Bally's Corp (BALY) 2024 Q3 法說會逐字稿

Good day and welcome to the Bally's Corporation Third Quarter, 2024 Earnings Conference Call at this time.

美好的一天，歡迎此時參加 Bally's Corporation 2024 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

（操作員指示）請注意，今天的會議正在錄製中。（操作員說明）

I would now like to turn the call over to Charlie Diao, senior Vice President and Treasurer for Bally's. Please go ahead Sir.

我現在想將電話轉給 Bally's 高級副總裁兼財務主管 Charlie Diao。請先生繼續。

Good afternoon and thank you for joining us on today's call, the earning release and presentation that accompany this call are available at the investor relations section of our website at www.ballys.com.

下午好，感謝您參加今天的電話會議，本次電話會議附帶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。

With me today are our Chief Executive Officer Robeson Reeves; our President George Papanier; and our Chief Financial Officer Marcus Glover.

今天與我在一起的有我們的執行長羅伯森·里夫斯 (Robeson Reeves)；我們的總統喬治·帕帕尼爾；和我們的財務長馬庫斯·格洛弗。

Before we begin, we would like to remind everyone that comments made by management today will contain forward-looking statements.

在開始之前，我們想提醒大家，管理階層今天發表的評論將包含前瞻性陳述。

These forward-looking statements include plans, expectations, estimates and projections that involve significant risks and uncertainties.

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。

These risks are discussed in the company's earnings release and =SEC filings.

這些風險在公司的收益報告和向 SEC 提交的文件中進行了討論。

Financial results may differ materially from the results discussed in these forward-looking statements.

財務結果可能與這些前瞻性陳述中討論的結果有重大差異。

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 surveys.

此外，在今天的電話會議中，管理階層將參考某些非公認會計原則財務指標，與最具可比性的公認會計原則進行調節。財務指標包含在我們收益調查的附表中。

We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project non-recurring expenses and one time costs.

由於我們無法預測非經常性費用和一次性成本，因此我們不提供前瞻性非公認會計原則財務指標的調節表。

As a reminder, given the shareholder proxy process that is outstanding with respect to the special shareholders meeting scheduled for November 19th to consider the Casino Queen merger. We will not be taking questions after the formal comments on this call.

提醒一下，鑑於定於 11 月 19 日舉行的特別股東大會考慮 Casino Queen 合併的股東代理程序尚未完成。在本次電話會議正式發表評論後，我們不會接受提問。

This is a call is also being broadcast live on our investors website and will be available for replay shortly after the completion of this call.

這次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。

With that. I'll turn the call to Robeson Reeves, our CEO.

就這樣。我會將電話轉給我們的執行長羅伯森·里夫斯 (Robeson Reeves)。

Thank you, Charlie. We're pleased to have you join us today as we discuss Bali's 2024 3rd quarter results and provide updates on our long term growth initiatives and the prospects of our three business segments.

謝謝你，查理。我們很高興您今天加入我們，我們將討論巴厘島 2024 年第三季業績，並提供有關我們長期成長計劃和三個業務部門前景的最新資訊。

Third quarter revenues declined less than 1% year-over-year to 630 million. As our Casinos and Resorts segments saw a 2% decrease in revenue while revenue from the North America Interactive segment grew 55%.

第三季營收年減不到 1%，至 6.3 億美元。我們的賭場和度假村部門的收入下降了 2%，而北美互動部門的收入成長了 55%。

Our UK interactive business continues to perform very strongly as it generated a 12% increase in revenues.

我們的英國互動業務持續表現強勁，營收成長了 12%。

The full International interactive segment saw a 5% revenue decline due to our NON-UK operations, adjusted EBITDA margins for the segment improved approximately 400 basis points year-over-year.

由於我們的非英國業務，整個國際互動部門的收入下降了 5%，該部門調整後的 EBITDA 利潤率比去年同期提高了約 400 個基點。

Today, I'll start by sharing key updates on our development pipeline and the latest for our interactive businesses.

今天，我將首先分享我們開發管道的重要更新以及我們互動業務的最新動態。

I'll then hand the call over to George who will discuss that C&R business followed by Marcus who will provide a more detailed review of our quarterly financial performance.

