Boyd Gaming Corp (BYD) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Boyd Gaming third-quarter 2024 earnings conference call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, October 24, 2024. (Event Instructions)

下午好，歡迎參加 Boyd Gaming 2024 年第三季財報電話會議。我是 David Strow，Boyd Gaming 企業傳播副總裁。我將擔任今天電話會議的主持人，該電話會議將於 2024 年 10 月 24 日星期四舉行。（活動須知）

Our speakers for today's call are Keith Smith, President and Chief Executive Officer; Josh Hirsberg, Executive Vice President and Chief Financial Officer.

今天電話會議的發言人是總裁兼執行長 Keith Smith；喬許‧赫斯伯格，執行副總裁兼財務長。

Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statements. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.

我們今天的評論將包括《私人證券訴訟改革法案》中的前瞻性陳述。我們評論中的所有前瞻性陳述均截至今天，我們不承擔更新或修改前瞻性陳述的義務。實際結果可能與任何前瞻性陳述中預測的結果有重大差異。存在某些風險和不確定性，包括我們向 SEC 提交的文件中揭露的風險和不確定性，可能會影響我們的業績。

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today and both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses.

在今天的電話會議中，我們將參考非公認會計準則財務指標。有關歷史非 GAAP 與 GAAP 財務指標的完整對賬，請參閱我們的收益新聞稿和今天向 SEC 提供的 8-K 表格，兩者均可在 Investors.boydgaming.com 上獲取。由於我們無法預測特殊費用和某些費用，因此我們不提供前瞻性非公認會計準則財務指標的調節表。

Today's call is being webcast live at boydgaming.com and will be available for replay in the Investor Relations section of our website shortly after the completion of this call. So with that, I would now like to turn the call over to Keith Smith. Keith?

今天的電話會議正在 boydgaming.com 上進行網路直播，並將在電話會議結束後不久在我們網站的投資者關係部分進行重播。因此，我現在想將電話轉給基斯史密斯。基思？

Thanks, David, and good afternoon, everyone. Third quarter was another solid performance for our company. Recent property investments produced strong results, driving growth in our Downtown Las Vegas and Midwest and South segments.

謝謝大衛，大家下午好。第三季是我們公司的另一個穩健業績。最近的房地產投資取得了強勁的業績，推動了拉斯維加斯市中心以及中西部和南部地區的成長。

Our online and managed businesses both delivered excellent performances continuing to prove the value of our diversified business model. We maintained operating efficiencies throughout our portfolio with property level margins exceeding 39% during the quarter. And our underlying customer trends remained stable in the third quarter. In fact, overall play volumes have been essentially flat on a year-over-year basis throughout the last four quarters with the exception of the weather challenge first quarter.

我們的線上業務和託管業務均取得了出色的業績，繼續證明了我們多元化業務模式的價值。我們整個投資組合保持了營運效率，本季房地產利潤率超過 39%。第三季我們的基礎客戶趨勢保持穩定。事實上，除了第一季的天氣挑戰之外，過去四個季度的整體遊戲量與去年同期相比基本持平。

Now let's review each of the operating segments. Starting with our Las Vegas locals segment. Our results for the third quarter reflect trends similar to what we saw throughout the first half of this year. While the Orleans and Gold Coast continued to be impacted by competitive pressures in their immediate area during the quarter, the remainder of our Las Vegas locals segment performed in line with the broader same-store market trends in the third quarter. We also continue to successfully maintain our operating efficiencies at these properties.

現在讓我們回顧一下每個營運部門。從我們的拉斯維加斯當地人部分開始。我們第三季的業績反映了與今年上半年相似的趨勢。雖然奧爾良和黃金海岸在本季度繼續受到其鄰近地區競爭壓力的影響，但拉斯維加斯本地市場的其餘部分的表現與第三季度更廣泛的同店市場趨勢一致。我們也持續成功地維持這些資產的營運效率。

Excluding Orleans and Gold Coast, EBITDAR margins were 49% during the quarter a testament to our team's ability to successfully manage expenses in the current environment. Lastly, hotel revenues in our Local segment continued to grow as we benefited from increased room demand across the broader market.

不包括奧爾良和黃金海岸，本季 EBITDAR 利潤率為 49%，這證明了我們團隊在當前環境下成功管理費用的能力。最後，由於我們受益於更廣泛市場的客房需求增加，我們本地部門的飯店收入持續成長。

Next, in Downtown Las Vegas, we delivered another strong quarterly performance, driven by our recent property investments in growing Hawaiian visitation. The segment was led by the Fremont, which posted a record third quarter revenue and EBITDA performance, and we benefited from continued strength of pedestrian traffic throughout the downtown area during the quarter.

接下來，在拉斯維加斯市中心，由於夏威夷遊客數量不斷增長，我們最近的房地產投資推動了另一個強勁的季度業績。該部門以弗里蒙特為首，第三季營收和 EBITDA 業績創下歷史新高，我們受益於本季整個市中心地區行人交通的持續強勁。

As we look at the Southern Nevada market more broadly, the fundamentals of the Southern Nevada economy remains sound. Visitation remained strong with nearly 42 million people visiting the Las Vegas Valley over the past 12 months. The Las Vegas Airport is operating at record levels, posting nearly 59 million passengers over that same period.

當我們更廣泛地審視內華達州南部市場時，內華達州南部經濟的基本面仍然良好。過去 12 個月，拉斯維加斯谷的遊客量依然強勁，有近 4,200 萬人次參觀。拉斯維加斯機場的營運水準創歷史新高，同期旅客吞吐量接近 5,900 萬人次。

Beyond the tourism sector, the broader Southern Nevada economy is also performing well, as the Las Vegas area has been one of the fastest-growing job markets among major US metro areas all year. This job growth has been broad-based with increases in almost every major employment sector and it has been long lasting with job gains for 42 consecutive months.

除了旅遊業之外，更廣泛的內華達州南部經濟也表現良好，因為拉斯維加斯地區一直是美國主要都市區中全年成長最快的就業市場之一。這種就業成長基礎廣泛，幾乎所有主要就業部門都出現了成長，而且這種成長是長期持續的，就業連續 42 個月成長。

Growth has been particularly strong in the construction sector, increasing 7% year over year as the local construction pipeline remains robust. In terms of local population, Las Vegas Valley has surpassed 2.3 million residents. And in response to this ongoing growth, homebuilding activity has accelerated in the Las Vegas Valley. More than 14,000 new residential units were permitted over the past 12 months and increased 23% year over year.

由於當地建築管道依然強勁，建築業的成長尤其強勁，較去年同期成長 7%。就當地人口而言，拉斯維加斯谷居民已超過230萬人。為了因應這種持續成長，拉斯維加斯谷的住宅建設活動加速。過去 12 個月獲批新建住宅單元超過 14,000 套，較去年同期成長 23%。

Now moving outside of Nevada, our Midwest and South segment benefited from a record third quarter performance at Treasure Chest Casino, which opened its new land-based facility in June. Treasure Chest has delivered strong revenue growth since the new facility opened, and we are already on pace to exceed our targeted EBITDA return.

現在，我們的中西部和南部部門已遷出內華達州，受益於 Treasure Chest Casino 創紀錄的第三季業績，該賭場於 6 月開設了新的陸上設施。自新設施開業以來，Treasure Chest 實現了強勁的收入成長，並且我們預計將超越我們的 EBITDA 回報目標。

Excluding Treasure Chest, both revenue and EBITDA for the rest of the segment were essentially even on a year-over-year basis during the quarter. We also continue to successfully maintain operating efficiencies in the segment with margins of 38% during the quarter.

不包括Treasure Chest，該季度其他部門的營收和 EBITDA 與去年同期相比基本持平。我們也持續成功維持該部門的營運效率，本季利潤率為 38%。

Next, our online segment had another great performance in the third quarter as we continue to grow from our market access agreements across the country. The largest contributor to our online results is our partnership with FanDuel, which continues to strengthen its position as the nation's leading sports betting company. Beyond the revenue and EBITDAR growth, we are seeing from our market access agreements with FanDuel. We also continue to benefit from FanDuel's success through our 5% equity interest. A country FanDuel's leadership position in online gaming continues to grow and with it, the value of our equity stake.

接下來，隨著我們在全國範圍內的市場准入協議的不斷發展，我們的線上業務在第三季度再次取得了出色的業績。我們線上業績的最大貢獻者是我們與 FanDuel 的合作夥伴關係，FanDuel 不斷鞏固其作為美國領先體育博彩公司的地位。除了收入和 EBITDAR 成長之外，我們還可以從與 FanDuel 的市場准入協議中看到。我們也透過 5% 的股權繼續受益於 FanDuel 的成功。一個國家 FanDuel 在線上遊戲領域的領導地位不斷增強，我們的股權價值也隨之不斷提升。

Based on our strong performance during the third quarter, we are raising full year EBITDAR guidance for our online segment to $75 million from our continuing operations. This is up from the $65 million to $70 million we previously guided. Also during the quarter, we acquired the New Jersey operations of Resorts Digital Gaming. While this was a small acquisition to represent another step in building out our regional iGaming business. Finally, our managed business recorded another strong quarter.

基於我們第三季的強勁表現，我們將線上業務的全年 EBITDAR 指引從持續營運中提高至 7,500 萬美元。這高於我們之前指導的 6500 萬美元至 7000 萬美元。同樣在本季度，我們收購了 Resorts Digital Gaming 的新澤西州業務。雖然這是一次小型收購，但代表我們在建立區域 iGaming 業務方面又邁出了一步。最後，我們的託管業務又錄得強勁的季度業績。

With another solid performance at Sky River, our managed business remains on track to generate approximately $90 million in EBITDAR this year.

