Boyd Gaming Corp (BYD) 2025 Q4 法說會逐字稿

Ladies and gentlemen, this is the Operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will remain on music hold. Thank you for your patience.

女士們先生們，這裡是接線生。今天的會議馬上就要開始了。在此之前，您的線路將保持音樂等待狀態。感謝您的耐心等待。

Good afternoon, and welcome to the Boyd Gaming fourth quarter and full year 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, February 5, 2026.

下午好，歡迎參加博伊德遊戲公司2025年第四季及全年財報電話會議。我是博伊德遊戲公司企業傳播副總裁大衛‧斯特羅。我將擔任今天電話會議的主持人，會議將於2026年2月5日星期四舉行。

(Event Instructions) 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.

（活動說明）今天電話會議的發言人是總裁兼執行長 Keith Smith；以及財務長 Josh Hirsberg。我們今天的評論將包含一些符合《私人證券訴訟改革法案》定義的前瞻性陳述。

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這些前瞻性陳述的義務。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。存在一些風險和不確定性，包括我們在提交給美國證券交易委員會的文件中揭露的風險和不確定性，這些風險和不確定性可能會影響我們的業績。

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K, furnished to the SEC today, 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. 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.

在今天的電話會議中，我們將提及非GAAP財務指標。如需了解歷史非GAAP財務指標與GAAP財務指標的完整調節表，請參閱我們今天向美國證券交易委員會提交的盈利新聞稿和8-K表格，這兩份文件均可在investors.boydgaming.com上查閱。由於我們無法預測特殊費用和某些支出，因此我們不提供前瞻性非GAAP財務指標的調節表。今天的電話會議將在 boydgaming.com 進行網路直播，會議結束後不久，即可在網站的投資者關係部分觀看回放。

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

接下來，我將把電話交給基斯史密斯。基思？

Thank you, David. Good afternoon, everyone. 2025 was another successful year for our company as we continued to build upon our strong foundation, position our company for further growth, and deliver long-term value for our shareholders.

謝謝你，大衛。各位下午好。 2025年對我們公司來說又是成功的一年，我們繼續鞏固了堅實的基礎，為公司的進一步發展奠定了基礎，並為股東創造了長期價值。

For the full year, our operations continued their steady performance as we achieved record company-wide revenues. EBITDA for the year was approximately $1.4 billion, while property-level margins were 40%, both consistent with last year's. These results were supported by our diversified operations, continued growth in play from our core customers, and our focus on operational discipline and efficiencies.

全年來看，我們的營運持續保持穩定成長，公司整體收入創下歷史新高。該年度 EBITDA 約為 14 億美元，物業層級的利潤率為 40%，均與去年持平。這些成果得益於我們多元化的業務營運、核心客戶業務的持續成長，以及我們對營運紀律和效率的重視。

Beyond our operating performance, our company had several significant achievements throughout the year. In July, we unlocked a considerable value of our FanDuel ownership interest, generating cash proceeds of nearly $1.8 billion for our shareholders. We utilized these proceeds to reduce leverage below 2 times, further fortifying our already strong balance sheet.

除了營運業績之外，我們公司在這一年中還取得了一些重大成就。7 月，我們釋放了 FanDuel 股份的相當可觀價值，為股東創造了近 18 億美元的現金收益。我們利用這些收益將槓桿率降低到 2 倍以下，進一步鞏固了我們原本就十分強勁的資產負債表。

Throughout the year, we continued to enhance the competitiveness and growth potential of our properties across the country through our ongoing capital investments. We further diversified our nationwide presence with the debut of our transitional casino in Norfolk, Virginia. And given the strength of our financial position and robust free cash flow, we returned more than $800 million to our shareholders in 2025, reducing our total share count by 11%.

在過去一年中，我們透過持續的資本投資，不斷提升我們在全國各地物業的競爭力和成長潛力。我們在維吉尼亞州諾福克開設了過渡性賭場，進一步擴展了我們在全國的業務。鑑於我們強勁的財務狀況和充裕的自由現金流，我們在 2025 年向股東返還了超過 8 億美元，使我們的總股本減少了 11%。

Following our successful performance in 2025, we are optimistic about 2026. In our Las Vegas local segment, we will benefit from two new investments, the opening of our new Cadence Crossing facility at the end of the first quarter, and the completion of our Suncoast Modernization Project in the third quarter. In our Midwest and South segment, we will benefit from a full year of contributions from our Meeting and Convention Center expansion at Ameristar St. Charles, and from incremental revenues and profits from our recent hotel room renovations and food and beverage improvements throughout the region.

