永利渡假村 (WYNN) 2025 Q1 法說會逐字稿

Welcome to the Wynn Resorts' first quarter 2025 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 2025 年第一季財報電話會議。（操作員指示）此通話正在錄音。如果您有任何異議，您可以立即斷開連接。

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

現在我將把電話交給財務長 Julie Cameron-Doe。請繼續。

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings, Brian Gullbrants, and Jenny Holaday in Las Vegas. Also on the line are Linda Chen and Frederic Luvisutto.

謝謝接線員，大家下午好。今天與我一起通話的有 Craig Billings、Brian Gullbrants 和 Jenny Holaday，他們在拉斯維加斯。線上的還有 Linda Chen 和 Frederic Luvisutto。

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

請注意，我們已發布了一份演示文稿，以便在本次電話會議之前提供有關公司及其近期業績的更多詳情。您可以在我們新近重新推出的投資者關係網站上找到該簡報。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.

現在我將把電話轉給克雷格·比林斯。

Thanks, Julie. Good afternoon, and as always, thank you for joining us. Before we get into the quarter, I want to take a moment to recognize a very significant milestone. Last month, I was pleased to join nearly 1,700 of our Day 1 Wynn Las Vegas employees in celebration of the 20 anniversary of our iconic Las Vegas Resort.

謝謝，朱莉。下午好，一如既往，感謝您的參與。在進入本季度之前，我想花點時間來認識一個非常重要的里程碑。上個月，我很高興與近 1,700 名永利拉斯維加斯第一天員工一起慶祝我們標誌性的拉斯維加斯度假村成立 20 週年。

I want to take a moment to express my gratitude to each and every one of our team members, including those 1,700 folks who have been with us in Vegas since the beginning. This anniversary was a tribute to the dedication, passion, and hard work that so many have demonstrated over the years to build the strength of our business today, a business that is delivering near-record results with a significant property opening now less than two years away.

我想花點時間向我們團隊的每位成員表達我的謝意，包括自公司成立以來一直與我們一起在拉斯維加斯工作的 1,700 名員工。這次週年紀念是對多年來許多人表現出的奉獻精神、熱情和辛勤工作的致敬，正是這些奉獻、熱情和辛勤工作才成就了我們今天的業務實力，我們的業務正在取得接近創紀錄的業績，距離重要的酒店開業已不到兩年。

I also want to acknowledge the significant contributions of Elaine Wynn to both our business and the broader Las Vegas community. Elaine, who cared so deeply about our employees, was truly one of a kind and will be missed by many.

我還要感謝 Elaine Wynn 對我們的業務以及更廣泛的拉斯維加斯社區做出的重大貢獻。伊萊恩非常關心我們的員工，她確實是獨一無二的，很多人都會懷念她。

Turning to the business, I'd like to address up front the potential impact of tariffs on our business. We expect the direct impact of tariffs on OpEx to be low and entirely manageable, with most of the impact in the US stemming from food and beverage, where we are actively working through alternative sourcing for the most impactful items.

談到業務，我想先談談關稅對我們業務的潛在影響。我們預計關稅對營運支出的直接影響將很低且完全可控，其中美國的大部分影響來自食品和飲料，我們正在積極尋找受影響最大的商品的替代來源。

CapEx, however, is a different story. We had a number of CapEx projects in flight in the US, and while we had sourced for those projects, presuming some tariff impact, the current tariff rates have driven us to delay about $375 million of CapEx projects, including the Encore Tower remodel.

然而，資本支出則是另一回事。我們在美國有多個正在進行的資本支出項目，雖然我們已經為這些項目進行了採購，並假設會受到一些關稅影響，但當前的關稅稅率已迫使我們推遲了約 3.75 億美元的資本支出項目，其中包括 Encore Tower 改造。

Once tariff rates have settled, we will thoroughly respec and resource the most severely affected items. While we're staying nimble, the pace of change at the moment is just too significant to commit to revised timing on that CapEx.

一旦關稅稅率確定下來，我們將徹底重新評估並解決受影響最嚴重的產品問題。雖然我們保持靈活，但目前變化的速度太快，無法承諾修改資本支出的時間。

Turning to the potential indirect impacts, there's been plenty of recent research on the potential impact of tariffs on growth, and while we are certainly better insulated than some, given our more resilient, affluent customer base, there's obviously uncertainty out there.

談到潛在的間接影響，最近有很多關於關稅對成長的潛在影響的研究，雖然我們肯定比一些國家受到的衝擊更大，但考慮到我們更具彈性、更富裕的客戶群，顯然存在不確定性。

So far, however, our businesses in Vegas and Macau are holding up quite well. In Vegas, April RevPAR was up slightly from 2024, slot handle was up, and group activity was as expected. So the business through April felt pretty good. And the visibility we have into forward demand, which is primarily through our group and convention business, also looks just fine. Of course, the booking window in other channels is much shorter than group, and so we are watching those channels carefully.

不過到目前為止，我們在拉斯維加斯和澳門的業務表現相當良好。在拉斯維加斯，4 月 RevPAR 較 2024 年略有上升，老虎機手柄有所增加，團體活動也符合預期。因此，四月的業務情況相當不錯。我們對未來需求的預見性（主要透過我們的團體和會議業務）也看起來不錯。當然，其他管道的預訂窗口比團體預訂要短得多，因此我們正在密切關注這些管道。

In Macau, mass drop in April was in line with 2024, and direct VIP turnover was up nicely. Golden Week, which just ended, saw mass drop up from last year and full occupancy in the hotels. But again, the booking window there is short, and we are watching customer activity day-to-day. Long story short, recent results have been good, but we have to acknowledge the uncertainty out there and the impact that uncertainty may have on demand. As always, we have a playbook ready for every scenario.

在澳門，4 月的大規模降幅與 2024 年持平，而直接貴賓營業額則大幅上升。剛結束的黃金周，飯店入住率較去年同期大幅下降，飯店入住率爆滿。但那裡的預訂窗口很短，我們每天都在關注客戶活動。長話短說，最近的結果很好，但我們必須承認存在的不確定性以及不確定性可能對需求的影響。像往常一樣，我們為每種情況都準備好了劇本。

So with that, let's turn to the quarter. We were pleased to deliver another solid quarter of EBITDA here in Las Vegas on an impossible comp against the 2024 Super Bowl. On last quarter's call, we called out a $25 million headwind to EBITDA, and we did a bit better than that, as we were only down about $11 million when adjusting for hold in both periods.

那麼，讓我們來看看本季。我們很高興在拉斯維加斯再次實現了穩健的 EBITDA 季度，這與 2024 年超級碗的成績不相上下。在上個季度的電話會議上，我們指出 EBITDA 面臨 2500 萬美元的不利因素，但我們的表現要好一些，因為在兩個期間進行調整後，EBITDA 僅下降了約 1100 萬美元。

Demand remained healthy in the quarter, with a 4% increase in total casino revenues, even without the Super Bowl in 2025. Our slot business continues to be a bright spot, as the investments we have made in our premium slot areas and in the team have helped maintain our premium positioning. In fact, if you remove Super Bowl weekend from the prior year quarter, we were up across the board. Drop, candle, RevPAR, non-gaming revenues, and EBITDA, all up year-over-year.