然後我會將電話轉交給喬治，他將討論 C&R 業務，然後馬庫斯將對我們的季度財務業績進行更詳細的審查。

As you know, during the quarter, we announced a significant agreement with our partners at gaming and leisure properties with fund, which funds the construction of our flagship permanent casino in downtown Chicago positioning valleys to benefit from a strong blend of our local and destination market appeal.

如您所知，在本季度，我們宣布與博彩和休閒地產合作夥伴達成一項重要協議，該協議為我們在芝加哥市中心定位山谷的旗艦永久賭場的建設提供資金，以受益於我們本地和目的地市場的強大融合上訴。

Our development site on the banks of the Chicago River is a hive of activity today as the demolition and site prep work proceeds at rapid pace in anticipation of the start of construction. Next year, we are in active discussions with the city regarding its formal approval of the revised master plan for our single phase development and believe this process will allow us to adhere to our current construction timeline.

我們位於芝加哥河畔的開發工地如今非常活躍，拆除和場地準備工作正在快速進行，以期開始施工。明年，我們正在與市政府積極討論正式批准我們單期開發的修訂總體規劃，並相信這一過程將使我們能夠遵守當前的建設時間表。

George will elaborate on the performance of the Chicago temporary casino in a moment, but I want to remind investors that we are fully focused on running the existing property with an eye towards growing our player database, planting Bally's flag in the community and further building the foundation for success once the permanent facility opens.

喬治稍後會詳細介紹芝加哥臨時賭場的表現，但我想提醒投資者，我們完全專注於經營現有的賭場，著眼於擴大我們的玩家資料庫，在社區中插上 Bally 的旗幟，並進一步建設永久設施開幕後的成功奠定了基礎。

In early October, we hosted a memorable event in Las Vegas to celebrate the legacy of the Tropicana Las Vegas and Mark the beginning of an exciting new chapter for this historical site.

十月初，我們在拉斯維加斯舉辦了一場難忘的活動，慶祝拉斯維加斯熱帶花園酒店的遺產，並標誌著這一歷史遺址激動人心的新篇章的開始。

Significant planning efforts are underway which will put Bally's in a position to begin our own development efforts concurrently with the A stadium construction efforts.

重大規劃工作正在進行中，這將使 Bally's 能夠在 A 體育場建設工作的同時開始我們自己的開發工作。

Given our planning and preparation, our current pursuit is to have initial portions of the casino hotel and retail offerings ready to go once the A's begin playing in their new stadium in 2028.

鑑於我們的規劃和準備工作，我們目前的目標是一旦運動家隊在 2028 年在新體育場開始比賽，賭場酒店和零售設施的初始部分就可以投入使用。

Turning to New York, the process around awarding the new downstate casino licenses remains prolonged, our current understanding is the state will be accepting bids in late June 2025 and awarding the licenses in early 26.

轉向紐約，授予新州下賭場許可證的過程仍然很長，我們目前的了解是該州將於 2025 年 6 月下旬接受投標，並於 26 月初頒發許可證。

Our proposal to develop a world class integrated resort adjacent to Bally's links at Fer Point in the Bronx is positioned to be a very strong contender as it will be an economic growth engine for the Bronx, New York City and state.

我們提議在布朗克斯區 Fer Point 的 Bally's Links 附近開發一個世界級的綜合度假村，該項目是一個非常強大的競爭者，因為它將成為布朗克斯區、紐約市和紐約州的經濟成長引擎。

Having covered CNR developments, I'll now turn my attention to our international interactive and North America interactive segments.

介紹完 CNR 的發展後，我現在將注意力轉向我們的國際互動和北美互動部分。

International interactive revenue declined 5% to 231 million but segment level adjusted EBITDA reached 90 million, representing a 5% year-over-year increase.

國際互動收入下降 5%，至 2.31 億美元，但細分市場調整後的 EBITDA 達到 9,000 萬美元，較去年同期成長 5%。

Our UK business remains strong driven by continued share gains cost effective customer acquisition and the ongoing build out of a robust online sports betting operation.

我們的英國業務仍然強勁，這得益於持續的份額增長、具有成本效益的客戶獲取以及不斷建立的強大在線體育博彩業務。

The market also be benefited from all time high active customer levels and robust average revenue per user metrics.

市場也受益於一直以來的高活躍客戶水平和強勁的每用戶平均收入指標。

Further, we are driving healthy traction for our recently launched online sports betting offerings including a newly launched Bally's branded product that joins a Jackpotjoy offering.

