永利渡假村 (WYNN) 2025 Q2 法說會逐字稿

Welcome to the Wynn Resorts' second 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 年第二季財報電話會議。（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 and Brian Gullbrants in Las Vegas. Also on the line are Jenny Holaday, Linda Chen and Frederic Luvisutto.

謝謝接線員，大家下午好。今天與我一起通話的是拉斯維加斯的 Craig Billings 和 Brian Gullbrants。線上的還有 Jenny Holaday、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. 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. I will now turn the call over to Craig Billings.

請注意，我們在本次電話會議之前發布了一份演示文稿，以提供有關公司及其近期業績的更多詳情。您可以在我們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。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. I'm incredibly proud of our second quarter results. When Las Vegas continued to be an outstanding performer on the strip, and we were pleased that EBITDA in Las Vegas grew to a new second quarter record of 2% year-over-year to nearly $235 million.

謝謝朱莉。午安.一如既往，感謝您的加入我們。我對我們第二季的業績感到無比自豪。當拉斯維加斯繼續在大道上表現出色時，我們很高興看到拉斯維加斯的 EBITDA 在第二季度創下新高，年增 2%，達到近 2.35 億美元。

Adjusting for hold, that number would have been even higher at $246 million. Demand was healthy throughout the quarter, with impressive increases in both drop and handle, driving a 14.5% increase in total casino revenues, a reflection of our ability to continue to take gaming market share.

如果按照持有量進行調整，這個數字將會更高，達到 2.46 億美元。整個季度的需求都很健康，投注額和交易額都有顯著增長，推動賭場總收入增長 14.5%，這反映了我們繼續佔領博彩市場份額的能力。

We were also pleased to grow RevPAR a little over 1%, and we saw continued strength in retail. More recently, the business in July saw continued momentum in the casino with drop and handle both up versus July 2024 and strong retail sales.

我們也很高興看到 RevPAR 成長了 1% 多一點，零售業繼續保持強勁勢頭。最近，7 月賭場業務持續保持成長勢頭，與 2024 年 7 月相比，銷售額和零售額均出現上漲。

In the hotel in July, we had very strong weekends with softer midweeks. In response, we prioritized midweek rate over occupancy, consistent with our premium positioning, and made operational adjustments tied to occupancy levels.

七月在飯店，週末生意很好，周中生意比較清淡。作為回應，我們優先考慮周中房價而不是入住率，這與我們的高端定位一致，並根據入住率進行營運調整。

Looking ahead, while macroeconomic uncertainty, including tariffs, remains in consideration, we remain positive about the business in Las Vegas. We saw the forward booking pace accelerate as July progressed, and our grouping convention business looks strong heading into the fourth quarter and 2026.

展望未來，雖然仍需考慮包括關稅在內的宏觀經濟不確定性，但我們對拉斯維加斯的業務仍持樂觀態度。隨著 7 月的到來，我們看到預訂速度加快，我們的分組會議業務在進入第四季度和 2026 年時前景看好。

2026 is shaping up to be a record year for both group room nights and revenues. On last quarter's call, we talked specifically about the uncertainty that tariffs had introduced to some of our development plans, primarily in Las Vegas.

2026 年有望成為團體客房晚數和收入創紀錄的一年。在上個季度的電話會議上，我們特別討論了關稅給我們的一些開發計劃（主要是在拉斯維加斯）帶來的不確定性。

Subsequent to that call, we revised our sourcing and procurement plan for the Encore Tower remodel in Vegas. And I now expect we will kick off that renovation in spring 2026, with minor disruptions during the renovation period.

在那通電話之後，我們修改了拉斯維加斯 Encore Tower 改造的採購計畫。我現在預計我們將於 2026 年春季啟動這項翻修工程，翻修期間可能會出現輕微的干擾。

Encore Boston Harbor generated $64 million of EBITDAR, up about 3% year-on-year. Casino revenues grew over 5% year-over-year, driven by strength in both tables and slots. More recently, demand in Boston remained healthy in July, with total casino revenues roughly flat to last year.

Encore Boston Harbor 的 EBITDAR 為 6,400 萬美元，年成長約 3%。受賭桌和老虎機強勁成長的推動，賭場收入年增超過 5%。最近，波士頓 7 月的需求依然強勁，賭場總收入與去年基本持平。

Macau delivered solid results in the quarter, though we were impacted by lower than normal VIP holes. During the quarter, we saw a steady April and strong June, offset slightly by a more subdued May. The business generated $266 million in VIP normalized EBITDA, with unfavorable VIP hold costing us nearly $13 million.

儘管受到貴賓廳空位低於正常水準的影響，澳門在本季仍取得了穩健的業績。本季，四月表現平穩，六月表現強勁，但五月表現略顯疲軟。該業務產生了 2.66 億美元的 VIP 標準化 EBITDA，不利的 VIP 持有使我們損失了近 1,300 萬美元。

Volumes were up nicely in the quarter, with mass drop up 3.6% year-on-year, and VIP volumes up meaningfully versus Q2 2024, so mass hold was a bit lower than we would like, particularly in May. Volumes accelerated further in July, which was a standout month, despite some weather disruption, would drop up year-on-year and sequentially versus June.

本季交易量大幅成長，大眾交易量較去年同期成長 3.6%，VIP 交易量與 2024 年第二季相比大幅成長，因此大眾持有量略低於我們的預期，尤其是在 5 月。7 月的貨運量進一步增加，儘管受到一些天氣幹擾，但與 6 月相比，貨運量同比和環比均有所下降，是一個突出的月份。

For June and July combined, we generated normalized EBITDA of $3.3 million per day, which we've normalized to account for high hold during that period. The premium segment continues to lead the market forward in Macau.

就 6 月和 7 月而言，我們每天產生的標準化 EBITDA 為 330 萬美元，我們已將其標準化以考慮該期間的高持有量。高端市場持續引領澳門市場向前發展。

To further enhance our premium positioning, we have recently initiated two key capital projects, an expansion of the Chairman's Club gaming area at Wynn Palace, and a refresh of our Wynn Tower rooms at Wynn Macau. While we expect some minor disruption toward the end of the year from these projects, once they are complete, we expect they will further elevate our offerings at both properties.

