Bally's Corp (BALY) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Bally's Corporation Fourth Quarter 2022 and Year-End Earnings Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加 Bally's Corporation 2022 年第四季度和年終收益電話會議。 （操作員說明）

I'd now like to turn the call over to Bobby Lavan, Chief Financial Officer for Bally's. Please go ahead.

我現在想把電話轉給 Bally 的首席財務官 Bobby Lavan。請繼續。

Thanks, operator. Good afternoon, and thank you for joining us on today's call. The earnings release and presentation accompanying this call are available in the Investor Relations section of our website at www.ballys.com. With me on today's call are incoming Chief Executive Officer, Robeson Reeves; and George Papanier, Bally's President.

謝謝，運營商。下午好，感謝您參加今天的電話會議。本次電話會議隨附的收益發布和演示文稿可在我們網站 www.ballys.com 的“投資者關係”部分獲取。與我一起出席今天電話會議的還有即將上任的首席執行官 Robeson Reeves； Bally 總裁 George Papanier。

Before we begin, we would like to remind everyone that comments made by management today will contain forward-looking statements. These forward-looking statements include plans, expectations, estimates and projections that involve significant risks and uncertainties. These risks are discussed in the company's earnings release and SEC filings. Actual results may differ materially from the results discussed in these forward-looking statements.

在我們開始之前，我們想提醒大家，管理層今天發表的評論將包含前瞻性陳述。這些前瞻性陳述包括涉及重大風險和不確定性的計劃、預期、估計和預測。這些風險在公司的收益發布和 SEC 文件中進行了討論。實際結果可能與這些前瞻性陳述中討論的結果存在重大差異。

In addition, during today's call, management will refer to certain non-GAAP financial measures. Reconciliations to the most comparable GAAP financial measures are included in the schedules contained in our earnings release. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges within certain expenses.

此外，在今天的電話會議中，管理層將參考某些非 GAAP 財務措施。與最具可比性的 GAAP 財務指標的對賬包含在我們的收益發布中的時間表中。由於我們無法在某些費用中預測特殊費用，因此我們不提供前瞻性非 GAAP 財務措施的對賬。

Today's call is also being broadcast live on our Investors site and will be available for replay shortly after the completion of this call.

今天的電話會議也在我們的投資者網站上進行現場直播，並將在電話會議結束後不久進行重播。

Let me hand the call over to Robeson.

讓我把電話轉給羅伯遜。

Thanks, Bobby. I first want to thank Lee Fenton for his leadership over the past 14 years. We have a great working relationship and are great friends. He has been a wonderful mentor to me, and I've learned so much from him. We wouldn't be the global omnichannel leader we are today without him. I'm excited to be here and look forward to traveling to New York and other parts of the States to meet our investors in the coming months.

謝謝，鮑比。我首先要感謝 Lee Fenton 在過去 14 年中的領導。我們有很好的工作關係，是很好的朋友。他一直是我的好導師，我從他那裡學到了很多東西。沒有他，我們就不會成為今天的全球全渠道領導者。我很高興來到這裡，並期待在未來幾個月前往紐約和美國其他地區與我們的投資者會面。

We are 3 businesses that are coming together to be 1. George and the team have done a great job on Casinos & Resorts. The portfolio's CapEx cycle has inflected in the cash generation at the properties, while continuing to build a database for our interactive business is on track.

我們是 3 家企業，合併後成為 1 家企業。George 和團隊在賭場和度假村方面做得很好。該投資組合的資本支出週期影響了酒店的現金生成，同時繼續為我們的互動業務建立數據庫正在按計劃進行。

We will execute on building the $1.7 billion Bally's Chicago, which will be game-changing for us in 2026. The temporary facility is on track to be open this year and will be the first test of the pent-up demand for gaming in Chicago.

我們將執行建造價值 17 億美元的 Bally's Chicago，這將在 2026 年改變我們的遊戲規則。臨時設施有望在今年開放，並將成為對芝加哥被壓抑的遊戲需求的首次測試。

International Interactive started slow in the first quarter of 2022. But after the marketing and jackpot optimizations we executed, the U.K. business has been strong, growing 12% in the fourth quarter, well ahead of the market. Regulatory changes to the market in the U.K. are driving a new dynamic with the smaller operators going away and the bigger operators gaining share, a trend I really believe will continue for the foreseeable future.

International Interactive 在 2022 年第一季度開局緩慢。但在我們執行營銷和頭獎優化之後，英國業務表現強勁，第四季度增長 12%，遠遠領先於市場。英國市場的監管變化正在推動一種新的動態，小型運營商退出市場，大型運營商獲得市場份額，我堅信這一趨勢在可預見的未來將持續下去。

In Asia, we added to the team recently, and we're already seeing the fruits of their labor with the business positive year-on-year in December and January.

在亞洲，我們最近加入了團隊，我們已經看到他們的勞動成果，12 月和 1 月的業務同比增長。

We will invest some of our higher earnings into growth opportunities in rest of Europe, Rest of World and Latin America. The first push will be this year.