即使 2025 年沒有超級碗，本季需求依然保持健康，賭場總收入仍成長了 4%。我們的老虎機業務繼續成為亮點，因為我們在優質老虎機區域和團隊上的投資幫助我們保持了優質定位。事實上，如果將超級盃週末從去年同期中剔除，我們的業績將會全面上升。下降、蠟燭、RevPAR、非博彩收入和 EBITDA 均較去年同期成長。

Turning to Boston, Encore Boston Harbor generated $57 million of EBITDA. Slot volumes continue to hold up well, with slot went up about 3%. More recently, demand in Boston has remained healthy through April, with drop and handle flat to last year.

談到波士頓，Encore Boston Harbor 的 EBITDA 為 5700 萬美元。老虎機交易量繼續保持良好，上漲了約 3%。最近，波士頓的需求在整個四月份保持健康，跌幅和處理量與去年持平。

In Macau, other than hold, the business in Q1 felt very good. Business generated $252 million in EBITDA, with poor VIP hold costing us nearly $40 million of EBITDA. We saw healthy volumes in the quarter, with turnover up 31% and mass drop up 1 point, both sequentially. Adjusted for VIP hold, we grew market share sequentially and improved EBITDA margins from Q4 to Q1.

在澳門，除持有外，第一季的業務感覺非常好。業務產生了 2.52 億美元的 EBITDA，而 VIP 持有不佳導致我們損失了近 4,000 萬美元的 EBITDA。本季度，我們的交易量表現良好，營業額較上季成長 31%，品質下降 1 個百分點。經過 VIP 持有量調整後，我們的市佔率連續成長，並且從第四季度到第一季度，EBITDA 利潤率有所提高。

While the market in Macau continues to be highly competitive, we remain disciplined in our focus on maximizing EBITDA and generating a healthy margin profile. We were also pleased to recently open the Gourmet Pavilion food hall at Wynn Palace, an exciting new amenity for us, which is already driving visitation and eliciting enthusiasm from our customers. In fact, since opening the Gourmet Pavilion, we have seen about 2,400 incremental daily restaurant covers at Wynn Palace, a strong indicator of additional visitation to the property.

儘管澳門市場競爭依然激烈，我們仍將嚴格遵循最大化 EBITDA 和創造健康的利潤率原則。我們也很高興最近在永利皇宮開設了美食館，這對我們來說是一個令人興奮的新設施，它已經吸引了大量遊客並激發了顧客的熱情。事實上，自美食館開業以來，我們看到永利皇宮的每日餐廳客流量增加了約 2,400 人次，這有力地表明了該酒店的客流量有所增加。

Turning to Wynn Al Marjan Island, construction is now up to the 47th floor of the tower, and we will top out later this year. We will soon be commencing with the fit-out of interiors in portions of the building, and we're also now sculpting the elaborate beachside poolscape. We remain on track for our targeted opening date, and we believe the property will be well positioned as the only integrated resort to open in the near term into what several analysts have predicted will be a $5 billion-plus GGR market. We think this is the most compelling development opportunity in the industry right now.

談到永利阿爾馬里安島，目前大樓的建設已到第 47 層，我們將於今年稍後封頂。我們很快就會開始對建築部分進行內部裝修，現在我們正在塑造精緻的海濱泳池景觀。我們仍在按計劃實現預期開業日期，我們相信，該度假村將成為短期內唯一一家進入博彩總收入 (GGR) 市場（一些分析師預測該市場將達到 50 億美元以上）的綜合度假村。我們認為這是目前業界中最引人注目的發展機會。

Our future is bright, and as I mentioned last quarter, while our stock price continues to inappropriately reflect the value of our assets, we will buy back stock. To that end, we purchased $200 million of stock in the first quarter and another $100 million thus far in Q2.

我們的未來是光明的，正如我上個季度提到的，雖然我們的股價繼續不恰當地反映我們資產的價值，但我們將回購股票。為此，我們在第一季購買了價值 2 億美元的股票，並在第二季迄今又購買了價值 1 億美元的股票。

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

好了，現在我將把話題轉回給朱莉，讓她來介紹本季的一些其他細節。

Thank you, Craig. At Wynn Las Vegas, we generated $223.4 million in adjusted property [EBITDAR] on $625.3 million of operating revenue during the quarter, delivering an [EBITDAR] margin of 35.7%. Removing the Super Bowl weekend from each quarter, revenue and [EBITDA] were up 5.4% and 2.7%, respectively.

謝謝你，克雷格。在永利拉斯維加斯，我們本季的營業收入為 6.253 億美元，調整後物業收益 [EBITDAR] 為 2.234 億美元，[EBITDAR] 利潤率為 35.7%。每季去掉超級盃週末，營收和 [EBITDA] 分別成長 5.4% 和 2.7%。

OpEx excluding gaming tax per day was $4.3 million in the quarter, up 4.1% compared to the prior year due to normal wage inflation from our union and non-union areas and a prior year recovery of bad debt. The team in Las Vegas continues to exercise strong cost discipline and has been able to mitigate the majority of recent payroll related increases without impacting the guest experience.

本季不包括博彩稅的每日營運支出為 430 萬美元，比上年增長 4.1%，原因是我們工會和非工會地區的正常工資上漲以及上年壞帳的收回。拉斯維加斯的團隊繼續嚴格執行成本控制，並能夠在不影響客人體驗的情況下減輕近期大部分與薪資相關的成長。

Turning to Boston. We generated adjusted property [EBITDAR] of $57.5 million on revenue of $209.2 million with an [EBITDAR] margin of 27.5%. Prior year [EBITDAR] benefited $2 million from a one-time credit to OpEx in addition to about $3 million of high hold. We stayed very disciplined on the cost side with OpEx per day of $1.18 million up just 1% from Q1 '24 despite continued labor cost pressures in that market. The Boston team has continued to do a great job of mitigating union related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience.

轉向波士頓。我們產生的調整後財產 [EBITDAR] 為 5,750 萬美元，營收為 2.092 億美元，[EBITDAR] 利潤率為 27.5%。上一年 [EBITDAR] 除約 300 萬美元的高額持有外，還從一次性營運支出貸記中獲得了 200 萬美元的收益。我們在成本方面保持了嚴格的紀律，儘管該市場持續面臨勞動力成本壓力，但每天的營運成本為 118 萬美元，僅比 24 年第一季上漲 1%。波士頓團隊繼續出色地完成了工作，透過在不影響客戶體驗的業務領域提高成本效率來緩解與工會相關的薪資成長。

Our Macau operations delivered adjusted property [EBITDAR] of $252.1 million in the quarter on $865.9 million of operating revenue resulting in an [EBITDAR] margin of 29.1% in the quarter. Lower than normal VIP hold impacted [EBITDAR] by a little over $38 million in the quarter. OpEx excluding gaming tax was approximately $2.64 million per day in Q1, flat year-on-year. The team has done a great job in staying disciplined on costs, and we remain well positioned to drive strong operating leverage as the market continues to grow over time.