鑑於我們在 2025 年取得了成功，我們對 2026 年充滿信心。在拉斯維加斯本地業務方面，我們將受益於兩項新的投資：一是第一季末新 Cadence Crossing 設施的開幕；二是第三季 Suncoast 現代化項目的完成。在我們的中西部和南部地區，我們將受益於 Ameristar St. Charles 會議中心擴建帶來的全年收益，以及近期酒店客房翻新和整個地區餐飲改進帶來的增量收入和利潤。

In both Nevada and the Midwest and South, we continue to see strong play from our core customers in improving trends among retail players in 2025. Building on these positive customer trends, we expect the implementation of last year's tax legislation will benefit consumer spending across the country in the coming months, particularly in Southern Nevada, given the unique demographics of this region. Our online segment will be supported by the continued growth of Boyd Interactive, and our management and other business will benefit from the opening of a casino floor expansion at Sky River later this month.

在內華達州、中西部和南部地區，我們繼續看到核心客戶在 2025 年零售業發展趨勢改善方面表現出色。基於這些積極的客戶趨勢，我們預計去年稅收立法的實施將在未來幾個月內促進全國的消費支出，特別是內華達州南部地區的消費支出，因為該地區的人口結構獨特。我們的線上業務將受益於博伊德互動公司的持續成長，而本月稍後天空之河賭場擴建工程的開放，也將使我們的管理和其他業務受益。

Now, turning to the fourth quarter. On a company-wide basis, revenues were $1.1 billion, while EBITDAR was $337 million. These results reflect continued growth in gaming revenues, led by strong play from our core customers. year-over-year, EBITDAR comparisons in the quarter were impacted by approximately $40 million, primarily due to changes in our online segment, as well as severe winter weather in December. Adjusting for these items, company-wide EBITDAR was even with the prior year, reflecting our operational discipline and cost controls throughout our business.

現在，讓我們進入第四節。公司整體營收為 11 億美元，EBITDAR 為 3.37 億美元。這些業績反映了遊戲收入的持續成長，這主要得益於核心客戶的強勁表現。與去年同期相比，本季EBITDAR受到約4,000萬美元的影響，主要原因是線上業務的變化以及12月份的嚴寒天氣。剔除這些因素後，公司整體 EBITDAR 與上年持平，這反映了我們在整個業務中嚴格的營運紀律和成本控制。

Now, moving to segment results. In a Las Vegas local segment, overall revenue trends were consistent with the third quarter, with growth in gaming revenues and declines in cash hotel revenues related to ongoing softness in destination business in the fourth quarter. Higher gaming revenues during the quarter were driven by continued growth in play from our core customers, with strong demand from Southern Nevada residents. This growth in gaming revenue would have been even stronger had it not been for the softness in destination business during the quarter.

現在，我們來看細分結果。在拉斯維加斯本地市場，整體營收趨勢與第三季一致，博彩收入成長，而現金飯店收入下降，這與第四季目的地業務持續疲軟有關。本季遊戲營收成長主要得益於核心客戶遊戲量的持續成長，尤其是內華達州南部居民的強勁需求。如果不是因為本季旅遊目的地業務疲軟，遊戲營收的成長動能還會更強勁。

This weakness in destination business resulted in a decline of nearly $6 million in cash hotel revenues versus the prior year, with the majority of the decline coming at the Orleans, consistent with what we experienced in the third quarter. Excluding the Orleans, our Las Vegas Locals business achieved EBITDAR growth of nearly 2.5% in improvement over the third quarter, as margins once again exceeded 50%.

目的地業務的疲軟導致酒店現金收入比去年同期下降了近 600 萬美元，其中大部分下降發生在奧爾良酒店，這與我們第三季的經歷一致。除了奧爾良酒店外，我們的拉斯維加斯本地酒店業務實現 EBITDAR 成長近 2.5%，較第三季度有所改善，利潤率再次超過 50%。

Looking to 2026, we expect our Las Vegas Locals business will benefit from the opening of Cadence Crossing Casino late in the first quarter, the completion of the Suncoast project, and benefits to consumer spending from last year's tax legislation. In all, we remain confident in the long-term prospects for our Las Vegas Locals business.

