Boyd Gaming Corp (BYD) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Boyd Gaming second 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, July 24, 2025.

下午好，歡迎參加 Boyd Gaming 2025 年第二季財報電話會議。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 7 月 24 日星期四舉行。

This time all lines are in listen-only mode. Following our remarks, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press 0 for the operator.

這次所有線路都處於只聽模式。在我們發言之後，我們將進行問答環節。如果您在通話過程中的任何時間需要立即協助，請按 0 聯絡接線員。

Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Executive Vice President and Chief Financial Officer. Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act.

今天電話會議的發言人是總裁兼執行長 Keith Smith 和執行副總裁兼財務長 Josh Hirsberg。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。

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-8K 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提交的收益新聞稿和 8K 表格，這兩份文件均可在 investors.boydgaming.com 上查閱。

We do 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 in the investor relations section of our website shortly after the completion of this call. So with that, I would now like to turn the call over to Keith Smith. Keith?

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。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。因此，現在我想將電話轉給基斯史密斯 (Keith Smith)。基思？

Thanks David and good afternoon, everyone. Before discussing our second quarter results, let me first touch on a recent fan due announcement. We announced two weeks ago, we reached an agreement to sell our 5% equity interest in FanDuel to flood our entertainment for $1.755 billion in cash, unlocking the significant value that we have created through our partnership with FanDuel.

謝謝大衛，大家下午好。在討論我們的第二季業績之前，讓我先談談最近的粉絲公告。我們兩週前宣布，我們達成協議，以 17.55 億美元的現金價格向 FanDuel 娛樂出售我們在 FanDuel 的 5% 股權，以釋放我們透過與 FanDuel 的合作所創造的巨大價值。

Part of this transaction, we extended our market access agreements with FanDuel through 2038 and adjusted our market access rates. We expect this transaction to close and to receive the proceeds in the next several weeks. The net proceeds will be used to pay down debt, reducing our leverage below two times.

作為此次交易的一部分，我們將與 FanDuel 的市場准入協議延長至 2038 年，並調整了我們的市場准入率。我們預計此次交易將在未來幾週內完成並獲得收益。淨收益將用於償還債務，將我們的槓桿率降至兩倍以下。

As a result of this transaction, our company is in an even stronger financial position to continue executing our strategy of investing in our properties, pursuing attractive growth opportunities, returning capital to shareholders, and maintaining a strong balance sheet consistent with our focus over the last several years.

此交易的結果是，我們公司的財務狀況更加穩健，可以繼續執行我們的策略，即投資我們的房地產、尋求有吸引力的成長機會、向股東返還資本，並保持與我們過去幾年的重點一致的強勁資產負債表。

Now moving on to second quarter results, we delivered a strong performance in the second quarter. For the quarter, revenues, excluding tax pass through amounts grew 4% while EBITDAR also increased 4% to $358 million.

現在來看看第二季的業績，我們在第二季取得了強勁的業績。本季度，不包括稅收轉嫁金額的收入成長了 4%，EBITDAR 也成長了 4%，達到 3.58 億美元。

These results were driven by broad-based growth across our operating segments, including both our online and managed segments, demonstrating the value of our diversified business model. On a property level basis, year over year revenue and EBITDAR growth was the strongest in more than three years, while property level margins once again exceeded 40%, a level we have consistently delivered since 2021.

這些業績是由我們各個營運部門（包括線上部門和管理部門）的廣泛成長所推動的，體現了我們多元化業務模式的價值。從物業層面來看，營收和 EBITDAR 同比成長是三年多來最強勁的，而物業層面的利潤率再次超過 40%，這是我們自 2021 年以來一直保持的水平。

Across the portfolio, our results were supported by continued strength and play from our core customers as well as improving trends among retail customers. Among the segment results, a Las Vegas locals’ segment had a strong quarter, delivering its first year over year revenue in EBITDAR growth in more than two years while maintaining a segment margins of nearly 50%.

在整個投資組合中，我們的業績得益於核心客戶的持續實力和發揮以及零售客戶的改善趨勢。在各分部業績中，拉斯維加斯本地分部本季表現強勁，兩年多來首次實現 EBITDAR 收入同比增長，同時保持了近 50% 的分部利潤率。

This performance was led by growth and play from our core customers, as well as continued improvements in retail play. Growth in play among our local guests more than offset softness and play from our out-of-town customers. While the Las Vegas Strip has recently seen softer demand trends, there are signs of continued strength in the local economy.

這一業績得益於我們核心客戶的成長和業務，以及零售業務的持續改善。我們本地客人的參與度成長遠遠抵消了外地客人的參與度和參與度下降。儘管拉斯維加斯大道最近出現了需求疲軟的趨勢，但有跡象顯示當地經濟持續走強。

In southern Nevada, employment continues to grow while local income is increasing, with average weekly wages up more than 5% over the prior year, well above the national average. Southern Nevada's cost of living remains below the national average, ranking among the most affordable of the nation's 30 largest metropolitan areas.

在內華達州南部，就業持續成長，當地收入也在增加，平均週工資比前一年上漲 5% 以上，遠高於全國平均。內華達州南部的生活成本仍然低於全國平均水平，在全美 30 個最大都市區中屬於最便宜的地區之一。

Las Vegas Valley has nearly $11 billion in construction activity currently underway, reflecting continued strength in this critical economic sector. The recent tax bill passed by Congress includes several provisions that will benefit both our Southern Nevada operations and our Midwest and South operations.

拉斯維加斯谷目前正在進行價值近 110 億美元的建築活動，反映出這一關鍵經濟部門的持續強勁發展。國會最近通過的稅收法案包括幾項條款，這些條款將使我們的南內華達州業務以及中西部和南部業務受益。

These provisions include tax deduction for tips and overtime, a new deduction for seniors, and a larger standard deduction for taxpayers. Given these positive factors, we remain confident in the prospects for the Southern Nevada economy and the future of our local’s business. Next, our downtown Las Vegas segment delivered a solid quarterly performance against the challenging prior year comparison.

這些規定包括小費和加班費的稅收減免、老年人的新減免以及納稅人更高的標準減免。鑑於這些積極因素，我們仍然對南內華達州的經濟前景和當地企業的未來充滿信心。其次，與去年同期相比，我們的拉斯維加斯市中心分部取得了穩健的季度業績。

As you may recall, last year's second quarter benefited from significant pent-up demand from our Hawaiian customers who did not visit in the first quarter of last year due to higher airfares related to Super Bowl. Importantly, the underlying performance of our downtown business remains stable.

您可能還記得，去年第二季度受益於夏威夷客戶的大量被壓抑的需求，這些客戶由於去年第一季與超級碗相關的機票價格上漲而沒有前往夏威夷。重要的是，我們市中心業務的基本表現保持穩定。

Through the first six months of the year, both revenue and EBITDAR in the downtown segment were up more than 1% over the prior year. Next, our Midwest and South segment, which was impacted by both flood-related closures and the shift of Easter into April, delivered revenue in EBITDAR gains of more than 3%. This marked the segment's highest quarterly revenue in EBITDAR in nearly three years.

今年前六個月，市中心地區的收入和 EBITDAR 均比上年增長了 1% 以上。其次，我們的中西部和南部地區受到洪水相關封鎖和復活節推遲到四月的影響，其 EBITDAR 收入成長超過 3%。這是該部門近三年來 EBITDAR 季度收入中最高的一個。

Growth in this segment was led by continued strong performance of treasure chest which marked its one-year anniversary on June 6. Similar to the Las Vegas locals’ segment, we continue to see strength and play from our core customers during the second quarter while play from retail customers also improved.

該領域的成長主要得益於寶箱的持續強勁表現，6 月 6 日寶箱迎來了一周年紀念日。與拉斯維加斯本地客戶群類似，我們在第二季度繼續看到核心客戶的強勁表現和積極參與，同時零售客戶的參與也有所改善。

Next, in our online segment, both revenues and EBITDAR are increased, driven by Boyd interactive and modest growth from our market access agreements. Finally, our managed business continues its strong performance with ongoing growth and management fees from Sky River Casino.

其次，在我們的線上業務中，收入和 EBITDAR 均有所增加，這得益於 Boyd Interactive 和我們市場准入協議帶來的適度成長。最後，我們的管理業務持續保持強勁表現，並持續成長，並收取 Sky River Casino 的管理費。

Given Sky River's ongoing success, we remain optimistic about the future potential of the expansion currently underway at this property. The first phase of this expansion set for completion early next year, will address the need for more gaming capacity by adding 400 slot machines as well as a 1,600 space parking garage.

鑑於天河的持續成功，我們仍然對該物業目前正在進行的擴建的未來潛力持樂觀態度。擴建工程的第一階段預計將於明年初完工，將透過增加 400 台老虎機以及 1,600 個停車位來滿足更多遊戲容量的需求。

The second phase will further diversify Sky River's offerings with a 300 room hotel, three new food and beverage outlets, a full service resort spa, and an entertainment and event center. Once complete in mid-2027, this expansion will further strengthen Sky River's position as one of Northern California's leading gaming entertainment destinations.

第二階段將進一步豐富 Sky River 的服務內容，包括擁有 300 間客房的飯店、三家新的餐飲店、一個全方位服務的度假水療中心以及一個娛樂和活動中心。此次擴建將於 2027 年中期完工，進一步鞏固 Sky River 作為北加州領先遊戲娛樂目的地之一的地位。

So in all, we delivered strong results in the second quarter, reflecting the strength of our customer base, the quality of our property amenities, and the benefits of our diversified business. Moving next to our capital investment program. We continued our work in the second quarter, highlighted by hotel renovations at several of our properties, as well as the ongoing improvements at the Sun Coast.

總體而言，我們在第二季度取得了強勁的業績，反映了我們強大的客戶群、優質的物業設施以及多元化業務的優勢。接下來是我們的資本投資計畫。我們在第二季度繼續開展工作，重點是對幾家酒店進行了翻新，並對陽光海岸進行了持續的改進。

During the quarter, we completed a hotel room renovation at Valley Forge and continued to work on a room renovation project at the IP, and we plan to start hotel renovations at New Orleans in the coming months. In addition, our property-wide renovation of the Sun Coast is continuing and is now in its most disruptive stage with large portions of the casino floor under renovation.

