Boyd Gaming Corp (BYD) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Boyd Gaming fourth-quarter and full-year 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, February 6, 2025.

下午好，歡迎參加 Boyd Gaming 2024 年第四季和全年財報電話會議。我叫 David Strow，是 Boyd Gaming 公司企業傳播副總裁。我將擔任今天電話會議的主持人，會議將於 2025 年 2 月 6 日星期四舉行。

(Operator Instructions)

（操作員指令）

Speakers for today's call are Keith Smith, President and Chief Executive Officer; and 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；以及執行副總裁兼財務長 Josh Hirsberg。

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為止，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的預測有重大差異。存在某些風險和不確定性，包括我們向美國證券交易委員會提交的文件中揭露的可能影響我們業績的風險和不確定性。

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.

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。如需了解歷史非 GAAP 與 GAAP 財務指標的完整對照，請參閱我們今天向美國證券交易委員會 (SEC) 提供的收益新聞稿和 8-K 表格，二者均可在 investor.boydgaming.com 上查閱。

We did not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Today's call is being webcast live at boydgaming.com and will be available for replay on our Investor Relations website shortly after the completion of this call.

由於我們無法預測特殊費用和某些開支，因此我們沒有提供前瞻性非 GAAP 財務指標的對帳表。今天的電話會議將在 boydgaming.com 上進行網路直播，會議結束後不久將在我們的投資者關係網站上提供重播。

So with that, I would now like to turn the call over to Keith Smith. Keith?

因此，現在我想將電話轉給 Keith Smith。基思？

Thanks, David. Good afternoon, everyone.

謝謝，大衛。大家下午好。

2024 marked another successful year for our company as our diversified business model, continued operating efficiencies, and recent property investments all contributed to a strong full-year performance. We generated over $3.9 billion in revenues in 2024, setting a full year of record, and we achieved companywide EBITDA of nearly $1.4 billion while maintaining property level operating margins of over 40%. These results demonstrate our company's continued ability to deliver a high level of performance.

2024 年是我們公司又一個成功的一年，因為我們多元化的業務模式、持續的營運效率以及最近的房地產投資都為強勁的全年業績做出了貢獻。2024 年，我們的收入超過 39 億美元，創下了全年記錄，全公司 EBITDA 達到近 14 億美元，同時保持了 40% 以上的物業級營業利潤率。這些結果顯示我們公司持續提供高水準業績的能力。

Looking at the fourth quarter specifically, our performance was consistent with the solid results we have achieved over the last several quarters. Quarterly revenues surpassed the $1 billion mark for the first time, while EBITDA increased nearly $380 million. Our fourth-quarter performance, much like our full-year results was driven by our diversified portfolio, efficient operations, and contributions from our recent property investments, most notably a treasure chest.

具體來看第四季度，我們的業績與過去幾季所取得的穩健業績一致。季度營收首次突破 10 億美元大關，EBITDA 增加近 3.8 億美元。我們第四季的業績與全年業績一樣，是由多元化的投資組合、高效的營運以及近期房地產投資（最引人注目的是財富寶庫）的貢獻所推動的。

Importantly, throughout our property operating segments, we continue to see strength in play for our core customers, and stable trends in play from our retail customers.

重要的是，在我們的房地產營運部門中，我們繼續看到核心客戶的強勁表現，以及零售客戶的穩定趨勢。

Now let's review segment results in more detail. Starting with our Las Vegas Locals segment. During the fourth quarter, we delivered our best year-over-year performance of 2024 despite ongoing competitive pressures in the market.

現在讓我們更詳細地回顧一下細分結果。從我們的拉斯維加斯當地人部分開始。第四季度，儘管市場競爭壓力持續存在，但我們仍取得了 2024 年以來最好的同比業績。

Excluding Orleans and Gold Coast, our Las Vegas Locals properties continued to perform better than the same-store market and our operating margins continued to exceed 50%. (technical difficulty) core customers continue to grow across the segment during the quarter, while play from our retail customers improved and our ongoing project to enhanced Suncoast is beginning to show its potential as this property posted a solid performance despite the addition of a new competitor in the market in late 2023.

除奧爾良和黃金海岸外，我們的拉斯維加斯本地店表現持續優於同店市場，我們的營業利潤率持續超過 50%。 （技術難度）本季度，核心客戶在整個細分市場繼續成長，同時我們的零售客戶的參與度有所提高，我們正在進行的 Suncoast 增強型專案開始展現其潛力，因為儘管 2023 年底市場上增加了新的競爭對手，但該物業仍表現穩健。

Next, we delivered another strong performance in our Downtown Las Vegas segment during the fourth quarter. Our recent enhancements at our Downtown properties are providing a solid foundation for long-term growth. Similar to our Las Vegas Locals segment, overall customer trends were consistent with recent quarters, with growth in play from our core customers and consistency in play among our retail players. Visitation from our Hawaiian customers remains healthy, while pedestrian traffic throughout the Downtown area has been steady.

接下來，我們在第四季度的拉斯維加斯市中心業務再次取得了強勁的表現。我們最近對市中心物業的改進為長期成長奠定了堅實的基礎。與我們的拉斯維加斯本地客戶部門類似，整體客戶趨勢與最近幾季一致，核心客戶的參與度有所增長，零售客戶的參與度也保持了一致性。我們夏威夷客戶的訪問量依然保持良好，而整個市中心地區的行人交通也保持穩定。

Looking at the Southern Nevada market more broadly, fundamentals of the local economy remains strong. With recent gains in employment, personal income, population, and tourism-related activity. Local employment has grown for 45 consecutive months now, with increases across most major employment sectors. Average weekly wages increased nearly 6% during the fourth quarter, outpacing the national growth rate.

更廣泛地看南內華達州市場，當地經濟基本面依然強勁。隨著就業、個人收入、人口和旅遊相關活動的不斷增長。當地就業已連續 45 個月成長，大多數主要就業領域均有成長。第四季平均週薪上漲近6%，超過全國成長率。

Southern Nevada's population has surpassed 2.3 million residents and continues to show growth, with home building permits increasing 13% over the prior year. Total visitation to Las Vegas remains healthy, growing more than 2% over the prior year to nearly 42 million visitors in 2024. And airport traffic continues to achieve record levels, exceeding 58 million passengers last year. By the end of the first quarter this year, airline capacity is expected to increase by another 3%, which includes continued growth from international markets.

內華達州南部的人口已超過 230 萬，並持續呈現成長趨勢，房屋建築許可證比前一年增加了 13%。拉斯維加斯的總遊客人數仍保持健康水平，比上年增長 2% 以上，到 2024 年將達到近 4,200 萬遊客。機場客流量持續創下新高，去年客流量超過 5,800 萬人次。到今年第一季末，航空運力預計將再增加 3%，其中包括國際市場的持續成長。

Finally, residential and commercial construction activity remains robust throughout Southern Nevada, with more than $8.5 billion in notable projects currently under construction. In all, we remain confident the long-term strength of the Southern Nevada economy as we enter 2025.

最後，整個南內華達州的住宅和商業建築活動依然強勁，目前正在建設的著名項目價值超過 85 億美元。總而言之，進入 2025 年，我們仍然對南內華達州經濟的長期強勁成長充滿信心。

Outside of Nevada, our Midwest and South segment achieved another quarter of growth led by continued strong results at Treasure Chest Casino. Our new facility at Treasure Chest has consistently performed ahead of expectations since opening in June, and remains on track to exceed our targeted EBITDA return.

除內華達州外，我們的中西部和南部地區又實現了一個季度的成長，這得益於 Treasure Chest Casino 持續強勁的業績。我們位於 Treasure Chest 的新設施自 6 月開業以來一直表現超出預期，並且仍有望超過我們的目標 EBITDA 回報。

While Treasure Chest was the strongest performer in this segment on a year-over-year basis, we were also pleased with the performance of our same-store operations. After adjusting for certain one-time benefits in the fourth quarter of 2023, same-store revenue and EBITDA grew slightly while margins remained consistent at 37%. And on both of total same-store basis, play from our core customers continue to grow, while retail customer play remained stable consistent with recent quarters.

雖然 Treasure Chest 全年成長速度是這一領域表現最強勁的，但我們對同店營運的表現也感到滿意。在調整 2023 年第四季的某些一次性福利後，同店營收和 EBITDA 略有成長，而利潤率仍保持在 37% 的穩定水平。就同​​店總額而言，我們核心客戶的參與度持續成長，而零售客戶的參與度與最近幾季保持穩定。

Next, our Online segment, once again contributed to company-wide growth. With a strong Q4 performance, our Online segment generated $76 million in EBITDA for the full year after excluding $32 million one-time fees. This performance reflects continued growth from our market access agreements, primarily with FanDuel as well as contributions from our nascent online gaming business.

接下來，我們的線上部門再次為整個公司的成長做出了貢獻。憑藉第四季度的強勁表現，我們的線上部門在扣除 3,200 萬美元的一次性費用後，全年實現 7,600 萬美元的 EBITDA。這項業績反映了我們與 FanDuel 達成的市場准入協議的持續成長，以及我們新興的線上遊戲業務的貢獻。

Beyond the financial contributions from our Online segment, we also have significant value in our 5% equity interest in FanDuel. Across the country, FanDuel is strengthening its position as America's leading online gaming company, further enhancing the considerable value of our equity stake.

除了線上部門的財務貢獻之外，我們在 FanDuel 的 5% 股權也具有重要價值。在全國範圍內，FanDuel 正在鞏固其作為美國領先線上遊戲公司的地位，進一步提升了我們股權的可觀價值。

Finally, our Managed business closed out 2024 with another solid quarter of growth. For the full year, this business generated $96 million in EBITDA, driven mainly by management fees from Sky River Casino. Sky River continues to perform at a very high level. Work has begun on a significant expansion of this property.

最後，我們的管理業務在 2024 年結束時又實現了穩健的成長。全年而言，該業務的 EBITDA 為 9,600 萬美元，主要得益於 Sky River Casino 的管理費。Sky River 繼續保持著極高的表現。該房產的大規模擴建工作已開始。

Work is now underway on the first phase of that expansion, which will add 400 slots at a 1,600-space parking garage to the property. Upon completion of phase 1, first quarter of 2026,

目前，擴建工程第一階段正在進行中，將為該物業擁有 1,600 個停車位的停車場新增 400 個車位。第一階段將於 2026 年第一季完工，

Construction will begin on the second phase of the expansion, which will include a 300-room hotel, 2 additional food-and-beverage outlets, a day spa, and an entertainment and event center. Once fully complete in mid-2027, this expansion will position Sky River for continued long-term growth, further strengthening its reputation as one of Northern California's is leading gaming entertainment destinations.