此外，我們正在為最近推出的線上運動博彩產品帶來健康的吸引力，其中包括新推出的 Bally 品牌產品，該產品加入了 Jackpotjoy 產品。

During the quarter, we acquired Aspers Casino in Newcastle in the UK, a small land based casino in Newcastle upon time.

本季度，我們及時收購了英國紐卡斯爾的 Aspers Casino，這是一家位於紐卡斯爾的小型陸地賭場。

While this acquisition is relatively modest within our broader business, we see it as an opportunity to further plant the Bally's brand in the UK and leverage our online player database to drive engagement at a land based casino, broadening our overall appeal.

雖然此次收購在我們更廣泛的業務中相對溫和，但我們認為這是一個機會，可以進一步在英國推廣Bally 品牌，並利用我們的線上玩家資料庫來推動實體賭場的參與度，從而擴大我們的整體吸引力。

Outside the UK, we continue to work with our strategy of maximizing profit yield and reducing unprofitable marketing.

在英國以外，我們繼續實施利潤最大化和減少無利可圖的營銷的策略。

In Spain revenue is up 6% year over year in a constant currency as we return to growth following the reinstatement of an attractive welcome offer and the reversal of the of the advertising decree in the country.

在西班牙，隨著有吸引力的歡迎優惠的恢復以及該國廣告法令的撤銷，我們恢復了增長，按固定匯率計算，收入同比增長了 6%。

This momentum continued into October where we saw healthy double digit year-over-year growth.

這種勢頭持續到十月份，我們看到了健康的兩位數同比增長。

Last week, we announced the separation of our team operating to serve Asia and certain other rest of world markets to instead convert to a strictly a licensing royalty model.

上週，我們宣布分拆為亞洲和世界其他某些市場提供服務的團隊，轉而採用嚴格的授權版稅模式。

This allows the business unit to operate entirely independently from valleys with more agility and nimbleness.

這使得業務部門能夠完全獨立於山谷中運營，更加敏捷和靈活。

We believe this separation will allow our excos the license to be more successful in pre regulated markets while allowing valleys to monetize high margin license revenue streams.

我們相信，這種分離將使我們的執行委員會在預先監管的市場上取得更大的成功，同時允許山谷透過高利潤的許可收入流貨幣化。

More importantly, this allows valleys to strategically focus our interactive activities in licensed markets such as the UK Spain and our growing presence in North America.

更重要的是，這使得 Valleys 能夠策略性地將我們的互動活動集中在英國、西班牙等授權市場以及我們在北美日益增長的業務。

Turning to North America Interactive, we generated strong revenue of 46 million with an adjusted EBITDA loss of 11 million.

轉向北美互動，我們創造了 4,600 萬美元的強勁收入，調整後的 EBITDA 損失為 1,100 萬美元。

Our iGaming operations in Rhode Island continued to ramp up impressively contributing 9.7 million in gross gaming revenue, while our other iGaming markets remained steady. Profitability at the market level was moderated by Rhode Island indemnity obligations.

我們在羅德島州的 iGaming 業務繼續成長，令人印象深刻，貢獻了 970 萬美元的總遊戲收入，而我們的其他 iGaming 市場保持穩定。市場層面的獲利能力受到羅德島州賠償義務的影響。

Regarding our online sports betting rollout, Bally Bet is now live in 10 markets with plans to launch in an additional three states by the end of 2024 with additional expansions expected in 2025.

關於我們的線上運動博彩推廣，Bally Bet 目前已在 10 個市場推出，並計劃到 2024 年底在另外三個州推出，預計在 2025 年進行進一步擴張。

New Jersey will launch sports and Monopoly Casino in November, marking the introduction of the brand to the United States. The migration to the White Air platform will also occur on this day.

新澤西州將於11月推出體育和大富翁賭場，標誌著該品牌引入美國。向 White Air 平台的遷移也將在這一天進行。

Overall, we continue to make progress towards positioning our North American interactive business to achieve positive EBITDA.

總體而言，我們在定位北美互動業務以實現積極的 EBITDA 方面繼續取得進展。

This is in an active and highly productive period for Bally's as we continue to position the business to capitalize on its substantial long term growth opportunities. The entire team is excited for the future and we look forward to sharing our progress in the coming quarters.

