Ark Restaurants Corp (ARKR) 2025 Q4 法說會逐字稿

Greetings, and welcome to Ark Restaurants fourth quarter and year-end 2025 results call. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加 Ark Restaurants 2025 年第四季及全年業績電話會議。（操作說明）再次提醒，本次會議正在錄影。

I would now like to turn the call over to your host, Christopher Love, Secretary for Ark Restaurants. Thank you. You may begin.

現在我謹將電話轉交給主持人，方舟餐飲集團秘書克里斯多福‧洛夫。謝謝。你可以開始了。

Thank you, operator. Good morning, and thank you for joining us on our conference call for the fourth quarter and year ended September 27, 2025. My name is Christopher Love, and I am the Secretary of Ark Restaurants. With me on the call today is Michael Weinstein, our Chairman and CEO; and Anthony Sirica, our President and CFO.

謝謝接線生。早安，感謝各位參加我們關於截至 2025 年 9 月 27 日的第四季和年度的電話會議。我叫克里斯多福‧洛夫，我是方舟餐廳的秘書。今天和我一起參加電話會議的還有我們的董事長兼執行長邁克爾溫斯坦，以及我們的總裁兼財務長安東尼·西里卡。

For those of you who have not yet obtained a copy of our press release, it was issued over the Newswires yesterday and is available on our website. To review the full text of that press release, along with the associated financial tables, please go to our homepage at www.arkrestaurants.com. Before we begin, however, I'd like to read the safe harbor statement.

如果您還沒有收到我們的新聞稿，該新聞稿已於昨天透過新聞專線發布，也可在我們的網站上查閱。如需查看該新聞稿全文及相關財務報表，請造訪我們的首頁 www.arkrestaurants.com。不過，在開始之前，我想先宣讀安全港聲明。

I need to remind everyone that part of our discussion this morning will include forward-looking statements and that these statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them. We refer everyone to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks that may have a direct bearing on our operating results, performance and financial condition.

我需要提醒大家，今天早上的討論部分內容將包含前瞻性陳述，這些陳述並非對未來業績的保證，因此，不應過分依賴這些陳述。我們建議大家參考我們向美國證券交易委員會提交的文件，其中更詳細地討論了可能對我們的經營業績、表現和財務狀況產生直接影響的風險。

I'll now turn the call over to Anthony.

現在我將把電話交給安東尼。

Good morning, everyone. A couple of items on our balance sheet. Our cash is $11.3 million, which has been holding relatively steady every quarter compared to last year, which was $10.2 million, so we're up a little. Our debt is $3.6 million. With respect to the P&Ls or the release for the full year, our adjusted EBITDA was $1.4 million compared to $6.1 million last year.

各位早安。我們資產負債表上的幾個項目。我們的現金餘額為 1,130 萬美元，與去年同期的 1,020 萬美元相比，每季都保持相對穩定，所以略有成長。我們的債務為360萬美元。就全年損益表或業績發布而言，我們調整後的 EBITDA 為 140 萬美元，而去年為 610 萬美元。

That is basically primarily due to Bryant Park. The increased legal fees of approximately $2 million as well as the impact on our -- mostly the catering business has cost us almost another $2 million. So the entire decrease is attributable to Bryant Park. For the full year, we have a provision for taxes, even though we have a loss, a pretax loss.

這主要歸功於布萊恩特公園。增加的法律費用約 200 萬美元，以及對我們（主要是餐飲業務）的影響，使我們又損失了近 200 萬美元。因此，所有下降都歸因於布萊恩特公園。儘管我們全年虧損（稅前虧損），但我們仍提列了全年的稅務準備。

That was, again, a result from the third quarter, where we had to write off our deferred tax assets in the prior quarter. For the current quarter, quarter-over-quarter, our EBITDA was negative $1 million compared to $500,000 in the same quarter last year. Again, that was a result of Bryan Park situation. The only other item of note in the current quarter is, we have a tax provision even though we have a pretax loss, that is a result of -- we have these naked tax credits that relate to

這同樣是第三季的結果，因為我們在上一季不得不註銷遞延所得稅資產。本季度，與上一季相比，我們的 EBITDA 為負 100 萬美元，而去年同期為 50 萬美元。這又是布萊恩·帕克事件造成的後果。本季唯一需要注意的其他事項是，儘管我們稅前虧損，但仍提列了稅項準備金，這是由於——我們有與以下方面相關的裸稅抵免：

indefinite-lived intangibles. And because we have no -- we have a full valuation allowance on our deferred taxes, we have to recognize tax expense on those credits because they're not expected to reverse in the near future. Other than that, there's really nothing unusual in the current quarter P&L.