展望 2026 年，我們預計拉斯維加斯本地居民業務將受益於第一季末 Cadence Crossing 賭場的開業、Suncoast 項目的完成以及去年稅收立法帶來的消費者支出增長。總而言之，我們對拉斯維加斯本地業務的長期前景仍然充滿信心。

Next, in our downtown Las Vegas segment, play from our Hawaiian guests and our core customers remained stable in the fourth quarter. These trends were offset by an approximately 10% decline in pedestrian traffic on the Fremont Street experience during the quarter, as well as lower cash hotel revenues, both of these reflecting weaker destination business throughout the Las Vegas market.

其次，在拉斯維加斯市中心區域，來自夏威夷遊客和核心客戶的消費在第四季度保持穩定。這些趨勢被本季弗里蒙特街步行客流量下降約 10% 以及酒店現金收入下降所抵消，這兩點都反映出拉斯維加斯市場整體目的地業務疲軟。

Next, our Midwest and South segment benefited from continued growth in play from both our core and retail customers during the quarter. However, year-over-year revenues and EBITDAR were impacted by severe winter weather in December, as well as the permanent closure of Sam's Town Tunica in November.

其次，本季我們核心客戶和零售客戶的業務持續成長，使我們的中西部和南部地區業務受益。然而，由於 12 月份的嚴寒天氣以及 11 月份 Sam's Town Tunica 的永久關閉，同比收入和 EBITDAR 受到了影響。

The combined EBITDAR impact of weather and the Tunica closure was approximately $4 million during the quarter. After adjusting for these items, segment EBITDAR grew by roughly 2% in line with our third quarter results.

本季天氣和 Tunica 工廠關閉對 EBITDAR 的綜合影響約為 400 萬美元。剔除這些項目後，該部門的 EBITDAR 成長了約 2%，與我們第三季的業績一致。

Looking ahead, we expect to benefit from our recent investments in non-gaming amenities throughout the Midwest and South, including the completion of hotel room renovations at the IP, Valley Forge, and Diamond Jo Worth. We also expect incremental growth at Ameristar St. Charles following the opening of its expanded meeting and convention center this past September.

展望未來，我們預計將從近期在中西部和南部地區的非博彩設施方面的投資中受益，包括完成了 IP、Valley Forge 和 Diamond Jo Worth 的酒店客房翻新。我們也預計，隨著 Ameristar St. Charles 擴建後的會議和會展中心於去年 9 月開放，該酒店將實現逐步成長。

Since the opening of this expanded facility, we have experienced significant levels of interest and strong forward bookings for this new space. And, similar to our Las Vegas segments, we expect our customers in our Midwest and South markets will continue to stay and spend closer to home, with consumer spending supported by the economic benefits of last year's tax legislation.

自從擴建後的設施開放以來，我們感受到了人們對這個新空間的濃厚興趣，並且預訂情況非常火爆。與拉斯維加斯市場類似，我們預期中西部和南部市場的客戶將繼續留在離家更近的地方消費，去年稅收立法帶來的經濟效益將支撐消費者支出。

Next, our online segment achieved EBITDAR of $63 million for the full year, driven by a solid performance from Boyd Interactive and contributions from our third-party market access agreements across the country. Looking ahead, we project our online segment will generate EBITDAR of $30 million to $35 million in 2026, reflecting continued growth from Boyd Interactive and changes in our revenue share agreements related to the FanDuel transaction last year.

其次，在 Boyd Interactive 的穩健表現以及我們在全國範圍內與第三方達成的市場准入協議的貢獻下，我們的在線業務全年實現了 6300 萬美元的 EBITDAR。展望未來，我們預計到 2026 年，我們的線上業務將產生 3,000 萬美元至 3,500 萬美元的 EBITDAR，這反映了 Boyd Interactive 的持續成長以及去年與 FanDuel 交易相關的收入分成協議的變化。

Finally, in our Manage and Other business, management fees from Sky River Casino continue to grow. And, with the first stages of Sky River's expansion project nearing completion, we are confident this growth will continue into 2026. The first phase of this expansion is expected to come online at the end of February, adding approximately 400 slots and a 1,600-space parking garage adjacent to the property.

最後，在我們的管理及其他業務中，來自 Sky River Casino 的管理費持續成長。隨著 Sky River 擴建計畫的第一階段接近完成，我們有信心這種成長勢頭將持續到 2026 年。該擴建工程的第一階段預計將於 2 月底投入使用，屆時將新增約 400 個停車位和一個毗鄰該物業的 1600 個停車位的停車庫。

Following the opening of this first phase, we will begin construction on Phase 2. Scheduled for completion in late 2027, this next phase will add a 300-room hotel, three new food and beverage outlets, a full-service spa, and an entertainment and events center. With the opening of Sky River's Casino floor expansion in late February, we project our manage and other business will generate EBITDAR of $110 million to $114 million in 2026.

