永利渡假村 (WYNN) 2024 Q4 法說會逐字稿

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

歡迎參加永利度假村 2024 年第四季財報電話會議。

(Operator Instructions) This call is being recorded.

（操作員指示）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，此時您可以斷開連接。

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

現在我將把電話轉給財務長 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.

今天與我一起通話的還有來自拉斯維加斯的 Craig Billings 和 Brian Gullbrants。

Also on the line are Linda Chen and Frederic Luvisutto.

同時在線上的還有 Linda Chen 和 Frederic Luvisutto。

Please note that we published a presentation to provide more color on the company and recent performance ahead of this call, you can find the presentation on our Investor Relations website.

請注意，我們在本次電話會議之前發布了一份演示文稿，提供有關公司和近期業績的更多細節，您可以在我們的投資者關係網站上找到該演示文稿。

This will become a regular fixture along with our earnings release going forward.

這將成為我們今後收益發布的常規內容。

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陳述，這些陳述可能會或可能不會實現。

I will now turn the call over to Craig Billings.

現在我將電話轉給克雷格·比林斯。

Thanks, Julie, and good afternoon.

謝謝，朱莉，下午好。

As always, thank you for joining us today.

一如既往，感謝您今天加入我們。

We've been very active over the past three years, making innumerable positive changes to and investments in our businesses in Las Vegas, Boston and Macau.

過去三年我們非常活躍，對拉斯維加斯、波士頓和澳門的業務做出了無數的積極改變和投資。

Changes in how we market in our underlying technology and how we deliver service to our best customers, in how we build and program food and beverage and retail, and how we program entertainment in the production of our own unique events and in how we control expenses.

我們在基礎技術行銷方式、為最佳客戶提供服務的方式、食品飲料和零售業務的構建和規劃方式、娛樂節目的編排方式（製作我們自己獨特的活動）以及費用控制方式等方面都發生了變化。

All of these changes made in pursuit of further distancing ourselves from our competitors.

所有這些改變都是為了進一步拉開與競爭對手的距離。

And you can see the results of these efforts in our 2024 results, yet another record year of adjusted property EBITDAR including another annual record in Las Vegas.

您可以在我們的 2024 年業績中看到這些努力的成果，這是調整後房地產 EBITDAR 的另一個創紀錄的年份，其中包括拉斯維加斯的另一項年度紀錄。

Operationally, we are stronger, more nimble and more results focused than we have ever been.

在營運上，我們比以往任何時候都更強大、更靈活、更注重成果。

Meanwhile, we are expeditiously developing what I believe to be the most exciting development project in the industry in the UAE, a project that will ultimately produce meaningful EBITDA and further diversify our business.

同時，我們正在迅速開發我認為是阿聯酋業內最令人興奮的開發項目，該項目最終將產生有意義的 EBITDA 並進一步實現業務多元化。

The opening of that project, coupled with a concurrent reduction in the amount of CapEx we will be deploying in North America will also mark an important inflection point in our free cash flow profile.

該專案的啟動，加上我們在北美部署的資本支出的減少，也將標誌著我們自由現金流狀況的一個重要轉折點。

Our future is bright.

我們的未來是光明的。

And it is this bright future, coupled with the fact that our stock price continues to inappropriately reflect the value of our assets that drove us to purchase $200 million of stock in the fourth quarter and another $150 million thus far in Q1.

正是這種光明的未來，再加上我們的股價繼續不恰當地反映我們資產的價值，促使我們在第四季度購買了價值 2 億美元的股票，並在第一季迄今又購買了 1.5 億美元的股票。

While industry multiples remain suppressed, while growth capital remains focused on a narrow set of AI and tech companies and until we believe Wynn Al Marjan is appropriately reflected in our valuation, we will continue to repurchase our equity because we believe the return profile on those repurchases is meaningful.

儘管行業市盈率仍然受到抑制，而成長資本仍然集中在少數人工智慧和科技公司上，直到我們認為 Wynn Al Marjan 在我們的估值中得到適當反映之前，我們將繼續回購我們的股權，因為我們相信這些回購的回報率是有意義的。

Now turning to the quarter and starting here in Las Vegas.

現在轉向本季度，從拉斯維加斯開始。

Demand remained healthy in the fourth quarter with table games drop essentially flat against a very tough comp and slot handle up by 13%.

第四季需求保持強勁，桌上遊戲與強勁競爭對手相比基本持平，而老虎機遊戲則上漲了 13%。

Our gaming market share for the quarter grew meaningfully, highlighting the strength and quality of what we offer here in Vegas.

本季我們的博彩市佔率大幅成長，凸顯了我們在拉斯維加斯提供的服務的實力和品質。

Our non-gaming business in Q4 was also strong, though it was impacted by tough year-over-year comparisons during F1 week.

儘管受到 F1 周同比嚴峻形勢的影響，但我們第四季的非博彩業務表現也十分強勁。

EBITDA during the event in 2024 was about $20 million lower than in 2023.

2024 年活動期間的 EBITDA 比 2023 年低約 2,000 萬美元。

The lion's share of the difference was due to a decline in RevPAR stemming from lower overall Las Vegas room rates during that event, though it is important to note that in both years, our ADRs were about 50% higher than the two closest competing properties here in Las Vegas.

差異的主要原因是由於該事件期間拉斯維加斯整體房價較低，導致 RevPAR 下降，但值得注意的是，在這兩年中，我們的 ADR 都比拉斯維加斯最接近的兩家競爭酒店高出約 50%。

And our daily EBITDA during the 2024 event remains materially elevated relative to the years before F1 was a fixture in the market.

而且，與 F1 進入市場之前的幾年相比，我們在 2024 年賽事期間的每日 EBITDA 仍然大幅上升。

The F1 team did a tremendous job with this year's event.

F1 車隊在今年的賽事中表現出色。

And with the event having now settled in, we have a good baseline from which to grow in future years.

現在活動已經順利落下帷幕，我們為未來幾年的發展奠定了良好的基礎。

More recently, demand in January looked good, with both drop and handle up year-over-year and ADR and F&B covers both up year-over-year.

最近，1 月的需求看起來良好，降幅和處理量均較去年同期上升，ADR 和 F&B 覆蓋率均較去年同期上升。

Of course, this year, we didn't have the benefit of hosting the Super Bowl here in Las Vegas, which impacts February, and that's about a $25 million EBITDA headwind for Q1 versus 2024.

當然，今年我們沒有在拉斯維加斯舉辦超級盃的機會，這會影響到 2 月份，與 2024 年相比，第一季的 EBITDA 將面臨約 2,500 萬美元的阻力。

Excluding Super Bowl weekend, all of our key volume metrics are up year-over-year.

除超級盃週末外，我們所有的主要銷售指標均較去年同期成長。

Looking further out, we already have our budgeted group and convention room nights for 2025 on the books at healthy ADRs and transient booking demand over the last two weeks has been extremely robust.

放眼未來，我們已經預算了 2025 年的團體和會議室晚數，平均每日房價 (ADR) 也表現良好，而且過去兩週的臨時預訂需求十分強勁。

When coupled with a calendar that is once again chock-full of large demand drivers in the market, the setup for 2025 feels good.

再加上市場中再次擠滿大量需求驅動因素的日曆，2025年的設定看起來不錯。

The team at Wynn Las Vegas continues to set the standard and with new food and beverage openings later this year, including the much-anticipated opening of 0 bond, a planned renovation of the Encore tower and other relatively modest targeted investments, we will exit 2025 even stronger and with limited remaining CapEx on the horizon.

永利拉斯維加斯團隊繼續樹立標準，並將於今年稍後開設新的餐飲店，包括備受期待的 0 債券開業、Encore 大廈的計劃翻新和其他相對溫和的針對性投資，到 2025 年，我們將變得更加強大，並且剩餘的資本支出有限。

Turning to Boston.

轉向波士頓。

Encore Boston Harbor generated just shy of $59 million of EBITDA.

Encore Boston Harbor 的 EBITDA 略低於 5,900 萬美元。

We were encouraged by particular strength in our slot business where handle was up 6%, this helps set a new all-time property record for slot revenue, offsetting some of the union-related payroll increases incurred in 2024.

我們對老虎機業務的強勁表現感到鼓舞，其收入成長了 6%，這有助於創下老虎機收入的歷史新高，抵消了 2024 年與工會相關的部分薪資成長。

We continue to grow the database and stabilize some of the recently opened food and beverage outlets with the property's best days ahead.

我們將繼續擴大資料庫，並穩定一些最近開業的食品和飲料店，以迎接酒店業未來的美好前景。

More recently, demand in Boston has remained healthy through January, led by strong year-over-year growth in slot handle and stable nongaming revenue against a tough comp.

最近，波士頓的需求在整個 1 月保持健康，主要原因是老虎機交易額較去年同期強勁成長，以及非博彩收入在強勁競爭環境下保持穩定。

Turning to Macau.

轉向澳門。

We generated $293 million of EBITDA during the fourth quarter, down about 1% year-over-year and up 11% sequentially.