為進一步提升我們的高端定位，我們近期啟動了兩項重點資本項目，即擴建永利皇宮的主席俱樂部博彩區，以及翻新永利澳門的永利大廈客房。雖然我們預計這些項目在年底前會造成一些輕微的干擾，但一旦完成，我們預計它們將進一步提升我們在這兩處物業的服務品質。

Wynn Al Marjan Island continues to progress rapidly. We are pouring the 61st floor, and on track to top out the tower later this year. We've also finalized several important food and beverage partnerships, and agreed to key terms with a number of high profile (inaudible) We remain on track for our targeted opening date of

永利阿爾馬里安島 (Wynn Al Marjan Island) 繼續快速發展。我們正在澆築第 61 層，並預計在今年稍後封頂。我們也敲定了幾項重要的食品和飲料合作關係，並與一些高調的（聽不清楚）達成了關鍵條款。我們仍有望實現預定的開業日期。

Wynn Al Marjan Island, and continue to believe it is the most compelling development opportunity in the industry. Wynn Al Marjan will be the only property operating in what many analysts are predicting will be a $5 billion-plus gaming revenue market.

Wynn Al Marjan Island，並繼續相信這是業界最引人注目的發展機會。許多分析師預測，Wynn Al Marjan 將是該市場中唯一一家博彩收入超過 50 億美元的飯店。

As I have said before, our future is bright. And to that end, we purchased $158 million of stock in the second quarter at a weighted average price of just under $79 per share.

正如我之前所說，我們的未來是光明的。為此，我們在第二季以每股略低於 79 美元的加權平均價格購買了價值 1.58 億美元的股票。

I'll now hand it over to Julie to run through some additional details on the quarter. Julie?

現在我將把時間交給朱莉，讓她介紹本季的一些其他細節。朱莉？

Thank you, Craig. At Wynn Las Vegas, we generated $234.8 million in adjusted property EBITDA on $638.6 million of operating revenue during the quarter, delivering an EBITDA margin of 36.8%. Low hold negatively impacted EBITDA in the quarter by $11.4 million.

謝謝你，克雷格。在永利拉斯維加斯，我們本季的營業收入為 6.386 億美元，調整後的房地產 EBITDA 為 2.348 億美元，EBITDA 利潤率為 36.8%。低持股對本季的 EBITDA 產生了 1,140 萬美元的負面影響。

OpEx excluding gaming tax per day for $4.2 million in the quarter, up 1% compared to the prior year, due to normal wage inflation from our union and non-union areas. As Craig mentioned earlier, we're pleased to be resuming our Encore Tower remodel, with construction set to begin in spring 2026, with an estimated spend of $330 million, which we expect to take about a year to complete.

本季不包括博彩稅的每日營運支出為 420 萬美元，比上年增加 1%，原因是我們工會和非工會地區的薪資正常上漲。正如 Craig 之前提到的，我們很高興能夠恢復 Encore Tower 的改造，該工程將於 2026 年春季開始，預計耗資 3.3 億美元，預計需要大約一年的時間才能完成。

Turning to Boston, we generated adjusted property EBITDAR of $63.9 million on revenue of $215.7 million, with an EBITDA margin of 29.6%. Casino revenues grew 5.2% year-over-year, and we maintained our discipline on the cost side, with OpEx per day of $1.15 million, flat to Q2 2024, 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.

談到波士頓，我們的調整後房地產 EBITDAR 為 6,390 萬美元，營收為 2.157 億美元，EBITDA 利潤率為 29.6%。賭場收入年增 5.2%，儘管該市場持續面臨勞動力成本壓力，但我們在成本方面保持了紀律，每天的營運支出為 115 萬美元，與 2024 年第二季度持平。波士頓團隊繼續出色地減輕了與工會相關的薪資成長，並在不影響客戶體驗的業務領域提高了成本效率。

Our Macau operations delivered adjusted property EBITDAR of $253.7 million in the quarter on $883.5 million of operating revenue, resulting in an EBITDA margin of 28.7%. Lower than normal VIP hold impacted EBITDA by a little under $13 million in the quarter.

本季度，我們澳門業務的調整後房地產 EBITDAR 為 2.537 億美元，營業收入為 8.835 億美元，EBITDA 利潤率為 28.7%。低於正常水平的 VIP 持有量對本季的 EBITDA 產生了近 1,300 萬美元的影響。

OpEx excluding gaming tax was approximately $2.66 million per day in Q2, up 4.5% year-on-year, with the increase driven primarily by the Gourmet Pavilion, and normal course cost of living increases. 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.

第二季不包括博彩稅的營運支出約為每天 266 萬美元，年增 4.5%，成長主要得益於美食館和正常的生活成本上漲。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, as Craig mentioned, we've initiated two projects, an expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wynn Tower rooms at Wynn Macau. And together with our other ongoing CapEx projects, we expect to spend a total of $200 million to $250 million in total for 2025.

在澳門的資本支出方面，正如 Craig 所提到的，我們已經啟動了兩個項目，即擴建永利皇宮的主席俱樂部遊戲區以及翻新永利澳門的永利大廈客房。加上我們正在進行的其他資本支出項目，我們預計 2025 年的總支出將達到 2 億至 2.5 億美元。

Moving on to the balance sheet, our liquidity position remains very strong, with global cash and revolver availability of $3.6 billion as of June 30. This was comprised of $1.8 billion of total cash and available liquidity in Macau, and a little over $1.7 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 6 月 30 日，全球現金和循環信貸餘額為 36 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 17 億美元多一點。

Subsequent quarter end, we announced an upsize of our credit facility in Macau, where we added $1 billion of additional underdrawn revolver capacity from a number of new lenders, providing significant additional liquidity and flexibility to our balance sheet and indicating the strong confidence and support of our lenders in the market.

隨後的季度末，我們宣布增加在澳門的信貸額度，從一些新貸款機構獲得了 10 億美元的額外循環信貸額度，為我們的資產負債表提供了顯著的額外流動性和靈活性，表明了貸款機構對市場的強烈信心和支持。

The combination of strong performance in each of our markets globally with our properties generating just over $2.2 billion of LTM adjusted property EBITDAR, together with our robust cash position creates a very healthy consolidated net leverage ratio of just under 4.4 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略高於 22 億美元的 LTM 調整後物業 EBITDAR，再加上我們強勁的現金狀況，創造了非常健康的綜合淨槓桿率，略低於 4.4 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, Wynn Macau recently increased its final dividend for 2024 to approximately $125 million, which was paid in the second quarter. In addition, the Wynn Resorts Board has approved a cash dividend of $0.25 per share payable on August 29, 2025, to stockholders of record as of August 18.