憑藉 Sky River 的強勁表​​現，我們的託管業務今年仍有望實現約 9,000 萬美元的 EBITDAR。

Earlier this month, the Wilton Rancheria Tribe received final regulatory approvals and closed on financing for the expansion of Sky River. With these final steps complete, work has now begun in the first phase of the expansion that will add 400 slots and a 1,600-space parking garage to the property.

本月早些時候，Wilton Rancheria Tribe 獲得了監管機構的最終批准，並完成了 Sky River 擴建的融資。隨著這些最後步驟的完成，擴建的第一階段工作現已開始，將為該物業增加 400 個停車位和一個 1,600 個停車位的車庫。

Following the opening of this first phase in early 2026, we will commence work on the second phase of the expansion that will add a 300-room hotel to additional food and beverage outlets, a day spa and an entertainment and event center. Upon completion of phase two in late 2027, this expansion will further strengthen Sky River's position as one of Northern California's leading gaming entertainment destinations.

第一階段於 2026 年初開業後，我們將開始第二階段的擴建工作，其中將增加一家擁有 300 間客房的酒店、更多餐飲店、日間水療中心以及娛樂和活動中心。第二階段於 2027 年底完成後，此次擴建將進一步鞏固 Sky River 作為北加州領先遊戲娛樂目的地之一的地位。

So in all, this was another solid quarter for our company. Over the last several years, we have significantly improved our operating efficiency, enhanced our free cash flow, lowered our leverage, strengthened their balance sheet, delivered consistently solid performances. Our improved performance has allowed us to return nearly $1.7 billion to our shareholders over the last three years. At the same time, we actively investing in our properties to enhance the competitive positioning of our portfolio nationwide.

總而言之，這是我們公司又一個穩健的季度。在過去的幾年裡，我們顯著提高了營運效率，增強了自由現金流，降低了槓桿率，強化了資產負債表，並始終保持穩健的績效。過去三年，我們業績的改善使我們向股東回報了近 17 億美元。同時，我們積極投資物業，以增強我們的投資組合在全國範圍內的競爭地位。

For example, we are now completing major hotel room renovations at Blue Chip, Ameristar St. Charles and Gold Coast, and we are starting new projects at IP, Orleans, and Valley Forge. And we've introduced more than 20 new restaurants and bars across the country over the last year alone.

例如，我們目前正在 Blue Chip、Ameristar St. Charles 和 Gold Coast 完成大型飯店客房翻修，並且正在 IP、Orleans 和 Valley Forge 啟動新專案。光是去年，我們就在全國各地開設了 20 多家新餐廳和酒吧。

In Las Vegas, we have an extensive property-wide innovation now underway at the Suncoast. We unveiled a new modern sports book in early September to strong customer response. The opening of this new portfolio they limit room premium mistake out of the investments have positioned the SunCoast to compete more effectively in the locals market and hold its own in the face of the opening of a new competitor late last year. And over the next 12 months, we will continue this project at the Sun Coast with the complete renovation of the casino floor, the introduction of a new food hall, and expanded meeting space.

在拉斯維加斯，我們在陽光海岸正在進行廣泛的全酒店創新。我們在九月初推出了一款新的現代運動書籍，引起了強烈的客戶迴響。這項新投資組合的開幕限制了投資中的房間溢價錯誤，使陽光海岸能夠在本地市場上更有效地競爭，並在面對去年年底新競爭對手開業時保持自己的地位。在接下來的 12 個月裡，我們將在陽光海岸繼續這個項目，對賭場樓層進行全面翻修，引入新的美食大廳，並擴大會議空間。

Beyond our recent property enhancements, growth investments are another key part of our development pipeline. One such project that is now underway is at Ameristar St. Charles, we have begun a major expansion of our meeting and convention center with its four-diamond rated hotel, expansive amenities Ameristar has received strong demand for meeting planned for years, but its current convention space is insufficient to accommodate it.

除了我們最近的房地產升級之外，成長投資是我們開發管道的另一個關鍵部分。目前正在進行的一個這樣的項目是在Ameristar St. Charles，我們已經開始對我們的會議和會議中心進行重大擴建，其中包括四鑽級酒店、寬敞的設施Ameristar 已經滿足了多年來計劃的會議的強烈需求，但目前會議空間不足以容納它。

Once complete in the fall of 2025, this expansion will allow us to capitalize on that unmet demand. And in the three months since we announced this expansion, initial bookings are already exceeding expectations, all from business that we would have been unable to accommodate with our current footprint.

一旦 2025 年秋季完成，此次擴建將使我們能夠利用未滿足的需求。自從我們宣布擴張以來的三個月內，最初的預訂量已經超出了預期，所有這些都來自我們目前的業務範圍無法容納的業務。

And here in Las Vegas, we continue to make progress on our planned development, Hayden Cross and Casino, a project that will replace our Joker's Wild casino with a modern and upgraded gaming experience. We plan a big ground on this project next month and open the doors of Cadence Crossing in early 2026. We Cadence will begin as a smaller development with 450 slots in several restaurants, but this will be a project designed to grow with the master planned community of Cadence, which will have more than 12,000 homes upon final build-out. Cadence expands, so will our property with future plans to add a hotel, additional casino space and more amenities to serve the growing cadence community.

在拉斯維加斯，我們繼續在 Hayden Cross 和 Casino 的開發計劃中取得進展，該項目將以現代升級的遊戲體驗取代我們的 Joker's Wild 賭場。我們計劃下個月在該項目上進行大規模建設，並於 2026 年初開放 Cadence Crossing 的大門。We Cadence 將以一個較小的開發項目開始，在幾家餐廳內設有450 個餐位，但這將是一個旨在與Cadence 總體規劃社區一起發展的項目，該社區最終建成後將擁有超過12,000套住宅。Cadence 不斷擴張，我們的酒店也隨之擴張，未來計劃增加一家酒店、額外的賭場空間和更多便利設施，為不斷增長的 Cadence 社區提供服務。

Our third-quarter results at the treasure chest and Fremont clearly demonstrate our ability to deliver strong returns from these type of investments, and we are confident we will see similar success from our projects at Ameristar St. Charles, in Cadence Crossing. Once we have completed work on Cadence Crossing and at Ameristar St. Charles, we plan to pursue additional opportunities as part of our pipeline of growth projects.

我們在寶庫和弗里蒙特的第三季度業績清楚地表明了我們從此類投資中獲得豐厚回報的能力，我們相信我們在 Ameristar St. Charles 和 Cadence Crossing 的項目中也會看到類似的成功。一旦我們完成了 Cadence Crossing 和 Ameristar St. Charles 的工作，我們計劃尋求更多機會，作為我們成長專案管道的一部分。

In addition to these projects, we have secured an opportunity to develop a commercial casino resort property in the city of Norfolk, Virginia, one of the largest underserved gaming markets in the Mid-Atlantic region. This is an exciting opportunity for us to expand our geographic footprint into a new market of 1.8 million residents.

除了這些項目之外，我們還獲得了在維吉尼亞州諾福克市開發商業賭場度假村的機會，諾福克市是大西洋中部地區最大的服務不足的博彩市場之一。對我們來說，這是一個令人興奮的機會，可以將我們的地理足跡擴展到擁有 180 萬居民的新市場。

After receiving final approvals from the city council earlier this month, we plan to break ground on this project next week. As part of the development process, we expect to open a temporary casino facility at the location in late 2025. facility that will follow will be a best in market resort property featuring a 200-room hotel, eight food and beverage outlets, and a casino with 1,500 slots and 50 table games. We expect to open its permanent facility in late 2027.

在本月早些時候獲得市議會的最終批准後，我們計劃下週破土動工該項目。作為開發過程的一部分，我們預計將於 2025 年末在該地點開設一個臨時賭場設施。 1,500 個老虎機和50 個賭桌遊戲。我們預計將於 2027 年底開放其永久設施。

Including the temporary facility, we estimate total project costs of approximately $750 million, construction and development costs are still being finalized. These costs will be fully funded by our company. While our investment pipeline is an important part of our approach to creating shareholder value, we also remain committed to managing our leverage and returning capital to our shareholders.

包括臨時設施在內，我們估計項目總成本約為 7.5 億美元，建設和開發成本仍在最終確定中。這些費用將由我們公司全額資助。雖然我們的投資管道是我們創造股東價值的重要組成部分，但我們仍然致力於管理我們的槓桿並向股東返還資本。

In the third quarter, we repurchased $202 million in stock and we remain committed to our ongoing share repurchase program of $100 million per quarter, supplemented by our dividend program. Our total leverage at the end of the third quarter was 2.5x providing our company with significant flexibility to execute on growth, while continuing our capital return program.

第三季度，我們回購了 2.02 億美元的股票，並且我們仍然致力於每季 1 億美元的持續股票回購計劃，並輔以股息計劃。第三季末我們的總槓桿率為 2.5 倍，為我們公司提供了巨大的靈活性來執行成長，同時繼續我們的資本回報計劃。

So as we reflect on the third quarter, we are encouraged by our solid performance nationwide. Our underlying customer trends remained consistent during the quarter. We successfully maintained operating efficiencies with property level operating margins exceeding 39% during the quarter. We continue to see excellent results from our diversification strategy with strength in both our online and managed businesses.

因此，當我們回顧第三季度時，我們對全國範圍內的穩健表現感到鼓舞。本季我們的基本客戶趨勢保持一致。我們成功地維持了營運效率，本季房地產層面的營運利潤率超過 39%。我們繼續看到我們的多元化策略取得了優異的成果，在我們的線上和託管業務方面都有實力。

Our $100 million per year in growth investments delivered strong returns during the quarter as evidenced by the record performance of Treasury Test and Fremont. We are building on this success with a pipeline of new growth opportunities nationwide. We remain diligent in our search for ways to grow the company in a disciplined manner securing an opportunity to develop a best-in-market resort casino in Virginia.