我們第四季的 EBITDA 為 2.93 億美元，年減約 1%，季增 11%。

While the market in Macau continues to be competitive, we remain disciplined in our focus on maximizing EBITDA and maintaining a healthy margin profile.

儘管澳門市場競爭持續激烈，我們仍嚴格專注於最大化 EBITDA 並維持健康的利潤率。

We recently completed the rollout of digital tables throughout Wynn Palace and Wynn Macau, which will yield OpEx benefits and when coupled with our data science and machine learning capabilities should allow us to be more precise and more efficient with reinvestment over the medium term.

我們最近在永利皇宮和永利澳門完成了數位賭桌的推廣，這將帶來營運成本效益，再加上我們的數據科學和機器學習能力，我們將能夠在中期內更加精準、高效地進行再投資。

On the CapEx side, we made a number of improvements and optimizations in Macau in the fourth quarter most notably an expansion of the Chairman's Club at Wynn Macau, a gaming area focused on our best customers.

在資本支出方面，我們在第四季度在澳門進行了一些改進和優化，最引人注目的是擴建了永利澳門的主席俱樂部，這是一個專注於我們最佳客戶的博彩區。

We will also soon be adding a variety of food and beverage offerings at Wynn Palace with the opening of our destination food hall a development that we believe will drive incremental visitation and footfall to Wynn Palace.

我們也很快就會在永利皇宮開設目的地美食大廳，提供各種餐飲選擇，我們相信此舉將增加永利皇宮的造訪人數和客流量。

We also continue to advance design work and approvals on the remainder of our concession-related CapEx, the event center, the theater and a production show at Wynn Palace.

我們亦繼續推動與特許經營相關的剩餘資本支出、活動中心、劇院及永利皇宮的演出設計工作及審核。

More recently, January was characterized by healthy mass table drop, strong direct VIP turnover and full occupancy in the hotels, while Chinese New Year saw a more prolonged period of visitation and less concentration on specific days than we saw in 2024.

最近，1 月的特點是中場賭桌數量健康增長、直接貴賓營業額強勁增長以及酒店入住率爆滿，而與 2024 年相比，農曆新年的到訪時間更長，且在特定日子的集中度更低。

In fact, for the 14 days beginning January 29, and including the days after the holiday period, volumes were healthy with drop in turnover in line with 2024 and slot handle up, hold during the period was choppy, but volume indicators look good.

事實上，從 1 月 29 日開始的 14 天（包括假期後的幾天）來看，交易量表現良好，營業額下降與 2024 年一致，期間持倉波動較大，但交易量指標看起來良好。

Turning to Wynn Al Marjan Island in the UAE, construction is rapidly progressing on the project with work now reaching the 35th floor of the hotel and over 4.6 million square feet of concrete and steel in place.

談到阿聯酋的永利阿爾馬里安島，工程建設正在快速進展，目前工程已完成酒店第 35 層，混凝土和鋼材已超過 460 萬平方英尺。

As we discussed at our Investor Day in October, we believe the UAE will be a $3 billion to $5 billion gaming market over time and certainly the most exciting new market for our industry in decades.

正如我們在十月份的投資者日上所討論的那樣，我們相信阿聯酋將隨著時間的推移成為一個價值 30 億至 50 億美元的遊戲市場，並且無疑將成為我們行業幾十年來最令人興奮的新市場。

To support this project and the early work we are doing to build our database and brand awareness in the region, we were pleased to announce in early January that we entered into an agreement to purchase Aspinalls in Mayfair, London.

為了支持該項目以及我們為在該地區建立數據庫和品牌知名度而開展的早期工作，我們很高興在一月初宣布我們已達成協議，將收購位於倫敦梅菲爾的 Aspinalls。

This small but strategic asset provides a presence in Central London, where many of our future Wynn Al Marjan customers spend a meaningful amount of time.

這一雖小但具有戰略意義的資產為我們在倫敦市中心提供了存在，我們許多未來的 Wynn Al Marjan 客戶都會在這裡度過大量的時間。

Lastly, we are actively exploring and well positioned to capitalize on additional new market opportunities in attractive gateway cities.

最後，我們正在積極探索並準備好利用有吸引力的門戶城市的更多新市場機會。

And we have strategic land banks in each of our new markets that provide an embedded long-term growth pipeline.

我們在每個新市場都有戰略土地儲備，這為我們提供了長期的成長管道。

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 meaningful share repurchases.

同時，隨著自由現金流的成長，我們的槓桿狀況持續改善，使我們能夠透過經常性股利和有意義的股票回購來增加對股東的資本回報。

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

說完這些，我現在將把話題交給朱莉，讓她介紹本季的一些更多細節。

Thank you, Craig.

謝謝你，克雷格。

At Wynn Las Vegas, we generated $257.4 million in adjusted property EBITDA of $699.5 million of operating revenue during the quarter, delivering an EBITDA margin of 38.2%.

在永利拉斯維加斯，我們本季的調整後房地產 EBITDA 為 2.574 億美元，營業收入為 6.995 億美元，EBITDA 利潤率為 38.2%。

EBITDA was down 1% year-on-year, and revenues were up slightly on a difficult comp from 2023, higher-than-normal table game hold positively impacted EBITDA by a little more than $30 million in the quarter, while volume metrics were positive, with drop essentially flat year-on-year and slot handle up 13%.

EBITDA 年減 1%，營收與 2023 年相比略有增長，高於正常水平的賭桌遊戲持有量對本季度 EBITDA 產生了略高於 3000 萬美元的積極影響，而交易量指標呈正增長，同比基本持平，老虎機交易量增長 13%。

The OpEx, excluding gaming tax per day was $4.4 million in the quarter, up about 1% compared to the prior year.

本季不包括博彩稅的每日營運支出為 440 萬美元，比上年增長約 1%。

The team in Las Vegas continued to exercise strong cost discipline and have largely mitigated the bulk of our union related payroll and other benefits increases without impacting the guest experience.

拉斯維加斯的團隊繼續嚴格執行成本紀律，並在不影響客人體驗的情況下，大幅減少了與工會相關的工資和其他福利的增長。

Turning to Boston.

轉向波士頓。

We generated adjusted property EBITDA of $58.8 million, down year-over-year on a tough comp on revenue of $212.7 million with an EBITDA margin of 27.7%.

我們調整後的房地產 EBITDA 為 5,880 萬美元，較上年同期下降，但營收為 2.127 億美元，EBITDA 利潤率為 27.7%。

We've stayed very disciplined on the cost side, with OpEx per day of $1.17 million, up only 2% year-on-year despite labor cost pressures in that market.

我們在成本方面保持了嚴格的紀律，每天的營運成本為 117 萬美元，儘管該市場面臨勞動成本壓力，但年比僅上漲 2%。

The Boston team have also done a great job of mitigating union-related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience.

波士頓團隊也透過在不影響客戶體驗的業務領域提高成本效率，出色地緩解了與工會相關的薪資成長。

Our Macau operations delivered adjusted property EBITDA of $292.8 million in the quarter on $926.6 million of operating revenue, resulting in an EBITDA margin of 31.6% in the quarter.

我們澳門業務的調整後房地產 EBITDA 為 2.928 億美元，營業收入為 9.266 億美元，本季 EBITDA 利潤率為 31.6%。

Higher-than-normal VIP hold benefited EBITDA by a little over $12 million in the quarter.

高於正常水準的 VIP 持股使本季的 EBITDA 收益略高於 1,200 萬美元。

OpEx, excluding gaming tax, was approximately $2.59 million per day in Q4, up 1.2% year-on-year.

第四季度，不包括博彩稅的營運支出約為每天 259 萬美元，年增 1.2%。

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.

團隊在控製成本方面做得很好，隨著市場持續成長，我們仍然處於有利地位，能夠推動強勁的營運槓桿。

In terms of CapEx in Macau, we're currently advancing through the design, planning and approval stages on several of our concession commitments, and as we noted in the past few quarters, these projects require a number of government approvals, creating a wide range of potential CapEx outcomes in the near term.

就澳門的資本支出方面，我們目前正在推進多項特許經營承諾的設計、規劃和審批階段，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，因此在短期內將產生廣泛的潛在資本支出結果。

As such, we now expect total CapEx spend in 2025 inclusive of our concession-related commitments and other projects to range between $250 million and $300 million.

因此，我們現在預計 2025 年的總資本支出（包括特許相關承諾和其他項目）將在 2.5 億至 3 億美元之間。

Moving on to the balance sheet.

繼續討論資產負債表。

Our liquidity position remains very strong with global cash and revolver availability of $3.5 billion as of December 31, this was comprised of $1.8 billion of total cash and available liquidity in Macau and $1.7 billion in the US.

我們的流動性狀況仍然非常強勁，截至 12 月 31 日，全球現金和循環信貸餘額為 35 億美元，其中包括澳門的 18 億美元現金和可用流動性以及美國的 17 億美元。

The combination of strong performance in each of our markets globally with our properties generating nearly $2.4 billion at 2024 adjusted property EBITDA, together with our robust cash position creates a very healthy consolidated net leverage ratio of just over 4x.

