永利渡假村 (WYNN) 2025 Q4 法說會逐字稿

Welcome to the Wynn Resorts fourth 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年第四季財報電話會議。（操作員指示）本次通話正在錄音。如果您有任何異議，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。

Good afternoon. And as always, thank you for joining us. I'd like to start today's call by taking a step back and taking a broader multiyear view of our business and talk about how the company is positioned relative to some of the broader forces shaping the world and our target customer base.

午安.一如既往，感謝各位的收看。今天我想先退一步，從更廣闊的多年視角來審視我們的業務，並談談公司相對於塑造世界和我們目標客戶群的一些更廣泛力量的定位。

We are now a little more than a year out from a meaningful milestone, the opening of Wynn Al Marjan Islands. This development is significant for many reasons, but over the long term, its importance as a step forward in our geographic diversification stands out. Especially in the context of an increasingly multipolar world.

距離 Wynn Al Marjan Islands 的開幕這一重要里程碑還有一年多的時間。這項發展意義重大，原因有很多，但從長遠來看，它作為我們地理多元化進程中的一步，其重要性尤其突出。尤其是在世界日益多極化的背景下。

Recent actions in geopolitics, currencies and metals reinforce our view that multipolarity is not a transient trend. With it comes meaningful shifts in historical patterns of travel, trade, technology diffusion and capital flows. Increasingly, those patterns are coalescing around a small number of global hubs, notably the US, China and portions of the Middle East. We see this in financial markets, and we see it in the travel patterns of our international customers.

近期地緣政治、貨幣和金屬領域的動態進一步印證了我們的觀點，即多極化並非短暫的趨勢。隨之而來的是旅遊、貿易、技術傳播和資本流動等歷史模式的重大轉變。這些模式正日益向少數全球中心匯聚，特別是美國、中國和中東部分地區。我們在金融市場中看到了這一點，也在國際客戶的旅行模式中看到了這一點。

At the same time, we are approaching a period of significant change driven by technology and artificial intelligence. Anticipation of those changes is already fueling substantial business formation and wealth creation centered again in the US, China and portions of the Middle East. That expanding wealth creation will continue to drive demand for what Wynn Resorts has always delivered, exceptional product and service for the world's most discerning customers.

同時，我們正步入一個由科技和人工智慧驅動的重大變革時期。對這些變化的預期已經推動了大量企業的成立和財富的創造，這些企業和財富再次集中在美國、中國和中東部分地區。財富的不斷增長將繼續推動對永利度假村一直以來所提供的卓越產品和服務的需求，以滿足全球最挑剔的顧客的需求。

This brings me to two related capabilities that position us well for the long term. Our relentless focus on our core customer segment and our proven ability to develop and operate world-class assets in diverse geographies, thereby allowing us to meet the affluent customer wherever they choose to be.

這讓我想到了兩項相關的能力，它們使我們在長期發展中處於有利地位。我們始終專注於核心客戶群，並擁有在不同地區開發和營運世界級資產的成熟能力，從而使我們能夠滿足富裕客戶在任何地方的需求。

With the opening of Wynn Al Marjan, we are introducing a significant asset into a new and dynamic market. More broadly, we're moving toward a portfolio where we expect over 55% of our revenues will be generated in non-US dollar-denominated markets from assets we developed and operate, each meticulously designed around the most valuable consumers in these key markets.

隨著 Wynn Al Marjan 的開業，我們為一個充滿活力的新興市場引入了一項重要的資產。更廣泛地說，我們正在朝著這樣的投資組合邁進：我們預計超過 55% 的收入將來自非美元計價市場，這些收入來自我們開發和運營的資產，每個資產都是圍繞這些關鍵市場中最有價值的消費者精心設計的。

So as we begin 2026, Wynn Resorts is on track to become one of the most globally diversified companies in our industry. That diversification, combined with our brand, customer focus and proven operating capabilities leaves us exceptionally well positioned for the longer term.

因此，展望 2026 年，永利度假村有望成為業界最俱全球多元化的公司之一。這種多元化經營，加上我們的品牌、以客戶為中心的理念和成熟的營運能力，使我們在長期發展中處於非常有利的地位。

Now turning to the fourth quarter. Wynn Las Vegas delivered another robust quarter with EBITDA of $241 million. It's important to note that the comparable quarter of 2024 benefited from nearly 31% hold. And thus, when normalizing both periods, EBITDA in Q4 2025 was just above the prior year comp. Demand for our product in Las Vegas remained healthy across the board with drop, handle and ADR all up year-on-year.

現在進入第四節。永利拉斯維加斯酒店又迎來了一個強勁的季度，EBITDA 達到 2.41 億美元。值得注意的是，2024 年同期受益於近 31% 的持有率。因此，在對這兩個時期進行正常化處理後，2025 年第四季的 EBITDA 略高於上年同期水準。我們在拉斯維加斯的產品需求全面保持健康，客流量、交易量和平均房價均較去年同期成長。

While RevPAR was slightly below last year, the overall results reflect our ability to balance stronger ADRs with modestly lower occupancy in order to optimize the performance of the building. We remain well positioned to do this, given our strong competitive positioning and our customer base. More recently, performance in the first quarter has been encouraging with casino volumes and RevPAR both holding up well.

雖然 RevPAR 略低於去年，但整體結果反映出我們有能力在更高的 ADR 和略低的入住率之間取得平衡，從而優化建築物的性能。憑藉我們強大的競爭地位和龐大的客戶群，我們仍然有能力做到這一點。最近，第一季的業績令人鼓舞，賭場交易量和每間可供出租客房收入（RevPAR）均保持良好狀態。

Looking further out, we feel good about the business in 2026. The visibility that we have into forward demand is largely through our group and convention business, which continues to look strong on pace to grow both room nights and rate relative to 2025.

展望未來，我們對 2026 年的業務前景感到樂觀。我們對未來需求的了解主要來自我們的團體和會議業務，目前看來依然強勁，預計到 2025 年，客房夜數和房價都將成長。

As I mentioned last quarter, we will begin the Encore Tower remodel in the second quarter and expect to lose about 80,000 room nights in 2026. We expect to recapture some of that impact in rate, but the remodel will nonetheless present a slight headwind for the year.

正如我上個季度提到的，我們將在第二季度開始對安可塔進行改造，預計到 2026 年將減少約 80,000 間夜的入住量。我們預計利率將恢復部分影響，但改造仍將對今年的業績帶來輕微的不利影響。

Turning to Boston. Encore generated $57 million of EBITDAR during the quarter with lower-than-normal table hold masking what was otherwise strong fundamental performance with RevPAR table drop and slot handle all up year-on-year, along with tightly controlled OpEx. More recently, demand in Boston has remained healthy into February, aside from specific days impacted by poor weather.

轉向波士頓。Encore 在本季度創造了 5700 萬美元的 EBITDAR，低於正常水平的賭桌持有率掩蓋了其強勁的基本面表現，RevPAR 賭桌下降和老虎機交易額均同比增長，同時運營支出也得到了嚴格控制。最近，除了受惡劣天氣影響的某些日子外，波士頓的需求在2月一直保持良好勢頭。

Shifting to Macau. This quarter was all about significant volume growth, but unusually low hold in both VIP and mass. The team delivered $271 million in EBITDA with low VIP hold costing us a little over $16 million in EBITDA. Volumes in the quarter were strong with VIP turnover up 48% and mass drop up 18%, both year-on-year. While we do not quantify the impact of unusual mass hold, mass hold in the quarter was below our expectations, and Las Vegas, Macau also held higher in the prior year quarter, skewing year-over-year comparability.

移居澳門。本季銷售量大幅成長，但 VIP 和大眾市場的持股比例均異常低。該團隊實現了 2.71 億美元的 EBITDA，而 VIP 持有量較低，使我們損失了略高於 1,600 萬美元的 EBITDA。本季銷售強勁，VIP客戶營業額較去年同期成長48%，大眾客戶營業額較去年同期成長18%。雖然我們沒有量化異常大規模持股的影響，但本季的大規模持股低於我們的預期，而且拉斯維加斯和澳門的持股量在上一季也較高，這扭曲了同比可比性。

Momentum in Macau has persisted into the first quarter with volumes in January just above those we saw in Q4. We're also very excited about the upcoming opening of the new Chairman's Club floor at Wynn Palace, a 63,000 square foot addition dedicated to our highest value customers, featuring gaming alongside a suite of bespoke amenities. We expect to be welcoming guests into the space for Chinese New Year.

澳門經濟的強勁勢頭延續到了第一季度，1月份的交易量略高於第四季度的水平。我們也對永利皇宮即將開放的全新主席俱樂部樓層感到非常興奮，該樓層佔地 63,000 平方英尺，專為我們最尊貴的客戶而設，提供遊戲以及一系列定制設施。我們期待在春節期間迎接賓客光臨。

Looking ahead to the rest of 2026, following sustained double-digit market-wide GGR growth in the back half of 2025, we remain optimistic about the future of Macau. Premium segment continues to lead the market, and that is a segment where we are always well positioned. The expansion of the Chairman's Club at Wynn Palace, along with the refresh of the Wynn Tower rooms at Wynn Macau to further strengthen our ability to capture this demand in 2026 and beyond.