第一期工程竣工後，我們將開始第二期工程的建設。下一階段預計將於 2027 年底完成，屆時將新增一家擁有 300 間客房的酒店、三家新的餐飲場所、一家提供全方位服務的 SPA 中心以及一個娛樂和活動中心。隨著 Sky River 賭場擴建工程於 2 月下旬開業，我們預計到 2026 年，我們的管理和其他業務將產生 1.1 億美元至 1.14 億美元的 EBITDAR。

So in all, our successful performance in 2025 was supported by continued strength in play from our core customers and strong returns from the capital investments we have been making across our portfolio. Building on the success of our recent capital investments, we will continue reinvesting in our properties in 2026 to enhance the overall customer experience and drive growth from our existing portfolio.

總而言之，我們在 2025 年取得的成功業績得益於核心客戶的持續強勁表現以及我們在整個投資組合中進行的資本投資的強勁回報。憑藉近期資本投資的成功，我們將在 2026 年繼續對我們的物業進行再投資，以提升整體客戶體驗並推動現有投資組合的成長。

For example, in January, we completed our hotel room renovation at IP Biloxi, the largest hotel in our Midwest and South segment. Work is now underway on hotel room renovations at the Orleans, where we expect to complete work in the fourth quarter of this year. We will also soon begin a hotel room update at the Suncoast, which we expect to be complete by the end of the year.

例如，今年 1 月，我們完成了位於 IP Biloxi 的飯店客房翻新工程，這是我們在中西部和南部地區最大的飯店。奧爾良酒店的客房翻新工程現已開工，預計今年第四季完工。我們很快也將開始對陽光海岸酒店的客房進行翻新，預計將於年底前完成。

With the completion of these projects, we will have updated approximately 60% of our nationwide hotel inventory over the last several years. Separately, the modernization of our Suncoast property is well underway, with nearly half of the casino floor now complete. The property has continued to perform well throughout the construction process, further increasing our confidence in the growth potential of this investment.

隨著這些項目的完成，我們在過去幾年中已經更新了全國約 60% 的酒店庫存。另外，我們位於 Suncoast 的飯店現代化改造工程正在順利進行，目前賭場樓層已完成近一半。在整個建設過程中，該物業的表現一直良好，進一步增強了我們對這項投資成長潛力的信心。

We expect this project to be completed toward the end of the third quarter of this year. Once our Suncoast casino remodel is complete, we plan to start a similar project at the Orleans during 2027. In addition to these property enhancements, we are continuing our growth capital investments nationwide. We plan to open Cadence Crossing Casino in late March, enhancing our Las Vegas locals' presence with a modern gaming and entertainment facility. The adjacent community of Cadence is growing rapidly, with more than 1,200 new homes sold in 2025 alone. This is the third best sales performance of any master plan community in the country.

我們預計該項目將於今年第三季末完成。我們計劃在 2027 年在奧爾良賭場啟動類似的改造項目，屆時 Suncoast 賭場的改造工程也將完成。除了這些物業升級改造之外，我們還在全國範圍內繼續進行成長資本投資。我們計劃於三月下旬開設 Cadence Crossing 賭場，透過現代化的遊戲和娛樂設施提升拉斯維加斯本地居民的體驗。鄰近的凱登斯社區發展迅速，光是 2025 年就售出了 1,200 多套新房。這是全國所有總體規劃社區中銷售業績第三好的案例。

With strong residential growth continuing throughout the neighborhood, we believe Cadence Crossing Casino will be well positioned to deliver a strong return on our investment. And, with significant land still available at Cadence Crossing for future development, we will have the opportunity to expand this property to meet the growing demand.

隨著週邊地區住宅的持續強勁成長，我們相信 Cadence Crossing Casino 將能夠為我們帶來豐厚的回報。而且，Cadence Crossing 還有大量土地可供未來開發，我們將有機會擴大該物業以滿足不斷增長的需求。

Our next growth project will be the development of a new $160 million gaming facility at Paradise in East Peoria. We are continuing to work with State Regulators to finalize our plans for the development of a single-level facility with a modern new casino floor and enhanced amenities for our guests.