我們在全球各個市場均表現強勁，加上我們的物業在 2024 年調整後物業 EBITDA 中創造了近 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，略高於 4 倍。

Our strong free cash flow and liquidity profile allowed us to reduce leverage while returning capital to shareholders.

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。

To that end, the Wynn Resorts Board approved a cash dividend of $0.25 per share payable on March 5, 2025, to stockholders of record as of February 24.

為此，永利度假村董事會批准向截至 2 月 24 日登記在冊的股東派發每股 0.25 美元的現金股息，於 2025 年 3 月 5 日支付。

As Craig mentioned, we also repurchased 2.14 million shares for approximately $200 million during the quarter, bringing our total share repurchases for the year to 4.35 million shares for an aggregate cost of $386 million.

正如 Craig 所提到的，我們還在本季回購了 214 萬股，價值約 2 億美元，使我們全年的股票回購總額達到 435 萬股，總成本為 3.86 億美元。

These share buybacks, together with our recurring dividend highlight our focus on and continued commitment to prudently returning capital to shareholders.

這些股票回購，加上我們的經常性股息，凸顯了我們對審慎向股東返還資本的關注和持續承諾。

Finally, we spent approximately $127 million on CapEx in the quarter, primarily related to the Villa renovations and food and beverage enhancements in Las Vegas, concession-related CapEx in Macau and normal course maintenance across the business.

最後，我們在本季度花費了大約 1.27 億美元的資本支出，主要用於拉斯維加斯的別墅翻新和食品飲料改善、澳門的特許經營相關資本支出以及整個業務的正常球場維護。

Additionally, we contributed $99 million of equity to the Wynn Al Marjan project during the quarter, bringing our total equity contribution to date to $631.7 million.

此外，我們在本季度向 Wynn Al Marjan 項目注入了 9,900 萬美元的股權，使我們迄今為止的總股權注入額達到 6.317 億美元。

We estimate our remaining 40% pro rata share of the required equity is approximately $700 million to $775 million fully loaded for capitalized interest, fees and certain improvements on the Island.

我們估計，我們剩餘的 40% 按比例計算的所需股權份額約為 7 億至 7.75 億美元，全部用於資本化利息、費用和島上的某些改進。

Importantly, we recently announced we finalized a $2.4 billion of financing package for the project from a diverse group of globally recognized lenders.

重要的是，我們最近宣布，我們從全球知名的多元化貸款機構為該專案敲定了 24 億美元的融資方案。

This landmark transaction is the largest hospitality financing in the history of the UAE and indicative of the broad support for this project from the financial community and beyond.

這項具有里程碑意義的交易是阿聯酋史上最大的酒店業融資，體現了金融界及其他領域對該項目的廣泛支持。

We're very grateful for the support of our lenders and with the financing now in place, have achieved a significant milestone on the path to opening the project as planned in early 2027.

我們非常感謝貸款方的支持，隨著融資到位，我們在按計劃於 2027 年初啟動專案的道路上取得了重要的里程碑。

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

現在，我們將開始問答環節。

(Operator Instructions) Carlo Santarelli, Deutsche Bank.

（操作員指令）德意志銀行的卡洛桑塔雷利。

Craig, Julie.

克雷格，朱莉。

Craig, if I could just start with kind of a, I guess, a question that's more focused on Las Vegas.

克雷格，如果我可以從一個更側重於拉斯維加斯的問題開始的話。

But when you are giving that headwind or in this case, the tailwind from kind of favorable hold, what win rate are you adding that back to?

但是當您面臨逆風，或者在這種情況下面臨有利的順風時，您會將其加回到什麼勝率？

Is that like a 22% embedded table hold?

這是否就像是 22% 的嵌入式桌面保留？

Yes.

是的。

That's right.

這是正確的。

Okay.

好的。

So I guess my question is, for close to two years now, if you look at the entirety of 2023 and 2024, your whole percentage has been kind of slightly north of 25%.

所以我想我的問題是，現在近兩年來，如果你看 2023 年和 2024 年全年，你的整個百分比一直略高於 25%。

And I was just wondering it feels as though perhaps the nature has changed a little bit.

我只是覺得，好像性質已經改變了一點。

Clearly, there's been some mathematical changes, but also it seems as though that it skews higher more often than not.

顯然，已經發生了一些數學上的變化，但似乎它往往呈現較高的偏差。

So I'm kind of wondering if -- if we're doing by saying at this point by continuing to kind of knock down posted results by a number that you've achieved.

所以我有點想知道 - 如果我們在這一點上繼續將公佈的結果與你已經取得的數字進行比較。

Well, that's a good question.

嗯，這是個好問題。

You're right.

你說得對。

We tend to be pretty conservative.

我們傾向相當保守。

I think that's true by the way, not just in Las Vegas, but also in Macau based on side bets, cash that gets dropped at the VIP tables and not just rolling.

順便說一句，我認為這是真的，不僅在拉斯維加斯，在澳門也一樣，基於邊注，在貴賓賭桌上投入的現金，而不僅僅是滾動。

So I think it points a valid one, and we certainly will continue to look at it.

所以我認為它指出了一個有效的觀點，我們肯定會繼續關注它。

Great.

偉大的。

And then obviously, one of your peers in Las Vegas last night had very positive comments on January.

顯然，昨晚您在拉斯維加斯的一位同行對 1 月份做出了非常積極的評價。

You guys made positive comments on January and kind of the February period to date ex the Super Bowl.

你們對一月份以及截至二月份的超級盃賽事都做出了正面的評價。

Should we taken those comments that from an EBITDA perspective, you are seeing growth in January and February with the exception of that Super Bowl period?

我們是否應該從 EBITDA 的角度來看待這些評論，除了超級盃期間外，一月和二月都出現了增長？

Or is it still kind of you're seeing top line growth, you're seeing growth in certain channels, and there's some cost pressures that you're trying to offset?

或者您仍然看到了營業額的成長，看到了某些管道的成長，而您正試圖抵消一些成本壓力？

Or is it kind of flowing through to EBITDA at this stage?

或者現階段它會流入 EBITDA？

Yes.

是的。

Well, first of all, you're right.

嗯，首先，你是對的。

January, as I mentioned in my prepared remarks, January was good, and Super Bowl is not comparable.

一月，正如我在準備好的演講中提到的那樣，一月是美好的，超級碗無法與之相比。

So what I would say is, we were up year-to-year in all of the key volume indicators, really, if you took it from a week ago, right, the day before Super Bowl weekend started, we were up across the board.

所以我想說的是，我們所有的關鍵成交量指標都同比上漲，真的，如果你從一周前開始算，對吧，超級碗週末開始的前一天，我們全盤上漲。

So that, to me, is what's indicative of what's happening here in Las Vegas from a demand perspective.

所以，對我來說，從需求角度來看，這顯示了拉斯維加斯正在發生的情況。

On the expense side, I think you've seen us be pretty good about managing the impact of cost pressures.

在費用方面，我想你已經看到我們在管理成本壓力的影響方面做得相當好。

You can see it in the 2024 results and driving pretty healthy margin.

您可以在 2024 年的結果中看到這一點，並帶來相當健康的利潤率。

So we feel good about Q1 other than the point that you raised, which is the Super Bowl headwind.

因此，除了您提出的超級盃逆風之外，我們對第一季感到滿意。

Great.

偉大的。

And then just if I could one quick one on Macau.

然後我可以快速問一下澳門的問題。

And I know obviously, market shares are not something that you guys focus on, whether it's -- as it pertains to GGR market share, in terms of the competitive environment, you noted in your remarks that it remains competitive.

而且我顯然知道，市場佔有率並不是你們關注的重點，無論是——就 GGR 市場佔有率而言，就競爭環境而言，你在評論中指出它仍然具有競爭力。

It's always kind of competitive to an extent.

在某種程度上，它總是具有競爭性的。

But anything you're seeing as you look out to 2025, that would move the needle one way or another in terms of the competitive nature of the market and how it impacts win?

但是，展望 2025 年，您認為任何變化都會對市場競爭性質以及其如何影響勝利產生影響嗎？

No.

不。

I think it's -- you're correct, and we've said it as well.

我認為──你是對的，我們也這麼說過。

It is a highly competitive market, competitive but stable.

這是一個競爭激烈的市場，競爭激烈但穩定。

I don't think that there's anything unusually crazy going on.

我不認為有什麼異常瘋狂的事情發生。

But you're correct.

但你是對的。

Again, we've said it many times, we're focused on EBITDA and margin.

我們再說一遍，我們已經說過很多次了，我們關注的是 EBITDA 和利潤率。

And that's what we think about every day.

這正是我們每天都在思考的問題。

We know what our reinvestment is down to the basis point, and we will modulate it as we feel like we need to in order to drive the best EBITDA result as we can.