我們澳門業務本季的調整後房地產 [EBITDAR] 為 2.521 億美元，營業收入為 8.659 億美元，本季 [EBITDAR] 利潤率為 29.1%。低於正常水平的 VIP 持有量對本季度的 [EBITDAR] 產生了略高於 3800 萬美元的影響。第一季不包括博彩稅的營運支出約為每天 264 萬美元，與去年同期持平。團隊在控製成本方面做得非常出色，隨著市場持續成長，我們仍處於有利地位，能夠推動強勁的營運槓桿。

In terms of CapEx in Macau, we recently opened the Gourmet Pavilion at Wynn Palace, as Craig mentioned, and we're currently advancing through the design, planning and approval stages on several of our larger concession commitments. As we noted the past few quarters, these projects require a number of government approvals, creating a wide range of potential CapEx outcomes in the near-term. As such, we expect total CapEx spend in 2025 inclusive of our concession related commitments and other projects to range between $250 million to $300 million.

在澳門的資本支出方面，正如克雷格所提到的，我們最近在永利皇宮開設了美食館，目前，我們正在推進幾項較大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，從而在短期內產生廣泛的潛在資本支出結果。因此，我們預計 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 億美元至 3 億美元之間。

Moving on to the balance sheet, our liquidity position remains very strong with global cash and revolver availability of $3.2 billion as of March 31. This was comprised of $1.8 billion of total cash and available liquidity in Macau and $1.3 billion in the US.

從資產負債表來看，我們的流動性狀況依然非常強勁，截至 3 月 31 日，全球現金和循環信貸餘額為 32 億美元。其中包括澳門的 18 億美元現金和可用流動資金以及美國的 13 億美元。

The combination of strong performance in each of our markets globally with our properties generating nearly $2.3 billion of LTM adjusted property [EBITDAR] together with our robust cash position creates a very healthy consolidated net leverage ratio of just over 4.3 times. Our strong free cash flow and liquidity profile also allows us to continue returning capital to shareholders in both Macau and the US.

我們在全球各個市場均表現強勁，加上我們的物業創造了近 23 億美元的 LTM 調整後物業 [EBITDAR]，再加上我們強勁的現金狀況，創造了非常健康的合併淨槓桿率，略高於 4.3 倍。我們強勁的自由現金流和流動性狀況也使我們能夠繼續向澳門和美國的股東返還資本。

To that end, the Wynn Macau Board recently announced it is recommended to shareholders an increase in the final dividend for 2024 to $125 million up from $50 million in the previous period, subject to shareholders approval at the upcoming Annual General Meeting on May 23. In addition, the Wynn Resorts Board has approved a cash dividend of $0.25 per share payable on May 30, 2025, to stockholders of record as of May 16.

為此，永利澳門董事會最近向股東宣布，建議將 2024 年末期股息從上一期的 5,000 萬美元增加至 1.25 億美元，但須經股東在 5 月 23 日即將召開的年度股東大會上批准。此外，永利度假村董事會已批准向截至 5 月 16 日登記在冊的股東派發每股 0.25 美元的現金股息，派發日期為 2025 年 5 月 30 日。

During the quarter, we repurchased 2.36 million shares for approximately $200 million and an additional $100 million so far in Q2 '25. These share buybacks, together with our recurring dividend, highlight our focus on and continued commitment to prudently returning capital to shareholders.

本季度，我們以約 2 億美元回購了 236 萬股，並在 2025 年第二季迄今額外回購了 1 億美元。這些股票回購，加上我們的經常性股息，凸顯了我們對謹慎地向股東返還資本的關注和持續承諾。

In terms of CapEx, we spent approximately $160 million of 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 cost maintenance across the business. Additionally, we contributed $51.2 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to-date to $682.9 million.

在資本支出方面，我們在本季度花費了大約 1.6 億美元的資本支出，主要用於拉斯維加斯的別墅裝修和餐飲改善、澳門的特許經營相關資本支出以及整個業務的正常成本維護。此外，我們在本季度向 Wynn Al Marjan Island 項目注入了 5,120 萬美元的股權，使我們迄今為止的總股權注入額達到 6.829 億美元。

During the quarter, we started drawing on the construction loan with a drawn amount to-date of $278 million. We estimate our remaining 40% pro rata share of the required equity is approximately $650 million to $725 million.

本季度，我們開始提取建設貸款，迄今為止提取金額為 2.78 億美元。我們估計，我們剩餘的 40% 按比例所佔的所需股權份額約為 6.5 億美元至 7.25 億美元。

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

好了，我們現在開始問答。

(Operator Instructions)

（操作員指示）

Carlo Santarelli, Deutsche Bank

卡洛桑塔雷利，德意志銀行

Hey, Craig, Julie, everyone. Maybe this is for Craig. I know that the way that we see promos, discounts, in Las Vegas is different than maybe the way that you guys think about them or see them. But it does look like in the first quarter, that came down fairly really both as a relative to (technical difficulty) on a dollar basis.

嘿，克雷格、朱莉，大家好。也許這是給克雷格的。我知道我們在拉斯維加斯看到促銷、折扣的方式可能與你們的想法或看法不同。但在第一季度，從美元計算（技術難度）來看，這數字確實下降了不少。

I was wondering if there's been any change there or if just a lot of what we're seeing is the Super Bowl comparison and some of that savings is coming through just from that weekend alone.

我想知道那裡是否有任何變化，或者我們所看到的只是與超級碗的比較，而其中一些節省僅僅是從那個週末產生的。

Sure, Carlo. It's -- those numbers are going to correlate very strongly with ADR because a significant component of our reinvestment is in the form of rooms. So your presumption that it relates to Super Bowl is correct because our ADRs over Super Bowl were even more off the charts than they are ordinarily.

當然，卡洛。這些數字與 ADR 密切相關，因為我們再投資的很大一部分是房間。因此，您認為它與超級盃有關的假設是正確的，因為我們在超級盃期間的 ADR 比平常更出色。

Okay, great. And then, Julie, you talked about kind of the contributions and where things stand as of today. How should we think about the cadence of kind of that remaining $650 million to $725 million?

好的，太好了。然後，朱莉，你談到了貢獻以及目前的情況。我們該如何看待剩餘的 6.5 億美元至 7.25 億美元的節奏？

Yeah. Thanks, Carlo. I think we've talked about this in the past that it's following the usual kind of construction curve. So it's going to be we'll be deploying that over the course of the remainder of this year and into next year.

是的。謝謝，卡洛。我想我們過去已經討論過這個問題，它遵循通常的建造曲線。因此，我們將在今年剩餘時間和明年內部署該計劃。

Okay, great. Thank you.

好的，太好了。謝謝。

But it is pro rata. It is essentially side by side with the bank financing. So it is not equity first, bank second.

但這是按比例的。它本質上與銀行融資並存。因此，情況並非是股權第一、銀行第二。

Sean Kelley, Bank of America.

美國銀行的肖恩凱利（Sean Kelley）。

Hi. Good afternoon. Thanks for taking my question. Craig, maybe you can just give us your thoughts on -- there's obviously a lot of questions around kind of the consumer and some of the mix. And as your business has evolved, particularly the growth you've seen in slots, could you just give us your latest sense on sort of how much international inbound is Wynn exposed to and how much sort of China or Asia sourced VIP should we think about purely on the Las Vegas side of the equation? That'd be helpful.