我們的下一個成長項目是在東皮奧裡亞的帕拉代斯開發價值 1.6 億美元的新博彩設施。我們正在繼續與州監管機構合作，最終確定我們的計劃，即開發一個單層設施，其中包含現代化的新賭場樓層和增強的賓客設施。

Once we receive final approval from the Illinois Gaming Board, site preparations will begin, and we anticipate starting construction in 2027. Once complete in 2028, this investment will significantly enhance the competitiveness and appeal of Paradise, positioning us for incremental long-term growth at this property.

一旦我們獲得伊利諾伊州博彩委員會的最終批准，場地準備工作將開始，我們預計將於 2027 年開始建造。這項投資一旦在 2028 年完成，將大大提升 Paradise 的競爭力和吸引力，使我們在該物業上實現長期穩定成長。

And finally, work is well underway on our $750 million resort developments in Norfolk, Virginia. We reached a key milestone in November when we opened our transitional casino adjacent to our development site. While this was an important step for our Virginia project, our focus remains on the development of a permanent resort. Foundation work is now largely complete for the permanent building, and construction is now going vertical. Once complete in late 2027, this upscale resort will feature a 65,000 square foot casino, 200-room hotel, eight food and beverage outlets, live entertainment, and an outdoor amenity deck.

最後，我們在維吉尼亞州諾福克投資 7.5 億美元的度假村開發案正在順利進行中。11 月，我們開設了位於開發地塊旁的過渡性賭場，這是我們取得的一個重要里程碑。雖然這對我們在維吉尼亞州的專案來說是一個重要的步驟，但我們的重點仍然是開發一個永久性度假村。永久建築的基礎工程現已基本完成，目前正在進行垂直方向的施工。該高檔度假村預計將於 2027 年底竣工，屆時將擁有 65,000 平方英尺的賭場、200 間客房的酒店、8 個餐飲場所、現場娛樂表演以及戶外休閒平台。

In addition to offering market-leading amenities, our resort will be the most convenient gaming destination for much of the Hampton Roads region, as well as the 15 million tourists who visit nearby Virginia Beach each year. While we continue to invest in our existing portfolio and new growth opportunities across the country, our strong balance sheet and robust free cash flow allow us to successfully balance these investments with our ongoing capital return program.

除了提供市場領先的設施外，我們的度假村還將成為漢普頓路地區大部分地區以及每年到訪附近弗吉尼亞海灘的 1500 萬遊客最便捷的博彩目的地。在我們繼續投資現有投資組合和全國各地新的成長機會的同時，我們強大的資產負債表和穩健的自由現金流使我們能夠成功地平衡這些投資和我們正在進行的資本回報計劃。

We repurchased $185 million in shares during the quarter, supplemented by $14 million in dividend payments. We plan to continue repurchasing $150 million in shares per quarter, supplemented by a quarterly dividend.

本季我們回購了價值 1.85 億美元的股票，並支付了 1,400 萬美元的股息。我們計劃繼續每季回購價值 1.5 億美元的股票，並輔以季度股利。

So in all, 2025 was a year of notable achievements for our company. Our operations delivered another year of strong and consistent results. We positioned ourselves for future growth as we continue to invest in property improvements and growth projects. We also returned more than $800 million in capital to our shareholders in 2025, and we unlocked significant value for our shareholders through the FanDuel transaction, allowing us to further strengthen our financial position.

總而言之，2025 年是我們公司取得顯著成就的一年。我們的營運業績又一年保持強勁穩定成長。我們透過持續投資物業改善和發展項目，為未來的成長做好了準備。2025 年，我們也向股東返還了超過 8 億美元的資本，並透過 FanDuel 交易為股東釋放了巨大的價值，從而進一步鞏固了我們的財務狀況。

Looking ahead, we are well-positioned to build upon the strong foundation we have created as we continue to invest in our nationwide portfolio. With positive customer trends across the country and strong results from our capital investments, we are confident in our ability to build on our success and continue delivering long-term value for our shareholders.

展望未來，我們已做好充分準備，在現有堅實基礎上繼續投資於我們的全國性投資組合。憑藉全國積極的客戶趨勢和強勁的資本投資成果，我們有信心鞏固現有成功，並繼續為股東創造長期價值。

I'd like to conclude my remarks by thanking our entire team for their contributions to our company. Thanks to their hard work and dedication, we delivered yet another successful performance for our shareholders. Thank you for your time today.

