永利渡假村 (WYNN) 2025 Q3 法說會逐字稿

Welcome to the Wynn Resorts third quarter 2025 earnings call. (Operator Instructions) This call is being recorded. (Operator Instructions)

歡迎參加永利度假村2025年第三季財報電話會議。（操作員指示）本次通話正在錄音。（操作說明）

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

現在我將把電話線交給財務長朱莉·卡梅倫-多伊。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。今天和我一起通話的是身在拉斯維加斯的克雷格·比林斯和布萊恩·古爾布蘭茨。同台的還有 Jenny Holaday、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 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，我們在本次電話會議之前發布了一份演示文稿，以更詳細地介紹公司和近期業績。您可以在我們的投資者關係網站上找到這份簡報。我想提醒各位，根據聯邦證券法的「安全港」條款，我們可能會做出前瞻性聲明，但這些聲明可能實現，也可能不實現。

I will now turn the call over to Craig Billings.

現在我將把電話交給克雷格·比林斯。

Thanks, Julie. Good afternoon. And as always, thank you for joining us. I'll jump right into the quarter, and I'll kick off here in base. Wynn Las Vegas continued to see notable gaming market share gains in the quarter, driven by our incredible team and market-leading product and service, resulting in EBITDA growth on a hold-adjusted basis of 3% to $211 million against a difficult comp.

謝謝你，朱莉。午安.一如既往，感謝各位的收看。我將直接進入本季度，並從這裡開始。在本季度，永利拉斯維加斯繼續在博彩市場份額方面取得顯著增長，這得益於我們優秀的團隊和市場領先的產品及服務，使得經調整後的 EBITDA 增長了 3%，達到 2.11 億美元，而同期業績卻較為艱難。

Demand in the casino was healthy throughout the quarter with solid increases in both drop and handle, leading to casino revenues that were up 10%. Hotel revenue was flat at $187 million, demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR and maximize EBITDA paid off during the quarter. In fact, in August, the property set an all-time monthly EBITDA record.

本季賭場需求旺盛，投注額和投注額均穩定成長，賭場收入成長了 10%。酒店收入持平於 1.87 億美元，這表明我們為了保持平均房價和最大化 EBITDA 而接受略低入住率的計劃在本季度取得了成功。事實上，該物業在 8 月創下了有史以來最高的月度 EBITDA 記錄。

We also look forward to completing the renovation of the Fairway Villas by the end of this quarter and to the opening of Zero Bond -- apologies. Sorry for that. Wynn Las Vegas continued to see notable gaming market share gains in the quarter, driven by our incredible team and market-leading products and service, as I mentioned. More recently, business in the fourth quarter has seen continued momentum with drop and handle both up versus the same prior period last year. We've also seen notable growth in REVPAR and strong retail sales.

我們也期待在本季末完成 Fairway Villas 的翻新工程，並期待 Zero Bond 的開幕——對此我們深表歉意。抱歉。正如我之前提到的，在優秀的團隊和市場領先的產品及服務的推動下，永利拉斯維加斯在本季度繼續取得了顯著的博彩市場份額增長。最近，第四季的業務持續保持成長勢頭，銷量和處理量均較去年同期有所增長。我們也看到每間可供出租客房收入 (REVPAR) 顯著成長，零售額也表現強勁。

So with the fourth quarter off to a strong start, we are now turning our attention to F1. You can look at our published room rates for the event and see that we are once again pricing at a significant premium to the market. Looking further out, our group and convention business looks strong heading into 2026 on pace to grow both room nights and rate over 2025.

第四季開局強勁，現在我們將注意力轉向F1。您可以查看我們公佈的活動房間價格，就會發現我們的定價又遠高於市價。展望未來，我們的團體和會議業務在 2026 年前景強勁，預計到 2025 年，客房夜數和房價都將成長。

I do want to note that as we begin the Encore Tower remodel in the spring, we will lose about 80,000 room nights in 2026. We will attempt to pick up some of that in rate, but the remodel will present a slight headwind for 2026. Importantly, we continue to invest in our market-leading assets here in Las Vegas. And ultimately, while macroeconomic and geopolitical uncertainty remain a consideration, we remain positive on the outlook for our business in Las Vegas.

我想指出，由於我們將在春季開始對安可塔進行改造，到 2026 年我們將損失約 80,000 個客房晚數。我們將努力提高利率，但改造工程將對 2026 年的利率帶來一些不利影響。重要的是，我們將繼續投資我們在拉斯維加斯的市場領先資產。最後，儘管宏觀經濟和地緣政治的不確定性仍然是需要考慮的因素，但我們對拉斯維加斯的業務前景仍然保持樂觀。

Turning to Boston. We generated $58 million in EBITDAR. In terms of fundamentals, the business at Encore Boston Harbor remains solid with slot revenues growing over 5% year on year and OpEx tightly controlled. More recently, demand in Boston has remained healthy in October with both drop and handle above last year.

轉向波士頓。我們創造了 5800 萬美元的 EBITDAR。從基本面來看，Encore Boston Harbor 的業務依然穩健，老虎機收入年增超過 5%，營運支出也受到了嚴格控制。最近，波士頓的需求在10月依然保持健康，跌幅和成交量都高於去年同期。

Macau also delivered very strong results in the quarter, which were further aided by higher-than-normal VIP hold. The business generated $308 million in EBITDAR, including $23 million of VIP hold benefits. Mass volumes were particularly strong, up 15% year on year despite the weather disruption near the end of the quarter.

澳門本季也取得了非常強勁的業績，貴賓廳持倉量高於正常水準也進一步推動了業績成長。該業務創造了 3.08 億美元的 EBITDAR，其中包括 2,300 萬美元的 VIP 持有收益。儘管季末受到天氣影響，但大宗商品銷量依然強勁，較去年同期成長 15%。

The cadence of Golden Week was a bit unusual this year and that we saw heavier volumes towards the tail end of the holiday and after the holiday period. Beyond Golden Week, volume metrics in the quarter have been strong with turnover and mass drop both running well ahead of last year. With sustained double-digit market-wide growth in GGR, we continue to be optimistic about the future of Macau.

今年黃金周的節奏有點不尋常，我們看到假期臨近尾聲和假期結束後交易量更大。除了黃金週之外，本季的銷售指標表現強勁，成交量和批量下降量均遠超去年同期水準。澳門博彩總收入持續保持兩位數的市場整體成長，我們對澳門的未來依然充滿信心。

The premium segment continues to lead the market in Macau. Last quarter, we discussed two new projects and expansion of The Chairman's Club gaming area at Wynn Palace and a refresh of our Wynn tower rooms at Wynn Macau to ensure we continue to take advantage of this ongoing demand.

在澳門，高端市場仍佔據主導地位。上個季度，我們討論了兩個新項目，分別是擴建永利皇宮的主席俱樂部博彩區，以及翻新澳門永利酒店的永利塔樓客房，以確保我們繼續利用這一持續的需求。

Both projects are moving along very quickly. The Chairman's Club expansion should be complete ahead of Chinese New Year, and we are already completing the initial floors of the Wynn tower room renovation now. While we expect some minor disruption into year-end from these projects, once complete, they will further elevate our offerings at both properties.

這兩個項目進展都非常迅速。主席俱樂部擴建工程應該會在中國新年之前完工，我們現在也已經在完成永利塔樓客房翻新工程的最初幾層。雖然我們預計這些項目會在年底前造成一些輕微的干擾，但一旦完成，它們將進一步提升我們兩處物業的服務水準。

Wynn Al Marjan Island continues to progress rapidly, and we look forward to welcoming many of you to the site in less than a month. We're pouring the final two floors now and are on track to top out the tower ahead of our analyst event in December. We are also pleased to announce our first development on the Marjan Land Bay adjacent to Wynn Marjan, the Al Marjan Island by Oman Group. Oman team are world class, and we're delighted to have them as a neighbor.