你好。午安.感謝您回答我的問題。克雷格，也許您可以告訴我們您的想法——顯然有很多關於消費者和一些組合的問題。隨著您的業務不斷發展，特別是老虎機業務的成長，您能否向我們介紹永利面臨的國際入境遊客數量以及我們應該從拉斯維加斯的角度考慮多少來自中國或亞洲的 VIP 遊客？那將會很有幫助。

Sure. First step is to bifurcate it between the very high end and not the very high end. On the very high end, we're not seeing really any implications for visitation at all. Outside of that group, post-COVID, international is like 9% of Las Vegas room nights, which is we can easily, easily backfill. And so we don't see -- we do see a decrease in international visitation, particularly from Canada and Mexico, as others have mentioned. It doesn't really impact us much at all.

當然。第一步是將其分為非常高端和不太高端。從最高端來看，我們實際上沒有看到對訪問量有任何影響。除該族群外，新冠疫情過後，國際遊客的住宿晚數約佔拉斯維加斯住宿晚數的 9%，我們可以輕鬆填補這一空缺。因此，我們並沒有看到——我們確實看到國際遊客數量有所減少，特別是來自加拿大和墨西哥的遊客數量，正如其他人所提到的那樣。它實際上並沒有給我們帶來太大的影響。

That's helpful. And then big picture, obviously, it looks like sounds like the forward calendar and everything you're seeing on group is consistent and fairly unchanged, which I think fits with everything we've heard from the market right now. But maybe just your thoughts on sort of the rate picture as we move into the summer kind of across Memorial Day. Sometimes that area gets a little bit more volatile. Obviously, the booking windows are very short. But anything that you see in activity there or anything you see on the pricing side one way or another that we should be aware of?

這很有幫助。然後從總體來看，顯然，它看起來聽起來像是未來日曆，而且您在小組中看到的一切都是一致的，幾乎沒有變化，我認為這與我們目前從市場上聽到的一切相符。但也許這只是您對亡將士紀念日期間進入夏季時利率走勢的看法。有時該地區會變得更加不穩定。顯然，預訂窗口非常短。但是，您在那裡看到的活動或定價方面有什麼事情是我們應該注意的嗎？

From a pricing perspective, nothing out of the ordinary. From a booking perspective, honestly, this last weekend, we had bookings that were well above the norm. And so look, we can be naive. There's uncertainty out there, as I mentioned in my prepared remarks, and we have to watch this stuff day-to-day. But as I also said in my prepared remarks, things look fine as of now and booking continues kind of where we would expect it. Although again, as you rightly point out, the booking window is relatively short.

從定價角度來看，並沒有什麼特別之處。從預訂角度來看，說實話，上週末我們的預訂量遠高於正常水平。所以你看，我們可能很天真。正如我在準備好的發言中提到的那樣，外面存在著不確定性，我們必須每天關注這些事情。但正如我在準備好的演講中所說的那樣，目前情況看起來很好，預訂情況也符合我們的預期。不過，正如您正確指出的那樣，預訂窗口相對較短。

So we'll see once things really start to kick in and the impact of the decrease in port traffic that you're seeing in LA. And the impact of tariffs really set in, we'll see. But as of now everything is pretty good actually. Brian, anything you'd add?

因此，一旦事情真正開始發揮作用，我們就會看到洛杉磯港口交通量減少的影響。我們將會看到關稅的影響是否真正顯現。但截至目前，一切其實都很好。Brian，您還有什麼要補充的嗎？

Thank you very much.

非常感謝。

I'd say the revenue team and our sales team are continuing to take rate wherever they can. You can look for yourself. Our rates are extremely strong, beating the market. And when we look to 26% on the group side, we're pacing even better than expected. So feeling good about group pace and feeling good about where we are right now. We'll see what happens in the summer.

我想說的是，收入團隊和我們的銷售團隊正在盡其所能地繼續提高利率。你可以自己去找找。我們的利率極為強勁，超越了市場。當我們看到集團方面 26% 的業績時，我們的步伐甚至比預期的還要好。所以對團隊的步伐感到滿意，對我們現在所處的位置感到滿意。我們將看看夏天會發生什麼。

But watching it like a hawk.

但像鷹一樣注視著它。

That's right.

這是正確的。

Thank you.

謝謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good evening, everybody. Thanks for taking my question. Can you just talk a bit more about Macau? And we've obviously heard your commentary about the competitiveness in that market. And just talk a bit more about how that manifests and how you respond to it. Are we talking about credit or promotions or what else is manifesting in terms of that heightened credit?

大家晚上好。感謝您回答我的問題。能再多談談澳門嗎？我們顯然聽到了您對該市場競爭力的評論。請再多談談這種情況是如何表現出來的以及你對此作何反應。我們談論的是信用、晉升，還是信用提升方面所體現的其他因素？

Yeah, sure. I mean, I think it's -- I think one of our peers talked about it on a call regarding the strength of the premium mass market and the importance of the premium mass market to Macau at the moment, and we would clearly second that. I mean, you have a market where the booking window is short, and for a while, the promotional environment was probably more player friendly than it had historically been. That's eased and what we see is a pretty stable promotional environment now.

是的，當然。我的意思是，我認為——我們的一位同行在電話會議上談到了高端大眾市場的實力以及高端大眾市場目前對澳門的重要性，我們顯然也同意這一點。我的意思是，你的市場預訂窗口很短，而且有一段時間，促銷環境可能比過去對玩家更友善。這種情況已經緩解，我們現在看到的是一個相當穩定的促銷環境。

But it's the day-to-day hand-to-hand combat of getting that customer to make a trip and getting that customer to come to your property. So I can't say it's any one of those things that you mentioned. It's really a combination of kind of all of them. And the competition for that customer segment is fierce.

但讓顧客出遊並讓顧客來到您的住處是一場日復一日的肉搏戰。所以我不能說這是你提到的任何一件事。這實際上是所有這些的結合。該客戶群的競爭非常激烈。

So what do we rely on? We rely on the things that we've always done really, really well, service, the quality of the product. And then muscles that we've built over the course of the past few years on the machine learning side and on offer development and offer delivery, on many of the new amenities that we've put in, the complete reconfiguration and changes that we've done in our food and beverage program, the opening of the food hall that we just talked about, all of those things are important to our ability to be competitive. But it's a river of nickels, David. So it's really all of those things, and you got to be prepared to do all of those things and doing well.

那我們依靠什麼呢？我們依靠我們一直做得非常好的事情，服務和產品品質。我們在過去幾年中在機器學習、產品開發和交付方面所建立的力量，在我們投入的許多新設施、我們在食品和飲料計劃中所做的徹底重新配置和改變，以及我們剛才談到的美食大廳的開放，所有這些對於我們的競爭力都很重要。但這是一條鎳幣河，大衛。所以這實際上就是所有這些事情，你必須做好準備去做所有這些事情並且做好。

Understood. And I just want to be clear. Is it notably worse than it was 6 or 12 months ago? And do you have any sense about what the trajectory of that might be in the next 12 months?