我們將把部分更高的收益投資於歐洲其他地區、世界其他地區和拉丁美洲的增長機會。第一次推動將在今年。

In January, we announced a restructuring in Interactive. The primary focus of this was North America, but we also saw this as an opportunity to streamline all of Interactive. Our technology development pipeline has been completely reworked, allowing for a more competitive and effective prioritization.

一月份，我們宣布了 Interactive 的重組。其主要關注點是北美，但我們也將此視為精簡所有 Interactive 的機會。我們的技術開發管道已經完全重新設計，可以實現更具競爭力和更有效的優先級排序。

Fewer dependencies amongst the teams have also reduced complexity. With 1,000-plus developers, me and my team having a tight grip on priorities is how we'll move faster and deliver near- and long-term results to investors.

團隊之間更少的依賴性也降低了複雜性。擁有 1,000 多名開發人員，我和我的團隊緊緊抓住優先事項是我們如何更快地行動並為投資者提供近期和長期結果的方式。

In North America, our upward trajectory on iCasino continues. Our business in New Jersey has started to accelerate further with new payment methods and other options across Ontario and other markets too. Ontario trends look very, very similar. We plan to launch in Pennsylvania in the first half of 2023 and will continue to be iCasino-first.

在北美，我們在 iCasino 上的上升軌跡仍在繼續。我們在新澤西州的業務已經開始進一步加速，在安大略省和其他市場也採用了新的支付方式和其他選擇。安大略省的趨勢看起來非常非常相似。我們計劃於 2023 年上半年在賓夕法尼亞州推出，並將繼續以 iCasino 為先。

On sports, we recognized the Bet.Works acquisition did not give us the platform required to develop a competitive product. We didn't react fast enough there, and this will not happen again. We are confident there are more economical and nimble solutions out there and have spent the past 5 months analyzing them deeply.

在體育方面，我們認識到 Bet.Works 的收購併沒有為我們提供開發有競爭力的產品所需的平台。我們在那裡反應不夠快，以後不會再發生了。我們相信存在更經濟、更靈活的解決方案，並且在過去 5 個月中對它們進行了深入分析。

Sports for us is an acquisition tool. It can drive further engagement for the Bally's brand, so when we approach the choice of technology, we will make sure we have that mindset.

體育對我們來說是一種獲取工具。它可以推動 Bally 品牌的進一步參與，因此當我們選擇技術時，我們將確保我們有這種心態。

Many of you will be wondering how I'll lead the business. You should expect me to follow the data. I will be analytical in our approach to decision-making to deliver customer-centric, profitable solutions. I believe that the most valuable asset to deploy is focus. I will focus on opportunities with scale and go after them harder.

你們中的許多人會想知道我將如何領導這項業務。你應該期望我遵循數據。我將分析我們的決策方法，以提供以客戶為中心的盈利解決方案。我相信最有價值的部署資產是專注。我將專注於規模化的機會，並更加努力地追求它們。

As a company, we will prioritize. We prioritized the opening of the Chicago temp on time and on budget growing North America interactive in a profitable way, our omnichannel data capabilities, sports for markets outside of North America and taking Bally's Global.

作為一家公司，我們會優先考慮。我們優先考慮按時和按預算在北美以有利可圖的方式開放芝加哥臨時工，我們的全渠道數據能力，北美以外市場的體育運動以及 Bally 的全球業務。

Now I'm going to hand over to Bobby.

現在我要交給 Bobby。

Thanks, Robeson. Moving to the segment detail. Casinos & Resorts reported $96 million of EBITDAR in the quarter. This includes negative $4.7 million of EBITDAR for AC. Excluding AC and Tropicana, which are lower-margin properties, EBITDAR margins were 36%-plus for the core portfolio, which included $2 million of workers' comp charges in the quarter, in line with our forecast for the property to be portfolio of high 30s.

謝謝，羅伯遜。轉到段詳細信息。賭場及度假村報告本季度的 EBITDAR 為 9600 萬美元。這包括 AC 的負 470 萬美元 EBITDAR。不包括利潤率較低的物業 AC 和 Tropicana，核心投資組合的 EBITDAR 利潤率超過 36%，其中包括本季度 200 萬美元的工人補償費用，符合我們對該物業組合的預測30 多歲。

International Interactive had approximately $89 million of EBITDA at a 39% margin. The U.K. was plus 12% year-over-year on a constant currency basis and international was up 6%.

International Interactive 的 EBITDA 約為 8900 萬美元，利潤率為 39%。英國按固定匯率計算同比增長 12%，國際增長 6%。

Incrementals were driven by revenue strength and a pullback on lower return marketing with CPA costs up in the U.K. due to the World Cup. We will invest some of these record margins into the business, including some new markets, but we are resetting our long-term expectations for EBITDA margins on the International Interactive to be greater than 30%.