Wynn Al Marjan Island 的建設進展迅速，我們期待在不到一個月的時間內歡迎大家前來參觀。我們現在正在澆築最後兩層樓，預計在 12 月的分析師活動之前完成大樓封頂。我們也很高興地宣布，我們在毗鄰 Wynn Marjan 的 Marjan Land Bay 的第一個開發項目——由阿曼集團開發的 Al Marjan Island 項目即將啟動。阿曼隊是世界一流的，我們很高興能與他們成為鄰居。

From a structuring perspective, our JV, the same JV that owns enlarge on, will own the property and the Oman team will manage the asset. Given the recent success of condo sales in the UAE in general and, in particular, we anticipate our portion of the equity check for the project will be quite small, about $25 million to $50 million. Beyond the stand-alone merits of the transaction, we also expect Janus high-quality customers will be additive to Wynn Al Marjan Island.

從結構角度來看，我們的合資企業（即擁有 Large On 的同一合資企業）將擁有該物業，而阿曼團隊將管理該資產。鑑於阿聯酋公寓銷售近期整體以及特別是公寓銷售的成功，我們預計我們在該項目股權支票中所佔份額將非常小，大約為 2500 萬美元至 5000 萬美元。除了交易本身的優點之外，我們還期望 Janus 的優質客戶能夠為 Wynn Al Marjan Island 帶來更多好處。

With the Marjan Land Bank, we have significant additional long-term development opportunities in the UAE. You can see more about this initial development in our quarterly earnings presentation. We remain on track for our targeted opening date of Wynn Al Marjan Island and look forward to showcasing what we believe is the most compelling development opportunity in the industry.

借助馬爾詹土地銀行，我們在阿聯酋擁有了更多長期發展機會。您可以在我們的季度收益報告中了解更多關於這項初步進展的資訊。我們仍按計劃推進 Wynn Al Marjan Island 的開業日期，並期待向大家展示我們認為業內最具吸引力的開發機會。

With no competing operations announced to date, when Wynn Al Marjan Island will be the only integrated resort in what many analysts are predicting will be a $5 billion-plus GGR market. Our future continues to be bright. The opening of Wynn Al Marjan Island and the free cash flow inflection that it will bring gives us confidence that our best days lie ahead.

由於目前還沒有其他競爭項目宣布，Wynn Al Marjan Island 將成為該市場中唯一的綜合度假村，許多分析師預測該市場的總博彩收入將超過 50 億美元。我們的未來依然光明。Wynn Al Marjan Island 的開業及其帶來的自由現金流拐點讓我們相信，我們最好的日子還在後頭。

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

現在我將把發言權交給朱莉，讓她補充一些關於本季的其他細節。

Thank you, Craig. At Wynn Las Vegas, we generated $203.4 million in adjusted property EBITDAR of $621 million of operating revenue during the quarter, delivering an EBITDA margin of 32.8%. Unfavorable hold negatively impacted EBITDA in the quarter by just under $8 million. OpEx excluding gaming tax per day was $4.3 million in the quarter, up 3.1% compared to the prior year due to a bad debt swing and onetime expenses in repairs and maintenance Otherwise, there were normal cause ebbs and flows in OpEx.

謝謝你，克雷格。本季度，永利拉斯維加斯酒店的調整後物業 EBITDAR 為 2.034 億美元，營業收入為 6.21 億美元，EBITDA 利潤率為 32.8%。不利的持有對本季 EBITDA 造成了近 800 萬美元的負面影響。本季每日營運支出（不含博彩稅）為 430 萬美元，比去年同期成長 3.1%，原因是壞帳波動和維修保養方面的一次性支出。除此之外，營運支出也存在正常的波動。

Turning to Boston. We generated adjusted property EBITDA of $58.4 million on revenue of $211.8 million with an EBITDA margin of 27.6%. Slot revenues were very strong, up 5% and set a new record for Boston. We maintained our discipline on the cost side with OpEx per day of $1.16 million up 1.9% compared to Q3 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.

轉向波士頓。我們實現了 2.118 億美元的收入，調整後的物業 EBITDA 為 5,840 萬美元，EBITDA 利潤率為 27.6%。老虎機收入非常強勁，成長了 5%，創下了波士頓的新紀錄。儘管該市場持續面臨勞動成本壓力，但我們仍保持了成本控制的紀律，每日營運支出為 116 萬美元，比 2024 年第三季成長 1.9%。波士頓團隊一直做得很好，透過在不影響顧客體驗的業務領域提高成本效益來減輕與工會相關的薪資成長。

Our Macau operations delivered adjusted property EBITDA of $308.3 million in the quarter on $1 billion of operating revenue resulting in an EBITDA margin of 30.8%. Higher than normal VIP hold impacted EBITDA by a little under $23 million in the quarter. OpEx excluding gaming tax, was approximately $2.75 million per day in Q3, up 7.6% year on year with the increase driven primarily by the Gourmet Pavilion and normal cost of living expenses as we called out last quarter. This quarter, we also saw the variable impact of higher business volumes and about $2.5 million of typhoon-related OpEx.

本季度，我們在澳門的業務調整後物業 EBITDA 為 3.083 億美元，營業收入為 10 億美元，EBITDA 利潤率為 30.8%。VIP 會員消費高於正常水平，導致本季 EBITDA 減少近 2,300 萬美元。第三季度，不包括博彩稅在內的營運支出約為每天 275 萬美元，年成長 7.6%，成長主要由美食館和正常生活成本推動，正如我們上個季度所指出的那樣。本季度，我們也看到了業務量增加帶來的各種影響，以及約 250 萬美元的颱風相關營運支出。

In terms of CapEx in Macau, last quarter, we initiated two projects, as Craig mentioned, and 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 other ongoing CapEx projects, we continue to expect to spend $200 million to $250 million in total for 2025.

就澳門的資本支出而言，正如克雷格所提到的，上個季度我們啟動了兩個項目，分別是永利皇宮主席俱樂部博彩區的擴建和永利澳門永利塔樓客房的翻新。加上其他正在進行的資本支出項目，我們預計到 2025 年將總共支出 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 $4.6 billion as of September 30. This was comprised of $2.8 billion of total cash and available liquidity in Macau and $1.7 billion in the US. The combination of strong performance in each of our markets globally with our properties generating just under $2.3 billion of LTM adjusted property EBITDA, together with our robust cash position creates a very healthy consolidated net leverage ratio of just over 4.3 times.

接下來來看資產負債表。截至9月30日，我們的流動性狀況依然非常強勁，全球現金和循環信貸額度為46億美元。這其中包括澳門的28億美元現金及可用流動資金，以及美國的17億美元。我們在全球各市場表現強勁，旗下物業過去 12 個月調整後物業 EBITDA 略低於 23 億美元，再加上我們穩健的現金狀況，使得我們的綜合淨槓桿率非常健康，略高於 4.3 倍。

Our strong free cash flow and liquidity profile also allow us to continue returning capital to shareholders in both Macau and the US. To that end, Wynn Macau paid out approximately $125 million in dividends in Q3 after paying a similar amount in Q2. In addition, the Wynn Resorts Board has approved a quarterly cash dividend of $0.25 per share payable on November 26, 2025, to stockholders of record as of November 17. Our recurring dividend highlights our focus on and continued commitment to prudently returning capital to shareholders.