明白了。我只是想把事情說清楚。它是否比六個月或十二個月前更糟？您是否知道未來 12 個月內這股趨勢將會如何？

No, I don't. In fact, I think it's better. So I think everybody came out of COVID. I mean, you had this period of closure and you had a period in which the junkets were taken out of the market. And so I think you had this period of time coming out of COVID when everybody was kind of finding their footing. I think we were unique coming out of COVID because we were in particularly strong shape coming out of the gates.

不，我不知道。事實上，我認為這樣更好。所以我認為每個人都擺脫了 COVID。我的意思是，你們經歷了一段關閉期，也經歷了中介機構退出市場的時期。所以我認為在新冠疫情結束後的這段時間裡，每個人都在尋找自己的立足點。我認為我們在擺脫新冠疫情方面是獨一無二的，因為我們一開始就處於特別強勁的狀態。

And I think at this point, everybody has kind of found who they are and how they're going to compete. And I think that stability that we're seeing in the market over the course of the past, call it, six months is good for the market, but it doesn't change the fact that it's a very, very competitive dynamic. When I say it's a competitive dynamic, it's not a negative statement. It's not a -- I'm not saying anything bad about the market. I'm just stating the reality, and it's a reality we live with every day, and we're fine with it.

我認為此時此刻，每個人都已經找到了自己是誰以及他們將如何競爭。我認為，過去六個月市場呈現的穩定態勢對市場有利，但這並不能改變市場競爭非常激烈的事實。當我說這是一種競爭動態時，這並不是一種負面的說法。這不是——我並沒有說市場壞話。我只是在陳述現實，這是我們每天都要面對的現實，我們對此感到滿意。

Perfect, thank you.

非常好，謝謝。

Stephen Grambling, Morgan Stanley

摩根士丹利的史蒂芬‧格蘭布林

Hey, thank you. Craig, I think in your opening remarks, you talked about the disconnect in the value of the stock and your willingness to buy back, which sometimes you hear about conglomerates and holding companies having discounts. I guess, how do you think about synergies from operating as one business across multiple properties globally and one brand versus perhaps dis-synergies if there ever was an option to consider in separating out properties?

嘿，謝謝你。克雷格，我想在你的開場白中，你談到了股票價值和你回購意願之間的脫節，有時你會聽說企業集團和控股公司有折扣。我想，如果在分離資產時可以考慮的話，您如何看待在全球範圍內以一個品牌經營多個資產的單一業務所產生的協同效應與可能產生的不協同效應？

Well, taking a single scale business that can pull cash flow from multiple sources and redeploy it into development opportunities globally and turning it into multiple subscale businesses that cannot is probably not a good idea.

那麼，將一個能夠從多個來源獲取現金流並將其重新部署到全球發展機會中的單一規模業務轉變為多個無法做到這一點的子規模業務可能不是一個好主意。

Second, you have a reasonable amount of cross property play. And in fact, there are elements of our marketing strategy that are deployed globally. You have a lot of efficiencies in the capital structure by having a business that has more scale and more sources of cash flow. There's a whole litany of reasons that operating the business as a single business makes sense.

其次，您有合理數量的跨財產遊戲。事實上，我們的行銷策略的一些要素是在全球範圍內部署的。透過擁有更大的規模和更多的現金流來源，您的資本結構將會更有效率。有很多理由可以證明將業務作為單一業務來運作是合理的。

That's helpful. And one of the first things you said was development. So I'm curious, one of the things that you haven't touched on yet, I don't think, was just around New York. That's something that's been out there a little bit. There's been some waffling from some of your peers. I guess, what's your latest thoughts and maybe any timing thoughts on New York as a development opportunity?

這很有幫助。您首先提到的一件事就是發展。所以我很好奇，我認為您還沒有談到的事情之一不僅僅與紐約有關。這是已經存在的事情。您的一些同事發表了一些猶豫不決的評論。我想問一下，您對紐約作為發展機會的最新想法和時機有什麼看法？

Sure. I think the current plan seems to be for the RFAs to be submitted by the end of June with licenses awarded sometime by the end of '25 or early '26. New York is a great potential market, and we're certainly prepared to put together a fair proposal. It's also a complicated market with a lot of considerations.

當然。我認為目前的計劃似乎是在 6 月底之前提交 RFA，並在 25 年底或 26 年初的某個時候授予許可證。紐約是一個巨大的潛在市場，我們當然準備提出一個公平的提案。這也是一個複雜的市場，需要考慮很多因素。

You've heard some of our peers talk about online gaming, and that's certainly a point of concern for us. And we also need to consider the potential impact of tariffs on build costs. And then pile on top of that the fact that the local politics are complicated. So we continue to be in the running in New York, but we absolutely will not get over our skis to win license there.

您聽過我們的一些同行談論網路遊戲，這當然是我們關注的問題。我們還需要考慮關稅對建造成本的潛在影響。除此之外，當地政治情勢也十分複雜。因此，我們將繼續在紐約參賽，但我們絕對不會放棄爭取在那裡獲得執照的努力。

Great, thank you so much.

太好了，非常感謝。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Thanks. Just going back to the CapEx that you mentioned you're putting on hold. Can you give us a sense of sort of what projects? And also what's the scale of that the increase in that CapEx cost? I'm just thinking if that would be similar read through to your potential New York project in terms of the CapEx impact from tariffs. Thanks.

偉大的。謝謝。回到您提到的暫停的資本支出問題。能向我們介紹一下這些項目嗎？資本支出成本增加的規模是多少？我只是在想，就關稅對資本支出的影響而言，這是否與您潛在的紐約項目類似。謝謝。

Well, first, the bulk of it is the Encore Tower remodel. So call that high $200 millions out of $375 million that we talked about. The rest of it is kind of cats and dogs that we were doing here in the US. I don't think the read through would be instructive because you're talking about a greenfield new build where you have a lot of steel, a lot of MEP, a lot of things that are sourced from a lot of different places. And in this particular instance, we had kind of two or three relatively high dollar items on a per unit basis that were sourced from high tariff locations. So I don't think the read through would be applicable.

首先，主要內容是 Encore Tower 的改造。因此，我們所說的 3.75 億美元中，有 2 億美元是較高的。其餘的都是我們在美國飼養的貓狗。我不認為通讀一遍會有什麼指導意義，因為你談論的是新建的綠地，其中有大量的鋼材、大量的 MEP，以及來自不同地方的許多東西。在這個特定例子中，我們有兩到三種單價相對較高的商品，它們來自高關稅地區。所以我不認為通讀是適用的。

Okay, great. Understood. And then just on the group piece, some of the larger hotel companies have talked about softening group. And so I think the comment about 2026 was like pacing better than expected. Can you -- I guess what had you been expecting just to think about how your '26 group is trending just relative to what we're hearing from the other large hotel companies? Thanks.

好的，太好了。明白了。就團體部分而言，一些較大的酒店公司已經談到了軟化團體的問題。因此我認為有關 2026 年的評論比預期的要好。您能否－我想您之前一直在期待什麼呢？想想您的 26 家集團的發展趨勢與我們從其他大型飯店公司聽到的消息相比如何？謝謝。

I'll start by saying we are not experiencing softening group. But, Brian, do you want to follow-up?

