Boyd Gaming Corp (BYD) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Boyd Gaming first quarter 2025 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, April 24, 2025. (Operator Instructions) Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Executive Vice President and Chief Financial Officer.

下午好，歡迎參加 Boyd Gaming 2025 年第一季財報電話會議。我叫 David Strow，是 Boyd Gaming 公司的企業傳播副總裁。我將擔任今天電話會議的主持人，會議將於 2025 年 4 月 24 日星期四舉行。（操作員指示）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 statement. 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日，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聲明中預測的結果有重大差異。存在某些風險和不確定性，包括我們向美國證券交易委員會提交的文件中揭露的風險和不確定性，可能會影響我們的績效。

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。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) 提交的收益新聞稿和 8-K 表格，這兩份文件均可在 investors.boydgaming.com 上查閱。由於我們無法預測特殊費用和某些開支，因此我們不提供前瞻性非公認會計準則財務指標的對帳。

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 completion of this call.

今天的電話會議將在 boydgaming.com 上進行網路直播，會議結束後不久即可在我們網站的「投資者關係」部分重播。

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基斯史密斯 (Keith Smith)。基思？

Thanks, David. Good afternoon, everyone. During the first quarter, our company continued to deliver consistent results, growing revenues and EBITDAR on both the company-wide and property-level basis. Revenues for the quarter were nearly $1 billion, while EBITDAR was $338 million, and we maintained property-level margins of 40%, consistent with the prior year.

謝謝，大衛。大家下午好。在第一季度，我們公司繼續保持穩定的業績，公司整體和物業層面的收入和 EBITDAR 均有所成長。本季營收接近 10 億美元，EBITDAR 為 3.38 億美元，我們維持了 40% 的物業利潤率，與上年持平。

During the quarter, our team successfully managed a number of issues, including significantly more weather-impacted days in our Midwest and South segment, comparison issues created by leap year and the benefits of last year's Super Bowl in Las Vegas. Including the impact from these factors, play from our core customers continued to grow on a company-wide basis during the first quarter, while retail play was even with the prior year.

在本季度，我們的團隊成功處理了許多問題，包括中西部和南部地區受天氣影響的天數明顯增多、閏年造成的比較問題以及去年拉斯維加斯超級碗帶來的好處。包括這些因素的影響，第一季我們核心客戶的參與度在全公司範圍內持續成長，而零售參與度與去年持平。

With respect to recent trends in the business, we have not seen any meaningful shift in consumer behavior or spending patterns thus far in the second quarter. Through the first three weeks of April, customer trends have remained consistent with March. And while we are encouraged by the consistency of the trends in our business, we recognize that the last several weeks have brought an increased level of economic uncertainty. However, our management teams have successfully managed through periods of uncertainty before. And with the strongest balance sheet in our history and a larger and more diversified business, we remain confident in our ability to manage through the current environment.

就近期業務趨勢而言，第二季迄今，我們尚未看到消費者行為或支出模式發生任何有意義的轉變。四月的前三週，客戶趨勢與三月保持一致。雖然我們對業務趨勢的一致性感到鼓舞，但我們認識到過去幾週的經濟不確定性有所增加。然而，我們的管理團隊之前已經成功度過了不確定時期。憑藉我們歷史上最強勁的資產負債表和規模更大、更加多元化的業務，我們仍然對自己管理當前環境的能力充滿信心。

Now, let's review our performance by segment, starting with our Las Vegas locals business. During the quarter, revenues in the local segment were nearly even with the prior year, while EBITDAR was down less than 4%, primarily attributable to the Orleans. At the Orleans, while we continue to be impacted by competitive pressures, year-over-year declines in both revenue and EBITDAR narrowed during the quarter.

現在，讓我們按部門回顧一下我們的業績，首先從拉斯維加斯本地業務開始。本季度，當地分部的收入與上年基本持平，而 EBITDAR 下降不到 4%，主要歸因於奧爾良。在奧爾良，雖然我們繼續受到競爭壓力的影響，但本季營收和 EBITDAR 的年減幅度均有所收窄。

In the remainder of our local segment, even with the difficult comparisons created by leap year and last year's Super Bowl, revenues for the quarter grew modestly, EBITDAR was even with the prior year and operating margins once again exceeded 50%. Across the entire local segment, play from our core customers grew during the quarter, while retail play was consistent with fourth-quarter trends. And through the first three weeks of April, these trends have continued throughout our business.

在我們本地市場的其餘部分，即使閏年和去年的超級盃造成了難以比較的情況，本季的收入仍溫和增長，EBITDAR 與上年持平，營業利潤率再次超過 50%。在整個本地市場中，我們核心客戶的參與度在本季有所成長，而零售參與度與第四季的趨勢一致。四月的前三週，這些趨勢一直延續到我們的整個業務。

Next, Downtown Las Vegas achieved both revenue and EBITDAR growth during the first quarter. We continue to see encouraging customer trends downtown, with growth in play from both our core customers and retail customers, solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street. Additionally, recall that Hawaiian visitation to our downtown segment was temporarily impacted in last year's first quarter by higher airfares from Hawaii related to the Super Bowl. This created a favorable comparison during the first quarter of this year that will not continue in future quarters.

接下來，拉斯維加斯市中心在第一季實現了收入和 EBITDAR 的成長。我們繼續看到市中心令人鼓舞的客戶趨勢，核心客戶和零售客戶的數量都在增長，來自夏威夷的遊客數量穩定，弗里蒙特街的行人流量也十分可觀。此外，回想一下，去年第一季度，由於超級盃賽事導致夏威夷機票價格上漲，夏威夷到訪我們市中心地區的人數暫時受到了影響。這在今年第一季創造了良好的對比效果，但這種狀況在未來幾季不會繼續延續。

Looking ahead, we remain confident in the future of our Southern Nevada operations. The long-term fundamentals of the Southern Nevada economy remain strong, with consistent growth in local population, employment and tourism.

展望未來，我們對南內華達州業務的未來充滿信心。南內華達州經濟的長期基本面依然強勁，當地人口、就業和旅遊業持續成長。

Next, in the Midwest and South segment, both revenues and EBITDAR grew during the quarter, and margins were even with the prior year. We achieved this performance despite a 28% increase in weather impacted days compared to last year, as well as the impact of leap year. During the quarter, play from our core customers continued to grow, while retail play was even with the prior year. Importantly, as we move past the impacts of weather, trends in late March and April were consistent with the last several quarters, similar to what we saw in our two Nevada segments.

其次，在中西部和南部地區，本季營收和 EBITDAR 均有所成長，利潤率與上年持平。儘管受天氣影響的天數比去年增加了28%，並且還有閏年的影響，我們仍然取得了這一成績。本季度，我們的核心客戶參與度持續成長，而零售參與度與前一年持平。重要的是，隨著我們擺脫天氣的影響，三月下旬和四月的趨勢與過去幾個季度一致，與我們在內華達州兩個地區看到的情況類似。

Looking ahead to the second quarter, keep in mind that we will anniversary the opening of our new Treasure Chest facility on June 6. Additionally, our Belterra Park and Belterra Resort properties were forced to close for several days earlier this month due to flooding on the Ohio River.

展望第二季度，請記住，我們將於 6 月 6 日慶祝新寶箱設施的開幕週年紀念日。此外，由於俄亥俄河洪水，本月初我們的 Belterra Park 和 Belterra Resort 物業被迫關閉數天。

Next, our online segment EBITDAR grew by nearly 14% year-over-year, driven by stable performance from our market access agreements and strong growth from Boyd Interactive, our online gaming business. On top of the continued growth we are delivering in our online segment, our 5% equity stake in FanDuel represents significant and growing value for our shareholders as FanDuel further strengthens its position as the nation's leading online gaming company.

其次，我們的線上業務部門 EBITDAR 年成長近 14%，這得益於我們的市場准入協議的穩定表現以及線上遊戲業務 Boyd Interactive 的強勁成長。除了我們在線上業務持續成長之外，我們在 FanDuel 的 5% 股權也為我們的股東帶來了巨大且不斷增長的價值，因為 FanDuel 進一步鞏固了其作為全國領先線上遊戲公司的地位。

Finally, our managed and other business had yet another strong quarter, driven by continued growth in management fees from Sky River Casino. And the foundation for future growth at Sky River is being laid with the ongoing expansion activity at this property. The first phase of this expansion, set for completion early next year, will add 400 slots and a 1,600-space parking garage, providing much-needed additional gaming capacity.