我們每年 1 億美元的成長投資在本季度帶來了強勁的回報，Treasury Test 和 Fremont 創紀錄的業績證明了這一點。我們正在這一成功的基礎上，在全國範圍內提供一系列新的成長機會。我們仍然努力尋找以嚴格的方式發展公司的方法，以確保有機會在維吉尼亞州開發市場上最好的度假村賭場。

We also remain committed to a strong balance sheet, with low leverage ending the quarter with leverage at 2.5x. We continue to return capital to our shareholders with nearly $1.7 billion in share repurchases and dividends over the past three years.

我們也持續致力於維持強勁的資產負債表，本季末槓桿率較低，槓桿比率為 2.5 倍。過去三年，我們透過近 17 億美元的股票回購和股利繼續向股東返還資本。

With significant free cash flow, a strong balance sheet and a growing pipeline of opportunities we are confident in our ability to continue to drive long-term growth, retain a balanced approach to capital allocation and create long-term shareholder value. Our ongoing success is a tribute to the hard work and dedication of thousands of Boyd team members nationwide. I'd like to thank all of them for their contributions to our company and our shareholders.

憑藉大量的自由現金流、強勁的資產負債表和不斷增長的機會，我們對繼續推動長期增長、保持平衡的資本配置方式並創造長期股東價值的能力充滿信心。我們不斷取得的成功歸功於全國數千名博伊德團隊成員的辛勤工作和奉獻精神。我要感謝他們所有人為我們公司和股東所做的貢獻。

Thank you for your time today. And now I'd like to turn the call over to Josh. Josh?

感謝您今天抽出時間。現在我想把電話轉給喬希。喬許？

Thanks, Keith. Our company delivered a solid performance in the third quarter, with year-over-year customer trends consistent with the last several quarters. And as we think about the fourth quarter, we expect year-over-year EBITDAR comparisons will be challenging.

謝謝，基斯。我們公司第三季業績強勁，年比客戶趨勢與過去幾季一致。當我們考慮第四季時，我們預計 EBITDAR 的年比比較將具有挑戰性。

The fourth quarter last year, as you may recall, benefited from an unusually large number of favorable expense adjustments at year-end, especially in the Midwest and South segment. We expect the contribution from Treasure Chest in the fourth quarter this year largely offset the absence of those favorable adjustments in the Midwest and South segment.

您可能還記得，去年第四季受益於年底異常大量的有利費用調整，特別是在中西部和南部地區。我們預計今年第四季寶箱的貢獻將在很大程度上抵消中西部和南部地區沒有出現的有利調整。

As Keith mentioned, we expect our online segment to generate run rate EBITDA for full year 2024 of $75 million. inclusive of contributions from Resorts Digital, which we acquired in September.

正如 Keith 所提到的，我們預計我們的線上部門 2024 年全年的 EBITDA 運行率為 7500 萬美元。其中包括我們於 9 月收購的 Resorts Digital 的貢獻。

Also during the quarter, we received nonrecurring market access fees of $10 million and we expect to record an additional $20 million in nonrecurring fees in the fourth quarter.

同樣在本季度，我們收到了 1000 萬美元的非經常性市場准入費，預計第四季度將額外記錄 2000 萬美元的非經常性費用。

As a result, for full year 2024, we expect our online segment to produce $105 million in EBITDA and including $75 million of run rate EBITDAR, and $30 million of onetime incremental market access fees.

因此，在 2024 年全年，我們預計我們的線上部門將產生 1.05 億美元的 EBITDA，其中包括 7500 萬美元的運行率 EBITDAR，以及 3000 萬美元的一次性增量市場准入費。

For our managed and other business, we expect approximately $90 million in EBITDAR as a result of our continued strength at Sky River Casino. Recall that Sky River recorded onetime items in the fourth quarter of 2023, which positively impacted our managed and other results during that quarter.

對於我們的託管業務和其他業務，由於我們在 Sky River Casino 的持續實力，我們預計 EBITDAR 將約為 9000 萬美元。回想一下，Sky River 在 2023 年第四季度記錄了一次性項目，這對我們該季度的管理業績和其他業績產生了積極影響。

During the third quarter, the tax pass-through amount related to our online revenue share agreements was $103 million, compared to $71 million last year in the third quarter. Excluding the tax pass-through amount, company-wide margins for the third quarter this year would have been approximately 39% or more than 420 basis points of the margin (technical difficulty).

第三季度，與我們的線上收入分享協議相關的稅收轉嫁金額為 1.03 億美元，而去年第三季為 7,100 萬美元。不包括稅收轉嫁金額，今年第三季全公司利潤率約為 39%，即超過 420 個基點的利潤率（技術難度）。

In terms of capital expenditures, we invested $85 million during the third quarter, bringing year-to-date capital spend to $289 million. Based on capital spending to date, we are updating to a slightly lower projected total expenditures number for 2024 of $400 million to $425 million. This estimate includes maintenance capital of approximately $225 million to $250 million, approximately $75 million in incremental maintenance capital for room renovations, and $100 million in recurring growth capital for our property investments. We believe the record results we are delivering a treasure chest in Fremont clearly demonstrate the long-term potential of our $100 million of annual recurring growth capital.

在資本支出方面，我們在第三季投資了 8,500 萬美元，使年初至今的資本支出達到 2.89 億美元。根據迄今為止的資本支出，我們將 2024 年的預計總支出數字略低地更新為 4 億至 4.25 億美元。這項估算包括約 2.25 億至 2.5 億美元的維護資本、約 7,500 萬美元用於房間翻新的增量維護資本，以及用於我們的房地產投資的 1 億美元經常性成長資本。我們相信，我們在弗里蒙特提供的創紀錄的業績清楚地表明了我們 1 億美元的年度經常性增長資本的長期潛力。

In 2024, this growth capital includes the completion of the Treasure Chest project, as well as starting the Ameristar St. Charles Convention Center expansion and the Cadence Crossing development in Las Vegas. The estimated $750 million in capital related to our Virginia development will be in addition to our annual maintenance and recurring property investments.

到 2024 年，這筆成長資本包括完成 Treasure Chest 項目，以及開始 Ameristar St. Charles 會議中心擴建和拉斯維加斯 Cadence Crossing 開發。與我們維吉尼亞開發案相關的預計 7.5 億美元資本將不包括在我們的年度維護和經常性房地產投資之外。

Beyond these investments, we remain committed to returning capital to our shareholders through share repurchases and dividends. We paid our quarterly dividend of $0.17 per share during the third quarter.

除了這些投資之外，我們仍然致力於透過股票回購和股利向股東返還資本。我們在第三季支付了每股 0.17 美元的季度股息。

Additionally, we repurchased $202 million in stock during the third quarter, acquiring 3.5 million shares at an average price of $58.37 per share. We remain committed to repurchasing $100 million in shares each quarter.

此外，我們在第三季回購了價值 2.02 億美元的股票，以每股 58.37 美元的平均價格收購了 350 萬股股票。我們仍然致力於每季回購 1 億美元的股票。

When combining our share repurchases with our dividend program, -- year-to-date through the third quarter, we have returned $531 million to our shareholders, currently on pace to return nearly $650 million this year or more than $7 per share.

將我們的股票回購與股息計劃相結合，從年初至今到第三季度，我們已向股東返還 5.31 億美元，目前預計今年將返還近 6.5 億美元，即每股超過 7 美元。

As of September 30, we had $343 million remaining under our current repurchase authorizations, and the actual number of shares outstanding at quarter end was 88.8 million shares. Since October 2021, we have returned nearly $1.7 billion in capital to our shareholders in the form of share repurchases and dividends, reducing our share count by more than 20% over that time period.

截至 9 月 30 日，我們目前的回購授權剩餘 3.43 億美元，季末實際流通股數為 8,880 萬股。自 2021 年 10 月以來，我們以股票回購和股息的形式向股東返還了近 17 億美元的資本，在此期間我們的股票數量減少了 20% 以上。

As Keith mentioned, we ended the quarter with total leverage of 2.5x and lease adjusted leverage of 2.9x. We have no near-term maturities and ample borrowing capacity under our credit agreement, placing our company in the strongest financial position in our history.

正如 Keith 所提到的，本季結束時，我們的總槓桿率為 2.5 倍，租賃調整後槓桿率為 2.9 倍。根據我們的信貸協議，我們沒有短期到期日，且借貸能力充足，使我們公司處於歷史上最強勁的財務狀況。

David, that concludes our remarks, and we're now ready to take questions.

大衛，我們的發言到此結束，我們現在準備好回答問題。

Thank you, Josh. We will now begin our question-and-answer session. (Event Instructions)

謝謝你，喬許。我們現在將開始問答環節。（活動須知）

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hey, good afternoon, everyone. Thank you for taking my questions.

嘿，大家下午好。感謝您回答我的問題。

Josh, Keith, if we could start with maybe just the Midwest and South, just to make sure we have tight baseline here. Last year, obviously, there was some noise in the way I think expenses fell between Q3 and Q4 and Josh, it seems like you're calling that out.

喬許、基思，如果我們可以從中西部和南部開始，只是為了確保我們在這裡有嚴格的基準。顯然，去年，我認為第三季和第四季之間的費用下降存在一些噪音，喬希，看來你正在指出這一點。

Can you just help everyone with like a little bit of magnitude here? And if I'm understanding the puts takes, is it right to read you as roughly flattish if we take those onetime good guys into account from last year versus the upside you're seeing at Treasure Chest?

你能在這裡為每個人提供一點點幫助嗎？如果我理解看跌期權的情況，如果我們考慮到去年那些曾經的好人與你在寶箱看到的上漲空間，那麼將你解讀為大致持平是否正確？

Yes, Shaun. I think you largely have the gist of it. It's -- when you look at -- let me talk about this quarter first, in terms of the third quarter this year. If we exclude Treasure Chest, our business pretty much performed on a stable basis year over year.