在本季度，我們完成了 Valley Forge 的飯店客房翻新工程，並繼續在 IP 進行客房翻新工程，我們計劃在未來幾個月內開始在新奧爾良進行飯店翻新工程。此外，我們對陽光海岸的整個酒店的翻新工程仍在繼續，目前正處於最艱難的階段，賭場的大部分區域都在進行翻新。

We're on track to complete the Sun Coast renovations in the first quarter of next year. And given the strong response we've already seen to the new amenities we recently added, we are confident in the long-term potential of this project. On property enhancements, we have several projects underway to strengthen the long-term growth profile of our business.

我們預計將於明年第一季完成陽光海岸的翻新工程。鑑於我們最近添加的新設施已經獲得了強烈的反響，我們對該項目的長期潛力充滿信心。在物業增值方面，我們正在進行多個項目，以加強我們業務的長期成長前景。

These investments are part of our $100 million in annual recurring growth capital. In Missouri, we are on track for a late August completion of our meeting and convention center at Ameristar Saint Charles. We expect this project to drive strong returns, given the encouraging pre-bookings of the property has already secured for the new space.

這些投資是我們每年 1 億美元經常性成長資本的一部分。在密蘇裡州，我們位於 Ameristar Saint Charles 的會議和會展中心預計將於 8 月底完工。鑑於新空間的預訂量已經令人鼓舞，我們預計該項目將帶來豐厚的回報。

Importantly, more than 90% of these pre-bookings are from entirely new customers, a strong indication that this project will further expand the Ameristar's customer base and drive incremental growth of the property. Also, work is progressing on our Cadence Crossing Casino in southern Nevada.

重要的是，這些預訂中有 90% 以上來自全新客戶，這有力地表明該項目將進一步擴大 Ameristar 的客戶群並推動酒店的增量成長。此外，我們位於內華達州南部的 Cadence Crossing Casino 賭場的建設工作也在不斷推進。

The adjacent community of Cadence is one of the fastest growing master planned communities in the nation, creating a compelling long-term growth opportunity for our company. On track to open in mid-2026, Cadence Crossing 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 area.

鄰近的 Cadence 社群是全國發展最快的總體規劃社群之一，為我們公司創造了極具吸引力的長期成長機會。Cadence Crossing 預計將於 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 賭場，旨在吸引該地區成千上萬的新居民。

We are well positioned to keep pace with continued residential growth in the area, with future plans for a hotel, additional casino space, and more non-gaming amenities. Beyond these investments, we're developing plans for the next phase of projects to further strengthen our long-term growth profile.

我們已做好準備，跟上該地區住宅的持續增長，未來計劃興建酒店、增加賭場空間和更多非博彩設施。除了這些投資之外，我們還在製定下一階段的專案計劃，以進一步加強我們的長期成長前景。

In Illinois, we're working through the final design and regulatory approval process for a modern new entertainment facility that will replace our existing riverboat casino of paradise. Assuming regulatory approvals are received later this year, we expect this project to begin in 2026.

在伊利諾州，我們正在進行最終設計和監管審批程序，建造一座現代化的新娛樂設施，取代我們現有的天堂河船賭場。假設今年稍後獲得監管部門的批准，我們預計該項目將於 2026 年開始。

And in Norfolk, we are on track to open a transitional casino in November of this year while construction is progressing on our $750 million permanent resort, which is scheduled to open in late 2027. Once complete, this resort will include a 65,000 square foot casino, a 200 room hotel, eight food and beverage outlets, live entertainment, and an outdoor amenity deck.

在諾福克，我們計劃於今年 11 月開設一家過渡性賭場，同時我們耗資 7.5 億美元的永久度假村正在建設中，計劃於 2027 年底開業。一旦建成，度假村將包括一個 65,000 平方英尺的賭場、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戶外便利平台。

In addition to being the leading gaming resort in the market, our property will be the most convenient gaming destination for much of the Hampton Roads metropolitan area, one of the largest underserved markets in the Mid-Atlantic region, with nearly 1.8 million people. We also expect to draw tourists from nearby Virginia Beach, a destination that attracts nearly 15 million visitors each year.

除了成為市場上領先的博彩度假村之外，我們的酒店還將成為漢普頓路大都會區大部分地區最便捷的博彩目的地，漢普頓路大都會區是大西洋中部地區最大的服務不足市場之一，擁有近 180 萬人口。我們還希望吸引來自附近弗吉尼亞海灘的遊客，該旅遊勝地每年吸引近 1500 萬遊客。

Offering a best in market experience with compelling amenities and easy access, we believe our Norfolk resort will deliver strong returns for our company in the coming years. In all, our capital investment program is an important part of driving growth and creating long-term shareholder value.

憑藉一流的市場體驗、一流的設施和便利的交通，我們相信諾福克度假村將在未來幾年為我們公司帶來豐厚的回報。總之，我們的資本投資計畫是推動成長和創造長期股東價值的重要一環。

At the same time we are investing in our properties and developing projects to support our long-term growth, we remain committed to returning capital to our shareholders. During the second quarter, we repurchased $105 million in stock and paid $15 million in dividends.

在我們投資房地產和開發項目以支持長期成長的同時，我們仍然致力於向股東返還資本。第二季度，我們回購了價值 1.05 億美元的股票，並支付了 1,500 萬美元的股息。

Since we began our capital return program in 2021, we've returned nearly $2.4 billion to our shareholders and with the recent FanDuel transaction, we have increased flexibility to continue our capital return program. As a result, we plan to increase our target for share repurchases from $100 million per quarter to $150 million per quarter starting with the third quarter.

自 2021 年啟動資本回報計畫以來，我們已向股東返還近 24 億美元，隨著最近的 FanDuel 交易，我們增加了繼續實施資本回報計畫的靈活性。因此，我們計劃從第三季開始將股票回購目標從每季 1 億美元提高到每季 1.5 億美元。

While the proceeds from this transaction will initially be used to reduce debt, our proven track record of making smart capital allocation decisions gives us confidence in our ability to deploy these proceeds toward attractive higher returning investments in the future.

雖然這筆交易的收益最初將用於減少債務，但我們在做出明智的資本配置決策方面的良好記錄使我們有信心在未來將這些收益用於有吸引力的高回報投資。

In closing, the combination of an attractive growth pipeline, ongoing property investments, a strong financial position, and our ability to deliver consistent results, all position as well to continue creating long term shareholder value. Before I turn the call over to Josh, I want to thank our team members who are key to our ongoing success.

最後，有吸引力的成長管道、持續的房地產投資、強勁的財務狀況以及我們提供持續成果的能力相結合，所有這些都有利於繼續創造長期股東價值。在將電話轉給喬希之前，我想感謝我們的團隊成員，他們是我們持續成功的關鍵。

Every day they provide our guests with memorable and distinctive service, providing a unique experience that builds loyalty to our brand. Thank you for your time today. I would now like to turn the call over to Josh.

他們每天都為我們的客人提供難忘而獨特的服務，提供獨特的體驗，建立對我們品牌的忠誠度。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. In light of our recently announced transaction to sell our 5% interest in FanDuel to Flutter, I wanted to take a few moments to review the financial impacts for our company. This transaction further enhances our financial flexibility, strengthens our already strong balance sheet, and is accretive to free cash flow.

謝謝，基思，大家下午好。鑑於我們最近宣布將 FanDuel 的 5% 權益出售給 Flutter 的交易，我想花點時間來回顧這對我們公司的財務影響。此次交易進一步增強了我們的財務靈活性，增強了我們本已強勁的資產負債表，並增加了自由現金流。

As Keith noted, we expect to receive $1.755 billion in total proceeds in the next several weeks. We estimate after tax proceeds of approximately $1.4 billion are more than $17 per share. Initially we intend to use the proceeds to completely repay the debt outstanding under our credit facility. Total leverage at the end of the second quarter was approximately 2.8 times or 3.2 times on a lease adjusted basis.

正如 Keith 所說，我們預計未來幾週將獲得 17.55 億美元的總收益。我們估計稅後收益約為 14 億美元，每股收益超過 17 美元。最初，我們打算利用所得款項完全償還信貸安排下的未償債務。第二季末的總槓桿率約為 2.8 倍，以租賃調整後計算則為 3.2 倍。

Pro forma for this transaction, we estimate leverage will be reduced by approximately one turn. As a result of reduced debt balances, we estimate interest expense savings of approximately $85 million on an annualized basis. As noted in our press release announcing the FanDuel transaction, our future results will reflect the economics of the new market access agreements, which are effective July 1, pending regulatory approvals.

對於這筆交易的形式，我們估計槓桿將減少約一倍。由於債務餘額減少，我們估計按年計算利息支出可節省約 8,500 萬美元。正如我們在宣布 FanDuel 交易的新聞稿中所述，我們的未來業績將反映新市場准入協議的經濟效益，該協議將於 7 月 1 日生效，但需獲得監管部門的批准。

We estimate our online segment will generate $50 million to $55 million in EBITDAR for the full year 2025, followed by $30 million in EBITDAR in 2026. Summarize the impacts of this transaction. Leverage is lower. Our market access agreements are extended through 2038 with a reduced fee structure. Pre-cash flow is increased, and we are in an even stronger position to execute our strategy.

我們估計，我們的線上部門將在 2025 年全年產生 5,000 萬至 5,500 萬美元的 EBITDAR，隨後在 2026 年產生 3,000 萬美元的 EBITDAR。總結本次交易的影響。槓桿較低。我們的市場准入協議將延長至 2038 年，並降低費用結構。預付現金流增加了，我們更有能力執行我們的策略。

Now let's take a few moments to review the second quarter. The results for the quarter were strong across the company, growing revenue in EBITDAR, while property level margins were once again 40%. Property level margins have consistently remained at or above this level, a reflection of our continued focus on maintaining operating efficiencies.

現在讓我們花點時間回顧一下第二季。本季整個公司的業績表現強勁，EBITDAR 收入成長，而房地產層面的利潤率再次達到 40%。物業層面的利潤率一直維持在這個水準或以上，這反映了我們持續致力於維持營運效率。

During the quarter, we continue to see strength in play from our core customers and improving trends in play from our retail customers. Tax pass through amount for our online segment was $134 million during the second quarter compared to $104 million in a year ago period.