為此，永利澳門近期將2024年的末期股息提高至約1.25億美元，並於第二季支付。此外，永利度假村董事會已批准向截至 8 月 18 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 8 月 29 日。

During the quarter, we repurchased 2 million shares for approximately $158 million. 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 1.58 億美元回購了 200 萬股。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 $165 million in the quarter, primarily related to the Fairway Villas renovations and F&B enhancements in Las Vegas, concession-related CapEx in Macau, and normal course maintenance across the business.

在資本支出方面，我們在本季度花費了大約 1.65 億美元，主要用於拉斯維加斯 Fairway Villas 的翻新和餐飲改進、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。

In addition to that figure, we contributed $58.2 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to date to $741.1 million. During the quarter, we continued drawing on the Marjan construction loan, with a drawn amount to date of $395 million. We estimate our remaining 40% pro rata share of the required equity is approximately $600 million to $675 million.

除此之外，我們還在本季度向 Wynn Al Marjan Island 項目注入了 5,820 萬美元的股權，使我們迄今為止的總股權注入額達到 7.411 億美元。本季度，我們繼續利用 Marjan 建設貸款，迄今已利用金額為 3.95 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 億至 6.75 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) Dan Politzer, JPMorgan.

（操作員指令）Dan Politzer，摩根大通。

Hey, good afternoon, everyone. Thank you for taking my questions. First, I wanted to touch on Las Vegas. It was very strong in the quarter, clearly outperforming the market by a wide range. How much of this outperformance do you attribute to positioning at the high end of the market, which is where your property sits versus some of the operational pivots that you've made?

嘿，大家下午好。感謝您回答我的問題。首先，我想談談拉斯維加斯。本季該公司表現非常強勁，明顯遠遠超出市場預期。您將這種優異表現在多大程度上歸因於市場高端定位，即您的房產所處的市場位置，以及您所做的一些營運調整？

And looking ahead, what are your expectations for third quarter and fourth quarter, just given some of the comments that we've heard thus far this earnings season?

展望未來，根據我們迄今為止在本財報季聽到的一些評論，您對第三季和第四季有何預期？

Sure, thanks. I'll start, and then I'll ask Brian to come in as well. It's a lot of things. I mean, certainly being at the luxury end of the market helps, and our premium positioning absolutely helps, and I think that's the most resilient component of the customer base.

當然，謝謝。我先開始，然後我會請布萊恩也進來。有很多事情。我的意思是，處於高端市場肯定有幫助，我們的高端定位絕對有幫助，我認為這是客戶群中最有彈性的組成部分。

But we've really spent the past three years -- three years-plus really doing everything we can to make sure that the building is in tip-top shape, making sure that we're programming the building appropriately. And that we're driving the gaming business, and that we're taking gaming share.

但我們確實花了過去三年——三年多的時間——竭盡全力確保建築物處於最佳狀態，確保我們對該建築進行適當的規劃。我們正在推動遊戲業務，並正在佔領遊戲市場份額。

We've grown a couple of hundred basis points to gaming share over that period. So it's a whole bunch of things. It's a bit of a river of nickels, if you will. And I'm incredibly proud of where we are. Brian, do you want to comment on Q3 and the rest of the year?

在此期間，我們的遊戲份額增長了幾百個基點。所以這是很多事情。如果你願意的話，這有點像一條鎳幣河。我對我們的現狀感到無比自豪。布萊恩，你想對第三季和今年剩餘時間的情況發表評論嗎？

Yeah. The team continues to accelerate. Booking pace continues to look actually quite good. July, we saw some of the best bookings we've seen all year. It's really a combination of the sales team, the casino marketing team, and everybody coming together to really focus on the revenue side.

是的。隊伍繼續加速前進。預訂速度實際上看起來仍然相當不錯。七月份，我們看到了全年最好的一些預訂量。它實際上是銷售團隊、賭場行銷團隊和所有人的結合，共同真正關注收入方面。

And then the ops team really focusing on making sure that we have the right amount of staff for the right amount of business -- really just dialing in the business, so that we can continue to excel as we move into the fourth quarter, which we are very bullish about.

然後，營運團隊真正專注於確保我們擁有適合適當業務量的適當數量的員工 - 實際上只是撥打業務，以便我們能夠在進入第四季度時繼續保持卓越表現，我們對此非常樂觀。

Yeah, as Brian mentioned, the booking pace -- and I think I mentioned it in my prepared remarks as well, the booking pace -- the lull in Vegas over the summer has been well publicized. And as I mentioned in my prepared remarks, that was also the case for us midweek, and we really focused on average daily rate, as opposed to occupancy.

是的，正如布萊恩所提到的，預訂速度——我想我在準備好的演講中也提到了這一點，預訂速度——拉斯維加斯夏季的平靜期已經得到了充分的宣傳。正如我在準備好的演講中提到的那樣，我們在周中的情況也是如此，我們真正關注的是平均每日房價，而不是入住率。

And that's worked really well for us. But the booking pace in July did accelerate over the course of July. I think you've heard that actually from a couple of our competitors as well. And our group business in Q4 looks really good.

這對我們來說非常有效。但七月的預訂速度確實在整個七月加快了。我想您實際上也從我們的一些競爭對手那裡聽說過這一點。我們第四季的集團業務看起來非常好。

Got it. Thanks. And then just to follow up on Macau, certainly the market seems to have inflected here the last couple of months of industry GGR has accelerated and seems like you've participated in that. And what do you attribute that inflection to?

知道了。謝謝。然後，再跟進澳門的情況，毫無疑問，市場似乎已經發生了變化，過去幾個月，行業的博彩總收入 (GGR) 已經加速增長，似乎您也參與其中了。您認為這種變化的原因是什麼？

Is that -- are you seeing a difference in terms of the actual fundamentals, the customers that are coming to spend per customer? Or is it a function of the entertainment or calendar?