最後，受天河賭場管理費持續成長的推動，我們的管理業務和其他業務又迎來了一個強勁的季度。隨著該物業的持續擴建活動，天河計畫未來的發展基礎正在奠定。擴建工程的第一階段預計將於明年初完工，將增加 400 個老虎機和一個可容納 1,600 個車位的停車場，提供急需的額外遊戲容量。

The second phase will further diversify Sky River's offerings with a 300-room hotel, two new 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 to continue growing well into the future, strengthening its position as one of Northern California's leading gaming entertainment destinations.

第二階段將進一步豐富天河酒店的服務內容，包括一家擁有 300 間客房的酒店、兩家新的餐飲店、一家日間水療中心以及一個娛樂和活動中心。一旦在 2027 年中期全面完成，此次擴建將使 Sky River 在未來繼續保持良好增長勢頭，鞏固其作為北加州領先的遊戲娛樂目的地之一的地位。

So in all, our revenue and EBITDAR growth in the first quarter reflected the strength of our diversified business, the resiliency of our customer base and the appeal of our properties. And we are further enhancing the competitiveness of our amenities as we refresh and update our hotels at the IP, Valley Forge, and Orleans.

總體而言，我們第一季的營收和 EBITDAR 成長反映了我們多元化業務的實力、客戶群的彈性以及我們物業的吸引力。隨著我們對 IP、Valley Forge 和 Orleans 的酒店進行翻新和升級，我們將進一步增強酒店設施的競爭力。

We are also continuing our property-wide renovation of the Suncoast. We began these improvements last year with the addition of several new amenities and have now begun a complete renovation of the casino and public areas. While Disruption from this project has been minimal so far, we will be moving into the most impactful phase of the casino floor renovations this summer, which fortunately is the property's slowest time of the year. We expect to complete these renovations during the first quarter of next year.

我們也將繼續對 Suncoast 進行全面翻新。我們去年開始進行這些改進，增加了一些新設施，現在已經開始對賭場和公共區域進行全面翻新。雖然到目前為止該項目造成的干擾很小，但今年夏天我們將進入賭場樓層翻修工程影響最大的階段，幸運的是，這也是賭場一年中業務最慢的時期。我們預計將於明年第一季完成這些改造工程。

On these property enhancements, we have several projects underway to strengthen the long-term growth profile of our business. These projects are located in markets with long-term growth potential, each providing the opportunity for a strong return on investment for our company and are part of our $100 million in annual recurring growth capital.

在這些物業增值方面，我們正在進行多個項目，以加強我們業務的長期成長前景。這些項目位於具有長期成長潛力的市場，每個項目都為我們公司提供了強勁的投資回報機會，並且是我們每年 1 億美元經常性成長資本的一部分。

In Missouri, work is progressing on our meeting and convention center expansion at Ameristar St. Charles. The vast majority of pre-bookings for this new space are from entirely new customers, significantly expanding the property's reach and appeal when we open our expansion this fall. And earlier this month, we broke ground on Cadence Crossing Casino, adjacent to the master-planned community of Cadence in the Southeast part of the Las Vegas Valley.

在密蘇裡州，Ameristar St. Charles 會議和會展中心擴建工程正在進行中。這個新空間的預訂絕大多數來自新客戶，當我們今年秋天開放擴建時，這將大大擴大酒店的覆蓋範圍和吸引力。本月初，我們在拉斯維加斯山谷東南部卡登斯總體規劃社區附近破土動工興建卡登斯十字路口賭場 (Cadence Crossing Casino)。

When it opens in mid-2026, this new property will replace our existing Joker's Wild Casino with a modern gaming entertainment facility designed to appeal to the thousands of new residents throughout the Cadence community. And this property has been designed for continued growth, with future plans for a hotel, additional casino space and more non-gaming amenities.

該新酒店將於 2026 年中期開業，它將以現代化的遊戲娛樂設施取代我們現有的 Joker's Wild Casino，旨在吸引整個 Cadence 社區的數千名新居民。該物業的設計考慮到了持續增長，未來計劃建造一家酒店、增加賭場空間和更多非博彩設施。

As we near the completion of these investments, we are developing plans for the next phase of projects to strengthen our growth profile. One example is our plan to replace our thirty-year-old Paradise Riverboat Casino in Illinois with a modern and new entertainment facility. We are in the design phase of this project and expect to seek regulatory approval and begin construction in the next twelve months.

隨著這些投資接近完成，我們正在製定下一階段的專案計劃，以加強我們的成長前景。其中一個例子就是我們計劃用一個現代化的全新娛樂設施取代位於伊利諾州已有三十年歷史的天堂河船賭場。我們正處於該專案的設計階段，預計將在未來十二個月內獲得監管部門的批准並開始施工。

And in Virginia, construction is now underway on our $750 million resort project in Norfolk. This project will further diversify our portfolio by expanding our presence into one of the largest underserved gaming markets in the Mid-Atlantic region. Scheduled for completion in late 2027, this best-in-market resort will include a casino with 1,500 slots, 50 table games, a 200-room hotel, eight food and beverage outlets, live entertainment and a 45,000-square-foot outdoor amenity deck.

在維吉尼亞州，我們位於諾福克的價值 7.5 億美元的度假村計畫目前正在建設中。該項目將把我們的業務拓展到中大西洋地區最大的服務不足的遊戲市場之一，從而進一步豐富我們的產品組合。這個市場上最好的度假村計劃於 2027 年底竣工，將包括一個擁有 1,500 台老虎機的賭場、50 張賭桌、一個擁有 200 間客房的酒店、八個餐飲店、現場娛樂表演和一個 45,000 平方英尺的戶外便利平台。

And as part of this project, we plan to open a modest transitional casino in November of this year. Our development site is located near Downtown Norfolk with convenient interstate access. Importantly, it will be the most convenient gaming destination for a significant number of the 1.8 million residents of the Hampton Roads Metropolitan Area. It will also be the closest gaming resort to Virginia Beach, a tourism destination that attracts nearly 15 million visitors each year and is the state's largest city. Given all of these dynamics, we are excited about the long-term potential of our Norfolk project.

作為該計畫的一部分，我們計劃在今年 11 月開設一家小型過渡賭場。我們的開發地點位於諾福克市中心附近，州際交通便利。重要的是，它將成為漢普頓路大都會區 180 萬居民中相當一部分人最方便的遊戲目的地。它也將成為距離弗吉尼亞海灘最近的博彩勝地，弗吉尼亞海灘是旅遊勝地，每年吸引近 1500 萬遊客，是該州最大的城市。考慮到所有這些動態，我們對諾福克計畫的長期潛力感到興奮。

While our capital investment program is an important part of our strategy to create long-term shareholder value, we also remain committed to returning capital to our shareholders. During the first quarter, we repurchased $328 million in stock and paid $15 million in dividends. While we remain committed to $100 million per quarter in share repurchases, with the current economic uncertainty, we will be much more conservative in buybacks above that level, as we balance our capital expenditure program and maintaining a strong balance sheet with returning capital to our shareholders.

雖然我們的資本投資計畫是我們創造長期股東價值策略的重要組成部分，但我們也仍然致力於向股東返還資本。第一季度，我們回購了價值 3.28 億美元的股票，並支付了 1,500 萬美元的股息。雖然我們仍然承諾每季回購 1 億美元的股票，但考慮到當前的經濟不確定性，我們將對超過該水準的回購採取更保守的態度，因為我們要平衡資本支出計劃，保持強勁的資產負債表並向股東返還資本。

So in all, this was a good start to the year for our company as we continue to deliver year-over-year growth despite challenges from weather and the calendar during the quarter. And we are encouraged that customer trends have held steady so far in April. We remain confident in the long-term prospects of our company and our strategy to create value for our shareholders.

