Boyd Gaming Corp (BYD) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Boyd Gaming third-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, October 23, 2025. (Event Instructions)

下午好，歡迎參加 Boyd Gaming 2025 年第三季財報電話會議。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 10 月 23 日星期四舉行。（活動須知）

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

今天電話會議的發言人是總裁兼執行長 Keith Smith 和財務長 Josh Hirsberg。我們今天的評論將包括《私人證券訴訟改革法案》所定義的前瞻性陳述。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陳述中的預測有重大差異。存在某些風險和不確定性，包括我們向美國證券交易委員會提交的文件中揭露的可能影響我們業績的風險和不確定性。

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, 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。如需查看歷史非公認會計準則 (Non-GAAP) 與公認會計準則 (GAAP) 財務指標的完整對賬，請參閱我們今天提交給美國證券交易委員會 (SEC) 的盈利新聞稿和 8-K 表格，兩者均可在 investors.boydgaming.com 獲取。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 (Non-GAAP) 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 the 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。

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

說完這些，我現在想把電話轉給基斯史密斯 (Keith Smith)。基思？

Thanks, David, and good afternoon, everyone. The third quarter was another quarter of growth for our company with revenues once again exceeded $1 billion, while EBITDAR was $322 million for the quarter. After adjusting for our recent FanDuel transaction, we continue to deliver revenue and EBITDAR growth on a company-wide basis, while margins were consistent with the prior year at 37% as we successfully maintained efficiencies throughout our operations.

謝謝，大衛，大家下午好。第三季度是我們公司又一個成長的季度，營收再次超過 10 億美元，而本季的 EBITDAR 為 3.22 億美元。在根據我們最近的 FanDuel 交易進行調整後，我們繼續在全公司範圍內實現收入和 EBITDAR 增長，同時利潤率與上年持平，為 37%，因為我們成功地在整個運營過程中保持了效率。

During the third quarter, play from work core customers continued its long-term growth trend and we saw further improvements in play from our retail customers. This strength in play drove healthy gaming revenue growth across all three of our property operating segments and more than offset the weakness in destination business.

第三季度，工作核心客戶的遊戲體驗延續了長期成長趨勢，零售客戶的遊戲體驗也進一步改善。這種優勢推動了我們三個房地產營運部門的博彩收入健康成長，並抵消了目的地業務的疲軟。

Across the portfolio, our results reflect continued broad-based improvements in customer demand, sustained operating and marketing efficiencies and the success of our capital investments focused on enhancing our property offerings.

在整個投資組合中，我們的表現反映了客戶需求的持續全面改善、持續的營運和行銷效率以及我們專注於增強房地產產品的資本投資的成功。

Now, turning to segment results. Our Las Vegas Locals segment posted revenues of $211 million and EBITDAR of $92 million for the quarter. Gaming revenues continued to grow during the quarter, driven by strong demand from our local customers. We continue to benefit from ongoing growth in play from our core customers as well as improving trends in play from our retail customers. This growth in gaming revenue was offset by declines in our destination business, primarily at the Orleans. Excluding the Orleans, our Local segment delivered year-over-year growth of 2% in both revenues and EBITDAR with gaming revenue growth in line with the broader locals market for the quarter, while margins for the third quarter were consistent with the prior year at 47%, supported by disciplined marketing and operating efficiencies. For the broader Las Vegas Locals market as a whole, gaming revenue growth was up more than 3% over the last 12 months, reflecting the resilience of the local market.

現在，轉向細分結果。我們的拉斯維加斯本地業務部門本季營收為 2.11 億美元，息稅折舊攤提前利潤 (EBITDAR) 為 9,200 萬美元。受本地客戶強勁需求的推動，本季遊戲收入持續成長。我們持續受益於核心客戶的持續成長以及零售客戶的改善趨勢。博彩收入的成長被我們目的地業務（主要是奧爾良）的下滑所抵消。除奧爾良外，我們的本地部門的收入和 EBITDAR 均同比增長 2%，博彩收入增長與本季度更廣泛的本地市場保持一致，而第三季度的利潤率與上年持平，為 47%，這得益於嚴格的營銷和運營效率。對於整個拉斯維加斯本地市場而言，過去 12 個月博彩收入成長超過 3%，反映了當地市場的韌性。

The health of the locals market is supported by solid wage growth throughout the Southern Nevada economy. Through August, average weekly wages were up more than 6% over the trailing 12 months, outpacing the national average. Over the last 10 years, the local population has grown at twice the national rate reaching $2.4 million last year, and during the same timeframe, per capita income in the Las Vegas Valley has grown by more than 5% on an annual basis, while total personal income in Southern Nevada has nearly doubled.

整個南內華達州經濟的穩健工資成長支撐了當地市場的健康發展。截至 8 月份，平均週薪比過去 12 個月上漲了 6% 以上，超過了全國平均水平。在過去 10 年裡，當地人口成長速度是全國平均水平的兩倍，去年達到 240 萬美元，而在同一時期，拉斯維加斯山谷的人均收入年增長率超過 5%，而內華達州南部的個人總收入幾乎翻了一番。

An important driver of this growth has been the increasing diversification of the local economy. While hospitality has continued to grow over the past decade and currently represents approximately 25% of the local job market, job gains have been more substantial in other sectors. These include education, health services, transportation, warehousing, and professional and business services sectors.

這一成長的一個重要驅動力是當地經濟日益多樣化。雖然旅館業在過去十年中持續成長，目前約佔當地就業市場的 25%，但其他產業的就業成長更為顯著。其中包括教育、衛生服務、運輸、倉儲以及專業和商業服務部門。

Construction jobs have also remained a steady performer, growing more than 5% since 2019. With more than $10 billion in projects currently underway across the Las Vegas Valley, construction employment should remain healthy well into the future.

建築業就業也保持穩定，自 2019 年以來成長了 5% 以上。目前拉斯維加斯山谷地區正在進行的項目價值超過 100 億美元，未來建築業就業狀況應該會保持良好。

And as we head into next year's tax season, we believe that our customers around the country will benefit from the tax bill passed by Congress this summer, including new deductions for tips and overtime and an additional deduction for seniors as well as a larger standard deduction for all taxpayers. In all, the Southern Nevada economy remains resilient and is more diversified than ever, positioning our Las Vegas Locals business for continued success.

隨著我們進入明年的納稅季節，我們相信全國各地的客戶都將受益於今年夏天國會通過的稅收法案，其中包括小費和加班費的新扣除額、老年人的額外扣除額以及所有納稅人的更大標準扣除額。總體而言，南內華達州的經濟仍然保持彈性，並且比以往更加多樣化，為我們的拉斯維加斯本地業務持續取得成功奠定了基礎。

Next, in our Downtown Las Vegas segment, revenues and EBITDAR were in line with the prior year, supported by continued strength in play from our Hawaiian customers. Much like our local segment, growth in gaming revenues were offset by softness in destination business, including lower hotel revenues and reduced pedestrian traffic along the Fremont Street experience.

其次，在我們的拉斯維加斯市中心分部，收入和 EBITDAR 與前一年持平，這得益於我們夏威夷客戶的持續強勁成長。與我們的本地業務非常相似，博彩收入的成長被目的地業務的疲軟所抵消，包括酒店收入的下降和弗里蒙特街沿線行人流量的減少。

Next, our Midwest and South segment achieved the strongest third-quarter revenue and EBITDAR performance in three years. For the quarter, revenues rose 3% to $539 million, while EBITDAR grew to $202 million, more than 2% over the prior year. Operating margins once again exceeded 37% as we remain disciplined in our cost structure and marketing spend. Growth in the segment was broad-based, including continued gains at Treasure Chest more than a year after the opening of our new land-based facility there.

其次，我們的中西部和南部地區實現了三年來最強勁的第三季營收和 EBITDAR 業績。本季度，營收成長 3% 至 5.39 億美元，EBITDAR 成長至 2.02 億美元，比上年增長 2% 以上。由於我們嚴格控製成本結構和行銷支出，營業利潤率再次超過 37%。該部門的成長基礎廣泛，包括我們在 Treasure Chest 開設新的陸基設施一年多後繼續成長。

Similar to our Nevada segments, gaming revenues increased year over year in the Midwest and South, driven by continued growth in play from our core customers and further improvements in play from our retail customers.

與內華達州分部類似，中西部和南部地區的博彩收入年增，這得益於核心客戶的持續成長和零售客戶的進一步改善。

Next, results in our Online segment reflected growth from Boyd Interactive as well as changes related to our recent FanDuel transaction. Given current trends, we are increasing our guidance for this segment to $60 million in EBITDAR for this year. For 2026, we expect approximately $30 million in EBITDAR from this segment.