那是──您是否看到實際基本面、每位顧客的消費額有差異？或者它是娛樂或日曆的功能？

Yeah, again, it kind of similar to my response on your Vegas question. It's a little bit of everything. Certainly entertainment and the entertainment that's been in the market has played a role, but even subsequent to those concerts, which happened in late Q2, I believe, we've seen strength in the market in July, and so it's been great to see.

是的，這與我對您關於拉斯維加斯的問題的回答有點類似。什麼都有一點。當然，娛樂和市場上的娛樂活動發揮了一定作用，但即使在第二季度末舉行的那些音樂會之後，我相信，我們在 7 月份也看到了市場的強勁表現，所以看到這一點真是令人高興。

I quoted our EBITDA run rate over the course of July, and we're incredibly proud of that. And we tend to not provide guidance or look further out than we've seen. So all I can really tell you is what we've seen in July, and it was good.

我引用了我們七月的 EBITDA 運行率，我們對此感到非常自豪。我們往往不會提供指導或看得比我們看到的更遠。所以我真正能告訴你的是我們在七月看到的情況，這是好的。

Got it. Thanks so much.

知道了。非常感謝。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Hey, good afternoon, everybody, and thank you for taking our questions. Does the Big Beautiful Bill make you think any differently at all about some of the potential domestic CapEx projects that you talked about in the past in both Vegas, and I guess in Boston.

嘿，大家下午好，感謝你們回答我們的問題。《美麗大法案》是否會讓您對過去在拉斯維加斯和波士頓談到的一些潛在的國內資本支出項目有不同的看法？

Julie, want to take that?

朱莉，想拿那個嗎？

Sure. I mean, there are certainly some corporate tax provisions in the bill that will benefit us, when you think about the depreciation side of things and interest deductibility, but that's really for us. It's going to be primarily in 2028 and beyond, so nothing really immediate that would cause us to change course with how we're approaching our CapEx programs.

當然。我的意思是，當你考慮到折舊方面和利息扣除時，法案中肯定會有一些對我們有利的公司稅條款，但這確實是為了我們。這主要發生在 2028 年及以後，因此沒有什麼真正緊急的事情會導致我們改變處理資本支出計劃的方式。

Okay, thank you. And then are you just able to comment on 4Q Las Vegas group pace, and any early commentary on expectations for Formula One this year, now that we're year three, I believe, any lessons learned from the past two years?

好的，謝謝。然後，您能否評論一下第四季度拉斯維加斯小組賽的速度，以及對今年一級方程式賽車的預期有何早期評論，現在我們已經是第三年了，我相信，從過去兩年中學到了什麼教訓？

Brian?

布賴恩？

Sure. Q4 as well as Formula One are both pacing quite well right now. And that continues -- that volume and inertia continues into '26 and beyond. So we're very bullish on where we sit with Q4. And F1 is much improved over last year. We're seeing that through corporate bookings and early corporate bookings. And we're maintaining the rates, unlike some of our competitors. So it's the strength of the brand and what we do, that allows us to do that.

當然。Q4 和一級方程式賽車目前的節奏都相當不錯。而這種情況會持續下去——這種數量和慣性將持續到 26 年及以後。因此，我們對第四季的前景非常樂觀。與去年相比，F1 有了很大的進步。我們透過企業預訂和早期企業預訂看到了這一點。與我們的一些競爭對手不同，我們維持著利率。因此，正是品牌的力量和我們所做的事情讓我們能夠做到這一點。

Okay, I appreciate it. Thank you.

好的，我很感激。謝謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks for taking the question. Speaking with Vegas, I'm wondering if you could go a bit deeper and just in terms of the consumer pulse check, we've heard there's been mixed trends between domestic versus international inbound.

您好，感謝您提出這個問題。在與維加斯交談時，我想知道您是否可以更深入地了解一下，就消費者脈搏檢查而言，我們聽說國內和國際入境遊客的趨勢有所不同。

And then once people are in their hotels, are they spending in the same way? What are you seeing on the food and beverage and the kind of incremental side of things? We just love to know if there's kind of been differences there. Thanks.

那麼，一旦人們入住飯店，他們的消費方式是否也一樣呢？您對食品和飲料以及事物的增量方面有何看法？我們只是想知道那裡是否存在差異。謝謝。

Sure. Happy to talk about that, and thank you for the question. We sit in a unique position. We're not the best barometer of Las Vegas writ large. We're the best barometer, I think, of a very particular portion of Las Vegas.

當然。很高興談論這個問題，感謝您的提問。我們處於一個獨特的位置。我們並不是拉斯維加斯的最佳晴雨表。我認為，我們是拉斯維加斯特定地區的最佳晴雨表。

So -- and also -- I'd also say we've never been about how many people are in the building, although that's been fine, we've been about who's in the building, very particular people in the building. And so, I would say over the course of Q2 and really into July, as I mentioned in my prepared remarks, casino volumes have been very good.

所以 — — 而且 — — 我還想說，我們從來沒有關注過大樓裡有多少人，雖然這很好，我們關注的是誰在大樓裡，大樓裡的人非常具體。因此，我想說，正如我在準備好的演講中提到的那樣，在第二季度甚至整個 7 月份，賭場的營業額一直非常好。

That's always going to be disproportionately high end, so we haven't seen any diminishment in the willingness to spend at the tables and the slots. We've been able to hold rate, which is a good indicator of demand for what we offer, and we've been able to do that in a market where rates have dropped, and so I think that's a testament to where we are.

這始終是極高的價位，因此我們並未看到賭桌和老虎機上的消費意願有任何減弱。我們能夠維持利率，這是對我們產品需求的一個很好的指標，而且我們能夠在利率下降的市場中做到這一點，所以我認為這證明了我們的現狀。

You specifically asked on the food and beverage side, average check on -- in our fine dining restaurants, which again I think would be the most sensitive, has been pretty stable, and so I don't think that's an indicator. So we'll see how things play out from a macroeconomic perspective. But right now we're feeling good.

您特別詢問了食品和飲料方面的情況，我們高級餐廳的平均消費水平（我認為這是最敏感的）一直相當穩定，因此我認為這不是一個指標。因此，我們將從宏觀經濟角度觀察事態如何發展。但現在我們感覺很好。

Great. And then just switching to well, Wynn Al Marjan, I'm curious, as we get closer to the Investor Day, closer to the launch, not too far from now, I mean, how do you think about ways that you can set yourselves up for that early 2027 launch for success?