總的來說，這對我們公司來說是一個良好的開端，儘管本季面臨天氣和日程方面的挑戰，但我們仍繼續實現同比增長。我們很高興看到，四月迄今客戶趨勢保持穩定。我們對公司的長期前景以及為股東創造價值的策略充滿信心。

Before turning the call over to Josh, I wanted to personally thank our team members for their continued contributions to our company's success. Their hard work and dedication to providing memorable service keeps our guests coming back, and we are grateful for all that they do for our company.

在將電話轉給喬希之前，我想親自感謝我們的團隊成員為我們公司的成功所做的持續貢獻。他們的辛勤工作和致力於提供令人難忘的服務讓我們的客人不斷回頭，我們感謝他們為我們公司所做的一切。

Thank you for your time today. I would 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。

Thanks, Keith, and good afternoon, everyone. Our first quarter reflected a continuation of the positive operating and customer trends over the last several quarters despite the weather impacts on our Midwest and South segment and the leap year comparison. And while acknowledging that the recent past is not a guarantee of future performance, particularly in light of the current environment, customer trends from the first quarter are continuing into the first several weeks of April.

謝謝，基思，大家下午好。儘管中西部和南部地區受到天氣影響以及閏年的影響，但我們的第一季仍延續了過去幾季的積極營運和客戶趨勢。儘管我們承認近期的表現並不能保證未來的表現，尤其是在當前環境下，但第一季的客戶趨勢將持續到四月份的頭幾週。

Now, some additional points on the quarter. Tax pass-through amount for our online segment was $130 million during the quarter, compared to $116 million in the year-ago period. Excluding the tax pass-through amount, company-wide margins for the first quarter this year would have been 520 basis points above the margin we reported.

現在，關於本季還有一些補充要點。本季度，我們線上部門的稅收轉嫁金額為 1.3 億美元，而去年同期為 1.16 億美元。不計入稅收轉嫁金額，今年第一季全公司利潤率將比我們報告的利潤率高出 520 個基點。

Beginning with this quarter, we are recording non-controlling interest activity related to our continued development. This amount reflects expenses incurred by the tribe related to the Virginia development. In terms of capital expenditures, we invested $127 million in capital during the first quarter. We continue to project total capital expenditures for the full year of $600 million to $650 million.

從本季開始，我們正在記錄與我們持續發展相關的非控制權益活動。該金額反映了該部落與維吉尼亞開發案相關的費用。在資本支出方面，我們在第一季投資了1.27億美元的資本。我們繼續預測全年總資本支出為 6 億至 6.5 億美元。

As a reminder, these capital plans include approximately $250 million in maintenance capital; $100 million related to our hotel room projects at IP, Valley Forge and The Orleans; $100 million in growth capital for the meeting and convention space at Ameristar St. Charles and the new Cadence Crossing development here in Las Vegas. And then finally, $150 million to $200 million for our casino development in Kenya.

提醒一下，這些資本計劃包括約 2.5 億美元的維護資本； 1 億美元與我們在 IP、Valley Forge 和 The Orleans 的酒店客房項目有關；為位於拉斯維加斯的 Ameristar St. Charles 的會議和會展空間以及新的 Cadence Crossing 開發項目提供 1 億美元的增長資本。最後，我們投資 1.5 億至 2 億美元用於肯亞的賭場開發。

Given our current capital plans and today's environment, we have taken steps to mitigate the potential tariff impacts on these projects, and we have also identified capital projects that can be deferred if needed. On the operating side of the business, we have also taken steps to mitigate the potential impact of tariffs on our operating expenses.

鑑於我們目前的資本計劃和當今的環境，我們已採取措施減輕這些項目的潛在關稅影響，並且我們還確定了可以在必要時推遲的資本項目。在業務運作方面，我們也採取了措施來減輕關稅對我們營運費用的潛在影響。

Moving next to our capital return program. We paid a regular quarterly dividend of $0.17 per share during the first quarter. And as previously announced, we increased our quarterly dividend to $0.18 per share beginning with our April distribution. Also, during the quarter, we repurchased $328 million in stock, acquiring 4.5 million shares. As of the end of the quarter, we had $312 million remaining under our current repurchase authorizations, and the actual number of shares outstanding at [quarter-end] is 81.9 million shares.

接下來是我們的資本回報計畫。我們在第一季支付了每股 0.17 美元的定期季度股息。正如先前宣布的那樣，從 4 月開始，我們將季度股息提高至每股 0.18 美元。此外，本季我們回購了價值 3.28 億美元的股票，共購買了 450 萬股。截至本季末，我們目前的回購授權餘額為 3.12 億美元，[季末] 實際流通股數為 8,190 萬股。

Since we began our program to return capital to shareholders in October of 2021, we have returned over $2.2 billion in the form of share repurchases and dividends, and reduced our share count by more than 27%. As Keith noted, we remain committed to repurchasing $100 million in shares per quarter. We will balance this commitment with our capital expenditure plans and ensuring we retain a strong balance sheet. Given the current environment, you should expect us to be more conservative in repurchasing amounts in excess of our $100 million per quarter commitment.

自 2021 年 10 月開始向股東返還資本的計劃以來，我們已透過股票回購和股息的形式返還了超過 22 億美元，並將股票數量減少了 27% 以上。正如 Keith 所說，我們仍然致力於每季回購價值 1 億美元的股票。我們將平衡這項承諾與我們的資本支出計劃，並確保我們保持強勁的資產負債表。鑑於當前的環境，您應該預料到我們在回購超過每季 1 億美元承諾的金額時會更加保守。

We ended the quarter with total leverage of approximately 2.8 times and lease-adjusted leverage of about 3.2 times. We have no near-term maturities, robust free cash flow and ample borrowing capacity. In conclusion, our company remains in excellent financial condition to continue executing our strategy.

本季末，我們的總槓桿率約為 2.8 倍，租賃調整後槓桿率約為 3.2 倍。我們沒有短期債務，擁有強勁的自由現金流和充足的借貸能力。總之，我們公司的財務狀況仍然良好，可以繼續執行我們的策略。

With that, I'd now like to turn the call over to David to open it for questions.

好了，現在我想把電話交給大衛回答問題。

(Operator Instructions) Carlo Santarelli, Deutsche Bank.

（操作員指示）Carlo Santarelli，德意志銀行。

Hey, guys. Thank you. Keith, you talked a little bit about it in your remarks as it related to some plans at Paradise. You guys have had obviously great success at Treasure Chest. You're talking about Paradise. You have several other multi-level boats where the returns on these types of projects have been very good. How do you think about some of the other assets that are similar in nature where that opportunity make a land-based transition exists over the next few years just given the success that's been seen not only by you, but by others in similar moves.

嘿，大家好。謝謝。基思，你在演講中稍微談到了這一點，因為它與天堂的一些計劃有關。你們在 Treasure Chest 上顯然取得了巨大的成功。你說的是天堂。您還有其他幾艘多層船，這些類型的項目的回報都非常好。鑑於不僅您，而且其他類似舉措也取得了成功，您如何看待其他一些性質相似的資產？這些資產在未來幾年內存在實現陸基轉型的機會。

Sure. Thanks for the question, Carlo. So it falls in the category of we have a list of these types of development projects. We prioritize that list based on what we believe the highest returns are. And we are kind of focused on the ones that provide the highest returns. Those are the only ones we're talking about. But trust me, there's a long list of additional projects that can continue to benefit the company and provide a good return on investment. And we do have a number of three-story riverboats remaining that are older in nature that over the course of time, we'll have the opportunity to upgrade.

當然。謝謝你的提問，卡洛。因此它屬於我們列出的此類開發項目類別。我們根據我們認為的最高回報對該清單進行優先排序。我們主要關注那些能夠提供最高回報的項目。我們正在談論的就只有這些。但相信我，還有一長串額外的項目可以繼續使公司受益並提供良好的投資回報。我們確實還剩下一些性質較老的三層河船，隨著時間的推移，我們將有機會升級它們。

The only thing I would add to that, Carlo, is that Treasure Chest has exceeded all of our expectations in terms of that investment. And everyone's but Keith. I would say that from the perspective of Paradise, which is the next one up, it is a different dynamic in terms of the population density in the competitive landscape. So we wouldn't expect the same kind of return that we got from Treasure Chest to apply to Paradise, we expect a return that warrants the investment, but certainly potentially not at the level of Treasure Chest. Just wanted to clarify that.