首先我要說的是，我們並沒有經歷軟化群體。但是，布萊恩，你想跟進嗎？

Yes. The strength in '26 that we're seeing, we would probably attribute to Q1. NADA, CONEXPO, there's a couple of large groups that alternate cycles, and they're lining up next year. So next year looks great. Demand is strong and we're looking quite good. So feeling good about '26 right now.

是的。我們看到的 26 年的強勁勢頭可能歸功於第一季。NADA、CONEXPO 等幾個大型團體交替舉辦，他們明年也會參加。所以明年看起來會很棒。需求強勁，我們的情況看起來相當不錯。所以現在對 26 年感覺很好。

Right, it's super helpful thank you.

好的，這非常有幫助，謝謝。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi, everyone. Thanks for taking my questions. Maybe on the development pipeline, you mentioned Thailand. In the slide deck, we've talked about that a little bit in past calls and New York, but I guess there's some rumbling that Japan might reopen bidding for IRs. I'm curious, Craig, if you'd look at Japan again and under kind of what pretense that might be interesting for you.

大家好。感謝您回答我的問題。也許在開發管道上，您提到了泰國。在幻燈片中，我們在過去的電話會議和紐約會議上討論過這個問題，但我想有傳言說日本可能會重新開放 IR 競標。克雷格，我很好奇，如果你再次審視日本，你會以什麼樣的理由對此感興趣。

Thank you for the question. There's we'll always look at any gateway city where meaningful capital can be deployed, and we think the Wynn brand resonates. So Japan fits that bill. There's structural challenges in the way that the licensure and ownership have been outlined in Japan. And so when we look at it, of course, but it's got to be right, and the setup has to be right for us.

謝謝你的提問。我們始終關注任何能夠部署有意義資本的門戶城市，我們認為永利品牌能夠引起共鳴。日本符合這項標準。日本的許可和所有權規定方式存在結構性挑戰。所以，當我們看它時，當然，但它必須是正確的，並且設定必須適合我們。

We have plenty of development opportunities. We have a land bank in the UAE. We have a land bank in Boston. We have a land bank in Las Vegas. You mentioned Thailand. Obviously, the bill there has been delayed, and there's some components to the bill that probably won't work if they stay in the bill. But it's an amazing potential market with unbelievable airlift, infrastructure, tourism, et cetera. So we've got plenty of development opportunities. We would only look at Japan if the setup was right.

我們擁有充足的發展機會。我們在阿聯酋有土地儲備。我們在波士頓有土地儲備。我們在拉斯維加斯有土地儲備。您提到了泰國。顯然，該法案已被推遲，並且法案中的一些內容如果保留在法案中，可能不會發揮作用。但這是一個令人驚嘆的潛在市場，擁有令人難以置信的空運、基礎設施、旅遊業等等。因此我們有很多發展機會。如果設定正確，我們才會關注日本。

That's helpful, Craig. I appreciate the insight on that one. And then maybe an easy one. Not sure to the extent inflation or construction cost inflation kind of overflows outside of the US, but do you see any risk in global construction costs at the UAE? I think your contract there or even in Macau any potential cost increases on CapEx that you've seen?

這很有幫助，克雷格。我很欣賞對此的見解。然後也許會很簡單。不確定通貨膨脹或建築成本通貨膨脹在美國以外蔓延的程度，但您是否認為阿聯酋的全球建築成本有任何風險？我認為您在那裡或甚至在澳門簽訂的合約中，資本支出有任何潛在的成本增加嗎？

Quite the opposite. Well, two things. One, we're -- we have a substantial portion of the UAE already bought out. So we have very, very strong budget certainty in the UAE. Elsewhere, you really -- it's more on the FF&Es on the Furniture, Fixtures and Equipment side. You have vendors out there that have lost a lot of customers. And so you see opportunities actually from a cost savings perspective.

恰恰相反。嗯，有兩件事。首先，我們已經收購了阿聯酋的很大一部分股份。因此，我們在阿聯酋的預算確定性非常強。在其他地方，你實際上——更多的是家具、固定裝置和設備方面的 FF&E。你的供應商已經失去了很多客戶。因此，您實際上是從節省成本的角度看到了機會。

I can't quantify that into any of the projects that we're executing right now because it's too early, frankly, with where we are in the process in Macau. And again, we're pretty much bought out in the UAE. But, no, I don't see any spillover effects outside of the US.

我無法將其量化到我們目前正在執行的任何項目中，因為坦白說，就我們在澳門的進程而言，現在還為時過早。而且，我們在阿聯酋的業務基本上已經被收購了。但是，我沒有看到美國以外的任何溢出效應。

Great. Thanks, Greg. I appreciate the help.

偉大的。謝謝，格雷格。我很感謝你的幫忙。

Brandt Montour, Barclays

巴克萊銀行的布蘭特·蒙圖爾

Good afternoon or good evening, everybody. Thanks for taking my question. So I just want to clarify on the CapEx announcement today on the call with $375 million of spend. The decks that you put up, it doesn't look like there's much difference for the Encore Tower shifting. I'm just hoping you could clarify that.

大家下午好或晚上好。感謝您回答我的問題。因此，我只想澄清一下今天電話會議上宣布的 3.75 億美元資本支出。您放置的甲板對於 Encore Tower 的移動來說似乎沒有太大區別。我只是希望你能澄清這一點。

And then specifically, for the Encore Tower, I don't think you were expecting much disruption in the year. And so I guess we should sit here and think that there's not much benefit of pausing it for operational considerations, but how are you thinking about how that will affect the '25 P&L?

具體來說，對於 Encore Tower 來說，我認為您預計今年不會出現太多混亂。所以我想我們應該坐在這裡思考一下，出於營運考慮而暫停它並沒有太多好處，但是您如何看待這將如何影響 25 年的損益表？

Sure. Thanks for that, Brandt. Yes, if you look carefully at page I think it's page 19 in the presentation, we did keep everything as is and but there's a footnote calling out the $375 million delay. The reason for that and we debated how to present it, was really good. As Craig said, we can't actually come up with the accurate timing of when that's going to happen.

當然。謝謝你，布蘭特。是的，如果你仔細看第 19 頁，我想它是簡報的第 19 頁，我們確實保留了所有內容，但有一個腳註提到了 3.75 億美元的延遲。我們討論過原因以及如何呈現它，這真的很好。正如克雷格所說，我們實際上無法確定這件事何時會發生。

So we don't want anyone to think we are canceling it because we're absolutely not. We're fully focused on getting it done. We just have to do the work now to figure out once tariffs settle down, how can we respec and rescope and then reschedule and retime how we're going to do it. So it's still in the CapEx forecast because it's going to happen at some point. It's just we can't be clear on the timing, so we just footnoted it.

所以我們不希望任何人認為我們要取消它，因為我們絕對不會取消它。我們全心全意地致力於完成它。我們現在要做的就是弄清楚，一旦關稅穩定下來，我們如何重新評估和調整，然後重新安排和調整我們的行動時間。因此它仍然在資本支出預測中，因為它將在某個時候發生。只是我們無法明確時間，所以我們只是在註腳中註明。

And then figuring out the revised timing is not trivial because when we respec pieces, particularly furniture and fixtures, it's not like we're flipping through a catalog, right? We're getting samples created. We're SIP testing those. We're beating those up. We're getting feedback from operations from the finishes. We're giving comments back to the vendor. This is a process that takes a lot of time.