對於 Bally's 來說，現在正處於一個活躍且高效的時期，我們將繼續將業務定位為充分利用其大量的長期成長機會。整個團隊對未來感到興奮，我們期待在未來幾季分享我們的進展。

George.

喬治.

Thanks, Rob. And our C&R segment saw revenue decline slightly in the quarter driven by general stability across our portfolio offset by ongoing headwinds in Rhode Island and Atlantic City. In Chicago, operations continue to ramp at our temporary facility and monthly revenues have settled into a largely stable cadence. As we focus on expanding our customer database and developing key player relationships.

謝謝，羅布。我們的 C&R 部門本季收入略有下降，原因是我們的投資組合總體穩定，但被羅德島州和大西洋城持續的不利因素所抵消。在芝加哥，我們臨時設施的營運持續增加，每月收入已基本穩定。我們專注於擴大客戶資料庫並發展關鍵參與者關係。

Early admissions grew more than 6% and market share has risen to its highest level to date while our player database now exceeds 113,000 customers.

早期入場人數增加了 6% 以上，市場份額已升至迄今為止的最高水平，而我們的玩家資料庫現已超過 113,000 名客戶。

During the quarter, we celebrated the property's one year anniversary and during our 1st year, we welcome more than 1.3 million people through our doors.

在本季度，我們慶祝了酒店成立一周年，在開業第一年，我們迎來了超過 130 萬人次入住。

As I've emphasized before, with each day spent understanding the Chicago customers, our team becomes better prepared to hit the ground running when a new downtown flagship opens in September 2026.

正如我之前強調的，隨著每天花在了解芝加哥客戶上，我們的團隊將為 2026 年 9 月市中心新旗艦店開幕做好更充分的準備。

With respect to the permanent facility, the $940 million funding commitment from gaming and leisure properties, has allowed demolition and site prep to progress quickly and puts us in a position to begin construction of the New Valleys Casino early next year.

至於永久設施，來自博彩和休閒房地產的 9.4 億美元資金承諾使拆除和場地準備工作得以快速進展，使我們能夠在明年初開始建造新山谷賭場。

We continue to work with the city to secure approvals for the new site plan and architectural drawings, and believe we remain on schedule to open our destination resort with roughly 3,300 slots, 170 plus table games, a 500 room hotel tower, 3,000 seat theater, six restaurants, cafes, a food court and a two acre riverside public park by September 2026.

我們將繼續與市政府合作，以獲得新場地規劃和建築圖紙的批准，並相信我們將繼續按計劃開放我們的目的地度假村，該度假村擁有大約3,300 個老虎機、170 多個賭桌、一座500 間客房的飯店塔樓、3,000 個座位的劇院、到 2026 年 9 月，將建成六家餐廳、咖啡館、一個美食廣場和一個佔地兩英畝的河濱公園。

In Rhode Island, the bridge disruption on interstate 195 remains a key headwind, impacting revenue and property level margins particularly for our Lincoln property lane closures on the bridge are disrupting traffic and this is likely to continue for the foreseeable future.

在羅德島州，195 號州際公路的橋樑中斷仍然是一個主要阻力，影響了收入和房地產水平利潤率，特別是因為橋樑上的林肯房地產車道關閉正在擾亂交通，而且這種情況在可預見的未來可能會持續下去。

We are closely evaluating how to balance iGaming in Rhode Island with the in person play the best max maximize touch points with our players.

我們正在密切評估如何平衡羅德島州的 iGaming 與親自玩遊戲，以最大程度地提高與玩家的接觸點。

During this period, Atlantic City experienced a challenging quarter when it's typically high visitation, summer months following the departure of a key relationship marketing team. Earlier this year, we have since reconstituted the team and believe our new team members experience and relationships to start deliver benefits to the coming in the coming months with momentum building into next summer.

在此期間，大西洋城經歷了一個充滿挑戰的季度，該季度的訪問量通常很高，在關鍵關係行銷團隊離開後的夏季幾個月。今年早些時候，我們重組了團隊，並相信我們的新團隊成員的經驗和關係將在未來幾個月開始為未來帶來好處，並在明年夏天建立勢頭。

More recently, we opened an exceptional new steakhouse at Valley's Atlantic City which enhances the amenities available at our property.