增量是由收入強勁和由於世界杯導致英國 CPA 成本上升導致較低迴報營銷的回落推動的。我們將把這些創紀錄的利潤率中的一部分投資到業務中，包括一些新市場，但我們正在重新設定我們對 International Interactive 的 EBITDA 利潤率的長期預期，使其超過 30%。

North America Interactive had $6 million of negative EBITDA. In 2023, we will have significant cost saves from our restructuring, partially offset by higher access fees and a new streaming portfolio with a sports league with a large audience.

North America Interactive 的 EBITDA 為負值 600 萬美元。到 2023 年，我們將通過重組節省大量成本，部分成本被更高的訪問費和擁有大量觀眾的體育聯盟的新流媒體組合所抵消。

We have updated our 2023 financial forecast to reflect current FX rates, the reset in North America Interactive and actual results through the beginning of the year. At current FX rates, we expect revenues to be $2.5 billion to $2.6 billion and adjusted EBITDAR to be $660 million to $700 million, including $40 million to $50 million of North America interactive EBITDA losses.

我們更新了 2023 年的財務預測，以反映當前的匯率、North America Interactive 的重置以及年初的實際結果。按當前匯率計算，我們預計收入為 25 億至 26 億美元，調整後的 EBITDAR 為 6.6 億至 7 億美元，其中包括 4000 萬至 5000 萬美元的北美互動 EBITDA 損失。

We continue to focus on profitability and cutting costs, and we continue to streamline capital expenditures, which we expect to be about $170 million, which includes software development costs of approximately $40 million to $45 million.

我們繼續專注於盈利能力和削減成本，我們繼續精簡資本支出，我們預計資本支出約為 1.7 億美元，其中包括約 4000 萬至 4500 萬美元的軟件開發成本。

Common shares outstanding are 47 million, and we have incremental warrants, options and other dilution of 13 million, which gets us to about 59.3 million shares outstanding.

已發行普通股為 4700 萬股，我們有增量認股權證、期權和其他稀釋 1300 萬股，這使我們已發行約 5930 萬股。

We closed the Tiverton, Biloxi sale on January 3 of this year. Pro forma for that transaction, we have more than $400 million of cash on our balance sheet and $3 billion of net debt. We have ample liquidity to fund all of our announced projects and will invest with care in North America Interactive. Our long-term commitment is to be sub 5x debt to EBITDA, which we expect to hit in mid-'24.

我們於今年 1 月 3 日結束了蒂弗頓、比洛克西的拍賣。根據該交易的形式，我們的資產負債表上有超過 4 億美元的現金和 30 億美元的淨債務。我們有充足的流動資金來資助我們所有已宣布的項目，並將謹慎投資北美互動。我們的長期承諾是將債務減至 EBITDA 的 5 倍以下，我們預計這將在 24 世紀中期達到。

With that, I'll now open it up to Q&A. Operator?

有了這個，我現在將打開它進行問答。操作員？

(Operator Instructions) We will take our first question from Dan Politzer with Wells Fargo.

（操作員說明）我們將從 Dan Politzer 和 Wells Fargo 那裡回答我們的第一個問題。

This is Zach Silverberg on for Dan. Just a couple for me. One, can you talk about the success you've had recently in the U.K. sort of what has made you successful? Was it the marketing of the product, et cetera? Any sort of commentary would be great.

這是 Dan 的 Zach Silverberg。對我來說只是一對。第一，你能談談你最近在英國取得的成功嗎？是什麼讓你成功的？是產品的營銷，等等？任何類型的評論都會很棒。

Thank you. Well, some operators are leaving the market, so there is consolidation happening. We're also taking share by targeting more effectively with our really high-quality mar-tech stack. We're seeing very solid spends from customers with great visit frequency, so we see this as very robust revenues. And we're gaining traffic by people leaving the market.

謝謝。好吧，一些運營商正在離開市場，所以整合正在發生。我們還通過使用我們真正高質量的 mar-tech 堆棧更有效地定位來分享。我們看到訪問頻率很高的客戶的支出非常可觀，因此我們認為這是非常強勁的收入。我們正在通過離開市場的人獲得流量。

Appreciate that. And just one more. Do you guys have any update or expectations or commentary for a New York Casino? And just remind us of the rationale to pursue this or just to throw your hat in the ring.

感謝。還有一個。你們對紐約賭場有任何更新或期望或評論嗎？只是提醒我們追求這個或只是把你的帽子扔進戒指的理由。

Thank you. I'm going to hand over to George.

謝謝。我要交給喬治。

Thanks, Robeson. Yes, so listen, it's a public process that we're participating in, the RFA process. So obviously, we see a huge potential in that market. The process is moving relatively quickly. And we could put together a great bid, especially just coming off of the Chicago bid.

謝謝，羅伯遜。是的，聽著，這是我們參與的公共流程，RFA 流程。很明顯，我們看到了該市場的巨大潛力。該過程進展相對較快。我們可以提出一個很好的出價，尤其是剛剛結束芝加哥的出價。

We're looking currently at a 2-site approach. It worked well for us in Chicago, so it's something that we may be duplicating in this process. But we're not going to get into any specific strategy at this point in time, but obviously, we see the potential of the market.