展望 2026 年剩餘時間，繼 2025 年下半年市場整體博彩總收入持續兩位數增長之後，我們對澳門的未來依然保持樂觀。高端市場持續引領市場，而我們在這個領域始終佔有有利地位。永利皇宮主席俱樂部擴建，以及澳門永利酒店永利塔客房翻新，將進一步增強我們滿足2026年及以後市場需求的能力。

Turning to Wynn Al Marjan Island. I'd like to thank those of you who made the trip to join us for our Investor Day in the UAE in December. We hope the visit provided you with a clearer sense of both the scale of the opportunity and the broader dynamics of the region. During the fourth quarter, we reached a significant construction milestone when we topped out the tower at the 70th floor. Construction continues to progress rapidly with interior fit-out underway in all guest rooms and our iconic exterior glass about 80% complete.

前往溫恩阿爾馬爾詹島。我要感謝各位在12月專程前往阿聯酋參加我們的投資者日活動。我們希望此次造訪能讓您更清楚地了解機會的規模和該地區的整體動態。第四季度，我們達到了一個重要的建設里程碑，大樓封頂至 70 樓。施工進展迅速，所有客房的內部裝修都在進行中，我們標誌性的外牆玻璃也已完成約 80%。

The opening of Wynn Al Marjan and the free cash flow inflection that it will bring reinforces our confidence that our best days lie ahead.

Wynn Al Marjan 的開幕及其帶來的自由現金流拐點，增強了我們對美好未來的信心。

Before turning the call over to Julie, I'd like to address one final item. As we announced a few weeks ago, Julie will be retiring before the next earnings call. On behalf of the company, I would like to acknowledge her accomplishments as CFO and thank her for her leadership and significant contributions over the past four years.

在將電話轉給朱莉之前，我想再談最後一個問題。正如我們幾週前宣布的那樣，朱莉將在下次財報電話會議之前退休。我謹代表公司，對她作為財務長所取得的成就表示認可，並感謝她在過去四年中的領導能力和重大貢獻。

Over to you, Julie.

接下來該你了，朱莉。

Thank you, Craig. It's been such an honor to serve as CFO here at Wynn. We're known for our beautiful buildings and 5-star service, but what sets this company apart from all the others are its people at all levels and across the globe.

謝謝你，克雷格。能夠擔任永利酒店的財務官，我深感榮幸。我們以美麗的建築和五星級服務而聞名，但真正讓這家公司脫穎而出的是遍布全球各個層級的員工。

It's extremely rare to work somewhere where everyone is bringing their A-game every day but that's exactly how it is at Wynn. It's incredibly special. So before I get into the quarter, I'd like to thank each and every one of our employees in Vegas, Boston, Macau, Marjan and London for all you do to make Wynn the best in the business.

在很多地方，每個人都能每天都拿出最佳狀態，這種情況極為罕見，但永利酒店正是如此。它非常特別。在正式開始本季工作之前，我想感謝我們在拉斯維加斯、波士頓、澳門、馬爾揚和倫敦的每一位員工，感謝你們為使永利成為業內最佳所做的一切。

Turning to the numbers. At Wynn Las Vegas, we generated $240.8 million in adjusted property EBITDA on $688.1 million of operating revenue during the quarter, delivering an EBITDA margin of 35%. Hold positively impacted EBITDA in the quarter by just over $8 million. OpEx, excluding gaming tax per day, was $4.6 million in the quarter, up 4.1% compared to the prior year, largely due to incremental costs related to payroll, higher repair costs and bad debt expense.

讓我們來看數據。本季度，永利拉斯維加斯酒店的調整後物業 EBITDA 為 2.408 億美元，營業收入為 6.881 億美元，EBITDA 利潤率為 35%。持有對本季度 EBITDA 產生了積極影響，增加了 800 多萬美元。本季營運支出（不含每日博彩稅）為 460 萬美元，比去年同期成長 4.1%，主要原因是與薪資相關的增量成本、更高的維修成本和壞帳支出。

Turning to Boston. We generated adjusted property EBITDA of $57 million on revenue of $210.2 million with an EBITDA margin of 27.1%. As Craig mentioned, low hold negatively impacted the quarter's results, while casino volumes and RevPAR were strong. Slot revenues were strong, up over 2%, setting a new record for Boston. We maintained our discipline on the cost side with OpEx per day of $1.18 million, up less than 1% compared to Q4 2024 despite continued labor cost pressures in the 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 2.102 億美元的收入，調整後的物業 EBITDA 為 5,700 萬美元，EBITDA 利潤率為 27.1%。正如克雷格所提到的那樣，低持有率對本季度的業績產生了負面影響，而賭場營業額和每間可供出租客房收入（RevPAR）表現強勁。老虎機收入強勁，成長超過 2%，創下波士頓的新紀錄。儘管市場勞動成本持續承壓，但我們仍保持了成本控制的紀律，每日營運支出為 118 萬美元，與 2024 年第四季相比成長不到 1%。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 $270.9 million in the quarter on $967.7 million of operating revenue, resulting in an EBITDA margin of 28%. Lower-than-normal VIP hold impacted EBITDA by just over $16 million in the quarter. And though we do not report EBITDA normalized for mass hold, our mass hold in Q4 was about 250 basis points lower than the prior year quarter, impacting our overall EBITDA margin. OpEx, excluding gaming tax is approximately $2.85 million per day in Q4, with the increase from Q4 2024, driven primarily by a full quarter of Gourmet Pavilion related costs, normal cost of living expenses and variable costs driven by healthy business volumes.

本季度，我們在澳門的業務調整後物業 EBITDA 為 2.709 億美元，營業收入為 9.677 億美元，EBITDA 利潤率為 28%。VIP 會員持股量低於正常水平，導致本季 EBITDA 減少超過 1,600 萬美元。雖然我們沒有報告經大規模持有調整後的 EBITDA，但我們第四季度的大規模持有比去年同期低約 250 個基點，影響了我們的整體 EBITDA 利潤率。第四季營運支出（不包括博彩稅）約為每天 285 萬美元，較 2024 年第四季有所成長，主要原因是美食館相關成本佔整個季度的比例、正常生活成本支出以及業務量成長帶來的可變成本。

In terms of CapEx in Macau, back in Q2, we initiated two projects, as Craig mentioned, an expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wynn Tower rooms at Wynn Macau. The impact of those projects on CapEx continues into 2026. For the full year 2026, we expect to spend a total of $400 million to $450 million with several concession-related projects awaiting government approval.

就澳門的資本支出而言，正如克雷格所提到的，我們在第二季度啟動了兩個項目，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客房的翻新。這些項目對資本支出的影響將持續到 2026 年。預計到 2026 年全年，我們將總共支出 4 億至 4.5 億美元，其中幾個與特許經營相關的項目正在等待政府批准。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of $4.7 billion as of December 31. This was comprised of $2.9 billion of total cash and available liquidity in Macau and $1.8 billion in the US. The combination of strong performance in each of our markets globally with our properties generating over $2.2 billion of adjusted property EBITDA, together with our robust cash position creates a very healthy consolidated net leverage ratio of just over 4.4 times. Our strong free cash flow and liquidity profile also allow us to continue returning capital to shareholders.

接下來來看資產負債表。截至12月31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47億美元。這其中包括澳門的29億美元現金及可用流動資金，以及美國的18億美元。我們在全球各市場表現強勁，旗下物業產生的調整後物業 EBITDA 超過 22 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 4.4 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股東返還資本。

To that end, the Wynn Resorts Board has approved a quarterly cash dividend of $0.25 per share, payable on March 4, 2026, to stockholders of record as of February 23. Our recurring dividend highlights our focus on and continued commitment to prudently returning capital to shareholders.

為此，永利度假村董事會已批准向截至 2 月 23 日登記在冊的股東派發每股 0.25 美元的季度現金股息，將於 2026 年 3 月 4 日支付。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 $171.2 million in the quarter primarily related to the Fairway Villa renovations, Zero Bond and Sartiano's in Las Vegas, the new Chairman floor at Wynn Palace, the hotel tower refurbishment at Wynn Macau and normal course maintenance across the business.

就資本支出而言，本季我們花費了約 1.712 億美元，主要用於 Fairway Villa 的翻新、拉斯維加斯的 Zero Bond 和 Sartiano's 餐廳、永利皇宮酒店的新主席樓層、永利澳門酒店塔樓的翻新以及整個業務的正常球場維護。

In addition to that figure, we contributed $79.2 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to date to $914.2 million. We also continue to draw on the Marjan construction loan with a drawn amount to date of $769.6 million. We estimate our remaining share of the required equity, including the new Janu project is approximately $450 million to $550 million.

