MGM
#Yes.
Yes.
To be clear, yes every quarter will be up.
I think, as <UNK> said in his opening address, we have a Board meeting coming up in March, and that is obviously one of the big topics for us to go through at that time, and we will certainly have more clarity around that time.
It's all those challenges that you have in any complex property.
We are creating some very unique first-time installations here, and we're going to get them right and we need to get them right and we're just going to put the time and effort in to get it.
We are pretty comfortable that the market conditions are suiting us at the back of the year.
We think it is just the right thing to do.
<UNK>, you want to take that first.
Yes, <UNK> <UNK>, <UNK>.
The budget increase is, we're going to give guidance from 3.1% to 3.3%, how we have been looking at it.
But there is some cushion in that.
It's the way we have to trend up on the $100 million increments.
That is new guidance.
Obviously the complexity, time does cost some funding.
We still think we will be better off in the long run.
We have every assurance, we're not going to give a specific date yet because we do ultimately want to continue detail with our contracts and would like to meet with the government around the process of licensing and approvals, before we can peg a date specific.
That being said, we will be definitely be open in our mind in the fourth quarter.
The idea of contingency into 2018, while always something we will consider, is something we're not contemplating right now.
Yes, just to help on that, there is no chance we're going to need to have any discussion with the government about the land concession, because we are opening at this year.
Sometime in the middle of the second half.
Secondly, the delta increase is far less than, <UNK>, what you had mentioned.
So $130 million in total.
If you recall, that's about 11% of total cost increase over the last ---+ what, Dan.
Three years.
The cost has only gone up about 11% in the three-year period, which most of the guys over there would have loved to have had.
So yes, we're comfortable with this budget.
There is a little bit of increase because of the time of when we are opening this, but we're willing to take that increase, because of the time, because we want to make sure it's a good product when it does open this year.
Do you know.
It carries a little bit of a benefit obviously with the shift but let us get you the right number there.
The big driver obviously is Con/Agg in March.
The revPAR number in March is going to be enormous.
We didn't.
We should have.
They want to hit it, <UNK> or Dan.
Or do you want me to.
What I would add also, <UNK> is there were a few projects that were capital in nature but expense type projects cleaning up like the Marina at Beau Rivage that had to get done in the fourth quarter.
Even with those increases, as I've mentioned, our total expense per occupied room is only up 0.004%.
And just a couple of things to clean up some things that were asked.
Easter will be less than 1% the calendar shift.
So the 7% RevPAR guidance Easter shift will be less than 1% of that.
Flow-through was asked a couple of times, and to be clear, we're comfortable with the concept.
We do believe margins are going to grow including in the current quarter, we expect flow-through to be up I think it was <UNK> asked, about 50%.
We feel comfortable about that.
In terms of PGP, <UNK> talked about that.
I don't want to leave anyone with the impression that once we are done with that $400 million program, we are done, because we haven't implemented all the plans that we had identified even in the initial program.
And as I said earlier, we have laid down the architecture for further initiatives, further ideas, which is we are confident for margins to continue to grow, even when we cycle through that program.
And the cadence of RevPAR, we look like we're going to be up all year, even with the tough comp in the third quarter, we will be up, and certainly up nicely here in the first quarter.
Up nicely in the second quarter, and in the fourth quarter, will be the strongest of the four quarters, and first quarter being the strongest probably of all.
Third quarter being the toughest, but still up.
<UNK>, do you want to add anything to this.
Okay, well I know you have some other questions.
Thank you all for joining us today.
We have taken more than your allotted time, and we look forward to chatting with you soon.
Take care.