最後，我要感謝我們整個團隊為公司所做的貢獻。感謝他們的辛勤工作和奉獻精神，我們又一次為股東們帶來了成功的業績。感謝您今天抽出時間。

And now I'd like to turn the call over to Josh.

現在我想把電話交給喬許。

Thanks, Keith. 2025 was another successful year for our company. We generated EBITDAR of approximately $1.4 billion, consistent with each of the last five years. Revenues achieved record levels. Property operating margins remained at 40%. On a company-wide basis, play from our core customers continues to grow, accompanied by increased play from our retail customers.

謝謝基斯。 2025年對我們公司來說又是成功的一年。我們實現了約 14 億美元的 EBITDAR，與過去五年每年的水準持平。營收創歷史新高。物業營運利潤率維持在 40%。從公司整體來看，核心客戶的遊戲量持續成長，零售客戶的遊戲量也增加。

Our diversified portfolio consistently generates substantial free cash flow, which we are actively deploying to create long-term value for our shareholders. Our strategy for value creation is built upon investing in our properties, growing our portfolio, and returning significant capital to our shareholders while maintaining a strong balance.

我們多元化的投資組合持續產生大量自由現金流，我們正積極利用這些現金流為股東創造長期價值。我們創造價值的策略是：投資我們的物業，擴大我們的投資組合，並在保持良好平衡的同時，向股東返還大量資本。

In terms of investing in our properties, during the fourth quarter, we spent $148 million, bringing total capital expenditures to $588 million for the full year. Our capital investments are focused on strengthening our overall customer experience as well as targeted growth projects. For the full year 2026, we expect capital expenditures to approximate $650 million to $700 million, including $250 million in recurring maintenance capital dollars, $75 million in growth capital related to Cadence Crossing and Paradise, $250 million to $300 million related to our Virginia project, and $75 million related to additional hotel room renovations. As an aside, this should be the last year of our incremental hotel capital spend.

在投資我們的房產方面，第四季度我們投入了 1.48 億美元，使全年資本支出總額達到 5.88 億美元。我們的資本投資重點在於提升整體客戶體驗以及開展有針對性的成長項目。預計 2026 年全年資本支出約為 6.5 億至 7 億美元，其中包括 2.5 億美元的經常性維護資本支出、與 Cadence Crossing 和 Paradise 相關的 7500 萬美元增長資本支出、與我們在維吉尼亞州的項目相關的 2.5 億至 3 億美元支出，以及與酒店額外翻新相關的 700 萬美元客房。順便提一下，今年應該是我們飯店增量資本支出的最後一年了。

Our recurring maintenance capital budget will continue to include our recurring hotel spend. In addition to our property and growth capital investments, we are utilizing our free cash flow and strong balance sheet to return significant capital to shareholders. During 2025, we returned $836 million to shareholders in the form of dividends and share repurchases. $58 million in dividends and $778 million in share repurchases. For the full year, we repurchased 10.1 million shares at an average price of $76.91 per share, with our actual share count finishing the year at 76.4 million shares, a reduction of 11% from year-end 2024.

我們的經常性維護資本預算將繼續包括我們的經常性酒店支出。除了房地產和成長資本投資外，我們還利用自由現金流和強勁的資產負債表向股東返還大量資本。2025年，我們以股利和股票回購的形式向股東返還了8.36億美元，其中股利為5,800萬美元，股票回購為7.78億美元。全年，我們以每股 76.91 美元的平均價格回購了 1,010 萬股股票，到年底，我們的實際股票數量為 7,640 萬股，比 2024 年底減少了 11%。

Since October 2021, the month we began our capital return program, we returned more than $2.7 billion to our shareholders in the form of recurring dividends and share repurchases, reducing our share count by 32% over that time period. During the fourth quarter, we paid $14 million as a regular dividend of $0.18 per share and repurchased $185 million in stock or 2.3 million shares at an average price of $81.18 per share.

自 2021 年 10 月我們啟動資本回報計畫以來，我們以經常性股利和股票回購的形式向股東返還了超過 27 億美元，在此期間我們的股票數量減少了 32%。第四季度，我們支付了 1,400 萬美元的常規股息，每股 0.18 美元，並以每股 81.18 美元的平均價格回購了價值 1.85 億美元的股票，即 230 萬股。

Going forward, we expect to maintain repurchases of approximately $150 million per quarter, supplemented by a regular quarterly dividend. This equates to more than $650 million per year, or more than $8.5 per share.