無限期存在的無形資產。而且因為我們沒有——我們對遞延所得稅提列了全額估值準備，所以我們必須確認這些抵免額的稅項費用，因為預計這些抵免額在不久的將來不會轉回。除此之外，本季損益表並沒有什麼特別之處。

Let's turn it over to Michael.

接下來交給麥可。

Hi, everybody. First of all, we are -- I want to concentrate mostly today on the Meadowlands and Bryant Park. But in an overall view, this December quarter as compared to last December quarter, we are nicely ahead. The restaurants are running on a more efficient basis. Cash flows have improved, especially in Vegas, in Robert, in New York, the properties in Alabama are doing nicely.

大家好。首先，我們—我今天主要想集中討論梅多蘭茲和布萊恩特公園。但整體而言，與去年同期相比，今年12月季度我們取得了不錯的成績。餐廳的營運效率更高了。現金流有所改善，尤其是在拉斯維加斯、羅伯特和紐約，阿拉巴馬州的房產經營狀況良好。

We're still seeing some deterioration in revenue in our Florida properties. That seems to be a problem that everybody is having in Southern Florida. But we're down anywhere from 5%, 6%, 7%, depending on which full-service restaurant. Up until recently, we were running ahead at the food court and the Hollywood Casino. That's sort of now flat to down slightly.

我們在佛羅裡達州的房產收入仍然出現一定程度的下滑。這似乎是南佛羅裡達地區每個人都面臨的問題。但根據不同餐廳的具體情況，我們的銷售額下降了 5%、6% 或 7%。直到最近，我們在美食廣場和好萊塢賭場都一直領先。現在情況基本持平或略有下降。

So Florida has been a constant negative in terms of revenues and cash flow. But the business is solid in Las Vegas, solid in Alabama, solid at Robert in New York. We'll get to Bryant Park in a second, and Sequoia has had a bad year primarily, we think, due to what's going on in Washington DC in general, and what's going on there affects our Catering business dramatically.

因此，佛羅裡達州在收入和現金流方面一直處於虧損狀態。但在拉斯維加斯的業務很穩健，在阿拉巴馬州的業務很穩健，在紐約羅伯特的業務也很穩健。我們稍後會談到布萊恩特公園，紅杉今年的業績不佳，我們認為主要是由於華盛頓特區的整體局勢，而那裡的局勢對我們的餐飲業務產生了巨大影響。

So our event business has not been beneficial to the company in Washington DC. But overall, we're looking at December, which is going to be, I think, significantly better than last year's December quarter. Meadowlands. The issuance of casino licenses in downstate New York. Three licenses were issued in early December, that has always been -- and I think if you look back at our previous calls, we've always said we didn't think New Jersey would move on (technical difficulty) casino licenses away from Atlantic City, until there was some activity in downstate New York.

所以，我們在華盛頓特區的活動業務並沒有為公司帶來利益。但整體而言，我們預計12月份的業績將比去年同期好得多。梅多蘭茲。紐約州南部地區賭場牌照的發放。12 月初頒發了三張牌照，一直以來都是如此——而且我認為，如果你回顧一下我們之前的通話，我們一直認為，在紐約州南部出現一些活動之前，新澤西州不會將賭場牌照從大西洋城轉移出去（技術難題）。

There has been a bill passed in the New Jersey legislature, suggesting from the bill that there will be a referendum on the next ballot, which is this November for approval of the casino. And if you look at the bill, it says the Meadowlands Racetrack and Monmouth Racetrack. We don't know what the referendum will wind up being, whether it combines Monmouth and the Meadowlands Racetracks as one referendum or separates them.