然後，弄清楚修改後的時間安排並不是一件簡單的事情，因為當我們重新考慮物品，特別是家具和固定裝置時，這並不像我們翻閱目錄，對吧？我們正在製作樣本。我們正在對它們進行 SIP 測試。我們正在打敗那些人。我們正在從完成後的操作中獲得回饋。我們正在向供應商回饋意見。這是一個需要花費大量時間的過程。

So to the extent that we respec a single piece of furniture, we're delayed by X number of months. There's just nothing we can do about that. So as Julie said, once we have certainty on sourcing and once we have certainty on what the tariffs will be from the country of origin on those sources, then we'll recommence. We just don't know when that is right now. Right now, we're selling all the rooms in Encore through end of this year, Brian?

因此，如果我們重新評估一件家具，我們就會被延遲 X 個月。我們對此無能為力。因此，正如朱莉所說，一旦我們確定了採購情況，並且確定了原產國對這些來源徵收的關稅，我們就會重新開始。我們只是不知道現在具體是什麼時候。目前，我們正在銷售今年年底前 Encore 的所有客房，布萊恩？

Correct.

正確的。

End of this year. And so if we move out another couple of months, then we'll start selling through the end of Q1. But we'll do the CapEx eventually.

今年年底。因此，如果我們再拖延幾個月，那麼我們將在第一季末開始銷售。但我們最終會進行資本支出。

Okay. That's really helpful. And then a follow-up on Macau. Julie, I think you said that the OpEx ex-tax per day was flat year-over-year. I know you also opened up the food hall, at the Palace. I'm just sort of curious how you're able to keep OpEx per day flat with that opening. And then also if you could give us a sense of how that should trend throughout the year with I know that you guys have more concession agreement related stuff, but you're waiting on approval. So any other thoughts on the progression of the year on OpEx per day would be helpful.

好的。這真的很有幫助。然後是關於澳門的後續報道。朱莉，我想你說過，每日營運支出（不含稅）與去年同期持平。我知道您還在宮殿裡開設了美食大廳。我只是有點好奇你是如何做到在這種開局下保持每天運營支出平穩的。另外，如果您能讓我們了解全年的趨勢，我知道您們有更多與特許協議相關的東西，但您正在等待批准。因此，對於年度每日營運支出進展的任何其他想法都會有所幫助。

Sure. Thanks for that. We opened the Gourmet Food Pavilion just about a week ago. So it didn't it wasn't included in the quarter. We've managed OpEx very, very carefully though. We've been very focused on how we can drive economies elsewhere so that we can seek to neutralize the impact of the additional cost associated with that. So we're working on that. And as a result, as we look out where OpEx is going to land throughout the remainder of the year, it's in the right zone where it is right now.

當然。謝謝。大約一週前，我們開設了美食館。所以它沒有被納入本季。不過，我們非常非常謹慎地管理營運支出。我們一直非常關注如何推動其他地區的經濟發展，以便我們能夠設法消除與此相關的額外成本的影響。所以我們正在努力。因此，當我們展望今年剩餘時間內營運支出的走向時，我們發現它目前處於正確的區域。

And I would just add to that. The team who's on the call is doing their job right, we're generating incremental revenue out of the footfall that we get out of that facility. So sure we pick up a couple of hundred FTEs. We can manage that we can manage that pretty easily relative to the total employee base, but we should be driving incremental [EBITDA] out of that. And that's really the approach with each of the concession related commitments that we made.

我只想補充一點。接聽電話的團隊正在正確地履行他們的職責，我們正在從該設施的客流量中獲得增量收入。因此我們肯定會獲得幾百個全職員工。相對於員工總數，我們可以相當輕鬆地做到這一點，但我們應該從中獲得增量 [EBITDA]。這實際上就是我們所做的每一項特許相關承諾的做法。

Now the margin profile on those concession commitments, we need to focus on that and drive that. But if we have 2,400 incremental covers that we're doing in Wynn Palace every day, it's a pretty trivial amount of conversion to the gaming floor that we need out of those incremental visitors in order to drive [EBITDA] that more than fades the OpEx coming out of the food hall itself.

現在，我們需要關注並推動這些特許承諾的利潤狀況。但是，如果我們每天在永利皇宮接待 2,400 名增量顧客，那麼我們需要從這些增量顧客中轉化為博彩大廳的轉化量相當小，這樣才能推動 [EBITDA] 的增長，遠遠超過美食廣場本身的運營支出。

Makes sense. Thanks everyone.

有道理。謝謝大家。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, thanks for taking my question. Regarding Wynn Al Marjan, I think in the past we've talked about some of the different player cohorts in three buckets. Number one, inbound to Ras Al Khaimah. And number two, those living in Dubai.

嘿，謝謝你回答我的問題。關於 Wynn Al Marjan，我想我們過去曾討論過三個不同類別的玩家群。第一，入境拉斯海瑪。第二位是住在杜拜的人。

And then number three, destination luxury customers. Understanding this is a brand new asset, how would you rank order those in terms of opportunity as you see it? And then anything you can share regarding the expected demand or magnitude of the second bucket, those living in Dubai? Thanks.

第三，目的地豪華客戶。了解這是一個全新的資產，您會如何根據您所看到的機會對其進行排序？那麼，您能分享一下關於第二類人群（居住在杜拜的人）的預期需求或規模嗎？謝謝。

You either took really good notes or have a great memory. Those are, in fact, the three cohorts that we would focus on. I don't rank order them because each of them is incredibly important. You can think of those markets - you can think of them slightly differently. So in Las Vegas, as an example, 25,000 people a day come through Wynn Las Vegas, but only 10,000 of them are lodgers. And the rest of them are coming from adjacent properties and from the Las Vegas Strip. That's very akin to the first group that you mentioned and that's about having sufficient amenities to drive to really get one of their four days in Ras Al Khaimah on property.

您要么記筆記記得很好，要么記憶力很好。事實上，這就是我們要關注的三個群體。我沒有對它們進行排序，因為它們每一個都非常重要。你可以考慮這些市場——你可以用稍微不同的方式來考慮它們。以拉斯維加斯為例，每天有 25,000 人經過永利拉斯維加斯酒店，但其中只有 10,000 人是房客。其餘遊客則來自鄰近地區和拉斯維加斯大道。這與您提到的第一組非常相似，他們擁有足夠的便利設施，可以開車真正在拉斯海瑪的四天裡度過一天。

The second bucket is a lot like a locals market. And so you can think of that very similar to the wonderful business that we have in Boston, where you're dealing with people that are within a certain driving range and you market to those folks in a very specific way. You use food and beverage in a very specific way. And the third bucket is really the vast majority of our larger business here in Las Vegas, which is a fly to market as opposed to a locals market.