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。為此，永利澳門在第三季派發了約 1.25 億美元的股息，而第二季也派發了類似金額的股息。此外，永利度假村董事會已批准向截至 2025 年 11 月 17 日登記在冊的股東派發每股 0.25 美元的季度現金股息，支付日期為 2025 年 11 月 26 日。我們定期派發股息，體現了我們對審慎地向股東返還資本的重視和持續承諾。

In terms of CapEx, we spent approximately $164 million in the quarter, primarily related to the Fairway Villas renovations and food and beverage enhancements in Las Vegas, concession-related CapEx in Macau and normal course maintenance across the business. In addition to that figure, we contributed $93.9 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to date to $835 million. We also continued to draw on the Marjan construction loan with a drawn amount to date of $583.7 million. We estimate our remaining share of the required equity, including the new project is approximately $525 million to $625 million.

就資本支出而言，本季我們花費了約 1.64 億美元，主要用於拉斯維加斯 Fairway Villas 的翻新和餐飲設施的提升、澳門特許經營相關的資本支出以及整個業務的正常球場維護。除了上述數字之外，我們在本季度還向 Wynn Al Marjan Island 項目投入了 9,390 萬美元的股權，使我們迄今為止的股權投入總額達到 8.35 億美元。我們也繼續提取 Marjan 建築貸款，迄今已提取 5.837 億美元。我們估計，包括新項目在內，我們剩餘的所需股權份額約為 5.25 億美元至 6.25 億美元。

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

接下來，我們將進入問答環節。

(Operator Instructions) Dan Politzer, JPMorgan.

（操作員指令）Dan Politzer，摩根大通。

First, in Las Vegas, another strong quarter. Can you talk about what you're seeing there versus a few months ago? I had you guys have been taking share. It sounds like the fourth quarter is trending well. But do you feel like the environment has improved as we kind of moved out of the summer and you filled in that group calendar? And then as you look out to '26, what is your expectation there for growth given that group is pacing higher?

首先，拉斯維加斯又迎來了一個強勁的季度。你能談談你現在在那裡看到的情況與幾個月前有什麼不同嗎？我以為你們一直在分享呢。聽起來第四季發展勢頭良好。但是，隨著夏季的結束和你們填滿小組日程表，你們覺得環境是否有所改善嗎？展望 2026 年，鑑於該群體的成長速度更快，您對該群體未來的成長有何預期？

Sure. I'll start, and then I'll ask Brian to comment as well. I think the summer activity or the summer business environment has been well publicized, maybe to the extreme here in Las Vegas. And we saw our business as we were going into the summer. We saw components of the business that we felt like we needed to react to.

當然。我先開始，然後我會請布萊恩也發表一下看法。我認為夏季活動或夏季商業環境已經得到了充分的宣傳，在拉斯維加斯可能宣傳得有些過頭了。隨著夏季的到來，我們看到了我們的業務狀況。我們發現業務中存在一些需要我們反應的環節。

We reacted to that, and we talked about a little bit about this on the last call, we reacted to that by really focusing on rate and not on occupancy. And then, of course, we can kind of staff the building accordingly and really make sure that we're driving EBITDA, and we did that. On the last call, I believe we mentioned that we were seeing things start to improve more broadly in Vegas. And certainly, that was the case.

我們對此做出了反應，我們在上次電話會議上也稍微討論了一下這個問題，我們的反應是真正關注房價而不是入住率。當然，我們也可以相應地安排人員，確保我們能夠推動 EBITDA 成長，而我們也確實做到了。上次通話中，我們提到拉斯維加斯的整體情況開始好轉。事實的確如此。

And we also knew that by the time we got to October, we'd be in pretty good shape for the reasons that you just described with respect to group. So I don't think there's anything new there. I think it's kind of as we talked about and as is reflected in the results, inclusive of my commentary about how things look in October. 2026, the primary indicator is group, and Brian will talk a little bit about that. Brian, what did I miss?

我們也知道，到了十月份，由於你剛才提到的關於團隊方面的原因，我們的狀況會相當不錯。所以我覺得這方面沒有什麼新發現。我認為情況正如我們之前討論的那樣，也正如結果所反映的那樣，包括我對10月份形勢的評論。 2026年的主要指標是群體，布萊恩會就此稍作討論。布萊恩，我錯過了什麼？

I think it comes down to three groups that are really focused right now and really focused on Q3 and they're focusing forward, our revenue team, our sales team and our casino marketing team. In Q3, we were squarely focused on casino marketing as well as yielding ADR, as Craig mentioned, over peaks and on weekends to really take advantage of the compression. The team did an amazing job, resulting in a record August, delivering really nice great results for the quarter. I think Q3 was a lot better quarter than we initially saw at the beginning of the year.

我認為目前真正專注於第三季並著眼於未來的三個團隊是：我們的營收團隊、銷售團隊和賭場行銷團隊。第三季度，我們全力投入賭場行銷，並像克雷格提到的那樣，在高峰期和週末提高平均每日出勤率，以真正利用價格壓縮的優勢。團隊表現出色，8 月業績創下歷史新高，為本季帶來了非常優異的成績。我認為第三季比年初我們看到的要好得多。

And Wynn respect to Group, as stated, we're pacing ahead in 2016 in both rate and room nights. The team is now focused on really plugging the last available holes over the summer, which is typical in part for the course. So really proud of what the team has done with their efforts. And as we move forward, we continue to focus on peak periods and weekends where we can take rate where we can.

永利集團表示尊重，正如之前所說，我們在 2016 年的房價和客房夜數方面都取得了領先地位。目前，該團隊正集中精力在夏季期間徹底填補球場上最後幾個尚未完工的球洞，這在一定程度上也是該球場的典型做法。我真的為團隊的努力成果感到驕傲。展望未來，我們將繼續專注於高峰時段和週末，盡可能提高成長率。

Got it. And then just turning to the UAE. You guys laid out a little bit over a year ago, a base case -- a low case base case and a high case scenario for EBITDAR there. And I think the high case was $460 million. So I guess, look, the property certainly still is a way from opening, but can you lay out or remind us what are kind of the puts and takes between the base case and the low case and the high-end scenario? And obviously, given that it doesn't seem like there's competitors there, where does that maybe put you right now?

知道了。然後就轉向阿聯酋。你們一年多前就制定了基本情況——EBITDAR 的低情況和高情況。我認為最高賠償金額是 4.6 億美元。所以我想，你看，這個房產離開業還有很長的路要走，但是你能給我們解釋一下基本情況、低端情況和高端情況之間的利弊嗎？顯然，鑑於那裡似乎沒有競爭對手，那麼你現在的情況可能如何？

Yes. Look, the there's a lot of puts and takes from the base case to the upside case, really across those cases. But the number one, by an order of magnitude is GGR. And so really, it comes down to how large the market will be and ultimately what our share of the market will be. As you rightly pointed out, our share of the market early on should be 100%.

是的。你看，從基本情況到樂觀情況，實際上在這些情況之間有很多買賣機會。但排名第一的，是GGR，而且領先幅度不只一個數量級。所以說，歸根究底，這取決於市場規模有多大，以及我們最終能佔多大的市佔率。正如您所指出的，我們早期的市場份額應該達到 100%。

So we're not yet ready to revisit the numbers that we put out in our Investor Day. But you've seen sell-side estimates for the market as high as $8 billion. And so even if the market is a fraction of that size, the absence of near-term competition probably introduces some conservatism into our base case, but it's a greenfield market. And so what we really are focused on right now is getting open with the absolute best product that we can.

因此，我們目前還不打算重新審視我們在投資者日上公佈的數據。但你也看到賣方對市場的預測高達 80 億美元。因此，即使市場規模只有這個的一小部分，短期內缺乏競爭可能會使我們的基本情況變得保守一些，但這是一個全新的市場。因此，我們現在真正關注的是推出我們所能提供的最好的產品。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Craig, maybe to stick with Las Vegas a little bit. You talked about some of the stuff that happened over the summer. But one of those things that came up with the social media backlash on pricing and you obviously cater to the highest end of the market. But curious your views on that impact in terms of visitation to Las Vegas as a whole. And specifically, although you kind of luxury end of the market, have you seen any pushback on pricing? You obviously had a great quarter in holding rate, but curious if you've seen any change?