接下來，我們線上部門的表現反映了 Boyd Interactive 的成長以及與我們最近的 FanDuel 交易相關的變化。鑑於目前的趨勢，我們將今年該部門的 EBITDAR 預期上調至 6,000 萬美元。到 2026 年，我們預計該部門的 EBITDAR 約為 3000 萬美元。

Finally, our Managed business had another strong performance with continued growth in management fees from Sky River Casino. Demand has remained strong over the three years since Sky River opened, giving us and the Wilton Ranch area drive great confidence in the growth potential of the property's ongoing expansion.

最後，我們的管理業務再次表現強勁，Sky River Casino 的管理費持續成長。自 Sky River 開業以來的三年裡，需求一直保持強勁，這讓我們和威爾頓牧場地區對該物業持續擴張的成長潛力充滿信心。

The first phase of this expansion will add 400 slot machines and a 1,600-space parking garage upon completion in the first quarter of next year. Once this first phase is complete, we'll begin a second phase that will further enhance Sky River's appeal by adding 300-room hotel, three new food and beverage outlets, a full-service resort spa, and an entertainment and event center. On its completion in mid-2027, we are confident this expansion will further strengthen Sky River's position as one of Northern California's leading gaming and entertainment destinations.

擴建工程第一期將於明年第一季完工，屆時將新增 400 台老虎機和 1,600 個車位的停車場。第一階段完成後，我們將開始第二階段，透過增加 300 間客房的飯店、三家新的餐飲店、全方位服務的度假水療中心以及娛樂和活動中心，進一步增強 Sky River 的吸引力。我們相信，擴建工程將於 2027 年中期完工，進一步鞏固 Sky River 作為北加州領先的遊戲和娛樂目的地之一的地位。

So in all, the third quarter was another quarter of growth for our company. Across the country, we continue to see strengthening play from our core customers and improvements in play from our retail customers against the backdrop of consistent and efficient property operations. And while the fourth quarter has just started, it is worth noting that the customer trends we saw in the third quarter have continued into October, including improving play from both core and retail customers.

總的來說，第三季對我們公司來說又是一個成長的季度。在全國範圍內，在持續高效的房地產營運背景下，我們的核心客戶參與度不斷提升，零售客戶參與度不斷提高。雖然第四季才剛開始，但值得注意的是，我們在第三季看到的客戶趨勢一直延續到十月份，包括核心客戶和零售客戶的表現都有所改善。

Our strong operating performance is supported by the investments we are making throughout our portfolio as we enhance our casino floors, food and beverage outlets, and hotel rooms. Hotel room renovations will be completed early next year at the IP, and work is set to begin next month on our room renovation project at the Orleans.

我們強勁的經營業績得益於我們對整個投資組合的投資，包括改善賭場樓層、餐飲店和飯店客房。IP 飯店的客房裝修工程將於明年初完工，而奧爾良飯店的客房裝修工程也將於下個月開始。

We are also continuing our modernization project at Suncoast with the complete transformation of our casino floor as well as enhanced meeting and public spaces. While we are dealing with ongoing construction, we are encouraged that Suncoast's performance is in line with the prior year, further increasing our confidence in the long-term growth potential of this investment. Following completion of our Suncoast renovations are on the middle of next year, we plan to begin a similar project at the Orleans as we look to further enhance our offerings at this important property.

我們也將繼續在 Suncoast 進行現代化改造，徹底改造賭場樓層並改善會議和公共空間。雖然我們正在進行施工，但我們很高興看到 Suncoast 的業績與前一年持平，這進一步增強了我們對這項投資長期成長潛力的信心。我們的 Suncoast 翻新工程將於明年年中完工，之後我們計劃在奧爾良啟動類似的項目，以進一步提升我們在這一重要酒店所提供的服務。

In addition to these property enhancements, we are continuing to work on our growth capital projects with an annual budget of $100 million per year. In September, we completed our expanded meeting and convention center in Ameristar St. Charles. By nearly tripling the size of its meeting space, Ameristar can now accommodate more in larger events. This will create incremental visitation from new customers as well as groups who had previously outgrown our space. We are already seeing great interest with strong bookings in the fourth quarter and into the next several years.

除了這些財產增值之外，我們還在繼續致力於成長資本項目，每年的預算為 1 億美元。9 月，我們在 Ameristar St. Charles 完成了會議和會展中心的擴建。透過將會議空間擴大近三倍，Ameristar 現在可以容納更多人參加大型活動。這將增加新顧客以及先前超出我們空間的團體的訪問量。我們已經看到人們的極大興趣，第四季以及未來幾年的預訂量非常強勁。

In Southern Nevada, construction is progressing on Cadence Crossing, our newest Las Vegas Locals property. Scheduled to open in the second quarter of 2026, Cadence Crossing will replace our existing Joker's wall casino with a modern and appealing gaming and entertainment facility. This investment will allow us to better serve the adjacent community of Cadence, one of the fastest-growing master-planned communities in the nation. And we are well positioned to keep pace with continued residential growth in the area, future plans for hotel, additional casino space, and more non-gaming amenities.

在內華達州南部，我們最新的拉斯維加斯本地物業 Cadence Crossing 正在建設中。Cadence Crossing 計劃於 2026 年第二季開業，它將以現代化且具有吸引力的博彩和娛樂設施取代我們現有的 Joker's wall 賭場。這項投資將使我們能夠更好地服務於鄰近的卡登斯社區，該社區是美國發展最快的總體規劃社區之一。我們已做好準備，跟上該地區住宅的持續增長、未來酒店規劃、額外的賭場空間以及更多非博彩設施的步伐。

Next in Illinois, we are continuing the design and planning work for our new gaming facility at Paradise and expect to start construction in late 2026 pending regulatory approval.

接下來在伊利諾州，我們將繼續在天堂進行新遊戲設施的設計和規劃工作，並預計將於 2026 年底開始建設，等待監管部門的批准。

Finally, development is well underway on our most significant growth opportunity, our $750 million resort development in Norfolk, Virginia. Pending regulatory approval, we are just a few weeks away from opening our transitional casino at the site. And while we look forward to reaching this key milestone, our focus remains on the development of our permanent resort scheduled to open in November of 2027. This market-leading resort experience will feature a 65,000 square foot casino, two-in-a-room hotel, eight food and beverage outlets, live entertainment, and an outdoor amenity deck.

最後，我們最重要的成長機會——位於維吉尼亞州諾福克的價值 7.5 億美元的度假村開發項目——的開發正在順利進行中。等待監管部門批准後，我們只需幾週即可在該地點開設過渡賭場。雖然我們期待實現這一重要里程碑，但我們的重點仍然是計劃於 2027 年 11 月開業的永久度假村的開發。這個市場領先的度假體驗將設有一個 65,000 平方英尺的賭場、一間雙人房的酒店、八個餐飲店、現場娛樂表演和一個戶外便利平台。

In addition to offering the highest-quality gaming experience in the market, we will have the most convenient location for much of the 1.8 million residents of the Hampton Roads region as well as the 15 million tourists to visit nearby Virginia Beach each year. In all, our capital investments are delivering strong returns for our company, enhancing our competitiveness and supporting our long-term growth.

除了提供市場上最高品質的遊戲體驗之外，我們還將為漢普頓路地區 180 萬居民以及每年前往附近弗吉尼亞海灘的 1500 萬遊客提供最便捷的地理位置。總而言之，我們的資本投資為公司帶來了豐厚的回報，增強了我們的競爭力並支持了我們的長期成長。

At the same time, our substantial free cash flow and strong balance sheet allow us to continue returning capital to our shareholders. During the third quarter, we repurchased $160 million in stock and paid $15 million in dividends. So far this year, we have returned a total of $637 million to our shareholders.

同時，我們充足的自由現金流和強勁的資產負債表使我們能夠繼續向股東返還資本。第三季度，我們回購了價值 1.6 億美元的股票並支付了 1,500 萬美元的股息。今年迄今為止，我們已向股東返還了總計 6.37 億美元。

Share repurchases and dividends are important components of our balanced approach to capital allocation, and we intend to maintain a pace of $150 million per quarter in share repurchases supplemented by our recurring dividend.

股票回購和股利是我們平衡資本配置方法的重要組成部分，我們打算維持每季 1.5 億美元的股票回購速度，並輔以經常性股利。

In closing, we are pleased to deliver another quarter of strong performance as we continue to execute on our strategy and create long-term value for our shareholders. During the quarter, we continued to benefit from strong growth in plate from our core customers as well as improving plate from retail. Our capital investment program is delivering excellent returns and positioning us well for future growth. Our teams across the country are successfully maintaining efficiencies and delivering consistent property operating results. And we continue to return substantial capital to our shareholders while maintaining the strongest balance sheet in our company's history.