是的，肖恩。我想你基本上已經掌握了它的要點。當你看到時，讓我先談談本季度，即今年第三季度。如果我們排除寶箱，我們的業務比去年同期表現幾乎穩定。

And when you look at fourth quarter, because we don't have the benefits of the reduced expenses from last year, that benefit is largely offset by the addition of Treasure Chest growth. So you can kind of see from the third quarter without Treasure Chest, West and South was essentially even year over year, and then we'll offset the benefit of lower expenses that we benefited from in the fourth quarter as a result of the contribution and that will give you the order of magnitude.

當你看第四季時，因為我們沒有從去年開始減少開支的好處，所以這種好處在很大程度上被寶箱成長的增加所抵消。因此，您可以從沒有寶箱的第三季度看到，西部和南部基本上與去年同期持平，然後我們將抵消第四季度由於貢獻和貢獻而受益的較低費用的好處這會給您一個數量級。

Thank you. And if I could just do one quick follow-up on Virginia. Obviously, a new and exciting development there in the Hampton Norfolk area. Could you -- Keith, maybe could you give us a sense of the scope and scale there? $750 million is pretty large increase from a lot of the initial proposals and obviously, scope and scale. Seems like it's come down from some of the initial underwriting.

謝謝。如果我能對維吉尼亞進行一次快速跟進就好了。顯然，諾福克漢普頓地區有一個令人興奮的新開發項目。Keith，您能否讓我們了解那裡的範圍和規模？與許多最初的提案相比，7.5 億美元是相當大的成長，顯然，範圍和規模也是如此。看起來像是來自一些最初的承保。

So could you walk us through just a little bit of your early thinking about ROI in the market and sort of how with the higher project costs, we can offset a little bit lower scale? Is there room to grow into that over time? Or how do you think about it on the position count side? Thank you.

那麼，您能否向我們介紹一下您對市場投資報酬率的早期思考，以及如何透過較高的專案成本來抵銷規模較小的影響？隨著時間的推移，還有成長的空間嗎？或者說你在頭寸計數方面是如何看待這個問題的？謝謝。

So look, we developed this project really not looking at what had been previously drawn. We're very excited about this opportunity. It is an underserved market. There's one casino in the immediate area in Portsmouth, as I think everybody knows. This is a great location, 1.8 million people in the area.

所以看，我們開發這個專案其實並沒有考慮到之前繪製的內容。我們對這個機會感到非常興奮。這是一個服務不足的市場。我想大家都知道，朴茨茅斯附近有一家賭場。這是一個優越的地理位置，該地區有180萬人口。

The scope and scale that we disclosed, 1,500 slots, 50 tables, 200 rooms and some restaurants and other amenities at $750 million, we talk about getting a return or a targeted return of the 15% to 20% range, and we're confident that we will get our targeted return on this investment.

我們披露的範圍和規模，1,500 個老虎機、50 張賭桌、200 個房間以及一些餐廳和其他設施，價值 7.5 億美元，我們談論獲得 15% 至 20% 範圍內的回報或目標回報，我們有信心我們將獲得這項投資的目標回報。

So it's going to may be different than what a prior developer had talked about, but we didn't have anything to do with our prior developers plans. These are our plans. We're confident in them. We think it fits the market, and we're building it for the market and are really looking forward to getting this project started.

因此，這可能與先前的開發人員談論的有所不同，但我們與先前的開發人員計劃沒有任何關係。這些是我們的計劃。我們對他們充滿信心。我們認為它適合市場，我們正在為市場建立它，並且非常期待這個項目的啟動。

Thank you very much.

非常感謝。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey, Josh and Keith. Thank you for the color. Just quickly on the Midwest and South. Obviously, Louisiana is a key element of your story. Josh, could you perhaps maybe talk about -- I understand the Treasure Trust bump in the quarter and the success that properties had. But just overall, if you look at your Midwest and South region margins outside of Louisiana, how they looked in the period? And how much is Louisiana contributing to the outperformance in the quarter?

嘿，喬許和基斯。謝謝你的顏色。很快就到了中西部和南部。顯然，路易斯安那州是您故事的關鍵要素。喬希，您能否談談—我了解財富信託在本季的成長以及房地產業所取得的成功。但總的來說，如果你看看路易斯安那州以外的中西部和南部地區的邊緣，他們在這段時期的情況如何？路易斯安那州對本季的優異表現有何貢獻？

Yeah. So basically, if you remove Treasure Chest, margins actually improved in the remainder part of our business. Treasure Chest, remember, is open in June and is the performance has been ramping up, but we're kind of managing through the expenses of a startup organization.

是的。所以基本上，如果你去掉寶箱，我們其餘業務的利潤率實際上會提高。請記住，寶箱於 6 月開放，性能一直在提高，但我們正在透過新創組織的費用進行管理。

So that's what's really kind of contributing to the results for the Midwest and South in terms of the margins overall. So once again, if you exclude Treasure Chest, the margins for the rest of our business would actually have improved slightly.

因此，就整體利潤率而言，這才是對中西部和南部地區業績做出真正貢獻的因素。因此，如果您排除百寶箱，我們其他業務的利潤率實際上會略有改善。

Great. Thank you. And then if I just think about kind of the local segment, seasonality appears fairly similar to prior years. Obviously, fourth quarter presumably, there will be some noise with the election and whatnot in November. But are you guys kind of expecting a normal seasonal 4Q? And clearly, you'll anniversary some competition in the quarter. Is there anything else you guys would call out as we think about closing out this year in Las Vegas?

偉大的。謝謝。然後，如果我只考慮本地部分，季節性似乎與前幾年非常相似。顯然，第四季可能會因 11 月的選舉等而產生一些噪音。但你們期待一個正常的季節性第四季嗎？顯然，您將在本季慶祝一些競爭。當我們考慮今年在拉斯維加斯結束時，你們還有什麼要說的嗎？

No. I would caution you, we don't really anniversary competition until we get into 2025, because a lot of the kind of increased marketing that occurred happened later in Q4 of last year. And so it will be into 2025 before we actually kind of are on a comparable basis to that.

不。我要提醒您的是，直到 2025 年，我們才會真正開展週年紀念競賽，因為去年第四季晚些時候發生了很多增加的行銷活動。因此，要到 2025 年，我們才能真正達到可比較的水平。

And outside of that, I don't think there's anything else unusual going on in Q4. As you said, outside of any election activity that disrupts customers from getting out and visiting our properties over whether it's now or the weeks leading up until the election so -- but again, competition will remain there.

除此之外，我認為第四季沒有其他不尋常的事情發生。正如您所說，除了任何擾亂客戶外出參觀我們酒店的選舉活動（無論是現在還是選舉前幾週），但同樣，競爭仍將存在。

There is one other thing we haven't talked about this a lot on these calls, but the Tropicana I-15 interchange project, which has been going on for years, it was just announced that project is now going to extend into 2025. And it is the main thoroughfare for our customers coming in from out of town to get to the Orleans. And so that has had some impact on the property over the years.

還有一件事我們在這些電話中沒有過多討論，但是 Tropicana I-15 立交橋項目已經進行了多年，剛剛宣布該項目現在將延長到 2025 年。它是我們的客戶從外地前往奧爾良的主要通道。因此，多年來這對房產產生了一些影響。

We were hopeful that was going to be resolved in Q4 of this year. It's actually probably at its most impactful point during Q3, Q4, and early next year. So that will likely have some small impact on the business also.

我們希望這個問題能夠在今年第四季解決。實際上，它可能在第三季、第四季和明年初處於最具影響力的時刻。因此，這也可能會對業務產生一些小的影響。

Great. Josh, if I could just circle back relating back to the Midwest and South, I know in the fourth quarter last year, you guys benefited from some accruals that you took as you referenced earlier in the call. Was the 3Q last year kind of over accrued, and perhaps that created a little bit of a more favorable dynamic this year and that will juxtapose in the 4Q?

偉大的。喬希，如果我能回顧中西部和南部的情況，我知道去年第四季度，你們從電話中提到的一些應計項目中受益。去年第三季是否有點超額應計，也許這在今年創造了一些更有利的動態，這將在第四季並列？

Yeah. So Q3 last year was definitely not a bright spot for us. I actually don't -- I think that had more to do with just the expenses related to like property insurance going into effect and things like that. And then as we kind of went in from Q3 to Q4, those expense levels stay the same, but then we got the benefit of literally just almost every adjustment that we made at you're in kind of going in our favor.

是的。所以去年第三季對我們來說絕對不是亮點。我實際上不知道——我認為這與生效的財產保險等相關費用有關。然後，當我們從第三季度進入第四季度時，這些費用水平保持不變，但隨後我們得到了好處，幾乎我們所做的每項調整都對我們有利。

And so it was really broad-based around a lot of different categories that contributed to the kind of -- it was especially in the Midwest and South that benefited us. It helped us a little bit in other two segments as well in the fourth quarter, but it was primarily or to the larger extent in the Midwest and South. I think Q3 is really just all the expenses that we had talked about at that time around property taxes, utilities, and seasonality, some labor increases as well. They contributed to what was happening in Q3 of the year, if I remember correctly.

因此，它確實具有廣泛的基礎，圍繞著許多不同的類別做出了貢獻——尤其是在中西部和南部，這讓我們受益匪淺。它在第四季度的其他兩個領域也為我們帶來了一些幫助，但主要或在更大程度上是在中西部和南部。我認為第三季實際上只是我們當時討論的有關財產稅、公用事業和季節性的所有費用，還有一些勞動力的增加。如果我沒記錯的話，他們對今年第三季發生的事情做出了貢獻。

Appreciate it. Thank you, guys.