我們知道我們的再投資精確到基點，並且我們會根據我們的需求進行調整，以盡可能實現最佳的 EBITDA 結果。

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Craig or Julie, just maybe we could ask about kind of keeping with Macau for a minute, as we zoom out, I think there's been a lot of discussion around pretty good footfall into the market during Chinese New Year, but some questions about spend per visit and maybe is that reflection of anything on the macro side.

克雷格或朱莉，也許我們可以先問一下關於澳門的問題，隨著我們縮小範圍，我認為關於農曆新年期間市場人流量相當可觀的討論很多，但有些問題是關於每次訪問的花費，也許這反映了宏觀方面的任何情況。

Can you just give us the bottom up look of how you're seeing kind of the just behavior in the market act right now and just kind of your general sense of health, especially as you look across segment, premium mass versus base mass.

您能否從下而上的角度，介紹一下您如何看待當前市場行為的合理性，以及您對整體健康狀況的感受，尤其是當您縱觀各個細分市場、高端市場與基礎市場時。

Sure.

當然。

The higher end premium is certainly outperformed base mass during Chinese New Year.

在農曆新年期間，高端保費的表現肯定優於基本保費。

That's definitely the case.

確實如此。

And it could be the economy.

這可能是經濟。

There's a lot of cross currents in the economy.

經濟中存在許多逆流。

It's difficult to read.

很難讀。

There's been modest stimulus.

已經採取了適度的刺激措施。

Obviously, the economy has seen stronger days in general, but I think it's fair to say that the premium customers outperform base mass, at least for us.

顯然，總體而言，經濟已經走強，但我認為可以公平地說，高端客戶的表現優於基本客戶，至少對我們來說是如此。

That's not a commentary on obviously, the entire market, and that's fine for us because that's our customer base.

這顯然不是對整個市場的評論，但對我們來說這沒問題，因為這是我們的客戶群。

Great.

偉大的。

And then maybe just a short follow-up.

然後可能只是一個簡短的後續行動。

You mentioned in the prepared remarks the acquisition in London, quite a unique opportunity there, Craig are there more sort of either bolt-on opportunities like that, places you could look to opportunistically expand the brand short of kind of full-scale IR development.

您在準備好的評論中提到了在倫敦的收購，這是一個非常獨特的機會，Craig，是否還有更多類似的附加機會，您可以尋找機會在缺乏全面 IR 開發的情況下擴大品牌的地方。

Just how do you see that?

您怎麼看待這一點？

I know it's probably very unique given, again, sort of the global customer that probably does -- do business in London, but just can you broaden that out for us because it is unique.

我知道它可能非常獨特，因為全球客戶可能在倫敦做生意，但你能否為我們擴大這個範圍，因為它是獨一無二的。

It's obviously something you haven't explored before.

這顯然是你以前從未探索過的東西。

I'm kind of curious how you're thinking about it.

我有點好奇你是如何考慮這個問題的。

Sure.

當然。

Yes, it is unique.

是的，它是獨一無二的。

And I think you characterized it well.

我認為你對此進行了很好的描述。

This acquisition was really about establishing a presence in a key global gateway city at a part of the world where when taken together with Wynn Al Marjan Island we're building a meaningful business.

這項收購實際上是為了在世界某個地方的一個主要全球門戶城市建立業務，與 Wynn Al Marjan Island 一起，我們將建立一項有意義的業務。

So the two -- when you put the two properties together, they're going to serve an area which is home to 2.5 billion people and 40% of the world's millionaires.

所以，當你把這兩個地產放在一起時，它們將服務於一個擁有 25 億人口和 40% 全球百萬富翁的地區。

So you really should think about this as a part of Wynn Al Marjan and in fact, the business will report up to Wynn Al Marjan.

因此，您真的應該將其視為 Wynn Al Marjan 的一部分，事實上，該業務將向 Wynn Al Marjan 報告。

John DeCree, CBRE.

世邦魏理仕 (CBRE) 的 John DeCree。

Congratulations on the quarter and another successful year.

恭喜本季和又一個成功的一年。

I wanted to ask about the gaming customer, the gaming volumes in Las Vegas in the 4Q.

我想詢問有關博彩客戶以及第四季度拉斯維加斯的博彩量的情況。

I think quite a bit stronger than we were expecting a table drop about flat and the slot handle was up nicely.

我認為比我們預期的要強得多，桌子平放並且插槽手柄很好地向上。

I think MGM spoke to that as well.

我認為米高梅也談到了這一點。

So curious if you could, was that F1 customer kind of stable?

我很好奇，如果您可以的話，那位 F1 客戶是否穩定？

Did the F1 customer play more slots?

F1 客戶是否玩了更多老虎機？

Or was it kind of strong slot volumes across the whole quarter?

還是整個季度的時段量都很強勁？

Just kind of get a sense of, was it a couple of events that maybe drove that slot volume?

只是想了解一下，是不是有幾件事情推動了老虎機的銷售？

Or are you just seeing really good healthy play in slots all quarter and from your customer base?

或者您只是看到整個季度老虎機的運行情況以及從您的客戶群來看都非常良好？

Yes.

是的。

It was not F1 in particular.

這並不是特別的F1。

It was broad-based strength across the quarter.

本季度表現出了廣泛的力量。

And to us, it's indicative, again, of healthy demand, not just in the market, but for what we offer.

對我們來說，這再次表明需求旺盛，不僅是在市場，而且是對我們所提供的產品的需求。

Got it.

知道了。

Maybe one on Wynn Al Marjan.

也許 Wynn Al Marjan 有一個。

Obviously, financing is now complete and you've already been full speed ahead, but what are kind of major milestones that we should think about between now and early 2027, I think topping off might be target for the end of the year.

顯然，融資現在已經完成，你們已經全速前進，但是從現在到 2027 年初，我們應該考慮哪些重要的里程碑，我認為年底的目標可能是實現這些里程碑。

Just curious what we should keep our eye on in terms of major milestones from here?

只是好奇從現在起我們應該關注什麼重要的里程碑？

Yes.

是的。

You're right.

你說得對。

Topping off is towards the end of this year.

封頂工作將在今年底完成。

And subsequent to that, we actually will be spending more time with the sell side and interested buy-side folks on Wynn Al Marjan and will likely be arranging a market trip, so that would probably be the next point at which you want to be on the lookout because it's important that folks understand really the amazing -- all the amazing things that are happening in the UAE and in Dubai in general, the prevalence of high-value food and beverage, of luxury hotels there, and really the power of that market.

隨後，我們實際上會花更多時間與 Wynn Al Marjan 的賣方和感興趣的買方人員在一起，並且可能會安排一次市場旅行，所以這可能是您接下來想要關注的點，因為重要的是讓人們真正了解阿聯酋和迪拜正在發生的所有令人驚奇的事情，高價值食品和飲料的流行，豪華酒店的流行飲料，以及這個市場的真正力量。

So stay tuned because we'll be dragging folks out there to the extent they want to come.

所以請繼續關注，因為我們將把人們帶到他們想要去的地方。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

I'm calling shotgun.

我叫霰彈槍。

Look, I wanted to ask something just a little longer term, right?

瞧，我想問一些比較長期的問題，對嗎？

Al Marjan, I think, is starting to define itself, there is obviously discussion about whether New York is still possibility.

我認為，Al Marjan 已經開始自我定義，顯然人們在討論紐約是否仍有可能。

Can you just walk across the field of other opportunities that you would seriously consider if New York did not happen or where you would turn your -- might turn your attention next?

您能否談談如果沒有紐約之行您會認真考慮的其他機會，或者您下一步將關注的領域是什麼？

Yes, sure.

是的，當然。

We're a little bit unique in that we build very big battleship style assets, right?

我們的獨特之處在於我們建造非常大的戰艦風格的資產，對嗎？

We generally don't do small development.

我們一般不做小型開發。

The US regional gaming market is a tough market.

美國地區遊戲市場是一個艱難的市場。

The opportunities left there are primarily infill and you have the potential cannibalization of -- from online gaming.

剩下的機會主要是填充，並且有可能被線上遊戲蠶食。

So I think the US regional market is tough.

所以我認為美國區域市場很艱難。

So what do we have before us.

那我們面臨什麼呢？

We have Al Marjan, we have a land bank in Al Marjan, a very substantial land bank in Al Marjan.

我們有 Al Marjan，我們在 Al Marjan 有土地儲備，非常可觀的土地儲備。

And we've seen the power of land banks in new markets, particularly in Macau in the mid-2000s, we are active in Thailand, though, it's early days.

我們已經看到了土地儲備在新興市場的力量，特別是2000 年代中期的澳門，我們在泰國也很活躍，儘管還處於早期階段。

You're right, we're active in New York, but we won't be subject to winners curse in New York, and we're being very disciplined in terms of how we think about New York.

您說得對，我們在紐約很活躍，但我們不會受到紐約贏家詛咒的影響，而且我們對紐約的看法非常自律。

And then we obviously have a very substantial land bank here in Las Vegas.