新澤西州立法機構通過了一項法案，該法案暗示將在今年 11 月的下一次投票中就賭場建設的批准進行全民公投。如果你查看賬單，上面寫著梅多蘭茲賽馬場和蒙茅斯賽馬場。我們不知道公投最終結果會如何，是將蒙茅斯賽馬場和梅多蘭茲賽馬場合並為一個公投，還是將它們分開進行公投。

We don't know if the pinpointing of a casino at the Meadowlands Racetrack just doesn't become the Meadowlands instead of the Meadowlands Racetrack. The Meadowlands has a distinct advantage to any other location, including Monmouth because there is no residential around it. And all the environmental (technical difficulty) issued, assuming that this referendum passes and the racetrack is the beneficiary of a casino license, we would literally be able to be in business with the casino in the present facility, before any significant expansion by the first quarter of 2027.

我們不知道在梅多蘭茲賽馬場附近開設賭場會不會把「梅多蘭茲賽馬場」改成「梅多蘭茲」。梅多蘭茲地區相比其他任何地方（包括蒙茅斯）都具有明顯的優勢，因為它周圍沒有住宅區。假設此次公投獲得通過，並且賽馬場成為賭場牌照的受益者，那麼在2027年第一季之前，我們實際上可以在目前的設施內開展賭場業務，而無需進行任何重大擴張。

So this could be a very exciting year in terms of our ownership of the -- minority ownership, I must emphasize, of Meadowlands LLC, which controls the racetrack, but we also have an exclusive on all food and beverage if a casino is built -- in the casino. So this is a big deal for us if this were to go forward. Again, there are obstacles.

所以，就我們擁有的東西——我必須強調，我們擁有的是 Meadowlands LLC 的少數股權，該公司控制著賽馬場，但就賭場而言，我們還擁有賭場內所有食品和飲料的獨家經營權。所以如果這件事真的發生，對我們來說意義重大。當然，還有障礙。

There's no assurances, but we've been waiting for New York to issue these casino licenses for quite a while now. As far as Bryant Park goes, we have a litigation going. Nothing has been done in the court to disturb the merit of that litigation. We are operating. The effect on our business until recently has been significant because we weren't able to do events because people were concerned whether we would be there.

雖然不能保證一定能成功，但我們已經等待紐約州發放這些賭場牌照很久了。至於布萊恩特公園的事，我們正在進行訴訟。法庭上沒有任何措施會影響該訴訟的實質內容。我們正在正常運作。直到最近，這對我們業務的影響都非常顯著，因為人們擔心我們是否會出席，所以我們無法舉辦活動。

Certainly, we do not book social events because social events are generally one-year to 18-months lead time and the uncertainty of the litigation in the minds of those people booking those social events is that they can't take the chance. However, corporate events are starting to flow in. We're seeing nice activity there, not where it used to be, but starting to build.

當然，我們不接受社交活動的預訂，因為社交活動通常需要提前一年到一年半的時間籌備，而預訂這些社交活動的人考慮到訴訟的不確定性，不敢冒險。然而，企業活動開始陸續到來。我們看到那裡的活動正在好轉，雖然不如以前那麼活躍，但已經開始發展起來了。

And there is positive cash flow coming out of Bryant Park that essentially covers the cost of our litigation and our consultants and -- so it's sort of paying for itself. How the litigation resolves itself or whether there's a political settlement with the new mayor, I have no opinion about it. But the longer we're there, I think the better our position is. And right now, I don't see anything on the immediate horizon that will disturb our ability to operate the Bryant Park facility.

布萊恩特公園計畫產生了正現金流，基本上可以支付我們的訴訟費用和顧問費用——所以它在某種程度上實現了自給自足。訴訟最終如何解決，或是否會與新市長達成政治和解，我對此沒有意見。但我認為，我們在那裡待的時間越長，我們的處境就越有利。目前來看，我看不出近期內有任何事情會影響我們經營布萊恩特公園設施的能力。

So that's all I have. Please open it up for questions.

這就是我全部的內容了。請開放提問。

(Operator Instructions) Jeffery Kaminsky, JJK Consultants.

