that meaningfully increases the GAAP cost of the comped hotel rooms that go through that line. So when you take those two things into account, because we do the analysis all the time, you can really see there's no trend there? Or is it just a function of hold and higher idea.

因此，這顯著增加了經過該線的酒店房間的公認會計準則成本。因此，當您考慮到這兩件事時，因為我們一直在進行分析，您真的可以看到那裡沒有趨勢嗎？或者它只是堅持和更高理念的函數。

Yeah. I would just look at drop and handle Robin, I mean drop year-over-year dropped down 4.4%, slot handle up 3.5%. So the $4.4 million is kind of what I was talking about with the last question answer. That can be a couple of people, but it's not really indicative of a broader trend. And [3.5%] in slots is great. So we feel great about where the gaming business is here. And again, that high-end consumer continues to hold in there.

是的。我只想看看下降和手柄羅賓，我的意思是下降同比下降了 4.4%，老虎機手柄上升了 3.5%。所以 440 萬美元就是我在最後一個問題的答案中所說的。這可能是幾個人的事，但這並不能真正顯示更廣泛的趨勢。老虎機中的 [3.5%] 非常棒。因此，我們對這裡的遊戲業務感到非常滿意。再說一次，高端消費者繼續堅守在那裡。

Okay. And just as a follow-up. You talked last quarter about your group business increasing. I was wondering if you could sort of give us some outlook for group bookings for Q4 and for next year. And yes, just any comments on that.

好的。並且只是作為後續行動。您上個季度談到了集團業務的成長。我想知道您是否能給我們一些第四季和明年團體預訂的展望。是的，只是對此的任何評論。

Sure. Happy to. Brian, do you want to take that?

當然。很高興。布萊恩，你想接受這個嗎？

Sure. Yeah, Rob, the outlook for group business remains quite healthy for the remainder of the year. And then we're pacing towards, as we've said before, a record year in room nights for this year at fairly strong ADRs. That's allowed us to build a really solid base for our team to yield manage the rest of the rooms and segments. And in terms of '25, as we look forward, we get to a point where as you book more and more group rooms, you can really start to crowd out the other valuable business.

當然。是的，羅布，今年剩餘時間集團業務的前景仍然相當健康。然後，正如我們之前所說，今年的客房間夜數將創歷史新高，且平均日均房價相當強勁。這使我們能夠為我們的團隊建立一個真正堅實的基礎，以管理其餘的房間和部分。就 25 年而言，正如我們所期待的，我們會達到這樣一個地步：當您預訂越來越多的團體房間時，您真的可以開始排擠其他有價值的業務。

So particularly in a year where we'll have around 50,000 room nights out of service next year for our Encore Tower room renovation. So overall, we expect '25 to look a lot like '24 in terms of group room nights, but we'll push on rate as our team knows how to do. So pacing quite well and pacing like we were this year.

特別是明年我們將有大約 50,000 個房間因 Encore Tower 房間翻新而停止服務。因此，總體而言，我們預期 25 年的團體間夜數與 24 年非常相似，但我們會提高價格，因為我們的團隊知道如何做。所以節奏很好，就像我們今年一樣。

Looking '25 looking like '24 by intention.

故意讓 25 歲看起來像 24 歲。

Correct.

正確的。

Okay, great. Thank you.

好的，太好了。謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good afternoon, everyone. You increased your share repurchase authorization this quarter pretty markedly. Can you talk about how you think about capital allocation if you're going to deploy that opportunistically or programmatic or -- and along those lines, how you think about your CapEx needs, both domestically as well as in Macau. Thanks.

嘿，大家下午好。本季您大幅增加了股票回購授權。如果您要機會主義或程序化地部署資本配置，您能否談談您如何看待資本配置，或沿著這些思路，您如何看待國內和澳門的資本支出需求。謝謝。

Sure. I'll cover capital allocation theory and then Julie cover CapEx. Opportunistically tends to be the name of the game for us. We're not programmatic buyers of the stock, and we tend to buy back when we feel like the stock is particularly cheap. So you saw we purchased $118 million during the quarter.

當然。我將介紹資本配置理論，然後朱莉介紹資本支出。機會主義往往是我們的遊戲名稱。我們不是股票的程序性買家，當我們覺得股票特別便宜時，我們傾向於回購。所以你看到我們在本季購買了 1.18 億美元。

We continue to believe the stock looks attractive at current levels, and that's why raise the authorization. We're always balancing liquidity needs between capital deployment for growth like BAE, debt management. We've been delevering over the course of the past couple of years and then, of course, return capital.