欣賞它。謝謝你們，夥計們。

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Good afternoon, guys. I think I know what you mean by what you had in the press release in terms of the Las Vegas Locals performance, excluding Orleans and Gold Coast. You performed similarly with the same-store performance of the market there. What does that mean down 5%, down 3%? Can you help us understand what you mean by that exactly?

下午好，夥計們。我想我知道你在新聞稿中提到的拉斯維加斯當地人的表現（不包括奧爾良和黃金海岸）的意思。您的表現與那裡市場的同店表現類似。下降5%、下降3%是什麼意思？您能幫助我們理解您的確切意思嗎？

Right. So when we do the math, obviously, taking a stab at what we think the new competitor generated, we think the same-store market probably shrunk low- to mid-single digits. We were less than that. So we were low single. We performed, frankly, in line or better than market best as we can tell.

正確的。因此，當我們進行數學計算時，顯然，我們認為新競爭對手會產生什麼結果，我們認為同店市場可能會出現低至中個位數的萎縮。我們比那還少。所以我們單身率很低。坦白說，據我們所知，我們的表現符合或優於市場最佳水平。

Great. Thanks. And Josh, I know you probably had some things that aren't completely firmed up. But as you sit here in late October and think about capital commitments for next year, can you help us understand how are you thinking about it now, including the Virginia development? Thanks.

偉大的。謝謝。喬希，我知道你可能有些事情還沒完全確定。但是，當您十月底坐在這裡思考明年的資本承諾時，您能否幫助我們了解您現在如何看待它，包括弗吉尼亞開發項目？謝謝。

Yeah. So I think the number that we have for this year, in terms of where we're originally thinking kind of $400 million to $450 million now, kind of $400 -- think that's probably a place to start for next year. We're still firming up the budgets and everything and the timing related to Virginia. And so it's a little bit hard to know at this point exactly how much will be spent next year. Are there some onetime initial payments and things of that nature that will largely front-end load the spend?

是的。所以我認為我們今年的數字，就我們最初考慮的 4 億美元到 4.5 億美元而言，現在大約是 400 美元——我認為這可能是明年的起點。我們仍在確定與維吉尼亞州有關的預算以及所有事項和時間表。因此，目前還很難知道明年到底要花多少錢。是否有一些一次性的初始付款和類似性質的事情將主要承擔前端的支出？

So for right now, I would be a little cautious around giving some guidance around what to expect for Virginia, but I think it's going to be in this 150 area or so. and just need a little bit more time to refine that and come back to you with our -- when we have our fourth quarter call.

因此，目前，對於對弗吉尼亞州的預期提供一些指導，我會有點謹慎，但我認為它將在 150 左右的區域內。只是需要多一點時間來完善它，並在我們進行第四季度電話會議時向您反饋。

Thank you very much. So thank you.

非常感謝。所以謝謝你。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey, guys. Patrick Kee on for Barry. Can you hear me okay?

嘿，夥計們。帕特里克·基 (Patrick Kee) 替補巴里 (Barry)。你聽得到我說話嗎？

Yes, Patrick. Can you hear us okay? Probably better.

是的，派崔克。你聽得到我們說話嗎？可能更好。

Great. Loud and clear. Congrats on the quarter two, if I may. First, you mentioned the acquisition of Resorts Digital in the quarter. Can you spend a second talking about the strategy there?

偉大的。響亮清晰。如果可以的話，恭喜第二季。首先，您提到本季收購了 Resorts Digital。您能花一點時間談談那裡的策略嗎？

And more broadly, your positioning and interactive ahead of, hopefully, new gaming space coming online.

更廣泛地說，您的定位和互動有望在新的遊戲空間上線之前進行。

This goes back to our acquisition of Pala Interactive that's been rebranded Boyd Interactive a year or two ago, a small acquisition then with our strategy of developing a regional gaming iGaming product, something that would be profitable. Resorts Digital is a complement to that. It's a small acquisition that helps bolster that business. We have a successful operation in Pennsylvania Stardust eye Casino and one in New Jersey also. So this helps to expand the database in New Jersey, and a lot of those customers are from Pennsylvania.

這可以追溯到我們一兩年前對 Pala Interactive 的收購，該公司已更名為 Boyd Interactive，這是一項小型收購，當時我們的策略是開發區域性遊戲 iGaming 產品，這將是有利可圖的。數位度假村是對此的補充。這是一項小型收購，有助於增強該業務。我們在賓州星塵眼賭場和新澤西州也有成功運作。因此，這有助於擴大新澤西州的資料庫，其中許多客戶來自賓州。

So it's all part of the regional iGaming strategy. and we're trying to position ourselves. So that when other states do approve iGaming, we're positioned, we're ready to expand. Once again, we're not trying to be a national leader want to make sure that we're a leader in the states with business and surrounding important stage too.

因此，這都是區域 iGaming 策略的一部分。我們正在努力為自己定位。因此，當其他州批准 iGaming 時，我們就已做好準備，準備擴張。再說一遍，我們並不是想成為國家領導者，而是想確保我們在擁有商業和周邊重要舞台的州中也成為領導者。

That's great. And for my follow-up, you've announced Cadence Crossing and now a new project in Norfolk. Are you exploring further organic expansion opportunities? Or would you say your plates more or less full for now? Thank you.

那太棒了。對於我的後續行動，你們宣布了 Cadence Crossing 以及現在在諾福克的一個新項目。您是否正在探索進一步的自然擴張機會？還是你覺得你的盤子現在或多或少滿了？謝謝。

Well, we certainly have a lot going on, but we have worked extremely hard over the last several years to position our company such that we can do multiple things. We are maintaining our focus on having a strong balance sheet and low leverage. We can do these projects and continue our capital return program. And so we'll continue to keep our eyes open for other opportunities when they come along.

嗯，我們當然有很多事情要做，但在過去幾年裡，我們非常努力地定位我們的公司，以便我們可以做多種事情。我們仍將重點放在擁有強大的資產負債表和低槓桿率。我們可以開展這些項目並繼續我們的資本回報計劃。因此，當其他機會出現時，我們將繼續密切關注。

So it's not like we're not answering the phone any longer. We continue to answer the phone and look for good opportunities, whether they're organic, whether it is building out an existing property. We have spare land here in Las Vegas at a number of our properties, our lens and Sun Coast.

所以我們並不是不再接電話了。我們繼續接聽電話並尋找好的機會，無論它們是有機的，還是正在建造現有的房產。我們在拉斯維加斯的許多飯店、鏡頭和陽光海岸都擁有閒置土地。

We have other internal opportunities. We have an opportunity in our Paradise location, East Purity, Illinois to do something similar to Treasure Chest. Paradise has once again an older river boat stories, it's not as competitive in today's world. And so we have the opportunity to have a more compelling entertainment product there. So a number of opportunities we're looking at.

我們還有其他內部機會。我們有機會在伊利諾伊州 East Purity 的 Paradise 地點做一些類似 Treasure Chest 的事情。天堂再次有一個古老的河船故事，它在當今世界不再具有競爭力。因此，我們有機會在那裡推出更具吸引力的娛樂產品。我們正在尋找很多機會。

We are disciplined. We're not going to layer it all on at once. These are products that will get rolled out over the course of the next several years so that careful to maintain our balance sheet, maintain a good leverage level, but continue to take advantage of opportunities as they present themselves.

我們遵守紀律。我們不會立即將其全部分層。這些產品將在未來幾年內推出，以便謹慎地維持我們的資產負債表，保持良好的槓桿水平，但繼續利用出現的機會。

That's great. Thanks so much and congrats on the quarter.

那太棒了。非常感謝並祝賀本季。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys, good afternoon. So I want to start with the online segment. Josh, let me just make sure I have the math right here first. So if we strip out the $10 million of nonrecurring fees in the third quarter, that's going to imply, let's call it, about $16 million of EBITDA for the third quarter.

嘿，夥計們，下午好。所以我想從線上部分開始。喬什，讓我先確保我已經掌握了數學知識。因此，如果我們剔除第三季 1,000 萬美元的非經常性費用，這將意味著第三季的 EBITDA 約為 1,600 萬美元。

So as we think about the fourth quarter without the nonrecurring fees, that would be, what, $21 million, $22 million, somewhere in that range? So as we think about 2025 for online, I assume we should be thinking about the $75 million baseline and then grow that number from there? I just want to make sure I have all that right.

因此，當我們考慮沒有非經常性費用的第四季度時，那將是，2100 萬美元、2200 萬美元，在這個範圍內的某個地方？因此，當我們考慮 2025 年線上業務時，我認為我們應該考慮 7,500 萬美元的基準，然後在此基礎上增加這個數字？我只是想確保我擁有所有這些權利。

You got it, Steve. You're right on.

你明白了，史蒂夫。你說得對。

That's shocking for once. (laughter)

這一次真是令人震驚。（笑聲）

Okay. So second question, when in the go to the local market in Vegas. And I know for the last couple of months or even the last couple of quarters, you've kind of called out some, let's call them, non-public bad players in that market who have been overly aggressive on the promotional front. And just wondering, at this point, have you seen that level of promotion from those folks settled down? Is it intensifying? Any kind of color there would be helpful.

好的。所以第二個問題，什麼時候去拉斯維加斯當地市場。我知道在過去的幾個月甚至過去的幾個季度中，您已經點名了該市場中的一些非公開不良參與者，他們在促銷方面過於激進。只是想知道，此時此刻，您是否看到這些人的晉升水準已經穩定下來了？是否正在加劇？任何一種顏色都會有幫助。

Well, to correct the record, we didn't call out any bad players. We talked about some people in the neighborhood who were spending at a very aggressive level. That spending at a very aggressive level has continued, has not abated. And it was high. People doubled down kind of in December of last year. And for the most part, it has remained at that elevated level since that point in time.