（操作說明）Jeffery Kaminsky，JJK 顧問公司。

I'm going to ask a question that I've asked a number of times on this call, not really got a satisfactory answer. Last time I pointed out that our stock had hit another new low today its under $6 on big volume. The question that I have asked in the past has been what is the strategy going forward to turn the core business around? We're still waiting on the Meadowlands. It may or may not happen.

我要問一個我在這通電話中問過好幾次的問題，但一直沒有得到滿意的答案。上次我指出，我們的股票今天又創下新低，成交量龐大，股價跌破 6 美元。我過去一直問的問題是，公司未來的策略是什麼，才能扭轉核心業務的頹勢？我們仍在等待梅多蘭茲球場的消息。這事可能會發生，也可能不會發生。

I think the Meadowlands situation is much more precarious than in the past. You've now got approval of three New York casinos that are going to be 30 miles away from the Meadowlands. And our interest in the Meadowlands was initially to be partnered with Hard Rock and Hard Rock is now embed with the Queen's casino that got approval with Steve Cohen.

我認為梅多蘭茲的處境比過去危險得多。現在，紐約三家賭場的建設許可已經獲得批准，這些賭場將位於距離梅多蘭茲賽馬場 30 英里處。我們最初對梅多蘭茲的興趣是與硬石賭場合作，而硬石賭場現在與皇后賭場合作，該賭場已獲得史蒂夫科恩的批准。

So you now have much deeper competition in Meadowlands should it ever pass. And the partner that Ark was supposed to be partnering with is not even involved any longer. So let's put that aside. I appreciate, Michael, that you wanted to talk about the Meadowlands, but that's just a hail mary at this point. What's not a hail mary is the basic business of Ark Restaurants.

如果這項法案最終通過，那麼梅多蘭茲賽馬場的競爭將會更加激烈。而原本應該與 Ark 合作的夥伴也已經退出了。所以我們先把這件事放在一邊。邁克爾，我很感激你想談談梅多蘭茲球場，但目前這只是孤注一擲。方舟餐廳的基本經營理念並非孤注一擲。

I've always asked what the strategy is going forward to turn things around, okay? And I always get back, well we're always looking for properties. We're looking to acquire the right properties. At the same time, you bemoan the fact that input costs are higher, labor, food, insurance and yet you still want to acquire properties.

我一直想知道接下來扭轉局面的策略是什麼，好嗎？我總是會回覆說，我們一直在尋找房產。我們正在尋找合適的房產。同時，你抱怨投入成本更高，勞力、食物、保險等，但你還是想購買房產。

While you are saying that, a couple of years ago, you closed sites -- you sold off the lease in Tampa and you closed El Rio Grande. So the footprint is shrinking, business is not really good. And again, as a shareholder who's getting crushed, while your competition may not have had banner years, but nobody is at all-time lows when you look at hospitality restaurant indexes. So my question simply again is, what is the strategy going forward to turn Ark around?

話雖如此，幾年前你們關閉了一些站點——你們賣掉了坦帕的租賃權，關閉了埃爾裡奧格蘭德的站點。所以業務規模在縮小，生意不太好。再說一遍，作為一名遭受重創的股東，雖然你的競爭對手可能沒有迎來輝煌的一年，但當你查看餐飲業指數時，沒有人處於歷史最低點。所以我的問題依然很簡單，Ark 未來的策略是什麼？

So the answer to that, unfortunately, is maybe not what you want to hear. I don't think I agree with you on the Meadowlands being a hail mary, quite the opposite. I'm very optimistic about it. We --

所以，很遺憾，答案可能不是你想聽到的。我並不認同你關於梅多蘭茲錦標賽是孤注一擲的看法，恰恰相反。我對此非常樂觀。我們--

With all due respect, but if you lose Hard Rock, which you did, someone is going to need to raise capital, which is going to dilute our ownership. So by losing --

恕我直言，但如果你失去了 Hard Rock（而你確實失去了），就需要有人籌集資金，這將稀釋我們的所有權。所以，透過輸掉比賽--

Jeffrey, I don't interrupt you. Please. I'll give you your answers, okay? Number one, I don't think we have a problem acquiring a new partner and perhaps on better terms than we had with Hard Rock. The reason for that is that the demographics of Northern New Jersey are very compelling for a casino. When we were first searching many years ago for a partner and the referendum that was issued that did not pass some seven-years ago, required a partner that owned a casino in Atlantic City.