我們目前正在尋找一種 2 站點方法。它在芝加哥對我們很有效，因此我們可能會在此過程中復制它。但我們此時不打算制定任何具體戰略，但顯然，我們看到了市場的潛力。

We'll take our next question from Jeff Stantial with Stifel.

我們將接受 Jeff Stantial 和 Stifel 的下一個問題。

Let me just start off by saying, Robeson, congratulations on the new role, really looking forward to working together more closely here. And Lee, best of luck on your next endeavor.

讓我首先說，Robeson，祝賀你擔任新職務，真的很期待在這裡更緊密地合作。李，祝你下一次努力好運。

starting off here, one for you, Robeson, maybe on the International Interactive business. Japan looks to be hitting a bit of an inflection point after a couple of difficult quarters. Could you just sort of update us on some of the headwinds you've been experiencing in that market, whether it's FX, top reopening comps, general consumer malaise, competition, what have you and maybe provide some context for how you factor these into your '23 guidance.

從這裡開始，一個給你，Robeson，也許是關於國際互動業務的。在經歷了幾個艱難的季度後，日本似乎正迎來一個拐點。您能否向我們介紹一下您在該市場中遇到的一些不利因素，無論是外匯、頂級重新開放公司、一般消費者不適、競爭，您有什麼，也許可以提供一些背景信息，說明您如何將這些因素納入您的'23指導。

Yes. So in Japan, we saw a degree of sentiment, slow new traffic to the market. We see this coming back to us now. We have maintained share and actually increased our share in the market. I feel very positive that we've got a good control of our margins there. They have improved somewhat, and I don't see that changing. Yes, I have high hopes for Japan. I think it's a fantastic market with huge potential.

是的。所以在日本，我們看到了一定程度的情緒，市場的新流量放緩。我們現在看到這又回到了我們身邊。我們保持了份額，實際上增加了我們在市場上的份額。我非常肯定我們已經很好地控制了那裡的利潤率。他們有所改善，我認為這種情況不會改變。是的，我對日本寄予厚望。我認為這是一個具有巨大潛力的奇妙市場。

Okay. Great. That's helpful. And then for my follow-up, switching to the brick-and-mortar side of things. Slide 9 of the presentation, you lay out some year-on-year growth rates in 2022 for daily theo by age cohort. Two questions here.

好的。偉大的。這很有幫助。然後對於我的後續行動，切換到事物的實體方面。在演示文稿的第 9 張幻燈片中，您列出了 2022 年按年齡段劃分的每日 theo 的一些同比增長率。這裡有兩個問題。

First, I just want to be clear, is this a same-store calculation? Or are there mix issues to consider?

首先我想明確一點，這是同店計算嗎？或者是否有混合問題需要考慮？

And then second, the age trend seem to be perhaps a bit counterintuitive given what it's perceived to be some pull-forward of demand, or maybe rather wallet share tailwinds is the better term, for the younger demographic during that initial reopening phase. So George, can you maybe just talk a bit more to what you see driving these differences in growth rates by age cohort? And maybe just anecdotally what you've observed more in the late 2022 into 2021-type time frame.

其次，年齡趨勢似乎可能有點違反直覺，因為它被認為是需求的某種拉動，或者更確切地說，錢包份額順風是更好的術語，對於最初重新開放階段的年輕人群來說。所以喬治，你能不能多談談你看到的按年齡組劃分的增長率差異的原因？也許只是軼事，你在 2022 年末到 2021 年類型的時間框架內觀察到了更多。

Sure. So first of all, we've seen growth in unique customers. We've seen growth in the higher demographic customer, which accounts for the size or the increase in the wallet size. So we feel good about that.

當然。所以首先，我們看到了獨特客戶的增長。我們已經看到較高人口統計客戶的增長，這說明了錢包大小或錢包大小的增加。所以我們對此感覺很好。

As far as what you're referring to, the unique thing that's happened is, since COVID, we've seen the 65-plus customer not responding as quickly as pre-COVID, 2019. And we -- at the same time, we've focused on a little bit more strategy geared towards the table game customer, so that tends to skew our demographic younger.

就您所指的而言，發生的獨特事情是，自 COVID 以來，我們已經看到 65 歲以上的客戶沒有像 2019 年 COVID 之前那樣快速響應。而且我們——與此同時，我們我們專注於針對桌面遊戲客戶的更多策略，因此這往往會使我們的人口結構更加年輕化。

And a lot of our revenue growth has been in markets where we've taken opportunities to kind of reenter the table games market, and that was primarily as a result of a lot of the acquisitions that we've seen recently that we put into our portfolio really as a strategy we decided to start to get out of table games.

我們的很多收入增長都來自我們抓住機會重新進入桌上游戲市場的市場，這主要是由於我們最近看到的許多收購的結果，我們投入了我們的投資組合真的作為一種策略，我們決定開始擺脫桌面遊戲。

We -- our philosophy is a little bit different, that we focus heavily on the table games market. And we've seen a lot of success, which accounts for a lot of our growth in our newer -- the newer assets that we've acquired. And also, we're focused a little bit more on the aging demographic.