偉大的。然後轉到 Wynn Al Marjan，我很好奇，隨著我們越來越接近投資者日，越來越接近發布會，離現在不遠了，我的意思是，您如何考慮為 2027 年初的成功發布做好準備？

I know, I saw you -- you hired new team members. You've got the Wynn Mayfair acquisition, but what are the kind of things and building blocks you can put into place to put you in the best position for when that eventually opens. Thanks.

我知道，我看到你了——你僱用了新的團隊成員。您已經收購了 Wynn Mayfair，但您可以採取哪些措施和基礎措施，以便在該酒店最終開業時處於最佳位置。謝謝。

Yeah, it's a great question. I'll be honest, most of that is not transparent to you all, but it's a day to day effort on our part. I mean, we're building and opening much like any integrated resort. We're building and opening a small city, and there's a ton of infrastructure that we have to put in place even outside of the building.

是的，這是一個很好的問題。老實說，其中大部分對你們來說並不透明，但這是我們每天的努力。我的意思是，我們正在建造和開放任何綜合度假村。我們正在建造和開放一座小城市，甚至在建築物外部我們也需要建造大量的基礎設施。

So I think the best thing that we can do is expose the total addressable market opportunity, expose the quality of the product that we are creating here. It will be uniquely Wynn, and will be reflective of our legacy of delivering just astounding physical spaces.

所以我認為我們能做的最好的事情就是展示整個可尋址的市場機會，展示我們在這裡創造的產品的品質。它將是永利獨有的，並將體現我們提供令人驚嘆的物理空間的傳統。

And educate people on what the opportunity is. But all the hard yards of getting to the point where we can squeeze every dollar of EBITDA out of that place that we possibly can, that's our job every single day. So I hope that folks attend -- the folks that have been invited, I hope they attend that Investor Day there. I hope they can see what we're up to, and see the absolute power of what is happening in that market in Dubai and in the UAE.

並讓人們了解這個機會是什麼。但是，我們每天都要努力工作，盡可能地從中榨取每一分 EBITDA。所以我希望大家能夠參加——那些被邀請的人們，我希望他們能夠參加那裡的投資者日。我希望他們能夠看到我們在做什麼，並看到杜拜和阿聯酋市場正在發生的事情的絕對力量。

Great. Thank you.

偉大的。謝謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey, thanks. Just wanted to follow up a bit on expenses. First on Vegas, looks like you were able to keep costs relatively contained in the very low single digits. Curious if there was any timing of costs in there or other puts and takes to think about, or is this just a proof point for managing the expense structure? And effectively the same question around corporate expenses, which I think we're down year-over-year.

嘿，謝謝。只是想稍微了解一下費用狀況。首先是拉斯維加斯，看起來您能夠將成本控制在相對較低的個位數。好奇其中是否涉及任何成本時間或其他需要考慮的因素，或者這只是管理費用結構的證明點？實際上，關於公司開支的問題也是同樣的，我認為我們的公司開支同比有所下降。

Thanks, Stephen. Yeah, I'll take that. Really on the expense side, we just do -- we continue to manage it very diligently and judiciously. The teams across the globe really focus on that. They focus on making sure they're looking at what's coming up, and making sure we're staffed appropriately, and we have a great flexible approach to that. So we're able to dial things up and dial things down in line with volume.

謝謝，史蒂芬。是的，我會接受的。實際上，在費用方面，我們只是繼續非常勤勉和明智地管理它。全球各地的團隊都非常關注這一點。他們專注於確保他們專注於即將發生的事情，並確保我們配備適當的人員，並且我們對此採取非常靈活的方法。因此，我們能夠根據音量調高或調低音量。

And we take it very seriously and we managed to that. And I think we always comment on the fact that we do it in a way that doesn't impact the guest experience, but it is a focus for us. On the corporate expense side, nothing unusual going through there other than we did have our 20th anniversary in the quarter, so you'll see there were some costs involved with that celebration from an event perspective, but also on the equity side as well, there were some one-off grants associated with that to our day one employees.

我們對此非常重視，並且我們做到了這一點。我認為我們總是在評論這樣一個事實：我們的做法不會影響客人的體驗，但這是我們關注的重點。在公司費用方面，除了我們在本季度慶祝成立 20 週年之外，沒有什麼不尋常的事情，所以你會看到，從活動的角度來看，慶祝活動涉及一些費用，但在股權方面，我們也向第一天的員工發放了一些一次性補助。

And I would just add that Brian Gullbrants just threw his phone against the wall when you asked if the expenses in Vegas were timing oriented. Yeah, I think these guys work really hard, I mean, day by day to make sure that from an expense and staffing perspective, we are exactly where we need to be, threading the needle of the brand and EBITDA.

我還要補充一點，當你問到拉斯維加斯的花費是否與時間有關時，布萊恩·古爾布蘭茨 (Brian Gullbrants) 就把手機扔到牆上。是的，我認為這些人確實非常努力，我的意思是，他們每天都在努力確保從費用和人員配置的角度來看，我們正處於我們需要的位置，為品牌和 EBITDA 穿針引線。

And it's a real testament to their ability to manage these businesses, and manage them really well, and that's true in Macau, and it's certainly true in Boston as well. On corporate expense, it is timing, and it often is timing because you get -- it's substantially more lumpy.

這真正證明了他們管理這些業務的能力，並且管理得非常好，在澳門是如此，在波士頓當然也是如此。就公司費用而言，這是時機問題，而且通常是時機問題，因為你會得到——它實際上更加不穩定。

Makes sense. That's helpful. And then one follow up on Macau. Just given the strength of the market, you did mention it's all about getting the right person in the seat in Vegas. I imagine the same is fairly true in Macau.

有道理。這很有幫助。接下來是關於澳門的後續報導。考慮到市場的強勁，您確實提到了這一切都是為了在拉斯維加斯找到合適的人選。我想澳門的情況也大致如此。

Maybe you can elaborate on who is coming into the market in Macau. Is it skewed to specific submarkets within China versus Hong Kong? Is it new customers versus returning younger or otherwise? Thanks.