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 7920 萬美元的股權，使我們迄今為止的股權投入總額達到 9.142 億美元。我們也繼續提取 Marjan 建築貸款，迄今已提取 7.696 億美元。我們估計，包括新的 Janu 項目在內，我們剩餘的所需股權份額約為 4.5 億美元至 5.5 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。

Hey, good afternoon, everyone, and Julie, congratulations on the retirement, and thanks for all the help of these past few years. First question on Vegas. Some of your peers have been fairly upbeat on the path for higher-end luxury properties to grow in 2026. And I recognize, Craig, you mentioned a limited booking window and visibility outside of group and convention as well as the Encore Tower disruption.

大家好，下午好！朱莉，恭喜你退休，感謝你過去幾年的幫助。關於拉斯維加斯的第一個問題。有些同行對2026年高端豪華地產的發展前景相當樂觀。克雷格，我明白了，你提到了有限的預訂窗口期、團體和會議以外的可見性以及安可塔樓帶來的干擾。

But I guess as we think about those puts and takes and your level of confidence in this high-end customer, the strength retaining or maintaining here, how do you think about the path to growing in Vegas in 2026?

但我想，當我們思考這些投入和回報，以及您對這位高端客戶的信心，以及保持或維持這裡的實力時，您如何看待 2026 年在拉斯維加斯的發展之路？

Sure. It's kind of funny because I feel like we've spent the past few years trying to convince people that we weren't going to decelerate. And we've continued to hold up very, very well. If you look at the drivers in '26, I noted the headwind of the rooms that will be out of service and certainly, I expect that will impact us. Again, we'll try to pick up some of that in rate.

當然。這有點滑稽，因為我覺得過去幾年我們一直在努力說服人們我們不會減速。我們一直表現得非常好。如果你看一下 2026 年的驅動因素，我注意到一些房間將停止使用，這無疑會對我們產生影響。我們再次嘗試在費率上彌補一些損失。

But the group business is doing really, really well which, of course, in turn, allows us to yield in the other segments. And so as long as the group pace plays out as we expect it will, strongly expect it will, we feel good about our ability to continue to price rooms.

但集團業務發展得非常好，這當然反過來也使我們能夠在其他領域取得一些進展。因此，只要團隊的節奏按照我們預期的方式發展，我們強烈預期團隊的節奏發展，我們就有信心繼續為房間定價。

Gaming volumes, you can see gaming volumes in the quarter. And that gives you a sense for how tables and slots are holding up. So we feel good about our ability to perform really, really well in 2026. I mean, by any kind of historical standards, Vegas -- Wynn Las Vegas is absolutely crushing it. So we don't see anything at the moment that would change our view on our ability to continue to do so.

遊戲交易量，您可以在季度報告中看到遊戲交易量。這樣你就能大致了解賭桌和老虎機的經營狀況了。因此，我們對2026年取得優異成績的能力充滿信心。我的意思是，無論從哪個歷史標準來看，拉斯維加斯——永利拉斯維加斯酒店都取得了巨大的成功。所以目前我們沒有看到任何會改變我們對繼續這樣做的能力的看法的事情。

Brian, would you add anything to that?

布萊恩，你還有什麼要補充的嗎？

I'd say so far, our key business indicators are all positive. But as mentioned, the out-of-border rooms will certainly be a challenge in the latter half of the year.

我認為到目前為止，我們所有的關鍵業務指標都是正面的。但如同前面提到的，境外客房在今年下半年肯定會是個挑戰。

Got it. That makes sense. And then just in terms of the OpEx, Julie, I think you touched on Macau taking a little bit higher. In Vegas, I think there's been a little bit of an increase there, too. Is there any kind of parameters to which you think about the OpEx growth in Vegas as well as Macau for 2026?

知道了。這很有道理。然後，就營運支出而言，朱莉，我想你剛才提到了澳門的營運支出略高一些。我認為拉斯維加斯的情況也略有增加。您認為2026年拉斯維加斯和澳門的營運支出成長應該遵循哪些參數？

Yes. I mean I'll start with Vegas and move on to Macau. So I mean, the team in Vegas remains incredibly disciplined on OpEx, and we did raise our outlook last quarter to $4.3 million to $4.5 million outside of major event periods. We ended up slightly above that range at $4.6 million in Q4. It's a very heavy event period with Formula One, Concour, New Year's and a busy convention calendar.

是的。我的意思是，我會先從拉斯維加斯開始，然後再去澳門。我的意思是，拉斯維加斯的團隊在營運支出方面仍然保持著極強的自律性，而且我們在上個季度將預期目標上調至 430 萬美元至 450 萬美元（重大活動期間除外）。第四季我們最終的營收略高於預期，達到 460 萬美元。這是一段非常繁忙的時期，包括一級方程式賽車、老爺車展、新年以及一系列密集的展覽。

We also continue to see normal wage inflation in the union and nonunion areas of the business. But otherwise, we're managing OpEx very tightly. And in terms of the outlook, we're not changing our expectation for OpEx to be in that $4.3 million to $4.5 million per day range outside of major event period.

我們也看到，無論是工會成員或非工會成員，企業內部的薪資都在正常上漲。但除此之外，我們對營運支出控制得非常嚴格。至於前景，我們預計除重大事件期間外，營運支出將維持在每天 430 萬美元至 450 萬美元的範圍內，這項預期不會改變。

If I move on to Macau. Macau obviously, as we said on the call, we've got a full quarter in the -- of the Gourmet Pavilion. And we've had some -- obviously, some cost of living increases going on in there as well. We once again saw the variable impact of higher business volumes in the quarter because we had very strong volumes in the quarter. We raised our OpEx per day expectations last quarter to be in the range of $2.7 million to $2.9 million, and we're aligned with that number.

如果我去澳門。正如我們在電話會議上所說，澳門顯然在美食館擁有整整四分之一的空間。而且很明顯，那裡的生活成本也出現了上漲。本季業務量大幅成長，再次帶來了不同的影響，因為本季我們的業務量非常強勁。上個季度我們將每日營運支出預期提高到 270 萬美元至 290 萬美元之間，目前我們與這一數字相符。

Got it. Thanks so much.

知道了。非常感謝。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hey, thanks for taking my question and I'll echo my congratulations and thanks to you, Julie. Really appreciate all the help and wish you the best going forward. Sticking with Vegas, first of all, I guess, similarly kind of on the OpEx side of things. Just thinking about the margins. I think the margins in Vegas are obviously up a lot versus 2019, that you've just seen such incredible strength there and there's been a bit of a give back over the last couple of years, maybe a bit of a return to normal, whatever you want to call it.

嘿，謝謝你回答我的問題，我也要向你表示祝賀和感謝，朱莉。非常感謝您的幫助，祝您未來一切順利。首先，說到拉斯維加斯，我想，從營運支出來看，情況也類似。只是在考慮利潤空間。我認為拉斯維加斯的利潤率顯然比 2019 年高了很多，你剛剛見證了那裡令人難以置信的強勁勢頭，但在過去幾年裡有所回落，也許有點回歸正常了，不管你怎麼稱呼它。

But just thinking about really over the longer term, not just '26, but how you think about just margin expansion, whether that's possible at some point in Vegas or if there's still a bit of a kind of normalization to go there?

但從長遠來看，不僅僅是2026年，而是你如何看待利潤率擴張，拉斯維加斯是否有可能在某個時候實現利潤率擴張，或者是否還需要經歷某種程度的正常化過程？

Sure. We've always been pretty explicit about the fact that we don't really manage to margin per se, right? What we do is try to absolutely top tick revenue, which is about taking market share in gaming and driving ADRs, pushing the right customers into the building for retail tenants and then being absolutely judicious about managing OpEx and we're doing both of those things.

當然。我們一直都很明確地表示，我們實際上並沒有真正實現利潤率，對吧？我們的目標是盡可能提高收入，也就是在遊戲領域佔據市場份額，提高平均房價，為零售租戶吸引合適的顧客，同時也要謹慎管理營運支出，而我們正在努力做到這兩點。

So we don't really give margin guidance, and we don't look forward in terms of margin. But philosophically, that's really how we approach it. And I think you saw that this quarter.

因此，我們不提供利潤率指引，也不對利潤率進行展望。但從哲學角度來說，這正是我們看待這個問題的方式。我想你們這季也看到了這一點。

Got it. And then just on the Encore renovation, it's helpful to call that out. And on my math, at least 80,000 room nights could be maybe $50 million of EBITDA impact, assuming that you don't get any recapturing on the rate, which you did mention. Anything that you could share there on just how you're thinking about it, particularly in the second half once you kind of fully start the renovations and also typical kind of IRR on the longer-term basis of projects like this?