我們 - 我們的理念有點不同，我們主要關注桌面遊戲市場。我們已經看到了很多成功，這在很大程度上說明了我們在新資產中的增長——我們收購的新資產。而且，我們更加關注人口老齡化。

We'll take our next question from Barry Jonas with Truist Securities.

我們將從 Truist Securities 的 Barry Jonas 那裡回答下一個問題。

Congratulations, Robeson. Just to start, I'm curious what you see as some of the major differences and similarities in your approach versus Lee's?

恭喜你，羅伯遜。首先，我很好奇您認為您的方法與 Lee 的方法有哪些主要區別和相似之處？

Great question. I feel that this is the time to really drive the data further. So I'll play to my strengths. My strengths, as I said, are in data. They're in being highly analytical and making sure that we're leveraging all of our technology across our assets.

很好的問題。我覺得現在是真正推動數據進一步發展的時候了。所以我會發揮我的優勢。正如我所說，我的優勢在於數據。他們正在進行高度分析，並確保我們在我們的資產中利用我們所有的技術。

And really just when we make a change, hitting it hard. So we'll make very, very smart but aggressive bets and push exceptionally hard there. That will be my focus. I want to speak with our revenues and our numbers, and then we can drive the business forward into the long term.

真的就在我們做出改變的時候，狠狠地打擊它。因此，我們將做出非常、非常聰明但激進的賭注，並在那裡異常努力地推進。那將是我的重點。我想談談我們的收入和數字，然後我們可以推動業務長期發展。

Great. Great. And then I just wanted to follow up on North America Interactive. I believe the deck shows you potentially hitting profitability by 2024. It looks like something around $25 million-ish or so. Just curious if you can kind of share any assumptions for how you get there.

偉大的。偉大的。然後我只想跟進北美互動。我相信該套牌顯示您可能會在 2024 年之前實現盈利。看起來大約 2500 萬美元左右。只是好奇您是否可以分享有關如何到達那裡的任何假設。

So as we've described, we've got some real bright spots in iCasino. So Bally's iCasino New Jersey, perfect example for us, launched just over 12 months ago. It is now at $4 million of GGR per month. it continues to grow, and it will continue to grow beyond that. We are live in Ontario. We're seeing very similar trends there and will be live in Pennsylvania in the half. So play to our strengths in iCasino, but we're in it for the absolute long haul.

因此，正如我們所描述的，我們在 iCasino 中有一些真正的亮點。因此，Bally 的 iCasino New Jersey 剛剛在 12 個月前推出，這對我們來說是一個完美的例子。現在每月 GGR 為 400 萬美元。它繼續增長，並將繼續增長。我們住在安大略省。我們在那裡看到了非常相似的趨勢，下半場將在賓夕法尼亞州進行。因此，發揮我們在 iCasino 中的優勢，但我們絕對會長期參與其中。

But we're not going to make the same mistakes we made previously. So we're looking at options to do it in the most profitable way. So we are considering lease options because we don't think you need to own now. And what's great about that is that all the costs are directly correlated with revenues. So we're going to take a very smart approach and we're going to play to our strengths, and we know that we are fantastic in iCasino. Everything you can see in our business shows that.

但我們不會重蹈之前的覆轍。因此，我們正在尋找以最有利可圖的方式進行的選擇。所以我們正在考慮租賃選項，因為我們認為您現在不需要擁有。最棒的是所有成本都與收入直接相關。所以我們將採取一種非常聰明的方法，我們將發揮我們的優勢，我們知道我們在 iCasino 中非常出色。您在我們業務中看到的一切都表明了這一點。

We'll take our next question from Brandt Montour with Barclays.

我們將接受來自巴克萊銀行的 Brandt Montour 的下一個問題。

Echo everybody's sentiments about congratulations all around.

呼應周圍每個人對祝賀的看法。

I was maybe hoping to start with iGaming, looking at a slide in your deck which shows this really great growth in deposits. And we're not -- you're not necessarily seeing a like-for-like growth in play. And so just curious what you see as a usual lag if that's a typical dynamic in the market, in other markets that you've been in longer. Is there a missing piece that you just need to sort of convert that a little faster? Help us understand that cadence.

我可能希望從 iGaming 開始，看看你們牌組中的一張幻燈片，它顯示了存款的巨大增長。而且我們不是 - 你不一定會看到遊戲中的同類增長。因此，如果這是市場中的典型動態，在您進入時間更長的其他市場中，那麼您會好奇什麼是通常的滯後。是否有遺漏的部分，您只需要將其轉換得更快一些？幫助我們理解這種節奏。

Yes, there is a general lag to where deposits convert directly into your revenues. You have to firstly get people to build trust in your proposition. So people bring money, they withdraw money. Once they realize that you're as trustworthy as a bank, they will keep their money there and they will spend all the money with you.