第二個桶子很像當地市場。因此，你可以認為這與我們在波士頓開展的出色業務非常相似，你與特定駕駛範圍內的人們打交道，並以非常具體的方式向這些人進行行銷。您以非常特殊的方式使用食物和飲料。第三個部分實際上是我們在拉斯維加斯的大型業務的絕大部分，這是一個面向市場的市場，而不是本地市場。

So from an [EBITDA] perspective, each one of them is important. And from a vibe and aesthetic and customer experience perspective, each one of them is important and they each play a role in the programming that we have put into that building.

因此從 [EBITDA] 的角度來看，它們每一個都很重要。從氛圍、美學和客戶體驗的角度來看，它們每一個都很重要，並且在我們為該建築制定的規劃中發揮作用。

Thanks. Appreciate it.

謝謝。非常感謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Good afternoon. Thanks for taking my question. Wanted to ask a two parter on a few of the non-gaming related items in Las Vegas. Julie, I think you mentioned at the beginning of that OpEx should increase on food and beverage. First question, is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat?

午安.感謝您回答我的問題。想向兩位嘉賓詢問一些與拉斯維加斯非博彩相關的事宜。朱莉，我想你一開始就提到過，食品和飲料的營運支出應該會增加。第一個問題，您能否給出一個具體的成長率來抵銷部分價格上漲，從而保持利潤率穩定？

And then my second question is around the retail business. Not sure if you've seen any impact in terms of the high end handbags and watches at your stores. And can you just kind of remind us if it's roughly an 80-20 base versus turnover on that business? Thank you.

我的第二個問題是關於零售業務的。不確定您是否看到過對您商店中的高端手袋和手錶的任何影響。您能否提醒我們一下，該業務的營業額與基數是否大致為 80-20？謝謝。

Sure. I'll take each one of those. So first, I may have perhaps I misspoke in my prepared remarks. What I said in my prepared remarks is that we don't expect tariff impact on OpEx. I think that was the genesis of your question on food and beverage.

當然。我會接受每一個。首先，我可能在準備好的發言中說錯了。我在準備好的發言中說過，我們預期關稅不會對營運支出產生影響。我想這就是您關於食品和飲料的問題的起源。

Yes, okay, sorry about that. Thank you.

是的，好的，很抱歉。謝謝。

That's okay. We don't expect any impact because it's really a sourcing question. Now are there certain things that you can only get from certain places? Absolutely. But the vast majority of things that would be most impactful, we can resource and we're already on it now. So we don't expect much there.

沒關係。我們預計不會有任何影響，因為這實際上是一個採購問題。那麼是否有某些東西只能從某些地方獲得？絕對地。但對於影響最大的絕大多數事情，我們都可以提供資源，而我們現在已經著手處理了。所以我們對此沒有太多期待。

In terms of retail, you can see the Q1 numbers. You can see in our press release where you can see everything else. Retail was essentially flat year-over-year, and that's coming off an absolutely incredible comp. So nothing really and frankly coming off a prior year that had Super Bowl in it, which is a -- which was obviously a giant retail number. So nothing of note in retail to talk about.

在零售方面，您可以看到第一季的數據。您可以在我們的新聞稿中看到其他所有內容。零售業與去年同期相比基本持平，這是一個絕對令人難以置信的成長。所以，坦白說，與前一年舉辦的超級盃相比，這確實沒有什麼不同，這顯然是一個龐大的零售數字。因此，零售業沒有什麼值得談論的。

And lease terms vary not all over the place, but they vary a decent amount between base rent and percentage of turnover. So there's not a lot that you can infer from our lease revenues about the gross value of goods.

租賃條款並非到處都不同，但基本租金和營業額百分比之間的差異相當大。因此，你無法從我們的租賃收入推斷出許多有關貨物總價值的資訊。

Okay. And just to be clear, yes, my question was kind of going forward on a tariff impact on the pricing of some of those items in the stores. So you're not you haven't seen anything thus far in terms of price increases or hearing potential increases from your tenants in April for the outlook?

好的。需要明確的是，是的，我的問題是關於關稅對商店中某些商品定價的影響。那麼，您到目前為止還沒有看到價格上漲的跡象，也沒有聽到租戶對四月份價格上漲的預期嗎？

We have not. I think that's going to come down to retailer by retailer, and those are really, at the end of the day, their decisions. I mean, we're just we're the landlord effectively, and we do a great job managing our real estate, but we're not in there, obviously, making pricing decisions with them.

我們沒有。我認為這將取決於各個零售商，而最終這確實是他們的決定。我的意思是，我們實際上只是房東，我們在管理房地產方面做得很好，但顯然我們不會與他們一起做出定價決策。

Thank you very much.

非常感謝。

Thanks, Chad. I'm operate to the next cha, the next question will be the last one. Thanks.

謝謝，乍得。我要進入下一節了，下一個問題將是最後一個問題。謝謝。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Thank you. Two quick questions please, if I could, on Macau. Craig, I was just curious maybe on your observations on the competitive environment in Macau, Cotai in particular, and whether or not you are seeing any impact from, say, the new hotel product recently launched from some of your competitors?

謝謝。如果可以的話，我想問兩個關於澳門的簡單問題。克雷格，我只是好奇您對澳門，特別是路氹城的競爭環境的觀察，以及您是否看到了一些競爭對手最近推出的新酒店產品的影響？

Sure. Thanks for the question. On the first one, I'll really reference back a bit to how I responded to David. It's a very competitive market. I think you've heard that from a number of our peers. As I said earlier, that competition manifests itself in many, many ways. The promotional environment is actually quite stable, but it's day-to-day, hand-to-hand combat in order to be competitive in that market. And I think that's true for everyone.

當然。謝謝你的提問。第一個問題，我會稍微回顧一下我對大衛的回應。這是一個競爭非常激烈的市場。我想你已經從我們的許多同行那裡聽說過這一點。正如我之前所說，競爭體現在許多方面。促銷環境其實相當穩定，但為了在市場上保持競爭力，必須日復一日地進行肉搏戰。我認為對每個人都是如此。

On the hotel product side, we continue to run full. We continue to have market share that we're very proud of. We are incredibly proud of the state of our assets. We keep them in tip top shape, and we continue to run the best service levels in the market. So you're right, there is incremental product coming to market. That is absolutely the case. We, too, have been innovating with CapEx, not on the room side, but in other amenities, as we've talked about pretty extensively on this call. And I like our ability to be competitive there.

在酒店產品方面，我們繼續全力運作。我們繼續擁有令我們非常自豪的市場份額。我們對我們的資產狀況感到無比自豪。我們讓它們保持最佳狀態，並繼續提供市場上最好的服務水準。所以你說得對，有增量產品正在進入市場。事實確實如此。我們也在資本支出方面進行創新，不是在房間方面，而是在其他設施方面，正如我們在這次電話會議上詳細討論的那樣。我喜歡我們在那裡的競爭力。

Thank you.

謝謝。

Okay. Well, thank you, operator, and thank you to all the participants on the call. We appreciate your interest in Wynn Resorts and we look forward to talking to you again next quarter.

好的。好的，謝謝接線員，也謝謝通話中的所有參與者。感謝您對永利度假村的關注，我們期待下個季度再次與您交談。

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

感謝您參加今天的電話會議。您現在可以斷開連線。