知道了。還有一點，關於 Encore 的翻新，有必要提一下。根據我的計算，至少 8 萬個房間晚數可能會對 EBITDA 產生 5000 萬美元的影響，假設你沒有收回任何房價，而你確實提到了這一點。您能否分享一下您對此的看法，尤其是在下半年全面啟動翻新工程之後，以及此類專案長期內部報酬率（IRR）方面？

That sounds a little bit high to me. But the way to think about it is we stage and stagger the renovations as we're taking out floors such that they occur in the lowest demand period. So that's one of the ways that we mitigate the impact of those renovations, thereby, allowing us to pick up the highest rate periods. And then I think as you pointed out, we will -- we expect that we will pick up some of that in rate.

我覺得這個價格有點高。但正確的做法是，我們在拆除樓層的同時，分階段、錯開地進行翻新，以便在需求最低的時期進行。所以這是我們減輕這些翻新工程影響的方法之一，從而使我們能夠選擇費率最高的時期。然後，我認為正如你所指出的那樣，我們預計——我們將會提高一些利率。

Beyond that, it kind of is what it is. We are -- we need to do the renovation and it's important to the building and the brand. Brian, what would you add?

除此之外，它就是這樣了。我們需要進行翻新，這對建築和品牌都很重要。布萊恩，你還有什麼要補充的嗎？

We're starting in mid-May. So as far as impact, it starts in mid-May and will consume about six floors as we go through the building. But it's a 12-month process. So this is going to linger into '27 as well.

我們將於五月中旬開始。就影響而言，施工將於 5 月中旬開始，我們將拆除大樓約六層樓。但這需要12個月的時間。所以這種情況還會持續到2027年。

Yes, that's a good point as well. It's really split between two years.

是的，這也是一個很好的觀點。實際上，它被分成了兩年。

Got it. Thank you.

知道了。謝謝。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone. Thank you for taking my question. First of all, Julie, thanks for all of your time and attention and of course, the hospitality on the UAE trip. It was spectacular. So you'll be missed. And if I could, I wanted -- two questions on Macau. Maybe first, Craig, if we could lead off with a little bit of color on -- there's concerns both about promotions in the market and competition.

大家好，下午好。感謝您回答我的問題。首先，朱莉，感謝你抽出時間給予關注，當然，也要感謝你在阿聯酋之旅中的熱情款待。太精彩了。所以我們會想念你的。如果可以的話，我想問兩個關於澳門的問題。克雷格，或許我們可以先從一些背景資訊著手——目前市場促銷和競爭方面都存在一些問題。

And then specifically, we've got some questions around just mix shift between VIP and premium mass, I know you kind of specialize in sort of both these segments. So just kind of wanted your thought on the overall environment. And then again, are you sort of notable shifts between business lines on -- like that may be impacting or changing margins in that segment?

具體來說，我們有一些關於 VIP 和高端大眾市場之間混合模式轉變的問題，我知道你們在這兩個細分市場都有一定的專長。所以，我只是想聽聽你對整體環境的看法。那麼，您認為各業務線之間是否存在一些顯著的變化，例如，這些變化可能會影響或改變該業務線的利潤率嗎？

Sure. Thanks, Shaun. Yes, both of your questions kind of lead to margin. I guess, first of all, with respect to margins overall, margins in the quarter were really affected by three things: a significant jump in VIP volumes but low hold, unusually low hold in mass, which we mentioned a couple of times in the prepared remarks, and remember, we generally accrue reinvestment on theoretical, not actual. So that obviously suppresses margins.

當然。謝謝你，肖恩。是的，你們的兩個問題都跟利潤率有關。首先，就整體利潤率而言，本季的利潤率確實受到了三件事的影響：VIP 銷量大幅增長但持倉率低，大眾市場持倉率異常低（我們在準備的發言稿中提到過幾次），記住，我們通常根據理論值而不是實際值來計提再投資。這樣顯然會降低利潤率。

And then the incremental OpEx that was previously discussed from call adjustments and a full quarter of the Gourmet Pavilion. There wasn't really a -- beyond everything that I mentioned, it wasn't really a fundamental shift in the business. As you know, VIP can be incredibly lumpy. It's just the nature of the business. I wouldn't be proclaiming a market-wide shift or at least a Wynn shift in the sources of business.

然後是之前討論過的因呼叫調整和美食館四分之一的營運支出增加。除了我提到的那些之外，業務本身並沒有根本性的轉變。如您所知，VIP 系統可能非常不穩定。這就是行業的本質。我不會宣稱市場整體發生了轉變，或至少 Wynn 的業務來源發生了轉變。

With respect to reinvestment, and again, as we've discussed on prior calls, look, it's very short booking window in Macau. And so it's daily hand-to-hand combat, as I've said before, for customers. And we'll adjust reinvestment up or down in any given period to make sure that we achieve our business goals. I can't say that our quarter was unusually impacted by a significant jump in reinvestment.

關於再投資，正如我們之前在電話會議中討論過的，澳門的預訂窗口期非常短。所以，正如我之前所說，為了客戶，我們每天都要進行一場激烈的肉搏戰。我們將根據業務目標，在任何特定時期調整再投資額，以確保實現我們的業務目標。我不能說我們這個季度受到了再投資大幅成長的異常影響。

Very clear. And then as my follow-up, you mentioned in the prepared remarks as well, some of the excitement around the new Chairman's Club space. So just wondering could you give us a little bit more color and detail there? I think timing sounded like opened by Chinese New Year, but you talked about the kind of scope and scale there, what you've been investing and potential impacts for both 1Q and maybe the full year.

非常清楚。然後，作為我的後續問題，您在準備好的演講稿中也提到了大家對新的主席俱樂部空間的興奮之情。所以，能否再詳細解釋一下？我認為時機聽起來像是中國新年，但你談到了那裡的範圍和規模，你一直在投資的內容以及對第一季乃至全年的潛在影響。

Yes, sure. Thank you for asking about it. We are waiting on, I think, one final government approval, maybe we got it yesterday, actually. So we do expect we'll be open by Chinese New Year. This is a significant -- we did it in record time. It's amazing the development team was able to do it. But this is a significant expansion of the Chairman's Club.

當然可以。謝謝你的提問。我想我們還在等待政府的最終批准，也許昨天就已經拿到了。所以我們預計能在春節前開業。這是一項意義重大的成就——我們以創紀錄的速度完成了這項任務。開發團隊能做到這一點真是太了不起了。但這對主席俱樂部而言是一次意義重大的擴充。

So the Chairman's Club, for those of you that aren't aware, is an area in -- within Wynn Palace that is the space that's dedicated to our highest value customers. This expansion actually triples the size of the Chairman's Club to nearly 100,000 square feet. The space includes gaming areas, along with a whole bunch of amenities, including several boutique food and beverage outlets, entertainment areas, a cigar lounge, a bar.

所以，對於那些還不了解的人來說，主席俱樂部是永利皇宮酒店內的一個區域，專門為我們最尊貴的客戶提供服務。此次擴建實際上使主席俱樂部的面積擴大了三倍，達到近 10 萬平方英尺。該空間包括遊戲區，以及一系列便利設施，包括幾家精品餐飲店、娛樂區、雪茄休息室和酒吧。

We -- honestly, we believe it will set a new standard for premium gaming space in Macau, in an area that already feels very, very comfortable to our best customers. So we feel great about it opening up. The impact on Q1, we'll see. We're opening it into Chinese New Year. And obviously, the rest of the year, we don't provide any forward guidance.

坦白說，我們相信它將為澳門的高端博彩場所樹立新的標準，而澳門對於我們最尊貴的客戶來說，已經是一個非常非常舒適的區域。所以我們很高興看到它重新開放。對第一季的影響，我們拭目以待。我們將在春節期間開業。顯然，對於今年剩餘的時間，我們不提供任何前瞻性指引。

Just confirming that we have the approval for opening today.

再次確認一下，我們已獲準今天開業。

Thank you. So we're good to go. We will be -- you can remove -- you can strike the word expect from the prepared remarks.

謝謝。一切準備就緒。我們將—您可以刪除—您可以從準備好的發言稿中刪除「期望」一詞。

Thanks, everyone.

謝謝大家。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Hi, Greg. Julie, I'll pile on to the congratulations and gratitude. It's been a pleasure working with you. Good luck on what's next for you. Maybe to stick with Las Vegas, I kind of ask the kind of consumer question in a couple of different ways. But with lower occupancy, obviously, rate was up, but I think it's impressive gaming volumes are up. We saw higher food and beverage revenue.

嗨，格雷格。朱莉，我也要向你表示祝賀和感謝。和您一起工作非常愉快。祝你未來一切順利。或許還是以拉斯維加斯為例，我會用幾種不同的方式提出這類消費者問題。但入住率下降，房價自然上漲了，但我認為遊戲量上升這點令人印象深刻。食品和飲料收入有所成長。

And so, Craig, I don't know if you could talk about are you getting more foot traffic in the door from other properties not staying at Wynn? Or is it really just a higher price? Anything you could say about gaming volumes and F&B revenues being up despite a little bit of lower occupancy in the hotel?