最後，我們很高興能夠再次取得強勁的業績，因為我們將繼續執行我們的策略並為股東創造長期價值。本季度，我們繼續受益於核心客戶鋼板的強勁成長以及零售鋼板的改善。我們的資本投資計畫正在帶來豐厚的回報，並為我們未來的成長奠定了良好的基礎。我們遍佈全國的團隊成功地保持了效率並提供了一致的物業營運成果。我們持續向股東返還大量資本，同時維持公司史上最強勁的資產負債表。

Our success is a reflection of the dedication and contributions of thousands of Boyd Gaming team members across the country, and we are grateful for all that they do for our company and our guests.

我們的成功反映了全國數千名 Boyd Gaming 團隊成員的奉獻和貢獻，我們感謝他們為我們公司和客人所做的一切。

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. During the third quarter, play from our core customers continued its long-term growth trend while retail customers play also continued to improve. Management teams did their part remaining focused on operating efficiently and generating returns from our capital investments. As a result, excluding the effects of our recent FanDuel transaction, we continue to deliver growth in revenue and EBITDAR despite weakness in our destination business.

謝謝，基思，大家下午好。第三季度，核心客戶業務延續了長期成長趨勢，零售客戶業務也持續改善。管理團隊盡職盡責，專注於高效營運並從資本投資中獲得回報。因此，排除我們最近的 FanDuel 交易的影響，儘管我們的目的地業務疲軟，但我們的收入和 EBITDAR 仍繼續增長。

We are continuing our capital investment program to enhance our guest experience while expanding our opportunities for growth. During the third quarter, we invested $146 million in capital, bringing year-to-date capital expenditures to $440 million. We now expect total capital expenditures for this year to be approximately $600 million.

我們正在繼續實施資本投資計劃，以提升客戶體驗，同時擴大我們的成長機會。第三季度，我們投資了 1.46 億美元的資本，使年初至今的資本支出達到 4.4 億美元。我們現在預計今年的總資本支出約為 6 億美元。

Our capital plans include approximately $250 million in recurring maintenance capital, an additional $100 million in maintenance capital related to hotel room renovation projects, $100 million in growth capital, which includes the recently completed meeting and convention space at Ameristar St. Charles, and the ongoing cadence crossing development here in Las Vegas. And then finally, $150 million or so for our casino development in Virginia. Our growth capital projects remain on budget and on schedule.

我們的資本計畫包括約 2.5 億美元的經常性維護資本、與飯店客房翻新項目相關的額外 1 億美元維護資本、1 億美元的成長資本（其中包括最近在 Ameristar St. Charles 完成的會議和會展空間，以及拉斯維加斯正在進行的節奏交叉開發）。最後，我們將斥資約 1.5 億美元用於維吉尼亞州的賭場開發。我們的成長資本項目仍在預算和計畫之內。

In terms of our shareholder capital return program, we paid a quarterly dividend of $0.18 per share during the quarter, totaling $15 million. Also during the quarter, as Keith mentioned, we purchased -- we repurchased $160 million in stock, acquiring 1.9 million shares at an average price of $84.5 per share. Actual shares outstanding at the end of the quarter were 78.6 million shares, an 11% reduction in our share count since the third quarter of last year.

就我們的股東資本回報計劃而言，我們在本季度支付了每股 0.18 美元的季度股息，總計 1500 萬美元。此外，正如 Keith 所提到的，在本季度，我們回購了價值 1.6 億美元的股票，以平均每股 84.5 美元的價格收購了 190 萬股。本季末實際流通股數為 7,860 萬股，自去年第三季以來，我們的流通股數減少了 11%。

Since we began our capital return program in October 2021, we have returned more than $2.5 billion in the form of share repurchases and dividends, while reducing our share count by 30%. Going forward, we intend to maintain repurchases of approximately $150 million per quarter, supplemented by our regular quarterly dividend. This equates to more than $650 million per year or more than $8 per share.

自 2021 年 10 月啟動資本返還計畫以來，我們已透過股票回購和股利的形式返還了超過 25 億美元，同時將股票數量減少了 30%。展望未來，我們計劃維持每季約 1.5 億美元的回購，並輔以定期季度股息。這相當於每年超過 6.5 億美元或每股超過 8 美元。

The strong free cash flow, low leverage, and ample liquidity, we are maintaining the strongest balance sheet in our company's history while continuing to invest in our business and return capital to shareholders.

強勁的自由現金流、低槓桿率和充足的流動性，使我們保持著公司歷史上最強勁的資產負債表，同時繼續投資於我們的業務並向股東返還資本。

As you may recall, during the quarter, we closed on our transaction to sell our 5% stake in FanDuel. We initially used proceeds from that transaction to repay our term loan A balance and borrowing the outstanding under our revolver. As a result, our total leverage ratio declined from 2.8 times at the end of the second quarter to 1.5 times at the end of the third quarter. Our lease adjusted leverage declined from 3.2 times to 2.0 times.

您可能還記得，在本季度，我們完成了出售 FanDuel 5% 股份的交易。我們最初使用該交易的收益來償還定期貸款 A 餘額並借入循環信貸下的未償還款項。因此，我們的總槓桿率從第二季末的2.8倍下降到第三季末的1.5倍。我們的租賃調整槓桿率從 3.2 倍下降到 2.0 倍。

Finally, beginning with this quarter's financial results, we have provided the tax pass-through amounts as a separate line item on our GAAP income statement. Excluding the tax pass-through amount for this quarter, company-wide margins for the third quarter of this year would have been 510 basis points above the margin we reported.

最後，從本季的財務結果開始，我們已將稅收轉嫁金額作為 GAAP 損益表中的單獨項目提供。不包括本季的稅收轉嫁金額，今年第三季的全公司利潤率將比我們報告的利潤率高出 510 個基點。

In conclusion, with strong play from our core customer and improving trends among our retail customers, efficient operations robust free cash flow, and a strong balance sheet, we have outstanding flexibility to continue executing our strategy for creating long-term value for our shareholders.

總之，憑藉核心客戶的強勁表現、零售客戶的改善趨勢、高效的營運、強勁的自由現金流和強勁的資產負債表，我們擁有出色的靈活性，可以繼續執行為股東創造長期價值的策略。

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

接下來，我想請大衛開始提問。戴維？

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

謝謝你，喬希。我們現在開始問答環節。（活動須知）

Barry Jonas, Truist.

巴里·喬納斯，Truist。

Hey, guys. I wanted to start on Vegas. Can you talk about what you see as the main drivers of the weakness you're seeing in the destination business? And just help us feel comfort that you think the non-destination business won't see any of that related weakness? Thank you.

嘿，大家好。我想從拉斯維加斯開始。您能否談談您認為導致目的地業務疲軟的主要原因是什麼？您是否認為非目的地業務不會出現任何相關的疲軟跡象，這讓我們感到安心？謝謝。

So maybe starting with the second half of your question, I think as we noted, we've seen strong play from our core customers. And as we look at the database here and the source of our revenue here in Las Vegas, our local customers are performing extremely well, and our core customers are growing extremely well. The shortfall really was all about the destination business has been kind of widely reported and talked about.

因此，也許從您問題的後半部分開始，我認為正如我們所指出的，我們已經看到了核心客戶的強勁表現。當我們查看這裡的資料庫和我們在拉斯維加斯的收入來源時，我們發現我們的本地客戶表現非常好，我們的核心客戶成長也非常好。目的地業務的缺口確實已被廣泛報導和討論。

How long that continues, we'll all have to see. We have seen, as we look at our kind of forward 90-day bookings in our hotels here in Las Vegas, we've seen improvements, still soft. But certainly, better results than we saw three months ago.

這種情況會持續多久，我們拭目以待。我們看到，當我們查看拉斯維加斯酒店的 90 天預訂情況時，情況有所改善，但仍然疲軟。但可以肯定的是，結果比我們三個月前看到的結果還要好。

So we turned the corner hard to say, but the 90-day booking results certainly looked better than they did three months ago.

因此，我們很難說已經扭轉了局面，但 90 天的預訂結果肯定比三個月前要好。

And Barry, one thing I would add to Keith's remarks is when we pretty much the impact of the destination business, as we said in our remarks, are focused on the Orleans. So when you separate the Orleans from the rest of the business, you see a couple of things going on. You see growth in gaming revenues throughout the remainder of the portfolio. You see growth in overall revenues. You see growth in EBITDAR. You say consistency in margins.

巴里，我想補充基斯的評論，正如我們在評論中所說，目的地業務的影響主要集中在奧爾良。因此，當你將奧爾良與其他業務分開時，你會看到一些事情正在發生。您將看到投資組合其餘部分的博彩收入都在成長。您會看到整體收入有所增長。您會看到 EBITDAR 有所成長。您說的是邊距的一致性。

So I think we see -- and the gaming revenue kind of is growing in line with the overall market. So I think we feel pretty good about the underlying customer trends overall. It's just one aspect of the business that we're trying to deal with. And in fact, when you look at the segment's performance, you could really attribute the EBITDA decline in Q3, all to the Orleans because it was down even more than what we're seeing in the segment for the quarter, so.