我們顯然在拉斯維加斯擁有非常大量的土地儲備。

So we have years and years and years of growth ahead of us.

因此，我們未來還有很多年的成長空間。

I often get asked, why aren't you moving on in Las Vegas right now.

常常有人問我為什麼你現在不離開拉斯維加斯。

And the reality is that from a capital perspective, from a bandwidth perspective, within our amazing design and development team, there are only so many things, frankly, that one can do at once.

而現實情況是，從資本角度和頻寬角度來看，在我們出色的設計和開發團隊中，坦白說，一個人同時能做的事情是有限的。

And then of course, there are opportunities that come along that are timed out, like if Thailand does move ahead, for example, you want to make sure that you're in a position to participate.

當然，也有一些機會是超時了的，例如，如果泰國確實取得了進展，你要確保自己有能力參與。

So we have a lot of opportunities.

所以我們有很多機會。

Right now, we're very focused on Wynn Al Marjan.

目前，我們高度關注 Wynn Al Marjan。

It's a brand-new market, you've seen the research you may have published yourself, David, it's a $3 billion to $5 billion market, and it's a tremendous opportunity for us.

這是一個全新的市場，大衛，您可能已經看到了自己發表的研究成果，這是一個價值 30 億到 50 億美元的市場，對我們來說是一個巨大的機會。

So that's where we're very focused at the moment.

所以這就是我們目前非常關注的重點。

Understood.

明白了。

And if I can just follow-up, candidly I was thinking about Las Vegas, given that the land has been part of the holdings for a while, maybe we could just talk a bit about the sort of puts and takes?

如果我可以跟進的話，坦白說，我正在考慮拉斯維加斯，鑑於這片土地已經成為我們控股的一部分有一段時間了，也許我們可以談談這種收益和收益？

And how much do you think about sort of timing and wins positioning there?

那麼您對於時機選擇和勝利定位考慮多少呢？

And what it would take to get that piece of land going?

那麼要怎麼樣才能開發這塊土地呢？

Yes. timing has to be right for our global business, right?

是的。對於我們的全球業務來說，時機必須合適，對嗎？

We have to think about the entire portfolio and make sure that we can execute it and execute it well.

我們必須考慮整個投資組合，並確保我們能夠執行它，並且執行得很好。

The market is just now absorbing capacity from 2 openings over the course of really the past four years, five years.

市場目前正在吸收過去四、五年間新增的兩家門市的容量。

And we have to make sure that we are in a position to do something that addresses an adjacent customer base.

我們必須確保我們有能力做一些事情來滿足相鄰的客戶群。

We obviously don't want to cannibalize ourselves and we don't want to create Wynn Las Vegas 2.0. So we need to make sure that we have our market positioning right.

我們顯然不想自我蠶食，也不想創造永利拉斯維加斯 2.0。所以我們需要確保我們的市場定位正確。

And we have a very clear view of what that market positioning is.

我們對市場定位有非常清楚的認知。

We've done early studies and early doodles, if you will, on what we think that land could hold.

如果你願意的話，我們已經對那片土地可以容納什麼進行了早期研究和早期塗鴉。

And at this point, I would say stay tuned.

在這一點上，我想說請繼續關注。

Again, we would appreciate it if everyone was as focused on Wynn Al Marjan as we are because that is quite the opportunity, and we'll see how we proceed from there.

再一次，如果每個人都像我們一樣關注 Wynn Al Marjan，我們將不勝感激，因為這是一個很大的機會，我們將看看我們如何從那裡繼續前進。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Some others in Vegas have talked about thinking they can grow EBITDA despite the tough comp with Super Bowl last year.

拉斯維加斯的其他人則表示，儘管去年超級盃比賽的成績並不理想，但他們仍認為 EBITDA 可以成長。

I don't know if you have any thoughts on that.

我不知道你對此有什麼想法。

I know obviously, you have some renovation disruption at Encore.

我很清楚，Encore 的裝修工作遇到了一些麻煩。

And so maybe that's not how you would see it, but curious for your take on that.

所以也許這不是您所看到的情況，但我好奇您對此的看法。

Sure.

當然。

Look, what I would say is, excluding Super Bowl weekend, which again was an impossible comp, all of our key volume metrics are up year-over-year.

我想說的是，除了超級盃週末（這又是一個不可能的比較）之外，我們所有的關鍵銷售指標都比去年同期成長了。

If we look out, again, as I mentioned in my prepared remarks, if we look forward, we've got a great room base at healthy ADRs.

如果我們再向外看，就像我在準備好的發言中提到的那樣，如果我們向前看，我們會發現我們在健康的 ADR 上擁有良好的空間基礎。

We've seen very strong transient booking demand of late, actually, over the course of the past 10 days, 7 of them have been higher than any booking rate over the past two years of daily room bookings.

最近我們發現臨時預訂需求非常強勁，實際上，在過去 10 天中，有 7 天的預訂率高於過去兩年中的任何每日客房預訂率。

Retail sales were up 3% in January on incredibly tough comps in our building here.

在我們大樓內，1 月零售額成長了 3%，而同期的銷售額卻成長了 3%。

And our restaurant and banquet business is flat to last year despite the absence of Super Bowl.

儘管沒有超級碗，但我們的餐廳和宴會業務與去年持平。

So we don't give guidance, but we feel very good about where we are in the setup for 2025.

因此，我們不提供指導，但我們對 2025 年的設置感到非常滿意。

Okay.

好的。

And then just on Thailand, have you specified which entity would be pursuing something in Thailand?

那麼就泰國而言，您是否具體說明哪個實體將在泰國進行某項活動？

We have not, but I can tell you it would happen out of a subsidiary of Wynn Resorts Limited the US listed it.

我們還沒有，但我可以告訴你，這將是永利度假村有限公司 (Wynn Resorts Limited) 在美國上市的子公司。

Dan Politzer, Wells Fargo.

富國銀行的 Dan Politzer。

Craig and Julie.

克雷格和朱莉。

Another one, I guess, asked a different way on Vegas, right?

我想，另一個人在拉斯維加斯問了不同的問題，對嗎？

I mean table drop, I think it was basically flat year-over-year relative to F1 and slot handle it seems like it's accelerating.

我的意思是表格下降，我認為與 F1 和插槽手柄相比，它基本上與去年同期持平，似乎正在加速。

Craig, I guess, relative to three or six months ago, what do you feel like has fundamentally changed, if anything?

克雷格，我想，與三到六個月前相比，您覺得有什麼根本性的改變嗎？

Because it certainly feels like there's a much more constructive tone here.

因為確實感覺這裡的基調更有建設性。

Is it a different customer base?

是不同的客戶群嗎？

Or are people coming back and spending more?

還是人們會回來花更多錢？

What kind of do you see relative to kind of maybe prior conservatism?

與之前的保守主義相比，您有何看法？

Well, I don't think our tone to be clear -- I don't think our tone has changed much.

嗯，我認為我們的語氣不太明確——我認為我們的語氣沒有太大變化。

I think we've been saying kind of the same thing for the past two years, which is trees don't go to the sky, but things look really good.

我想我們在過去兩年裡一直在說同樣的事情，那就是樹不會長到天上，但事情看起來真的很好。

So we've -- I mentioned at the outset of my prepared remarks, all the things that we have done over the course of the past three years to really strengthen our position in this market.

因此，我在開頭的準備好的發言中提到了，我們在過去三年中所做的一切都是為了真正加強我們在這個市場的地位。

And certainly, to a certain extent, we go as Vegas goes, but we've been performing -- we've been outperforming the market in general.

當然，在某種程度上，我們會隨著拉斯維加斯的走向而走，但我們的表現——總體而言，我們的表現優於整個市場。

You can see that on an EBITDA per room basis.

您可以根據每間客房的 EBITDA 來查看。

And really, that's across all of the different businesses that sit under this roof.

事實上，這涉及了同一屋簷下的所有不同企業。

So I don't think a whole lot has changed.

所以我不認為有很多事情發生了改變。

I think we have great demand across the board, and you can see that in our results.

我認為我們的各方面需求都很大，您可以從我們的業績中看到這一點。

Craig, if I could add on the sport side, we've actually made some material improvements.

克雷格，如果我可以補充一下體育方面的話，我們實際上已經取得了一些實質的改進。

We've expanded our high-limit room.

我們擴大了我們的高限額房間。

We focused on the mix of games we offer our customers, and we've really leaned into services.

我們專注於為客戶提供各種遊戲，並且真正致力於服務。

So when you look at what we're doing on the slot floor to drive that incremental, I would give it to the team and to win design and development.

因此，當您查看我們在老虎機地板上所做的事情以推動這一增量時，我會將其交給團隊並贏得設計和開發。

We're building a much better box and continue to improve on what we do.

我們正在製造更好的盒子並繼續改進我們的工作。

That's a good point.

這是一個很好的觀點。

Got it.

知道了。

And then just turning to capital allocation, obviously, pretty active in the quarter in terms of the share repurchases and even is it the first quarter.