卡洛，我唯一想補充的是，就投資而言，Treasure Chest 已經超出了我們所有人的期望。除了 Keith 之外，其他人都是這樣的。我想說，從下一個天堂鎮的角度來看，競爭格局的人口密度呈現不同的動態。因此，我們不會期望從 Treasure Chest 獲得的相同回報能夠應用於 Paradise，我們期望獲得值得投資的回報，但肯定可能不會達到 Treasure Chest 的水平。只是想澄清一下。

Yeah. Understood. And then, just as a follow-up, as you guys kind of look at what you've seen in April to date and when you take the entirety of the first quarter and acknowledging there were several moving parts and several difficult to comp and understand dynamics across not only the Midwest and South, but also in Las Vegas. When you talk about the core customer remaining flat to up across most markets and retail oscillating a little bit amongst the markets. How would you more or less categorize the outlook for each of those segments? And do you see anything, especially as it relates to the core, changing in any of the markets?

是的。明白了。然後，作為後續行動，當你們回顧四月份迄今為止所看到的情況，並回顧整個第一季度時，會發現不僅在中西部和南部，而且在拉斯維加斯，都存在幾個活動部分和幾個難以比較和理解的動態。當您談到核心客戶在大多數市場中保持平穩或上升，而零售在市場中略有波動時。您如何對每個細分市場的前景進行大致分類？您是否看到任何市場發生了變化，特別是與核心相關的變化？

Yeah. So as we try and best as we can look through the noise that occurred during the first quarter, whether it be the Super Bowl here in Las Vegas or significantly more weather or leap year, we see our core customer frankly continuing to grow and continuing to show up and participate with us. And so that is a strength of ours and has been since we came out of COVID.

是的。因此，當我們盡力看清第一季發生的噪音時，無論是拉斯維加斯的超級碗，還是天氣或閏年等重大因素，我們都看到我們的核心客戶坦率地繼續增長，並繼續出現並與我們一起參與。這是我們的優勢，自從我們擺脫新冠疫情以來一直如此。

As we look at the retail customer and we look at the unrated side of the business, they also continue to perform on a very consistent basis. And once again, when you sort through the noise, you see very positive trends there. They're consistent. They're growing a little bit. And so we feel very good about the direction. Now, having said that, we have three weeks of April under our belt, and we feel good about those three weeks, but it is three weeks. But that's best as, I guess, I can describe it.

當我們觀察零售客戶和未評級的業務時，我們發現他們的表現也持續保持非常穩定。再次，當你排除乾擾時，你會看到非常正面的趨勢。它們是一致的。它們正在一點點長大。因此，我們對這個方向感到非常滿意。現在，話雖如此，我們已經度過了四月份的三週，我們對這三週感到很滿意，但這只是三週而已。但我想，這樣最好，因為我可以描述它。

Thank you, Keith. That's helpful. Thanks, guys.

謝謝你，基斯。這很有幫助。謝謝大家。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good afternoon, everybody. I'm sorry, can you hear me okay?

大家好，下午好。對不起，你聽得到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Great. Yeah, just wondering, Keith, can you -- maybe just I want to talk about the buyback strategy at a high level. If we could just dig in on just the timing of the buy in Q1. And Josh, you made some detailed remarks about not expecting to continue. But what was the opportunity you saw there? Or the sort of catalyst just given how much that actually is at this point? And then, what would be the criteria? I mean, again, I get the uncertainty, but this is also the opportunity to possibly lean in a little bit and utilize the balance sheet capacity that you have. So just help us think about those different dimensions. Thanks.

好的。偉大的。是的，我只是想知道，基思，你能——也許我只是想從高層次談談回購策略。如果我們能夠深入了解第一季的購買時機。喬希，你對不期望繼續做了一些詳細的評論。但是您在那裡看到了什麼機會？或只是考慮到目前實際的催化劑的數量？那麼，標準是什麼？我的意思是，我再次意識到了不確定性，但這也是可能稍微傾斜並利用你擁有的資產負債表容量的機會。所以請幫助我們思考這些不同的維度。謝謝。

I think as you think about where we're at today and going forward, one of our priorities is maintaining a strong balance sheet. And so we will kind of balance the rest of our capital allocation program investing in our properties and returning capital to our shareholders with ensuring that we don't go so far as to impact our balance sheet in a negative fashion. So once again, we allow leverage to float up and float down based on our ability to see it coming back down. And so the current environment is a little less certain than it was maybe a month ago. And so we're just going to be cautious as both Josh and I said in our prepared remarks as we balance all of that.

我認為，當你思考我們目前的狀況和未來的發展時，我們的首要任務之一就是保持強勁的資產負債表。因此，我們將平衡其餘的資本配置計劃，投資於我們的房地產並向股東返還資本，以確保我們不會對我們的資產負債表產生負面影響。因此，我們再次允許槓桿率根據我們預測其回落的能力而上下浮動。因此，目前的環境與一個月前相比不太確定。因此，正如喬希和我在我們的準備好的發言中所說的那樣，我們在平衡所有這些因素時保持謹慎。

As we think about what happened in the first quarter, I would just say, look, you saw us buy in Q3 and Q4 over $200 million and we feel very good about the direction of the business overall. Felt very good about it coming into Q1. And we took advantage of kind of where we thought it was a good stock price. Buying under market and certainly have plenty of capacity to be able to do that, and so that was the result. But once again, going forward, we just want to make sure that we can see around the corner up there and before we buy too much more than $100 million a quarter.

當我們思考第一季發生的事情時，我只想說，看，你看到我們在第三季和第四季購買了超過 2 億美元，我們對整體業務的發展方向感到非常滿意。進入第一季後感覺非常好。我們利用了我們認為的良好股價。低於市場價格購買，而且肯定有足夠的能力做到這一點，所以這就是結果。但再次強調，展望未來，我們只是想確保我們能夠預見未來，並且在每個季度購買超過 1 億美元的產品之前。

Perfect. Thanks. And just as a brief follow-up, Josh, you also mentioned a little bit about the capital projects and some of the steps you've taken to mitigate potential risks around tariffs. Just wondering, could you elaborate a little bit more there? And specifically on Norfolk, if you can give us a sense of either how much of the project is bought out at this point? I know it's still relatively early. And kind of how this conversation has maybe trended because we are seeing capital projects being delayed or, in some cases, fully canceled just given the uncertainty in the environment. And appreciate that's probably too extreme, but just how you're kind of working around what is definitely a dynamic environment. Thanks.

完美的。謝謝。喬希，簡單跟進一下，你還提到了一些有關資本項目以及你為減輕關稅潛在風險而採取的一些措施。只是好奇，能否再詳細闡述？特別是關於諾福克，您能否告訴我們目前該項目有多少部分已被買下？我知道現在還比較早。這種對話可能呈現出一種趨勢，因為我們看到資本項目被推遲，或者在某些情況下，由於環境的不確定性而被完全取消。並且意識到這可能太極端了，但你是如何在一個肯定是動態的環境中工作的。謝謝。

Yeah. So I would say, well, our first step was to go through the project list and figure out what we might be willing to defer given what kind of the I would call it the anxiety in the marketplace. But we have to remember that in our business today, we're not really seeing anything differently. And I would say, just before I get into kind of some details on how we thought about the capital projects, that you have to also remember that we're coming from this from a position of strength. Probably the most -- the strongest position our company's ever been in, in this type of environment before.

是的。所以我想說，我們的第一步是仔細檢查項目清單，弄清楚考慮到市場焦慮，我們可能願意推遲哪些項目。但我們必須記住，在我們今天的業務中，我們並沒有看到任何不同。我想說，在我詳細介紹我們對資本項目的看法之前，您還必須記住，我們是從實力出發的。這可能是我們公司在這種環境下所處的最強地位。

So we feel very comfortable about kind of where we're sitting. So we have a very low levered balance sheet. We are a much larger company, very diversified. And so again, just to reiterate, I think we approach these kind of decisions from a totally different perspective than maybe we had to in the past.