擴建工程的第二階段將開始施工，其中包括一座擁有 300 間客房的酒店、另外 2 家餐飲店、日間水療中心以及娛樂和活動中心。一旦 2027 年中期全面竣工，此次擴建將為 Sky River 的長期持續增長奠定基礎，進一步鞏固其作為北加州領先的遊戲娛樂目的地之一的聲譽。

So in all, both our fourth-quarter and full-year results demonstrated our company's continued ability to deliver a high level of performance. And we are building on our track record of success as we continue our program of investing in our nationwide portfolio.

總體而言，我們的第四季和全年業績都證明了我們公司持續提供高水準業績的能力。我們將持續實施全國投資組合計劃，鞏固我們過去的成功。

An example of these investments is the ongoing renovation of our hotel room product. We have recently begun hotel renovations at the Orleans, IP, and Valley Forge, which account for nearly one-third of our hotel rooms across the country. When combined with other recently completed hotel renovations, we will have refreshed and updated nearly 60% of our hotel room inventory by next year.

這些投資的一個例子就是我們正在進行的飯店客房產品的翻新。我們最近開始對奧爾良酒店 (Orleans)、IP 酒店和 Valley Forge 酒店進行翻新，這三家酒店的客房數量占我們在全國酒店客房總數的近三分之一。結合其他最近完成的酒店裝修工程，到明年我們將更新和改造近 60％ 的酒店客房庫存。

We're also enhancing the customer experience throughout our properties. An example of this is the Suncoast, where we opened a new sports book, high-limit room, and premium steakhouse in 2024. All of these new amenities have been well-received by our customers, helping drive solid results at Suncoast over the last several quarters.

我們也正在提升我們所有酒店的客戶體驗。以 Suncoast 為例，我們於 2024 年在那裡開設了新的運動博彩、高限額房間和高級牛排館。所有這些新設施都受到了我們客戶的一致好評，並幫助 Suncoast 在過去幾季取得了穩健的業績。

Extra come at the Suncoast is a complete renovation of the casino floor, a new food hall, and expansion of the properties meeting space. Unveiled the first section of the Suncoast Casino renovation earlier today and are on track to complete all property enhancements by early 2026.

Suncoast 的額外設施包括賭場樓層的全面翻新、新美食大廳以及酒店會議空間的擴建。今天早些時候公佈了陽光海岸賭場翻新工程的第一部分，並預計在 2026 年初完成所有物業升級。

In addition to enhancing our properties, we continue to pursue strategic growth investments in our portfolio. At Ameristar St. Charles, we are making progress on the expansion of that property's Meeting and Convention Center, Ameristar's existing meeting and convention business, the core part of its business model.

除了提升我們的資產品質之外，我們還將繼續對我們的投資組合進行策略性成長投資。在 Ameristar St. Charles，我們正在擴大該物業的會議和會議中心，這是 Ameristar 現有的會議和會議業務，也是其商業模式的核心部分。

With a four-diamond rated hotel, extensive amenities in close proximity to the St. Louis airport, Ameristar sees more demand than it can currently accommodate. With didn't already exceeding our current space, the Ameristar team is having great success booking future business for its expanded Convention Center, positioning the property to deliver strong results once our expansion's completed this fall.

由於 Ameristar 擁有一家四鑽級酒店，且設施齊全，毗鄰聖路易斯機場，因此其需求量已經超出了目前的能力範圍。由於尚未超出我們目前的空間，Ameristar 團隊在為擴建的會議中心預訂未來業務方面取得了巨大的成功，這使得該物業能夠在今年秋天擴建完成後帶來強勁的業績。

Next in Southern Nevada remain on schedule to open Cadence Crossing Casino in mid-2026. This development will replace our existing Joker's Wild Casino with a modern casino entertainment experience. The nearby master-planned community of Cadence is one of the fastest growing neighborhoods in the Las Vegas Valley and this development will position us to capitalize on the growth.

內華達州南部的下一個賭場項目仍按計劃於 2026 年中期開業。此次開發將以現代賭場娛樂體驗取代我們現有的 Joker’s Wild Casino。附近的 Cadence 總體規劃社區是拉斯維加斯山谷地區發展最快的社區之一，這項開發案將使我們能夠充分利用這一成長機會。

Cadence Crossing will begin as a smaller property, with 450 slots and several restaurants. But as the Cadence community continues to grow towards its full build-out, 12,000 homes, Cadence Crossing will grow with it with plans for hotel, more casino space, and additional amenities.

Cadence Crossing 最初規模較小，設有 450 個停車位和幾家餐廳。但隨著 Cadence 社區繼續發展，朝著擁有 12,000 套住宅的全面建設目標邁進，Cadence Crossing 也將隨之發展，計劃興建酒店、更多的賭場空間和其他便利設施。

And as work continues on these projects, we are developing plans for the next investments in our property-growth pipeline. One of these projects will be in Central Illinois, where we anticipate replacing our 30-year-old riverboat casino at Par-a-Dice with a compelling new entertainment destination.

隨著這些項目的持續推進，我們正在製定下一步房地產成長投資的計劃。其中一個項目位於伊利諾伊州中部，我們計劃用一個引人注目的新娛樂目的地取代位於 Par-a-Dice 的 30 年歷史的河船賭場。

While it is still early in the design process, we could begin construction as early as the first half of 2026 pending regulatory approvals. We are confident that this project will deliver a solid return on our investment by driving incremental growth in visitation and business volumes at Par-a-Dice following its completion.

雖然設計過程尚處於早期階段，但只要獲得監管部門批准，我們最快可在 2026 年上半年開始施工。我們相信，該項目竣工後將推動 Par-a-Dice 的遊客量和業務量逐步增長，從而為我們的投資帶來豐厚的回報。

In addition to ongoing investments in existing properties, we're also investing to expand our portfolio with our resort development in Norfolk, Virginia, where construction is set to begin shortly. This $750 million project will further diversify our portfolio by expanding our presence in one of the largest underserved gaming markets in the mid-Atlantic region.

除了對現有物業進行持續投資外，我們還在投資擴大我們的投資組合，在弗吉尼亞州諾福克開發度假村，該項目即將開工。這個耗資 7.5 億美元的項目將擴大我們在中大西洋地區最大的服務不足的遊戲市場之一的影響力，從而進一步豐富我們的投資組合。

We are confident in our ability to create a market-leading resort experience in Norfolk that will attract customers from throughout the region, serving as a key growth driver for both the city of Norfolk and our company.

我們有信心在諾福克創造市場領先的度假體驗，吸引來自整個地區的客戶，成為諾福克市和我們公司的主要成長動力。

The resort, which is scheduled for completion in late 2027, will include a casino with 1,500 slots and 50 table games, a 200-room hotel, 8 food-and-beverage outlets, live entertainment, and a 45,000 square foot outdoor amenity deck. Part of this project, we plan to open a modest transitional casino this November.

該度假村預計於 2027 年底竣工，將包括一個擁有 1,500 台老虎機和 50 張賭桌的賭場、一個擁有 200 間客房的酒店、8 家餐飲店、現場娛樂表演以及一個 45,000 平方英尺的戶外便利設施平台。作為該計畫的一部分，我們計劃今年 11 月開設一個小型過渡賭場。

In all these investments form the foundation of our future growth. While we are investing in these strategic-growth opportunities, we are also continuing to return capital to shareholders. In the fourth quarter, we repurchased $203 million in stock, bringing our total repurchase activity for 2024 to $686 billion. While we have repurchased more than our targeted level of shares over the last several quarters, this has been purely opportunistic.

所有這些投資構成了我們未來成長的基礎。在我們投資這些策略成長機會的同時，我們也持續向股東返還資本。第四季度，我們回購了價值 2.03 億美元的股票，使我們 2024 年的總回購額達到 6,860 億美元。雖然過去幾季我們回購的股票數量超過了目標水平，但這純粹是機會主義的。

Looking ahead to 2025, we remain committed to $100 million per quarter in repurchase activity, supplemented by our ongoing dividend program. In addition to invest in growth opportunities and returning capital to shareholders, our balanced approach to capital allocation includes maintaining a strong balance sheet. We ended 2024 with total leverage of approximately 2.5 times, giving us a strong foundation to continue our successful approach to capital allocation.

展望 2025 年，我們仍致力於每季 1 億美元的回購活動，並輔以我們正在進行的股利計畫。除了投資成長機會和向股東返還資本外，我們平衡的資本配置方法還包括維持強勁的資產負債表。截至 2024 年，我們的總槓桿率約為 2.5 倍，為我們繼續成功配置資本奠定了堅實的基礎。

So as we look back in 2024, we are pleased with the performance of our company, strong foundation we have built for the future. We continue to generate substantial free cash flow through our diversified business model and our consistent operating performance. Our ongoing property investments are delivering solid returns and positioning us for long-term growth.

因此，當我們回顧 2024 年時，我們對公司的表現感到滿意，為未來奠定了堅實的基礎。我們透過多元化的業務模式和穩定的經營業績繼續產生大量自由現金流。我們正在進行的房地產投資正在產生可觀的回報並為我們的長期成長奠定基礎。

And we are successfully balancing these investments with our capital return program, returning nearly $750 million in capital to our shareholders in 2024, while maintaining the strongest balance sheet in our company's history.

我們成功地平衡了這些投資與資本回報計劃，在 2024 年向股東返還了近 7.5 億美元的資本，同時保持了公司歷史上最強勁的資產負債表。

Finally, before I turn it over to Josh, I wanted to take a moment to recognize a historic milestone for our company. January 1 of this year, we celebrated Boyd Gaming's 50th year in business. We've come a long way since Sam and Bill open the California Hotel and Casino in 1975.

最後，在把麥克風交給喬希之前，我想花點時間回顧我們公司的一個歷史性里程碑。今年 1 月 1 日，我們慶祝了 Boyd Gaming 成立 50 週年。自 1975 年 Sam 和 Bill 開設加州酒店和賭場以來，我們已經取得了長足的進步。

Since then, our company has grown from a single property in Downtown Las Vegas into one of the largest and most respected gaming companies in the United States. And while our company is much different today than it was in 1975, division and integrity of Sam and Bill Boyd continue to guide us to this day.