然後談到資本配置，顯然，就股票回購而言，本季相當活躍，甚至是第一季。

I mean, is there a leverage threshold through which to think about the amount of capital you would allocate here, is there a maximum you take it up to?

我的意思是，是否存在一個槓桿門檻，透過這個門檻來考慮您將在這裡分配的資本量，是否存在一個最高限額？

Because it just seems like, obviously, at these levels, if you liked it at $91 in the fourth quarter, you love it at $80.

因為很明顯，在這些水平上，如果您喜歡第四季度 91 美元的價格，那麼您也會喜歡 80 美元的價格。

I think that, that's the last portion of your question is a fair assessment.

我認為，你問題的最後一部分是一個公平的評價。

We don't publish leverage targets because we will lever in place EBITDA to build new EBITDA, but what I would say is that our leverage levels now are very, very comfortable across the portfolio.

我們不公佈槓桿目標，因為我們將利用現有的 EBITDA 來建立新的 EBITDA，但我想說的是，現在我們整個投資組合的槓桿水平都非常非常舒適。

Our fixed coupons relative to where rates are now, give us incremental comfort, and so we're going to continue to support the stock, while we're going to get all the kittens good, if you will.

相對於當前利率，我們的固定息票給了我們增量的舒適感，因此我們將繼續支持股票，同時我們將讓所有的小貓都好起來，如果你願意的話。

And we will continue to do that.

我們將繼續這樣做。

Julie, would you add anything?

朱莉，你還有什麼要補充嗎？

I think you covered it all.

我想你已經涵蓋了所有內容。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

Maybe a couple of follow-ups here.

也許這裡還有一些後續問題。

Just one on the buyback.

回購僅此一項。

It sounds like you've got, obviously, capacity on whatever that hypothetical upper bound is and maybe there is one when it's not buying or building a property, but if you don't get the response that you want and the stock kind of stays in place, are there other options you have?

聽起來你顯然已經具備了假設的上限能力，也許在不購買或建造房產的情況下就有一個上限，但如果你沒有得到你想要的回應，而庫存仍然保持不變，你還有其他選擇嗎？

Or would you consider other alternatives to unlock underlying value?

還是你會考慮其他替代方案來釋放潛在價值？

Well, we're not buying back stock for an immediate market response.

嗯，我們回購股票並不是為了立即得到市場的回應。

That's not what we're up to, right?

這不是我們要做的事，對吧？

We're buying back stock because we believe it's a good value in the long term, and we're thinking about the long term.

我們回購股票是因為我們相信從長遠來看它具有良好的價值，而且我們正在考慮長期的事情。

So that's my response to the first portion of your question.

這就是我對你問題第一部分的回答。

We've talked many, many times before about the fact that we are not believers in Opco Propco and the sale of real estate because we view it really as a financing transaction as opposed to unlocking value and the creation of value, so what we're going to do is continue to support the stock with buybacks while the value of Wynn Al Marjan crystallizes and while multiples remain suppressed.

我們之前曾多次談過，我們不相信 Opco Propco 和房地產銷售，因為我們認為這實際上是一種融資交易，而不是釋放價值和創造價值，因此，我們要做的是，在 Wynn Al Marjan 的價值逐漸明朗、市盈率仍受到抑制之際，繼續透過回購來支持股票。

Makes sense.

有道理。

And then one other, one I may have missed on the Vegas OpEx comments, but what are some of the mitigation factors that you did put in place to offset some of the wage inflation we've been seeing?

然後還有一個，我可能錯過了關於拉斯維加斯營運支出的評論，但是，您採取了哪些緩解因素來抵消我們所看到的部分薪資通膨？

And how would you generally characterize net operating expense growth in 2025?

您通常如何描述 2025 年的淨營運費用成長？

Mitigation is as they say, a river of nickels.

正如人們所說，緩解措施就像一條鎳幣之河。

It's not one or two or three things that I could outline for you, it's a 100 different things.

我可以為您概括的事情不只是一、二或三件，而是一百件不同的事情。

And when we do mitigation, we're very careful to make sure that the customer doesn't feel that.

當我們採取緩解措施時，我們會非常小心，以確保客戶不會有這種感覺。

So I can't point to one or two particular things.

所以我無法指出一兩件具體的事情。

In 2025, we have a much more modest increase in union related costs.

2025年，與工會相關的成本將出現較為溫和的成長。

We will figure out how to save that.

我們會想辦法挽救它。

And then depending upon what happens with inflation, what happens with tariffs, we could have an impact on some input costs, but that's primarily on the food and beverage side, and that really comes down to procurement and sourcing and how we plan and manage our business.

然後，根據通貨膨脹和關稅的變化，我們可能會對一些投入成本產生影響，但這主要是在食品和飲料方面，這實際上取決於採購和採購以及我們如何規劃和管理我們的業務。

So I think it's -- hopefully, it's become clear kind of four or five years in now that we know how to manage OpEx without damaging the brand.

所以我認為——希望四、五年後我們能夠清楚地認識到，我們知道如何管理營運支出而不損害品牌。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

So Craig, if I can stay on OpEx, but switch over to Macau.

所以 Craig，如果我可以繼續留在 OpEx，但轉換到澳門。

It came in a little better than what we were kind of thinking or we're kind of guessing where it would be.

結果比我們想像的或猜測的要好一些。

Can you maybe help us think about how you're thinking about the cost structure for Macau this year and maybe kind of what you're thinking from an OpEx per day standpoint?

您能否幫助我們思考一下您對今年澳門的成本結構有何看法，以及從每日營運成本的角度來看您是如何考慮的？

Yes.

是的。

Sure.

當然。

I'm not going to provide OpEx per day guidance.

我不會提供每日營運支出指導。

But what I would say is that very similar to Las Vegas.

但我想說的是，這與拉斯維加斯非常相似。

It's the day-to-day hand-to-hand combat of managing OpEx, staffing, scheduling, et cetera, et cetera.

這是管理營運支出、人員配備、日程安排等方面的日常肉搏戰。

And we've called out previously that OpEx can be impacted by some of the nongaming programming that we have been doing over the course of the past couple of years.

我們之前曾指出，營運支出可能會受到過去幾年來我們進行的一些非博彩項目規劃的影響。

And so you can get a little bit of lumpiness from quarter-to-quarter.

因此，每季之間都會出現一點點波動。

But really, it comes down to extremely good management.

但實際上，這取決於極其出色的管理。

And second question, if I can go back to the buyback real quick and maybe ask this question a little bit differently.

第二個問題，我是否可以快速回到回購問​​題並以稍微不同的方式問這個問題。

But just wondering how you're thinking about balancing the buyback versus with the stock here in the low-80s, let's call it, buying back shares here versus investing capital in new projects.

但我只是想知道您如何考慮平衡回購與 80 年代初期的股票，我們稱之為回購股票與投資新項目。

I'm just trying to get a sense for how you're going about that today, Craig, if that makes sense.

我只是想知道你今天要如何處理這個問題，克雷格，如果這有意義的話。

Sure.

當然。

Well, fortunately, we're in a position now from a liquidity perspective and a leverage perspective where we can do both.

嗯，幸運的是，從流動性和槓桿的角度來看，我們現在可以同時做到這兩點。

And so we -- obviously, Wynn Al Marjan is well planned, the budget -- a significant portion of the budget is bought out.

因此，我們 — — 顯然，Wynn Al Marjan 是經過精心規劃的，預算 — — 很大一部分預算都被買斷了。

We know exactly where that's going to land, and you saw us extremely active in Q4 and Q1 in the market from a buyback perspective.

我們清楚地知道這將會帶來什麼結果，從回購的角度來看，您會看到我們在第四季和第一季在市場上非常活躍。

Julie mentioned the amount of system-wide liquidity that we have.

朱莉提到了我們擁有的系統範圍內的流動性數量。

And so really, it comes down to incremental new projects that we might take on.

所以實際上，這取決於我們可能承擔的增量新項目。

But even if we do so, right, you have to imagine that from a design and development perspective, those take time.

但即使我們這樣做，對吧，你必須想像，從設計和開發的角度來看，這些都需要時間。

And so the capital spend for those is several years out.

因此，這些方面的資本支出還需要幾年的時間。

So as I said again in my prepared remarks, while multiples remain suppressed, while much of the market -- much of the buy side continues to look to a very select number of stocks to drive returns because they're benchmarked against those, and we understand that.

因此，正如我在準備好的演講中再次說過的那樣，雖然市盈率仍然受到抑制，但大部分市場——大部分買方仍在繼續關注極少數精選股票以推動回報，因為它們是以這些股票為基準的，我們理解這一點。

And until we get the realization of value for Wynn Al Marjan, we're in a position where we can and we'll buy back.

在我們實現 Wynn Al Marjan 的價值之前，我們有能力並且會回購。

Brandt Montour, Barclays.

巴克萊銀行的 Brandt Montour。

Just on Las Vegas, the refresh and the renovations.