因此，我們對自己的處境感到非常滿意。因此我們的資產負債表槓桿率非常低。我們是一家規模更大、業務多元化的公司。因此，我再次重申，我認為我們處理此類決定的角度與過去完全不同。

In terms of after evaluating what projects we thought might be considered for deferral, we looked at each one of the capital projects and really evaluated where they were in their development cycle as well as how much -- where they were in the procurement cycle. And then, from there, we identified the sources of what was coming from outside the country, what was coming in domestically. And we evaluated whether we had the opportunity to shift some of the external or the stuff being brought in that was subject potentially to tariffs to other vendors, to other products, to other sourcing methods.

在評估我們認為可能考慮延遲的項目之後，我們研究了每一個資本項目，並真正評估了它們在開發週期中的位置以及它們在採購週期中的位置。然後，從那裡，我們確定了來自國外和國內的來源。我們評估了是否有機會將一些可能受關稅影響的外部或進口商品轉移到其他供應商、其他產品或其他採購方式。

At the end of the day, when we got through that analysis, quite honestly, we felt very comfortable with the risk relative to our existing budgets. We don't feel like what we know today that any of our budgets would have to change.

最終，當我們完成分析後，坦白說，我們對相對於現有預算的風險感到非常放心。我們並不認為我們今天所知的任何預算都需要改變。

And I think with respect to Virginia, in particular, the temporary is a very small development effort. Remember, we don't expect much to come up from an economic perspective from the temporary casino. In terms of the permanent casino, that's being developed over a much longer period of time. So we have a lot more flexibility in terms of timing, purchasing and all of that other stuff. We have pre-purchased some items to avoid the risk of tariffs, and we have kind of ensured that some of the longer lead items were taken care of. Some people talk a lot about steel and those factors. And actually, the steel for Virginia would be produced or sourced from domestic product -- domestic sources here. So that takes a lot of the risk out of that project.

我認為，就維吉尼亞州而言，臨時的發展努力尤其小。請記住，我們並不期望臨時賭場能從經濟角度帶來太多收益。就永久性賭場而言，其開發週期要長得多。因此，我們在時間安排、採購和其他所有方面都擁有更大的靈活性。我們已經預先購買了一些物品以避免關稅風險，並且我們已經確保一些較長的交貨週期的物品得到妥善處理。有些人談論了很多關於鋼鐵及其因素的話題。實際上，維吉尼亞州所需的鋼材將由國內生產或採購——國內來源。這樣就消除了該專案的許多風險。

Hopefully, that gives you a sense of -- without going into too much detail, gives you enough of detail to understand the diligence we've been through.

希望這能讓您有所了解——無需過多細節，但能讓您了解足夠的細節，以了解我們所經歷的努力。

And Shaun, just to clarify, what Josh is saying, he is not saying that we won't see cost increases. We have identified those areas that we will see cost increases or we expect to see cost increases because of either existing or possibly new tariffs. But as we've calculated them and looked at our budgets, we're comfortable that they're not going to hinder our ability to go forward and that we can handle those increased costs, whatever they may be, within the budgets that we have. So it's not going to cause us to really change course.

肖恩，我只是想澄清一下，喬希所說的並不是說我們不會看到成本增加。我們已經確定了那些成本將會增加或預期會因現有或可能的新關稅而成本會增加的領域。但是，當我們計算這些成本並查看我們的預算時，我們確信它們不會妨礙我們前進的能力，並且我們可以在現有的預算範圍內處理這些增加的成本，無論它們是什麼。所以這不會讓我們真正改變方向。

Really encouraging. Thank you, all.

確實令人鼓舞。謝謝大家。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good afternoon. I'd love to just go out on the edge a little bit here. Given what you're seeing in your business, given your capital position and given what looks like pretty solid execution, what would be the boundaries of any M&A or underwriting potential? And is that a possibility in this environment?

午安.我很想在這裡稍微探索一下。鑑於您所看到的業務狀況、您的資本狀況以及看起來相當穩健的執行情況，任何併購或承銷潛力的界限是什麼？在這種環境下，這可能嗎？

Well, look, we talk about this environment. Best as I can tell, we've been in this environment for three, maybe going on four weeks, and so it doesn't really change our view of M&A. We've always had an appetite for M&A, just about what we do. The type of asset we buy, the price we're willing to pay. Again, it's got to be strategic. It has to be in a market that is generally a market we're not in. And something that we feel can move the company and move the needle for the company.

好吧，看，我們談論這個環境。據我所知，我們已經處於這種環境中三到四周了，所以這並沒有真正改變我們對併購的看法。我們一直對併購很感興趣，這就是我們所做的事情。我們購買的資產類型，我們願意支付的價格。再次強調，這必須具有策略性。它必須位於一個我們通常不涉及的市場。我們覺得有些事情可以推動公司發展，為公司帶來正面影響。

And so we're interested in M&A today. We were interested in M&A last month. We're interested in M&A last year, but kind of said this over and over and over again. We're very cautious. We're very disciplined. We have, I think, a very good track record of doing these things. And the last three weeks of volatility, maybe three weeks in a day to the date all this started, hasn't changed our view.

因此我們今天對併購很感興趣。上個月我們對併購很感興趣。我們去年就對併購感興趣，但一遍又一遍地重複這一點。我們非常謹慎。我們非常自律。我認為我們在做這些事情方面有著非常好的記錄。過去三週的波動，或許從這一切開始到今天，一天之內就發生了三週，但這並沒有改變我們的觀點。

Understood. Thanks for repeating yourself. Just separately speaking, if we're looking hard at your numbers and when we talk about seeing things, can we just spend a second on is it number of visits? Is it spend per visit? Is it all of the above? Is it some element of new customer inflow? A little specificity would, in the environment, quote, unquote, would help.

明白了。感謝您的重複。單獨來說，如果我們仔細查看您的數字，當我們談論看到的東西時，我們能否花一點時間來查看訪問次數？這是每次造訪的花費嗎？以上都是嗎？這是新客戶流入的一些因素嗎？在環境中，稍微具體一點就會有所幫助。

Yeah. So I think with respect to the core customer, that growth is coming largely from a little bit of both of the items you mentioned, a little bit more in frequency and a little bit more in terms of budget. Maybe a little bit leaning -- maybe leaning a little bit more to budget, but not too heavily.

是的。因此，我認為，就核心客戶而言，成長主要來自於您提到的兩個方面，頻率方面略有增加，預算方面略有增加。可能有點傾向——可能更傾向於預算，但不會太過分。

And as you get into the retail piece, I'd have to kind of break retail into two components, unrated, which we have limited visibility in because they don't have a card. But we look overall at the volume of unrated is growing and so we can't tell whether that's driven by either frequency and/or a combination. In the lower segments of the database, I would say it largely follows the core customer. It's a little bit of frequency and a little bit more of spend on the budget side of things.

當你進入零售部分時，我必須將零售分為兩個部分，未評級，我們對它們的了解有限，因為它們沒有卡。但總體來看，未評級的數量正在增長，因此我們無法判斷這是由頻率還是兩者共同驅動的。在資料庫的較低部分，我想說它主要遵循核心客戶。從預算方面來說，頻率稍微高一點，花費也稍微多一點。

Okay. Thank you. Nice quarter.

好的。謝謝。不錯的季度。

Thank you.

謝謝。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

Hey, guys. Good afternoon. So this might sound like a repeat of a couple other questions, but I'm going to ask it a little bit differently or hopefully, I am. So as we think about general trends being stable through the first three weeks of April, it seems like even that unrated play segment has been pretty steady as well. But we're now starting to hear some of your competitors out there, have started to talk about seeing a little bit of softness in unrated and even in their retail segments.

嘿，大家好。午安.所以這聽起來可能像是其他幾個問題的重複，但我會以稍微不同的方式來問，或者希望如此。因此，當我們考慮到四月前三週的整體趨勢保持穩定時，似乎即使是未評級的播放部分也相當穩定。但我們現在開始聽到你們的一些競爭對手開始談論他們在未評級領域甚至零售領域的表現有些疲軟。

So I guess the question is, that segment seems pretty stable for you. But have you seen any change in spend across the non-gaming amenities in your assets, whether that's lower spend in food and beverage or hotel or etc or is that as stable as well? I mean, just trying to figure out if your core customer is still coming to the properties and gambling maybe deferring spending across the non-gaming assets. And hope that makes sense.