最近，我們在 Valley 的大西洋城開設了一家出色的新牛排館，增強了我們酒店的設施。

Looking at our balance of our portfolio, both our Biloxi and Dover properties were out were standouts delivering solid quarterly performances. We believe the investments we are making in our properties alongside the efforts behind the scenes to right size operations will serve as a tailwind as we enter into 2025.

看看我們的投資組合的平衡，我們的比洛克西和多佛物業都表現出色，提供了穩健的季度業績。我們相信，隨著我們進入 2025 年，我們對房地產的投資以及在幕後為調整營運規模所做的努力將成為一股順風。

Finally, we're turning the call over to Marcus. I want to give a bit of color on how we see the macroeconomic environment, the customer in the mid and upper end segments of our database remain quite healthy with respect to visitation and spend per visit like others in our industry, we've seen unrated play in the lower end segments of our database squeezed with these players, reducing both their visits and spend.

最後，我們將電話轉給馬庫斯。我想對我們如何看待宏觀經濟環境進行一些說明，我們資料庫的中高端客戶在訪問量和每次訪問支出方面與我們行業的其他人一樣保持相當健康，我們已經看到未評級我們資料庫的低端部分擠滿了這些玩家，從而減少了他們的訪問量和支出。

The trend appears to be mirroring what's happening across our peers and the broader consumer discretionary landscape.

這一趨勢似乎反映了我們同行和更廣泛的非必需消費品領域正在發生的情況。

We remain highly confident in the overall resiliency of our customer and remain excited for the promise the future holds the same time. Our entire team is looking forward to welcoming the casino queen team and property portfolio to the Bally's family. Once the proposed transaction closes next year, we believe that Bally's has a bright future ahead of it and we're excited to share in that future with our guests and shareholders with that. Let me turn it over to Marcus.

我們對客戶的整體彈性仍然充滿信心，並對未來的承諾感到興奮。我們整個團隊期待著賭場女王團隊和財產組合加入 Bally 家族。一旦擬議的交易明年完成，我們相信 Bally's 擁有光明的未來，我們很高興與我們的客人和股東分享這個未來。讓我把它交給馬庫斯。

Thanks George.

謝謝喬治。

As Robeson and George have highlighted, our 2024 3rd quarter results were steady though impacted by a few market specific headwinds that tempered IDAR flow through.

正如 Robeson 和 George 所強調的那樣，我們 2024 年第三季的業績穩定，儘管受到一些市場特定不利因素的影響，這些不利因素削弱了 IDAR 的流量。

Third quarter revenues on a consolidated basis, decrease less than 1% year on year to 630 million. But the gain in our North American interactive segment, casino and resorts revenue declined 2% to 353 million as strength in many of our markets was offset by ongoing headwinds predominantly in Rhode Island and Atlantic City.

第三季合併營收年減不到1%，至6.3億美元。但我們的北美互動業務、賭場和度假村收入下降了 2%，至 3.53 億美元，因為我們許多市場的實力被主要在羅德島州和大西洋城持續存在的不利因素所抵消。

In addition to a more measured ramp in Chicago, adjusted EBITDA for this segment was approximately 100 million, a 15% decrease from previous year.

除了芝加哥的成長更為明顯外，該細分市場的調整後 EBITDA 約為 1 億美元，比上年下降 15%。

Segment margins were 28% versus 33% a year ago driven by the aforementioned decline and flow through a revenue to the bottom line.

由於上述下降和收入流向淨利潤，該部門的利潤率為 28%，而一年前為 33%。

We are actively pursuing initiatives across the portfolio to expand margins and enhance profitability.

我們正在整個投資組合中積極採取舉措，以擴大利潤並提高獲利能力。

This includes looking at everything from reporting lines to the rationale of centralizing various parts of the business.

這包括檢視從報告關係到集中業務各個部分的理由等一切內容。

Having integrated a diverse portfolio of assets in a relatively short period of time. We are now beginning to implement a range of efficiency, focused initiatives that we expect will begin to benefit margins in the coming quarters.

在相對較短的時間內整合了多元化的資產組合。我們現在開始實施一系列高效、重點突出的舉措，我們預計這些舉措將在未來幾季開始提高利潤率。

International interactive revenue declined 5% to 231 million while adjusted EBITDA for the segment increased 5% year-over-year. Within this segment, our business in the UK saw 12% revenue growth on a US dollar basis and rose 9% on a constant currency basis.