從那時起，我們公司從拉斯維加斯市中心的一家小公司發展成為美國最大、最受尊敬的博彩公司之一。儘管我們公司今天與 1975 年相比已有很大不同，但 Sam 和 Bill Boyd 的分工和誠信仍然引導著我們直到今天。

Their commitment to growth and their commitment to making a positive difference for our team members in our communities, our principles that we probably carry forward as a company. Our success throughout these past five decades would not have been possible without the hard work of our team members. Their dedication to delivering memorable service for our guests is what makes the Boyd experience unique.

他們致力於成長，致力於為我們社區的團隊成員帶來積極的變化，這也是我們作為一家公司可能秉持的原則。如果沒有團隊成員的辛勤努力，我們不可能取得過去五十年的成功。他們致力於為我們的客人提供難忘的服務，這使得 Boyd 體驗與眾不同。

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

感謝您今天抽出時間。現在我想把電話轉給喬希。

Thank you, Keith. The fourth quarter represented the conclusion to a very good year for our company. We finished 2024 generating nearly $1.4 billion in EBITDA, with annual property level margins exceeding 40%. As a result of our performance, our diversified portfolio generates significant free cash flow that we are deploying to reinvest in our business and return significant capital to our shareholders.

謝謝你，基斯。第四季對我們公司來說是一個非常好的一年的結束。到 2024 年，我們的 EBITDA 接近 14 億美元，年度房地產利潤率超過 40%。由於我們的出色表現，我們多元化的投資組合產生了大量自由現金流，我們將利用這些現金流再投資於我們的業務並向我們的股東返還大量資本。

I'll now provide additional commentary on our fourth-quarter and full-year 2024 results and provide comments on our 2025 outlook.

我現在將對我們的 2024 年第四季和全年業績提供進一步評論，並對我們的 2025 年展望發表評論。

Beginning with our Online segment. In this segment, we generated $108 million in EBITDA for the full year of 2024, including $32 million in nonrecurring market access fees. For 2025, we expect to generate approximately $80 million to $85 million from our Online segment, which compares to the $76 million of run rate EBITDA in 2024.

從我們的線上部分開始。在這個部門中，我們在 2024 年全年創造了 1.08 億美元的 EBITDA，其中包括 3,200 萬美元的非經常性市場准入費。到 2025 年，我們預計線上業務的收入將達到約 8,000 萬至 8,500 萬美元，而 2024 年的 EBITDA 運行率將為 7,600 萬美元。

This segment includes contributions from our revenue share agreements and Boyd Interactive. For reference, the tax pass-through amounts reported as revenues and expenses in our Online segment were $128 million for the fourth quarter and $450 million for the full year of 2024. This compares to $97 million in the fourth quarter of 2023 and $328 million for the full year of 2023.

此部分包括來自我們的收入分成協議和 Boyd Interactive 的貢獻。作為參考，我們線上部門報告為收入和支出的稅收轉嫁金額為第四季度 1.28 億美元和 2024 年全年 4.5 億美元。相較之下，2023 年第四季為 9,700 萬美元，2023 年全年為 3.28 億美元。

In our Managed business, we generated $96 million for the full year of 2024, primarily driven by the management fees we earn from Wilton Rancheria Sky River Casino. We expect to generate a similar amount of EBITDA in 2025 from our Managed and Other businesses.

在我們的管理業務中，我們在 2024 年全年創造了 9,600 萬美元的收入，主要來自 Wilton Rancheria Sky River Casino 賺取的管理費。我們預計，2025 年我們的管理業務和其他業務將產生類似金額的 EBITDA。

In terms of capital expenditures, we invest $111 million in capital during the fourth quarter, bringing total 2020 for capital spend to $400 million. For 2025, our capital investment plans include maintenance capital, incremental maintenance capital related to our hotel room refurbishment initiative, recurring property growth investments, and starting our development project in Virginia. In terms of each of these capital spend categories, we estimate our recurring maintenance capital to be approximately $250 million per year.

在資本支出方面，我們在第四季度投資了 1.11 億美元的資本，使 2020 年的資本支出總額達到 4 億美元。到 2025 年，我們的資本投資計劃包括維護資本、與酒店客房翻新計劃相關的增量維護資本、經常性房地產增長投資以及在弗吉尼亞州啟動我們的開發項目。就每個資本支出類別而言，我們估計經常性維護資本約為每年 2.5 億美元。

We will spend an additional amount of maintenance capital related to hotel room refurbishments this year of approximately $100 million at IP, Valley Forge, and New Orleans. Our initiative to upgrade our hotel rooms is scheduled to be complete in mid-2026.

我們今年將額外投入約 1 億美元的維護資金用於 IP、Valley Forge 和新奧爾良的飯店客房翻新。我們的飯店客房升級計劃預計於 2026 年中期完成。

In terms of our recurring property growth investments, we expect to invest approximately $100 million each year. In 2025, this amount includes investments in the convention expansion at Ameristar St. Charles, which is scheduled to open in the late -- in the fall of 2025.

就我們的經常性房地產成長投資而言，我們預計每年投資約 1 億美元。2025 年，該金額包括對 Ameristar St. Charles 會展擴建的投資，該項目計劃於 2025 年秋末開放。

And the Cadence Crossing development here in Las Vegas, expected to be complete in mid-2026. As these projects come to conclusion, can we expect to begin the next round of projects, including potentially replacing our 30-year-old riverboat at Par-a-Dice.

位於拉斯維加斯的 Cadence Crossing 開發案預計將於 2026 年中期完工。隨著這些項目的結束，我們是否可以期待開始下一輪項目，包括可能更換 Par-a-Dice 的 30 年歷史的河船。

And finally, we are beginning work on our casino resort development in Virginia with estimated capital spending of $150 million to $200 million in 2025. The total investment in this project related to the development of the temporary and permanent facilities is estimated to be $750 million. The temporary facility is on track to open in November of this year, while the permanent resort is scheduled to open in late 2027.

最後，我們開始在維吉尼亞州開發賭場度假村，預計 2025 年的資本支出將達到 1.5 億至 2 億美元。該項目涉及臨時設施和永久設施的開發，總投資預計為7.5億美元。臨時設施預計今年 11 月開放，永久度假村計劃於 2027 年底開放。

To summarize our capital plans for 2025, we estimate maintenance-related and property-growth capital of $450 million and an additional $150 million to $200 million for Virginia, resulting in total CapEx for 2025 of approximately $600 million to $650 million.

總結我們 2025 年的資本計劃，我們估計維護相關和財產成長資本為 4.5 億美元，維吉尼亞州另外需要 1.5 億至 2 億美元，因此 2025 年的總資本支出約為 6 億至 6.5 億美元。

In addition to these investments, we remain committed to returning capital to our shareholders. We paid a quarterly dividend of $0.17 per share during the fourth quarter. Also, during the quarter, we repurchased $203 million in stock at an average price of $71.79 per share, acquiring 2.8 million shares. When combined with our share repurchases with our dividend program, we returned nearly $750 million to our shareholders during 2024, or more than $8 per share.

除了這些投資之外，我們也致力於向股東返還資本。我們在第四季度支付了每股 0.17 美元的季度股息。此外，在本季度，我們以每股 71.79 美元的平均價格回購了價值 2.03 億美元的股票，收購了 280 萬股。結合我們的股票回購和股利計劃，我們在 2024 年向股東返還了近 7.5 億美元，每股超過 8 美元。

As of yearend 2024, we had $640 million remaining under our current repurchase authorizations, and the actual number of shares outstanding at year end was 86.2 million shares.

截至 2024 年底，我們目前的回購授權剩餘金額為 6.4 億美元，年底實際流通股數為 8,620 萬股。

Since October 2021, we have returned nearly $1.9 billion in capital to our shareholders in the form of share repurchases and dividends, reducing our share count by more than 23% over that time period. We ended the quarter with total leverage of about 2.5 times and lease adjusted leverage of about 2.9 times. We have no near-term maturities, strong free cash flow supported by a diversified portfolio of assets, and ample borrowing capacity under our credit agreement continuing to place our company and I see strongest financial position and our history.

自 2021 年 10 月以來，我們已以股票回購和股息的形式向股東返還了近 19 億美元的資本，在此期間我們的股票數量減少了 23% 以上。截至本季末，我們的總槓桿率約為 2.5 倍，租賃調整後槓桿率約為 2.9 倍。我們沒有短期到期債務，多元化資產組合支撐的強勁自由現金流，以及信貸協議下充足的借貸能力，將繼續使我們的公司和我認為保持最強勁的財務狀況和歷史。

Transitioning to our 2025 outlook and our Las Vegas Locals segment, we expect stability will return to the Orleans and Gold Coast during the second half of the year as we fully anniversary competition. Expect other properties and our Locals segment to perform slightly better than the overall Locals market consistent with the 2020 for performance of these properties.

轉向我們的 2025 年展望和拉斯維加斯當地人細分市場，我們預計隨著我們全面結束週年紀念競爭，奧爾良和黃金海岸將在下半年恢復穩定。預計其他物業和我們的本地物業部門的表現將略好於整體本地物業市場，與 2020 年這些物業的表現一致。

In Downtown Las Vegas, we expect growth during the year in line with the Downtown market in. Our Midwest and South segment, we expect to benefit from an incremental five months of the Treasure Chest expansion, which opened in June of 2024. For the remaining properties in this segment, we expect results similar to 2024.

在拉斯維加斯市中心，我們預計今年的成長將與市中心市場保持一致。我們預計，我們的中西部和南部地區將受益於 2024 年 6 月開放的為期五個月的 Treasure Chest 擴建計劃。對於該細分市場中的剩餘資產，我們預期業績與 2024 年類似。

For the first quarter, it is worth noting that this segment has been impacted by poor weather conditions throughout January, similar to the first quarter of 2024. Beyond our expected performance for these three segments, with the continued success of investments like the Fremont and Treasure Chest, our pipeline of investments continues to strengthen our EBITDA and position us for future growth.

對於第一季度，值得注意的是，該部分在整個 1 月都受到惡劣天氣條件的影響，與 2024 年第一季的情況類似。除了我們對這三個部門的預期表現之外，隨著弗里蒙特和 Treasure Chest 等投資的持續成功，我們的投資管道繼續加強我們的 EBITDA 並為我們未來的成長做好準備。

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

大衛，我們的發言到此結束。我們現在準備好回答任何問題。

Thank you, Josh.

謝謝你，喬希。

Thank you, Josh. We will now begin our question-and-answer session.