好吧，為了糾正這個記錄，我們沒有點名任何不好的球員。我們談到了附近一些人的消費水準非常激進。這種非常激進的支出仍在繼續，並且沒有減弱。而且它很高。去年 12 月，人們加倍下注。從那時起，在很大程度上，它一直保持在較高的水平。

As I said earlier, we don't really kind of lap that or get to good comparisons until early 2025, maybe the second quarter of 25%. So yeah, I wish it had abated. It has not, and we're simply not going to jump into that game.

正如我之前所說，直到 2025 年初，也許是第二季 25% 之前，我們才能真正做到這一點或進行良好的比較。所以是的，我希望它已經減弱。事實並非如此，我們根本不會跳入這場遊戲。

We've been at this too long to understand what happens. There's really no upside for us to jump in. So we just have to be patient and wait for it to run scores.

我們已經在這件事上待太久了，無法理解發生了什麼事。我們確實沒有什麼可以參與的優勢。所以我們只需要耐心等待它運行分數。

Okay, got it. Thanks, guys. Appreciate it.

好的，明白了。謝謝，夥計們。欣賞它。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Good afternoon, everyone. Thanks for taking my questions. I wanted to just go back to Norfolk for a minute. Having sort of been down there -- there is, right, I think, Keith, you touched on it, a meaningful property that separated by a bit of a body of water, but relatively close by.

大家下午好。感謝您回答我的問題。我想回諾福克待一會兒。有點去過那裡——我想，基思，你提到過，那裡有一個有意義的財產，中間被一小片水體隔開，但相對較近。

Can you just talk about the expected or anticipated tax structure or puts and takes that give you some of the comfort that you expressed and how well that property is expected to do?

您能否談談預期或預期的稅收結構或看跌期權和看跌期權，這給您帶來了一些安慰，以及該財產的預期表現如何？

I think it can probably sum it up in two comments. 1.8 million residents in the area; and one, maybe two, other casinos, casino in Portsmouth, one being developed in St. Petersburg, St. Petersburg being an hour plus away. And if you think about the Las Vegas locals market, where we have two million-plus residents, and we have a heck of a lot more than three casinos.

我認為這可能可以用兩則評論來概括。該地區有 180 萬居民；還有一個，也許兩個，其他賭場，朴茨茅斯的賭場，一個正在聖彼得堡開發，距離聖彼得堡一個多小時的路程。如果你考慮一下拉斯維加斯當地人市場，那裡有超過 200 萬居民，而且我們擁有的賭場遠不止三個。

So that gives me pretty high confidence that this is going to be successful.

所以這讓我非常有信心這將會成功。

Got it. And then if we could, Josh, Keith or either or both just update us or remind us, I know the boundaries for your M&A appetite have been relatively consistent and productive over the years. If you could just talk for a minute about appetite for leverage, appetite for risk and sort of how you're thinking about that opportunity set in the market at the moment?

知道了。然後，如果我們可以的話，喬許、基斯或其中一人或兩人只是向我們通報最新情況或提醒我們，我知道多年來你們的併購興趣的界限相對一致且富有成效。您能否簡單談談對槓桿的偏好、對風險的偏好以及您如何看待目前市場上的機會？

Commented a little bit earlier that we've structured the company such that we can do a lot of things at once and maintain a strong balance sheet. Leverage today in the kind of the [mid-2s] is where we think on a long-term basis that we're comfortable running the company. We'll be flexible in allowing leverage to rise above that level with acquisitions or other development like Virginia as long as we see a path back to our current levels in short order.

早些時候評論說，我們對公司的結構進行了調整，以便我們可以同時做很多事情並保持強勁的資產負債表。今天的[mid-2s]槓桿是我們認為從長遠來看我們可以輕鬆經營公司的地方。只要我們看到在短期內恢復到當前水平的路徑，我們將靈活地允許槓桿率透過收購或維吉尼亞州等其他開發項目升至該水平之上。

So once again, M&A is all about right opportunity at the right price in the right markets, and we've been very disciplined around it fast and very patient. And so only going to execute as if it meets those criteria, frankly, why we haven't executed to date in the last several years.

因此，併購就是在正確的市場以正確的價格提供正確的機會，我們對此非常嚴格，快速且非常耐心。因此，坦白說，只有當它滿足這些標準時才會執行，這就是為什麼我們在過去幾年中迄今為止還沒有執行。

So we'll be patient, we'll be disciplined, as we always have. We've developed a great expertise over the years in M&A. We know how to kind of identify those properties. You know how to buy them at the right price.

因此，我們將一如既往地保持耐心，遵守紀律。多年來，我們在併購方面累積了豐富的專業知識。我們知道如何識別這些屬性。您知道如何以合適的價格購買它們。

We got to run them better and extract more EBITDAR out of these properties. And so continue to be patient and disciplined. We're not going to allow leverage to get too high once again leave today's level is the level long-term run rate level that we want to get back to if it does elevate.

我們必須更好地運行它們，並從這些資產中提取更多的 EBITDAR。因此，請繼續保持耐心和紀律。我們不會允許槓桿率再次變得過高，因為今天的水平是我們希望在槓桿率確實上升時恢復到的長期運行利率水平。

Josh, anything?

喬什，有什麼事嗎？

No you got it, Keith.

不，你明白了，基斯。

Okay. Yes, you do. Thank you very much.

好的。是的，你知道。非常感謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hi, thanks. Another follow-up on Norfolk. I was hoping you could clarify the structure of the project as we think about your economics? Are you 80% or 100% of that 15% to 20% return range that you're talking about? And then any color you could give us on what the temporary facility might look like in terms of its scale versus the final product?

你好，謝謝。諾福克的另一個後續行動。我希望您能在我們考慮您的經濟學時澄清該項目的結構？您所說的回報率是 15% 到 20%，是 80% 還是 100%？然後，您能給我們提供臨時設施的規模與最終產品的比較嗎？

Yes, Stephen. We'll give you the information that we can today. We expect to own at least 80% of the venture, and we would expect to get, obviously, insured economics from that ownership over time. We are going to finance ourselves to full project cost ultimately. We're estimating that to be $750 million.

是的，史蒂芬。我們今天將為您提供我們所能提供的資訊。我們預計將擁有該合資企業至少 80% 的股份，而且隨著時間的推移，我們顯然會從該所有權中獲得有保障的經濟效益。我們最終將為自己提供全額專案成本的資金。我們估計該金額為 7.5 億美元。

And that will be since this is a commercial casino, it will be secured by the assets of C&O and pay from the operations of the casino. So that's the thinking. The temporary is meant primarily to meet regulatory requirements to have something open very quickly. So expectations should be we're going to get something small open quickly. And the real economic engine will come from (technical difficulty).

因為這是一家商業賭場，它將由 C&O 的資產作為擔保，並從賭場的運作中支付費用。這就是我們的想法。臨時措施主要是為了滿足監管要求，以便快速開放。因此，我們的期望應該是我們很快就會開放一些小專案。而真正的經濟引擎將來自於（技術難度）。

Maybe just to add, while some of the temporary casinos in Virginia have been a larger scale and quite productive, you should not be thinking that model here.

也許只是補充一下，雖然弗吉尼亞州的一些臨時賭場規模較大且生產力很高，但您不應該在這裡考慮這種模式。

We have a smaller site, therefore, we have limited plan to build a temporary, so this will be a much smaller scale casino than some of what's been built in other locations.

我們的場地較小，因此，我們建造臨時賭場的計劃有限，因此這將是一個規模比其他地方建造的賭場小得多的賭場。

And on that side, while the temporary, we'll be building a permanent at the same time.

在那一邊，雖然是暫時的，但我們將同時建造一個永久的。

That's helpful. As an unrelated follow-up, maybe you talked about this in your introductory remarks, but what drove that onetime step up in the digital segment? Is that something that could happen again, maybe not next year, but at another point in the future based on certain milestones? Or any details you can give would be helpful.

這很有幫助。作為一個不相關的後續行動，也許您在介紹性發言中談到了這一點，但是什麼推動了數位領域的一次性進步呢？這種情況是否可能再次發生，也許不是明年，而是基於某些里程碑，在未來的另一個時刻發生？或者您可以提供的任何詳細資訊都會有所幫助。

It is just as Josh described it some this quarter, some next quarter. We have a number of market access agreements throughout the country, and we get fees for those. Some of those have terminated early. That's what this was, people just wrapping up shop and deciding not to continue.

正如喬許在本季和下季所描述的那樣。我們在全國各地簽訂了許多市場准入協議，並為此收取費用。其中一些已經提前終止。事情就是這樣，人們剛結束購物並決定不再繼續。

So as they wrap up early, these are long-term agreements, and they just have to pay us to get out of them. And so that's all this is, termination of some market access agreements that we had with other companies other than FanDuel.

因此，當他們提前結束時，這些都是長期協議，他們只需付錢給我們即可退出。這就是我們與 FanDuel 以外的其他公司簽訂的一些市場准入協議的終止。

And it doesn't -- the only thing I would add to that, Steve, is that our -- the $75 million that we set for full year 2024 and then answering Steve's question about growing off of that base number, we were basically replacing any lost revenue kind of in the shorter term with both from FanDuel and other revenue share arrangements, but also the addition of Ford's digital.

史蒂夫，我唯一要補充的是，我們為 2024 年全年設定的 7500 萬美元，然後回答史蒂夫關於在這個基數基礎上增長的問題，我們基本上是在替換短期內，FanDuel 和其他收入分成安排以及福特數位業務的加入都會帶來任何收入損失。

Thank you.

謝謝。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good afternoon, everyone. I know the window is a little bit shorter for you, but do you think you can opine on in terms of the group in convention business across your locals properties heading into 2025?

大家下午好。我知道這個窗口對您來說有點短，但您認為您可以對進入 2025 年的本地酒店會議業務集團發表意見嗎？

Yeah. I don't have any real visibility to that today. We do have a fair amount of square footage at the Orleans and some of our other properties that is generally always full. And we do a pretty good business, but we don't have enough square footage to have a real sense of that. So I can't really -- can't help you with any direction on that, unfortunately, sitting here today.