克雷格，或許應該在拉斯維加斯待一段時間。你談到了夏天發生的一些事情。但其中一件事是社群媒體對定價的強烈反對，而你們顯然迎合的是高端市場。但我很好奇您對這是否會對拉斯維加斯整體的遊客數量產生影響有何看法。具體來說，雖然你們的產品定位在高端市場，但你們有沒有遇過定價上的阻力？顯然，你們本季的持倉率表現非常出色，但我很好奇你們是否看到任何變化？

I'll take the second. Thank you for those questions. I'll take the second one first, we have not. And then on the first one, I've been getting this question a lot. And Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget. Our customer generally isn't the customer who focuses on cost alone. But they are the type of customer who is really unrelenting when it comes to value for their dollars, right? Their expectation of that perceived value could not be higher.

我選第二個。謝謝你提出這些問題。我先選第二個，我們還沒有。關於第一個問題，我常被問到這個問題。永利拉斯維加斯酒店未必是為預算有限的拉斯維加斯遊客而建的。我們的客戶通常不是只關注價格的客戶。但他們是那種對性價比要求極高的客戶，對吧？他們對這種感知價值的期望值再高不過了。

A small example, by the way, I had a patron e-mail me several weeks ago about the difficulty of pealing the complementary oranges in our spa. We love that. We love feedback like that. No matter how small. And while we're on apologetic about premium pricing, we don't ambush patrons with unexpected charges.

順便舉個小例子，幾週前有一位顧客給我發郵件，說我們水療中心提供的免費橘子很難剝皮。我們很喜歡。我們很喜歡這樣的回饋。無論多麼微小。雖然我們對高昂的定價表示歉意，但我們不會突然向顧客收取意料之外的費用。

So contrary to what you might expect, our mini bar prices are a fraction of some others in the market. We held out as long as we possibly could in charging for parking and really only began to do so when we were at risk of becoming the neighborhood parking lot, even now hotel guests parks free, by the way.

所以，與您可能預期的相反，我們的迷你吧價格只是市場上其他一些同類產品的幾分之一。我們盡可能長時間地堅持不收取停車費，直到我們面臨變成社區停車場的風險時才開始收費，順便說一句，即使現在酒店客人停車也是免費的。

Yes, our customer pays a premium room rate, but we don't want them to feel nickel and dimes. That's actually contrary to creating high perceived value. So because of that, we haven't seen that pushback on pricing that the risk that others in the market might have or at least we've seen on social media.

是的，我們的顧客支付的是高價房費，但我們不想讓他們感覺被斤壓。這其實與創造高感知價值背道而馳。正因為如此，我們沒有看到像市場上其他公司可能面臨的價格阻力，至少我們在社群媒體上沒有看到這種情況。

So lastly, while the current narrative is when did Las Vegas get so expensive Las Vegas is actually chock-full of low price options and values. It really is. But historically, it has also been a town where one could escape one's worries for three days and experience world-class service in beautiful environments. In other words, a town of really high perceived value. Any erosion of that perceived value will manifest itself in a mantra against the cost of the experience itself.

最後，雖然目前的說法是拉斯維加斯什麼時候變得這麼貴了，但實際上拉斯維加斯到處都是價格低廉的選擇和物超所值的東西。確實如此。但從歷史上看，這裡也是一個可以讓人暫時忘卻煩惱，享受三天世界一流服務和優美環境的小鎮。換句話說，這是一個人們普遍認為價值很高的城鎮。任何對這種感知價值的削弱都會表現為對體驗本身成本的抵觸情緒。

But read through the underlying messages and you will see it much more as being about the value for dollar and not the dollar itself per se. And that's just not us. So no, we haven't seen that pushback. If rates compress 50% in Las Vegas tomorrow, would we see that? Would we feel that? Sure, we would. But we will always be at a pricing premium and the reason is because we deliver a whole lot of value.

但仔細閱讀背後的含義，你會發現它更多的是關於美元的價值，而不是美元本身。而我們絕對不會那樣。所以，我們還沒看到這種阻力。如果明天拉斯維加斯的利率下降 50%，我們會看到這種情況嗎？我們會感受到嗎？當然，我們會的。但我們始終會保持較高的定價，原因是我們提供了許多價值。

That's helpful, Craig. I appreciate those comments. And I too struggled with those oranges, so I'm glad you guys are going to think about it.

那很有幫助，克雷格。感謝您的評論。我也曾為那些橘子苦惱過，所以我很高興你們會考慮這個問題。

Well, they're easier to peel.

嗯，它們更容易剝皮。

Good, good. They're already pre-pealed I'm sure. We'll look forward to that. If I could ask a question on kind of the inverse of that, we here expect visitation to pick back up in Las Vegas more broadly, especially with the convention calendar picking up. And so your business is a bit uncorrelated, but should you also expect to see a little bit of uplift as visitation to the city comes back as a whole? Or would you say you're kind of just marching to the beat of your own drum right now in terms of where you're positioned in the market? I guess is there more upside as visitation recovers for you in Las Vegas?

好，好。我敢肯定它們已經被預先剝掉了。我們期待著那一天的到來。如果我能問一個與此相反的問題，我們預期拉斯維加斯的遊客數量將整體回升，尤其是在會展活動逐漸增加的情況下。因此，您的業務與城市整體的遊客數量恢復情況不太相關，但您是否也應該預期您的業務會略有成長？或者你會說，就你目前的市場定位而言，你只是在按照自己的步調行事嗎？我想隨著拉斯維加斯旅遊業的復甦，你們的收益應該會更高吧？

Yes, of course. You really see it -- let's talk about three segments, right, high-end gaming, mass gaming and ADR. Mass gaming and ADR are, of course, levered to visitation because they're both either demand-driven or correlate to the number of people that are coming to the doors every day. High-end gaming, very different, right? That's about the equity markets, it's about host of customer relationships, one-to-one selling.

是的當然。你確實看到了——我們來談談三個細分市場，對吧，高端遊戲、大眾遊戲和 ADR。大眾博彩和 ADR 當然都與客流量有關，因為它們要么是需求驅動的，要么與每天到店的人數有關。高端遊戲，差別很大，對吧？這關乎股票市場，關乎大量的客戶關係，關乎一對一的銷售。

It's the service -- the specific service and the building, that particular customer and what they're doing. So there are certainly aspects of our business that will benefit from incremental visitation to Las Vegas, most notably the rate that we charge for hotel rooms and the activity on our gaming floor outside of the high living rooms.

關鍵在於服務——具體的服務和場所，特定的顧客以及他們正在做的事情。因此，隨著拉斯維加斯遊客數量的增加，我們業務的某些方面肯定會受益，最顯著的是酒店房間的收費標準以及高檔客廳之外的博彩場所的活動。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

I don't know if you specifically quantified this, but would love to hear any additional color you could give on how to think about the disruption impact in Las Vegas, but also how to think about perhaps the return on some of these projects as we look beyond 2026, are some of these generally maintenance? Or do you think that there will be incremental EBITDA from a lot of these?

我不知道您是否對此進行了具體量化，但我很想聽聽您能否就如何看待拉斯維加斯受到的干擾影響提供更多細節，以及如何看待這些項目在 2026 年以後的回報，其中一些項目是否屬於維護性質？或者您認為其中許多項目會帶來增量 EBITDA？

Sure. Thanks. We have not quantified the impact with respect to the Encore Tower remodel, primarily because what we will attempt to do is pick it up in rate. As we start to commence that renovation, we'll talk to you more about what we think the actual impact is. Some of the CapEx that we talk about is normal course maintenance. So the Encore rooms have redone in a number of years, and we need to do that in order to continue to drive rate and continue to be competitive and continue to deliver on our brand promise.