所以我認為我們看到——遊戲收入正在與整體市場同步成長。所以我認為我們對整體的潛在客戶趨勢感覺相當良好。這只是我們正在努力處理的業務的一個方面。事實上，當你查看該部門的表現時，你真的可以將第三季度的 EBITDA 下降歸咎於奧爾良，因為它的降幅甚至超過了我們在本季度看到的該部門的降幅，所以。

Got it. That's really helpful. And then just as a follow-up, we're starting to see some M&A deals come about. Curious if you could share your thoughts on the M&A pipeline, the environment, either in terms of buying full assets or opcos. Thank you.

知道了。這真的很有幫助。然後作為後續行動，我們開始看到一些併購交易的出現。好奇您是否可以分享您對併購管道和環境的看法，無論是購買全部資產還是 opco。謝謝。

Yeah. Look, we obviously have a fairly successful track record of M&A based on a disciplined strategy of making sure it's the right asset and the right market at the right price. And so we continue to look at it. we certainly note that a few things have traded recently. I don't know that we're necessarily seeing more pitch books across our desk, but we certainly pay attention and monitor opportunities. And for the right opportunity, we're certainly prepared to dig in. But other than that, I'm not sure we have a whole lot of comment on.

是的。你看，我們顯然在併購方面有著相當成功的記錄，這是基於嚴格的策略，確保以合適的價格在合適的市場收購合適的資產。因此我們繼續關注它。我們當然注意到最近有一些東西進行了交易。我不知道我們是否一定會在辦公桌上看到更多的宣傳冊，但我們肯定會注意並監控機會。如果有合適的機會，我們當然願意全力以赴。但除此之外，我不確定我們還有很多評論。

Great, thank you so much.

太好了，非常感謝。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維茲辛斯基。

Yeah. Hey, guys, good afternoon. So Keith or Josh, if we think about the Midwest and South properties, I mean, those results were really solid, came in much better than we were expecting. So if you think about that portfolio, wondering if the trends you witnessed there were pretty much broad-based or there were markets or pockets of strength versus other markets? I guess, just trying to figure out if certain markets are kind of outperforming other markets. And obviously, you guys called out Treasure Chest, so I guess, excluding Treasure Chest.

是的。嘿，大家下午好。所以，對於 Keith 或 Josh 來說，如果我們考慮中西部和南部的房產，我的意思是，那些結果確實很穩健，比我們預期的要好得多。因此，如果您考慮該投資組合，並想知道您在那裡看到的趨勢是否相當廣泛，或者與其他市場相比是否存在市場或實力雄厚的領域？我想，只是想弄清楚某些市場是否表現優於其他市場。顯然，你們喊出了寶箱，所以我想，排除寶箱。

I think when we look across that portfolio that comprises some 17 properties, it was generally broad-based. Look, there's always one or two that don't perform maybe quite as strong in any given quarter, but it generally was broad-based strong results. We called out Treasure Chest because it's interesting to us and very positive that it continues to grow even after anniversarying its opening.

我認為，當我們審視包含約 17 處房產的投資組合時，它總體上是廣泛的。你看，在任何一個季度，總會有一兩家公司的表現可能不那麼強勁，但總體而言，業績普遍表現強勁。我們稱之為“寶箱”，因為它對我們來說很有趣，並且非常有信心即使在開業週年紀念之後它仍會繼續增長。

So Josh, do you have anything to add?

那麼喬希，你還有什麼要補充的嗎？

Not really, Keith. I think that covers it.

不是的，基斯。我想這就涵蓋了。

Okay. And then Keith or Josh, a little bit of a bigger picture question, but wondering if you kind of take a step back and look at your Vegas Locals assets, how do you think they're positioned today from a CapEx perspective? I mean -- what I mean is, do you think the majority of your assets in that market or in a pretty good spot relative to your peers in that region? And -- or is it something where you guys might spend a little bit more across your portfolio over the next couple of years to keep up with some of that newer supply I heard your comment about Orleans and Suncoast there?

好的。然後是 Keith 或 Josh，這是一個更大層面的問題，但想知道如果您退一步看看您的 Vegas Locals 資產，您認為從資本支出的角度來看它們現在處於什麼位置？我的意思是——您是否認為您的大部分資產在該市場或相對於該地區的同行而言處於相當好的位置？或者說，你們可能會在未來幾年內增加投資組合中的一些投資，以跟上一些較新的供應。我聽到了您對奧爾良和陽光海岸的評論？

Right. So look, we've been talking about the renovation work we're doing at the Suncoast for over the last year or so. And so that has been, I think, a very positive investment for us is we're not even fully through it yet, and we're seeing performance that's in line with the prior year. So that gives us confidence that this will be a successful investment. Look, the Orleans needs a little bit of an updating also, it's an important asset for us.

正確的。所以，你看，我們在過去一年左右的時間裡一直在談論我們在 Suncoast 所做的翻新工作。因此，我認為這對我們來說是一項非常積極的投資，我們甚至還沒有完全完成它，而且我們看到的業績與前一年持平。因此，我們相信這將是一項成功的投資。瞧，奧爾良也需要一點更新，它對我們來說是一項重要的資產。

Look, other than that, I think our portfolio of properties here in Las Vegas are well-positioned. We're looking at a number of restaurant projects. This is part of our overall capital plan to make sure the properties remain competitive. It's not significant capital, but it's an important capital to be competitive.

除此之外，我認為我們在拉斯維加斯的物業組合定位良好。我們正在考慮一些餐廳項目。這是我們整體資本計畫的一部分，旨在確保房產保持競爭力。雖然這不是什麼重大的資本，但卻是保持競爭力的重要資本。

So if you look at our slot floors and I would put them on par with anybody in the market and probably better than most. And so I think we feel pretty good with the exception of, once again, want needing to make, I think, an important investment in the Orleans to make sure it's competitive for the long term.

因此，如果您看一下我們的老虎機樓層，我會將其與市場上的任何老虎機相提並論，甚至可能比大多數老虎機都要好。所以我認為我們感覺很好，除了再次需要對奧爾良進行一項重要投資以確保其長期競爭力。

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

好的，明白了。謝謝大家。非常感謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good evening. Thanks for taking my question. I just wanted to get your updated thoughts on the investments that you're making internally in the portfolio and how you're thinking about returns, the timing to those returns, or hurdle rates. And just -- it will help us think about forecasting into the future. But what's the return process and how should we think about the earnings potential on it?

晚安.感謝您回答我的問題。我只是想了解您對投資組合內部投資的最新想法，以及您對回報、回報時機或最低收益率的看法。而且——它將幫助我們思考預測未來。但是回報過程是怎麼樣的，我們該如何看待它的獲利潛力？

Yeah. Hey, Dave. It's Josh. I'll take it, and then Keith can add anything. Generally, I think kind of for a good rule of thumb and modeling purposes, we generally think of kind of a 15% to 20% kind of cash-on-cash type of return. And so we certainly achieved that with Treasure Chest. I think we're seeing the early signs of achievement with that with the meeting space at Ameristar St. Charles.

是的。嘿，戴夫。我是喬希。我會接受它，然後 Keith 可以添加任何內容。一般來說，我認為，為了獲得良好的經驗法則和建模目的，我們通常會考慮 15% 到 20% 的現金回報率。因此，我們確實透過 Treasure Chest 實現了這一目標。我認為，我們在 Ameristar St. Charles 會議空間方面已經看到了成就的早期跡象。

The next one up will be Cadence, which is like a $60 million investment, so that will be in that. We fully expect that property once it comes online to generate incremental [EBITDAR] above what we're getting today from the current (inaudible) facility that would generate that return. And then after that, I think we're more dependent on regulatory approval for Paradise, but we're excited about that opportunity.

下一個是 Cadence，投資額為 6000 萬美元，所以這也在其中。我們完全相信，該資產一旦上線，將產生增量 [EBITDAR]，高於我們今天從目前（聽不清楚）設施中獲得的收益。在此之後，我認為我們更加依賴 Paradise 的監管部門批准，但我們對這個機會感到興奮。

So good rule of thumb is that 15% to 20%. We've been fortunate enough to kind of meet or exceed that on the projects that we've announced to date. We have, as we've tried to condition the market to think about kind of a pipeline of these projects, and we'll continue to kind of vet or choose the ones that have the highest return potential throughout.

因此好的經驗法則是 15% 到 20%。我們很幸運，迄今為止我們宣布的項目都達到或超過了這一目標。我們已經嘗試引導市場思考這些項目的管道，並且我們將繼續審查或選擇那些具有最高回報潛力的項目。

A lot of the stuff around Suncoast, most of the hotel renovations, even the Orleans, will be in our maintenance capital budgets. But as Keith mentioned, the early signs that Suncoast or -- we're seeing new customers in the building. We're seeing people visit more frequently. And so we're encouraged by those type of investments even though they kind of qualify in our book as maintenance capital.