謝謝你，喬希。我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

Hey, guys, good afternoon. Hey, Keith and Josh. So without giving formal guidance for the full company, Josh, you have given us some high-level guidance around certain parts of your business. I'm just wondering if you could maybe help us again from a high level -- help us understand how you're thinking about maybe your core customers versus your retail customers in '25. Just, I guess, just trying to understand how you're thinking about both of those segments. And I would assume stability is what you're going to say but I wanted to ask that question anyway.

嘿，大家下午好。嘿，基斯和喬希。因此，Josh，您雖然沒有為整個公司提供正式指導，但還是圍繞業務的某些部分為我們提供了某些高層指導。我只是想知道您是否可以從更高層面再次幫助我們 - 幫助我們了解您如何看待 25 年的核心客戶與零售客戶。我想，我只是想了解您是如何看待這兩個部分。我認為您要說的是穩定性，但無論如何我還是想問這個問題。

Yes. So thanks, Steve. I'll take a shot at it. I think what we've seen really very consistently is our core customer has been really growing. And so we would expect that customer set to continue to go the growth.

是的。所以謝謝你，史蒂夫。我會嘗試一下。我認為，我們真正看到的是我們的核心客戶確實在成長。因此，我們預計客戶數量將持續成長。

In terms of retail, I would divide that customer into really two parts of our business, one in Las Vegas and one outside of Las Vegas. The retail customer for us and the markets outside of Las Vegas has largely been stable, meaning bouncing around flat year over year in terms of growth for probably the better part of a year, if not longer.

就零售而言，我會將客戶分為我們業務的兩個部分，一個在拉斯維加斯，一個在拉斯維加斯以外。我們的零售客戶以及拉斯維加斯以外市場的零售客戶基本上保持穩定，這意味著在一年中的大部分時間裡，甚至更長時間內，其成長速度與去年相比基本持平。

So we're really are poised for that part of the business to convert our pivot to positive at some point, although it hasn't at this at this juncture. And I think that's probably more reflective of the broader economic issues facing that customer segment.

因此，我們確實準備好讓該部分業務在某個時候轉變為積極的轉變，儘管目前還沒有。我認為這可能更多地反映了該客戶群面臨的更廣泛的經濟問題。

In terms of Las Vegas, throughout 2024, what we've seen is what I would call a stabilizing of impact or stabilizing or recovering kind of performance from the retail customer, meaning getting less bad year-over-year, sequentially. So year over year, the declines are getting less bad sequentially as we move through 2024.

就拉斯維加斯而言，在整個 2024 年，我們看到的是我所說的影響的穩定，或者說零售客戶表現的穩定或恢復，這意味著逐年、連續的糟糕表現有所減少。因此，隨著我們進入 2024 年，年比去年，下降趨勢會逐漸減緩。

And I think as we look through 2025, we would expect us to really kind of start to reach more stability. Maybe still both be down a little bit in the second half of the year once we fully anniversary the competition. I don't think we will start to see growth in that segment in '25. Our best opportunity for that would be in the second half. But I'm not sure if we'll get there this year or not. It will depend on things that are a little bit out of our control.

我認為，展望 2025 年，我們有望真正開始實現更加穩定。一旦我們全面回顧比賽，也許下半年兩者仍會略有下降。我認為我們不會在25年開始看到該領域的成長。我們最好的機會是在下半場。但我不確定我們今年是否能實現這個目標。這將取決於一些我們無法控制的事情。

Keith, I don't know if there's anything you want to add to that?

基思，我不知道您是否還有什麼要補充？

No, I think this really summarizes where we're at with core and retail.

不，我認為這確實總結了我們在核心和零售方面的現狀。

Yes, that's perfect commentary. Thanks, Josh. Second question again, maybe trying to dig in a little bit more towards guidance. And I apologize, but maybe help us think about flow through in '25 or, you know, a better understanding of how you're thinking about maybe some of the headwinds or tailwinds that you might be starting to encounter on the margin front as well.

是的，這是完美的評論。謝謝，喬希。再次是第二個問題，也許試著更深入地尋找指導。我很抱歉，但也許可以幫助我們思考 25 年的流程，或者，您知道，更好地理解您如何看待您可能在利潤方面開始遇到的一些逆風或順風。

And then, Josh, real quick. A housekeeping question in terms of how you're thinking about corporate expense for the year would be helpful as well. Thanks.

然後，喬希，很快。關於您如何考慮年度公司開支的一個基本問題也將很有幫助。謝謝。

So I'll take a shot at this. In terms of flow through and margins, look, I think from an expense perspective, continue to see expense pressures, but nothing like what we've seen over the last several years. So I would stick with the theme of expenses moderating while still a bit challenging.

所以我會嘗試一下。就流量和利潤率而言，我認為從費用角度來看，費用壓力仍然會持續存在，但不會像過去幾年那樣。因此，我會堅持控制開支的主題，儘管這仍然有點挑戰性。

I think, overall, things continuing trend in a direction that's favorable from an expense perspective. And what we really need to start seeing is kind of better revenue growth from primarily that Retail segment that we spoke about to get to kind of enhance our flow through.

我認為，總體而言，從費用角度來看，事情將繼續朝著有利的方向發展。我們真正需要看到的是，主要從我們談到的零售部門獲得更好的收入成長，以提高我們的流量。

But I think we're at a period of time where we can manage our margins fairly effectively in this environment, absent any significant change in our customer spend behavior. And I think that applies really across our portfolio.

但我認為，在這種環境下，只要顧客消費行為沒有重大變化，我們就能相當有效地管理利潤。我認為這確實適用於我們的整個投資組合。

I think you've seen margins fairly consistent recently, and that's what you should think about as you think about 2025 to get the LVL apps in Orleans and Gold Coast exceeding 50% margins in the MSR being consistent at 37%. And as Josh said, some of that is most expenses are moderating, and we're able to manage through it. So we have to think about 2025, think about consistency.

我認為您最近看到的利潤率相當穩定，這就是您在考慮 2025 年時應該考慮的，屆時奧爾良和黃金海岸的 LVL 應用的利潤率將超過 50%，而 MSR 的利潤率將穩定在 37%。正如喬希所說，大部分開支都在減少，我們能夠應付。所以我們必須考慮 2025 年，考慮一致性。

Again, I think overall, if you look at our property level margins, they've been consistently above 40%, really since COVID sort of been managing through all of the challenges while maintaining a very healthy margins that I think people were skeptical that we'd be able to maintain. I think we've, after four years, would hopefully have some confidence that we can manage and deliver this level of performance consistently.

再次，我認為總體而言，如果您看看我們的房地產利潤率，它們一直保持在 40% 以上，實際上自從 COVID 以來，我們一直在應對所有挑戰，同時保持非常健康的利潤率，我認為人們對我們能否維持這一利潤率表示懷疑。我想，四年後，我們希望有信心能持續維持並實現這種水準的表現。

You ask about the corporate expense. And I think for 2025, I would build in about a 3% to 3.5% kind of growth in corporate expense. We do have kind of a one-time item in 2025 where we're making some larger donations that will hit corporate expense. And so I think a good number for this year it's about $95 million.

您詢問的是公司費用。我認為到 2025 年，企業支出將成長約 3% 至 3.5%。我們確實在 2025 年有一些一次性項目，我們會進行一些更大規模的捐贈，這將影響公司開支。所以我認為今年的一個好數字是約 9500 萬美元。

Okay, great. Appreciate the color. Thanks, Josh.

好的，太好了。感謝色彩。謝謝，喬希。

Barry Jonas, Truist Securities.

巴里喬納斯（Barry Jonas），Truist Securities。

Hey, guys. Online was ahead of our expectations, even when factoring the one-timers. Just curious, did a core NFL hold in the quarter flows through to you guys at all, or just other elements of growth enough of an offset? Thanks.

嘿，大家好。即使考慮到一次性因素，線上表現也超出了我們的預期。只是好奇，本季的核心 NFL 持股是否對你們產生了影響，還是其他成長因素足以抵消這種影響？謝謝。

I think the answer to that is yes and yes, we certainly were impacted in the online space by the lower hold during NFL season. At the same time, we saw good growth in the business and good growth market access agreements as well as some growth from our small, but growing, the online gaming business.

我認為答案是肯定的，是的，我們確實在網路空間中受到了 NFL 賽季期間較低持有量的影響。同時，我們的業務和市場准入協議都取得了良好的成長，而且我們的規模雖小但正在成長的線上遊戲業務也取得了一些成長。

Understood. And then just as a follow-up, Keith, there's lots of activity these days on the legislative front. As you look at states discussing gaming, curious, where do you see the greatest risks and maybe opportunity for Boyd's perspective.

明白了。然後作為後續問題，基思，最近在立法方面有很多活動。當您看到各州討論博彩業時，您很好奇，從 Boyd 的角度來看，您認為最大的風險和機會在哪裡。

Yes. If you look across the landscape, it's early in the season. There's lots of gaming bills out there. We're monitoring all of them and paying attention. It's really hard to judge a month into most of these sessions. Some place like Louisiana hasn't gone into session yet. And so we're monitoring them. It's early. We've been through this, you know, for a lot of years. And so we'll just have to see what happens.

是的。如果你放眼望去，你會發現現在正值季節初期。那裡有很多賭博法案。我們正在監視所有這些情況並保持關注。對於大多數此類會議，在一個月後做出評價確實很難。路易斯安那州等一些地方尚未開會。因此我們正在監視他們。現在還早。你知道，我們已經經歷這個很多年了。所以我們只需要看看會發生什麼。

But I don't really have any other comments beyond that.

但除此之外我真的沒有其他評論。

Understood. All right. Thank you so much, guys. Nice quarter.

明白了。好的。非常感謝你們。不錯的季度。

Carlo Santarelli, Deutsche Bank.

德意志銀行的卡洛桑塔雷利 (Carlo Santarelli)。

Hey, guys, thanks for taking my question. Josh, you talked a little bit about regional kind of bouncing around a little bit last year on a same store basis. And obviously, the last few months, fourth quarter specifically, did look better from what we see from the GGR perspective, certainly kind of showed through in your net revenue of Keith's comments about what the same-store portfolio did.

嘿，夥計們，謝謝你們回答我的問題。喬希，你談到了去年同店銷售基礎上區域波動的情況。顯然，從 GGR 的角度來看，過去幾個月，特別是第四季度，情況確實有所好轉，這在 Keith 對同店投資組合表現的評論中的淨收入中得到了充分體現。

But then I guess, taking your commentary around 2025, it kind of sounded as though you were insinuating a flattish year-over-year, same-store kind of EBITDA trajectory. Am I interpreting that right. And then secondly, is there anything that kind of hindering your willingness to maybe talk about an improving trend line in '25?