當然。謝謝。我們尚未量化 Encore Tower 改造的影響，主要是因為我們將嘗試透過費率來體現。當我們開始進行翻新工程時，我們會和您詳細討論我們認為實際上會產生哪些影響。我們提到的部分資本支出是正常的航道維護費用。因此，Encore 客房在過去幾年中進行了翻新，我們需要這樣做才能繼續提高房價，保持競爭力，並繼續兌現我們的品牌承諾。

The other changes, particularly in food and beverage that we're making are absolutely ROI-driven projects. Even when we redo a room like we just redid -- or we just did with Pisces and not too long ago we did with Misumi. The incremental check average that we drive, the incremental covers that we drive are absolutely EBITDA accretive. So it really is a bit of a mixed bag, but -- if you look at our ADRs in terms of maintenance versus growth, but if you look at the ADRs that we've been delivering, I think you can see why it's important that we invest in the hotel.

我們正在進行的其他變革，尤其是在食品和飲料方面，都是以投資回報率為導向的項目。即使我們像最近重新裝修房間那樣重新裝修——或者像我們最近重新裝修雙魚座房間那樣，不久前我們也重新裝修了Misumi房間。我們所實現的增量消費平均值和增量消費金額絕對能夠提升 EBITDA。所以情況確實有點喜憂參半，但是——如果你從維護與增長的角度來看我們的平均房價，但如果你看看我們一直以來提供的平均房價，我想你就能明白為什麼我們投資酒店很重要了。

Maybe turning to Macau very quickly. What are you seeing in terms of the competitive dynamics, particularly as the quarter progressed given there's some chatter for some of your peers that there might be a little bit more promotions going on? And how do you generally think about margins going forward as you think about either maintaining price integrity or having to competitively respond?

或許很快就會轉向澳門。就競爭格局而言，您觀察到了什麼？特別是隨著季度的推進，一些同行傳言說可能會有更多的晉升機會。那麼，在考慮保持價格完整性或應對競爭時，您通常會如何看待未來的利潤率？

Sure. We thank you. We think about it day to day. So it's -- as I've said on probably in the last eight calls, it's hand-to-hand combat in Macau. That's just the reality of the market. I haven't -- we haven't seen a notable uptick in promotional material notable uptick in promotional activity. But we have a really clear view, as I've said before, down to the basis point of how much incremental GGR market share we need in order to justify and fade an incremental percentage point of reinvestment. So we're monitoring that closely in real time.

當然。謝謝。我們每天都在思考這個問題。所以——就像我在過去八次通話中可能說過的那樣——這是澳門的肉搏戰。這就是市場的現實。我沒有——我們沒有看到宣傳材料或宣傳活動有明顯的成長。但正如我之前所說，我們對需要多少增量 GGR 市場份額才能證明並逐步減少一個百分點的再投資是合理的這一點有著非常清晰的看法。所以我們正在即時密切監控。

In terms of the specific impact that you could see on margins, as we have also said before, we view margin as an outcome of aggressively driving revenues profitably reinvesting customers and diligently managing costs. So we don't manage to a specific margin per se, but what we're constantly doing is looking at our reinvestment levels relative to revenue, not market share revenue.

至於利潤率的具體影響，正如我們之前所說，我們認為利潤率是積極推動收入成長、獲利性地再投資客戶以及認真控製成本的結果。因此，我們並沒有追求特定的利潤率，但我們一直在關注的是相對於收入的再投資水平，而不是相對於市場份額收入的再投資水平。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Going back to the UAE for a moment, maybe I'll try to ask the question in a different way. I don't know if I'll get any more of an answer. But what were you factoring into your base case when you originally laid it out? I think you mentioned the potential for two other competitors to be in the market by 2029. How should we think about what you were kind of factoring in for that competition in terms of impact?

回到阿聯酋，或許我會換個方式問這個問題。我不知道是否還能得到更多答案。但當你最初制定基本方案時，考慮了哪些因素？我想你有提到過，到 2029 年可能會有另外兩家競爭對手進入市場。我們該如何看待你在那場比賽中考慮的那些因素的影響？

Sure, Robin. You're right. We were factoring in two incremental competitors and a market that I believe, if I'm remembering from the presentation, was $3 billion to $5 billion of GGR. We always tend to operate at a fair share premium. So we did assume a share of that. In fact, you could probably show that GGR -- you can probably take a look at the GGR that we showed and impute our fair share assumptions based on a market of $3 billion to $5 billion. And as I mentioned before, with no announced competition that we're aware of in the market thus far, there probably is some conservatism in those estimates.

當然可以，羅賓。你說得對。我們當時考慮了兩個新增競爭對手，而且市場規模（如果我沒記錯的話，根據簡報）為 30 億至 50 億美元的總營業收入。我們通常都會以合理的溢價進行營運。所以我們確實承擔了其中的一部分。事實上，你或許可以證明 GGR——你或許可以看看我們展示的 GGR，並根據 30 億至 50 億美元的市場規模來推斷我們公平的份額假設。正如我之前提到的，到目前為止，我們還沒有在市場上發現任何已公佈的競爭對手，因此這些估計可能有些保守。

And is the market size, some of your assumptions had assumed that some of the market would be driven by having those two other competitors? Or do you think the market size would still be the same?

市場規模方面，你們的一些假設是，部分市佔率會受到另外兩個競爭對手的影響？還是你認為市場規模還會維持不變？

Plus or minus, sure. We did not make an assumption with respect to the draw of incremental -- of any incremental competitors. What we really look at is a tremendous amount of airlift a very robust locals market, a very, very high GDP per capita. Those are the things that we look at when assessing the size of the market. It's a very small market geographically. It's very tightly coupled. It's about 50 minutes from Dubai to the property. So those are all with great road infrastructure. So those are all the things that we look at when assessing market size.

當然，正負都是有可能的。我們沒有對任何增量競爭對手的吸引力做出任何假設。我們真正關注的是龐大的航空運輸量、非常強勁的本地市場以及非常非常高的人均GDP。這些都是我們在評估市場規模時會考慮的因素。從地理上看，這是一個非常小的市場。它們之間的耦合非常緊密。從杜拜到該房產大約需要50分鐘。所以這些地方都有完善的道路基礎設施。以上就是我們在評估市場規模時需要考慮的所有因素。

If I could do one quick follow-up on Vegas. Just for group for 2026. I wonder if you could give us a sense of group pace after Q1, just to get a sense of sort of underlying and after the benefit, obviously, rotating in, just how that looks past Q1?

如果我能就拉斯維加斯再補充一點的話。僅限 2026 年團體。我想知道您能否為我們介紹第一季度後的團隊節奏，以便了解潛在的節奏，以及在輪換加入之後，第一季之後的情況如何？

We don't break down our group forecast on public calls by quarter, but it's safe to say that we feel good about it.

我們不會在公開電話會議上按季度細分集團預測，但可以肯定的是，我們對此感到樂觀。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

So in Las Vegas, curious that REVPAR or that REVPAR growth that you guys saw so far in the fourth quarter. Is that all from mix and rate compression from group? Or are you actually seeing some recovery in leisure occupancy?