是的，存款直接轉化為您的收入存在普遍滯後。你必須首先讓人們對你的提議建立信任。所以人們帶來錢，他們取錢。一旦他們意識到你像銀行一樣值得信賴，他們就會把錢放在那裡，然後把所有的錢都花在你身上。

So what you'll see with us is that our hold percentage will grow over time. I truly believe that we will continue that trend, but we have had some big winners, were big winners in Jan. We will see these trends change and smooth over time.

所以你會看到我們的持有比例會隨著時間的推移而增長。我真的相信我們會繼續這種趨勢，但我們有一些大贏家，是 1 月份的大贏家。我們將看到這些趨勢隨著時間的推移而變化和平穩。

Okay. And maybe just a near-term question on the retail side of things. What you can tell us you're seeing in traffic in the casinos in terms of different behavior across the database. The high end of the database, low end of the database, rated versus unrated any interesting changes you might be seeing would be helpful.

好的。也許只是零售方面的一個近期問題。您可以告訴我們，您在賭場的流量中看到的是數據庫中的不同行為。數據庫的高端、數據庫的低端、已評級與未評級任何您可能看到的有趣變化都會有所幫助。

So the -- what we're seeing in database, other than kind of a little bit of a shift in the age demographic skewing a little bit younger primarily for our markets, we're starting to see lower -- kind of a little bit lower in transient play. So that speaks towards the rated versus nonrated type play. But part of our focus is on noncash segments of our business. So I think that's starting to skew our database a little bit more towards higher frequency of nonrated play that comes to our properties. It's primarily they come for hotels, F&B and other non-gaming activities. So we're starting to kind of see that start to proliferate through our portfolio.

所以——我們在數據庫中看到的，除了年齡人口的一點點變化，主要是我們的市場偏年輕一點，我們開始看到更低的——有點較低的瞬態播放。因此，這說明了評級與非評級類型的遊戲。但我們的部分重點是我們業務的非現金部分。所以我認為這開始使我們的數據庫稍微偏向於更高頻率的非評級遊戲出現在我們的資產中。他們主要來酒店、餐飲和其他非博彩活動。所以我們開始看到它開始通過我們的投資組合激增。

I think a big part of the reset from COVID deals with the fact that we pulled out a lot of the -- more of the promotional programming. I consider buffets to be part of that promotional programming, and certain other entertainment. So you're starting to see a little bit of a shift away from that lower demographic.

我認為 COVID 重置的很大一部分涉及這樣一個事實，即我們取消了很多——更多的促銷節目。我認為自助餐是促銷節目和某些其他娛樂活動的一部分。所以你開始看到從較低的人口中轉移了一點點。

And we're more focused on providing the amenities that the higher end customers want, and that's starting to not only skew visitations to the upside, but also the size of the wallet.

而且我們更專注於提供高端客戶想要的便利設施，這不僅開始使訪問量偏高，而且錢包的大小也開始偏斜。

Take our next question from David Katz with Jefferies.

Jefferies 的 David Katz 提出我們的下一個問題。

Congrats and all that.

恭喜你。

I wanted to ask about the slide that you have in your deck on the Tropicana, Las Vegas. And I would love some more interesting color. It's a topic that's been discussed on and off for a number of years. And just what you might be envisioning in terms of scale of dollars or partnerships or any further thoughts would be interesting, please.

我想問一下您在拉斯維加斯 Tropicana 甲板上的滑梯。我會喜歡一些更有趣的顏色。這是一個斷斷續續討論了很多年的話題。請就美元或合作夥伴關係的規模或任何進一步的想法進行設想，這很有趣。

For George.

為了喬治。

Yes. So listen, first we've used Las Vegas as a necessity since we were not -- we want to be a national company. We are a national company, and we added the Bally's brand to help us provide that to the customer. We bought what we would define as a long-term option certainly at a very good price. We could flip it to a really good return if we wanted to. We can run it long term and it pays for itself.

是的。所以聽著，首先我們把拉斯維加斯作為必需品，因為我們不是——我們想成為一家全國性公司。我們是一家全國性公司，我們添加了 Bally 品牌以幫助我們向客戶提供該品牌。我們以非常優惠的價格購買了我們定義為長期期權的東西。如果我們願意，我們可以把它變成一個非常好的回報。我們可以長期運行它，它會收回成本。

We're a very disciplined company, I think you've heard that in other earnings calls previously. So well, for one thing for sure is we're not interested in duplicating other people's mistakes, and we have a long-term opportunity view on this investment, and we're going to be patient about looking for the right project with the appropriate return for that market.

我們是一家紀律嚴明的公司，我想你在之前的其他財報電話會議上已經聽說過這一點。好吧，可以肯定的是，我們對重複別人的錯誤不感興趣，我們對這項投資有長遠的機會看法，我們將耐心尋找合適的項目返回那個市場。

You may have heard in the press that we've been having discussions with (inaudible), we've been having discussions with other -- with focus on other sites as well. So there could be some potential there. But again, anything we do is going to be something that we have the appropriate return on.