傑弗裡，我不會打斷你。請。我會給你答案，好嗎？第一，我認為我們找到新的合作夥伴不成問題，而且條件可能比我們和 Hard Rock 合作時更好。原因在於，新澤西州北部的人口結構非常適合開設賭場。多年前我們第一次尋找合作夥伴時，大約七年前曾發起一項公投，但未獲通過。當時的要求是，合作夥伴必須在大西洋城擁有賭場。

Hard Rock at the time, when the referendum was first formed did not. They went out and bought a casino, the Taj Mahal, primarily not -- I guess they thought it was a good deal to own the Taj Mahal as well. But Atlantic City has been a deteriorating market forever now. They did that, I think, primarily to qualify to operate a casino in the northern part of the state with us. So that was what was compelling to Hard Rock.

當時，也就是公投最初發起的時候，硬石餐廳並沒有參與。他們出去買下了泰姬陵賭場，主要原因不是——我猜他們認為擁有泰姬陵也是一筆划算的交易。但大西洋城的市場一直以來都在走下坡。我認為，他們這樣做主要是為了獲得與我們合作在該州北部經營賭場的資格。這就是硬石酒店吸引人的地方。

That same idea of the demographics in Northern New Jersey will be compelling to other operators. So I don't think we have a problem finding another operator. And those negotiations have just started. So that's my answer to you on the Meadowlands. I don't think it's a hail mary by any means, all right. In terms of our regular business, what we've been doing is trying to be more efficient here under circumstances which are very, very difficult.

新澤西州北部的人口結構這一理念對其他業者也很有吸引力。所以我覺得我們找其他業者應該沒問題。談判才剛開始。這就是我對梅多蘭茲賽馬場的回答。我並不認為這是孤注一擲的舉動，真的。就我們的日常業務而言，我們一直在努力在非常非常困難的情況下提高效率。

Our insurance premiums are up dramatically. Labor is up dramatically. We just started to feel comfortable raising some prices. I probably waited too long to do so, to make up for the additional expense of the product that we buy to service our customers. So we've been working hard on our business. The most dramatic turnaround has been Vegas.

我們的保險費大幅漲。勞動成本大幅上升。我們剛開始覺得可以適當提高一些產品的價格了。我可能等太久才這樣做，以彌補我們為服務客戶購買的產品所帶來的額外費用。所以我們一直在努力發展業務。拉斯維加斯的轉變最為戲劇性。

We have a great manager there, who we hired, latter part of last year. The cash flows from there have improved dramatically despite the fact that Vegas is down and headcount is probably 10% or 11%, depending on who you believe. Bryant Park has certainly been a big distraction. I spent enormous number of hours with consultants and litigators and try to maneuver ourselves in a position where we can retain this operation.

我們那裡有一位很棒的經理，他是我們去年下半年聘請的。儘管拉斯維加斯經濟下滑，員工人數可能只有原來的 10% 或 11%（取決於你相信誰的說法），但那裡的現金流卻大幅改善。布萊恩特公園無疑分散了我的許多注意力。我花了大量時間與顧問和訴訟律師溝通，試圖讓我們處於能夠保留這項業務的有利位置。

But in the meantime, we are looking at other properties. We have two letters of intent out right now. We're in the due diligence process. We have another negotiation going on, for a brand. The problem with acquisitions for us has been either the numbers deteriorate the targeted acquisition. They show us numbers. We like the deal. There's a period of due diligence, and we've been looking primarily in the South, and the South has not been good in terms of comparative revenues with prior years in general.