展望未來，我們預計將維持每季約 1.5 億美元的股票回購規模，並輔以常規的季度股利。這相當於每年超過 6.5 億美元，或每股超過 8.5 美元。

Moving to the balance sheet. As a result of last year's FanDuel transaction, we finished the year with total leverage of 1.7 times and lease-adjusted leverage of 2.2 times. During the first quarter, we will pay approximately $340 million for tax credits that will satisfy our tax obligations related to the FanDuel transaction. We anticipate that leverage will approach approximately t2.5 times in 2026, taking into account this tax credit payment as well as our capital investments and our ongoing capital return program.

接下來查看資產負債表。由於去年的 FanDuel 交易，我們年底的總槓桿率為 1.7 倍，經租賃調整後的槓桿率為 2.2 倍。第一季度，我們將支付約 3.4 億美元的稅收抵免，以滿足我們與 FanDuel 交易相關的稅務義務。我們預計，考慮到這項稅收抵免支付以及我們的資本投資和我們正在進行的資本回報計劃，到 2026 年，槓桿率將接近 2.5 倍左右。

In terms of our 2026 outlook, across our portfolio, we expect customers to continue to spend closer to home, which was a key driver of our business in 2025 for both our Nevada and Midwest and South businesses. We also expect to benefit from the opening of Cadence Crossing in March, the completion of the Suncoast renovation in 2026, and a full year of new meeting and convention space at Ameristar St. Charles, as well as the economic benefits to consumers from last year's tax legislation. As Keith noted, we expect continued growth from both Boyd Interactive and management fees from Sky River.

展望 2026 年，我們預計所有客戶的消費將繼續增加，這在 2025 年是我們內華達州、中西部和南部業務的關鍵驅動因素。我們也預計將受益於 3 月 Cadence Crossing 的開幕、2026 年 Suncoast 的翻新工程竣工、Ameristar St. Charles 一整年的新會議和會展空間，以及去年稅收立法給消費者帶來的經濟效益。正如 Keith 指出的那樣，我們預計 Boyd Interactive 和 Sky River 的管理費都將持續成長。

Also, keep in mind as you think about 2026, the significant weather events in January impacting our results in the Midwest and South. So as we begin 2026, we remain confident in the strength of play from our core customers, the investments we are making, and our ability to create long-term value for our shareholders. David, that concludes our remarks, and we are now ready to take any questions.

另外，在考慮 2026 年時，請記住 1 月的重大天氣事件會對我們中西部和南部的預測結果產生影響。因此，展望 2026 年，我們仍然對核心客戶的強勁表現、我們正在進行的投資以及我們為股東創造長期價值的能力充滿信心。戴維，我們的演講到此結束，現在我們可以回答大家的問題了。

(Event Instructions) Barry Jonas, Truist Securities.

（活動說明）Barry Jonas，Truist Securities。

Hey, guys. It's Patrick Gill on for Barry. Nice quarter, and thank you for taking our questions. First, we'd like to dig into Locals play a little bit more. Could you possibly bifurcate between real locals play and destination locals play? How have each trended in Q4 and into the New Year? Thank you.

嘿，夥計們。派崔克·吉爾替補巴里上場。不錯的季度，感謝您回答我們的問題。首先，我們想更深入地了解本地玩家的表現。能否將本地居民的遊玩方式和目的地居民的遊玩方式區分開來？第四季及新年伊始，各項指標的走勢如何？謝謝。

Yes. So when we look at our Las Vegas locals' market here, what we saw during the quarter, and we saw this in the third quarter also, was very strong play from Las Vegas local residents, people who live here and participate with us. The real weakness, and we saw that in Q3, we saw it again in Q4, was in true destination play, you know, regional play, people coming in from out of town staying with us.

是的。所以，當我們審視拉斯維加斯本地市場時，我們在本季度以及第三季度都看到了拉斯維加斯本地居民的強勁表現，他們居住在這裡並與我們互動。真正的弱點，我們在第三季度看到了這一點，在第四季度又看到了這一點，是真正的目的地行銷，你知道，區域行銷，外地來的人入住我們這裡。

That's what resulted in a $6 million decline in hotel revenue primarily at the Orleans because it's the biggest hotel, which is slightly elevated from Q3 where it was $5 million. So, the core Las Vegas locals market is strong. The destination part of that, which really for Boyd is focused at the Orleans, is where the weakness is. But the rest of the market is strong.