所以我想問題是，對你來說，這個部分似乎相當穩定。但是，您是否看到資產中非博彩設施的支出有任何變化，無論是食品和飲料或酒店等的支出減少還是同樣穩定？我的意思是，只是想弄清楚你的核心客戶是否仍會光顧賭場，也許會推遲在非博彩資產上的支出。希望這是有意義的。

So when we look at both F&B and hotel, it's up on a cash basis. And the only reason it would be down is largely Las Vegas related to the Super Bowl, which drove a lot of room and F&B business. But when we look at the segments and we look at the individual components, I would say it largely mirrors what we're seeing on the -- what we talked about on the customer side of things.

因此，當我們考慮餐飲和酒店時，都是以現金為基礎的。而其收入下降的唯一原因主要是拉斯維加斯的超級盃賽事，這帶動了大量客房和餐飲業務。但是，當我們觀察各個部分並觀察各個組成部分時，我想說，它很大程度上反映了我們所看到的情況——我們在客戶方面所談論的情況。

Okay. Got you. That makes sense. And then, as we kind of look around the country, have you seen any of your competitors start to get more aggressive on the promotional side of things in order to try and combat any weakness that may be out there at this point?

好的。明白了。這很有道理。然後，當我們環顧全國時，您是否看到任何競爭對手開始在促銷方面變得更加積極，以試圖對抗目前可能存在的任何弱點？

So look, I think, as we look across the country, we haven't seen any significant changes in the overall promotional environment like any other month or like any other quarter. You have some players get a little more aggressive for a month or so, but there's no structural change. Nobody's gotten extremely aggressive. So yeah, nothing to talk about.

所以，我認為，放眼全國，我們並沒有看到整體促銷環境像其他月份或季度那樣發生任何重大變化。有些球員在一個月左右的時間內會變得更具攻擊性，但沒有結構性的變化。沒有人變得極具攻擊性。是的，沒什麼好談的。

Okay. Great. Thanks, guys. Appreciate it.

好的。偉大的。謝謝大家。非常感謝。

Jordan Bender, Citizen.

喬丹本德，《公民報》。

Hey, good afternoon. You went through a period of weakness with inbound Hawaiian travel, which you spoke to in the prepared remarks. Curious if you could help us -- curious if you could frame where you stand in terms of Hawaiian travel, whether that's in relation to 2019 or some of the levels around '21 and '22? Thank you.

嘿，下午好。您在準備好的發言中談到了夏威夷入境旅遊的疲軟時期。好奇您是否可以幫助我們——好奇您是否可以概括一下您對夏威夷旅行的立場，無論是與 2019 年還是 21 年和 22 年左右的水平相比？謝謝。

Sure, Jordan. I don't have those comparison points handy. The decline we actually saw in the first quarter of last year was specifically related to a spike in airfares around Super Bowl. And as that spike normalized in the second quarter of last year, we saw the business come back. And so the first quarter of this year was what I would call a normal quarter. The business grew, but it's up significantly over the first quarter of last year, but it's just a comparison issue because of that. I don't know how we compare to overall visitation from our Hawaiian guests vis-a-vis 2019 or 2021. Just don't have that data.

當然，喬丹。我手邊沒有那些比較點。我們去年第一季實際看到的下降與超級盃期間機票價格的飆升有關。隨著去年第二季這一高峰恢復正常，我們看到業務回升。因此，我認為今年第一季是一個正常的季度。業務有所成長，但比去年第一季成長顯著，但這只是一個比較問題。我不知道與 2019 年或 2021 年夏威夷遊客的整體訪問量相比如何。只是沒有那些數據。

Understood. Thank you. And then, just on the follow-up, Josh, do you have any impact from the weather in the quarter?

明白了。謝謝。然後，接下來的問題是，喬希，本季的天氣對你有什麼影響嗎？

In terms of the dollar amount? Is that what you're asking?

就美元金額而言？這就是你要問的嗎？

Yeah. Any dollar amount related to EBITDA or EBITDAR in the quarter from weather.

是的。本季因天氣原因與 EBITDA 或 EBITDAR 相關的任何美元金額。

Yeah. So I think, we estimated that to be about $5 million for the weather impact.

是的。所以我認為，我們估計天氣影響約為 500 萬美元。

Great. Thank you very much.

偉大的。非常感謝。

Sure.

當然。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Thanks for that. Thanks for the question. So on the local segment, Keith, you talked about the sort of market share losses narrowing in the first quarter. Can you maybe talk about how that competitive landscape in that locals market for you has evolved? I know this has been an ongoing thing and it's been getting better. But I can assume that those competitors aren't necessarily sitting still and they're evolving as well. And so what's kind of the outlook for the balance of the year in terms of how you're lapping those comparisons and how you kind of expect to continue to narrow it from here?

謝謝。謝謝你的提問。那麼，基思，在本地市場，您談到了第一季市佔率損失的縮小。您能否談談當地市場的競爭格局是如何演變的？我知道這是一個持續進行的事情，並且變得越來越好。但我可以假設這些競爭對手不一定會停滯不前，他們也在不斷發展。那麼，就您如何進行這些比較以及您預計如何從現在開始繼續縮小差距而言，今年餘下的前景如何？

Yeah. A couple of comments. I think, look, with respect to the overall locals market, if you look at the numbers that are out there, the locals market basically shrunk a little bit for the recent couple of months, maybe 0.5%. When you look at our performance and you strip out the Orleans, we actually outperformed. We did better than the overall locals market. So without the Orleans, the business is performing better than the overall market, and that's been consistent for the last several quarters.

是的。一些評論。我認為，就整體本地市場而言，如果你看一下現有的數據，你會發現本地市場在最近幾個月基本上有所萎縮，大概是 0.5%。當你觀察我們的表現並剔除奧爾良隊時，你會發現我們的表現其實非常出色。我們的表現比整體本地市場更好。因此，即使沒有奧爾良，該業務的表現也比整體市場要好，而且這種情況在過去幾季一直保持穩定。

The Orleans really is the one who's facing competitive competition. We talk about the Orleans and Gold Coast. Gold Coast has been performing better in recent quarters. And it's not -- there's nothing new going on. It is still a couple of properties in the neighborhood of New Orleans. They're not doing anything really new or different. We're beginning to cycle through the worst of that. As I said in my prepared remarks, kind of the gap at the Orleans has narrowed in the first quarter. And kind of given today's environment, we're really not in a position to comment about how we see the rest of the year rolling out.

奧爾良隊確實面臨激烈的競爭。我們談論奧爾良和黃金海岸。黃金海岸近幾季表現較好。事實並非如此——沒有什麼新鮮事發生。它仍然是新奧爾良附近的幾處房產。他們並沒有做任何真正新穎或不同的事情。我們正開始經歷最糟糕的時期。正如我在準備好的發言中所說，奧爾良的差距在第一季已經縮小。鑑於今天的環境，我們真的無法評論今年剩餘時間的情況。

Fair enough. I do have another locals question. And, again, not looking for any sort of guidance, but more of a historical look back. The common sense, I mean, would suggest that locals has clear linkage to the Las Vegas Strip. Given the worker -- where folks that frequent those your casinos make wages, etc. The historical correlation, can you talk about that maybe in prior recessions? And if you think that that would be less so in today's market given how the locals market has evolved over the last 10 or 15 years?

很公平。我確實還有另一個關於當地人的問題。再次強調，我們並沒有尋求任何形式的指導，而只是尋求歷史的回顧。我的意思是，常識表明當地人與拉斯維加斯大道有著明顯的聯繫。考慮到工人——經常光顧賭場的人會賺取工資等等。歷史相關性，您能否談談在先前的經濟衰退中的情況？您是否認為，考慮到過去 10 年或 15 年來當地市場的發展情況，在當今市場上這種情況不會那麼嚴重？

Yeah. Look, the benefit the greater Las Vegas community is that it's done a wonderful job of diversifying its economy. And so there are tremendous more businesses here today. They are diversified. It's not just all about gaming. And so our customers, while historically a large portion of them maybe were dependent on tourism business, they're certainly -- today, the world is different as we have much more diversified employee base here in the city. So I don't think you can look back at prior recessions and draw anything from that in terms of what may happen today because the economy here in Southern Nevada is just different than it was 10 or 15 years ago.