就在拉斯維加斯，進行了翻新和整修。

I was curious if you could just flesh out timing, sort of rooms, out of service and the cadence of that work?

我很好奇，您是否可以詳細說明時間安排、房間類型、服務範圍以及工作節奏？

And is this the kind of thing that we'll be calling out as a quantifying any sort of disruption in a couple of quarters?

這是否就是我們將在未來幾季量化的任何中斷類型？

Or do you think you can manage through it?

或者你認為你可以解決它嗎？

Well, I'll start, and then I'll ask Brian to comment as well.

好吧，我先開始，然後我也會讓布萊恩發表評論。

So first of all, we do it in the depths of -- we generally do it in the depth this summer when we have the most flexibility and the most capacity, we try to do it in a way, where we're essentially taking out three floors at a time, the floor that's being renovated and then the one above and the one below it to minimize disruption.

因此，首先，我們在深度進行——我們通常在今年夏天深度進行，那時我們擁有最大的靈活性和最大的容量，我們嘗試以某種方式進行，我們基本上一次拆除三層樓，即正在裝修的樓層，然後是上面的樓層和下面的樓層，以最大限度地減少干擾。

Brian, do you have anything you would add in terms of potential EBITDA impact or rooms out of service?

布萊恩，關於潛在 EBITDA 影響或客房停用問題，您還有什麼要補充的嗎？

No, there may be a slight impact, but we're planning on launching this with WDD at the end of the summer and anticipating about a 12-month process to try to reduce the impact at all possible as much as we can.

不會，可能會有一點影響，但我們計劃在夏季末與 WDD 一起推出這項服務，預計需要 12 個月左右的時間，盡可能減少影響。

But it's multiple floors.

但它有多層。

And as Craig said, there's a couple of floors just to make sure that we can ensure the right level of service and minimal interruption to all of our fantastic guests.

正如克雷格所說，我們設立了幾層樓只是為了確保我們能夠為所有尊貴的客人提供適當的服務水平，並盡量減少干擾。

And when we -- during periods of peak demand, during obvious times when we should be in a position to run very high occupancy, will cease the renovation work and essentially utilize the two floors in and around the floor that's being renovated.

在需求高峰期，也就是我們顯然應該能夠保持高入住率的時期，我們會停止安裝工作，並主要利用正在裝修的樓層及其周圍的兩層樓。

So the disruption, we -- we're not going to call out the disruption specifically.

因此，對於中斷，我們—我們不會具體指出中斷。

Okay.

好的。

That's super helpful.

這非常有幫助。

And I want to ask a question about the room rates.

我想要詢問有關房價的問題。

I understand that the view is that there hasn't been any sort of trend change maybe post-election, obviously, the tone of you and your peers have gotten a little bit better post that event.

我理解，人們的觀點是，也許選舉後並沒有任何趨勢變化，顯然，在選舉之後，您和您的同事的語氣已經好了一些。

But your room rates are sort of tied to the rest of the market.

但您的房價是與其他市場掛鉤的。

I'm curious it felt like the fall -- in the fall, it was a little squishier out there, maybe away from you and maybe things have gotten a little bit better into the new year.

我很好奇那感覺就像秋天一樣——在秋天，外面有點潮濕，也許離你很遠，也許到了新的一年情況會好一點。

But any kind of commentary on the evolution of the sort of pricing power of the market as a whole over the last six months would be really helpful.

但任何有關過去六個月整個市場定價能力演變的評論都是很有幫助的。

Yes.

是的。

I don't think we're in a position to comment on the market as a whole because we're only 4,700 keys out of 150,000 keys.

我認為我們沒有資格對整個市場發表評論，因為我們只擁有 150,000 把鑰匙中的 4,700 把。

What I would say is that certainly, in Q1, you're going to see in our reported Q1, you're going to see a decline in ADR, but that's really because of the Super Bowl.

我想說的是，您肯定會在我們報告的第一季中看到 ADR 的下降，但這確實是因為超級盃。

The Super Bowl run rates are absolutely off the charts.

超級盃的比賽率絕對是高得離譜的。

Our pricing power throughout Q4 felt incredibly good and continues to feel good as we move into 2025.

我們在整個第四季度的定價能力非常好，而且隨著我們進入 2025 年，這種定價能力將繼續保持良好。

Chad Beynon, Macquarie.

麥格理的查德貝農 (Chad Beynon)。

Thanks for putting up the slide deck.

感謝您提供幻燈片。

Wanted to direct your attention to Slide 20, where you lay out the CapEx projects in Macau, the concession arrangements here.

希望您注意幻燈片 20，其中列出了澳門的資本支出項目和特許經營安排。

Can you just kind of help us think about maybe some returns that you're planning on getting on these investments.

您能否幫助我們考慮一下您計劃從這些投資中獲得一些回報？

The 2026 one is obviously much larger and that's much further out in terms of thinking about the financial impact.

2026 年的目標顯然要大得多，而且從財務影響的角度來看，目標還要遠得多。

But just wondering how that kind of fits into the long-term growth strategy and how that brings in a premium customer at that point?

但只是想知道這如何適應長期成長策略以及如何吸引優質客戶？

Thanks, Chad.

謝謝，乍得。

I'll take this one.

我要這個。

We've been talking for some time about the commitment we made with the concession.

我們已經談論了一段時間我們對於這項特許權所做的承諾。

And obviously, we've made a commitment of $2.6 billion over the next 10 years, given we hit the threshold there with $1.6 billion of that being CapEx.

顯然，我們已經承諾在未來 10 年內投入 26 億美元，其中 16 億美元為資本支出。

And we've laid out on Page 20 in the presentation, the big three items that we are -- that we're putting out here.

我們在簡報的第 20 頁列出了我們要提出的三大項目。

We've made a lot of progress on the Destination Food hall, which is internal to Wynn Palace.

位於永利皇宮內部的 Destination Food 大廳已取得重大進展。

So it didn't require us to seek the approval for land use.

因此我們不需要尋求土地使用批准。

The larger projects that we're doing that do require those approvals have -- we're still in that process of seeking those approvals, and that's one of the reasons that I've become a bit repetitive of giving my range of CapEx for those things.

我們正在進行的大型專案確實需要這些批准 - 我們仍處於尋求這些批准的過程中，這也是我反覆給出這些專案的資本支出範圍的原因之一。

We've been very deliberate in how we've identified what we want to build in Macau.

我們非常慎重地確定了我們想在澳門建造什麼。

We're very focused on it staying within the Wynn brand and very much Wynn IP focused, so we're pleased with the projects that we've laid out here.

我們非常注重保持永利品牌，並且非常注重永利智慧財產權，因此我們對在這裡佈置的項目感到滿意。

In terms of the ROI, I'm afraid it's still too early to get into specifics.

就投資報酬率而言，恐怕現在談論具體情況還為時過早。

Like I said, these projects are going to be completely consistent with our brand.

正如我所說的，這些項目將與我們的品牌完全一致。

And with the nongaming elements that we've deployed really successfully in Vegas, our experience -- we've got great experience here in Vegas, proving that additive non-gaming amenities drive really meaningful visitation to our properties.

憑藉我們在拉斯維加斯成功部署的非博彩元素，我們在拉斯維加斯擁有豐富的經驗，證明了附加的非博彩設施能夠真正吸引人們到訪我們的酒店。

And ultimately, that drives long-term -- strong long-term returns for us and for our shareholders.

最終，這將為我們和股東帶來長期強勁的回報。

If you look at what's been happening in Macau, so first of all, on the food hall that we'll be opening here shortly, historically at Wynn Palace, we have been light, if you will, on more casual dining options.

如果你看看澳門發生的事情，首先，我們即將在永利皇宮開設美食大廳，從歷史上看，我們一直不太提供休閒餐飲選擇。

And so it fits very well.

所以它非常合適。

And the way that we will be programming it, which will be somewhat innovative, and we'll talk more about post opening.

我們對其進行程式設計的方式會有些創新，並且我們會更多地談論開場白。

We believe that it will drive incremental footfall and incremental visitation in and of itself.

我們相信，它本身將推動客流量和訪問量的增加。

The second trend that I think is clear in Macau is that entertainment really resonates and the entertainment drives market share.

我認為澳門的第二個明顯趨勢是娛樂確實引起了共鳴，並且娛樂推動了市場份額。

I think you can see among some of our competitors.

我想您可以看到我們的一些競爭對手。

And again, admittedly, we don't have those facilities.

我再次承認，我們沒有這些設施。

You can see among some of our competitors there in Macau that when they program entertainment, they aren't able to drive incremental market share.

您可以看到，我們在澳門的一些競爭對手在製作娛樂節目時，無法增加市場份額。

And so, if you look at what we are executing for our concession-related CapEx, it really is entertainment-centric and candidly we're not surprised to see this play out in Macau because we see it in Vegas all the time.

因此，如果你看看我們為特許經營相關的資本支出所執行的情況，你就會發現它確實是以娛樂為中心的。

So while we're not prepared to talk about specific ROI on any given project, we certainly are comfortable with the thesis that we will drive incremental revenue out of these facilities.