陽光海岸周圍的許多東西、大部分酒店的翻新，甚至奧爾良酒店，都在我們的維護資本預算中。但正如基斯所提到的，早期跡象表明，Suncoast 或——我們在大樓裡看到了新客戶。我們看到人們來訪的頻率越來越高。因此，儘管在我們看來，這類投資屬於維護資本，但我們還是對它們感到鼓舞。

So I hope that kind of gives you some color.

所以我希望這能給你一些啟發。

It does. And if I can just follow up and clarify, when we're thinking about the Orleans because it's in the maintenance budget, we aren't necessarily sort of holding it to the same standard or thinking about its earnings power longer term in the same way with that 15% or 20%, right?

確實如此。我可以跟進並澄清一下，當我們考慮奧爾良時，因為它在維護預算中，我們不一定會以相同的標準來對待它，也不一定會以相同的方式考慮其長期盈利能力和 15% 或 20%，對嗎？

Yeah. I think that's right, because it gets to be a blend of maintenance and capital and growth, and it's just hard to kind of distinguish between kind of what that project? Is it more maintenance or is it more growth. So I think that's why we put it in maintenance, really.

是的。我認為這是正確的，因為它是維護、資本和成長的混合體，很難區分該專案是什麼？是需要更多的維護還是需要更多的成長。所以我認為這就是我們將其置於維護狀態的原因。

I got you. Thank you very much.

我接到你了。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 first question is just a clarification about the Orleans project for next year, which you mentioned. Is that -- I mean, I imagine your hotel rooms, you mentioned a few things. Is that something we should consider some -- potentially some disruption impact? I know that it's got easy comps here. And there's a couple of different things going on in the market that's affecting that properties. How do you think about that property into next year?

大家好。感謝您回答我的問題。所以第一個問題只是對您提到的明年的奧爾良項目進行澄清。那是——我的意思是，我想像你的飯店房間，你提到了一些事情。我們是否應該考慮一些可能造成破壞的影響？我知道這裡有簡單的比較。市場上發生的一些不同的事情正在影響這些房產。您認為明年該房產的情況如何？

So I think it's a little early to try to figure out kind of disruption. I don't -- I think our view would be at the beginning of a project like that, if we're even able to get it started in the second half of next year, it'd be more limited in terms of the disruption. Once we understand the actual program scope and the timing, we can provide better color on that.

所以我認為現在試圖弄清楚這種破壞還為時過早。我不這麼認為——我認為我們的觀點是，在這樣的計畫開始時，如果我們能夠在明年下半年啟動它，那麼它造成的干擾就會更加有限。一旦我們了解了實際的計劃範圍和時間安排，我們就可以對此提供更好的說明。

We've been -- our management teams at Suncoast have done a very good job to manage through the disruption to date at that property, and it's been significant, and that construction activity continues. So we're learning how to manage that -- those processes. Each one will be unique and different. But to date, we've been pretty good in managing through it at the Suncoast. No doubt, it is affecting our performance in some way. But the fact that it is, like Keith said, in line with prior year at this point, that's pretty encouraging.

我們—Suncoast 的管理團隊已經做了非常出色的工作來應對迄今為止該物業所遭受的干擾，幹擾非常嚴重，施工活動仍在繼續。所以我們正在學習如何管理這些過程。每個人都是獨特且不同的。但到目前為止，我們在陽光海岸的管理工作做得相當不錯。毫無疑問，它在某種程度上影響了我們的表現。但事實是，正如基思所說，目前的情況與去年持平，這是非常令人鼓舞的。

So I think at this point, we wouldn't be calling out expectations for disruption related to Orleans and until we have better clarity on time and the full scope of the project.

因此我認為，在目前這個階段，我們不會預測與奧爾良相關的中斷，直到我們對時間和專案的整個範圍有更清晰的認識。

Keith, I don't know if you want to add to that.

基思，我不知道你是否想補充這一點。

No, I think just tagging on what Josh said, as you're thinking about 2026 and thinking about the Orleans, yeah, I wouldn't anticipate anything significant as we begin to have more clarity on the timing of all of that and what's going to take place first and second. And when we end up getting to the middle of the casino, which yes, we'll have some disruption as we get into those types of things, we'll be able to update you at this point as you're modeling out 2026, I wouldn't anticipate anything.

不，我認為只是在 Josh 所說的基礎上加上標籤，當你考慮 2026 年並考慮奧爾良時，是的，我不會期待任何重大的事情，因為我們開始更加清楚地了解所有這一切的時間以及首先和其次將要發生的事情。當我們最終進入賭場中期時，是的，當我們進入這些類型的事情時，我們會遇到一些幹擾，我們將能夠在此時向您更新，因為您正在模擬 2026 年的情況，我不會預料任何事情。

Great. That's helpful. Just a quick second question about Midwest and South. How would you describe the promotional environment across your markets. Any sort of changes quarter over quarter? Or has it been pretty consistent from competitors?

偉大的。這很有幫助。第二個問題是關於中西部和南部的。您如何描述您所在市場的促銷環境。每個季度之間有什麼變化嗎？或者與競爭對手相比，它的表現相當一致？

So in several markets, there have been competitors who have been stepping on the gas, so to speak, with respect to marketing spend and being more aggressive. We have generally remain very disciplined. It is reflective in our margins that remain consistent year to year. And while we may be up just a tick just a little bit overall, once again, it is highly efficient, highly productive -- highly efficient, highly productive dollars reflected and we're able to grow revenue, we're able to grow EBITDA, and we're able to grow maintain margin.

因此，在多個市場中，競爭對手都在增加行銷支出，變得更加積極主動。我們整體上保持著非常嚴明的紀律。這反映在我們的利潤率年復一年保持一致。雖然我們總體上可能只是略有上升，但再一次，它是高效、高產的——高效、高產的美元體現了這一點，我們能夠增加收入，我們能夠增加 EBITDA，我們能夠增加維持利潤率。

So we are seeing some enhanced marketing by our competitors, but we're not responding. Frankly, some of the enhanced marketing that we're doing is in relation to declines in destination business, not in relation to what our competitors are doing.

因此，我們看到競爭對手加強了行銷，但我們沒有做出回應。坦白說，我們所做的一些強化行銷是針對目的地業務的下滑，而不是針對我們的競爭對手的做法。

Great. Thanks, everyone.

偉大的。謝謝大家。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey. Thanks for taking my questions. On the Suncoast renovation, you mentioned in line with the prior year a few times, but I would think that there was still some disruption. So to the extent that it was, could you quantify that impact in 3Q and then maybe how you're thinking about 4Q even just anecdotally? Thanks.

嘿。感謝您回答我的問題。關於 Suncoast 的翻新工程，您幾次提到與去年保持一致，但我認為仍然會有一些幹擾。那麼，就其影響而言，您能否量化第三季度的影響，然後也許您如何看待第四季度的影響，甚至只是軼事？謝謝。

Yeah, I'd love to, but it's really difficult to quantify the disruption. Look, when we say it was in line with prior year revenue and EBITDAR perspective, I think that says it all. There's clearly a disruption. We have fewer slots on the floor today than we did a year ago because we're in the middle of the casino. There are a lot of walls up, there's ceiling work being done. So it is disruptive, and it will continue to be disruptive.

是的，我很樂意，但量化這種破壞確實很困難。瞧，當我們說它與前一年的收入和 EBITDAR 觀點一致時，我認為這說明了一切。顯然存在中斷。由於我們位於賭場的中間，現在場內的老虎機數量比一年前少。有很多牆壁正在建造，天花板正在進行施工。所以它具有破壞性，並且將繼續具有破壞性。

If you were to walk in the building today, we have a temporary front desk because we're doing work around the front desk area. But to date and through Q3, and we'd expect it to be through Q4, things are in line with the prior year. Our customers are hanging in there with us. The management team is doing a great job of taking care of our guests. The guests have had very, very strong positive reactions to what we've unveiled thus far. And so everything is working, but hard to quantify.

如果您今天走進大樓，我們有一個臨時前台，因為我們正在前台區域周圍進行工作。但到目前為止，到第三季度，以及我們預計到第四季度，情況與去年同期一致。我們的客戶與我們一起堅持。管理團隊在照顧我們的客人方面做得非常出色。到目前為止，客人們對於我們推出的產品都表現出了非常非常積極的反應。所以一切都在正常進行，但很難量化。

Okay. Understood. And then you've got a large expansion at Sky River, I believe, that opens early next year, 1Q, I believe. Understanding your earn management fees here. Is there anything we need to watch out for in Q4 in terms of construction just ahead of that opening?