在本季度，我們繼續看到核心客戶的強勁表現以及零售客戶的改善趨勢。我們第二季線上部門的稅收轉嫁金額為 1.34 億美元，而去年同期為 1.04 億美元。

Excluding the tax pass through amount for this quarter, company-wide margins for the second quarter this year would have been 515 basis points above the margin we reported. With respect to capital expenditures, we invested $124 million in capital during the second quarter, bringing year-to-date capital expenditures to $251 million. Continue to project total capital expenditures for the full year of $600 million to $650 million.

不包括本季的稅收轉嫁金額，今年第二季的全公司利潤率將比我們報告的利潤率高出 515 個基點。關於資本支出，我們在第二季投資了 1.24 億美元的資本，使年初至今的資本支出達到 2.51 億美元。繼續預計全年總資本支出為 6 億至 6.5 億美元。

These capital plans include approximately $250 million in maintenance capital, $100 million related to our hotel room projects at IP Valley Forge in New Orleans, $100 million in growth capital for the meeting and convention space at very and the new Cadence Crossing development here in Las Vegas, and finally $150 million to $200 million for a casino development in Virginia.

這些資本計劃包括約 2.5 億美元的維護資本、1 億美元與我們在新奧爾良 IP Valley Forge 的酒店客房項目相關的資本、1 億美元的增長資本用於拉斯維加斯的 very 會議和會展空間和新的 Cadence Crossing 開發項目，最後 1.5 億至 2 億美元用於弗吉尼亞州的賭場開發項目。

In terms of our shareholder capital return program, we paid a regular quarterly dividend of $0.18 per share during the second quarter, totaling $15 million. Also during the quarter, we repurchased $105 million in stock, acquiring $1.5 million shares at an average price of $70.94 per share. Actual shares outstanding at the end of the quarter were $80.5 million shares.

就我們的股東資本回報計劃而言，我們在第二季度支付了每股 0.18 美元的定期季度股息，總計 1500 萬美元。此外，在本季度，我們還回購了價值 1.05 億美元的股票，以平均每股 70.94 美元的價格收購了價值 150 萬股的股票。本季末實際流通股數為 8,050 萬股。

Here to date we have repurchased $5.9 million shares at an average price of $72.98 per share. As Keith noted earlier, we intend to increase our share repurchase program to $150 million per quarter, supplemented by our regular quarterly dividend.

到目前為止，我們已經以每股 72.98 美元的平均價格回購了價值 590 萬美元的股票。正如 Keith 之前提到的，我們打算將股票回購計畫增加到每季 1.5 億美元，並輔以定期季度股息。

Considering this higher rate of repurchase activity in conjunction with our quarterly dividend, going forward, our annual run rate of capital returns to shareholders are expected to total approximately $700 million or about $9 per share. Since we began our capital return program in October 2021, we have returned nearly $2.4 billion in the form of share repurchases and dividends while reducing our share count by 28%.

考慮到回購活動率的提高以及我們的季度股息，展望未來，我們預計每年向股東提供的資本回報率總計約為 7 億美元，即每股約 9 美元。自 2021 年 10 月啟動資本回報計畫以來，我們已以股票回購和股息的形式返還了近 24 億美元，同時將股票數量減少了 28%。

Following the end of the second quarter, our Board of Directors approved an additional $500 million share repurchase authorization, providing the company a total repurchase authorization of $707 million.

第二季結束後，我們的董事會批准了額外的 5 億美元股票回購授權，使該公司的總回購授權達到 7.07 億美元。

In conclusion, with strong play from our core customer in improving trends among our retail customers, efficient operations, robust free cash flow, and the strongest balance sheet in our company's history, we have outstanding flexibility to continue executing our strategy for creating long-term shareholder value.

總而言之，憑藉核心客戶在改善零售客戶趨勢方面的強大作用、高效的營運、強勁的自由現金流以及公司歷史上最強勁的資產負債表，我們擁有出色的靈活性，可以繼續執行為長期股東創造價值的策略。

With that, I will now turn it to David to open the call for questions.

現在，我將請 David 開始提問。

(Operator Instructions)

（操作員指示）

Steve Wieczynski, Stifel

史蒂夫·維茨辛斯基的史蒂夫·維茨辛斯基（Steve Wieczynski）

Yeah, hey guys, good afternoon. So Keith or Josh, guess, I guess one of the questions we've gotten a lot since this transaction, was announced is. what is Boyd going to do with the proceeds and you guys, I think it made it pretty clear that you're going to be, reducing leverage, taking up your quarterly buyback, all that kind of stuff.

是的，嘿，大家下午好。所以，基斯或喬希，我想，自從這筆交易宣布以來，我們經常被問到的一個問題是，博伊德將如何處理收益，你們，我認為它已經很清楚地表明了你們將會降低槓桿率，進行季度回購，諸如此類的事情。

But what does this mean now for, what I would call kind of other opportunities and I guess what I'm trying to understand is, does this take away. Material M&A transactions or maybe a better way to ask that is, what does growth opportunities mean for you guys.

但這對我所說的其他機會意味著什麼？我想了解的是，這是否會帶來損失。重大併購交易，或者更好的問法是，成長機會對你們意味著什麼。

Sure, Steve, I'll take a shot at this. We assume that there would be some discussion around the FanDuel transaction on this call, so let me provide some context for you. First, I'll go ahead and say it up front. You know this FanDuel transaction is not a precursor to another transaction.

當然，史蒂夫，我會嘗試一下。我們假設這次電話會議將圍繞 FanDuel 交易進行一些討論，因此讓我為您提供一些背景資訊。首先，我要先說一下。您知道這筆 FanDuel 交易並不是另一筆交易的前兆。

Flutter and FanDuel have done a remarkable job over the last seven years or so in becoming the industry leader in online sports betting and casino. They've created tremendous value both for themselves and for us, and over the last seven years, our partnership with FanDuel has continued to grow in value and represents a significant asset for our company.

在過去七年左右的時間裡，Flutter 和 FanDuel 取得了卓越的成績，成為線上體育博彩和賭場行業的領導者。他們為自己和我們創造了巨大的價值，在過去的七年裡，我們與 FanDuel 的合作價值不斷增長，對我們公司來說是一筆重要的財富。

Between our market access fees over the last seven years and our 5% equity interest in FanDuel, we've created nearly $2 billion in value for our shareholders, all from a $10 million investment, a pretty fair return, I think.

在過去七年裡，我們透過支付市場准入費以及持有 FanDuel 5% 的股權，為股東創造了近 20 億美元的價值，而這一切都源於 1000 萬美元的投資，我認為這是相當可觀的回報。

As we analyze our equity value, Boyd's equity value, it's our belief that our stock price doesn't properly reflect the true value created by this investment. And as a result, we determined that as we're approaching the end of this partnership, now is an appropriate time to monetize this investment and to focus the proceeds on future growth.

當我們分析我們的股權價值、博伊德的股權價值時，我們認為我們的股價並不能正確反映這項投資創造的真實價值。因此，我們認為，隨著合作關係的結束，現在是將這項投資貨幣化並將收益集中在未來成長的適當時機。

So now it's our turn to take advantage of the investment and invest in the future of our company. And while we're initially reducing debt, our goal is to deploy this new capital and attractive higher returning investments to support the long-term growth of our company. We commented on that in our prepared remarks, and we're confident in our ability to do so.

所以現在輪到我們利用這項投資並投資我們公司的未來了。雖然我們最初正在減少債務，但我們的目標是部署這些新資本和有吸引力的高回報投資，以支持我們公司的長期成長。我們在準備好的發言中對此進行了評論，並且我們對我們的能力充滿信心。

This transaction doesn't change our strategy of having a balanced approach to capital allocation. That balanced approach includes investing in our business and pursuing attractive growth opportunities, as well as returning capital to shareholders and maintaining a strong balance sheet.

此次交易不會改變我們平衡資本配置的策略。這種平衡的方法包括投資我們的業務和尋求有吸引力的成長機會，以及向股東返還資本和維持強勁的資產負債表。

This transaction doesn't change the cadence of our current investment strategy or our views on capital deployment or potential M&A. We have a successful track record of disciplined capital allocation that has served us and our shareholders well, and we remain committed to this approach.

此交易不會改變我們目前的投資策略節奏或我們對資本配置或潛在併購的看法。我們在規範的資本配置方面有著成功的記錄，這為我們和我們的股東帶來了良好的服務，我們將繼續致力於這種方法。

This transaction merely allows us to continue our strong track record of making sound capital allocation decisions from a stronger position. Hope these comments answer some of the questions, but I'm sure they don't answer all your questions.

此交易僅僅使我們能夠繼續保持良好的業績記錄，從更有利的地位做出合理的資本配置決策。希望這些評論能夠回答一些問題，但我確信它們並不能回答您的所有問題。

If you have additional questions, feel free to reach out to either Josh or Amir after the call's over, and we'd appreciate kind of staying focused on Q2 earnings for the rest of the questions.

如果您還有其他問題，請在通話結束後隨時聯繫 Josh 或 Amir，我們希望您在回答其餘問題時能夠專注於第二季的收益。

Barry Jonas, Truist Securities

喬納斯（Barry Jonas），Truist Securities

Great. Thank you. I appreciate all the comments there. Maybe just at a high level philosophically now that leverage is going to be around two times. What do you think philosophically is the optimal level that leverage should be for Boyd?

偉大的。謝謝。我感謝那裡的所有評論。或許從哲學的高層來看，槓桿率現在將達到兩倍左右。從哲學角度來說，您認為 Boyd 的最佳槓桿水平應該是多少？

So I think Barry, before this transaction, we would have said leverage was going to be, we were going to run our company at around 2.5 times leverage, and I would say he had always said if by chance there was a transaction that caused us to leverage up we would have the intention of coming back down to 2.5 times.

所以我認為，在這筆交易之前，巴里會說，我們會將公司的槓桿率定為 2.5 倍左右，而我想說，他總是說，如果碰巧有一筆交易導致我們的槓桿率上升，我們就會打算將其降至 2.5 倍。

So I'd say today, our expectation is obviously leverage will be lower than 2.5 times. We will probably run the company not necessarily with the objective of staying below 2.5 times, but it's, that's probably where we're going to kind of run the company for the time being as we figure out where best to allocate the capital to get the returns. I don't, I don't think we're going to kind of go out of our way to do something just to get leverage back up to a level that where it should be.