那麼，克雷格，我不知道你是否可以談談，從其他酒店而不是永利酒店吸引的客流量是否增加了？或者，它真的只是價格更高而已？儘管飯店入住率略有下降，但博彩業務量和餐飲收入卻有所增長，您對此有何看法？

Yes. Thank you. First, driving rate over occupancy is an incredibly intentional strategy. It's not a strategy that we're doing because it's being hoisted upon us, right? When we drive rate over occupancy, we can change our restaurant opening hours. We can staff the building differently, and we can really push EBITDA.

是的。謝謝。首先，提高入住率而非入住率是一種非常刻意的策略。我們採取這種策略並不是因為有人強加給我們，對吧？當我們提高入住率而非提高入住率時，我們可以調整餐廳的營業時間。我們可以調整大樓的人員配置，這樣就能真正提升 EBITDA。

On the gaming volume point, it is definitely not the mass customer that's wandering in the door and driving our incremental gaming volumes. We set out, three years ago now and changed a tremendous number of things in the business. From our hosting strategies to our underlying technology to our -- to aspects of our rewards program and our reinvestment, and that has resulted in a pretty significant shift in market share in our favor. And this was another quarter where you saw the benefit of that.

就遊戲量而言，絕對不是一般顧客走進店裡推動我們遊戲量的成長。三年前，我們開始著手改變這個行業的許多方面。從我們的主機策略到我們的底層技術，再到我們的獎勵計劃和再投資，這些都導致​​了市場份額的顯著變化，使我們佔據了有利地位。本季再次體現了這種做法帶來的好處。

Brian, anything you would add?

布萊恩，你還有什麼要補充的嗎？

I'd say the ops team continues to crush it on optimizing RevPAR. Focused on getting -- keeping the restaurants full and still tightly controlling OpEx. So all of those are key in our future.

我認為營運團隊在優化每間可供出租客房收入（RevPAR）方面繼續表現出色。專注於保持餐廳滿座，同時嚴格控制營運支出。所以，這些對我們的未來都至關重要。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Good morning or sorry, good afternoon, everyone. Thanks for taking my question. Can you guys -- I don't think you guys have talked about this yet, but the sort of the convention calendar for you guys for the year by quarter. Any sort of what should we think about in terms of year-over-year comparisons and what stands out to you when you look out over the year in terms of group?

各位早安，或抱歉，下午好。謝謝您回答我的問題。你們能不能──我想你們還沒討論過這件事，但你們能不能按季度製定年度會議日程？從同比角度來看，我們應該考慮哪些面向？回顧過去一年，您認為集團方面有哪些突出特點？

Brian, do you want to take that?

布萊恩，你想拿嗎？

Sure. I think if you look at some of the citywides and it doesn't impact us as much, but there's some significant change this year over last. Q1 year seems to be higher than last year. Q2, a little bit more challenged because the beginning of April, you've got pass over Easter. And then we layer in pretty nicely.

當然。我認為，如果你看看一些全市範圍的選舉，你會發現它對我們影響不大，但今年與去年相比確實發生了一些重大變化。第一季的數據似乎比去年同期高。第二季稍微有點挑戰性，因為四月初要過復活節。然後我們一層一層地疊加，效果相當不錯。

There's a couple of holes in the summer. We have plenty of prospects. The team is doing a great job in filling those holes. And we're pacing nicely right now. So we'll see how it goes.

夏天有幾個漏洞。我們有很多發展前景。團隊在填補這些空缺方面做得非常出色。我們目前的進展進展順利。我們拭目以待。

Okay. Great. And just a follow-up on Macau. You guys already talked about margins and sort of the effect of the VIP mix. But when we look at just the VIP volumes, which are look incredibly strong and you're not the only ones that have seen this.

好的。偉大的。還有一點關於澳門的後續報導。你們之前已經討論過利潤率以及 VIP 組合的影響。但當我們只看 VIP 的交易量時，就會發現交易量非常強勁，而且你不是唯一注意到這一點的人。

Can you just help us understand what's driving that? Is there more -- are you guys doing more direct lending as part of that rolling ship business? What are sort of the supply and demand things to keep in mind when we're trying to understand those trends?

您能幫我們理解一下背後的原因嗎？你們是否還有更多——作為滾動船舶業務的一部分，你們是否開展了更多直接貸款業務？在試圖了解這些趨勢時，我們需要注意哪些供需因素？

Thank you. We definitely have not changed any component of how we think about credit. So we're not driving volumes on the back of incremental credit. As you know, in VIP a very small number of players can drive a very large amount of turnover. So we have been making very specific investments in our VIP hosting teams and in our VIP player development, and we saw the benefit of that this quarter.

謝謝。我們絕對沒有改變我們對信貸的任何看法。因此，我們並不是依賴新增信貸來推動交易量成長。如你所知，在 VIP 遊戲中，極少數玩家就能帶來非常大的交易額。因此，我們對 VIP 接待團隊和 VIP 玩家發展進行了非常具體的投資，並且我們在本季度看到了這些投資帶來的好處。

Great. Thanks, everybody.

偉大的。謝謝大家。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Hi, good afternoon, everybody. Julie, congrats and all the best. I wanted to just get an updated comment on Las Vegas broadly. And how do we think about the opportunity for your assets to continue to grow, either top line or bottom line? Is it -- and I understand that the refurbs are necessary and helpful. But how do we sort of think about your presence there growing longer term?

大家好，下午好。朱莉，恭喜你，祝你一切順利。我只是想了解一下關於拉斯維加斯的整體最新情況。那麼，我們如何看待您的資產持續成長的機會，無論是營收還是利潤？確實如此——而且我理解退款是必要且有益的。但是，我們該如何看待你在那裡長期發展壯大的可能性呢？

Yes. Look, the way I think about it is -- Vegas, if you look at Vegas over the course of the past --really since the emergence from COVID, Vegas has become a more multifaceted destination than it's ever been. And you know and we've talked about this before, Vegas has a long history of tacking on incremental sources of demand. The raters are an example of that. The sphere is an example of that. And really, the business is more diversified, the total business here in Vegas is more diversified than it's ever been.

是的。我的想法是——如果你回顧拉斯維加斯過去的歷史——特別是自從新冠疫情爆發以來，拉斯維加斯已經變得比以往任何時候都更加多元化。你知道，我們以前也討論過這個問題，拉斯維加斯有著不斷增加需求來源的悠久歷史。評分者就是個例子。球體就是一個例子。事實上，拉斯維加斯的商業活動比以往任何時候都更加多元化。

That next maturation of the market tends to appeal to customers that are in our customer segment. And during that same period, I would humbly say that we have continued to distance ourselves in the market and provide the best option for those high-value customers. You've seen those high-value customers hold up even as folks, perhaps folks who are in a different income strata have not. And I think that we have been a real beneficiary of that.

市場的下一個成熟階段往往會吸引我們目標客戶群中的客戶。在同一時期，我謙虛地說，我們繼續在市場上拉開差距，並為那些高價值客戶提供最佳選擇。你已經看到，那些高價值的客戶一直支持你，而那些收入水平不同的人卻沒有。我認為我們確實是其中的受益者。

So from an organic same-store sales basis, I feel very good about our business and our position in Vegas. I mean, look at the EBITDA numbers and the return on invested capital that we're delivering out of this building. It's tremendous.

因此，從同店銷售的自然成長來看，我對我們的業務以及我們在拉斯維加斯的地位感到非常滿意。我的意思是，看看我們從這棟大樓獲得的 EBITDA 數據和投資資本回報率。太棒了。

Then beyond that, of course, we have a pretty significant land bank here. You have to choose the right time and place or right time rather to flex that land bank. If you look at the last two openings in the market, they have had to be share takers because the market visitation do not change with those two openings.

除此之外，我們這裡當然還有相當可觀的土地儲備。你必須選擇合適的時間和地點，或者說，選擇合適的時機來動用你的土地儲備。如果你觀察最近兩次市場開盤，你會發現它們一定是股票收購者，因為這兩個開盤並沒有改變市場訪問量。

But over the very longer term, particularly as again, as I was saying in my prepared remarks, you have incremental wealth creation from everything that's going on in technology and AI. We think the demand for our products will allow us to take advantage of that expansion. It's just a question of when.

但從長遠來看，特別是正如我在準備好的演講稿中所說，科技和人工智慧領域正在發生的一切將帶來財富的逐步創造。我們認為，市場對我們產品的需求將使我們能夠利用這種擴張機會。只是時間問題。

So again, I don't really think, well candidly. I don't really think will 2026 be greater than 2025. I think where will we be in 2030 and 2032, and what will our business look like? And I feel very good about it.