但我想，從您對 2025 年的評論來看，這聽起來好像您在暗示同比、同店 EBITDA 軌跡將持平。我的解釋正確嗎？其次，是否有任何因素妨礙您談論 25 年的改善趨勢？

Yes. So I think your interpretation is correct. I think for those of you who remember and follow along, we had what we thought was going to be a challenging comparison to Q4 of last year with all the one-time benefits that we had, then that we didn't get the benefit of this year.

是的。所以我認為你的解釋是正確的。我想，對於那些記得並關注我們的人來說，我們認為與去年第四季相比這將是一個挑戰，因為我們擁有所有的一次性收益，但我們沒有獲得今年的收益。

I think we had a little bit better performance out of Treasure Chest than we expected in Q4. And we also had a little bit better performance throughout the portfolio, quite honestly, than we expected. I think when we remain cautious because I don't think we've seen enough of strength in primarily the Retail segment, given my comments earlier, to say that they have pivoted to contribute to sustainable kind of a growing segment.

我認為我們在第四季度的 Treasure Chest 表現比預期要好一些。坦白說，我們整個投資組合的表現也比我們預期的要好一些。我認為我們保持謹慎是因為我認為我們主要在零售領域還沒有看到足夠的實力，根據我先前的評論，可以說他們已經轉向為永續成長的領域做出貢獻。

Now maybe that will happen, but that's not what we're seeing. And the customer trends at this point, we're seeing just more, I'm trying to think of how to describe, more consistency in their play that's not pivoting to consistent growth, if that if that makes sense.

現在也許會發生這種情況，但這不是我們所看到的。而此時的客戶趨勢，我們看到的只是更多，我正在嘗試思考如何描述，他們的玩法更加一致，而不是轉向持續增長，如果這有意義的話。

So that's the hesitation to kind of get excited about what was a little bit better quarter than maybe what we expected from the Midwest and South.

因此，我們對於本季的業績表現不太興奮，因為我們對中西部和南部地區的預期可能略好於這個季度。

Look, Carlo, I think it's just our natural hesitation to go -- think about the entire year go too far out on a limb at this point. There's a lot of things that can go on. We think it will overall be a better year, but there's nothing that jumps out to you that says you should predict something that was significantly greater.

聽著，卡洛，我想這只是我們自然而然的猶豫——想想今年這個時候我們是否走得太遠了。有很多事情可以繼續。我們認為今年整體來說會是更好的一年，但並沒有什麼特別之處讓你預測會出現更好的結果。

I know this isn't related to your question, Carlo, but I just want to remind people, January so far in the Midwest and South, has been very similar to January of last year with the weather. So not that that's an answer to your question, but I'm just saying don't forget that.

卡洛，我知道這和你的問題無關，但我只是想提醒大家，到目前為止，一月份美國中西部和南部的天氣與去年一月非常相似。所以這不是對你問題的回答，但我只是說不要忘記這一點。

Understood. And if I could just a follow-up. Obviously, last three quarters stacked up the buyback to over $200 million, a very steady at $100 million a quarter. And I think that there has always been at least under $100 million a quarter, but we'll certainly have gotten more aggressive with your buyback activity.

明白了。如果我可以繼續跟進的話。顯然，過去三個季度的回購金額已超過 2 億美元，並且穩定在每季 1 億美元的水平。我認為每季的回購金額至少一直低於 1 億美元，但我們肯定會更積極地進行回購活動。

And when you couple that with kind of the elements of up the development pipeline, the CapEx that you're spending the room remodels, clearly, the other projects that you talked about, the Virginia Cadence, that potentially Illinois getting started later. Where does within the context of any kind of M&A or acquisitions portfolio you might be looking at, how have you guys kind of frame the returns on capital that you're spending relative to something that might do outside the company?

當你將其與開發管道中的各種元素結合時，你花在房間改造上的資本支出，顯然，你談到的其他項目，弗吉尼亞節奏 (Virginia Cadence)，可能會在伊利諾伊州稍後開始。在您可能正在考慮的任何類型的併購或收購組合的背景下，您如何建立相對於公司外部可能採取的措施的資本回報率？

Yes, I think it's strictly an evaluation of the alternatives that we have in front of us based on the returns that they will generate. If we did have good projects like the Treasure Chest, for instance, or some of the projects that we're pursuing as part of the recurring property growth investments, we wouldn't be doing them. We'd be investing more in returning capital to shareholders.

是的，我認為這完全是基於我們面前的替代方案將產生的回報而進行的評估。如果我們確實有像 Treasure Chest 這樣的好項目，或者我們正在作為經常性房地產增長投資的一部分進行的一些項目，我們就不會去做它們。我們將投入更多資金來回報股東。

So it's really a balance of where we can get the best returns. And we've mentioned before we have a pipeline of projects. We have plenty of projects to choose from. We have to choose the best ones that continue to generate superior returns. That's why we tried to do it in a manner that we're doing it, weigh that against repurchasing shares.

因此，這實際上是一種我們可以獲得最佳回報的平衡。我們之前提到過，我們有一系列項目。我們有很多項目可供選擇。我們必須選擇能夠持續產生優異回報的最佳項目。這就是為什麼我們嘗試以我們正在做的方式來做這件事，並將其與回購股票進行權衡。

And then if another opportunity, whether be greenfield development or acquisition, it will just be evaluated in the same context. There will have to be a compelling opportunity relative to either invest in our portfolio or buying back shares.

然後，如果有另一個機會，無論是綠地開發還是收購，都會在相同的背景下進行評估。必須有一個引人注目的機會來投資我們的投資組合或回購股票。

Understood. Thank you, Josh. Thanks, Keith.

明白了。謝謝你，喬希。謝謝，基斯。

Jordan Bender, Citizens JMP.

喬丹·本德 (Jordan Bender)，公民 JMP。

Good afternoon, everyone. Good to hear about our performance in the Locals market. And it's been a little bit tougher to decipher what the true growth in the Locals market has been with all the new competition. So without getting into 1Q guidance, can you maybe help us with what that answer actually kind of looks like and, more specific to you guys, what would you attribute the outperformance that you're calling out versus the overall market.

大家下午好。很高興聽到我們在本地市場的表現。而且，隨著所有新競爭的出現，要判斷本地市場真正的成長就變得更加困難了。因此，在不了解第一季指引的情況下，您能否幫助我們回答這個問題，更具體地說，與整體市場相比，您認為您所稱的優異表現是什麼？

You cut out for second there. Could you re-ask your question, I apologize.

你在那裡獲得第二名。您能重新問一下您的問題嗎，很抱歉。

Yes, I guess it's been just a little bit tougher to decipher what the true underlying growth of the Locals market has been with all the competition. So can you just kind of help us with what the exit rate is for the locals market into the new year? And then I guess more specific to you guys, what be your review your outlook of outperformance versus the market tail.

是的，我想，在如此激烈的競爭中，要弄清楚本地市場真正的潛在成長究竟是什麼就變得有點困難了。那麼，您能否幫助我們了解新年期間當地市場的退出率是多少？然後我想對你們來說更具體地說，你們對優異表現與市場尾部的展望是什麼。

I think in terms of own performance and our outperformance versus kind of what we call the same-store market in 2024, I think it's a combination of having some refreshed product, good marketing programs, and just a good overall operation. The promotional environment here in Las Vegas has remained fairly stable, and we remain very disciplined on that front.

我認為，就自身業績以及我們相對於 2024 年同店市場的優異表現而言，這是更新產品、良好行銷計劃和良好整體營運的結合。拉斯維加斯的促銷環境保持相當穩定，我們在這方面仍然非常自律。

As we've talked about in her prepared remarks, we've seen good growth from our core customers and continued steady growth from that group. And some stability, as Josh talked about, amongst the retail customers.

正如我們在她的準備好的演講中談到的那樣，我們看到核心客戶實現了良好的成長，並且該群體繼續保持穩定的成長。正如喬希 (Josh) 所說，零售客戶之間也存在一定的穩定性。

In terms of kind of the exit rate of growth in the LVL as we think about 2025, it's kind of tough to predict. Is it low-single digits? Probably. If you were depending on your estimate of where the new competitor, how much revenue the new competitor generated on a quarterly or annual basis throughout 2024, you were to subtract that out of the market. I think what you'd be looking at as a marker kind of growing in that low-single digit range. So that continues into 2025.

就 2025 年拉脫維亞特克萊斯勒天然氣的退出成長率而言，預測起來相當困難。是低個位數嗎？大概。如果您依賴對新競爭對手的估計，那麼新競爭對手在 2024 年每個季度或每年創造的收入是多少，您應該從市場中減去這一部分。我認為你所看到的標誌是在低個位數範圍內成長的。這種情況將持續到 2025 年。

Helpful. And on the follow-up, any sense of what the Par-a-Dice move to land costs you guys?

很有幫助。那麼，在後續行動中，您認為 Par-a-Dice 的舉動會為您帶來什麼損失呢？

No. We're still on the design phase, I mean that's, you know, if you think about your Treasure Chest, which we quoted in the $100 million range, it's probably something similar or it's not significantly larger or smaller.

不。我們仍處於設計階段，我的意思是，你知道，如果你想想你的寶箱，我們給出的報價在 1 億美元左右，它可能會是類似的東西，或者不會大得多或小得多。

Great. Thank you very much.

偉大的。非常感謝。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

Hi, afternoon. Congrats on your quarter. Look, I also wanted to go back some of the capital allocation on the M&A side. Because I know we've had conversations about properties, smaller companies, larger companies, but it's a pervasive thing. And so the follow-up really is how do you think about risk tolerance on leverage take on and off PropCo versus owned and operated a little insight there would help. Thanks.

嗨，下午好。恭喜您取得本季的優異成績。你看，我還想收回併購方面的一些資本配置。因為我知道我們已經討論過房地產、小公司、大公司的問題，但這是一個普遍的事情。因此，後續問題實際上是您如何看待 PropCo 與自有和營運的槓桿風險承受能力，這方面的一些見解可能會有所幫助。謝謝。

I don't think our views on this has changed much over the years. We certainly prefer so to purchase wholeco as opposed to opco. But in today's world, most of what we have the opportunity to buy or opco. So it doesn't discourage or dissuade us from looking at it asset because it's in that structure once again, preference to buy wholeco in terms of leverage.