我們仍然認為該股票在當前水準上看起來很有吸引力，這就是提高授權的原因。我們始終在 BAE 和債務管理等成長資本部署之間平衡流動性需求。在過去的幾年裡，我們一直在去槓桿化，然後當然會回饋資本。

Julie, do you want to cover major CapEx?

朱莉，你想承擔主要的資本支出嗎？

Sure. And yes, there's not a lot more to add versus what we said in our prepared remarks, really, because we're now covering age think we've given really clear numbers on Marjan. From a Vegas perspective, obviously, we're continuing to invest here on maintenance and targeted high-return projects. So on the project side, as I mentioned, we're renovating the remaining pillars now that we've completed the renovation of the Spa villas. And we're continuing to enhance the food and beverage program with new offerings.

當然。是的，與我們在準備好的發言中所說的相比，確實沒有太多需要補充的，因為我們現在正在報道年齡，認為我們已經給出了關於馬里安的非常明確的數字。從維加斯的角度來看，顯然，我們將繼續在這裡投資維護和有針對性的高回報項目。因此，在專案方面，正如我所提到的，既然我們已經完成了水療別墅的翻新，我們正在翻新剩餘的支柱。我們將繼續透過新產品來增強食品和飲料計劃。

So we have zero bond we have a restaurant refresh with (inaudible) which will be replacing Lakeside. We're also planning to renovate the Encore Tower hotel rooms during '25. So we expect total project CapEx for the remainder in Vegas to be in the neighborhood of $300 million.

所以我們有零債券，我們有一個餐廳刷新（聽不清楚），這將取代湖濱。我們也計劃在 25 年期間翻新 Encore Tower 飯店客房。因此，我們預期拉斯維加斯剩餘項目的總資本支出約為 3 億美元。

And outside of that, the Vegas normal course maintenance CapEx is $75 million to $85 million. Macau, I think I covered in the prepared remarks, we've taken that range down a little bit. Now we're getting close we're getting more certainty around numbers and also work close that period as well. So that range has tightened a little bit on the concession commitments and then the maintenance CapEx in Macau continues to be. Normally, we look at about 75% for what's going on there.

除此之外，維加斯的正常航線維護資本支出為 7,500 萬至 8,500 萬美元。澳門，我想我已經在準備好的發言中談到了，我們已經把這個範圍縮小了一點。現在我們已經接近了，我們對數字有了更多的確定性，並且也在接近那個時期。因此，特許權承諾的範圍有所收緊，然後澳門的維護資本支出仍然如此。通常，我們會查看大約 75% 的情況以了解那裡發生的情況。

Got it. Thanks. And then just turning to Macau. Wynn Palace, I think the mass gaming volumes or revenues there volumes really were down to touch. Anything that's changed or evolved in terms of the environment on the ground as it relates to that property?

知道了。謝謝。然後就轉向澳門。永利皇宮，我認為那裡的大眾博彩量或收入確實是很重要的。與該財產相關的地面環境有什麼變化或演變嗎？

No, I don't think so. I think it's pretty consistent. All the remarks that we have made throughout the call regarding the state of Macau applied to apply to Wynn Palace. So no, not really.

不，我不這麼認為。我認為這是非常一致的。我們在電話會議中就澳門狀況發表的所有言論都適用於永利皇宮。所以不，不是真的。

Thanks so much.

非常感謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey, thanks. Just a couple of follow-ups on Macau as well. First, I think the RevPAR for the hotels were down in both segments. Just curious if there's anything to call out there. And then what are the expectations going forward on the hotel side? And I believe you also started to roll out smart tables early in the quarter. Is there any feedback on smart tables and the potential impact from those as we look into next year?

嘿，謝謝。還有一些關於澳門的後續行動。首先，我認為這兩個細分市場的酒店 RevPAR 均有所下降。只是好奇那裡有什麼好說的。那麼酒店方面未來的期望是什麼？我相信你們在本季初也開始推出智慧桌。當我們明年研究時，是否有關於智慧桌子的回饋以及這些回饋的潛在影響？

Sure. Not much of a read-through on RevPAR because as you know, it's essentially 100% -- close to 100% comp occupancy, and we've been running very, very high occupancy levels, so not much of a read-through there. On the Smart table side, you're right, we are in the midst of rolling out smart tables. We've got about 1/4 of our tables covered, and we expect it to have full rollout by Chinese New Year 2025.