好的。明白了。然後我相信，Sky River 將會有一個大規模的擴建，預計將於明年年初，也就是第一季開業。在此了解您賺取的管理費。在第四季開業前的建設方面我們需要注意什麼嗎？

From a construction standpoint, everything is on the outside of the building. And so there really isn't any impact to -- on the negative side to the ongoing construction or, quote-unquote, the opening, whenever that happens sometime early next year. It's a parking garage, along with some added casino space that will house the added slots.

從建築角度來看，一切都在建築物的外部。因此，這實際上不會對正在進行的建設或所謂的開幕（無論何時在明年年初的某個時候發生）產生任何負面影響。這是一個停車場，還附加了一些賭場空間，用於容納新增的老虎機。

The second phase that I described, which includes hotel tower and more restaurants, also is on the outside of the building. And so there will be no immediate impact or construction disruption from that.

我所描述的第二階段包括飯店大樓和更多餐廳，也位於建築物的外部。因此，這不會造成直接影響或施工中斷。

Thank you.

謝謝。

Steve Pezzella, Deutsche Bank.

史蒂夫‧佩澤拉，德意志銀行。

Good evening. Thanks for taking my question. Just curious, as we think about early next year, can you share any expectations you might have for a benefit from the tax bill?

晚安.感謝您回答我的問題。只是好奇，當我們想到明年年初時，您能否分享一下您對稅收法案可能帶來的利益的任何期望？

Yeah, Steve. I mean, it's a question we get asked quite a bit. I don't -- we've not really found a way that we're comfortable to kind of estimate the overall benefit from that. We -- there's several elements to it from -- and I think Keith mentioned in his remarks, ranging from tax on tips to certain higher standard deductions and credit for seniors. I think ultimately, we come away thinking it's just incremental benefit to us overall, but we have not quantified it in terms of revenue and EBITDAR.

是的，史蒂夫。我的意思是，這是我們經常被問到的問題。我不知道——我們還沒有找到一種讓我們感到舒服的方法來估計由此帶來的整體利益。我們 - 它有幾個要素 - 我認為基斯在他的評論中提到過，從小費稅到某些更高的標準扣除額和老年人抵免。我認為最終，我們認為這只是整體上為我們帶來的增量利益，但我們還沒有用收入和 EBITDAR 來量化它。

Okay, great. Thank you.

好的，太好了。謝謝。

John Decree, CBRE.

世邦魏理仕的約翰·德克里。

Hi, Josh. Hi, Keith. Good afternoon. Josh or Keith, I wanted to ask if you could provide a little color on kind of how the quarter played out and maybe cadence month to month. We kind of use the state GGR data to help us. But July and August looks pretty strong. September, maybe a little bit more mix. So any color you could give us on kind of how the quarter played out, particularly in the Midwest and South regions?

你好，喬希。你好，基斯。午安.喬希 (Josh) 或基思 (Keith)，我想問一下，你們是否可以稍微介紹一下本季度的進展情況以及每月的節奏。我們利用國家 GGR 數據來​​幫助我們。但七月和八月看起來相當強勁。九月，也許會更加混合一些。那麼，您能否向我們介紹本季的業績表現，特別是中西部和南部地區的情況？

I think as we look across our portfolio, it was fairly steady. You have to take into account like in September where the holiday fell different, and therefore, we got a little bit bigger benefit technically in August than we did in September, but that's over the course of a 10-day period. It flips in one month versus the other. But when we look at kind of core trends in the business week to week, not a lot of fluctuation, not a lot of fluctuation. So I know that I have anything else to add other than that.

我認為，當我們審視我們的投資組合時，它是相當穩定的。你必須考慮到九月份的假期有所不同，因此，從技術上講，我們在八月份獲得的收益比九月份要大一些，但這是為期 10 天的期間內獲得的收益。一個月和另一個月的情況會改變。但是，當我們觀察每週業務的核心趨勢時，我們發現波動並不大，波動並不大。所以我知道除此之外我還有其他要補充的。

That's great. Keith, thank you. And then maybe I know this one is difficult to kind of track given the limited data. But Curious if you could give us a little bit more color, again, in the Midwest and South, specifically on the retail play, some of the better trends you're seeing there. Is that kind of year-over-year growth in kind of spend more customers come in the door? And if you have any guesses, a number of theories, but kind of what might be driving that uptick in retail play?

那太棒了。基思，謝謝你。然後我可能知道，由於數據有限，這一點很難追蹤。但我很好奇，您是否可以再次向我們提供一些關於中西部和南部地區的詳細信息，特別是零售業的情況，以及您在那裡看到的一些更好的趨勢。這種同比成長是否會吸引更多的顧客呢？如果您有任何猜測，有很多理論，但是什麼可能推動零售業的上升？

So it's a trend that actually has been going on for a couple of quarters now. We've actually been talking about it, and it continued in through the third quarter with the improvements kind of increasing, so to speak. I think we're seeing generally on the rated side, increases in frequency and increases in spend. So both ADT or spend are going up and frequencies increasing, which are positive trends.

所以這個趨勢其實已經持續了幾個季度。我們實際上一直在談論這個問題，並且這種情況一直持續到第三季度，可以說改進程度有所提高。我認為，從評級來看，我們普遍看到的是頻率的增加和支出的增加。因此，ADT 或支出都在上升，頻率也在增加，這是正面的趨勢。

Josh, I don't know if there's anything else to add.

喬希，我不知道還有什麼要補充的。

Yeah. I would just add, just to clarify for everyone, retail is two buckets. It's the lower end of the rate, and that's what Keith was just talking about in terms of spend and frequency, and then there's the unrated component as well. So we can kind of understand what's going on with the lower end of the rated piece. What's interesting is a group is the unrated business has also been improving sequentially over time as well and actually been a big driver of the retail component.

是的。我只是想補充一下，為了讓大家清楚，零售分為兩個部分。這是利率的低端，這就是 Keith 剛才談到的支出和頻率，然後還有未評級的部分。因此我們可以大致了解評級較低的作品的情況。有趣的是，集團中未評級的業務也隨著時間的推移而不斷改善，實際上成為零售業務的主要推動力。

So both the low end of the retail rated piece that we know about and the unrated segment have both been kind of in lockstep improving year over year as we've moved through this year. And it's been a consistent trend. It's been very interesting to watch.

因此，我們所知的零售評級部分的低端和未評級部分在今年都呈現逐年同步改善的趨勢。這是一個持續的趨勢。觀看它非常有趣。

Sounds good. Thanks, Josh. Thank you, Keith.

聽起來不錯。謝謝，喬希。謝謝你，基斯。

Dan Politzer, JPMorgan.

摩根大通的丹‧波利策。

Hey, good afternoon, everyone. Thanks for taking my questions. I was wondering maybe we can walk through the fourth quarter. It seems like there's a few moving pieces there. So maybe just to get some clarity. I think Tunica is closing in November in Norfolk. I think there's a temporary casino that opens also in November. And then I don't know if you gave -- I don't think you gave an update for managed and other, but then also that would help. And then any impact from the cybersecurity and spend in the quarter? Thanks.

嘿，大家下午好。感謝您回答我的問題。我想知道我們是否可以度過第四季。看起來那裡有幾件會移動的東西。所以也許只是為了弄清楚一些事情。我認為 Tunica 將於 11 月在諾福克關閉。我認為還有一個臨時賭場也將於 11 月開放。然後我不知道您是否給出了——我不認為您給出了託管和其他內容的更新，但這也會有所幫助。那麼本季網路安全和支出有何影響？謝謝。

I think as you think about Tunica, you should expect obviously a fairly negligible impact. I wouldn't adjust your models for anything related to that or for Norfolk, for that matter, we've talked in previous calls about this very small, modest temporary facility. And our focus really is on the permanent. And so you assume that this will be a breakeven as you think about the fourth quarter or even next year.

我認為，當你考慮圖尼卡時，你應該會預料到其影響顯然相當小。我不會針對與此相關的任何事情或諾福克調整您的模型，事實上，我們在之前的電話會議中已經討論過這個非常小、簡陋的臨時設施。我們的重點確實是永久性的。因此，當您考慮第四季度甚至明年時，您會認為這將是收支平衡。

As you think about the cyber event, once again, not much we can say other than what was in the 8-K, which is it did not have any impact to our business operation, and we've got cyber insurance to backstop us.

當您考慮網路事件時，除了 8-K 中的內容之外，我們沒有什麼可以說的，它對我們的業務運營沒有任何影響，而且我們有網路保險來支持我們。

There was a third question in there, I lost -- fourth, I lost track of -- I'll let you answer that.

其中還有第三個問題，我忘了──第四個問題，我忘了──我讓你回答。

So managed and other, I think the key for managing the other, it's going to be a pretty stable business in Q4 relative to -- when you think about the trends of this year just because the business is operating at or very near capacity. And then once it gets the incremental slots early next year, that's in the quarters following that, I think, is where we'll start to see the benefit of that and then eventually from the expansion of the hotel and meeting space in mid, probably mid-2027.