是的。你看，大拉斯維加斯社區的好處是它在實現經濟多元化方面做得非常出色。因此，今天這裡的企業數量大大增加。它們是多樣化的。這不僅與遊戲有關。因此，雖然從歷史上看，我們的客戶中很大一部分可能依賴旅遊業務，但今天，世界已經不同了，因為我們在這個城市擁有更多元化的員工基礎。因此，我認為你不能回顧以往的經濟衰退並從中得出任何可能發生的事情，因為南內華達州的經濟與 10 年或 15 年前相比已經不同了。

Okay, great. Thanks, everyone.

好的，太好了。謝謝大家。

Ben Chaiken, Mizuho.

瑞穗的本‧查肯 (Ben Chaiken)。

Hey, thanks for taking my questions. Understanding future tax policies are fluid, have you done any work, Josh or Keith, on the percentage of your customer base in locals in downtown that are potentially impacted by the proposed no tax on tips policy?

嘿，謝謝你回答我的問題。了解未來的稅收政策是不斷變化的，Josh 或 Keith，您是否對市中心當地客戶群中可能受到擬議的小費免稅政策影響的百分比進行過任何研究？

Ben, we really haven't. I mean, we recognize that there would be a benefit. But Keith, unless you know something, I haven't seen anything.

本，我們確實沒有。我的意思是，我們認識到這會帶來好處。但是基思，除非你知道一些事情，否則我什麼都沒看到。

Yeah. We haven't seen -- done anything, Ben.

是的。我們還沒有看到——做過任何事情，本。

Okay. Still helpful. And then, bigger picture question, Josh or Keith, whoever wants to take this. You have the Stardust iGaming platform, which we really don't spend a lot of time talking about. Maybe you could expand on your ambitions with this product or investment opportunities to the extent that you want to get more into the B2C iGaming business? Thanks.

好的。仍然有幫助。然後，更大的問題是，喬希 (Josh) 或基思 (Keith)，無論誰想接手這個。您擁有 Stardust iGaming 平台，我們確實沒有花很多時間談論它。也許您可以利用該產品或投資機會來擴大您的抱負，以便更深入地涉足 B2C iGaming 業務？謝謝。

Sure. So we launched it a couple of years ago with the sole intent to make sure that we had a product that spoke to the customers in the markets where we operate. We got into this never intending to be a national leader or looking to attain a podium position across the US. It really always was about making sure that our customers went home at night in the states where it's legal, that we had a product that they could participate in.

當然。因此，我們在幾年前推出了該產品，唯一目的是確保我們的產品能夠滿足我們經營所在市場的客戶需求。我們參與其中，從未想過要成為全國領袖，或想在全美範圍內佔據頒獎台位置。我們始終致力於確保我們的客戶在合法的州晚上回家，並確保我們有他們可以參與的產品。

And so it was a very modest investment to start off with. I think it's performing right on or ahead of our expectations in terms of gaining traction where it has launched in places like New Jersey and Pennsylvania. It's doing quite well. Very pleased with it, and we're prepared to grow into other states, once again, where we do business or maybe an adjacent state to where we gain customers from when state legislatures happen to approve it.

因此，這是一個非常適度的初始投資。我認為它在新澤西和賓夕法尼亞等地推出後獲得關注的表現完全符合甚至超出了我們的預期。它表現得相當好。我們對此非常滿意，我們準備再次擴展到我們開展業務的其他州，或者也許是相鄰的州，當州立法機構批准時，我們會從那裡獲得客戶。

So it continues to be a modest investment. You shouldn't expect to see us go out and make any significant acquisitions to bolster that. I think it's a great platform. We're having great success. You may see us do some smaller acquisition to beef it up, but nothing significant.

因此這仍然是一項適度的投資。你不應該期望我們透過任何重大收購來增強這一點。我認為這是一個很棒的平台。我們取得了巨大的成功。您可能會看到我們進行一些規模較小的收購來增強其實力，但沒有什麼重大意義。

Understood. Thanks.

明白了。謝謝。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Thank you. Good afternoon, Keith and Josh. I wanted to ask about land-based OpEx in particular and just seeing where it is for you certainly in the current quarter and the last couple quarters. You've had to manage through a lot of inflationary factors, especially wages over the past, say, year and a half or so. Just wondering, are you in a position now where you think you can -- do you have some flexibility to manage that lower? What seems to be the right balance in terms of just your overall land-based OpEx and the levers that you have today?

謝謝。下午好，基斯和喬希。我想特別詢問一下陸基營運支出，看看當前季度和過去幾季的營運支出。你必須應對許多通膨因素，尤其是過去一年半左右的薪資上漲。只是想知道，您現在是否處於一個您認為可以——您是否有一定的靈活性來降低這個水平？就您的整體陸基營運支出和目前擁有的槓桿而言，什麼是正確的平衡？

Yeah. So Joe, I think that our guys are constantly working on being very focused on reducing overall operating expenses as you can imagine. So while this is commonsensical to the extent they saw opportunities, we would be taking advantage of those. So I think we're always looking for those opportunities, looking for ways to be more efficient, looking for ways to utilize technology to help us be more efficient.

是的。所以喬，我認為我們的員工一直致力於降低整體營運費用，正如你所想像的那樣。因此，儘管這在他們看到機會的範圍內是常識性的，但我們會利用這些機會。所以我認為我們一直在尋找這些機會，尋找提高效率的方法，尋找利用科技幫助我們提高效率的方法。

I think the one thing I would say just the environment that we are in and this may be part of your slide question, which is in periods of softness, I think one of the things that we have -- that we learned from COVID is there's really no concept of fixed cost beyond property taxes, insurance, rent and interest expense. So everything becomes a variable cost, and you evaluate those and make gains where you can. That's what we try to do every day. But in times of softer revenue or whatever, it creates other opportunities to adjust hours, adjust amenities and things of that nature. But that's how I'd kind of give you a sense of answering your question.

我想說的一件事就是我們所處的環境，這可能是你幻燈片問題的一部分，即在疲軟時期，我認為我們從 COVID 中學到的一件事是，除了房產稅、保險、租金和利息支出之外，實際上沒有固定成本的概念。因此，一切都成為可變成本，您可以對其進行評估並盡可能地獲得收益。這就是我們每天努力去做的事情。但在收入較弱或其他時期，它創造了其他機會來調整工作時間、調整設施和諸如此類的事情。但這就是我回答你的問題的方式。

Thank you.

謝謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi, good afternoon. Thanks for taking my question. Josh, Keith, I wanted to ask about some of the data that we've seen with Canadian travel. Obviously, here in the US, we're seeing it in all major cities, but some of the data came out in Las Vegas and showed that visitation was down. So wanted to get a sense of what your exposure to those customers are in the downtown market and in Orleans. And then, the second part of that is if we do see that piece of business, which I think makes up about 5% of visitation in all of Las Vegas, if you think that there could be some room rate discounting during this period. Thank you.

嗨，下午好。感謝您回答我的問題。喬許、基思，我想問一些有關加拿大旅遊的數據。顯然，在美國，我們在所有主要城市都看到了這種情況，但拉斯維加斯的一些數據顯示，遊客數量有所下降。所以想了解您在市中心市場和奧爾良對這些客戶的曝光。然後，第二部分是，如果我們確實看到這部分業務，我認為它佔整個拉斯維加斯訪問量的 5% 左右，如果您認為在此期間可能會有一些房價折扣。謝謝。

Yeah, a couple of comments. I think, for Las Vegas as a whole, and it probably depends on what numbers you look at, it's closer to 3%. But regardless -- look, for us as a company, it's less than one-tenth of 1%. Here in Las Vegas, it might be worth a few hundred thousand dollars to us. It's not a big piece of business. And so look, we're concerned about any loss of customer, whether it be from Canada or any other destination. But specific to Canada, it's not a big piece of business for our company.