國際互動收入下降 5%，至 2.31 億美元，而該部門調整後的 EBITDA 年成長 5%。在這一細分市場中，我們在英國的業務以美元計算收入成長了 12%，以固定匯率計算成長了 9%。

Segment adjusted EBITDA margins expanded approximately 400 basis points to 39% leading to segment adjusted EBITDA of 90 million.

部門調整後 EBITDA 利潤率擴大約 400 個基點，達到 39%，部門調整後 EBITDA 達到 9,000 萬美元。

As Robin mentioned earlier with the carve out of Asia and deconsolidation of its operations. Our financial presentation for these markets will be principally in the form of royalty revenues.

正如羅賓之前提到的，退出亞洲並剝離其業務。我們對這些市場的財務報告將主要以特許權使用費收入的形式進行。

As a result, revenues related to these markets will be materially lower going forward relative to prior presentation. But the entire cost structure representing approximately 375 of our ex colleagues including the relevant engineering and development have exited the company.

因此，與先前的報告相比，與這些市場相關的收入將大幅下降。但代表約 375 名前同事的整個成本結構（包括相關工程和開發）已退出公司。

This will dilute EBITDA modestly, because the royalty revenue has minimal cost associated with it. But on an operating free cash flow basis, because all of the software development investment expense has also been assumed by the independent company the result is an immaterial impact of between five and 10% dilution of operating free cash flow from the separation.

這將適度稀釋 EBITDA，因為特許權使用費收入的相關成本最小。但在經營自由現金流的基礎上，由於所有軟體開發投資費用也由獨立公司承擔，因此分離造成的經營自由現金流稀釋 5% 到 10% 的影響並不重大。

The expectation is that an independent company, their business can be more nimble and operating more efficiently and cost effectively. But in particular, with an owner's mentality, we believe that they will find more opportunities for growth, which we will benefit directly via high margin royalty streams that participates in their growth.

人們期望，作為一家獨立的公司，他們的業務可以更加靈活，營運更有效率且更具成本效益。但特別是，以所有者的心態，我們相信他們會找到更多的成長機會，我們將透過參與他們的成長的高利潤特許權使用費流直接受益。

So the bottom line is that revenues will be reset in presentation, but Pro Forma EBITDA will be only modestly lower and operating free cash flow after the development cost being offloaded will have an immaterial impact North America Interactive generated revenue of 46 million a 55% year over year improvement.

因此，最重要的是，收入將在演示中重置，但預計EBITDA 只會略微降低，並且在卸載開發成本後運營自由現金流將對北美互動產生4600 萬美元的年收入55% 產生無關緊要的影響一年來的進步。

The segment generated an adjusted EBITDA loss of approximately 11 million and we expect our loss from this segment to continue narrowing as our iGaming operations in Rhode Island and our OS B operations continue to ramp.

該部門調整後的 EBITDA 虧損約為 1,100 萬美元，隨著我們在羅德島州的 iGaming 業務和 OS B 業務的不斷擴大，我們預計該部門的虧損將繼續縮小。

Turning to our capital structure. We ended the quarter with approximately 40.7 million shares outstanding with incremental warrants options and other dilution representing an additional 12.8 million shares. On the balance sheet, we exited the third quarter with 191 million of cash and 3.7 billion of long term debt.

轉向我們的資本結構。本季結束時，我們約有 4,070 萬股已發行股票，加上增量認股權證選擇權和其他稀釋措施，相當於另外 1,280 萬股。在資產負債表上，我們在第三季結束時擁有 1.91 億現金和 37 億長期債務。

In closing, this is an active time for Bally's on many fronts and we are working diligently to capture the opportunities in front of us. Put in place appropriate processes which will allow us to operate more efficiently and prepare for the addition of the Casino Queen asset to our portfolio as part of the proposed merger transaction with Standard Generals Affiliate, we believe the future is bright for Bally's and we appreciate your support, operator.

最後，對於 Bally 來說，現在在許多方面都是一個活躍的時期，我們正在努力工作，以抓住我們面前的機會。制定適當的流程，使我們能夠更有效地運營，並為將Casino Queen 資產添加到我們的投資組合中做好準備，作為與Standard Generals Affiliate 擬議合併交易的一部分，我們相信Bally's 的未來是光明的，我們感謝您支持，運營商。

And this does conclude today's program. Thank you for your participation and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。