因此，管理和其他方面，我認為管理其他方面的關鍵是，相對於今年的趨勢，第四季度的業務將相當穩定，因為業務的營運能力達到或接近滿載。然後，一旦它在明年初獲得增量時段，我認為，在接下來的幾個季度中，我們將開始看到它的好處，並最終在 2027 年中期，從酒店和會議空間的擴張中看到好處。

So I think for managed and other for Q4 will be very similar to what you've seen in the quarters of the other earlier quarters of this year, so.

因此，我認為第四季度的管理和其他情況將與今年早些時候看到的情況非常相似。

Got it. And then just for my follow-up. I don't think you paid the taxes in the quarter on the FanDuel stake sale. When can we expect that then along with the -- on the tax front, the one big bill, is there any impact or offset you could get from that, that may be applied here?

知道了。然後只是為了我的後續行動。我認為您在本季度沒有為 FanDuel 股份出售繳納稅款。那麼，我們什麼時候可以預期，連同稅收方面，一項大法案，它會對這裡產生什麼影響或抵消作用？

Not much of an offset, more than likely the payment will occur sometime in the first quarter of next year.

抵銷的金額不大，很可能會在明年第一季的某個時候支付。

Thanks so much.

非常感謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey, thank you. I was hoping you could dig into the balance sheet a little bit. Just how are you thinking about the optimal leverage of the business, particularly if M&A opportunities maybe don't come to fruition, could we see that leverage pick back up, or what would you be looking to do in terms of optimizing the balance sheet longer term?

嘿，謝謝你。希望您能稍微深入了解一下資產負債表。您如何看待企業的最佳槓桿率，特別是如果併購機會可能無法實現，我們是否會看到槓桿率回升，或者您希望在長期優化資產負債表方面做些什麼？

Yeah, Steve. So before the FanDuel transaction, our leverage was about 2.8 times and our leverage target was around 2.5 times long term. Post -- as a result of the FanDuel transaction, which happened in late July, early August, our leverage is, as I stated in my remarks, around 1.5 times.

是的，史蒂夫。因此，在 FanDuel 交易之前，我們的槓桿率約為 2.8 倍，而我們的長期槓桿率目標約為 2.5 倍。之後——由於 7 月底 8 月初發生的 FanDuel 交易，我們的槓桿率正如我在評論中所說，約為 1.5 倍。

I think based on just the capital plans that we have now, primarily related to Virginia coming the capital related to the permanent of Virginia, our leverage will tick up over time. It will go back up to around probably in the next 1.5 years or so to around 2.5 times.

我認為，僅基於我們現在的資本計劃，主要與維吉尼亞州相關的資本計劃，以及與維吉尼亞州永久相關的資本計劃，我們的槓桿率將隨著時間的推移而上升。大概未來 1.5 年左右會回升到 2.5 倍左右。

I think it's odd to talk about your optimal leverage being, at least for us, it's odd for optimal leverage to be above where a target above where we are. But I think that it doesn't -- it's not a -- it's not something we strive to achieve given where we are today.

我認為談論您的最佳槓桿率很奇怪，至少對我們來說，最佳槓桿率高於我們所在位置的目標很奇怪。但我認為，鑑於我們目前的狀況，這並不是我們努力實現的目標。

To the extent that we have opportunities, I guess the way I would say, in other words, we're not trying to hit the target just because we're a 1.5 times, and we want to be at our target leverage. It could be that our leverage remains at 1.5 times over time. We don't think that's probably the right leverage, but we don't have anything that warrants increasing our leverage at this point.

就我們擁有的機會而言，我想我會這樣說，換句話說，我們不會因為我們是 1.5 倍就試圖達到目標，我們希望達到我們的目標槓桿率。我們的槓桿率可能會長期維持在 1.5 倍。我們認為這可能不是正確的槓桿，但目前我們還沒有任何理由增加我們的槓桿。

And so we'll continue to think through this and continue to be kind of prudent on how we think about it. But it's kind of like we were in a good place and doing everything we were doing at 2.5 times, happened to get a big windfall, 1.5 times, and that doesn't really change the way we think about anything that we were doing before.

因此，我們會繼續思考這個問題，並繼續謹慎地思考這個問題。但這有點像我們處於一個好的位置，以 2.5 倍的速度做著我們所做的一切，碰巧獲得了 1.5 倍的意外之財，而這並沒有真正改變我們對之前所做任何事情的看法。

If opportunities come along, if we decide to buy back more shares or return more capital, then that will be just part of our thought process that we develop over time. But until then, we'll be running the business between 1.5 to 2 times and will gradually tick up as a result of our capital plans and the plans we have in place today.

如果機會出現，如果我們決定回購更多股票或返還更多資本，那麼這將只是我們隨著時間的推移而形成的思考過程的一部分。但在此之前，我們的業務規模將以 1.5 到 2 倍的速度成長，並將根據我們的資本計劃和目前製定的計劃逐步提高。

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

基思，我不知道您是否還有什麼要補充的？

No, look, I think what Josh was alluding to is first it's only been it's less than 90 days since we received the payment and leverage has been pushed down to 1.5 times. And we want to take a long-term view, be thoughtful about what to do with the current leverage, how best to position the company could be M&A, it could be other things, could tick back up. And so we don't have an answer for you right now other than we understand it and we're having thoughtful discussions about where that should be. I'm sure we'll have more to talk to you about in future quarters, but nothing really to say right now.

不，看，我認為喬希所暗示的是，首先，自我們收到付款以來還不到 90 天，槓桿率已降至 1.5 倍。我們希望從長遠角度考慮，認真思考如何利用當前的槓桿，如何最好地定位公司，可能是併購，也可能是其他事情，也可能是回升。因此，我們現在無法給您答案，但我們理解這一點，並且正在就答案應該在哪裡進行深思熟慮的討論。我相信在未來的幾個季度我們會有更多事情要和大家討論，但現在還沒有什麼好說的。

That all makes sense. If I can sneak one unrelated follow-up in. As we look at the locals market, you talked about the 6% wage growth there. Seems like it's about as wide as I've seen it relative to the GGR growth for that market in aggregate. Do you think there's a lead lag here, or is there anything else that you would point out that's maybe creating that wider gap versus history? Thanks.

這一切都是有道理的。如果我可以偷偷地進行一次不相關的後續行動。當我們觀察當地市場時，您談到了那裡 6% 的薪資成長率。就該市場整體的博彩總收入 (GGR) 成長而言，這似乎是我所見過的最寬的幅度。您是否認為這裡存在領先滯後現象，或者您是否指出其他可能導致與歷史相比差距更大的因素？謝謝。

Yeah. So Steve, I think it's like -- I mean, it's a good observation, but I think you perhaps, at least in our business, the impact of the destination business is shown and visible on the income statement when you look at hotel revenues year over year. You can look at that and see they were down about $5 million, but that destination business is a significant amount of hotel room nights. While it's not primarily at the Orleans, it affected really every property in Las Vegas and outside of Las Vegas to some degree.

是的。所以史蒂夫，我認為這就像——我的意思是，這是一個很好的觀察，但我認為，至少在我們的業務中，當你逐年查看酒店收入時，目的地業務的影響會在損益表中顯示出來。你可以看看這個，他們損失了大約 500 萬美元，但目的地業務帶來了大量的酒店客房晚數。雖然這次事故主要不是發生在奧爾良酒店，但它確實在一定程度上影響了拉斯維加斯及拉斯維加斯以外的所有酒店。

And there is F&B. There's banquet business is highly profitable to us, and there's a significant amount of gaming revenue associated with that business. So it's a very profitable business to us. And while it's very difficult to estimate the impact, I think the reality is, is that that's probably what's creating that gap. There's wage growth that we're seeing show up in our business in terms of a stronger local customer. But if you had backed up and said, okay, we had that wage growth and destination business, you would see probably a healthy gaming revenue growth that would mirror maybe what your expectations were. So that's how I think about it at least.

還有餐飲。宴會業務對我們來說利潤很高，與該業務相關的博彩收入也相當可觀。所以這對我們來說是一項非常有利可圖的業務。雖然很難估計其影響，但我認為事實是，這可能是造成差距的原因。我們看到，隨著本地客戶數量的增加，我們的業務也出現了薪資成長。但如果你回過頭來說，好吧，我們有薪資成長和目的地業務，你可能會看到健康的博彩收入成長，這可能反映了你的預期。至少我是這麼認為的。

That's helpful. Thank you.

這很有幫助。謝謝。

David Hargreaves, Barclays.

巴克萊銀行的戴維‧哈格里夫斯。

Hi. So in terms of Hawaii, I think you said revenue was steady. I'm wondering about headcount and volumes, how are things there?

你好。因此就夏威夷而言，我認為您所說的收入是穩定的。我想知道那裡的人數和數量情況如何？

Specifically coming out of Hawaii?