是的，有幾則評論。我認為，對於整個拉斯維加斯來說，這可能取決於你所看到的數字，這個數字更接近 3%。但無論如何——對我們公司來說，這個比例還不到 1% 的十分之一。在拉斯維加斯，它對我們來說可能價值幾十萬美元。這不是什麼大生意。所以，我們擔心客戶流失，無論是來自加拿大還是其他目的地。但具體到加拿大，這對我們公司來說並不是一個大業務。

Okay. Thank you. And then, a second one, I guess, just focusing on another potential risk, the Hawaiian sports betting bill, given that there's no casinos, lottery, sports betting, iGaming in Hawaii if this is passed, if you believe that -- I don't think we've seen cannibalization as much with sports betting to land-based, but if you would view that as a risk or is there something that you could do to, I don't know, partner or mitigate some of those customers who might not be coming to the United States to gamble if they have it on their phones? Thanks.

好的。謝謝。然後，我想，第二個問題只是關注另一個潛在風險，即夏威夷體育博彩法案，因為如果該法案通過，夏威夷將不再有賭場、彩票、體育博彩和 iGaming，如果您相信這一點——我認為我們還沒有看到體育博彩對實體博彩的蠶食，但您是否認為這是一種風險，或者您是否可以做些什麼來合作或減輕一些可能不會來美國賭博的客戶的影響？謝謝。

Well, look, as I think most people know, we have a 50-year relationship with the people of Hawaii and the residents there and the communities there, and have spent the last 50 years supporting them and welcoming them here to our properties in Las Vegas.

嗯，我想大多數人都知道，我們與夏威夷人民、那裡的居民和那裡的社區有著 50 年的關係，並且在過去的 50 年裡我們一直支持他們並歡迎他們來到我們在拉斯維加斯的酒店。

To the extent there is any form of gaming in Hawaii, you should expect that Boyd Gaming Corporation will be part of it. With respect to sports betting, I don't think it'll have any impact on our business here. It is something that they want to do, will it change our overall budgets? Maybe. But is it going to change them making trips to Las Vegas just because they can bet on sports online in the islands? I don't believe so. So I don't see it as a major impact. But you should assume if anything moves forward there, that our company would have a role. We probably have the best brand and the most respected gaming company for the residents there in Hawaii.

如果夏威夷有任何形式的博彩業，那麼博伊德博彩公司 (Boyd Gaming Corporation) 將會是其中的一部分。關於體育博彩，我認為它不會對我們的業務產生任何影響。這是他們想做的事情，這會改變我們的整體預算嗎？或許。但是，僅僅因為他們可以在島上在線投注體育賽事，這會改變他們前往拉斯維加斯的意願嗎？我不這麼認為。所以我不認為這會產生重大影響。但你應該假設，如果那裡有任何進展，我們公司就會發揮一定的作用。對於夏威夷居民來說，我們可能擁有最好的品牌和最受尊敬的遊戲公司。

Great. Thank you very much. Appreciate it.

偉大的。非常感謝。非常感謝。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi. This is Max Marsh on for John DeCree. Thanks for taking my question. Trend throughout 2024 is core customer visitation being a little bit down but spend per visit being up. Does that consumer have a higher risk of being impacted by a recession or perhaps promotional intensity stepping up in the event of an economic downturn?

你好。我是馬克斯‧馬許 (Max Marsh)，代替約翰‧德克里 (John DeCree)。感謝您回答我的問題。2024 年全年的趨勢是核心客戶訪問量略有下降，但每次訪問的支出有所上升。在經濟低迷的情況下，消費者是否會面臨更高的受經濟衰退影響的風險，或者促銷力道是否會加大？

You're talking about in relation to the core customer? Is that -- I couldn't hear the first part of your question.

您談論的是與核心客戶有關的事情嗎？是嗎——我聽不清楚你問題的第一部分。

(inaudible)

（聽不清楚）

Yeah. So look, I think perhaps to put it in context, the core customer has been the most consistent of any of our customers throughout. We've not -- since COVID, just because I know this, we've not seen a quarter where that customer has been down. They've been flat. And that's been the worst it's been with respect to that the trend within that customer.

是的。所以，我認為，從情境來看，核心客戶一直是我們所有客戶中最穩定的。自從新冠疫情以來，就我所知，我們還沒有看到哪個季度客戶數量下滑。它們一直處於平緩狀態。就該客戶的趨勢而言，這是最糟糕的情況。

For those of you who were around during the financial crisis in 2008 and 2009, the issue wasn't that the core customer didn't show up, it was the unrated customer and the lower-end retail customer was still showing up. They just weren't spending money. The core customer was the most stable even in that dramatic of a change in the economy. So the core customer is named that for a reason. They're core to our business, and they've been very consistent.

對於經歷過 2008 年和 2009 年金融危機的人來說，問題不在於核心客戶沒有出現，而是未評級客戶和低端零售客戶仍然出現。他們只是不花錢。即使在經濟發生如此劇烈的變化時，核心客戶仍然是最穩定的。核心客戶之所以被這樣稱呼是有原因的。它們是我們業務的核心，並且一直非常穩定。

Great. That's all for me. Thank you very much.

偉大的。對我來說就這些了。非常感謝。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

Hey, guys. Any updated thoughts on Eastside Cannery here?

嘿，大家好。您對 Eastside Cannery 有什麼最新想法嗎？

No. Really not. Our views haven't changed. Obviously, the property has not reopened post the COVID crisis. And we've said in the past that really the market out there really doesn't support the opening of an additional property. And sitting here today, it still doesn't support the opening of additional capacity in that area. And so no, really no other views on that.

不。真的不是。我們的觀點沒有改變。顯然，新冠疫情爆發後，該酒店尚未重新開放。我們過去曾說過，目前的市場確實不支持開設更多飯店。而今天，它仍然不支援在該地區開放額外的運力。所以，對此確實沒有其他看法。

Okay. Great. And then just, in the past, you talked about the Trop I-15 Interchange Project having some impact. Any updates there in terms of continuing impact and maybe when that should pass?

好的。偉大的。然後，就像過去一樣，您談到了 Trop I-15 立交計畫產生的一些影響。關於持續影響以及何時應該過去，有任何更新嗎？

No, I appreciate the question. Look, it's something we haven't talked a lot about over the last several quarters, but it certainly has had an impact on the business mainly at the Orleans. We're hopeful that later this year that that project will kind of finish to a point where that interchange at Trop and the I-15 is cleared up. I mean, it is the main ingress and egress point. It is the main corridor for people to get to the Orleans. We've had to have them come up alternative streets. And unfortunately, during many periods of time, those alternative access points, like off of Russell, which is a street right before Tropicana, have been closed at the same time. Trop has been closed.

不，我很感謝你提出這個問題。你看，這是我們在過去幾個季度沒有談論過的事情，但它確實對奧爾良的業務產生了影響。我們希望今年稍後該項目能夠基本完工，屆時 Trop 和 I-15 的交匯處將會暢通無阻。我的意思是，它是主要的入口和出口。它是人們到達奧爾良的主要走廊。我們不得不讓他們另尋其他道路。不幸的是，在許多時期，這些替代入口，例如位於 Tropicana 前面的 Russell 街道，都會同時關閉。Trop 已關閉。

So it's created great confusion amongst our customers. So we're hopeful that later this year, that project will be at a point where we no longer have to worry about it or complain about it, but it's not there yet.

因此，這給我們的客戶帶來了極大的困惑。因此，我們希望今年稍後該項目能夠達到我們不再需要擔心或抱怨的程度，但目前還沒有達到。

Helpful. All right, thanks so much.

很有幫助。好的，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。現在我想將電話交給喬希來做總結演講。

Thanks, David, and thanks to everyone for joining our call. If you have any follow-up questions, please feel free to reach out to the company. This concludes the call today, and you can now disconnect.

謝謝，大衛，也謝謝大家參加我們的電話會議。如果您有任何後續問題，請隨時聯絡本公司。今天的通話到此結束，您可以掛斷電話了。