所以，說實話，我真的不這麼認為。我並不認為2026年會比2025年好。我想問大家，到 2030 年和 2032 年，我們會發展到什麼程度，我們的業務會是什麼樣子？我對此感覺非常好。

Okay. Thank you.

好的。謝謝。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Hi, good afternoon. Thanks for taking my question. And Julie, congrats on all your accomplishments as well. I wanted to ask unfortunately, maybe more of a near-term question, just around 2026. I know a lot of the lodging companies and event centers are talking about the World Cup impact.

您好，下午好。謝謝您回答我的問題。朱莉，也祝賀你所取得的所有成就。很遺憾，我想問的可能是比較近期的問題，大概在 2026 年左右。我知道很多住宿公司和活動中心都在談論世界盃的影響。

I know it's making its way through Boston for a couple of weeks and then obviously in Los Angeles and other cities where international customers could be here and maybe frequent your properties. I guess my question is, do you think there could be an impact or maybe a spark that we haven't seen from maybe some international customers coming back into the market and then frequenting your properties?

我知道它會在波士頓持續銷售幾週，然後顯然也會在洛杉磯和其他國際客戶可能聚集的城市銷售，這些客戶可能會光顧您的房產。我想問的是，您認為一些國際客戶重返市場並經常光顧您的房產，這是否會產生我們尚未看到的正面影響或機會？

Sure. It's a good question. In Boston, for sure, the direct impact there, I would expect would be on ADR. In Vegas, we have an entire strategy that we have developed to take advantage of the proximity of the World Cup. That's a very targeted strategy because we don't need kind of the mass volume to make their way here.

當然。這是個好問題。在波士頓，可以肯定的是，直接影響將體現在 ADR 方面。在拉斯維加斯，我們制定了一整套策略，以充分利用世界盃臨近的優勢。這是一個非常有針對性的策略，因為我們不需要大量的貨物運送到這裡。

And so certainly, we will take advantage of that and make sure that we are able to ghost on the event, if you will. Does it impact how we think about 2026? Maybe on the margin, but I don't think I'd be calling out -- calling it out as a specific driver of the year.

所以，我們當然會利用這一點，確保我們能夠「隱身」參加這次活動。這會影響我們對2026年的看法嗎？或許勉強算得上，但我不會公開宣布－不會把他/她評為年度最佳車手。

Okay, thanks. And then as it relates to AI, you talked about just the wealth effect that could improve your customers' wealth over the next couple of years and then drive business to your properties. But what about internally in terms of tech that you guys are using either in-house or with certain vendors to help whether it's search or content kind of product on the floor. Do you think we will see an improvement in '26 versus '25 that could either help on the revenue or margin side?

好的，謝謝。然後，就人工智慧而言，您談到了財富效應，它可以在未來幾年內提​​高客戶的財富，從而為您的房產帶來業務。那麼在內部技術方面，你們是如何使用內部開發的，還是與某些供應商合作開發，來幫助實現搜尋或內容等產品目標的呢？您認為 2026 年與 2025 年相比，收入或利潤率方面會有所改善嗎？

Great question. How much time we have left on the call? Okay. So first of all, we're already seeing the effect of that wealth creation. We already have customers that are spending time with us that have had wealth created through everything that's going on with artificial intelligence.

問得好。通話還剩多少時間？好的。首先，我們已經看到了財富創造帶來的影響。我們已經有一些客戶，他們透過人工智慧的發展，在我們這裡累積了財富。

So this isn't something that I'm just kind of forecasting out of my head. I mean we can see it. And it's not -- and in the long run, I don't anticipate that we'll just be here. I anticipate that will be in Wynn Al Marjan Island where you have the UAE being extremely aggressive in terms of AI infrastructure and AI model development. And so I think that that will benefit us there as well. And I think it will benefit us in Macau as a new generation of wealth is created in China.

所以這不是我憑空猜測的事情。我的意思是，我們都能看到。但事實並非如此——從長遠來看，我預計我們不會一直待在這裡。我預計這將在永利阿爾瑪爾詹島舉行，因為阿聯酋在人工智慧基礎設施和人工智慧模型開發方面非常積極進取。所以我認為這對我們那邊也有好處。我認為隨著中國新一代財富的創造，澳門也將從中受益。

On the internal side, our approach to date, we worked under the presumption initially that anything that was focused on OpEx efficiency would be packaged up and sold to us because that's where everybody was going to head first. And that has kind of proven to be the case. I think with respect to that, and look, anybody who watches CNBC, particularly today, is going to tell you that there is a general feeling that we are finally at a tipping point with respect to the models. And I believe that to be true.

在內部方面，我們迄今為止的做法是，最初我們假設任何專注於營運效率的東西都會被打包出售給我們，因為那是每個人都會首先關注的地方。事實證明確實如此。我認為，就這一點而言，任何觀看 CNBC 的人，尤其是在今天，都會告訴你，人們普遍認為，我們在模型方面終於到了一個轉折點。我相信這是真的。

And so I think from an OpEx efficiency perspective, you will start to see gains over the course of the next several years. What I think is underappreciated in the enterprise is the amount of plumbing that goes into how all the applications that we utilize, the databases that we utilize are connected. And so that plumbing doesn't change overnight, and so that takes time. But I'm certain that, that will happen.

因此，我認為從營運效率的角度來看，未來幾年內您將開始看到收益。我認為企業中被低估的是，我們使用的所有應用程式和資料庫之間的連接背後所涉及的複雜基礎設施。所以管道系統不會在一夜之間改變，這需要時間。但我確信，那一定會發生。

So if we weren't focused on the OpEx side, what were we focused on? We were focused really on customer delight. And so that really comes down to personalization where we've rolled out several things. I won't get into the details on this call for competitive reasons, but where we've rolled out several things that have had a meaningful impact, we believe, on retention. We focused on improving the underlying machine learning and modeling for our reinvestment. That's true here and in Macau. And that has certainly had an impact. I believe you can see that showing up in gaming volumes. So it's a little bit of everything.

所以如果我們不關注營運支出方面，那我們關注的是什麼呢？我們真正關注的是讓客戶滿意。所以，這其實歸根究底就是個人化，我們為此推出了一些措施。出於競爭原因，我不會在這次電話會議上詳細說明，但我們已經推出了一些措施，我們相信這些措施對提高客戶留存率產生了有意義的影響。我們專注於改進再投資的底層機器學習和建模技術。這裡和澳門的情況都是如此。這無疑產生了影響。我認為這一點可以從遊戲銷售中看出。所以它包羅萬象。

And then the last piece I would say, I think if you're watching the markets, you may have seen Tripadvisor was trading off heavily today citing the impact of what's called GEO, Generative Engine optimization on a business that is very SEO, Search Engine Optimization dependent. So we've been on that for probably about a year now, making sure that our discoverability and that's from a hotel sales perspective, primarily food and beverage as well, but mostly hotel sales, that our discoverability would be absolutely top-notch as GEO starts to take over SEO.

最後我想說的是，如果你關注市場，你可能已經看到Tripadvisor今天股價大幅下跌，原因是所謂的GEO（生成式引擎優化）對非常依賴SEO（搜尋引擎優化）的業務產生了影響。所以，我們大概已經在這方面努力了一年左右，確保我們的可發現性（主要是從酒店銷售的角度，也包括餐飲，但主要是酒店銷售），隨著地理位置開始取代搜尋引擎優化，我們的可發現性將絕對一流。

So there's really -- honestly, there's hundred things that will ultimately come out of all of this. I'm not going to put us in a position where we're talking about impact on -- well, I'll never put us in a position where we're talking about impact on margins, but it certainly will show up.

所以說，這一切最終會產生數百種結果。我不會讓我們陷入討論對利潤率的影響的境地——好吧，我永遠不會讓我們陷入討論對利潤率的影響的境地，但這肯定會顯現出來。

Steven Wieczynski, Stifel.

Steven Wieczynski，Stifel。

Hey guys, excuse me, good afternoon and congrats, Julie. Hope you have a great retirement. Not sure if I missed this or not, Craig or Julie, but if we think about Macau margins in the fourth quarter on a more normalized basis, meaning hold normal VIP, mass OpEx is quasi-normalized. Based on our quick math, is it safe to say those margins would have been pretty close to the 31.5% margin that was posted in the fourth quarter of '24? Am I kind of thinking about that the right way?

大家好，打擾一下，下午好，恭喜茱莉。祝您退休生活愉快。Craig 或 Julie，我不知道我是否錯過了這一點，但如果我們以更正常化的方式考慮澳門第四季度的利潤率，即保持正常的貴賓廳運營支出，那麼大規模運營支出就基本正常化了。根據我們的簡單計算，是否可以說這些利潤率與 2024 年第四季公佈的 31.5% 的利潤率非常接近？我這樣想對嗎？

You're a little above where we would put them. We would probably put them somewhere around 30%.