但同時，我們也在考察其他房產。我們目前已經發出了兩份意向書。我們正在進行盡職調查。我們還有另一個品牌方面的談判正在進行中。對我們來說，收購的問題在於，要麼收購後的業績反而會惡化目標收購對象的情況。他們給我們看數字。我們很滿意這筆交易。我們需要進行一段時間的盡職調查，我們主要關注的是南方地區，但總體而言，南方地區的收入與往年相比並不理想。

So the deals we look at, we're paying based upon last year's numbers. But by the time we do the due diligence, those numbers have generally been deteriorating for the targets, all right? If it's not that, it's a landlord who wants to use the acquisition as a means of getting new benefits in the lease. So we've just had a difficult time in the last 18- to 24-months of concluding deals that we thought were good deals when we entered into them.

所以我們考察的交易，都是依照去年的數據來支付的。但等到我們進行盡職調查時，這些目標公司的相關數據通常都在惡化，對吧？如果不是這種情況，那就是房東想利用此次收購來獲取租賃合約中的新利益。因此，在過去的 18 到 24 個月裡，我們很難完成那些我們最初認為很划算的交易。

But as I said, we have two letters of intent out now. We're looking at another acquisition, which is a brand. We're not just sitting here, trying to be neutral. We're being very aggressive about trying to find stuff. We just haven't found the right stuff. So I apologize to that, but our plan has always been -- go ahead --

但正如我所說，我們現在已經發出了兩份意向書。我們正在考慮另一項收購，這次收購的是一個品牌。我們並非只是坐在這裡，試圖保持中立。我們正在積極主動地尋找相關資訊。我們還沒找到合適的材料。對此我深表歉意，但我們的計劃一直都是——繼續前進。--

In turning Vegas around, which you have spoken highly of, which is a good thing, which is the head count is down, but the numbers are better. You hired a new manager apparently. So doesn't that indicate that with better management at your properties, you can actually do better business. Vegas just proved that. So what about finding managers to turn other properties around or take this guy in Vegas who did such a good job and give him an expanded role and all.

你對拉斯維加斯的復甦給予了高度評價，這是一件好事，雖然人數減少了，但各項數據卻有所改善。你們顯然聘請了一位新經理。這豈不是說，透過更好地管理您的物業，您實際上可以做得更好嗎？拉斯維加斯剛剛證明了這一點。那麼，為什麼不找些經理來扭轉其他物業的頹勢，或者讓這位在拉斯維加斯做得非常出色的經理承擔更大的責任呢？

And one last point, Michael, one last point. In looking at your Board of Directors, you have outside Board members who get paid as Board of Directors, two or three of which have restaurant and hospitality background, which is why they sit on your Board. What are they saying? What is the strategy that they are bringing to the table? That's why they're on the Board, right?

邁克爾，最後一點，最後一點。縱觀貴公司的董事會，有幾位外部董事，他們作為董事領取薪酬，其中兩三位有餐飲酒店業背景，這也是他們能夠進入董事會的原因。他們在說什麼？他們提出的策略是什麼？這就是他們進入董事會的原因，對吧？

Three senior people in the restaurant industry. You guys don't have a quarterly meeting and talk about how we're going to turn business around other than finding another restaurant to buy? I'm just puzzled by the fact that you are in the restaurant business, and we're talking about a casino that may or may not happen and if it does terrific, but you're not in the casino business, okay?

三位餐飲業資深人士。你們不開季度會議討論一下除了收購另一家餐廳之外，我們該如何扭轉局面嗎？我只是很困惑，你從事餐飲業，而我們現在討論的是一個可能開也可能不會開的賭場，如果開通了當然很好，但你又不是賭場行業的從業者，明白嗎？

And we're going to talk about litigation at Bryant Park, which is also puzzling to me. I understand you dug in, but I also understand that they don't want you there. That was also my understanding that whatever the cases that Ark is making about an unfair practice or an unfair procedure in losing the lease. It's my understanding that Ark didn't even come in second, that Ark came in third.

我們也要談談布萊恩特公園的訴訟案，這也讓我感到困惑。我知道你堅持己見，但我也明白他們不想讓你待在那裡。我的理解也是如此，無論 Ark 提出的關於失去租賃權的不公平做法或不公平程序的理由是什麼。據我了解，Ark 甚至都沒拿到第二名，它只拿到了第三名。

So even if you're proved as Jean-George who won the lease, did so in a failed process, you guys didn't even come in second place, you came in third. So you spent $2 million on Bryant Park and the weather was still windy and then that litigation, the casino is a casino. But as far as I know and the reason I was a shareholder on Ark is because you're in the restaurant business.