我認為多年來我們對此的看法並沒有太大改變。我們當然更願意購買 wholeco 而不是 opco。但在今天的世界裡，我們有機會購買的大多數東西還是opco。因此，它不會阻止或勸阻我們關注其資產，因為它再次處於這種結構中，傾向於在槓桿方面購買整個公司。

We have talked about this in the past. We are flexible with our leverage profile by allowing leverage to float up for an acquisition as long as we can see it return to levels that we wanted to return to. So as long as we can see a way to de-lever quickly, then we're okay with leading leverage float backup.

我們過去曾談論過這個問題。我們對槓桿配置很靈活，只要我們看到槓桿回到我們想要的水平，我們就會允許槓桿在收購過程中上浮。因此，只要我們能夠找到一種快速降低槓桿率的方法，那麼我們就可以接受領先的槓桿浮動備份。

And I would say that over the years, once again, we've developed a good discipline when it comes to M&A or acquisitions. I think we've developed an expertise and look, it's got to be first of all, a good strategic fit and the right market. It's got to be the Right size assets, going to be high-quality asset.

我想說的是，多年來，我們在併購或收購方面再次形成了良好的紀律。我認為我們已經發展了專業知識和觀點，首先，它必須具有良好的策略契合度和正確的市場。它必須是適當規模的資產，而且是高品質資產。

That's kind of not a different set of facts today than it's been over the last, I don't know, several years. So that's when we think about M&A, we think about leverage, we think about opco PropCo versus wholeco. What's going to think it's consistent over the last several years, but that's how we think about it.

今天的事實與過去幾年的事實並沒有什麼不同。所以當我們考慮併購時，我們會考慮槓桿，我們會考慮 opco、PropCo 與 wholeco。想想過去幾年的情況是否一致，但我們就是這麼認為的。

Got it. Thank you very much.

知道了。非常感謝。

Brandt Montour, Barclays.

巴克萊銀行的 Brandt Montour。

Hello, everybody. Thanks for taking my question. So I wanted to circle back on the sort of post-election trends question. If you look at the Midwest and South regions that weren't affected by weather, was there sort of anything encouraging at all? 1

大家好。感謝您回答我的問題。所以我想重新討論一下選舉後趨勢的問題。如果您看看未受天氣影響的中西部和南部地區，有什麼令人鼓舞的事情嗎？1

I mean, we had seen sort of incremental lift across any of our other sectors, demands being called out, just with consumers, got a little bit better at it anytime excess foot traffic or spend per visit or anything else. You did see that was encouraging?

我的意思是，我們已經看到了其他任何部門的漸進式提升，僅從消費者的角度看，需求在任何時候都得到了改善，無論是客流量增加還是每次訪問的支出或其他任何事情。您確實看到這是令人鼓舞的嗎？

It's always, we've said this in the past, it's always hard to discern from a consumer standpoint, what is motivating them to come out and participate in our business? Is it a pre-election, post-election phenomena. Where they, maybe less coming out less frequently pre-election and came out more post-election?

我們過去一直都這麼說，從消費者的角度來看，很難辨別，是什麼促使他們出來參與我們的業務？這是選舉前、選舉後的現象嗎？他們在選舉前可能露面較少，而選舉後露面較多？

Was the revenue growth in the markets kind of across the board? Was it a little stronger post-election and pre-election? Yes, I think it was in depending on market you look at. But for the most part, yes, it was still longer the fourth quarter. Is that a matter of the election as a matter of consumers feeling better that a matter of higher pay checks? Always hard to sort through that.

各市場的營收是否都呈現全面成長？選舉後和選舉前相比，這種勢頭是否更強？是的，我認為這取決於你所關注的市場。但就大部分而言，第四季仍然更長。這是選舉的問題，是消費者感覺更好的問題，還是薪水提高的問題？總是很難解決這個問題。

But clearly the facts are yes, a little more growth in our markets in the fourth quarter than a third quarter. Could be seasonality. Hard to hard to discern, but does it feel like the consumer feels a little bit better today than they did earlier in the year? I don't know, maybe a little bit, but not materially.

但顯然事實是，我們的市場第四季的成長比第三季略高一些。可能是季節性。很難辨別，但感覺消費者今天的感覺是否比今年稍早好一點？我不知道，可能有一點，但不是實質的。

Not enough to take it and run with it, I guess is what we're trying to say.

我想我們想說的是，這還不足以讓我們接受並堅持下去。

That's really helpful, guys. And a follow-up I had is on Par-a-Dice project and just sort of comparing it to Treasure Chest, which did with the build cost. And I appreciate that. But just digging into sort of the quality and the qualified aspects of that project. When you think about Treasure Chest, which was a slam dunk. There, we've had a sort of built in market in its area and you were taking out a ton of friction when you took it from the boat to land.

夥計們，這真的很有幫助。我對 Par-a-Dice 專案進行了跟進，並將其與 Treasure Chest 進行了比較，後者的建造成本也差不多。我對此表示感謝。但只是深入研究該項目的品質和合格方面。當你想到寶箱時，它就是一個灌籃。在那裡，我們在該地區建立了一種市場，當你把它從船上搬到陸地上時，就會產生大量的摩擦。

I'm just curious if there's a similar sort of natural factor in that project that will get to this sort of immediate lift. And then if there's other factors in that market, we should consider when we think about a comparable IRR.

我只是好奇該專案中是否存在類似的自然因素，能夠帶來這種立竿見影的提升。然後，如果該市場存在其他因素，我們在考慮可比較 IRR 時應該考慮這些因素。

Generally, outside of development costs for the Par-a-Dice project, comparing it to Treasure Chest, I'd encourage you to completely separate the two projects. The market dynamics are completely different. The populations in the areas are completely different. The level of competition surrounding Par-a-Dice with all the VLTs or VGTs in Illinois is significantly greater than it is in the New Orleans or where we're at the counter area. And so outside of build costs, all the dynamics will be different.

一般來說，除了 Par-a-Dice 專案的開發成本之外，請將其與 Treasure Chest 進行比較，我建議您將這兩個專案完全分開。市場動態完全不同。各地區的人口狀況完全不同。伊利諾伊州所有 VLT 或 VGT 周圍的 Par-a-Dice 的競爭水平明顯高於新奧爾良或我們所在櫃檯區域的競爭水平。因此，除了建造成本之外，所有動態都會有所不同。

Will we save money? Is there less friction going from a riverboat operation to non-riverboat operation? Yes, absolutely. But the dynamics other than that, it will be completely different. I think we were all surprised, just to be clear about the level of pickup at Treasure Chest.

我們會省錢嗎？從江河船舶運作到非河川船舶運作的摩擦是否會更小？是的，絕對是如此。但除此之外的動態將會完全不同。我想我們都感到驚訝，只是想清楚了解寶箱的拾取程度。

We expected a great return. We didn't expect to double revenues or have revenues be up kind of 80% pre-project. So I think that's been a home run. And I would not factor that into a Par-a-Dice development.

我們期望獲得豐厚的回報。在專案前，我們並沒有期望收入翻倍或成長 80%。所以我認為這是一支全壘打。我不會把這一點納入 Par-a-Dice 開發中。

Loud and clear. Thanks.

聲音響亮、清晰。謝謝。

Dan Politzer, Wells Fargo.

富國銀行的 Dan Politzer。

Hey, good afternoon and thanks for taking my questions. First one is really the local-centric, but it could relate to Midwest and South as well. The current administration, they proposed reducing or eliminating taxes perhaps and more recently overtime pay and social security payments.

嘿，下午好，感謝您回答我的問題。第一個實際上是以當地為中心的，但它也可能與中西部和南部有關。現任政府提議減少或取消稅收，最近還提議減少或取消加班費和社會安全金。

And it seems like it would play right into your sweet spot, but perhaps you can put some numbers around any of this impact if you think it might be incremental to your business, either from a cost or revenue standpoint.

這似乎正好符合您的最佳需要，但如果您認為這可能會對您的業務產生增量影響，無論是從成本還是收入的角度來看，您或許可以用一些數字來衡量這種影響。

Okay. Obviously, it's in the statement of the obvious, but I'll say it anyways, which is that, look, it all depends on what shape a bill takes and what the exact guardrails are in parameters or specifics are of any build that gets passed. Clearly, if the local consumer, whether they're in Las Vegas or what's going to deal largely to locals throughout the country is healthier for their lower taxes on their income. It will support our business; we will benefit from it.

好的。顯然，這是顯而易見的，但我還是要說，這完全取決於法案的形式，以及通過的任何法案的參數或細節中的確切護欄是什麼。顯然，如果當地消費者，無論他們是在拉斯維加斯還是在全國各地，他們的收入所得稅較低，都會對他們的健康更有利。它將支持我們的業務；我們將從中受益。

What does that translate to in terms of dollars? Couldn't begin to tell you. Is it millions of dollars? Yes. How many? 1 to 10, 10 to 20. Actually, don't know because it all depends on what that bill looks like, but it will be incremental the business as we think about the business today.

以美元計算這意味著什麼？無法告訴你。是數百萬美元嗎？是的。多少？1 到 10，10 到 20。實際上，我不知道，因為這完全取決於帳單的樣子，但正如我們今天考慮的業務一樣，它將是業務的增量。

Yes. I guess it's still early, but it's something worth asking. And then just pivoting to back to the balance sheet, net leverage on a it sounds like it's going to be up from, I think you're right, you said about 2.9. I just given the CapEx you've laid out and kind of at the EBITDA, our expectations, I guess as you think about buying back stock and or organic growth opportunities maybe versus M&A, is there a threshold or through our leverage target, which to think about?

是的。我想現在還為時過早，但這是一個值得問的問題。然後回到資產負債表，淨槓桿率聽起來好像會上升，我想你是對的，你說的大約是 2.9。我只是給了您所列出的資本支出和 EBITDA，以及我們的預期，我想當您考慮回購股票和/或有機成長機會與併購相比時，是否存在一個門檻或透過我們的槓桿目標，需要考慮哪些？

And maybe along with that, is there a scenario where, you know, clearly your stock has been performing well, we consider using that your stock as a currency in an M&A transaction?

也許除此之外，還存在這樣的情況，您知道，顯然您的股票表現良好，我們考慮將您的股票用作併購交易中的貨幣？

Yes. Look, in terms of how we would fund an M&A transaction, it's all very fact specific. Won't comment on that. We historically have not used our equity as currency, but it's all very fact specific. In terms of leverage, I said a little bit earlier that we would be very accommodating from a leverage profile standpoint for the right acquisition to our leverage to go up.

