米高梅国际度假集团（MGM Resorts International）的首席执行官比尔·霍恩巴克尔（Bill Hornbuckle）表示，该公司仍有可能收购巴里·迪勒（Barry Diller）旗下的People Inc.这一决定与此前媒体公司试图收购米高梅的努力形成了鲜明对比。
MGM Resorts International CEO Bill Hornbuckle is leaving open the possibility that the casino operator could acquire Barry Diller's People Inc., a striking reversal after the media company abandoned its own effort to take over MGM.
在本周的全球博彩博览会上，当被问及米高梅是否正在考虑收购People Inc.时，霍恩巴克尔表示，米高梅会继续追求符合股东利益的目标，并“努力挖掘这家被严重低估的公司的价值”。他提到了米高梅拥有的各类资产，包括BetMGM、在澳门的赌场业务、正在日本建设的度假村以及位于拉斯维加斯的物业。
Asked at the Global Gaming Expo this week whether MGM was considering buying People Inc., Hornbuckle said MGM would continue pursuing what is in the best interest of shareholders and "trying to unlock the value of a company that we think is grossly undervalued." Hornbuckle pointed to MGM's collection of assets, including BetMGM, its casino operations in Macao, its resort under construction in Japan and its properties in Las Vegas.
《华尔街日报》上周报道称，米高梅正在考虑向People Inc.提出收购要约。这家出版及控股公司（前身为IAC）持有米高梅约27%的股份，是米高梅的最大股东。
The Wall Street Journal reported last week that MGM was exploring an offer for People Inc. The publishing and holding company, formerly known as IAC, owns roughly 27% of MGM and is its largest shareholder.
上周，People Inc.撤回了其每股48.30美元的收购报价。迪勒表示，完成这笔交易所需的各种条件尚未如该公司所期望的那样成熟，但他仍表示People Inc.对与米高梅进行战略合作感兴趣。
People Inc. last week withdrew its $48.30-per-share proposal to buy the rest of MGM. Diller said the "mix" of factors required to complete the transaction had not come together as the company had hoped, but said People Inc. remained interested in a possible strategic transaction with MGM.
霍恩巴克尔称迪勒和People Inc.是“非常出色的股东”，并指出迪勒对拉斯维加斯的未来发展仍持乐观态度。
Hornbuckle called Diller and People Inc. "an amazing shareholder" and said Diller remains bullish on Las Vegas.
“世界上没有任何地方能像拉斯维加斯这样独特，”霍恩巴克尔说，“尤其是在他的领域里，人工智能无法改变拉斯维加斯的地位。”他强调，与People Inc.的一些出版和数字业务不同，拉斯维加斯的魅力在于其独特的线下体验，而这些体验是人工智能无法替代的。
"There's nothing like it replicated anywhere in the world," Hornbuckle said. "It is the one place, particularly in his world, where AI won't disintermediate it." Unlike some of People Inc.'s publishing and digital businesses, Hornbuckle said, Las Vegas is built around physical experiences that artificial intelligence cannot replace.
在本次全球博彩博览会讨论之前，米高梅的股价约为32美元，远低于People Inc.在6月份提出的48.30美元的收购价格。
"People are coming here to enjoy things physically, and that's not going to change," he said. MGM shares were trading near $32 ahead of the G2E discussion, well below the $48.30 price People Inc. had offered in June.
与此同时，米高梅的另一个主要竞争对手凯撒娱乐集团（Caesars Entertainment）正准备进行私有化交易。
Caesars prepares to go private The talks between MGM and People Inc. come as one of MGM's biggest Las Vegas rivals prepares for a take-private transaction.
上周，Caesars Entertainment的股东们批准了该公司以176亿美元（包括债务）的价格出售给Fertitta Entertainment的交易。此次交易将把Caesars的赌场业务和数字业务与Tilman Fertitta旗下的Golden Nugget赌场、Landry's餐饮集团以及其他酒店资产合并起来。
Caesars Entertainment shareholders last week approved the company's $17.6 billion sale, including assumed debt, to Fertitta Entertainment. The deal would combine Caesars' casino and digital operations with Tilman Fertitta's Golden Nugget casinos, Landry's restaurant group and other hospitality assets.