因此，雖然我們還沒有準備好談論任何特定項目的具體投資報酬率，但我們當然願意相信我們將從這些設施中獲得增量收入。

Okay.

好的。

Appreciate it.

非常感謝。

And then back in Vegas, just wondering, obviously, your customers have a certain level of wealth where this probably doesn't impact them as much.

然後回到拉斯維加斯，我只是想知道，顯然，您的客戶擁有一定的財富水平，這可能不會對他們造成太大影響。

But just given what's happened with FX recently and thinking about the breadth of your international customer base, during prior periods or just kind of looking at your database, do you think that FX will have any impact on visitation or spend or your customers just at a level, where they're probably not thinking about small changes to their pocketbook.

但是，考慮到最近外匯市場發生的情況，並考慮到您在前期國際客戶群的廣度，或者只是查看您的資料庫，您是否認為外匯市場會對訪問量或支出產生任何影響，或者只是在某種程度上對您的客戶產生影響，他們可能不會考慮錢包的小變化。

No.

不。

Not at all.

一點也不。

And in fact, if you go back in time, if you go back to, I don't know, pick a year, 2017, the year that I joined the company and you looked at (inaudible) drop, you would see that we have done an incredibly good job of growing our business in domestic table games and in slots.

事實上，如果回顧過去，如果回顧，我不知道，選一年，2017 年，我加入公司的那一年，你看（聽不清楚）下降，你會看到我們在國內桌面遊戲和老虎機業務增長方面做得非常好。

And so International business, I don't believe will be impacted by FX, but we are less -- we are more diversified and less levered to international business than I think we've ever been in the history of the property actually.

因此，我認為國際業務不會受到外匯的影響，但我們的多元化程度更高，對國際業務的槓桿率也比房地產歷史上任何時候都要低。

Ben Chaiken, Mizuho.

瑞穗的本‧柴肯 (Ben Chaiken)。

Craig, Julie.

克雷格，朱莉。

A few months ago, I guess there were some headlines related to the pace at which UAE will potentially allocate gaming licenses, which were very supportive of your positioning.

幾個月前，我想有一些頭條新聞與阿聯酋可能分配博彩許可證的速度有關，這對您的定位非常支持。

I'm sure you guys are head down, but any color or view on the pace of future competitors to the extent you thought about it?

我確信你們都低著頭，但是對於未來競爭對手的步伐，你們有何看法或觀點？

And then one follow-up on Wynn Al Marjan.

然後是關於 Wynn Al Marjan 的後續報導。

Sure.

當然。

Yes.

是的。

We've talked about this on prior calls.

我們在之前的通話中討論過這個問題。

We don't believe that every Emirate will avail themselves of potential license by any means, actually.

實際上，我們並不相信每個酋長國都會以任何方式獲得潛在許可。

And as we keep our ear to the ground with respect to what's going on, we don't believe that there is even a deals drop, frankly, for a second license.

我們一直在密切關注事態的發展，坦白說，我們認為第二個許可證的交易量不會下降。

It could be wrong, but we have pretty good intelligence.

這可能是錯的，但我們擁有相當出色的情報。

And so if you just think about the fact that we're opening in March of 2027, you think about the fact that it takes at a minimum four years to design and build an integrated resort.

因此，如果您想到我們將於 2027 年 3 月開業，您就會想到設計和建造一個綜合度假村至少需要四年。

You can imagine that we're going to have a very, very healthy lead.

你可以想像我們將保持非常非常大的領先優勢。

And there's a lot of precedent in our industry, if you look around regional markets in the US actually first to market, getting a lot of sticky database and being able to weather a new entrant.

如果你觀察美國的區域市場，你會發現我們的行業中有很多先例，實際上，這些公司首先進入了市場，獲得了大量的黏性資料庫，並且能夠抵禦新進入者的衝擊。

Beyond that, again, we provided the projections that we provided for Wynn Al Marjan, assuming a second property -- and in fact, I don't think we would be all that flushed, if there was a second property because we believe in the clustering effect, and we believe that it would be good for the industry.

除此之外，我們再次提供了對 Wynn Al Marjan 的預測，假設擁有第二處房產——事實上，如果有第二處房產，我認為我們不會那麼興奮，因為我們相信集群效應，我們相信這對行業有利。

But as of now, we don't see line of sight on that potential second license.

但截至目前，我們還沒有看到第二張許可證的潛在消息。

That's very helpful.

這非常有幫助。

Appreciate it.

非常感謝。

And then how do you think -- just stepping back, how do you think about the most important customer cohorts?

那麼您如何看待—退一步來說，您如何看待最重要的客戶群？

Obviously, the acquisition in London is telling, but I guess to dig a little further, is this an existing gambler or is it someone new who wants to pay for a hotel and experiences and who may also gamble if given the opportunity.

顯然，在倫敦的收購說明了一切，但我想進一步挖掘一下，這是一個現有的賭徒，還是一個想支付酒店和體驗費用的新人，如果有機會，他可能也會賭博。

I mean I'm sure to some degree, if you build it, they will come scenario.

我的意思是，我確信在某種程度上，如果你建造了它，他們就會來。

But I'm just trying to get a sense of how you think about marketing and distribution of the property.

但我只是想了解您對房產的營銷和分銷有何看法。

Yes.

是的。

It's a really good question.

這真是一個好問題。

And my response would be how much time do you have.

我的回答是你有多少時間。

But I guess, if I had to really summarize it, what I would say is this, gaming globally is a question of supply and demand, really, really simple supply and demand.

但我想，如果我必須真正總結一下的話，我想說的是，全球遊戲是一個供需問題，真的非常簡單的供需問題。

Gaming is a fundamental human behavior.

遊戲是人類的基本行為。

And when supply and demand are out of balance, it's good to be an operator, when supply and demand are out of balance the other way than only the strongest survive.

當供需失衡時，做運營商是好的，當供需失衡時，做運營商就是壞的，只有最強者才能生存。

And so for the casino component of the business, having the setup that we have being really the only integrated resort on this half of the planet is very, very beneficial for us, and it's what makes us incredibly bullish.

因此，對於業務的賭場部分而言，我們擁有地球上這半個地區實際上唯一的綜合度假村，這對我們來說非常非常有利，這也是我們非常樂觀的原因。

The second thing I would say is that the propensity to spend on luxury hotel and on food and beverage, in the Emirates is extremely high.

我想說的第二件事是，阿聯酋的人們花在豪華酒店和餐飲上的傾向非常高。

And so we -- as you will see from the numbers that we produced at our Investor Day, we firmly believe that this business will be more akin to Vegas than it will be in Macau, where we can drive material nongaming revenues.

因此，正如您從我們在投資者日公佈的數據中看到的那樣，我們堅信這項業務將更類似於拉斯維加斯而不是澳門，在澳門我們可以推動實質性的非博彩收入。

The last thing I would say is that you can think of the cohorts for this property really in three pieces, Ras Al Khaimah has inbound visitation today, call it by the point we opened 2 million folks per year, in a market with relatively few amenities.

我最後要說的是，你可以把這個地產的客戶群分成三部分，今天拉斯海瑪的入境遊客數量，按照我們每年開放的人數計算，為 200 萬人次，而這個市場的設施相對較少。

And so I would expect that we are going to get at least a single trip out of a large portion of those folks that are already coming to Ras Al Khaimah.

因此，我預計，我們已經抵達拉斯海馬的大部分遊客將至少有一次旅行。

The second cohort would be those, who live in Dubai an incredibly bustling, very sophisticated place with extremely high GDP per capita.

第二類人是居住在杜拜的人，杜拜是個極為繁華、非常發達的城市，人均 GDP 極高。

And the third cohort are really destination luxury travelers, including gaming customers, and that's kind of our bread and butter.

第三類人其實是目的地豪華旅行者，包括博彩客戶，這也是我們的收入來源。

I mean anybody, who is a high-value customer particularly with the acquisition we did in London, anybody as a high-value customer globally, we should know.

我的意思是，任何人，特別是我們在倫敦進行的收購的高價值客戶，任何全球的高價值客戶，我們都應該知道。

And so our ability to attract those folks and bring them to Wynn Al Marjan, I like our odds.

因此，我們有能力吸引這些人並將他們帶到 Wynn Al Marjan，我相信我們的可能性很高。

Well, thank you, everybody, for your interest in the results, and that will be the conclusion of our Q4 earnings call.

好吧，謝謝大家對結果的關注，這就是我們第四季財報電話會議的結論。

We look forward to talking to you next quarter.

我們期待下個季度與您交談。

Thank you all for participating in the Wynn Resorts fourth quarter 2024 earnings call.

感謝大家參加永利度假村 2024 年第四季財報電話會議。

That concludes today's conference.

今天的會議到此結束。

Please disconnect at this time, and have a wonderful rest of your day.

請立即斷開連接，並享受美好的一天。