是的。你看，就我們如何為併購交易提供資金而言，這都是非常具體的事實。對此我不予置評。我們過去從未使用股權作為貨幣，但這都是非常具體的事實。關於槓桿，我剛剛說過，從槓桿率的角度來看，我們會非常樂意進行適當的收購，以提高我們的槓桿率。

So as long as we could see it coming down in future, that remains true. Look, we're fairly disciplined in terms of looking at assets in terms of M&A. We find the right asset and find the right opportunity were likely to execute. But Josh talked earlier about, we look at share buybacks and the return we get from that.

因此，只要我們能夠看到它在未來下降，那就仍然是正確的。你看，我們在併購資產審查方面是相當嚴謹的。我們找到正確的資產並找到可能執行的正確機會。但喬希之前談過，我們關注股票回購及其所獲得的回報。

We look at returns from our internal investments and we look at M&A and we're trying to balance it all we talk about this balanced approach to capital allocation. It's not investing in any one thing or allocating it in any one place. It's trying to allocate it across the board so that we have a very strong foundation to continue to grow from. So that's the best I can do.

我們專注於內部投資的回報，我們專注於併購，我們試圖平衡這一切，我們談論的是這種平衡的資本配置方法。它不是投資於任何一件事物，也不是將其分配到任何一個地方。它試圖全面分配資金，以便我們有一個非常堅實的基礎來繼續成長。這是我能做的最好的事了。

Josh, you want to add on?

喬希，你想補充嗎？

Dan, you mentioned the 2.9 nature reference was lease-adjusted leverage. We said at the current leverage is about 2.5 today. And lease adjusted leverage today is 2.9 times. I didn't say that it was 2.9. Just want to be clear.

丹，你提到 2.9 性質參考是租賃調整槓桿。我們說目前的槓桿率大約是2.5。今天的租賃調整槓桿率為 2.9 倍。我並沒有說它是 2.9。只是想說清楚。

Right. Got it. Thank you.

正確的。知道了。謝謝。

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Good afternoon, everyone. Josh or Keith, most of my questions have been asked and answered, but a couple of small ones. First of all, on Norfolk, if we could, obviously a bit more color on the temp facility timing.

大家下午好。Josh 或 Keith，我的大部分問題都已經得到解答了，除了幾個小問題。首先，關於諾福克，如果可以的話，顯然應該對臨時設施的時間安排提供更多的說明。

But could you just help us out there with scope and scale of that project in terms of position count or just kind of how we should think about it? And just any plans around ramp up our marketing just given the size, you'll start with there.

但是您能否就職位數量方面的項目範圍和規模幫助我們，或者告訴我們應該如何考慮它？只要考慮到規模，任何圍繞擴大行銷的計劃都可以從那裡開始。

So here's I'd think about it is actually pretty simple. So much in the cost of it is built within the $750 million overall project costs. The timing is November of this year and from a financial return standpoint or incremental EBITDA standpoint, you should assume zero.

所以我認為這實際上非常簡單。其中大部分成本是在 7.5 億美元的整體專案成本之內。時間是今年 11 月，從財務回報或增量 EBITDA 的角度來看，您應該假設為零。

It's a small will be a small, modest facility and you should just assume it's breakeven. Might be slightly positive, might be slightly negative. You should assume breakeven.

它只是一個小型、適中的設施，你應該假設它能夠收支平衡。可能略有正面意義，也可能略有負面意義。您應該假設損益平衡。

We're basically at the same time going to be focused on building the ultimate project. That's why it's small to start with.

我們基本上會同時專注於打造最終的項目。這就是為什麼它一開始就很小。

I mean, maybe to push on that for a moment, then like what would be the point of doing it if the contribution was zero? Is it a requirement to get something open and operating as a part of the development agreement or something?

我的意思是，也許暫時推動這一點，那麼如果貢獻為零，那麼這樣做還有什麼意義呢？作為開發協議的一部分，是否要求將某些東西開放並運行？

Yes, as part of the overall development agreement, we will be opening a temporary facility or transitional facility.

是的，作為整體開發協議的一部分，我們將開放一個臨時設施或過渡設施。

Okay. That's helpful. Thanks for that. And then a second follow-up would just be scaling back the Treasure Chest and obviously, the property been a big success, but there was some concern as, in particular in New Orleans opened up. You have some incremental improvement there that perhaps you take a little bit of spillover a little bit of impact. Have you observational seen, I mean, we've obviously got access to some of the state level reported data.

好的。這很有幫助。謝謝。然後第二次跟進將會縮減寶箱的規模，顯然，該物業取得了巨大的成功，但也存在一些擔憂，特別是在新奧爾良的開放。你在那裡取得了一些漸進的進步，也許會產生一點溢出效應和一點影響。你有觀察看過嗎，我的意思是，我們顯然可以獲得一些州級報告的數據。

But just as you look at -- as the run rate cooled off there at all, or have you been on generally impressed by the levels or seen any change in behavior as that asset started to stabilize?

但是正如您所看到的 - 當運行率完全冷卻下來時，或者您是否對水平印象深刻，或者看到當該資產開始穩定時行為有任何變化？

Josh will not be happy with this comment. Actually, our Q4 performance from a revenue standpoint was better than our Q3 performance. So I think maybe whatever went on in Downtown New Orleans assisted us overall.

喬許不會高興聽到這個評論。實際上，從營收角度來看，我們第四季的表現都比第三季的表現好。所以我認為，無論新奧爾良市中心發生什麼，總體上都對我們有幫助。

Okay Set the bar low then. Thank you very much.

好的，那麼把標準設低一些。非常感謝。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎哈納。

Okay, thanks. Hey, Keith and Josh. Have a question on the renovation sleeve of your CapEx outlook, $100 million and wondering similar to your project CapEx sleeve of $100 million, should that also be something that we assume you'll continue, say, going forward?

好的，謝謝。嘿，基斯和喬希。您對 1 億美元資本支出前景中的翻新部分有疑問，並且想知道這是否類似於您 1 億美元項目的資本支出，這也是我們假設您會繼續進行的事情，比如說，繼續進行？

And then I was wondering if you just kind of comment from your perspective in terms of your -- where are you seeing regional competitive pressure in terms of what markets? I mean, certainly we can see we can guess. But I was just wondering, from your perspective, where you see the bigger impacts from competitive pressure. I think you answered one of them. Right, in Shaun's question thus far, but I was wondering if you comment on the other areas.

然後我想知道您是否只是從您的角度進行評論——就哪些市場而言，您看到區域競爭壓力在哪裡？我的意思是，我們當然可以看到，我們可以猜測。但我只是想知道，從您的角度來看，競爭壓力帶來的更大影響是什麼。我認為你回答了其中一個。是的，到目前為止，Shaun 的問題都是這樣的，但我想知道您是否對其他領域發表了評論。

So look, I'll answer question. Josh will talk about the CapEx side of your question.

那麼看，我會回答問題。Josh 將談論您問題的資本支出方面。

But from a competitive standpoint, the promotional landscape, the competitive landscape has been fairly consistent for '24. We don't see much change in '25. Look, there were some new additions, new supply additions in Northern Illinois that impact a little bit. And there's a project in Eastern Illinois, outside of Chicago that potentially impacts Northwest Indiana.

但從競爭的角度來看，促銷格局、競爭格局在 24 年一直相當穩定。在 25 年我們看不到太大的改變。你看，伊利諾伊州北部有一些新的增加，新的供應增加，這會產生一點影響。位於芝加哥郊外的伊利諾伊州東部的一個項目可能會影響印第安納州西北部。

It's early, so we're watching those. None of those have had a significant impact on us. And so we think about is there a market where we'll see larger competition than another market, no. On our New Orleans market, our Treasure operation continues to perform at a very high level.

現在還早，所以我們正在看這些。這些都沒有對我們產生重大影響。因此，我們思考是否存在一個比其他市場競爭更激烈的市場，答案是沒有。在我們的新奧爾良市場，我們的寶藏業務繼續保持著非常高的水平。

I can't speak to what is going on in the market there. But we're continuing to do well. And everything seems pretty stable.

我無法說出那裡的市場狀況。但我們繼續表現良好。一切看起來都很穩定。

Yes, the I think we're pretty well. I mean what Keith comments you're saying is we've pretty well insulated from competition and reality, at least for the foreseeable future. I think from -- just to clarify on the $100 million room refurbishment projects, you can think of that as we're catching up coming out of COVID capital kind of stuff.

是的，我認為我們很好。我的意思是，正如 Keith 所說，我們已經很好地避開了競爭和現實，至少在可預見的未來是如此。我認為——只是為了澄清一下 1 億美元的房間翻新項目，你可以認為這是我們正在趕上 COVID 資本之類的事情。

And so when we started talking about that, we said it was going to be $100 million in 2024 and $100 million in 2025. And then it would go away. With the way it's playing out as we actually spent less in 2024, that's going to be what gets shifted out to 2026. And that's why we think it will be done in mid-2026.

所以當我們開始談論這個問題時，我們說 2024 年將達到 1 億美元，2025 年將達到 1 億美元。然後它就會消失。隨著情況的發展，我們在 2024 年的實際支出減少了，所以這些支出將轉移到 2026 年。這就是我們認為它將在 2026 年中期完成的原因。

So to the extent we're able to hit the $100 million that we expect to spend this year, then there'll be another $50 million in the first half of next year. And then that will be done to the extent that for some reason, because it takes us longer or whatever, we don't spend full $100 million, you'll see that rollover.

因此，如果我們能夠達到今年預計支出的 1 億美元，那麼明年上半年還會有另外 5,000 萬美元。然後，我們會這樣做，因為某種原因，因為我們花了更長的時間或其他什麼原因，我們沒有花完 1 億美元，你會看到這種結轉。

But we've got projects identified. We've got the budgets identified. It's $200 million, it's just really spread over what time period that we execute on those. So that's that.

但我們已經確定了項目。我們已經確定了預算。它是 2 億美元，它實際上只是分佈在我們執行這些任務的時間段內。就是這樣。

And then that's not to be infused with the $100 million we spend every year or that we started spending every year for the growth projects like Fremont, Treasure Chest, meeting space at Ameristar St. Charles, Cadence Crossing and then eventually Par-a-Dice and others to come. That's a recurring $100 million of growth capital.