你的水平比我們建議的略高一些。我們大概會把它們放在 30% 左右。

Thanks. Okay, thanks, Craig. And then I'm not sure how much you'll say, Craig, or not, given that we're kind of in the first quarter, but Chinese New Year, obviously starting up in the next couple of days, would you give any kind of high-level view on kind of where you guys are booked at this point? Or what do you think demand is going to look like?

謝謝。好的，謝謝你，克雷格。鑑於現在還處於第一季度，我不確定克雷格你會透露多少信息，或者不透露多少信息，但中國新年顯然將在接下來的幾天開始，你能否大致介紹一下你們目前的預訂情況？還是你認為需求會呈現怎樣的趨勢？

Yes, booking pace is good. We feel very good about where we are. And with the opening of Chairman's Club at Palace, we feel like we have something new in Chinese that will delight our best customers. So we're feeling good about Chinese New Year.

是的，預訂速度不錯。我們對目前的狀況非常滿意。隨著皇宮酒店主席俱樂部的開業，我們感覺到我們在中文領域又增添了一項新舉措，這將令我們最尊貴的顧客感到欣喜。所以我們對即將到來的中國新年感到很樂觀。

We do and we called this out, I think, kind of ad nauseam now, but we do run into capacity constraints around these peak periods based on table count, that doesn't affect our best customers, obviously. But on the more base mass side, we do. But we feel great.

確實如此，而且我們已經反覆強調過，我想現在可能有點讓人厭煩了，但根據餐桌數量，我們在高峰期確實會遇到容量限制，這顯然不會影響我們最好的客戶。但在更基礎的品質方面，我們確實有。但我們感覺很好。

Okay, got you. Thanks, Greg. Appreciate it.

好的，明白了。謝謝你，格雷格。謝謝。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Hey guys, thanks for the question. Great to see you on trip a couple of months ago. I guess I'll be the first to ask Al Marjan question. But as we progress through the year, could you guys just give us any kind of signpost to think about, be it even when the rooms will go on sale as we look towards just strength of the opening?

大家好，謝謝你們的提問。很高興幾個月前在旅途中見到你。我想我應該是第一個向阿爾馬爾詹提問的人。但隨著時間的推移，你們能否給我們一些參考指標，例如房間何時開始銷售，以便我們更了解開業情況？

And then a second part of that question would be, one question, I get is just it feels like the only hindrance in that market is supply constraint. And can you just give us a sense for when you look around the property how long it's going to take for that area to kind of be fully built out? And how necessary that is to hit some of the targets that you guys are looking for?

問題的第二部分是，我常被問到的一個問題是，感覺這個市場唯一的障礙是供應限制。您能否大致估算一下，從您參觀的整個地塊來看，該區域大概需要多長時間才能完全建成？那麼，這對於實現你們想要達成的一些目標來說，究竟有多必要呢？

Sure. The signpost along the way, we'll release them in press releases. I mean we put out construction updates every now and again, and then we update folks on this call. With respect to when rooms will go on sale, that's the subject of discussion right now. But if I had to spitball it at point, it would be late Q3, early Q4.

當然。沿途的路標，我們將透過新聞稿發布。我的意思是，我們會不時發布施工進度更新，然後透過這次電話會議向大家報告最新情況。至於房間何時開始發售，這正是我們目前正在討論的話題。但如果非要我粗略估計一下，那應該是第三季末，第四季初。

You are correct that it would be great to have a bunch of incremental room capacity. We are not dependent on that incremental room capacity to meet our base case. I want to be very, very clear about that. What we said when we were in the UAE was that meeting the outperformance numbers or beyond would certainly require incremental hotel capacity. Those of you that were there saw that construction happening.

您說得對，如果能增加一些房間容量就太好了。我們並不依賴新增的房間容量來滿足基本需求。我想非常非常清楚地說明這一點。我們在阿聯酋時就說過，要達到甚至超過預期業績目標，絕對需要增加飯店容量。當時在場的人都看到了施工過程。

So the construction is absolutely happening. I don't expect a material uptick in the room count prior to our opening. I mean we are about a year and a few months out at this point. But shortly thereafter, I would expect incremental rooms to come online.

所以，施工確實在進行中。我預計開業前客房數量不會大幅增加。我的意思是，現在距離目標日期還有大約一年以上的時間。但在此之後不久，我預計會有更多房間陸續上線。

Our strategy to deal with that in the short run and ultimately, the long run is to have a very, very strong transportation program and effectively utilize adjacent cities as a source of day-to-day visitation. And so we're being very, very thoughtful on the transportation side. So just to reiterate, base case unaffected but we certainly would like incremental hotel rooms to come up and they are coming up.

我們應對這一問題的短期策略，以及最終的長期策略，是製定一個非常非常強大的交通運輸計劃，並有效地利用鄰近城市作為日常客流的來源。因此，我們在交通運輸方面考慮得非常周全。所以再次重申一下，基本情況不受影響，但我們當然希望飯店客房數量能夠逐步增加，而且它們也正在增加。

Great, thanks. And I guess just a quick follow-up just to ask about my town. We saw in some of the trade rags that maybe a hotel expansion here in Boston was back on track. I didn't see anything in the slide deck and referenced anything planned for Boston, but could just you guys walk through any expectations around anything you want to do in this market?

太好了，謝謝。我想再補充一點，問問我所在的城鎮的狀況。我們從一些行業刊物上看到，波士頓的酒店擴建項目可能又回到了正軌上。我在幻燈片中沒有看到任何關於波士頓計劃的內容，但你們能否談談對在這個市場想要開展的任何活動的預期？

Sure, Thank you for that. Yes, there was a bit of misreporting actually in a number of those articles. So let me clarify. We're not developing hotels on our balance sheet. Rather, we own some 16 acres of land adjacent to Encore, and we are contemplating providing a portion of that land under what is effectively a land lease.

當然，謝謝你。是的，其中一些文章確實存在一些報導不實的情況。讓我解釋一下。我們的資產負債表上沒有酒店開發項目。相反，我們擁有 Encore 旁邊約 16 英畝的土地，我們正在考慮以土地租賃的形式提供其中的一部分土地。

So to that end, we entered into an MOU with the City of Everett outlining certain things that we would each do to facilitate that development. And really, this is part of a broader vision for the neighborhood, including a potential rail stop and, of course, a possible major league soccer stadium very, very close to Encore Boston Harbor.

因此，為此，我們與埃弗雷特市簽署了一份諒解備忘錄，概述了我們雙方將為促進這一發展而採取的一些措施。實際上，這是社區更廣泛願景的一部分，其中包括一個潛在的鐵路站點，當然，還有一個可能在 Encore Boston Harbor 附近建造的大型足球場。

So to be clear, we're not developing those hotels. We would be a land lease lessor. The hotels themselves would drive benefit to Encore Boston Harbor and we're -- we would be excited about that. But that's what we're up to.

所以說清楚點，我們並沒有開發那些飯店。我們將作為土地租賃出租人。酒店本身將為安可波士頓港帶來好處，我們對此感到非常興奮。但這就是我們正在做的事情。

Thanks guys.

謝謝各位。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, thanks for taking my questions and I just wanted to echo the previous comments. Maybe just a follow-up on UAE. Recognizing you've provided us with a high-level financial framework, can you give us your latest thoughts on the mix of F&B entertainment versus gaming? And then some of the swing factors as you see it today?

嘿，謝謝你回答我的問題，我只是想附和之前的評論。或許可以跟進一下阿聯酋的情況。鑑於您已經為我們提供了一個高層次的財務框架，您能否談談您對餐飲娛樂與遊戲相結合的最新看法？那麼，就目前來看，還有哪些因素會影響市場趨勢呢？

Sure. I mean, we've outlined our expectations for the market in a base low and upside case. Beyond that, obviously, on the gaming side, the market is extremely supply constrained. We're kind of it for quite some time. I think we've said in the past, we expect that market to have many attributes that are consistent with Las Vegas, which is very, very strong non-gaming demand. So the balance there really is how we utilize our room base.

當然。我的意思是，我們已經概述了我們對市場的預期，包括基本面低點和上漲情景。除此之外，很顯然，在遊戲方面，市場供應極為有限。我們已經這樣持續相當長一段時間了。我認為我們過去曾說過，我們預計該市場將具有許多與拉斯維加斯一致的特徵，即非常非常強勁的非博彩需求。所以關鍵在於我們如何利用我們的房間資源。

Vegas, where the vast majority of our revenue is non-gaming. Macau, where the vast majority of our revenue is gaming, I wouldn't expect it to be at either of those polls, but it will really come down to the tension of how we utilize those rooms. So you'll see in the numbers that we provided, very healthy gaming revenues, representing the productivity of the casino and also the supply-constrained nature of the market, but you'll also see a healthy balance of non-gaming revenues reflecting substantial ADRs and a substantial willingness to spend in that market for food and beverage.