是的。今天我對此沒有任何真正的了解。我們在奧爾良和其他一些酒店確實擁有相當多的面積，但通常總是客滿。我們的業務做得相當不錯，但我們沒有足夠的面積來真正感受到這一點。因此，不幸的是，今天坐在這裡，我真的無法為您提供任何指導。

Okay. No worries. And then on the follow-up, I think you said EBITDA margins 49% ex or liens and Gold Coast. I'm not sure if I missed it, but is there any way to compare that to like the prior year level just directionally, maybe the health of margins on a year-over-year basis?

好的。不用擔心。然後，關於後續行動，我想您說過 EBITDA 利潤率為 49%（除稅或留置權）和黃金海岸。我不確定我是否錯過了它，但有什麼方法可以將其與上一年的水平進行定向比較，也許是同比利潤率的健康狀況？

Yes. So I'll have that, Jordan. So the 49% this year for OVL, excluding Orleans and Gulf Coast, is equal to -- compares to the 50% last year.

是的。所以我會接受的，喬丹。因此，今年 OVL（不包括奧爾良和墨西哥灣沿岸）的 49% 相當於——與去年的 50% 相比。

Perfect. Thank you very much.

完美的。非常感謝。

Sure.

當然。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, just one. Thanks for taking my question. So Treasure Chest has been open for a few months, and I think at least from a top line perspective is surpassing most expectations. As you reflect on this, what's surprising you most about this property or investment? Is there anything you can bring to future ROI projects? And I kind of ask that related tangent in that I think you mentioned that there was also a potential option at Paradise, if I heard that correctly? So is this purely your decision? Are there any regulatory hurdles needed?

嘿，只有一個。感謝您提出我的問題。所以，寶箱已經開放了幾個月了，我認為至少從營收的角度來看，它超出了大多數人的預期。當您思考這一點時，您對這個房產或投資最驚訝的是什麼？您能為未來的 ROI 專案帶來什麼？我想問相關的切線，我認為你提到天堂也有一個潛在的選擇，如果我沒聽錯的話？那麼這純粹是你的決定嗎？是否需要任何監管障礙？

So Treasure Chest has been an extremely successful operation since we opened it I think we expected that we would draw some new business. It's a very strong market for us. We've been there for a long time. And we're probably just surprised by the overwhelming demand.

因此，自從我們開設「寶箱」以來，它的運作一直非常成功，我認為我們預計會吸引一些新業務。這對我們來說是一個非常強大的市場。我們已經在那裡待了很長時間了。我們可能只是對壓倒性的需求感到驚訝。

It's a great product, and it's not over the top. It's a very, I think, rightsized product for the market. But yes, just strong demand. If anything, maybe it reflects that three-level river boats are no longer a competitive product for consumers look for payment, which is why we turn to Paradise where we have an older three-story riverboat.

這是一個很棒的產品，而且還不算過分。我認為，這是一款非常適合市場的產品。但是，是的，只是強勁的需求。如果有什麼不同的話，也許這反映出三層河船對消費者來說不再是有競爭力的產品，這就是為什麼我們轉向天堂，那裡有一艘較舊的三層河船。

There's no regulatory impediments. It's probably the opposite that was encouraged by the regulators to something more modern, taking a look at that to see what it looks like cost and exactly what that product would be, but nothing stands in our way (technical difficulty).

不存在任何監管障礙。這可能與監管機構所鼓勵的更現代的東西相反，看看它的成本以及產品到底是什麼，但沒有什麼能阻止我們（技術難度）。

Got it. And I guess just on the back of that, I mean, given the results of Treasure Chest, why wouldn't you move forward with Paradise sooner? Is it just because you've got a slate of other ROI projects that are set to go? Or what's holding you back?

知道了。我想就在這背後，我的意思是，考慮到《寶箱》的結果，為什麼不早點推進《天堂》呢？只是因為您還有一系列其他 ROI 專案即將啟動嗎？還是什麼阻礙了你？

Yes. I think there's a number of things. One is we have a number of projects in the pipeline, and we have committed to being disciplined and not overspend in any one given year. Two, it takes a while to design and draw these. And so Treasury just opened.

是的。我認為有很多事情。一是我們有許多項目正在進行中，我們承諾在任何一年都遵守紀律，不會超支。第二，設計和繪製這些需要花費一些時間。財政部剛開業。

We've seen the success. And so I should assume there's work being done looking at Paradise, but growing the building and getting the designs done and getting them construction-ready and bid out just takes some time. So it's nothing that -- okay, I wish we could move faster. I wish it started next month, but we can't. So it's a pipeline that's something we're taking a hard look at, just nothing that's going to happen immediately or in the near term being 2020.

我們已經看到了成功。因此，我應該假設天堂的工作正在完成，但擴大建築、完成設計、準備好施工並進行投標只需要一些時間。所以沒什麼——好吧，我希望我們能走得更快。我希望下個月就開始，但我們不能。因此，我們正在認真研究一條管道，但不會立即或在 2020 年的近期內發生任何事情。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good afternoon, everyone. I was wondering if you could talk maybe about the fourth quarter to date trends? Have you noticed any discernible change in behavior among consumers just as we go into this election cycle, which seems maybe more distracting than years past?

嘿，大家下午好。我想知道您是否可以談談第四季度迄今為止的趨勢？當我們進入這個選舉週期時，您是否注意到消費者的行為發生了任何明顯的變化，這似乎比過去幾年更令人分心？

Yeah. Look, as you look at the first kind of three weeks of October, it's hardly a trend, but I would say we haven't really seen any discernible changes in consumer behavior. Clearly, there's a lot of noise out there related to the election. And frankly, it's been on the election.

是的。看，當你看看十月的前三週時，這很難說是一種趨勢，但我想說的是，我們還沒有真正看到消費者行為有任何明顯的變化。顯然，外界有很多與選舉有關的噪音。坦白說，這是關於選舉的。

There's a lot of noise out there in the world, generally, whether it's with wars or anything else. And so is that impacting the consumer? Will that continue to impact the consumer, i.e. staying at home watching TV, paying more attention, not going out as much? Hard to know. But in the first couple of weeks, I haven't noticed anything that I would call a discernible change, one way or the other, good or bad.

一般來說，世界上有很多噪音，無論是戰爭還是其他事情。這對消費者有影響嗎？這是否會持續影響消費者，也就是待在​​家裡看電視、更專注、減少外出？很難知道。但在最初的幾周里，我沒有註意到任何我稱之為明顯變化的事情，無論是好還是壞。

Got it. And then just quickly on my follow-up. Treasure Chest, I know sometimes there's properties in Louisiana or New Orleans, specifically that might have a different tax treatment. So is there anything kind of nuance that you call out on Treasure Chest and maybe the margins in the quarter as it related just from the gaming taxes there?

知道了。然後快速跟進我的情況。寶箱，我知道有時路易斯安那州或新奧爾良有一些房產，特別是可能有不同的稅收待遇。那麼，您對寶箱以及本季的利潤率是否有任何細微差別，因為它與那裡的博彩稅有關？

No, we have a normal gaming tax there. One of the differences in Louisiana is if you have a horse race track, which we do, we own Delta Downs, and Evangeline Downs in the State of Louisiana. They have a different tax rate because there's a tax for a first supplement. I'm not familiar with the tax rate in the Downtown casino, but generally, it's a standard tax rate for all of the non-host track facilities in the state of. So nothing unusual at Treasure Jet's been the same for years.

不，我們那裡有正常的博彩稅。路易斯安那州的區別之一是，如果你有賽馬場，我們也有，我們在路易斯安那州擁有 Delta Downs 和 Evangeline Downs。他們有不同的稅率，因為第一筆補充稅。我不熟悉市中心賭場的稅率，但一般來說，這是該州所有非主機賽道設施的標準稅率。因此，多年來，珍寶航空的任何不尋常之處都沒有改變。

Got it. Thanks so much.

知道了。非常感謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Thanks. Good evening, everybody. So on Treasure Chest, just a follow-up there. We can all see the state reports seem to be doing a nice sort of 12 million GGR per month. just curious, when you look at that asset and how it's ramped or how it started off, if that's the sort of the right monthly rate settle in here with that asset, do you think that there's further traffic or capacity or ramp to go? Or how do you kind of look at it from a revenue perspective?

謝謝。大家晚上好。所以在寶箱上，只是後續行動。我們都可以看到州報告似乎每月 GGR 達到 1200 萬，相當可觀。只是好奇，當您查看該資產以及它是如何增加或如何開始時，如果這是該資產的正確月費率，您認為還有進一步的流量或容量或增加嗎？或者您如何從收入角度看待它？

So it has been amazingly consistent since it opened at 70% to 80% higher than pre expansion or free land based. I think we're more than pleased with that. And no, I don't think it grows any higher than that. I think the building is pretty full most of the time to hit plus 80% over the baseline. So I don't think it grows beyond that.

因此，自從開業以來，它的表現一直令人驚訝地保持在比擴張前或免費土地高出 70% 至 80% 的水平。我認為我們對此非常滿意。不，我認為它不會成長得比這更高。我認為大樓大部分時間都已經滿了，比基線高出 80%。所以我認為它不會超出這個範圍。

I think our challenge will be to continue to keep those customers coming back day after day and week after week and make sure that they have a great experience. So I think it's probably a good number to use. I wouldn't anticipate it going much higher, if any, at all.

我認為我們的挑戰將是繼續讓這些客戶日復一日、週復一周地回來，並確保他們擁有良好的體驗。所以我認為這可能是個很好的使用數字。如果有的話，我根本不會預期它會更高。

That makes sense. And then just a quick follow-up. You guys didn't really call out hurricane impact. Aeveral of your markets were in the path or near Louisiana, especially right? I'm just curious if there was an impact and maybe you just didn't want to call it out? Or what sort of happened with that in the quarter?