所以我今天要說的是，我們的預期顯然是槓桿率將低於 2.5 倍。我們經營公司時的目標可能不一定是保持在 2.5 倍以下，但這可能是我們暫時經營公司的方式，因為我們正在研究如何最好地分配資本以獲得回報。我不認為我們會刻意採取某些行動只是為了讓槓桿率恢復到應有的水準。

I think we're going to continue to be disciplined in terms of how we think about opportunities, continue to be disciplined and how we think about pursuing capital investment within our own company, and I think one thing we we've said before and I'll reiterate it here is just because we have a ton of flexibility doesn't mean we're going to go out and try to do something that doesn't make sense.

我認為，我們將繼續嚴格遵守如何看待機會、如何繼續嚴格遵守如何在我們公司內部尋求資本投資的原則，我認為我們之前說過的一件事，我在這裡重申一下，就是因為我們擁有很大的靈活性，並不意味著我們會出去嘗試做一些沒有意義的事情。

We've been really disciplined. Keith made that comment in his remarks. We think it's paid off for our shareholders and we'll continue to approach allocating capital in that way.

我們確實非常自律。基思在他的演講中發表了上述評論。我們認為這對我們的股東來說是有回報的，我們將繼續以這種方式分配資本。

Yeah, look, I think the way we think about this is as a result of the transaction, we end up with leverage Sub two and the high ones, but it's simply a point in time in the history of the company. We don't expect that it's going to stay there. It's our job to take that and invest it in higher returning assets, simply higher returning and paying down 6% debt, and we understand that's our mission and our goal.

是的，你看，我認為我們對此的看法是，由於交易的結果，我們最終會得到低於 2 倍的槓桿率和較高的槓桿率，但這只是公司歷史上的一個時間點。我們不希望它停留在那裡。我們的工作就是利用這些資金並將其投資於回報率更高的資產，獲得更高的回報並償還 6% 的債務，我們明白這是我們的使命和目標。

And we'll endeavor to do that. And so the Sub two times leverage is just once again, it's a level we're at today as a result of the transaction in longer term, I suspect, as Josh indicated, we will be more in the two and a half range long term.

我們將盡力做到這一點。因此，低於兩倍的槓桿率再次成為我們今天所處的水平，這是長期交易的結果，我懷疑，正如喬希所指出的，從長期來看，我們的槓桿率將更多地處於兩倍半的範圍內。

That's great and then just as a follow up, any comments you can give in terms of the promotional environment in and kind of your key markets. We've certainly heard some chatter from, some about ramping promos and some select markets. So curious what you're seeing and how you're responding if that's true. Thank you.

這很好，然後作為後續問題，您可以就主要市場的促銷環境和類型提出任何評論嗎？我們確實聽到了一些關於加強促銷力度和特定市場的討論。我很好奇你看到了什麼，如果這是真的，你會如何反應。謝謝。

Sure, it sounds like this is simply on replay, but over the last several years, including in Q1 and Q2, the promotional environment has been relatively stable both here in Las Vegas as well as in our Midwest and South markets. I've said in the past, and I'll say it again. Those properties that have been promotional for the last couple of years remain promotional.

當然，這聽起來只是重演，但在過去幾年中，包括第一季和第二季度，拉斯維加斯以及中西部和南部市場的促銷環境相對穩定。我以前說過，現在我再說一次。過去幾年一直在促銷的那些房產仍然在促銷。

Those properties that have been more disciplined have stayed more disciplined and while some somebody, some property is always stepping out a little bit, they do it for a month or so and then, it comes back to normal. So there's not a heightened promotional environment anywhere where we operate.

那些更自律的房產一直保持著更自律的狀態，而有些人、有些房產總是會稍微超出常規，他們會這樣做一個月左右，然後就會恢復正常。因此，在我們經營的任何地方都沒有強化的促銷環境。

And Barry, the only thing I would add to that, you ask, how are we responding, we're not. If you look at our reinvestment rate as a marketing reinvestment rate as a percent of revenues, it's been very stable since we came out of COVID. So you can see that reflected in our overall margins for the company over the last five years as well.

巴里，我唯一想補充的是，如果你問我們如何回應，答案是我們沒有。如果將我們的再投資率視為行銷再投資率佔收入的百分比，那麼自從我們擺脫 COVID 以來，它一直非常穩定。因此，您可以看到這也反映在我們公司過去五年的整體利潤率上。

Yeah, and I would say that includes, not getting into room rate war here in Las Vegas where room rates are extremely low. We're not chasing room rates down, we're being disciplined, and so we'll just continue to work our way through that.

是的，我想說，這包括不要捲入拉斯維加斯的房價戰，因為這裡的房價非常低。我們不會追求降低房價，我們會嚴格遵守紀律，因此我們會繼續努力解決這個問題。

That's great. Thank you so much for all the color.

那太棒了。非常感謝您提供的所有顏色。

You're welcome.

不客氣。

John DeCree, CBRE

John DeCree，世邦魏理仕

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Fantastic. Hi, Josh. Hi Keith. I wanted to ask a question, about the pickup and retail that you've seen. It sounded like, kind of unrated play picked up in in locals and regionally and curious if you could give us any more color on that.

極好的。你好，喬希。你好，基斯。我想問一個問題，關於您所看到的皮卡和零售。這聽起來像是在當地和地區範圍內流行的一種未分級的戲劇，我很好奇您是否可以給我們更多有關這方面的詳細信息。

I know that's a segment that's a bit harder to track and I guess kind of interested in sustainability and kind of the trend over the last couple of quarters leading to, seems like some growth in that segment finally.

我知道這個細分市場有點難以追踪，我想人們對永續性以及過去幾季的趨勢很感興趣，似乎這個細分市場最終會有所成長。

Yeah, John. It's a good question. I think that first of all, when you think about and I'll primarily touch on the Midwest and South and Las Vegas locals when I talk about the trends we're seeing and unrated. So first starting with the Midwest and South, we combine unrated into our what we call our retail segment.

是的，約翰。這是個好問題。我認為首先，當你考慮時，當我談論我們看到的趨勢和未評級時，我將主要談論中西部和南部以及拉斯維加斯當地人。因此，我們首先從中西部和南部開始，將未評級的市場納入我們所謂的零售領域。

In the Midwest and South, I think retail as a whole, including the low end of our database as well as retail has been pretty stable for well over a year, I will say, kind of not really growing but not declining. Starting in the second quarter, we began to see a pickup in unrated play.

在中西部和南部，我認為零售業作為一個整體，包括我們資料庫的低端以及零售業在一年多的時間裡一直相當穩定，我想說，沒有真正成長，但也沒有下降。從第二節開始，我們開始看到未評級比賽的回升。

We attribute that largely to customers staying closer to home, i.e., drive-in business and truly local customers, even in the regional business, kind of not traveling or not taking that extra trip. Whether it's, and this is a broader comment, whether it's sustainable or not, I think we're going to need to see another quarter or two.

我們認為這主要是因為顧客離家較近，例如免下車業務和真正的本地顧客，即使在區域業務中，也不會出行或進行額外的旅行。不管它是否可持續，這是一個更廣泛的評論，我認為我們還需要觀察一兩個季度。

But there's no doubt that's what showed up and kind of pivoted retail to being a much more improved segment of our customer base. In Las Vegas, and Keith alluded to this earlier with his comment on room rates. I mean, we've seen a real kind of softness and you're seeing it in the strip as well. I think, in destination business we're seeing it in our own business in terms in particular place like Orleans where we have a significant room inventory.

但毫無疑問，這就是所顯現出來的，並且在某種程度上將零售業轉變為我們客戶群中更加完善的一部分。在拉斯維加斯，Keith 早些時候在評論房價時提到了這一點。我的意思是，我們看到了一種真正的柔軟，你也可以在漫畫中看到它。我認為，在目的地業務中，我們在自己的業務中看到了這一點，特別是像奧爾良這樣的地方，我們在那裡擁有大量的客房庫存。

We're just not seeing that the same level of demand that we've seen historically from destination business. But that's been more than made up by retail and drive-in business and once again showing up in that unrated segment and for our business to work, we've had a very consistent core customer and we've been waiting for the retail customer to really kind of come back into the fray, and I would say the second quarter largely driven by unrated businesses where they showed up.

我們只是沒有看到目的地業務歷史上相同程度的需求。但這已經被零售和免下車業務彌補了，並且再次出現在未評級的領域，為了使我們的業務正常運轉，我們有一個非常穩定的核心客戶，我們一直在等待零售客戶真正重返市場，我想說第二季度主要是由未評級業務推動的。

Now whether it's it'll continue or not, I think I do think we need another quarter or two before we can kind of say we're back to normal, so to speak. Keith, I don't know, is there anything you want to add to that?

現在，無論這種情況是否會持續下去，我認為我們還需要一兩個季度的時間才能說我們恢復正常。基思，我不知道，你還有什麼要補充的嗎？

No, I think that fairly summarizes kind of what we saw at the second quarter, so.

不，我認為這相當概括了我們在第二季度看到的情況。

That that's helpful. I appreciate the color. Maybe a quick follow up on the online gaming strategy from here. Now that you've kind of sold your 5% stake in FanDuel, is there any change in how you approach online gaming, kind of under the new commercial agreement that you have with fans? Is it an area that you might look to invest in more aggressively than you've had in the past or any change in strategy on the digital front?

這很有幫助。我很欣賞這個顏色。也許可以從這裡快速跟進線上遊戲策略。現在您已經出售了 FanDuel 的 5% 股份，根據您與粉絲達成的新商業協議，您對線上遊戲的態度有什麼改變嗎？您是否會考慮比過去更積極地投資該領域，或者在數位領域策略方面會有什麼變化？

Yeah, no real change in strategy. We bought Pala Interactive several years ago, now known as Boyd Interactive, it has grown nicely over the last several years. We did a small bolt on acquisition last year to bolster the New Jersey part of that business. It's performing well, but when we bought Palo, we described what we call the regional strategy.

是的，戰略上沒有真正的改變。幾年前，我們收購了 Pala Interactive，現在稱為 Boyd Interactive，它在過去幾年裡發展得很好。去年，我們進行了一次小規模的附加收購，以增強該業務在新澤西的部分。它表現良好，但是當我們收購 Palo 時，我們描述了所謂的區域策略。

We wanted to be able to make sure we had a compelling and competitive product. In the markets where we operate and in some of the important surrounding states where we draw customers that we were not looking to have a national product or be a national leader in the online casino business. That remains the same today.