所以，在拉斯維加斯，我很好奇你們在第四季看到的每間可供出租客房收入（REVPAR）或每間可供出租客房收入（REVPAR）成長情況。這就是所有來自群組的混音和速率壓縮嗎？或者，您確實看到休閒場所入住率有所回升？

Sure. I'll start, and then I'll pass it to Brian. You mentioned the rate compression for group. And obviously, that helps in terms of pricing group rooms, obviously, are contracted multiple years out and thus tend to carry a lower ADR than the prevailing ADR. So it's really a function of health across the board. But absolutely, group compression does help. Brian, what would you add?

當然。我先開始，然後交給布萊恩。你提到了群組的速率壓縮。顯然，這有助於團體房間的定價，因為團體房間的合約通常提前多年簽訂，因此其平均房價往往低於當時的平均房價。所以這實際上取決於整體健康狀況。但毫無疑問，群體壓縮確實有幫助。布萊恩，你還有什麼要補充的嗎？

I'd say the same. We've really seen a great start in October. Team has done a great job yielding rates over peak demands. We have a little softness before and after F1, which is typical and the teams were already reacted and put plans in place to prop that up. So pacing quite nicely in four, right, and we feel good about where we're headed.

我也這麼認為。十月的開局非常不錯。團隊在高峰需求期間出色地完成了任務，實現了預期收益率。F1 比賽前後都會出現一些波動，這是很正常的，各車隊已經對此做出了反應，並製定了相應的計劃來支撐比賽。所以，四輪比賽的節奏掌握得很好，對吧，我們對未來的方向感到滿意。

Great. And then a quick question on UAE and you probably don't want to jump any guns here on what you want to say for the game plan there. But for a property like this, when do you start to go out and build excitement and buzz with some of the bigger global players in your database now or in the database that you want to have and sort of -- is that sort of a next year, later next year thing? And then any insight on what you've learned so far from the acquisition in London to that extent.

偉大的。然後，關於阿聯酋，我還有一個問題想問一下，你可能不想過早地透露你在那裡的比賽計劃。但對於這樣的房產，你什麼時候開始與你資料庫中現有的或你想要擁有的資料庫中的一些更大的全球參與者建立聯繫，製造興奮感和熱度呢？ ——這算是明年，或是明年稍晚的事嗎？那麼，您能否分享您從倫敦的收購中學到了哪些見解？

Sure. Great questions. The entire management -- the entire senior management team is already on board in the UAE. That includes key marketing leaders. So you should assume, as is the case when you're opening a property in a new region like this, that one-to-one marketing and player engagement has been going on for actually quite some time.

當然。問得好。整個管理階層－整個高階管理團隊都已抵達阿聯酋。其中包括關鍵的行銷領導者。所以你應該假設，就像你在像這樣的新地區開設一家酒店一樣，一對一行銷和玩家互動實際上已經進行了相當長一段時間。

Mass marketing and mass communication you obviously roll out much, much closer to the actual opening because to create awareness at this point, you're so far from consideration and conversion that it really doesn't do you much good. So we are actively marketing to the folks that we will want in the building on a one-to-one basis, and you should expect to see a lot more on the mass marketing side as 2026 progresses.

大眾行銷和大眾傳播顯然應該在產品正式上市前很久就開始實施，因為在這個階段進行宣傳，距離消費者考慮和轉換還很遠，所以實際上並沒有什麼用處。因此，我們正在積極地對那些我們希望入駐大樓的人員進行一對一的營銷，隨著 2026 年的推進，您應該會看到更多的大眾營銷活動。

Mayfair has been very interesting, extremely high overlap between the Mayfair database and the database that we expect in that part of the world. We've learned a whole lot around game preference, reinvestment expectations competing the competitive dynamics in other parts of that region, and it's really been very, very instructive to what we're going to do in margin.

梅菲爾的情況非常有趣，梅菲爾資料庫與我們預期在世界該地區的資料庫之間存在極高的重合度。我們從遊戲偏好、再投資預期以及該地區其他地區的競爭動態中學到了很多東西，這對我們未來在利潤率方面要做的事情真的很有指導意義。

David Katz, Jefferies.

David Katz，傑富瑞集團。

I wanted to talk about Macau, we're taking some share seems to be the high-level observation. The hold percentage was high. We've seen October GGR numbers come across in the mid-teens growth percentage. I'd love your -- just your kind of state of the state. What's going on in that market? What's driving that growth? Is it sort of mainland fundamental dynamics in some way? Whatever you can share would be helpful.

我想談談澳門，我們正在佔據一些份額，這似乎是高層次的觀察。持倉比例很高。我們看到10月的GGR數據成長百分比達到了15%左右。我喜歡你——正是你想要的那種州情。那個市場現在怎麼樣了？是什麼因素推動了這種成長？這在某種程度上是否反映了大陸的基本動態？您能提供的任何資訊都將對我們有所幫助。

Sure. Thanks, David. Yes, you're right. The market has been pretty good, and it's great to see you usually have a very thoughtful and very strategic question on these calls. So I'm going to answer you in a somewhat philosophical and strategic way that may not satisfy you, by the way. There's a lot of cross currency in China right now. And I think trying to pin recent growth on any one, two, or three, say, particular factors is kind of a -- I think -- what's important is to understand that a lot of folks haven't actually been to China since before COVID.

當然。謝謝你，大衛。是的，你說得對。市集行情一直不錯，很高興看到你每次通話都能提出深思熟慮、極具策略性的問題。所以，我將以一種略帶哲學性和策略性的方式來回答你，順便說一句，這種方式可能不會讓你滿意。目前中國境內交叉貨幣交易非常活躍。我認為，試圖將近期的成長歸因於一兩個或三個特定因素，有點——我認為——重要的是要明白，很多人自新冠疫情爆發以來就沒去過中國。

And the China today is not the China of 2018. China is a giant complex economy. And honestly, the country is the pace setter in a whole bunch of areas, advanced manufacturing EVs, robotics. So it's really not all that different in the US where you can have certain consumer segments performing really well, while others are performing more modestly, it's a really dynamic place.

如今的中國已非2018年的中國。中國是一個龐大而複雜的經濟體。說實話，這個國家在許多領域都是領跑者，例如先進製造業、電動車、機器人技術等等。所以，美國的情況其實也差不多，某些消費族群表現非常出色，而其他消費族群表現則較為平淡，美國是一個非常充滿活力的地方。

And the consumer is evolving, too. And frankly, you can see it everywhere in Macau. Sometimes for the better in their affinity for top quality experiences, for example, and frankly, sometimes for the worst. GGR per visitor, for example, in Macau, when you have these visitation searches. Chinese consumer tastes are advancing at a rapid cliff.

消費者也在不斷變化。坦白說，在澳門到處都能看到這種情況。有時候，他們對高品質體驗的追求會帶來正面影響；坦白說，有時候，這種追求會帶來負面影響。例如，在澳門，當您進行這些訪客搜尋時，每位訪客的 GGR 是多少。中國消費者的口味正在快速變化。

And it's -- it will create changes in gaming, food and beverage, retail preferences. So it's an exciting place to be, and we're very long-term bullish, but I think trying to pin ebbs and flows in the market to one particular factor. It's just -- it's like trying to pin ebbs and flows in Las Vegas to any one particular factor. It's not the case. So again, we're delighted with how the market is doing, and we're very, very mid- and long-term bullish on Macau.

而且，它將改變遊戲、食品飲料和零售業的消費偏好。所以這是一個令人興奮的地方，我們非常看好它的長期前景，但我認為試圖將市場的漲跌歸因於某一特定因素是不切實際的。這就像試圖將拉斯維加斯的潮起潮落歸因於某個特定因素一樣。事實並非如此。所以，我們對市場表現感到非常滿意，並且非常非常看好澳門的中長期前景。

Appreciate all that. Just one follow-up to that end. One of the observations we're seeing here in the United States is a bit of a bifurcation where the high end seems to be doing better than the low end. Is that unrelated, but is that a similar dynamic to what you're seeing out of China?