這還不包括我們每年花費的 1 億美元，或者我們每年為 Fremont、Treasure Chest、Ameristar St. Charles 會議空間、Cadence Crossing 以及最終的 Par-a-Dice 和其他項目花費的資金。這是1億美元經常性的成長資本。

Understood. Can I squeeze one more in how to think about just the potential construction disruption in the locals market from your Suncoast, some projects as well as Orleans?

明白了。我可以再多說一點，如何看待 Suncoast、一些專案以及奧爾良對當地市場造成的潛在建設幹擾？

I think there could be some, I mean that is a risk to any commentary that we talk about, say an elaborate surgery on an operating live gaming operation. And so we've done this before Downtown where we take a little bits and pieces of the casino floor and work our way across it.

我認為可能會有一些，我的意思是這對我們談論的任何評論都是一種風險，例如對正在運營的現場遊戲操作進行複雜的手術。因此，我們在市中心之前就已經這樣做了，我們把賭場地板上的零碎東西拿來，然後沿著它前進。

And there will be some periods of time where we have a disruption to operations. At this point, we're planning to mitigate that and we're not planning for disruption, but life will happen, and we'll let you know when that does happen.

在某些時期，我們的營運會中斷。目前，我們正計劃減輕這種情況，並且我們不打算應對中斷，但生活還會繼續，當這種情況發生時，我們會通知您。

And the reason we call out the hotel rooms is not only sell that, you know, we got capital calls every once in while we run into unexpected issues with those as well. So again, we're not expecting we're trying to plan around it, but some of these buildings are really old, and you have to take out more of a tower than you expected, and we've encountered that before. And those who followed us have learned with us as we've experienced that.

我們打電話催促飯店客房的原因不僅是為了銷售客房，你知道，我們偶爾也會遇到意想不到的問題，例如資金問題。所以，再說一次，我們並沒有預料到我們會試圖圍繞它制定計劃，但其中一些建築物確實很舊，你必須拆除比你預期更多的塔，我們以前也遇到過這種情況。那些跟隨我們的人也和我們一起經歷了這些。

So we're trying to let you know what we're doing. And so if something goes awry, you go, okay. That kind of makes sense as to when it's not a surprise and will be surprised by the disruption when you guys are surprised by. So that's how we're trying to do here.

因此我們試圖讓你了解我們在做什麼。所以，如果出現問題，你就去吧。這在某種程度上是有道理的，當它不是一個驚喜時，就會對中斷感到驚訝，而當你們感到驚訝時。這就是我們在這裡嘗試做的事情。

Yes. Thanks a lot.

是的。多謝。

John DeCree of CBRE.

CBRE 的 John DeCree。

Hi, Josh, hi, Keith. Thanks for taking my question. Maybe shift gears to the Online business a little bit. I know we've covered a lot of ground already, but you know, Josh, you have a really good detail on CapEx investments for the upcoming year and even into 2026.

嗨，喬希，嗨，基斯。感謝您回答我的問題。也許可以稍微轉向線上業務。我知道我們已經涵蓋了很多內容，但 Josh，你對來年乃至 2026 年的資本支出投資有非常詳細的介紹。

So curious if you have much plans for investing in the Online business this year, particularly here, you're kind of a gaming business, many give EBITDA guidance, but curious if there's any kind of OpEx investments in that.

所以我很好奇您今年是否有很多計劃投資線上業務，特別是在這裡，您是一家遊戲業務，許多人給出了 EBITDA 指導，但很好奇是否有任何類型的 OpEx 投資。

And then I guess the bigger picture questions, what would you need to see in that business to kind of push more investment dollars to the gaming business? Is it more kind of state legislation is kind of how you think about investing in gaming on over a multi-year period?

然後我想更大的問題是，您需要在該業務中看到什麼才能吸引更多的投資資金流向遊戲業務？這是否更像是一種州立法，您如何看待在多年期間對博彩業的投資？

John, if we're very pleased with the platform we have, it is scalable. And so as other states legislators begin to consider this and potentially approve this, it's not going to require significant CapEx to do anything to quote, unquote scale up to take advantage of those opportunities.

約翰，如果我們對現有的平台非常滿意，那麼它是可擴展的。因此，當其他州立法者開始考慮這一點並可能批准這一點時，不需要大量的資本支出來做任何事情來擴大規模以利用這些機會。

We're happy with the platform we have and where it's out. I would not assume any significant CapEx in that business that it will continue to have, I think, a modest growth going forward and will accelerate probably only when other states begin to legalize this product.

我們對現有的平台以及它的運作感到滿意。我不會假設該業務有任何重大的資本支出，我認為它未來將繼續保持適度增長，並且可能只有當其他州開始將該產品合法化時才會加速。

Understood. Thanks, Keith. And if I could sneak one more in probably not a ton free to add on some of the strip phenomena. Curious if you've seen any business differences in the Locals market delivering F1 this year, whether it be displaying a less disruption or different levels of visitation? And then similar question about expectations for Super Bowl this year. If you expect any meaningful variance in your business volumes in the Locals market?

明白了。謝謝，基斯。如果我可以再偷偷地放進去一個，可能就不會有太多空閒來添加一些脫衣現象了。好奇的是，今年在舉辦 F1 賽事的當地市場，您是否發現有任何業務差異，無論是乾擾較少還是訪問量有不同程度？然後還有關於今年超級盃的期望的類似問題。您是否預期您的本地市場業務量會出現任何顯著變化？

So I think we just think about F1 last year, the programming in the city was differences may be hard to unpack it because there was a Raiders in town, Raiders play Denver that weekend. And so there was more demand, there was more demand for hotel rooms. There is different customer in town, which was good because the prior year, the town just didn't fill up to the extent it was expected.

所以我認為我們只要想想去年的 F1，城市中的編程差異可能很難解開，因為城裡有一支突擊隊，突擊隊在那個週末與丹佛比賽。因此需求就更大了，對飯店房間的需求也更大了。鎮上有不同的顧客，這是好事，因為前一年，鎮上的客流量並沒有達到預期的程度。

Look, year over year, room rates were down during the up-time frame because the, you know, the irrational exuberance as they say from year one of F1 kind of subsided. So it was a little less disruptive, but it still takes months to put that together, which disrupts the strip and still takes more than a month to tear it down, which disrupts the strip.

你看，與去年同期相比，在成長時間內，房價是下降的，因為，你知道，從 F1 第一年起，非理性繁榮已經消退。因此，雖然破壞性小了一點，但仍然需要幾個月的時間才能把它拼湊起來，這會破壞地帶；而拆除它仍需要一個多月的時間，這會破壞地帶。

In terms of Super Bowl, I think what you want to think about is Super Bowl is always a great time in Las Vegas, always one of our busiest weekends. I'm not sure room rates will be quite as high year over year. The room rates will be down year over year from a Super Bowl standpoint. Town will still be full, will still be very strong weekend for us. Just on the non-gaming side, maybe not quite as robust as it was last year.

就超級盃而言，我想你想的是超級盃在拉斯維加斯永遠是一個精彩的時刻，也永遠是我們最繁忙的周末之一。我不確定房價是否會比去年同期上漲。從超級盃的角度來看，房價將逐年下降。城鎮依然人頭攢動，對我們來說這依然是一個繁忙的周末。光從非遊戲方面來看，可能不如去年那麼強勁。

That's great. Thanks, Keith. I appreciate all that color and congratulations to all and the epic milestone anniversary.

那太棒了。謝謝，基斯。我欣賞所有這些色彩，並向所有人和史詩般的里程碑週年表示祝賀。

Chad Beynon, Macquarie.

麥格理的查德貝農 (Chad Beynon)。

Hi, good afternoon. Thanks for taking my question. Just one for me. Josh, you talked about the Managed and Other segment in 2025, essentially being flat year over year. Obviously, trees don't grow to the sky but has been one of the higher growth areas of your company. And I know there's a phase 1 into phase 2.

嗨，下午好。感謝您回答我的問題。對我來說只有一個。喬希，您談到了 2025 年的管理和其他部分，基本上與去年同期持平。顯然，樹木不會長到天上，但卻是貴公司成長較快的領域之一。我知道有一個第一階段進入第二階段。

So should we assume that you might just be being a little more conservative, given all the volatility in the market in terms of this property growing? Or is there something else in the database or competition or maybe disruption with phase 1, um, that should kind of limit some of the growth that we've seen in the past couple of quarters? Thanks.

那麼，考慮到房地產市場的成長波動，我們是否應該認為您可能只是稍微保守一點？或者資料庫中是否存在其他問題，或者競爭，或者第一階段可能存在中斷，嗯，這應該會限制我們在過去幾季看到的一些成長？謝謝。

Yes, one of the things that limits growth is it's a very high-performing property as we sit here today. And there's only so many people who put it in that building on a weekend, which is when most of the business has generated in. So there are just natural limitations. We cannot add capacity to the four walls.

是的，限製成長的因素之一是，就我們今天所處的情況而言，它的資產表現非常出色。週末只有這麼多人來那棟大樓擺東西，而大部分的生意都是在週末產生。因此存在著自然的限制。我們無法在四面牆內增加容量。

We believe it today and therefore just growing that business much beyond what it is today. It's very difficult from a physical standpoint. It is at capacity on weekends -- at holiday weekends, just almost every weekend. So it's a physical limitation as much as anything.

我們今天相信這一點，因此我們的業務將遠遠超出今天的水平。從物理角度來說這非常困難。週末、假日的週末，甚至幾乎每個週末，這裡都擠滿了人。所以這在很大程度上是一個物理限制。

I think the next opportunity for growth for the point you made, Chad, as once phase 1 is done and we get that up and running and work out the kinks out, but that's probably a 2026, sometime in 2026, kind of contribution.

我認為，對於您所指出的下一個成長機會，Chad，一旦第一階段完成，我們就會啟動並運行，解決問題，但這可能是 2026 年，即 2026 年的某個時候的貢獻。

It's not a disruption from project. The project is largely outside the existing four walls.

這不會對專案造成乾擾。該項目很大程度上超出了現有的四面牆。

Okay. Thank you, both next quarter. Appreciate it.

好的。謝謝你們，下個季度。非常感謝。

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。現在，我想將電話轉給喬希 (Josh) 來做最後發言。

Thanks, David, and thanks for everyone joining the call today. If you have any follow-up questions, feel free to reach out to the company.

謝謝，大衛，也感謝今天參加電話會議的每個人。如果您有任何後續問題，請隨時聯絡該公司。