拉斯維加斯，我們絕大部分的收入都來自非博彩業務。澳門是我們絕大部分收入來自博彩的地方，我預計它不會在這兩項民調中都名列前茅，但最終結果將取決於我們如何利用這些地方。因此，從我們提供的數據中可以看到，博彩收入非常健康，這反映了賭場的生產力以及市場的供應限制性質，但您還會看到非博彩收入的健康平衡，這反映了較高的平均每日出場費 (ADR) 以及在該市場對餐飲消費的較高意願。

Helpful, thank you.

很有幫助，謝謝。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Hey, good evening, and thank you for taking our question. I also wanted to say congrats to Julie. Maybe just following up on Al Marjan, as we continue to get closer to the opening, can you share how your database continues to shape up and the efforts to build the pipeline to get the right people to the property when it opens?

您好，晚上好，感謝您回答我們的問題。我還要向朱莉表示祝賀。關於 Al Marjan，隨著開業日期的臨近，您能否分享一下您的資料庫是如何不斷完善的，以及為了在酒店開業時吸引合適的客人而建立的渠道方面做了哪些努力？

Sure. On the hosting side, we have -- we started building our hosting infrastructure, a year ago, a year and change ago when we started bringing on very senior folks with regional experience. So the kind of one-to-one relationship marketing has been well underway. And I would say that general awareness among high-value players regionally is extremely high. I mean we've been getting approached by people in pretty far-flung places asking when the property will be open.

當然。在主機託管方面，我們—我們從一年多前開始建立我們的主機託管基礎設施，當時我們開始引進具有區域經驗的資深人士。因此，這種一對一的關係行銷已經取得了長足的進展。而且我認為，區域內高價值玩家的普遍認知度非常高。我的意思是，我們經常會收到來自非常偏遠地區人們的詢問，問我們什麼時候會開放。

On the mass market side, we have begun primarily through digital, building a database and creating awareness. We are communicating with those folks regularly in anticipation of the opening. And I think that will be additive. I honestly -- so we're doing a lot, long story short to build the database. But the awareness among people who are both gaming customers and non-gaming customers in the market, the unaided awareness is actually quite high.

在大眾市場方面，我們主要透過數位化手段，建立資料庫並提高知名度。我們正在與相關人員保持定期溝通，為開業做準備。我認為這將起到積極作用。說實話——總之，我們正在做很多工作來建立資料庫。但是，無論是遊戲玩家或非遊戲玩家，在市場上的認知度其實都相當高。

So I don't want to be flippant about it and say, we don't need to build a database because we absolutely positively do. But we're feeling pretty good about people showing up the day we open the doors.

所以我不想輕率地說，我們不需要建立資料庫，因為我們絕對需要。但我們覺得開幕當天應該會有不少人來。

Great. Thank you.

偉大的。謝謝。

Operator, the next question will be the last.

操作員，下一個問題將是最後一個問題。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Hopefully, you guys can hear me. I wanted to circle back to your comment about Macau and reinvestment. I know you said there wasn't a significant jump. And I think that was in your reinvestment spend.

偉大的。希望你們能聽到我說話。我想再談談您關於澳門和再投資的評論。我知道你說過沒有顯著成長。我認為這筆錢應該算在你的再投資支出。

Can you talk a little bit more broadly about what you're seeing in the environment? Others are talking about how much more competitive it's gotten. Are you seeing that stabilize in terms of what others are doing even if your own reinvestment rate has not had a jump? Thanks.

您能否更廣泛地談談您在環境中觀察到的情況？其他人則在討論競爭變得多麼激烈。即使您自己的再投資率沒有大幅成長，您是否也觀察到其他人的做法趨於穩定？謝謝。

Sure. I mean I won't specifically comment on others -- our perception of others reinvestment rates. I would say that there has been at least one operator in the market who has publicly stated that they are driving incremental reinvestment. I think you naturally get responses to that. I think you're really talking about a band market-wide. You're talking about a band of 200 basis points in reinvestment when you talk about reinvestment moving up and down.

當然。我的意思是，我不會具體評論其他人——我們對其他人再投資率的看法。我認為市場上至少有一家業者公開表示，他們正在推動增量再投資。我認為你自然會得到回應。我認為你實際上是在談論整個樂團市場的情況。當你談到再投資上下波動時，你指的是再投資200個基點的波動範圍。

So as we have said before, I don't view the market as being in some all-out promotional war by any means. But like I said in my prepared or in a response actually to another question, it's a short booking window, and it's a competitive market, and that's the way it is. So we -- all I can really do is speak to what we do, and that is move reinvestment up, down, do what we need to do in order to drive EBITDA positive incremental visits.

正如我們之前所說，我並不認為市場正處於一場全面的促銷大戰之中。但就像我在準備好的回答或對另一個問題的回答中所說的那樣，預訂窗口期很短，市場競爭激烈，情況就是這樣。所以，我只能談談我們正在做的事情，那就是調整再投資，做我們需要做的事情，以推動 EBITDA 為正成長，增加訪問量。

And lastly, as I mentioned on prior calls, we have a to the basis point day-by-day view of what our reinvestment is and so we are able to modulate it on the fly, far better than we ever have, which really relates to some human capital and technology improvements that we made several years ago so that we can really bring it up, bring it down, bring it up, bring it down and do whatever we need to do at any given moment.

最後，正如我在先前的電話會議中提到的，我們現在可以精確到基點地了解我們的再投資情況，因此我們能夠隨時進行調整，比以往任何時候都好得多。這實際上與我們幾年前在人力資本和技術方面所做的一些改進有關，這樣我們就可以隨時根據需要提高、降低、提高、降低投資金額。

Okay. Thank you. And then just a quick follow-up on Vegas. Craig, in your comments when you were sort of talking longer term about demand and growth in 2030 and all of that. You kind of wrapped it up by saying you were making the point that you think about growth longer term. But you made a comment about '26 maybe not being greater than 2025.

好的。謝謝。最後再簡單跟進一下拉斯維加斯的情況。Craig，你在評論中談到2030年的需求和成長等長期問題時，你提到了這一點。你最後總結說，你的觀點是，你會從長遠角度考慮成長。但你曾說過，2026 年可能不如 2025 年。

And I didn't know if that was just like a theoretical making the point that you weren't focused near term? Or -- and I know you don't guide, but is the expectation given the room remodel disruption, it would be reasonable to think that EBITDA would be down year-over-year. Is that sort of a takeaway that we should have from that comment?

我不知道這是否只是一種理論上的推測，意在表明你近期沒有專注於此？或者——我知道您不負責指導，但考慮到房間改造造成的干擾，EBITDA 年比下降是合理的預期。這是我們應該從那則評論中得出的結論嗎？

My comment was purely theoretical. I'm simply pointing out that -- look, we don't -- this is true in Macau. This is true in Vegas, right? We don't control the market. We control our share of it. And so everything we do every day is designed to be a share taker, hold share and be a share taker. That manifests itself in two ways: gaming volumes and ADR.

我的評論純粹是理論性的。我只是想指出——你看，我們沒有——這在澳門是事實。這在拉斯維加斯是真的，對吧？我們無法控制市場。我們掌控著我們應得的那部分。因此，我們每天所做的一切都是為了成為股份獲取者、持有股份者，並繼續成為股份獲取者。這體現在兩個方面：遊戲量和平均每日收入。

And by all measures, I think we've shown that we are very successful in that strategy. And so opining on '26 for us is actually a pining on the market. And I'm not going to opine on the market. In fact, you all spend a lot more time analyzing market level trends, quite frankly, than we do per se because we are thinking about how to deliver the absolute best product so that we can top tick our own EBITDA. So -- but my comment was purely designed to illustrate the fact that we're thinking about an arc that is five to seven years out.

從各方面來看，我認為我們已經證明，我們在這項策略上非常成功。因此，對我們來說，對 2026 年發表意見其實是對市場的期盼。我不會對市場發表意見。事實上，坦白說，你們花在分析市場層面趨勢上的時間比我們多得多，因為我們一直在思考如何提供絕對最好的產品，以便我們能夠實現自身的 EBITDA 最大化。所以——但我的評論純粹是為了說明，我們正在考慮的是未來五到七年的發展趨勢。

Okay. Understood, thanks.

好的。明白了，謝謝。

Well, thank you for joining the Wynn Resorts Q4 earnings call, and thank you for all the kind words. We appreciate your interest in the company, and the team looks forward to talking to you again next quarter.

感謝各位參加永利度假村第四季財報電話會議，也感謝各位的鼓勵與讚揚。感謝您對本公司的關注，團隊期待下個季度再次與您交流。

Thank you, everybody.

謝謝大家。

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

感謝您參加今天的電話會議。您現在可以斷開連線了。祝您今天餘下的時間愉快。