我們希望確保我們擁有一款引人注目且具競爭力的產品。在我們經營的市場以及我們吸引客戶的一些重要的周邊州，我們並不打算擁有全國性產品或成為線上賭場業務的全國領導者。時至今日，情況依然如此。

None of that changes with respect to the transaction with FanDuel. We'll continue to be focused on a regional online casino strategy, and while we're waiting for other states to. Legalize this product. We'll just continue to make sure that we improve our core product and that it's ready when various legislatures around the country approve this.

與 FanDuel 的交易沒有任何變化。我們將繼續專注於區域線上賭場策略，同時等待其他州採取相同的策略。使該產品合法化。我們將繼續確保改進我們的核心產品，並確保它在全國各地的立法機構批准時做好準備。

Shaun Kelley, Bank of America

凱利凱利（Shaun Kelley），美國銀行

Great. Thank you everyone. Josh maybe to switch gears again on you a lot of the questions that I had have been asked and answered. The tax bill you highlighted some of the implications here but I was kind of curious more, on the company level there were some changes in everything from bonus depreciation to interest deduction.

偉大的。謝謝大家。喬希也許可以再次向您轉換話題，因為我的許多問題都已經被問過並得到解答了。您強調的稅收法案中的一些含義，但我更好奇的是，在公司層面，從獎金折舊到利息扣除等各個方面都發生了一些變化。

Obviously, you're delivering, so maybe the interest deduction thing is not as big, but sort of to your cash tax rate and your free cash flow conversion is there any impacts? Have you kind of done your first take on what some of the legislative changes might mean for you at the corporate level?

顯然，您正在兌現承諾，因此利息扣除額的影響可能沒有那麼大，但對您的現金稅率和自由現金流轉換有影響嗎？您是否初步了解這些立法變化對公司層面可能意味著什麼？

Yeah. So we've, I will tell you we've gotten a preliminary estimate. I'm actually not that comfortable kind of telling you what it is just yet. I think we need to do a little bit more work around it. But the biggest impact or benefit to us will be from, and I think this is probably obvious, the bonus depreciation, 100% of depreciation that's placed in service.

是的。所以，我可以告訴你，我們已經得到了初步估計。事實上，我現在還不太願意告訴你它是什麼。我認為我們需要在這方面做更多的工作。但對我們來說，最大的影響或好處將來自獎金折舊，我認為這可能是顯而易見的，即投入使用的 100% 折舊。

I think that you're right, we won't get much in the way of benefit from further interest expense deductibility because we already kind of qualify that fully and many of the other things that we've evaluated really are either not material or if they are, kind of going or negative, they're pretty small.

我認為你是對的，我們不會在進一步的利息費用扣除中獲得太多利益，因為我們已經完全符合這一條件，而且我們評估的許多其他事情實際上要么不重要，要么即使重要，也是相當小的。

But I'm hesitant to kind of give a number just yet until we go through fully the bonus depreciation calculation that'll be where we get the biggest benefit and we kind of rushed it to be ready for this call and I just want to have time to kind of double check it, so but that's where the benefit will be.

但在我們完全完成獎金折舊計算之前，我還不願意給出一個數字，這將是我們獲得最大利益的地方，我們有點急於為這次電話會議做好準備，我只是想有時間再檢查一下，但這就是好處所在。

Great, and then Keith, maybe just going back to the online strategy point because I do think it's important, you lost a sort of a. Material growth lever which I think we all appreciate you're going to lose or renegotiate anyways as it relates to market access, but you just -- can you help us think through, kind of Boyd's approach high level right as the sort of internet and online gaming has come for lots of other brick and mortar sectors it's been highly disruptive now we sort of have, other areas like prediction mark, get some things that are sort of at the gate as well.

太好了，然後基思，也許只是回到線上策略點，因為我確實認為這很重要，你失去了某種。物質成長槓桿，我想我們都明白，由於它與市場准入有關，無論如何你都會失去或重新談判，但是你只是——你能幫我們想想，博伊德的高層方法，因為互聯網和在線遊戲已經進入了許多其他實體行業，它已經具有極大的顛覆性，現在我們在預測標記等其他領域也得到了一些即將出現的東西。

So just strategically, do you think it's important for you to have a presence here on this side and kind of how do you think about and really talking kind of medium to long term that, just having something here as a bit of a hedge as it relates to kind of the broad brick and mortar, piece of the business?

那麼從策略角度來說，您是否認為在這裡佔有一席之地對您來說很重要？您如何看待並真正談論中長期發展？在這裡擁有一些東西作為對沖，因為它與廣泛的實體業務有關？

Yeah, look, we bought Pal Interactive a couple of years ago to kind of stake out on our own, if you will, on the online casino side for that very intent. We thought having both an online product as well as a brick-and-mortar product was important. I think we articulated that and we continue to articulate that.

是的，你看，我們幾年前收購了 Pal Interactive，如果你願意的話，就是為了在線上賭場領域獨佔鰲頭。我們認為同時擁有線上產品和實體產品非常重要。我認為我們已經表達了這一點，並且我們會繼續表達這一點。

Look, our customers go home at night and they may want to still continue to gamble and enjoy this, and if it's legal in the state, we want to make sure we have a product that they can enjoy when they're not on premise. We have that in New Jersey right now where it's both legal online and legal on premise. It's a great product because it is fully integrated with our land-based rewards program and so the player gets all the benefits when they're playing online as they would if they were playing in the building.

你看，我們的顧客晚上回家後可能還想繼續賭博、享受賭博的樂趣，如果賭博在該州是合法的，我們希望確保我們有一種產品，讓他們可以在不在場的情況下享受賭博的樂趣。目前，新澤西州已經實現了這一目標，無論在網路上還是在現場，這一行為都是合法的。這是一款很棒的產品，因為它與我們的陸基獎勵計劃完全集成，因此玩家在線玩遊戲時可以獲得所有好處，就像他們在建築物中玩遊戲一樣。

And so we do want to be ready. We think it is important. We think they're clearly complementary to each other and that long term you need to have both products as part of your portfolio. Now having said that, online sports betting's a different beast. We have a presence obviously here in Nevada where we run 10 sports books ourselves and have for more than 40 years now and quite successful in doing that.

因此我們確實希望做好準備。我們認為這很重要。我們認為它們顯然是互補的，從長遠來看，您需要將這兩種產品都作為產品組合的一部分。話雖如此，但線上體育博彩是另一回事。我們在內華達州有業務，我們自己經營 10 本體育博彩，至今已有 40 多年的歷史，相當成功。

As you may have noted in the press release, we'll begin to transition into running our own sports books outside of Nevada sometime next year, and once again we have tremendous experience in doing that. And so, once again that will not be a very heavy lift for us. But we don't think that's as important to us, the sports betting side as in running our own books or having our own quote unquote national presence there as it is on the casino side for our customers to be able to participate with us.

正如您可能在新聞稿中註意到的那樣，我們將在明年某個時候開始過渡到在內華達州以外經營自己的體育博彩，而且我們在這方面擁有豐富的經驗。所以，這對我們來說不會是個太沉重的負擔。但我們認為，體育博彩方面對我們來說並不像經營自己的博彩業務或擁有自己的全國性業務那麼重要，而賭場方面讓我們的客戶能夠與我們一起參與則更為重要。

So, I think we're well positioned, very happy with the product we have, happy with the growth of Boyd Interactive and what it's doing, and I think when other states start to approve this, that we will be in a very strong position to capture a big share of the market in the states where we do business. Thank you both.

所以，我認為我們處於有利地位，對我們現有的產品非常滿意，對 Boyd Interactive 的成長和正在做的事情感到滿意，而且我認為，當其他州開始批准這一點時，我們將處於非常有利的地位，可以在我們開展業務的州佔據很大的市場份額。謝謝你們兩位。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, afternoon. Thanks for taking my question. So a couple of things have changed since the last time I've asked this question, which is probably one of many times I've asked the question, but at the moment there seems to be a little bit better outlook in regional gaming. Stocks are just a bit better, yours, to some degree included.

嗨，下午好。感謝您回答我的問題。自從我上次問這個問題以來，有些事情已經發生了變化，這可能是我多次問過這個問題之一，但目前區域遊戲的前景似乎有所改善。股票稍微好一點，包括你的股票，某種程度上也是如此。

Is there any update you can give us on the boundaries or the criteria that you're thinking about in terms of acquisitions you would consider? Anything changing with respect to hurdles or size, what you might be seeing, any update there would help. Thanks.

您能否向我們提供一些最新信息，說明您在考慮收購時所考慮的界限或標準？任何與障礙或規模相關的變更、您可能看到的變更以及任何更新都會有所幫助。謝謝。

Sure. I would say nothing has really changed in how we view M&A and regional acquisitions. The size and the scale is important; the quality of the asset will be important. Obviously, given the size of our company, in order to make it meaningful and move the needle and make it worth our time, it's got to be significant enough.

當然。我想說，我們對併購和區域收購的看法實際上沒有任何改變。規模和範圍很重要；資產的品質也很重要。顯然，考慮到我們公司的規模，為了使它有意義、有推動作用並值得我們花時間，它必須足夠重要。

We've said in the past we continue to be somewhat agnostic on markets as long as it's a strong market with stable regulatory environments and stable tax environments, and there's a number of those out there. So those are all things we have talked about in the past is key to us as we look at acquisitions and that all remains the same today. I really don't have anything to update on.

我們過去曾說過，只要市場強勁，監管環境和稅收環境穩定，我們就會繼續對市場保持某種不可知論的態度，而市場上確實存在許多這樣的市場。因此，這些都是我們過去談論過的事情，對於我們審視收購至關重要，而今天這一切仍然保持不變。我確實沒有什麼可更新的。

Okey doke.

好的。

Thanks Dave.

謝謝戴夫。

Ben Chaiken, Mizuo.

本·柴肯，瑞雄。

Hey, good afternoon, thanks for taking my question. So now that no tax on tips and overtime is official, is there any work you've done trying to quantify the tail end, whether quantitative or even anecdotal? Thanks, and one follow up.