所以即使你被證明是 Jean-George 贏得了租賃權，但那也是在一個失敗的過程中，你們甚至連第二名都沒拿到，你們只拿到了第三名。所以你在布萊恩特公園花了 200 萬美元，結果天氣還是刮風，然後又鬧出了訴訟，賭場就是賭場。但據我所知，我之所以成為 Ark 的股東，是因為你們從事餐飲業。

And I'm asking for some answers on how you expect to turn your restaurant business around? Why not give the guy in Vegas a bigger role, let them turn your other businesses around?

我想問的是，您打算如何扭轉餐廳的頹勢？為什麼不給拉斯維加斯的那位先生安排更重要的角色，讓他來扭轉你其他業務的局面呢？

So Jeffrey, I know you're frustrated. We're frustrated, all right? I wish you would not read the PR or the articles related to Bryant Park. They're not necessarily accurate. I can tell you, we think our position is a good position. We may not win it, but we did not go into this thing thinking that we just want to be a holdover tenant and disturb things because we were angry.

傑弗裡，我知道你很沮喪。我們感到很沮喪，對吧？我希望你不要去看布萊恩特公園的公關稿或文章。它們未必準確。我可以告訴你，我們認為我們目前所處的位置很好。我們或許贏不了，但我們參與這件事的目的並非只是想當個賴著不走的租戶，因為生氣而搗亂。

We went into the litigation because we really thought we had a good position. And we continue to think we have a good position. And the recent decisions of December 11 by the Judge in the case where Bryant Park Corporation made certain claims against us and those claims were dismissed, indicate that we have a Judge that will look at this fairly and Bryant Park Corporation has tried to get a summary dismissal of the case and they failed in that, not that they're going to -- not try again, that they -- not that they can't get that.

我們之所以提起訴訟，是因為我們認為自己確實處於有利地位。我們仍然認為我們處於有利地位。12 月 11 日，法官就布萊恩特公園公司對我們提出的某些索賠被駁回一案作出的最新裁決表明，我們有一位能夠公正審理此案的法官。布萊恩特公園公司曾試圖獲得簡易駁回此案的判決，但他們失敗了。這並不意味著他們不會再次嘗試，也不意味著他們不可能再次獲得駁回。

But so far, there has been nothing going on in the litigation that seems to disturb our position and give us negative feelings about our case. Let me finish, please. So I tell my employees, not one of whom has left since the beginning of this. Don't listen to the press, just be calm. We think our position is a good position. And please, I would urge you to look at it the same way as my employees look at it.

但到目前為止，訴訟中還沒有發生任何動搖我們立場或讓我們對自己的案件產生負面情緒的事情。請讓我說完。所以我告訴我的員工們，從一開始到現在，沒有一個員工離開。不要聽信媒體的報道，保持冷靜。我們認為我們處於有利地位。請您以我的員工看待問題的方式來看待這個問題。

Look, I agree with you that we have not been successful in finding a path beyond the restaurants we run. We sold Tampa because Hard Rock asked us what -- they wanted us out of Tampa because they were expanding their casino floor, and they didn't want to move us, because they basically had a feeling that the fast food they would run on the second floor, which was a terrible location.

你看，我同意你的看法，我們還沒有找到除了經營餐廳之外的其他發展道路。我們賣掉坦帕的店是因為硬石酒店問我們——他們想讓我們離開坦帕，因為他們要擴建賭場，他們不想讓我們搬走，因為他們覺得他們會在二樓開快餐店，而二樓的位置很糟糕。

And we cooperated with them. We try to cooperate with landlords, and we didn't hold them up. We got a fair price. And yes, we're missing that EBITDA, but we got a fair price for it. But all along, I agree with you, we have not found the right path forward. I think we may be closer in the deals we're looking at now, but it has been difficult, and it's a difficult environment to work in.