非常感謝。僅此一點後續說明。我們在美國觀察到的一個現像是，高端市場似乎比低端市場表現更好，出現了兩極化的趨勢。這是否與此無關，但這是否與您在中國看到的情況類似？

Sure. I think you see that. It's a premium bled market. It's a premium mass led market, and I think that is absolutely the case. You also have a shifting set of a shifting industrial policy in China that is having certain effects on real estate, certain effects on other forms of industry and value creation, and that's creating new pockets of wealth. It's just a very, very dynamic place. And -- but your general observation is, I think, true, and that's good for us because that's the end of the market that we focus on.

當然。我想你明白這一點。這是一個高端的吸血市場。這是一個以高端產品為主的大眾市場，我認為情況確實如此。中國的產業政策也不斷變化，這對房地產、其他形式的產業和價值創造都產生了一定的影響，從而創造了新的財富領域。這裡真是一個充滿活力的地方。而且——但我認為你的整體觀察是正確的，這對我們來說是好事，因為那是我們關注的市場末端。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

I wanted to go back to Vegas. So occupancy, as we can see in the release, was down a couple of hundred basis points, which was expected. But your slot drop up 7% and your table drop up 12%, clearly shows that either the customers that were staying in your property, we're spending more per trip than what we had seen in prior periods or maybe others are, I don't know, using other properties as dormitories and then coming over to your property. But can you add any additional color just in terms of the disconnect between the growth that you had in drop versus the number of people staying in your property for the quarter?

我想再去拉斯維加斯。因此，正如我們在公佈的數據中所看到的，入住率下降了幾百個基點，這也在意料之中。但您的老虎機收入下降了 7%，賭桌收入下降了 12%，這清楚地表明，要么是住在您酒店的顧客每次消費比以前更多，要么是其他顧客，我不知道，把其他酒店當作宿舍，然後來您的酒店。但是，您能否就本季入住率下降與飯店入住人數之間的脫節情況，再補充一些細節？

Sure. I'll start, and again, I'll ask Brian to weigh in. Look, we said -- there's a lot that goes into attracting premium play. And disproportionately, the growth that you're seeing is premium play and disproportionately, it is larger. And we set out several years ago to double down on what we do really well, okay? That's the service in the building, the amenities we have in the building, and also to improved even further certain aspects of our casino marketing function.

當然。我先開始，然後我再請布萊恩發表意見。我們說過－吸引高端玩家需要考慮很多因素。而且，你看到的成長主要來自高階遊戲，而且高階遊戲的規模也更大。幾年前，我們就決定加倍投入真正擅長的領域，好嗎？這就是大樓內的服務、大樓內的設施，以及進一步改善我們賭場行銷職能的某些方面。

And as part of that -- or as a result of that, I should say, you have seen pretty significant growth in our gaming market share. And I'm super proud of that. I'm super proud of the team for doing that. And you're seeing the benefits of that in Q3. It really is that straightforward. It's not the mass floor that's driving that. It's the hosted high-end customer. Brian, what would you add?

而作為其中的一部分——或者應該說，是由此而來，你們已經看到我們的遊戲市場份額有了相當大的增長。我為此感到無比自豪。我為團隊所取得的成就感到無比自豪。而你在第三季就看到了這些好處。事情就是這麼簡單。驅動這現象的不是大眾消費水準。這是接待的高端客戶。布萊恩，你還有什麼要補充的嗎？

Yes, the premium customer that's really looking for a premium experience. It's us continuing to invest in our facilities, in our offerings in the experiences, investing in our people, leaning into who we are focused on our culture of service, cleanliness, safety, at a premium level, and people are willing to pay extra for that. And so we get more of our fair share for that and can steal share at that point. People want value.

是的，我們面向的是真正追求優質體驗的高端客戶。我們不斷投資我們的設施、我們的產品和服務、我們的體驗，投資我們的員工，專注於我們以優質服務、清潔和安全為核心的企業文化，人們也願意為此支付額外的費用。因此，我們就能獲得更多應得的份額，也能趁機攫取更多份額。人們追求價值。

So it goes back to the perceived value that I -- the comment that I had in response to John's question. It's also technology. We're using a lot -- we're using technology very differently than we did before on the marketing side. It's -- honestly, there is no one thing. It's all those things. And the results that you're seeing, as I said, are disproportionately people that are staying in the building.

所以，這又回到了我所感知到的價值──也就是我對約翰的問題所做出的評論。這也是一項技術。我們現在大量運用科技——我們在行銷方面運用科技的方式與以往截然不同。說實話，並沒有單一的原因。以上所有因素都包含在內。正如我所說，你看到的結果是，大部分人都留在了大樓裡。

Yes. I mean, if I can add on F1 right now as we come into fourth quarter, and that's always been a popular topic, we're highly programmed for our premium crowd. We're seeing solid pickup right now. We've maintained our premium rates from last year, and we've maintained a three-night minimum for that F1 weekend that no one else in the market has done. So feeling really good about where we are.

是的。我的意思是，如果我們在進入第四季度之際加入F1，而F1一直是一個熱門話題，那麼我們已經為我們的高級用戶群做好了充分的準備。目前我們看到市場需求強勁回升。我們維持了去年的高價，並且對F1週末的住宿也維持了至少三晚的最低要求，這是市場上其他任何人都沒有做到的。所以，我對我們目前的狀況感到非常滿意。

We've actually bought three additional tranches of tickets. So really seeing great increased demand. And we have an outstanding relationship with Formula One. We're bullish on the future of the race. And I think it continues to pay dividends for not just us but for the market.

我們其實又買了三批票。所以確實看到了顯著的需求成長。我們與一級方程式賽車保持著良好的關係。我們對這項賽事的未來充滿信心。我認為這不僅對我們，而且對市場都將持續帶來收益。

Great. And yes, F1 rates are impressively priced right now. And then just in terms of buybacks and how we should think about capital allocation? I know that was something that was becoming a little bit more recurring in the quarterly result. Julie, can you just give us an update in terms of how you're thinking about that from these levels?

偉大的。沒錯，F1 的利率目前確實非常優惠。那麼，就股票回購以及我們應該如何考慮資本配置而言呢？我知道這種情況在季度業績報告中出現的頻率越來越高。Julie，你能否從這個角度，為我們介紹一下你對此的看法？

Yes, sure. Thanks for the question. I mean we operate -- we're always diligent in looking at how to allocate our capital and we operate off the grid. And good thing we didn't do any buying in the quarter. But certainly, when we see value, we will be back into it. And we're refused to be overly programmatic here. We like to retain the flexibility.

當然可以。謝謝你的提問。我的意思是，我們的運作方式——我們始終認真研究如何分配資金，而且我們的運作方式是離網的。幸好我們本季沒有進行任何採購。但可以肯定的是，一旦我們看到價值，我們就會重新投入。我們拒絕在這裡採取過於程序化的方式。我們喜歡保留靈活性。

Yes. We've tried to be super explicit that we're not programmatic buyers of the stock. Sometimes if you buy for several quarters in a row, people seem to forget that. But we like to buy when people are unusually bearish and its successively cheap. And when we do buy, as Julie mentioned, we use a price-based grid.

是的。我們已經非常明確地表明，我們不是股票的程序化買家。有時，如果你連續幾季購買，人們似乎就會忘記這一點。但我們喜歡在人們異常悲觀、股價持續走低的時候買進。正如朱莉所提到的那樣，當我們購買商品時，我們會使用基於價格的網格。

We had a grid in place in the third quarter. but with the movement in the stock, the grid wasn't in play. We have significant free cash flow inflection point coming in 2027, driven in large part by Wynn Al Marjan. And we think there's continued room for the stock to run. And if it retraces, we will be back half.