嘿，下午好，感謝您回答我的問題。那麼，既然現在小費和加班費不再徵稅，您是否做過任何工作來嘗試量化尾端，無論是定量的還是軼事的？謝謝，還有後續事宜。

So we have done some work around this. I don't think we are, in a position to go out and talk about what we think that means to the company, but certainly it impacts a lot of our customers here in Las Vegas as well as customers around the country who visit our property.

因此我們圍繞這個問題做了一些工作。我認為我們沒有資格去談論這對公司意味著什麼，但它肯定會影響我們在拉斯維加斯的許多客戶以及全國各地參觀我們酒店的客戶。

So it clearly is a positive for us, and we'll just once again, we'll wait and see how it all plays out, but no tax on tips, no tax on reduced tax on tips and reduced tax on overtime. Look, as well as the deduction for seniors in a different in new tax brackets it all going to benefit us going forward. So we're just not sitting here today in a position to quantify that for you.

所以這對我們來說顯然是件好事，我們再一次拭目以待，看看這一切將如何發展，但小費免稅，小費減稅免稅，加班稅也減稅。你看，以及在新的稅級中對不同老年人的扣除，這一切都將使我們受益匪淺。因此，我們今天無法坐在這裡為您量化這一點。

Sure, understood, and you may not, want to answer the question but just like in the spirit of the conversation, any high level thoughts on maybe like what percentage of the customer base might be subject to those including the seniors in there?

當然，我明白，您可能不想回答這個問題，但就像談話的精神一樣，您能否高層次地思考一下，例如，有多少比例的客戶群可能受到包括老年人在內的影響？

Well look, from a senior standpoint, kind of 65 and older, roughly 40% of our customer base is in that age group and the good news for us there is they over index in terms of their spend or their total value to us. And so, we'll get, we'll clearly derive some benefits from that group.

嗯，從老年人的角度來看，大概是 65 歲以上，我們大約 40％ 的客戶群屬於這個年齡段，對我們來說好消息是，他們的支出或對我們的總價值高於指數。因此，我們顯然會從該群體中獲得一些好處。

Got it. And just one quick one on repurchases, you repurchased $105 million in the quarter, I guess you clearly are signaling that you want to buy back more stock. The new run rates 150% of the increased authorization.

知道了。關於回購，我只想簡單問一下，本季你們回購了 1.05 億美元，我想你們顯然是在暗示想要回購更多股票。新的運作率為增加授權的150%。

I guess the question is, you repurchase multiples of that in one queue, presumably at higher prices. So definitely not being critical here, but just was there anything preventing you from buying more in the two queue when I would suspect your stock was pretty depressed.

我想問題是，您會在一次隊列中重新購買多個，大概是以更高的價格。所以這裡絕對不是批評，只是當我懷疑你的股票相當低迷時，有什麼阻止你在兩個隊列中購買更多股票嗎？

Yeah, look, I mean there are times we're in blackouts where we're not allowed to be in the market repurchasing stock, and there's always a lot of just, a lot of factors that go into those decisions as we sit and decide when and how much to buy back.

是的，你看，我的意思是，有時我們會處於停電狀態，不允許在市場上回購股票，而且在我們坐下來決定何時回購以及回購多少股票時，總是會有很多因素影響這些決定。

So it isn't, kind of a straightforward decision as we as we go through that process, but part of part of Q2 was a blackout as it relates to the FanDuel transaction, quite frankly.

因此，當我們經歷這一過程時，這並不是一個簡單的決定，但坦白說，第二季的部分內容與 FanDuel 交易有關，因此處於停電狀態。

Understood thank you.

明白了謝謝。

Jordan Bender, Citizen JMP.

喬丹·本德（Jordan Bender），Citizen JMP。

Hey everyone, good afternoon. On a double click on the room rate dipping in Las Vegas comment you made earlier on the call that. We've heard this commentary or we've seen some of the data out of Las Vegas, so it might be good to just touch on the locals market here.

大家好，下午好。雙擊您之前在電話中提到的拉斯維加斯房價下跌的評論。我們聽過這樣的評論，也看到了一些來自拉斯維加斯的數據，所以在這裡談談當地市場可能是件好事。

But is the dip that you're seeing a function of summer seasonality or is there really anything sticking out as to why, maybe it's declining more than historical summers? Thank you.

但是，您所看到的下降是夏季季節性的影響嗎？或者真的有什麼突出的原因嗎？也許它的下降幅度比歷史上的夏季還要大？謝謝。

Okay. I can't comment on how and why properties in Las Vegas change of room rates. Summer room rates right now are lower than they were last year. Summer room rates are always low compared to the other seasons. This year, they're lower than last year in many cases by quite a bit. So I don't know why, people are doing that.

好的。我無法評論拉斯維加斯的酒店房價如何以及為何發生變化。目前夏季房價比去年低。與其他季節相比，夏季房價總是較低。今年，在很多情況下，它們比去年低了不少。所以我不知道為什麼人們會這樣做。

Obviously, it does impact properties like the Orleans who have nearly 1900 hotel rooms in terms of our ability, so we're not offering $19 hotel rooms and we're not going to offer $19 hotel rooms, but I don't sit in their boardrooms or their marketing meetings or the hotel meetings, so I actually can't tell you.

顯然，這確實會影響像奧爾良這樣的酒店，就我們的能力而言，他們擁有近 1900 間酒店客房，所以我們不會提供 19 美元的酒店客房，我們也不會提供 19 美元的酒店客房，但我不會參加他們的董事會會議室或營銷會議或酒店會議，所以我實際上無法告訴你。

Alright, and then on the follow up I just want to circle back on the share of purchases. So you upped it by $50 million a quarter. I guess why does 150 make sense and does any of that play into kind of getting back within your historical leverage targets from kind of what you see in the business today? Thank you.

好的，接下來我只想回到購買份額的問題。所以你每季增加 5000 萬美元。我想問為什麼 150 是有意義的，從您今天在業務中看到的情況來看，這是否有助於回到您的歷史槓桿目標範圍內？謝謝。

Yeah, it's a good question, Jordan. I think, just as the100 was a level that was set that you can expect from us, sometimes we'll do more, but you could expect 100 in the past. I'd say that's that was the spirit in which we approached setting the 150.

是的，喬丹，這是個好問題。我認為，正如 100 是我們設定的一個水平一樣，有時我們會做得更多，但過去您可以期待 100。我想說，這就是我們設定 150 的目標時所秉持的精神。

It's a level that we're comfortable with setting the expectation from the market and people who follow us and we feel comfortable doing that in the context of not putting any pressure on other decisions that we're trying to make or influence our balanced capital allocation approach. So it's a level that we're comfortable with and feel comfortable that we'll be able to continue to kind of achieve without people trying to get too far ahead of us basically.

在這個層面上，我們可以輕鬆地設定市場和關注我們的人的期望，並且我們可以輕鬆地這樣做，而不會對我們試圖做出的其他決定施加任何壓力或影響我們平衡的資本配置方法。因此，這是我們感到舒適的水平，我們感到很舒服，我們將能夠繼續實現這一水平，而不會有人試圖超越我們太多。

Great. Thank you very much.

偉大的。非常感謝。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Hello everybody. Thanks for taking my question. So, a question for, I think for Josh, I mean your comments on regional, customer feeling better, staying close to home, doing a few less trips and showing up at your door, it helped things clearly.

大家好。感謝您回答我的問題。所以，我想問喬希一個問題，我的意思是你對區域的評論，顧客感覺更好，待在家附近，少跑幾次路，出現在你家門口，這顯然有幫助。

When you think when you look at that customer, I'm assuming a lot of those customers are unrated play. And if those folks are not going on trips, does that mean that they would have a higher than average spend versus your other average customer? Is that the way we could think about that customer or not necessarily?

當您思考並看著那位客戶時，我假設很多客戶都是未評分的。如果這些人不去旅行，這是否意味著他們的支出會高於其他普通客戶的平均支出？我們是否一定可以這樣考慮那位客戶？

Yeah, so I first of all, I'm not sure that we, I, since they're unrated, we don't know a lot about that bucket of customers. I would say that you shouldn't think of them in one light or the other, meaning they're not necessarily customers that are not worth a lot and they're not necessarily customers that are worth a lot.

是的，首先，我不確定，因為他們沒有評級，所以我們對那群客戶了解不多。我想說的是，你不應該以任何一種眼光來看待他們，也就是說，他們不一定是價值不高的客戶，也不一定是價值很高的客戶。

It's a, it's a portfolio of customers just like maybe anything else that we talk about. So I don't know that you can extrapolate anything from that it's a higher quality customer spending more money in that segment or not. I think all we can say is that the volume, the overall play that we received from that, from our unrated customers has improved since Q2 last year and sequentially as well.

它是一個客戶組合，就像我們談論的任何其他東西一樣。所以我不知道你是否能從中推斷出這是一個更高品質的客戶是否會在該領域花費更多錢。我想我們所能說的是，我們從未評級客戶那裡獲得的交易量和整體表現自去年第二季度以來有所改善，並且環比也有所提高。

Okay, that's helpful that is helpful, and just a follow up on the locals market. I think heading into this this past quarter, we were looking out at the year for locals and sort of expecting, less bad comps over time, you guys still had competitive pressure.

好的，這很有幫助，只是對當地市場的跟進。我認為，進入上個季度，我們對本地市場的前景進行了展望，並預計隨著時間的推移，不良業績會減少，但你們仍然面臨競爭壓力。

You just did a pretty good quarter, but I don't know, and maybe what the broader market grew and if you lost share in the second quarter or if we're if we're sort of past that promotional environment pressure with the caveat that we know that summer room rates are low and affecting Orleans maybe from a different side now. I wonder if you could square those thoughts.

您剛剛做了一個相當不錯的季度，但我不知道，也許更廣泛的市場增長了，而您在第二季度的份額是否減少了，或者我們是否已經擺脫了促銷環境的壓力，但我們知道夏季房價很低，現在可能從不同的角度影響著奧爾良。我不知道你是否能理清這些想法。

Sure, so if you look at the Las Vegas locals’ market, and we only have data through May, June data will come out, I think next week in Las Vegas. But if you, and we look at it in three month increments to take out, some of the variations or movements.

當然，如果你看一下拉斯維加斯當地的市場，我們只有截至五月的數據，六月的數據將會出來，我想下週在拉斯維加斯。但是，如果您和我們以三個月為增量來觀察，您會發現其中的一些變化或動向。

Over the last three months, we've performed either in line or slightly better than the overall market. So our market shares generally stayed the same, maybe gone up just a smidge, and so we feel pretty good about the overall performance both of the market as well as our own performance.