也許您可以詳細說明哪些人正在進入澳門市場。它是否偏向中國大陸和香港的特定次市場？是新顧客還是年輕回頭客或其他顧客？謝謝。

Sure. Yeah, I think we've mentioned on previous calls that we've seen a very large influx post COVID, post reopening of new customers into Macau. So certainly there's been a lot of high quality premium mass play. I think the mix of customers has been pretty consistent with what we've seen since the market reopened, and so I don't think there's been a sea change per se in who's showing up, but the results in the market have been good, and we're delighted with it.

當然。是的，我想我們在之前的電話會議上提到過，在新冠疫情爆發、澳門重新開放後，我們看到大量新顧客湧入澳門。因此，肯定會出現大量高品質的優質大眾遊戲。我認為顧客結構與市場重新開放以來我們看到的狀況非常一致，因此我認為顧客本身並沒有發生太大的變化，但市場結果很好，我們對此感到高興。

Great, thanks so much.

太好了，非常感謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, afternoon. Thanks for taking my question. I wanted to go back to Macau. One of the items that comes up in conversations and checks, et cetera is promotions and credit. I'd love to get your sort of perspective on what's happening in the market and how you deal with that.

嗨，下午好。感謝您回答我的問題。我想回澳門。在談話、檢查等過程中經常談到的話題之一就是促銷和信用。我很想了解您對市場現況的看法以及您如何應對。

And second, entertainment seems to be a big driver there. I'd love to get a sense for, again, what your perspective is and what your participation is in any of that going forward. Thanks.

其次，娛樂似乎是推動這一趨勢的重要因素。我很想再次了解您的觀點以及您在未來的行動中將如何參與。謝謝。

Sure. On the reinvestment side, and we've discussed this a little bit on prior calls, it is absolutely daily hand to hand combat for market share there. And we adjust and modulate our reinvestment up or down in any given day, hour, week, month, depending upon what goals we're trying to achieve.

當然。在再投資方面，我們在之前的電話會議上已經討論過這個問題，那裡的市場份額絕對是每天都在激烈的爭奪中。我們會在任何一天、一小時、一週或一個月內調整和減少我們的再投資，這取決於我們想要實現的目標。

So we have a very clear view, as I've said before, of how much incremental reinvestment we need to make in order to be competitive and also to make money. And reinvestment has actually been pretty stable over the course of the past several quarters. So again, we're very comfortable with where our promotions are.

因此，正如我之前所說，我們非常清楚需要進行多少增量再投資才能保持競爭力並獲利。過去幾個季度，再投資其實相當穩定。所以，我們對我們的促銷活動感到非常滿意。

On the entertainment side, I guess, I would have -- this would be kind of a two-pronged response. The first is, it is absolutely true that entertainment has been driving visitation and demand. Now when that entertainment is a large scale arena-based event, it's kind of similar to a citywide in Las Vegas, so it tends to affect everybody in the market, and obviously we benefit from that.

從娛樂方面來說，我想，我會——這是一種雙管齊下的回應。首先，娛樂業確實一直在推動遊客數量和需求的成長。現在，當娛樂活動成為大型的競技場活動時，它有點類似於拉斯維加斯的城市活動，因此它往往會影響市場上的每個人，顯然我們會從中受益。

We also recognize that we need the capability to drive entertainment, and so you -- this may have been lost a little bit in the midst of time because we haven't talked about it in a while, but the largest component of our concession commitment is actually an event center, and we're well underway with engineering and design of that event center.

我們也意識到，我們需要有能力推動娛樂活動，因此——由於我們有一段時間沒有談論它了，所以這一點可能有點被遺忘了，但我們特許經營承諾中最大的組成部分實際上是一個活動中心，我們正在順利進行該活動中心的工程和設計。

It'll be on the north parcel of land that sits there adjacent to the main entry to Wynn Palace. And we're excited about it because it will allow us to program great entertainment and drive visitation.

它將位於永利皇宮主入口附近的北地塊上。我們對此感到非常興奮，因為它使我們能夠編排精彩的娛樂節目並吸引遊客。

And if I can follow that up, when is that supposed to be completed active, et cetera?

如果我可以跟進的話，什麼時候應該完成活動等等？

Subject to as Julie has mentioned a few times, all of that concession CapEx is subject to a bunch of government approvals. So it's a reasonably wide range, call it early '28, but I would caveat that with we need all of the appropriate government approvals.

正如朱莉多次提到的那樣，所有特許資本支出都必須經過一系列政府批准。所以這是一個相當廣泛的範圍，稱之為 28 年初，但我要提醒的是，我們需要所有相關的政府批准。

Understood. Thanks.

明白了。謝謝。

Sure.

當然。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi, thanks for taking my questions. Maybe one on Vegas to start, a little nuanced, but maybe lying for a little additional color. So Craig, when you spoke to the midweek, like everyone else, being a little softer on occupancy but you're holding rate, what have you seen on property spends for the customers that are still coming in? Has that been staying up, down, is that holding up and just as fewer people are coming in midweek, how would you characterize that?

你好，謝謝你回答我的問題。也許一開始是在拉斯維加斯，有點微妙，但也許是為了增加一點色彩。那麼，克雷格，當您談到周中情況時，就像其他人一樣，入住率略有下降，但您仍保持著入住率，您看到仍然入住的顧客的物業支出是多少？這個數字是一直保持上升趨勢，還是下降趨勢，還是保持穩定，而且由於周中來的人較少，您如何描述這種情況？

Yeah. On property spend, it has been fine. I don't think we should be surprised by that though. I mean, if you look at our second quarter average daily rate, it was actually up 3% from prior year.

是的。就房地產支出而言，情況還不錯。但我認為我們不應該對此感到驚訝。我的意思是，如果你看看我們第二季的平均日費率，它實際上比去年上漲了 3%。

And so the customer that is on property is willing to pay that rate again in a market where others' rates haven't been that high. So the customers that are here are doing -- are behaving the way we would expect them to. Brian?

因此，在其他飯店的利率還沒有那麼高的市場上，飯店客戶願意再支付這個利率。所以，這裡的顧客的行為舉止都符合我們的期望。布賴恩？

Yeah. The another metric that we follow is all of our luxury retail. And we have significant retail space here, and we continue to see it accelerating, so it's up year-over-year, and quarter-over-quarter. So that's also a nice indicator that the top end of the market is still willing to spend discretionary income and spend it here in Wynn.