我們在第三季制定了一套策略，但由於股票價格的波動，這套策略並沒有發揮作用。2027 年，我們將迎來重要的自由現金流拐點，主要得益於 Wynn Al Marjan 計畫的推動。我們認為該股還有繼續上漲的空間。如果回落，我們將損失一半的資金。

Steven Wieczynski, Stifel.

Steven Wieczynski，Stifel。

So Craig, I want to ask -- start with Macau and go back to Golden Week, which I think you described it as unusual. And yes, look, we understand there were some weather headwinds early in the week and all that stuff. But wondering what you think kind of drove that unusual pattern, meaning folks especially the higher-end folks stayed away, then they came back. It seems like in full force later in the month. So I guess the question is more around should we expect this type of behavior to kind of repeat itself going forward around this holiday? Or I know that's somewhat philosophical.

所以克雷格，我想問——先從澳門說起，回到黃金周，我記得你曾形容黃金周很不尋常。是的，我們知道本周初確實遇到了一些不利的天氣狀況等等。但我想知道是什麼原因導致了這種不尋常的模式，也就是說，人們，尤其是高端人群，一開始遠離，然後他們又回來了。似乎在月底會全面爆發。所以我想問題更多的是，我們是否應該預期這種行為會在今年的假期前後再次發生？或者，我知道這有點哲學意味。

Yes, no problem. I mean, we're asking ourselves the same question. So don't know yet. I mean I think to the causation, I think we all view it as kind of all of the above. all the things that you said. And we were pleased to see the tail end in volumes after the holiday. And it remains to be seen. We will certainly think about our hosting strategy and our room booking strategy a little bit more flexibly as we move into Chinese New Year and May Golden Week, but we'll see. I mean one event is not yet a trend.

好的，沒問題。我的意思是，我們都在問自己同一個問題。所以現在還不知道。我的意思是，我認為就因果關係而言，我們都認為它包含了以上所有因素，也就是你所說的所有面向。節慶後銷量尾聲，我們感到非常欣慰。此事還有待觀察。隨著春節和五月黃金週的臨近，我們肯定會更靈活地考慮接待策略和房間預訂策略，但具體情況還要看情況而定。我的意思是，一次事件不代表就是一種趨勢。

Yes, it makes sense. And then second, can I ask a question on Boston because you never get a question on Boston.

是的，這很有道理。其次，我可以問一個關於波士頓的問題嗎？因為你們很少會收到關於波士頓的問題。

Yes. Bring it on.

是的。來吧。

Okay. So the property was obviously very -- it's very stable. If I look at the drop on the margin side of things, wondering if that was more around promotions, just trying to figure out if you guys had to promote more to drive stability around volumes, and that was the part of the margin deceleration or I'm just totally off base with that?

好的。所以這處房產顯然非常——非常穩定。如果我觀察利潤率方面的下降，我想知道這是否與促銷活動有關，只是想弄清楚你們是否需要加強促銷力度來穩定銷量，而這是否是利潤率下降的原因，或者我的理解完全錯誤？

Definitely not. Definitely not that. It is not a promotion-driven promotion-driven issue. You really have kind of -- and generally, Boston is very, very stable. And in fact, this quarter, it was stable, too. But in response to your specific point, you really have kind of two macro trends that are happening there. One is you're constantly trying to grow the database and try to move out in concentric service from the property and add incremental customers. And the other is labor costs.

絕對不是。絕對不是那樣。這不是一個以晉升為導向的問題。你確實會感覺——而且總的來說，波士頓非常非常穩定。事實上，本季也保持穩定。但針對你提出的具體觀點，其實那裡有兩種宏觀趨勢。一方面，你不斷嘗試擴大資料庫，並嘗試從物業向外擴展同心服務，並逐步增加客戶。另一個成本是勞動成本。

And so they work against each other, and you're constantly playing those two things against each other and trying to drive the best result that you can. It really is that straightforward. So the margin will bounce around based on hold, based on volumes in the period -- but we -- the team and Jenny, in particular, are incredibly, incredibly adept at managing the intricacies of that business.

因此，它們相互制約，你需要不斷地利用這兩件事之間的矛盾，努力取得最好的結果。事情就是這麼簡單。因此，利潤率會根據持有情況和期間的銷售而波動——但是我們——團隊，特別是 Jenny，非常非常擅長管理這項業務的複雜性。

Operator, the next question will be our last.

接線員，下一個問題將是我們的最後一個問題。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Starting off with a little bit of a longer-term question. You mentioned the free cash flow inflection as the CapEx cycle tapers off and UAE comes online. Can you talk about how we should think about the possible uses of the free cash flow in 2027?

先從一個稍長遠的問題開始。您提到，隨著資本支出週期逐漸減少以及阿聯酋業務上線，自由現金流將出現轉折點。您能否談談我們應該如何考慮2027年自由現金流的可能用途？

Yes, sure. We are always thinking about the best use of cash irrespective of a free cash flow inflection or not. But we -- you've seen us over the course of the past couple of years, return capital through a recurring dividend and through buybacks. So certainly, capital returns are an important part of our strategy. Beyond that, we have an incremental land bank in the UAE. I think before we really put scale the capital into that, we will want to size the market and really satisfy ourselves that the market is what we expect and what I think others expect or even better.

當然可以。無論自由現金流是否出現轉捩點，我們始終都在考慮如何最好地利用現金。但是，正如你們在過去幾年所看到的，我們透過定期分紅和股票回購來回報資本。因此，資本回報無疑是我們策略的重要組成部分。除此之外，我們在阿聯酋還有逐步累積的土地儲備。我認為，在我們真正投入大量資金之前，我們需要評估市場規模，並真正確認市場是否符合我們的預期，以及我認為其他人的預期，甚至更好。

And so it will really be a question of whether -- how much incremental CapEx to deploy and what we return to shareholders, kind of the -- I hate to give you a plain vanilla answer, but that's really how we think about how we think about things. We have an exciting opportunity in the UAE, and we love to return capital. So we'll see how those two things play out. I suspect if history is any guide, it will probably be a combination of all of that.

所以，真正的問題在於——需要投入多少額外的資本支出，以及我們能為股東帶來多少回報，有點像——我不想給你一個平淡無奇的答案，但這確實是我們思考問題的方式。我們在阿聯酋有一個令人興奮的投資機會，我們樂於回報資本。所以，我們拭目以待這兩件事的後續發展。我懷疑，如果歷史可以作為參考，那麼最終的結果很可能是所有這些因素的結合。

Okay. Great. And then real quick, it was reported that the UAE would potentially offer on online gaming license per an Emirate. Can you talk about if you would be potentially interested in one of the licenses?

好的。偉大的。然後很快，就有報道稱阿聯酋可能會為每個酋長國頒發一張網路遊戲許可證。您能否談談您是否對其中一張許可證感興趣？

Not really. I think it's -- we don't tend to comment on press speculation, and I think it's really up to the Emirates and the GCGRA, the regulator there how and when they enact incremental forms of gaming.

並不真地。我認為——我們通常不會對媒體的猜測發表評論，而且我認為這完全取決於阿聯酋和當地的監管機構 GCGRA 如何以及何時實施漸進式博彩。

Okay. Well, with that, we'll bring the call to a close. Thank you for your continued interest in Wynn Resorts, and we look forward to updating you again early next year.

好的。好了，通話到此結束。感謝您一直以來對永利度假村的關注，我們期待明年年初再次向您報告最新情況。

Thanks, everybody.

謝謝大家。

Thank you for participating on today's conference call. You may now disconnect, and have a great rest of your day.

感謝您參加今天的電話會議。現在您可以斷開連接，祝您今天餘下的時間愉快。