您可能在媒體上聽說我們一直在與（聽不清）進行討論，我們一直在與其他人進行討論 - 也關注其他網站。所以那裡可能有一些潛力。但同樣，我們所做的任何事情都會得到適當的回報。

We'll take our next question from Carlo Santarelli with Deutsche Bank.

我們將從德意志銀行的 Carlo Santarelli 那裡回答下一個問題。

Congratulations. My first question is a housekeeping question. Could you please provide us with the EBITDA and leverage you report to Rhode Island?

恭喜。我的第一個問題是內務管理問題。您能否向我們提供 EBITDA 並利用您向羅德島州的報告？

And my second question is regarding the proceeds from the sale leaseback transaction. In the press release, you mentioned that the company expects to use a significant portion for debt repayment. I see that you have around $400 million of cash pro forma on the balance sheet, as you disclosed on the slides. Could you please provide us some color if you are doing any further paydown on the term loan. Or what are your plans for some of that cash?

我的第二個問題是關於售後回租交易的收益。在新聞稿中，您提到公司希望將很大一部分用於償還債務。正如您在幻燈片中披露的那樣，我看到您的資產負債表上有大約 4 億美元的現金備考。如果您要進一步償還定期貸款，能否請您給我們一些顏色。或者你對其中的一些現金有什麼計劃？

We're not going to comment on our capital markets activities. We're always looking at what's the best return for the company. And the leverage from a Rhode Island perspective is 5.3x or the EBITDA was $670 million.

我們不會對我們的資本市場活動發表評論。我們一直在尋找對公司最好的回報。從羅德島的角度來看，槓桿率為 5.3 倍，即 EBITDA 為 6.7 億美元。

We'll take our next question from Lance Vitanza with Cowen.

我們將與 Cowen 一起接受 Lance Vitanza 的下一個問題。

This is Jonnathan on for Lance. My first question is, can you share any insight into the consumer strength in January and February?

這是蘭斯的喬納森。我的第一個問題是，您能否分享對 1 月和 2 月消費者實力的任何見解？

Yes, sure. So in Interactive, across the board, we're seeing really solid spend. We're not seeing any strain there at all. Our projections have been pretty prudent here. So if the current trends continue, I expect to see upside to our revenue performance. We're not seeing anything yet, and there's no signs of it.

是的，當然。因此，在 Interactive 中，我們看到了全面的支出。我們根本看不到任何壓力。我們的預測在這裡非常謹慎。因此，如果目前的趨勢繼續下去，我預計我們的收入表現會有上升空間。我們還沒有看到任何東西，也沒有任何跡象。

And George, do you want to touch on anything in retail?

喬治，你想談談零售業的任何事情嗎？

Sure. Well, I could add that, that business is strong. And that our issue is that it's still a tight labor market, and it's hard to fill jobs to support demand.

當然。好吧，我可以補充一點，業務很強勁。我們的問題是勞動力市場仍然緊張，很難填補工作崗位來支持需求。

Got it. So with that in mind, can we expect that you might see some increase in wages for the remainder of the year?

知道了。因此，考慮到這一點，我們是否可以預期今年剩餘時間的工資會有所增加？

Yes, there's certainly going to be continued upward pressure on that. But the jobs that we're hiring are variable jobs, so it gives us the opportunity to control that based on demand.

是的，這肯定會有持續的上行壓力。但是我們招聘的工作是可變的，所以它讓我們有機會根據需求來控制它。

Got it. Okay. And then can we maybe dig a little bit deeper into what's going on in Asia? I know that from the preliminary results, it seems that there's going to be some growth there. So could you maybe share some -- give us some update on the region?

知道了。好的。然後我們是否可以更深入地了解亞洲正在發生的事情？我知道從初步結果來看，那裡似乎會有一些增長。那麼，您能否分享一些——給我們一些關於該地區的最新消息？

Yes. Performance in Asia is solid. We continue to grow the player base. We are seeing really, really positive trends. Like the ARPUs are strong, the visits are very high. There is nothing which makes me concerned about our growth trajectory in Asia. And I can see our margins improving there, as well as the revenues continuing to improve.

是的。亞洲的表現穩健。我們繼續擴大玩家群。我們看到了非常非常積極的趨勢。就像 ARPU 很強一樣，訪問量也很高。沒有什麼讓我擔心我們在亞洲的增長軌跡。我可以看到我們的利潤率在提高，收入也在不斷提高。

Okay. And the last one for me. So there's a slide in the presentation where there's -- it lists out the main properties. And just wondering -- is there still appetite to have more sales-leaseback? Could this maybe be a potential use of financing, should Bally's be awarded a license in New York?

好的。最後一個給我。所以在演示文稿中有一張幻燈片 - 它列出了主要屬性。只是想知道——是否仍有興趣進行更多的售後回租？這是否可能是一種潛在的融資用途，Bally 是否應該在紐約獲得許可？

Yes. I mean, we will always view our land bank as a tool to continue to grow EBITDA for the business. It just has to be the right deal.