當然。對 RevPAR 沒有太多的通讀，因為如你所知，它基本上是 100%——接近 100% 的入住率，而且我們的入住率水平一直非常非常高，所以沒有太多的通讀。在智慧桌子方面，你是對的，我們正在推出智慧桌。我們已經覆蓋了大約 1/4 的桌子，我們預計它將在 2025 年農曆新年之前全面推出。

There's clearly benefits with respect to game security, prevention of human error, which talked about before. And then there's a bunch of benefits on the marketing side, primarily due to an abundance of very precise bet by bet data -- we have a super clear view of how we intend to utilize that data and bring some innovative marketing forward to our customers. We're not -- obviously not going to talk about that on the call. But the real benefits of that require you to be at substantially complete rollout because you need a complete of the customer. So a little too early to say at this point, but we're on our way.

這對於遊戲安全、防止人為錯誤有明顯的好處，這之前已經談過。然後在行銷方面有很多好處，主要是由於大量非常精確的投注數據——我們對打算如何利用這些數據並為我們的客戶帶來一些創新的行銷有一個非常清晰的了解。我們不會——顯然不會在電話會議上談論這個問題。但真正的好處需要您基本上完全部署，因為您需要完整的客戶。現在說這個還為時過早，但我們已經上路了。

So just to clarify, I guess, when is that complete rollout is set now? Or you need to collect some data for a period of time?

所以我想澄清一下，現在什麼時候才能完全推出？或者您需要收集一段時間內的一些數據？

Next Chinese New Year -- Chinese New Years 2025.

下一個農曆新年－2025年農曆新年。

Got it. Thank you.

知道了。謝謝。

David Katz, Jefferies

大衛卡茨，傑弗里斯

Hi, good evening. Thanks for taking my questions. I'm not sure that there's been -- you've given -- expressed some confidence about Macau. But is there any specific evidence or any impact from the stimulus so far that is discussable in this context? And/or what drives the confidence? Thanks.

嗨，晚上好。感謝您回答我的問題。我不確定你們是否曾經表達過對澳門的信心。但到目前為止，是否有任何具體的證據或刺激措施的任何影響可以在這方面進行討論？和/或是什麼驅動了信心？謝謝。

I think it's a little early just say it's having an impact. Demand during October Golden Week was encouraging, as I talked about in my prepared remarks. The -- we were running 99% occupency, but in the past, and I would encourage you to look probably early 2016 would be the most recent example of that scale. And you'll see that there was a pretty substantial positive impact on both visitation and GGR. But I think it's a bit early at this point to say testing through mortality.

我認為現在說它有影響還為時過早。正如我在準備好的演講中談到的那樣，十月黃金週期間的需求令人鼓舞。我們的入住率是 99%，但在過去，我鼓勵您看看 2016 年初可能是該規模的最新例子。您會發現這對訪問量和 GGR 都產生了相當大的正面影響。但我認為現在說通過死亡率進行測試還為時過早。

Got it. And if I can ask just one follow-up detail. Along with the buyback, did you indicate whether the quarter ending share count is the same or whether you had acquired any quarter-to-date sort of post the end of the quarter?

知道了。我可否問一個後續細節。除了回購之外，您是否表明季度末股票數量是否相同，或者您是否在季度末後收購了任何季度至今的股票？

I did not comment on the month of October over the first few days in November.

11 月的前幾天我沒有對 10 月發表評論。

Thank you.

謝謝。

Thanks, David. Operator, we'll take one more caller.

謝謝，大衛。接線員，我們再接聽一位來電者。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good evening, everybody in afternoon. Thanks for taking my question. I think Macau CapEx guidance, went down from the prior range. And I guess it was just more of a wider guess of it before, but it's unusual, we see CapEx expectations moving in that direction. Can you just comment on sort of what changed if you can from a competitive standpoint?

下午大家晚上好。感謝您提出我的問題。我認為澳門資本支出指引較之前的範圍下降。我想這只是之前的更廣泛的猜測，但這很不尋常，我們看到資本支出預期朝著這個方向發展。如果可以的話，您能從競爭的角度評論一下發生了什麼變化嗎？

Sure. And actually, Brandt, nothing's really changed from -- in terms of the competitive standpoint. Really, this is more about timing. We've made very certain commitments under our concession to the full CapEx. And this is really about the timing of getting it done. And other I've mentioned, I think I'm using the same words every quarter about we're dependent on a number of approvals, the land use in particular, and we don't have control over those. So that drives quite a wide range of outcomes in terms of CapEx.