我們與他們合作了。我們盡量配合房東，沒有拖欠房租。我們拿到了合理的價格。是的，我們損失了 EBITDA，但我們得到了一個合理的價格。但我一直都同意你的看法，我們還沒有找到正確的前進方向。我認為我們目前正在洽談的交易可能更接近達成，但這很困難，而且現在的工作環境也很艱難。

But not to try to be an analyst because I'm not, but right now, the stock is trading. If you look at the restaurant EBITDA and the cash, it's trading at a little times -- 1 times that value, 1.5 times that value. It's ridiculous.

但我不想扮演分析師的角色，因為我不是，但就目前而言，這支股票正在交易。如果你看一下餐廳的 EBITDA 和現金，它的交易價格略高——是其價值的 1 倍，1.5 倍。太荒謬了。

So where is the insider buying, Michael? Where are you and your insiders are not buying stock. Traded at $5.75 for Ark stock. Markets have a way of being efficient, Michael. There's a reason the stock is where it is. You could tell us not to pay attention to --

那麼，邁克爾，內部人士的買入行為在哪裡呢？你在哪裡？你的內部人員為什麼不買股票？Ark股票交易價格為5.75美元。邁克爾，市場自有其效率之道。股價走到今天這一步是有原因的。你可以告訴我們不要在意--

I could have that discussion with you at any time. Our stock is very illiquid. Anybody who goes to sell will knock it down substantially. Anybody who goes to buy it will probably knock it up. But the company at $5, whatever or $6, in my opinion, that doesn't represent the value of what we have here even without the Meadowlands or without the --

我隨時都可以和你討論這個問題。我們的股票流動性非常差。任何想賣的人都會大幅降價。任何去買它的人都可能會把它搞砸。但在我看來，即使不考慮梅多蘭茲賽馬場或其他因素，這家公司股價跌到 5 美元、6 美元甚至更低，也無法反映我們在這裡所擁有的價值。--

So insiders should be buying. Your Boards of Directors should be buying. You have three people on the Board who are in the restaurant business. They must -- they don't see value at $5.75. What about the C-suite? Why isn't the insider buying?

所以內部人士應該買。你們的董事會應該買進。董事會中有三位成員從事餐飲業。他們肯定這麼認為——他們覺得5.75美元的價格不值。那麼高階主管呢？為什麼內部人士不買進？

That's a question that's not appropriate. But -- everybody makes their own decisions.

這個問題不合適。但是──每個人都會做出自己的決定。

Okay. So I shouldn't pay attention to the press release. I shouldn't pay attention to the noise coming out of the litigation at Bryant Park, and the stock price is also going --

好的。所以我不該理會那份新聞稿。我不應該理會布萊恩特公園訴訟案的喧囂，股價也在下跌。--

No. What I said to you is you should not pay attention to the press. Read the decisions that are public decisions and they'll be informative. But the press is not always right.

不。我跟你說過，你不應該理會媒體。閱讀那些公開的決定，你會從中獲得啟發。但媒體並非總是正確的。

Well, the market has gotten it right, Mike. The market has gotten it right, when it traded down from $14 to $12 to $10, you had impairment charges because you didn't want to do a buyback, et cetera. The stock sits at $5.75. I've taken much of everybody's time. I hope there are some other people who have something to say because somehow, I feel are the only one I want to say anything. So anyway, good luck.

嗯，市場判斷對了，麥克。市場判斷正確，當股價從 14 美元跌至 12 美元再跌至 10 美元時，由於你不想進行股票回購等操作，你就會產生減損費用。該股票價格為5.75美元。我佔用了大家很多時間。我希望還有其他人也想說點什麼，因為不知為何，我覺得我只想對你一個人說些什麼。總之，祝你好運。

Thank you. That concludes our question-and-answer session. I'll turn the floor back to Mr. Weinstein for any final comments.

謝謝。我們的問答環節到此結束。我將把發言權交還給韋恩斯坦先生，請他作最後的總結發言。

All right. Thank you all. Have a good holiday, and we'll speak to you on the next conference call.

好的。謝謝大家。祝您假期愉快，我們下次電話會議再見。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。