在過去三個月中，我們的表現與整體市場持平或略好於整體市場。因此，我們的市場份額基本上保持不變，可能僅略有上升，因此我們對市場和我們自身的整體表現感到非常滿意。

The one thing that I would add to your question is that we talked about kind of the competitive pressures just getting less bad throughout 2025 and obviously we don't give individual property level information but that is exactly what's continuing to happen. It's and there's a little, there's some push and pull based on our comments earlier, right?

我想補充一點，我們談到了到 2025 年競爭壓力會逐漸減輕，顯然我們不會提供單一房產層面的信息，但這正是正在繼續發生的情況。根據我們之前的評論，確實存在一些推拉因素，對嗎？

We're talking about primarily the Orleans, so that's the property that also would be in fact affected by, a softer destination consumer, but generally it is trending in the direction that we talked about and then overall the entire segment was benefited by this pickup and unrated play.

我們主要談論的是奧爾良，所以這個酒店實際上也會受到目的地消費者疲軟的影響，但總的來說，它的趨勢是朝著我們談論的方向發展的，總體而言，整個細分市場都受益於這種回升和未評級的走勢。

So, the trends that we talked about before are continuing, if not feel a little better with the support of unrated play, with the exception of maybe a property like New Orleans that's filling this rate pressure, so. I know it's a lot of pieces, but I just wanted you to know that like the competitive environment from our perspective is trending along just like what we expected. It's just getting better and better with the passage of time.

因此，我們之前談到的趨勢仍在繼續，如果不是在未評級比賽的支持下感覺更好的話，也許除了像新奧爾良這樣的球隊正在填補這種評級壓力，所以。我知道有很多部分，但我只是想讓你知道，從我們的角度來看，競爭環境的趨勢就像我們預期的那樣。隨著時間的推移，情況只會變得越來越好。

That makes perfect sense. Thanks for that, guys.

這很有道理。謝謝你們，夥計們。

Steven Pezzella, Deutsche Bank.

史蒂文‧佩澤拉，德意志銀行。

Hey, good afternoon, and thank you for taking our questions. On the cost side, just curious about what you are seeing in terms of the operating expense environment currently in both the Midwest and Midwest and South and local segments.

嘿，下午好，感謝您回答我們的問題。在成本方面，我只是好奇您目前在中西部、中西部、南部和當地地區的營運費用環境方面看到的情況。

So Steve, thanks for the question. I would say that costs for us are, I mean, we always see pressure from cost and cost increases, but I think we're doing a really good job of managing those costs. You can kind of really see it in the consistency of our margins both in Las Vegas in the Midwest and South, and for that matter downtown.

史蒂夫，謝謝你的提問。我想說的是，我們的成本總是面臨來自成本和成本增加的壓力，但我認為我們在管理這些成本方面做得很好。您可以從我們位於中西部和南部拉斯維加斯以及市中心的利潤率的一致性中看到這一點。

So despite, say in the Midwest and South having some issues with the shift in the calendar and the flooding, our margins were essentially have been essentially have been stable and in Las Vegas, we talked a lot about some of the pressures from competitive issues and things of that nature.

因此，儘管中西部和南部地區由於日曆變化和洪水等原因遇到了一些問題，但我們的利潤率基本上保持穩定。在拉斯維加斯，我們討論了許多來自競爭問題和類似問題的壓力。

Our margins also are continuing to be very stable. So, from my perspective, we always ring our hands around costs and are trying to manage them more efficiently and trying to offset increases, but our guys are doing a really good job of doing that and so that's what's showing up in the results, quite honestly.

我們的利潤率也持續保持穩定。因此，從我的角度來看，我們總是在控製成本，並試圖更有效地管理成本，並試圖抵消成本的增加，但我們的員工在這方面做得非常好，所以老實說，這就是結果所顯示出來的。

Okay, thanks, and just wanted to look further into non-gaming spend if we could. Have you seen any changes in spending your F&B and entertainment?

好的，謝謝，如果可以的話，我們只是想進一步了解非遊戲支出。您在餐飲和娛樂方面的支出有什麼變化嗎？

Not really. With the, I would say if you look at our results you'll see F&B was up and that's reflective of not only our core customer continuing to be stable and growing, but also now the kind of the retail customers showing up in the second quarter and then on the hotel side that was largely Las Vegas through the destination related comments that we made earlier.

並不真地。我想說，如果你看一下我們的業績，你會發現餐飲業務有所增長，這不僅反映了我們的核心客戶繼續保持穩定和增長，也反映了現在第二季度出現的零售客戶，然後在酒店方面，主要是拉斯維加斯，這與我們之前所做的目的地相關評論一致。

So, there's not really, I think the spending from our customers is in conjunction with what we're seeing for their demand on the gaming floor.

所以，實際上我認為客戶的支出與我們看到的遊戲場所的需求是一致的。

Okay great, appreciate it. Thanks.

好的，太好了，謝謝。謝謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Thanks. You touched on this a couple of different ways of putting together your commentary around investing in growth. Do any sub segments or regions stick out and offering potential for the best returns on invested capital in this backdrop and how might that rank order compare to investing in digital or greenfield markets?

謝謝。您提到了幾種有關投資成長的評論方式。在此背景下，是否有任何細分市場或地區脫穎而出，並有可能獲得最佳投資資本回報，以及與投資數位或綠地市場相比，其排名順序如何？

Yeah, look. I think as we think about the return on any type of M&A investment, whether it be on the digital side or whether it be Greenfield or whether it be an actual acquisition of an existing asset, obviously, a lot of factors go into play here. We don't think about year one or year two return.

是的，看。我認為，當我們考慮任何類型的併購投資的回報時，無論是數位方面，還是綠地投資，還是對現有資產的實際收購，顯然，有很多因素都會發揮作用。我們不考慮第一年或第二年的回報。

We think about it over a longer period of time, but it all depends on what's the price and the quality of the assets. So, we don't necessarily force rank them. We do have a hurdle rates that we look at and we want to achieve, in order to make an investment regardless of, which of those buckets we're going to invest in, but.

我們會從更長遠的角度考慮這個問題，但這一切都取決於資產的價格和品質。所以，我們不一定會強制對它們進行排名。我們確實有一個我們要關注的最低收益率，並且我們想要實現這個收益率，以便進行投資，無論我們要投資哪個類別，但是。

Yeah, the only thing I would add to that is, it's M&A is one alternative reinvesting in our portfolio is another. You've seen us do that quite successfully with Treasure chest. And now with the coming online with the meeting space at Ameristar St. and Cadence Crossing. So it is really trying to find the best alternative among all the different choices that we have.

是的，我唯一要補充的是，併購是一種替代方案，而對我們的投資組合進行再投資是另一種。您已經看到我們利用 Treasure chest 非常成功地做到了這一點。現在，位於 Ameristar St. 和 Cadence Crossing 的會議空間已上線。因此，我們實際上是在嘗試從所有不同的選擇中尋找最佳方案。

I mean, Virginia's kind of in the pipeline, but that's going to be a good investment as well. So we're really evaluating all the time kind of emanate from a strategic perspective but also a return perspective weighed against development opportunities, weighed against opportunities to reinvest in our existing portfolio and then buying back our shares as well absent higher returning alternatives.

我的意思是，維吉尼亞州正在籌備中，但這也將是一項很好的投資。因此，我們實際上一直在從策略角度進行評估，同時也從回報角度權衡發展機會，權衡再投資於現有投資組合的機會，然後回購我們的股票以及缺乏更高回報的替代方案。

So, it's hopefully this starts to sound like a broken record because we believe we're, kind of adding the same or executing on the same approach from our capital allocation perspective that we've been doing for quite some time. So, hopefully this sounds familiar to people.

因此，希望這聽起來像是一個破唱片，因為我們相信，從資本配置的角度來看，我們正在添加相同的方法或執行相同的方法，我們已經做了相當長一段時間了。所以，希望這聽起來對大家來說很熟悉。

Yeah. I guess I meant more around organic growth, not M&A, as you think about renovations or where you're spending, whether, I mean, you gave the example a couple of different examples there but are they more likely to be spent within locals, the South and Midwest. Digital is another one of those. Is anything sticking out as you look at these different markets based on either the trends you're seeing or the competitive dynamic?

是的。我想我的意思更多的是關於有機增長，而不是併購，當你考慮裝修或你在哪里花錢時，我的意思是，你舉了幾個不同的例子，但它們是否更有可能在當地、南部和中西部地區消費。數字是其中之一。當您根據所觀察到的趨勢或競爭動態觀察這些不同的市場時，有什麼突出之處嗎？

Yeah, I mean I would just jump in and say not really. I mean we have a -- online is going to grow as opportunistically as maybe smaller acquisition opportunities come along or as it grows organically. I think from the perspective of reinvesting in different segments of our business, it could be that the highest returning next opportunity is in the Midwest and South, just because of whatever that particular opportunity is.

是的，我的意思是我會直接說不是真的。我的意思是，隨著小型收購機會的出現或有機成長，線上業務將會不斷成長。我認為，從對我們業務不同部分進行再投資的角度來看，下一個回報率最高的機會可能在中西部和南部，無論這個特定機會是什麼。

I don't, I think we purely do it based on an economic return of where we can get the best return as opposed to force ranking it oh Las Vegas is a better market than Missouri or just picking one out of the air, right? It's where we can get the best return for the incremental dollars and yeah, so that's how we think about it.

我不這麼認為，我認為我們純粹是基於經濟回報來做這件事的，即我們可以在哪裡獲得最好的回報，而不是強制排名，哦，拉斯維加斯是一個比密蘇裡更好的市場，或者只是隨意挑選一個，對吧？這是我們可以用增量資金獲得最佳回報的地方，是的，這就是我們的想法。

Fair enough. Thank you.

很公平。謝謝。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

Hey, good afternoon, and thanks for taking my question. I wanted to just focus on the Midwest and South for a bit. This was the highest quarter of CGR growth at least from the publicly reported data we've seen. In some time despite starting to lap treasure chests.