當然。事實上，布蘭特，從競爭的角度來看，沒有什麼真正改變。確實，這更多的是時機的問題。我們在對全部資本支出的讓步下做出了非常明確的承諾。這實際上是關於完成它的時機。我已經提到過，我想我每個季度都會使用相同的措辭，說我們依賴許多批准，特別是土地使用，而我們無法控制這些批准。因此，這在資本支出方面帶來了相當廣泛的結果。

And we've been saying that for a while, and I'm talking about how much through the remainder of '24 and '25. And as we're getting closer to the end of that period, we've just tightened up that range. So nothing more to say than that. I just seemed unlikely that we were going to be able to get everything done in that time by the end of '25, given where we're at currently.

我們已經這麼說了一段時間了，我說的是 24 年和 25 年剩下的時間裡有多少。隨著我們越來越接近該時期的結束，我們剛剛收緊了這個範圍。所以沒什麼好說的了。考慮到我們目前的處境，我似乎不太可能在 25 年底前完成所有工作。

Okay. Thanks for that. And then just a quick unrelated follow-up on the New York licensure process. If you have any thoughts on that? And specifically, with regards to one of your competitors making a comment about having some hesitation around iGaming legislation and if that has something that you guys weigh as well when you think about that opportunity?

好的。謝謝你。然後是對紐約許可流程的快速、不相關的後續跟進。您對此有什麼想法嗎？具體來說，關於您的一位競爭對手對 iGaming 立法猶豫不決的評論，當您考慮這個機會時，您是否也考慮過這一點？

Yes, we sure do. I heard about the comments that you referenced. And in fact, I posted about subject on LinkedIn back in March, I believe it was. First, look -- I understand the desire for states to generate taxes quickly from online gaming. But there's very serious implications. Honestly, primarily on the folks who -- everyday folks who work in land-based gaming and resorts, resulting from any revenue declines due to cannibalization from online game.

是的，我們當然知道。我聽說了你提到的評論。事實上，我早在三月就在 LinkedIn 上發布過相關主題，我相信是這樣。首先，我理解各州希望透過線上遊戲快速徵稅。但這有非常嚴重的影響。老實說，主要是那些在實體遊戲和度假村工作的普通人，他們因線上遊戲的蠶食而導致收入下降。

And a 15% revenue decline is half your margin. So you're not going to employ nearly as many people to the extent that you're being affected by online game.

收入下降 15% 就意味著你的利潤減半。因此，你不會僱用那麼多的人，因為你受到網路遊戲的影響。

Second, there's the potential for longer-term regulatory blowback. And I think that's real. As we've seen in markets around the world, look at Australia, I worked in the gaming market in Australia for a number of years. And when gaming proliferates to a certain point, there's societal and regulatory blowback. So yeah, I think it's an issue. And then layer on top of that, the fact that you're talking about deploying billions of dollars of capital and employing thousands of people, yes, it has to be something that you -- so a long answer, but yes, we're watching it.

其次，可能存在長期監管反彈的可能性。我認為這是真的。正如我們在世界各地的市場中看到的那樣，看看澳大利亞，我在澳大利亞的遊戲市場工作了很多年。當遊戲激增到一定程度時，就會出現社會和監管方面的反彈。所以是的，我認為這是一個問題。最重要的是，事實上，你正在談論部署數十億美元的資本並僱用數千人，是的，這必須是你的——所以一個很長的答案，但是，是的，我們正在看著它。

Okay. Thanks for your thoughts.

好的。謝謝你的想法。

Well, thank you, Brandt, and thank you, everybody. With that, we'll now close the call. We appreciate your interest in Wynn Resorts, and we look forward to talking to you again next quarter.

好吧，謝謝你，布蘭特，也謝謝大家。這樣，我們現在就結束通話了。我們感謝您對永利度假村的興趣，我們期待下季再次與您交談。

Thank you all for participating in the Wynn Resorts third quarter 2024 earnings call. That concludes today's conference. Please disconnect at this time, and have a wonderful rest of your day.

感謝大家參加永利度假村 2024 年第三季財報電話會議。今天的會議到此結束。請此時斷開連接，祝您有個愉快的一天。