是的。我們遵循的另一個指標是所有的奢侈品零售。我們這裡有大量的零售空間，我們看到它繼續加速增長，因此它同比增長，並且環比增長。所以這也是一個很好的指標，顯示高端市場仍然願意花費可自由支配的收入並將其花在永利。

Understood. Thanks, Brian. Maybe one more big picture, looks like Thailand has quieted down for the time being, and Craig, not that your plate isn't plentiful already, but is there anything else around that you guys are kicking the tires on or that looks interesting at the moment as it relates to new markets or new developments other than the kind of projects you've outlined, reinvesting in Las Vegas and Macau and obviously (inaudible)

明白了。謝謝，布萊恩。也許還有一幅大圖景，看起來泰國暫時平靜下來了，克雷格，並不是說你的任務不多，但除了你概述的項目類型之外，你們還有什麼其他正在研究的或目前看起來有趣的項目嗎？這涉及新市場或新開發項目，在拉斯維加斯和澳門進行再投資，顯然（聽不清楚）

Yeah, thanks, John. Our priority -- and I -- again, we've talked about this a little bit previously, but our priority right now is the UAE. And as I mentioned, construction on that project is advancing.

是的，謝謝，約翰。我們的首要任務——我——我們之前已經談過這個問題，但我們現在的首要任務是阿聯酋。正如我所提到的，該項目的建設正在推進。

Don't forget, we have a whole land bank there. And you shouldn't be surprised over the course of the next year or so to hear us talk about using portions of that land bank. We have a land bank in Vegas. We have a land bank in Boston, so we have a whole bunch of development opportunities that are directly adjacent to our existing resorts.

別忘了，我們在那裡有一整個土地儲備。在接下來的一年左右的時間裡，當您聽到我們談論使用部分土地儲備時，您不應該感到驚訝。我們在拉斯維加斯有土地儲備。我們在波士頓擁有土地儲備，因此我們擁有大量與現有度假村直接相鄰的開發機會。

And so to the extent that Thailand goes quiet for an extended period of time or to, as you saw in New York, we withdrew from New York. We have plenty of growth opportunities. But honestly, the amount of work and effort required to get Wynn Al Marjan open is a lot, and so that's where our focus is right now.

因此，如果泰國長時間處於平靜狀態，或者像您在紐約看到的那樣，我們就撤出了紐約。我們擁有充足的成長機會。但說實話，要開業 Wynn Al Marjan 需要做大量的工作和努力，所以這也是我們現在的重點。

Fantastic. Thanks, Craig.

極好的。謝謝，克雷格。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

Yeah, hey guys, good afternoon. Just one question for me. All my others have been asked and answered. So Craig, if we go back to the UAE, we think about the EBITDAR range that you guys have out there today, which I think is $265 million to $460 million -- somewhere around there.

是的，嘿，大家下午好。我只有一個問題。我所有其他的問題都已得到解答。所以 Craig，如果我們回到阿聯酋，我們會考慮你們今天的 EBITDAR 範圍，我認為是 2.65 億美元到 4.6 億美元左右——大概在這個數字左右。

And obviously every day, you're learning more and more about the market, what type of player will eventually come to that market. As you sit here today and think about some of the assumptions, I mean, going back to your October Investor Day, you kind of think about some of those assumptions that you're using to come up with that EBITDAR range, do you feel like some of those assumptions might end up being somewhat conservative?

顯然，每天你都會越來越了解市場，了解哪種類型的玩家最終會進入這個市場。當您今天坐在這裡思考一些假設時，我的意思是，回到十月份的投資者日，您會考慮一些用來得出 EBITDAR 範圍的假設，您是否覺得其中一些假設最終可能會有些保守？

And I guess this is another way of me asking, do you keep upside to that range based on your current day to day learnings about the market.

我想這是我的另一種提問方式，根據您目前對市場的日常了解，您是否會保持這一範圍內的上漲空間。

Yeah, sure, thank you for the question. Look, we haven't seen a lot of value accreting into the stock for Wynn Al Marjan to date. Now, you could argue that it's starting to creep in, awareness is going up, we're doing the Analyst Visit to the UAE later this year.

是的，當然，謝謝你的提問。瞧，到目前為止，我們還沒有看到 Wynn Al Marjan 的股票增值太多。現在，您可能會說它開始蔓延，意識正在提高，我們將在今年稍後對阿聯酋進行分析師訪問。

And history, I've been in this industry a long time, right? History has shown that you don't tend to get credit until it becomes a little bit more near term. So we're not really incentivized to overplay the market. That being said, when we compiled our projections, we did so assuming there would be multiple competitors in the market.

還有歷史，我在這個行業已經很久了，對吧？歷史表明，除非情況變得更短期化，否則你通常無法獲得信貸。所以我們其實並沒有動力去過度炒作市場。話雖如此，當我們編制預測時，我們假設市場上會有多個競爭對手。

And it looks like we're going to be the only one for quite some time. We noted in our Investor Day that we expected GGR in the market to be $3 billion to $5 billion. You've seen analysts come out with estimates as high as $8 billion.

看起來，在相當長的一段時間內，我們都會是唯一一家。我們在投資者日上指出，我們預計市場的博彩總收入將達到 30 億至 50 億美元。你已經看到分析師給的估值高達 80 億美元。

So -- and even if it's a fraction of that size, the absence of near-term competition, I think introduces conservatism into the base case that we that we presented at the Analyst Day.

所以 — — 即使規模只是這個數字的一小部分，由於缺乏短期競爭，我認為，這會為我們在分析師日提出的基本情況引入保守主義。

I would also add that receptivity to the project has been incredibly strong in and around the region. I mean, I talked to people in India that are aware of it. I talked to people in, obviously in the UAE that are very aware of it. And so there's a real excitement for the project, and I think when people see what we're building, they won't be disappointed.

我還要補充一點，該地區及其周邊地區對該項目的接受度非常高。我的意思是，我與了解此事的印度人進行了交談。我與阿聯酋的人們進行了​​交談，他們顯然非常清楚這一點。因此，人們對這個項目感到非常興奮，我認為當人們看到我們正在建造的東西時，他們不會失望。

Understood. Thanks, Craig. Thanks for the color. I appreciate it.