是的。我的意思是，我們將始終將我們的土地儲備視為繼續增加業務 EBITDA 的工具。它必須是正確的交易。

Okay. So it's not that you guys are complacent right now. It's on the table, but no immediate plans for it?

好的。所以你們現在並不是自滿。它在桌面上，但沒有立即的計劃？

Yes. I mean, we're comfortable with Chicago funding at this point. So we wouldn't go and tap away and remain complacent for another project or M&A opportunity.

是的。我的意思是，我們目前對芝加哥的資金感到滿意。因此，我們不會去挖掘並為另一個項目或併購機會而沾沾自喜。

(Operator Instructions) We'll go next to Chad Beynon with Macquarie.

（操作員說明）我們將與 Macquarie 一起去 Chad Beynon 旁邊。

This is Aaron on for Chad. Thanks for all the color on your cohorts and demographics. I'm curious within your guidance, can you help us think about what type of a consumer you're expecting in the back half of the year?

這是乍得的亞倫。感謝您的同類群組和人口統計數據的所有顏色。我很好奇你的指導，你能幫我們想想下半年你期待什麼樣的消費者嗎？

If we hold trends of where we are today with the consumer, we would be above our guidance. So we are expecting some weakness, and we've been preparing for that. So we're feeling good right now. We are expecting a pullback starting in the second quarter.

如果我們保持今天與消費者之間的趨勢，我們將超出我們的指導。所以我們預計會有一些弱點，我們一直在為此做準備。所以我們現在感覺很好。我們預計從第二季度開始回調。

Got it. And as a follow-up, I want to touch quickly on the temporary. Just given what's going on with macro, has there been any change in terms of your outlook there?

知道了。作為後續行動，我想快速談談臨時的。鑑於宏觀的情況，您的前景是否有任何變化？

Well, our focus is certainly on the opening of the temporary. We're -- it really has not been any noticeable or mentionable slide in schedule. So we're looking to open summer of 2023. And the good part about the process is that the city has accelerated all the approvals, and there's no more approvals required.

好吧，我們的重點當然是臨時開放。我們 - 它確實沒有任何明顯或值得一提的時間表。因此，我們希望在 2023 年夏季開放。這個過程的好處是，該市已經加快了所有審批，不再需要更多審批。

We will go next to Jordan Bender with JMP Securities.

我們將與 JMP Securities 一起前往 Jordan Bender。

Great. As you look to grow the games business on both the iGaming and sports betting side of the business, can you maybe talk about the opportunities to expand outside your current geographies. There's an emerging opportunity in South America, just seeing if you have any interest there.

偉大的。當您希望在業務的 iGaming 和體育博彩方面發展遊戲業務時，您能否談談在當前地域之外擴展的機會。南美有一個新興的機會，看看您是否對那裡感興趣。

Yes. Thank you, Jordan. We absolutely are looking at expansion into South America. I find the Brazilian market one of interest. I would like, and we will very much so push the Bally's brand as hard as possible there. We think that it will get cut through and be very effective in the Brazil market. I think it has huge potential and will be a strong pillar for us.

是的。謝謝你，喬丹。我們絕對在考慮向南美擴張。我發現巴西市場是我感興趣的市場之一。我願意，而且我們會非常努力地在那里大力推廣 Bally 的品牌。我們認為它會在巴西市場取得突破並非常有效。我認為它具有巨大的潛力，將成為我們的強大支柱。

Great. And then for my follow-up, going to Vegas, are you seeing any uplift between the regional database and the Las Vegas database and being able to cross-sell people in and out of Vegas?

偉大的。然後對於我的後續行動，去維加斯，你是否看到區域數據庫和拉斯維加斯數據庫之間有任何提升，並且能夠交叉銷售進出維加斯的人？

Well, we're -- we just effectively acquired the asset. But yes, there is definitely cross-marketing opportunities. Certainly, the customers in our regional markets are very interested in any Las Vegas visitation. But we've also had Lake Tahoe in our portfolio, and as well as Atlantic City, we consider cross-marketing opportunity to some extent Biloxi. And yes, we do get -- we get some nice benefit in cross-marketing those properties.

好吧，我們 - 我們只是有效地收購了資產。但是，是的，肯定有交叉營銷的機會。當然，我們區域市場的客戶對拉斯維加斯的任何訪問都非常感興趣。但我們的投資組合中也有太浩湖，以及大西洋城，我們在某種程度上考慮了比洛克西的交叉營銷機會。是的，我們確實得到了——我們在交叉營銷這些房產方面得到了一些很好的好處。

And there are no further questions at this time. I'll turn the call back over to the speakers for closing remarks.

目前沒有其他問題。我會把電話轉回給發言人作結束語。

Well, thank you all for hearing from us. You'll hear from us again very soon. Good luck.

好吧，謝謝大家來聽我們的消息。您很快就會再次收到我們的消息。祝你好運。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。