Caesars Entertainment的首席执行官Tom Reeg表示，作为一家私营公司运营将使管理层能够有更长远的发展规划：“作为上市公司，我们不得不以90天为周期来思考问题，而这对于任何企业来说都是不利的。毕竟，企业不应该这样运作。”Reeg说，“与一家在全国拥有400多家门店的酒店集团合并，为我们提供了将各项业务整合到一个更广泛的客户生态系统中的机会。”
Caesars CEO Tom Reeg said operating as a private company would allow management to take a longer view. "We're forced as public companies to think in 90-day increments far more than is healthy for any business," Reeg said. "That's not how you run a business." He said the combination with a hospitality company that has more than 400 outlets across the country creates an opportunity to connect the businesses into a broader customer ecosystem.
这笔交易目前正接受美国联邦贸易委员会（FTC）的反垄断审查，该委员会最近再次要求相关方提供更多信息。
The transaction is undergoing an extended antitrust review by the Federal Trade Commission, which recently issued a second request for information.
Reeg认为，对于如此大规模的交易来说，这种审查请求是正常的，并表示被审查的资产对合并后的公司影响并不大：“如果最终有部分资产被剥离，也不足为奇。但从新闻角度来看，这些被剥离的资产对整个公司的运营影响应该微乎其微。”Reeg指出，最近Diller、Fertitta以及激进投资者Carl Icahn对拉斯维加斯赌场行业的兴趣表明，尽管游客数量有所下降且价格存在不确定性，但精明的投资者仍然看到了拉斯维加斯的长期价值。
Reeg called the request normal for a transaction of this size and said the markets under scrutiny are not particularly material to the combined company. "You shouldn't be surprised if there's a property or two that ultimately gets divested," Reeg said. "But I wouldn't expect them to be needle movers from a news perspective." Reeg said the recent interest in the casino space from Diller, Fertitta and activist investor Carl Icahn indicates that sophisticated investors see long-term value in Las Vegas despite weaker visitation and concerns about prices.
Reeg还提到：“世界上一些最聪明的人都在思考：‘我该如何进入这个市场呢？’”当被问及这些投资者是否是因为拉斯维加斯的价格低廉而选择投资时，他回答说：“我认为原因既有价格因素，也有其他因素。”
"You have some of the smartest people in the world saying, 'How do I get in?'" Reeg said. Asked whether those investors were buying because Las Vegas is a bargain, he said, "I think it's both."
Wynn Resorts的首席执行官Craig Billings则表示，尽管地区冲突导致项目预算增加了约6亿美元，但Wynn在阿联酋建设的Wynn Al Marjan Island赌场项目仍按计划进行中。
Wynn's UAE bet Beyond Las Vegas, Wynn Resorts CEO Craig Billings said construction of Wynn Al Marjan Island in the United Arab Emirates remains on track despite regional conflict that has contributed to a roughly $600 million increase in the project's budget.
比林斯表示，成本增加的原因中大约有一半与当地冲突有关，但该度假村的施工进度仅延误了一天。他指出，大部分施工中断发生在供应链需要通过其他港口转运的时期（这一时期持续了两到三个月）；由于保险公司不愿为某些运输路线提供保险，运输成本也大幅上升。
Billings said approximately half of that increase is related to the conflict, but the resort has missed only one day of construction. Most of the disruption came during a two- to three-month period when supply chains were being rerouted through different ports, he said. Shipping costs also surged because insurers were unwilling to cover some routes.
“从我们的角度来看，情况非常简单：只要度假村重新开业并开始盈利，就能迅速弥补这些额外的成本。”比林斯说。他还提到，由于阿联酋当局提供的安全保障，Wynn在该项目的保险费用并未增加。该度假村计划于2027年9月开业。
"From our perspective, it's super straightforward: Get open, start earning EBITDA," Billings said. "You're going to pay for that uptick in cost very, very quickly." Billings said Wynn's property and construction insurance costs at the site have not increased, citing the security provided by authorities in the UAE. The resort is scheduled to open in September 2027.
这座度假村将成为阿联酋首家集赌场娱乐功能于一体的综合性度假胜地，也是Wynn公司在拉斯维加斯、波士顿和澳门现有市场之外最大的扩张项目。
The property will be the first integrated resort with casino gaming in the UAE and represents Wynn's biggest expansion beyond its existing markets in Las Vegas, Boston and Macao.