特別是從夏威夷出來嗎？

Yes, downtown.

是的，市中心。

Look, downtown volumes on the Street are down. And that's frankly driven by visitation to Las Vegas because there's a strong, strong correlation between visitor volumes downtown and visitor volumes to Las Vegas. And so visitation on the street is down, which is what kind of impacted we call a destination business in the downtown area for us. Kind of our core market, which is the Hawaiian market, performed normally. And -- but we felt softness in the destination business, we felt softness from lack of tourism on the street.

瞧，市中心街道的交易量下降了。坦白說，這是由拉斯維加斯的遊客量推動的，因為市中心的遊客量和拉斯維加斯的遊客量之間存在著強烈的相關性。因此，街上的客流量下降了，這就是我們所說的市中心目的地業務受到的影響。我們的核心市場，也就是夏威夷市場，表現正常。但是——我們感覺到目的地業務的疲軟，我們感覺到街頭旅遊業的缺乏帶來的疲軟。

Thanks. And then with respect to the Tunica closure, I'm just wondering if there's -- just leaving the building and leaving town, something that maybe happens with the gaming equipment. Did you try to sell that property? Curious as to what happened there.

謝謝。關於圖尼卡賭場的關閉，我只是想知道，如果賭場離開大樓並離開小鎮，遊戲設備是否會發生一些事情。您是否嘗試過出售該房產？好奇那裡發生了什麼事。

I think the way to think about the closure of Tunica, first of all, when we're all done with this, the site will be scraped clean. We'll take everything down. We've already found homes for the equipment and all the recoverable assets, so to speak, in the building.

我認為關閉圖尼卡的思路是這樣的：首先，當我們完成所有工作後，遺址將被清理乾淨。我們會把一切都撤下來。可以說，我們已經在大樓裡為設備和所有可回收資產找到了歸宿。

The property had gotten to a point where EBITDA was fairly small, and the level of capital -- maintenance capital required to maintain it at our standards was growing. And frankly, there was not going to be a good return on that capital investment to maintain that building or standards because we do have standard is how we want our buildings to look and feel and what we want our guests to experience.

該房產的 EBITDA 已經相當小，而維持其符合我們的標準所需的資本水準（維護資本）卻在不斷增長。坦白說，維護該建築或標準的資本投資不會帶來良好的回報，因為我們確實有標準，即我們希望我們的建築看起來如何、給人感覺如何，以及我們希望我們的客人體驗如何。

And so we're just looking at the data, looking at the maintenance capital that's going to be required and the current level of EBITDA and where the market is, it just made sense to close the building down. Not a decision we came to lightly, but it's a decision we came to. And once again, we will be able to reuse a lot of the gear and a lot of the equipment sell off some stuff that we don't have use for. Everything will be scraped clean. It will be turned back into just raw land, and we'll attempt to dispose of the land.

因此，我們只是查看數據，查看所需的維護資本和當前的 EBITDA 水平以及市場狀況，關閉建築物是合理的。這不是我們輕易做出的決定，但這是我們必須做出的決定。再一次，我們將能夠重複使用許多裝備，並出售一些我們不需要的東西。一切都將被清除乾淨。它將被重新變成未開發的土地，我們將嘗試處理這片土地。

Last one, thank you. I really applaud your conservatism on the balance sheet. If we look at your properties that are leased, are you happy with the EBITDAR coverage of interest and rent at this point as you are with your leverage? How do you feel about the rent coverage picture? Thank you.

最後一個，謝謝。我非常欣賞你在資產負債表上的保守態度。如果我們看一下您出租的房產，您對目前的 EBITDAR 利息和租金覆蓋率以及您的槓桿率是否滿意？您對租金覆蓋情況有何看法？謝謝。

Yeah. I think we're happy with it, and our landlord is happy with it, quite honestly. They don't have a corporate guarantee, but they really don't need one given the coverage there. So everything is a happy partnership there.

是的。我覺得我們對此很滿意，而且我們的房東也對此很滿意，說實話。他們沒有公司擔保，但考慮到那裡的保障範圍，他們確實不需要擔保。所以一切都是愉快的合作。

Great. Thank you so much.

偉大的。太感謝了。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi. Good afternoon, Josh and Keith. Thanks for taking my question. First one on the opening or start of Missouri sports betting. I know you have a partnership with Fanatics. I believe it might be the first with them. And I know that includes some of their branded retail sports books at your property. So could you maybe talk about anything you're willing to disclose in terms of the relationship? And then maybe future opportunities with this company given their ascension on market share that we've been able to track? Thank you.

你好。下午好，喬希和基斯。感謝您回答我的問題。第一篇是關於密蘇裡州體育博彩的開幕或開始。我知道您與 Fanatics 有合作關係。我相信這可能是他們的第一次。我知道這包括您店裡的一些品牌零售運動書籍。那麼，您能否談談關於您關係的任何您願意透露的事情？那麼，鑑於我們已經能夠追蹤到該公司市場佔有率的上升，未來是否還會有新的機會？謝謝。

Yeah. So you're right. We have two properties in Missouri, Ameristar Kansas City and Ameristar St. Charles, and both of them received licenses as at Fanatics yesterday when there were Gaming Commission issued licenses, so people could be prepared to open December 1. It is our first relationship with Fanatics, and whether or not that expands, always hard to tell. It's a strong relationship thus far. We know some of the folks in that organization. So we have a good relationship there. And we'll see, once again, how it develops and what other opportunities exist to take that relationship further. Nothing really to report other than that at this point.

是的。所以你是對的。我們在密蘇裡州有兩處賭場，分別是堪薩斯城 Ameristar 賭場和聖查爾斯 Ameristar 賭場，這兩處賭場都獲得了許可證，就像昨天 Fanatics 賭場獲得博彩委員會頒發的許可證一樣，因此人們可以準備在 12 月 1 日開業。這是我們與 Fanatics 的第一次合作，這種合作是否會擴大，目前還很難說。到目前為止，我們的關係一直很牢固。我們認識組織中的一些人。所以我們在那裡關係很好。我們將再次看到它如何發展，以及還有哪些其他機會可以進一步發展這種關係。目前除此之外沒有什麼好報告的。

Okay, great. And then in terms of some of the near term, I guess, inflection in Vegas in the destination market. We met with a lot of the companies on the strip in the past couple of weeks. And some point into November. Others obviously talked about F1, maybe being more of a good guy this year and then the strength into Q1. Should all of that help you as well?

好的，太好了。然後就近期的一些情況而言，我猜想拉斯維加斯在目的地市場將會出現一些變化。過去幾週，我們與大道上的許多公司會面。並且已經進入十一月了。其他人顯然談論了 F1，也許今年會表現得更好，然後進入 Q1。這一切對你也有幫助嗎？

And in terms of internal bookings, are you viewing maybe November as kind of an inflection point where you're starting to see good year-over-year growth. I guess that would be more downtown, maybe excluding Orleans with some of the things that you've talked about? Thank you.

就內部預訂而言，您是否認為 11 月是一個轉捩點，您將開始看到良好的同比增長。我猜那應該更靠近市中心，也許不包括奧爾良，因為有些事情你已經談到了？謝謝。

Yeah. So once again, I noted earlier that as we look at our kind of 90-day booking pattern today, sitting here today, or a week or so ago, it is much more positive than it was three months ago. And it's still soft, but it is significantly better than it was three months ago. And so that makes us feel good about kind of the next several months given those numbers, and that's true for downtime as well as it is for our locals properties with hotels. So we'll see how it all comes together as the strip continues to do better. There's occupancy and rate on the strip continue to rebound.

是的。因此，我再次指出，當我們回顧今天的 90 天預訂模式時，或者說大約一周前的情況，它比三個月前要積極得多。雖然它仍然很柔軟，但比三個月前明顯好多了。因此，考慮到這些數字，我們對未來幾個月的情況感到樂觀，這對於停機時間以及我們當地的酒店業都是如此。因此，隨著漫畫的不斷完善，我們將看到這一切如何融合在一起。該大道的入住率和房價持續反彈。

Clearly, that will benefit us. It's just an indication that people are traveling again and coming back out, so that will help us. But overall, our own bookings are, once again, better over the next 90 days than they were a couple of months ago.

顯然，這將對我們有利。這只是表明人們又開始旅行並回來了，所以這對我們有幫助。但總體而言，我們未來 90 天的預訂情況將比幾個月前更好。

Thanks, Keith. Appreciate it.

謝謝，基斯。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 the call and the questions we've received today. If you have any follow-ups, please feel free to reach out to the company.

謝謝，大衛，也謝謝大家參加今天的電話會議並提出問題。如果您有任何後續事宜，請隨時聯繫該公司。

This concludes our call and can now disconnect. Have a good day.

我們的通話到此結束，現在可以掛斷了。祝你有美好的一天。