這是有道理的。然後進行快速跟進。你們並沒有真正指出颶風的影響。你們的一些市場都在路易斯安那州或路易斯安那州附近，尤其是對嗎？我只是好奇是否有影響，也許你只是不想說出來？或者本季發生了什麼事？

Look, I think there are a number of impacts throughout the quarter that we didn't talk about. The big hurricanes that hit Florida did not have an impact on us. There was an impact from the earlier hurricane, I think it was Francine that impacted on us that got closed for a number of days and impacted some of our business at Treasure Chest. There are a number of other things that happened during the quarter, weather was the hottest summer on record in Las Vegas that maybe kept people closer to home or any number of other things. We just didn't call them out because we just -- yes.

看，我認為整個季度有許多我們沒有談論的影響。襲擊佛羅裡達州的大颶風並沒有對我們產生影響。早期的颶風產生了影響，我認為是弗朗辛對我們造成了影響，導致我們關閉了幾天，並影響了我們在 Treasure Chest 的一些業務。本季還發生了許多其他事情，拉斯維加斯的天氣是有史以來最熱的夏天，這可能使人們離家更近或發生其他許多事情。我們只是沒有叫他們出來，因為我們只是——是的。

It's really hard to tell you what they cost us. Do they have an impact on the business? Absolutely. Let me tell you how much -- absolutely, can tell you how much.

真的很難告訴你他們讓我們付出了多少代價。它們對業務有影響嗎？絕對地。讓我告訴你多少——絕對可以告訴你多少。

Got it. Fair enough. Thanks so much, everyone.

知道了。很公平。非常感謝大家。

John DeCree, CBRE.

約翰‧德克里，世邦魏理仕。

Hey, thanks, guys. Sorry if I missed it earlier, I think you did mention it, but financing for Virginia, I don't know if you've specified how you're thinking about that, would that be kind of single asset project financing, maybe you'll have a temporary open there. So perhaps as an avenue? Or are you thinking of doing that on balance sheet or out of cash flow?

嘿，謝謝，夥計們。抱歉，如果我之前錯過了，我想你確實提到過，但是弗吉尼亞州的融資，我不知道你是否具體說明了你的想法，這是否是一種單一資產項目融資，也許你在那裡會暫時開放。那麼也許作為一種途徑？或者您是否正在考慮在資產負債表上或從現金流量中進行此操作？

Yes. So the financing for the project would come from cash flow from our business and any incremental that we needed would come from availability under our credit facility. That's the current contemplation.

是的。因此，該專案的融資將來自我們業務的現金流，而我們所需的任何增量都將來自我們信貸額度下的可用性。這就是目前的思考。

And maybe one broad kind of operational question about the consumer. So to talk about the gaming business, but the F&B and the room business, I guess, particularly for Las Vegas Locals, but if there's anything worth calling out West and South. And I'd be curious if you could give us a sense of what's kind of happening there in terms of pricing versus volume? Are you seeing good demand in terms of number of covers, is it price per cover? And then on the room side, are you seeing occupancies up or stable?

也許是關於消費者的一種廣泛的營運問題。因此，談論博彩業務，但我想，尤其是對於拉斯維加斯當地人來說，餐飲和客房業務，但如果有什麼值得一提的是西部和南部。我很好奇您能否讓我們了解一下定價與銷售方面的情況？您是否看到封面數量方面的需求良好，是每個封面的價格嗎？那麼在房間方面，您看到入住率是上升還是穩定？

Or is growth really coming from increased pricing. So where are you seeing nongaming kind of pricing relative to volume?

或者說成長真的來自於定價的提高。那麼，您在哪裡看到相對於銷售的非遊戲定價？

Yes. So for us, it's a little complicated only because we had a number of rooms out of service last year as we were in the middle of models, whether it was Gold Coast or Main Street. But overall here in Las Vegas, we have higher occupancies. We rented more rooms in Las Vegas than we did last year at kind of a flattish average rate. And so -- and there were more cash rooms when we look at kind of the total occupied room.

是的。所以對我們來說，這有點複雜，因為去年我們有很多房間停止服務，因為我們正處於模型中間，無論是黃金海岸還是大街。但整體而言，在拉斯維加斯，我們的入住率較高。我們在拉斯維加斯租了比去年更多的房間，平均價格持平。所以——當我們查看總佔用房間時，有更多的現金室。

So we feel pretty good about that. We look out of state, once again, it's a little complicated because of room projects or remodel projects that were in cycle, but I would say nothing unusual in or out of our non-Nevada-type hotel business.

所以我們對此感覺很好。我們再次向州外看，由於房間項目或改造項目處於循環狀態，這有點複雜，但我想說我們的非內華達型酒店業務內外沒有什麼不尋常的。

Food and beverage, I would say nothing unusual to call out. We're maintaining prices. We're able to keep up with increases in the cost of groceries by monitoring or adjusting prices, not seeing a lot of pushback and when we do make those adjustments. So I'm not saying that there's complete elasticity there is, but been able to keep up with just in groceries. So nothing unusual good or bad.

食物和飲料，我不會說有什麼不尋常的地方。我們維持價格不變。我們能夠透過監控或調整價格來跟上食品雜貨成本的成長，而不會在我們做出這些調整時看到太多的阻力。所以我並不是說有完全的彈性，但光是在雜貨方面就能夠跟上。所以沒有什麼異常的好或壞。

Thanks. Thanks, Keith. I think that that answers my question. I appreciate it. Thanks, stuff.

謝謝。謝謝，基斯。我認為這回答了我的問題。我很感激。謝謝，東西。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Josh, Keith, thanks for taking my question. I wanted to ask about the share repurchases in the last twoquarters. It has positively disconnected from the $100 million baseline that you had been running at. So you've acquired 6% to 7% of the company just in the past couple of quarters. Should we still think about this $100 million repo per quarter as the baseline? Or has this increased given a number of different factors internally?

喬許、基思，謝謝你們提出我的問題。我想問一下近兩季的股票回購狀況。它已經完全脫離了你一直設定的 1 億美元的基線。所以你在過去幾季就收購了該公司 6% 到 7% 的股份。我們是否仍應以每季 1 億美元的回購作為基準？或者考慮到內部的許多不同因素，這種情況是否增加？

No, we encourage you to continue to think about the $100 million as a baseline. That's what we have kind of baked into our modeling. And our kind of going above that is just based on any specific facts during the quarter and what we have going on, projects in the pipeline and opportunities for where the stock is priced also.

不，我們鼓勵您繼續以 1 億美元為基準。這就是我們在建模中融入的內容。我們上述的觀點只是基於本季的任何具體事實以及我們正在進行的事情、正在進行的項目以及股票定價的機會。

So we have the financial flexibility to take opportunities if there's a dislocation in the price which is frankly why you've seen it as Josh, I think, indicated the average price of the shares we bought back in Q3 was $58. So just please stay anchored in $100 million, because we don't want you to be surprised if it's $100 million in Q4. And that's what we're committing to. We're not committing to any more.

因此，如果價格出現錯位，我們有財務靈活性來抓住機會，坦白說，這就是為什麼我認為喬許表示我們在第三季回購的股票的平均價格為 58 美元。因此，請保持錨定在 1 億美元，因為我們不希望您對第四季度的 1 億美元感到驚訝。這就是我們的承諾。我們不再做出任何承諾。

Perfect. Thank you. And then lastly, in LVL, could you remind us if there was any noise in Q4 '23 related to F1 positively or negative, whether it was road diversions, construction, locals just staying away from certain areas in the locals market and then also downtown if you saw anything and if we could see a reversal of that this Q4.

完美的。謝謝。最後，在LVL 方面，您能否提醒我們，23 年第4 季是否存在與F1 相關的任何噪音，無論是正面還是負面的，無論是道路改道、施工、當地人只是遠離當地人市場的某些區域，還有市中心如果你看到了什麼，如果我們能在第四季度看到這種情況的逆轉。

So I think it was well reported last year. Look, F1 was not a positive business experience in either the locals market or downtown, customers stayed away. They don't want to deal with what the reported chaos was going to be and the real benefit occurred on the strip. This weekend, F1 will be stronger only because there's a home raiders game that weekend. I don't suspect any real change downtown or in the locals market just on a pure basis from F1.

所以我認為去年的報道很好。看，無論是在當地市場還是在市中心，F1 都不是一種積極的商業體驗，顧客都敬而遠之。他們不想處理報道中的混亂情況，而真正的好處發生在大道上。這個週末，F1會更強，只是因為那個週末有一場主場突襲者比賽。我不懷疑市中心或當地人市場會發生任何真正的變化，只是純粹從 F1 開始。

So I think if you were thinking of it apples year-over-year, it'd be apples and apples. But what's going to will be a Raiders game in town. And so that will boost the weekend overall.

所以我認為，如果你逐年考慮蘋果，那就是蘋果和蘋果。但接下來將是一場突襲者的比賽。因此，這將推動整個週末的發展。

So thank you very much. That's all.

非常感謝。就這樣。

Thank you. This concludes our question-and-answer session. I'd now like to turn the call over to Josh for concluding remarks.

謝謝。我們的問答環節到此結束。我現在想把電話轉給喬許做總結發言。

Thanks, everyone, for joining some times during the call that have had trouble hearing what we were saying. If you got questions around that or anything else I wasn't clear, feel free to call, and we'll try to clarify that. Thanks for joining.

感謝大家在通話期間加入我們，有些時候我們很難聽清楚我們所說的話。如果您對此有疑問或有任何其他我不清楚的地方，請隨時致電，我們會盡力澄清。感謝您的加入。