明白了。謝謝，克雷格。謝謝你的顏色。我很感激。

Sure.

當然。

Robin Farley, UBS.

瑞銀的羅賓法利。

Thanks. Yeah, I have a question about the UAE project, and you kind of answered half of already just in that last question. You have a competitor that's building a resort in the UAE without gaming approved yet.

謝謝。是的，我有一個關於阿聯酋專案的問題，你在最後一個問題中已經回答了一半了。您的競爭對手正在阿聯酋建造一個度假村，但尚未獲得博彩許可。

And so the question was going to be if you anticipate being the only one by the time you open in 2027, which it sounds like you anticipate being the only one. But I guess, what's your expectation for how long before another project that's already under construction might -- that you might have that competition. Thanks.

所以問題是，到 2027 年開業時，您是否預計自己是唯一一家？聽起來您預期自己是唯一一家。但我想，您預計另一個已經在建造的項目多久才會面臨競爭？謝謝。

Thanks, Robin. Yeah, we do anticipate being the only one for some period of time. How long it would take really depends upon if there are regulatory changes, if there are decisions by other Emirates to introduce gaming, and how long it takes to get them operational. So that's very hard for me to comment on.

謝謝，羅賓。是的，我們確實預計在一段時間內我們會成為唯一的一家。具體需要多長時間取決於監管規定是否有變化、其他酋長國是否決定引入博彩，以及博彩需要多長時間才能投入運作。所以我很難對此發表評論。

What I will say is keep in mind we operate in the two most competitive gaming markets in the world, and we punch well above our weight. So we presented a base case in our Analysts Day, comprised of a management fee and our pro rata share of EBITDAR in the project that was incredibly compelling, and it assumed multiple competitors.

我想說的是，請記住，我們在全球競爭最激烈的兩個遊戲市場中運營，我們的實力遠遠超出了我們的能力。因此，我們在分析師日提出了一個基本情況，包括管理費和我們在專案中按比例分配的 EBITDAR 份額，這非常引人注目，並且假設有多個競爭對手。

So to the extent that even that base case plays out, we feel very good about the project. And if we are the sole operator for an extended period of time, then obviously we feel even better. So yeah, we're just fine if they end up being multiple competitors in that market, and we're a lot better than fine if there's not.

因此，就基本情況而言，我們對該專案感到非常滿意。如果我們在較長時間內是唯一的運營商，那麼顯然我們會感覺更好。所以，是的，如果他們最終成為該市場的多個競爭對手，我們就會很好，如果沒有，我們會好得多。

Okay. Great. Thank you, very helpful.

好的。偉大的。謝謝，非常有幫助。

Sure.

當然。

Operator, the next question would be our last one, please.

接線員，下一個問題是我們的最後一個問題。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, how's it going? Thanks for taking my question. Another question on UAE, may be similar to Lizzy's question, but maybe slightly more specific. So you've talked about the different player cohorts in the past.

嘿，最近怎麼樣？感謝您回答我的問題。關於阿聯酋的另一個問題可能與 Lizzy 的問題類似，但可能更具體一些。所以你過去曾談論過不同的玩家群。

Maybe talk about your current plan to build the pipeline going into this opening. It's obviously been a while since there's been a large opening in a new market. Obviously, you have the casino you purchased in London, but is there a social media campaign or are you relying on existing international players? We just love any color on the tactical kind of behind the scenes decision making or thought process. Thanks.

也許可以談談您目前建造通往該開口的管道的計劃。顯然，我們已經有一段時間沒有在新市場大規模開業了。顯然，您在倫敦購買了賭場，但是是否有社交媒體活動，或者您是否依賴現有的國際玩家？我們只是喜歡幕後戰術決策或思考過程的任何色彩。謝謝。

This is your second quarter with a great question. So thank you. Yeah, we're doing a lot. So, one, you mentioned Mayfair. Mayfair is an important part of that. You have a lot of visitation from the region that goes into London, and goes into Mayfair specifically. That's important.

這是您第二次提出好問題。所以謝謝你。是的，我們做了很多。首先，您提到了梅菲爾。梅菲爾是其中的重要組成部分。有很多遊客來自前往倫敦的地區，特別是梅菲爾區。這很重要。

We have our casino hosting leads already on staff. We are driving awareness with key players in the market. We are present at any number of key events that are happening in and around Europe, India, the Middle East, where you have people who have a lot of dough.

我們的賭場託管主管已在職。我們正在提高市場主要參與者的認知度。我們出席了歐洲、印度、中東及其周邊地區的許多重要活動，這些地方都有富有的人。

We have nightlife partnerships structured and ready, and those have a whole pre-marketing element. And of course, we will be doing a pre-opening brand campaign to drive awareness throughout the region.

我們已經建立並準備好了夜生活合作夥伴關係，而這些合作夥伴關係具有完整的預行銷元素。當然，我們將在開業前開展品牌活動，以提高整個地區的知名度。

That brand campaign will focus really on the property as a luxury integrated resort as opposed to gaming, specifically, but we're doing a lot. We recognize this is the first opening under this management team, and we need to be in a position to knock the cover off the ball. So we're doing a whole bunch of things to make sure that we have a very strong opening, with a lot of [hedge] in bets.

該品牌活動將真正專注於將該物業作為豪華綜合度假村，而不是博彩業，但我們正在做很多工作。我們意識到這是該管理團隊的首次亮相，我們需要做好準備以打破僵局。因此，我們正在做很多事情來確保我們有一個非常強勁的開局，並進行大量[對沖]投注。

Thanks.

謝謝。

Operator, apologies. There is one more questioner out there. I believe [Shawn Kelly] would like to ask a question.

接線員，抱歉。還有一個提問者。我相信 [Shawn Kelly] 想問一個問題。

Thank you. One moment. And he is actually not responding so yeah.

謝謝。請稍等。但他實際上並沒有回應，所以是的。

Okay. Well then, thank you, operator, and thank you everyone for joining us for the Wynn Resorts Q2 earnings call. We look forward to talking to you again in a few months.

好的。那麼，謝謝接線員，也謝謝大家參加永利度假村第二季財報電話會議。我們期待幾個月後再次與您交談。

Thank you for participating on today's conference call. You may disconnect at this time.

感謝您參加今天的電話會議。您現在可以斷開連線。