嘿，下午好，感謝您回答我的問題。我只想關註一下中西部和南部。至少從我們所見的公開報告數據來看，這是 CGR 成長最高的一個季度。儘管過了一段時間才開始舔寶箱。

So to the extent it sounds like you're attributing this to unrated play, what's should, shouldn't that be showing up in the margin structure, or were there any other kind of one-offs to think about in the quarter whether it's the promotional environment or mix of revenues?

因此，從某種程度上來說，您似乎將此歸因於未評級的遊戲，那麼這應該、不應該出現在利潤結構中嗎？或者本季是否還有其他類型的一次性因素需要考慮，無論是促銷環境還是收入組合？

Are you saying because it was unrated play we should have a higher margin? Is that what you're saying?

您是說因為這是一場未評級的比賽，所以我們應該有更高的利潤嗎？你是這個意思嗎？

Well, yeah, I mean I think that usually that does come with higher margin and this, the flow through in this quarter versus other quarters just given the revenue growth, I would I would think just given that comment on the unrated play would have been a little bit higher but that's why I'm asking if maybe there's something I'm missing.

嗯，是的，我的意思是，我認為這通常會帶來更高的利潤率，而且考慮到本季度與其他季度相比的收入增長，我會認為，考慮到對未評級遊戲的評論會更高一些，但這就是為什麼我問是否可能我遺漏了什麼。

Yeah, the only thing I would point out is the margins have been consistent number one, and number two is we did have flooding that took two properties out of commission for basically each a week and then the shift of Easter. That's basically it. There's no, there's nothing else really going on in the segment.

是的，我唯一想指出的是，首先利潤率一直保持一致，其次我們確實遭遇了洪水，導致兩處房產基本上每週都無法使用，然後是複活節的轉變。基本上就是這樣。沒有，這個片段中實際上沒有發生其他事情。

Got it. And then just kind of one higher level one in terms of the quarter and the Cadence. It seems like trends did improve throughout the quarter. Is there any kind of comment on what you're seeing quarter to date as we look into July here?

知道了。然後就季度和節奏而言，這只是一種更高級別的表現。看起來整個季度的趨勢確實有所改善。當我們展望 7 月時，您對本季迄今所看到的情況有何評論？

So I would say, and keep jumping and anything that I might leave out would be that, first of all, we, we've been burned by trying to answer this question in the past because, it's a limited snapshot of what's going on. It's literally been three weeks and three weeks don't make a trend or a quarter.

所以我想說，繼續跳下去，我可能遺漏的任何內容是，首先，我們，我們過去曾試圖回答這個問題，但卻失敗了，因為它只是對正在發生的事情的一個有限的快照。確實已經過去三週了，但三週的時間並沒有形成趨勢，也沒有形成一個季度。

But, so just note that disclaimer for if things were to change in the future. But basically, I would say the trends that we saw in Q2 are continuing into Q3. That being, as has historically been the case, the core customer has continued to be a consistent source of business for us and has continued to grow on the, and then on the retail side of things, we continue to see the unrated play contribute to that segment. So the first three weeks are just like the quarter we just came out of.

但是，如果將來情況發生變化，請注意該免責聲明。但基本上，我想說我們在第二季看到的趨勢將延續到第三季。也就是說，正如歷史上的情況一樣，核心客戶一直是我們穩定的業務來源，並且在零售方面持續成長，我們繼續看到未評級的業務為該細分市場做出貢獻。因此，前三週就像我們剛剛過去的一個季度一樣。

Yeah, and I do think you have to be careful and look at this, going to buy the segments that we operate in in Las Vegas versus downtown versus MSR. And while I think the trends are generally consistent with what we saw in Q2 as it relates to corn and unrated. Here in Las Vegas we talked about the renovation project, the Sun Coast going on.

是的，我確實認為你必須小心謹慎地考慮這一點，購買我們在拉斯維加斯、市中心和 MSR 運營的部分。我認為趨勢與我們在第二季度看到的與玉米和未評級相關的趨勢基本一致。在拉斯維加斯，我們討論了正在進行的陽光海岸改造計畫。

It's being in its most disruptive phase, so we have to take that into account as we think about Q3 and Q4. Yeah, we've done a great job and our customers have kind of hung with us so far this year at the Sun Coast and performing very well, but we are entering a very disruptive period of time.

它正處於最具顛覆性的階段，因此我們在考慮第三季和第四季時必須考慮到這一點。是的，我們做得很好，今年到目前為止，我們的客戶在陽光海岸一直與我們合作，表現得非常好，但我們正進入一個非常混亂的時期。

And then, the softness on the strip, which impacts New Orleans mainly, we'll see how that continues to play out downtown some softness as it relates to just visitation to downtown because if the strip is soft and downtown tends to be a little soft also, and the MSR more normal. I mean once again benefit of treasure chest is anniversary itself but still performing well.

然後，大道上的疲軟主要影響著新奧爾良，我們將看到它如何繼續對市中心產生影響，因為它與市中心的訪問量有關，因為如果大道疲軟，市中心也會變得有點疲軟，而 MSR 則更加正常。我的意思是，寶箱的好處再次來自周年紀念本身，但仍然表現良好。

And as people are not traveling maybe as much, we're getting the benefit of them staying closer to home and visiting our properties in the Midwest and South regions, but I think it's probably as much color as we have, but as Josh said, it's three weeks' worth of data and so we're kind of cautious about talking about it.

而且由於人們出行次數可能沒有那麼多，我們從中受益的是他們待在家附近並參觀我們在中西部和南部地區的酒店，但我認為這可能和我們擁有的一樣多，但正如喬希所說，這是三週的數據，所以我們在談論它時持謹慎態度。

Got it. Makes sense. Thanks for the detail.

知道了。有道理。謝謝你的詳細說明。

You're welcome.

不客氣。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi, good afternoon. Thanks for taking my question. I wanted to ask about the overall CapEx. Josh, you ran through that in your prepared remarks. I know it was about three months ago when the tariff announcements were announced and there's been some volatility there.

嗨，下午好。感謝您回答我的問題。我想詢問一下整體資本支出。喬希，你在準備好的發言中已經提到過這一點。我知道大約三個月前關稅公告已經公佈，並且出現了一些波動。

It doesn't sound like there was any change in terms of your spend, but I know you were talking about maybe mitigating some of the potential impacts that could happen. So can you help us think about maybe any, I don't know, guaranteed contracts or are you more comfortable now versus three months ago when the news was just kind of coming across the desk.

聽起來您的支出方面沒有任何變化，但我知道您正在談論可能減輕可能發生的一些潛在影響。那麼，您能否幫助我們考慮一下，也許有保障的合同，或者與三個月前新聞才剛剛傳來相比，您現在是否更放心了。

Yeah, Chad, thanks for the question. I think, if you look back at our remarks in the first quarter, we had done a lot of work around, understanding what we could do to mitigate tariffs operating expense side, but also a capital expense side, whether it was finding alternative sources, pre-ordering stuff from different countries, all that kind of acrobatics.

是的，查德，謝謝你的提問。我認為，如果你回顧一下我們在第一季的言論，我們已經做了很多工作，了解我們可以做些什麼來減輕關稅、營運費用方面以及資本支出方面的影響，無論是尋找替代來源，還是從不同國家預訂商品，還是採取所有這些措施。

I think that now that we've been at it for another three months or so, we feel much more comfortable that we can kind of manage through it. Obviously, we don't know the final picture with respect to tariffs, but I just think we've gotten better at it. It we've gotten more comfortable with how to kind of manage through it.

我認為，現在我們已經堅持了大約三個月，我們感覺更加安心，可以應付過去了。顯然，我們不知道關稅的最終情況，但我認為我們已經做得更好了。我們已經對如何應對這個問題變得更加熟悉了。

In Q1, we said, we're comfortable with the risk and our budgets are, we don't believe our budgets are at risk from a capital perspective and we didn't, well costs may go up, we felt like we had enough contingency and enough flexibility with respect to timing where we were in those procurement processes where those projects were that we were going to be able to manage through it, and I would say that that really hasn't changed.

在第一季度，我們說過，我們對風險和預算感到滿意，從資本角度來看，我們認為我們的預算沒有風險，而且成本可能會上升，我們覺得我們在採購流程的時間安排方面有足夠的應急能力和足夠的靈活性，我們將能夠管理這些項目，我想說這確實沒有改變。

If anything, we've just gotten more and more comfortable with our ability to manage through it. And I think it's really important to say this as well is back then we were approaching a potentially uncertain environment at 2.5 times leverage. Now it's 1.8 times leverage or whatever.

無論如何，我們只是越來越有信心我們能夠應對這一切。我認為說這一點也非常重要，因為當時我們正處於槓桿率為 2.5 倍的潛在不確定環境中。現在槓桿比率是1.8倍左右。

So, we're probably in a much better position than the company has ever been in to deal with any kind of uncertainty whether it's manmade or otherwise. So, we come at it from a position of real strength and I think that's what we've tried to communicate to the investment community and the reason we want to run at a lower leverage is so that we have the flexibility to tell you here's what we're going to do and in most cases or a large number of cases be able to execute that and not change direction because of something that's going on out of our control.

因此，我們可能比公司以往任何時候更有能力應對任何類型的不確定性，無論是人為的還是其他原因造成的。因此，我們是從真正實力的角度出發的，我認為這也是我們試圖向投資界傳達的信息，我們希望以較低的槓桿率運行的原因是我們能夠靈活地告訴您我們將要做什麼，並且在大多數情況下或很多情況下能夠執行這一點，而不會因為我們無法控制的事情而改變方向。

So, the FanDuel transaction took us to a level, a lower level of leverage than maybe we thought we would be at, but the same philosophy applies. So, hopefully that gives you some help, yeah.

因此，FanDuel 交易將我們的槓桿率提高到了一個比我們想像的更低的水平，但同樣的理念適用。所以，希望這能給你一些幫助，是的。

Makes sense. Thank you very much. Appreciate it.

有道理。非常感謝。非常感謝。

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

我們的問答環節到此結束。我想將電話轉給喬希來做總結發言。

Thanks, David, and thanks to everyone for joining our call today. If you have any follow up questions, including any ones related to the FanDuel transaction, please feel free to reach out to Amir and myself, and we'll be happy to try to help you out. Thank you much.

謝謝，大衛，也謝謝大家今天參加我們的電話會議。如果您有任何後續問題，包括與 FanDuel 交易相關的任何問題，請隨時聯絡 Amir 和我，我們將很樂意為您提供協助。非常感謝。