作为Wynn公司的核心高管，比林斯还强调了游客数量的重要性——尽管澳门在8月份接待了创纪录的游客量，但他认为游客数量的实际意义并不那么显著。他表示，Wynn公司的业绩更多地取决于高端客户的消费情况，而非游客总数的多少。
Macao's premium customer Billings also played down the importance of broad visitation figures in Macao, which saw record visitor traffic in August. Wynn's results depend less on how many people enter Macao than on which customers arrive, he said. The company targets the premium end of the market.
比林斯将澳门称为全球最大的博彩市场：其博彩收入约为拉斯维加斯赌场的五倍，尽管澳门的酒店房间数量只有拉斯维加斯的30%左右。“无论澳门的游客数量是增加2%还是减少3%，我们都必须从整个市场周期的角度来看待问题。”他说，“我们在澳门的投资始终专注于中长期发展。”
Billings described Macao as the largest gaming market in the world, generating roughly five times the gaming revenue of the Las Vegas Strip with about 30% as many hotel rooms. "Whether Macao's up 2%, down 3%, you have to look through any given cycle," he said. "We remain very, very focused on the mid- and long-term in Macao."
霍恩巴克尔指出，MGM是该市场中最小的博彩运营商之一，同样专注于服务高端客户；MGM在澳门的客房中，有94%是由固定客户预订的，该公司还在将普通客房改造成套房以满足市场需求。此外，尽管中国奢侈品零售市场的销售表现不佳，但比林斯认为这并不一定意味着赌客的消费意愿会下降。
Hornbuckle said MGM is the smallest of the major operators in the market and is similarly focused on higher-value customers. He said 94% of MGM's occupied rooms in Macao are filled by known casino customers, and the company is converting more standard rooms into suites to meet demand.
他说，中国消费者的品牌偏好正在发生变化，这削弱了奢侈品零售销售与游戏收入之间的传统关联。
And while luxury retail sales have been soft in China, Billings said that is not necessarily a warning sign for casino spending.
霍恩巴克尔（Hornbuckle）表示，MGM在日本大阪的综合度假村项目已经如期建成，且成本控制在预算范围内。该项目位于人工岛“Yumeshima”上，历经一年多的场地准备工作后终于完工。
Chinese consumers are changing their brand preferences, he said, weakening the historical relationship between luxury retail sales and gaming revenue. MGM's Japan resort emerges from the ground Hornbuckle said MGM's integrated resort in Osaka, Japan, is on time and on budget after more than a year of site preparation on the man-made island of Yumeshima. The development will cover roughly 97 acres and 18 million square feet.
该度假村的占地面积约为97英亩（约8.07公顷），总建设面积达1800万平方英尺（约167.4万平方米）。霍恩巴克尔称，该度假村的赌场规模将是MGM旗下贝尔拉吉奥（Bellagio）赌场规模的四倍。
Hornbuckle said its casino floor will be four times the size of the casino at MGM's Bellagio.
“我们终于开始动工了，”他说，“你们已经可以看到那些建筑物的轮廓了；钢材铺设工作也正在进行中。”他进一步指出，如果以新加坡的综合度假村为例进行比较，MGM大阪度假村有望很快实现每年20亿美元的现金流。
"We're finally coming out of the dirt," he said. "You can see the structures. Steel is being laid." Hornbuckle said that if Singapore's integrated resorts provide a reasonable comparison, MGM Osaka could quickly become a $2 billion cash-flow business.
目前日本仅批准了大阪项目的建设；不过霍恩巴克尔认为，考虑到日本的人口规模以及竞争对手需要花费的时间来规划并建设新项目，东京及周边地区的竞争并不会对MGM构成威胁。
Japan has so far only approved the Osaka development, but Hornbuckle said the potential for competition in or around Tokyo wouldn't pose a threat, given Japan's population and the time it would take a rival to propose and build a new project.
“如果我们在这个项目上没有至少五年的领先优势，那我才会感到非常惊讶，”他说。
"If we don't have a five-year head start on this — and then some — I'd be absolutely shocked," he said.