這導致酒店收入下降了 600 萬美元，主要原因是奧爾良酒店的收入下降，因為它是最大的酒店，比第三季的 500 萬美元略有上升。因此，拉斯維加斯的核心本地市場依然強勁。目的地部分，也就是博伊德真正關注的奧爾良酒店，是弱點所在。但市場其他部分錶現強勁。

And the only thing to reiterate is in our comments, I think we've pointed out, the destination business, you can kind of see the most obvious impact in hotel revenues. Right? That you saw it in Q3. You saw it in Q4. In terms of a $5 million to $6 million decline in cash revenues. But it also is more broadly impacting our business. It affects the amount of gaming revenue we are reporting, the amount of F&B.

唯一需要重申的是，正如我們在評論中指出的那樣，目的地業務受到的影響最為明顯，體現在酒店收入上。正確的？你在第三季看到了。你在第四季已經看到了。現金收入減少了 500 萬至 600 萬美元。但它也對我們的業務產生了更廣泛的影響。這會影響我們報告的遊戲收入金額以及餐飲收入金額。

And while it is primarily Orleans and primarily a Las Vegas phenomenon, to some degree, it's affecting, larger hotel products even in the Midwest and South. Like at IP, for instance, where it is our largest hotel product outside of Las Vegas. It's also being impacted to some degree by weakness in destination or people's willingness to travel.

雖然這主要是奧爾良和拉斯維加斯的現象，但在某種程度上，它甚至影響了中西部和南部的大型酒店產品。例如，在 IP，它是我們在拉斯維加斯以外最大的酒店產品。目的地疲軟或人們的旅行意願下降也在一定程度上影響了旅遊業的發展。

That's very helpful. Thank you for the color. As our follow-up, your balance sheet is in a great spot. Could you share any updated thoughts on the M&A pipeline or overall environment on whole assets or opcos? Thanks again.

那很有幫助。謝謝你提供的色彩。作為後續跟進，您的資產負債表狀況良好。您能否分享一下關於併購專案進度或整體資產或營運公司環境的最新看法？再次感謝。

Yeah. Look, we obviously, over the years, have been very active in the M&A area, not in the last five or six years. But historically, we have been. We remain interested. We remain open to it. We do look at things. We have the same very disciplined approach today that we've had over the years.

是的。你看，顯然，多年來我們在併購領域一直非常活躍，但最近五、六年並非如此。但從歷史上看，我們一直都是如此。我們仍然對此感興趣。我們對此持開放態度。我們會關注這些事情。我們今天仍然秉持著與過去幾年一樣嚴謹自律的態度。

In terms of making sure it's kind of the right asset and the right market at the right price, and a lot of things go through the top of the funnel, and it's just that, at the end of the day, thus far in recent years, nothing's kind of come out of the bottom of the funnel. But we remain interested, and we continue to look at things. And I'm not sure there's a lot more I can say.

就確保是合適的資產、合適的市場和合適的價格而言，很多事情都經過了漏斗的頂端，只是，歸根結底，近年來，還沒有什麼東西從漏斗的底部出來。但我們仍然很感興趣，我們會繼續關注此事。我不確定我還能說些什麼。

Yeah. The only thing I would add is I think that we have probably the most capability to make an acquisition that we've ever had in terms of the strength of our balance sheet. But I think just because we can doesn't mean we necessarily will. It has to be the right opportunity.

是的。我唯一要補充的是，我認為就我們目前的資產負債表實力而言，我們可能擁有前所未有的收購能力。但我認為，有能力並不代表我們一定會去做。必須是合適的時機。

And in the meantime, we'll continue to remain focused on operating our business efficiently, reinvesting in our portfolio, not only to improve the overall customer experience but kind of enhance the growth of that portfolio, things like Virginia, things like Cadence, things like the Ameristar meeting space. And then as long as our stock continues to create value for us, we'll continue to buy and continue to return capital to shareholders.

同時，我們將繼續專注於高效經營業務，對我們的投資組合進行再投資，不僅是為了改善整體客戶體驗，也是為了促進該投資組合的成長，例如維吉尼亞州、Cadence、Ameristar 會議空間等。只要我們的股票繼續為我們創造價值，我們就會繼續購買，並繼續向股東返還資本。

Appreciate the color. Thanks, again.

欣賞這種顏色。再次感謝。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Hi. Evening. And thanks for taking my question. I wanted to follow-up on that second topic. Keith, you sort of characterized the right market, right price, the right characteristics. Can you just shed a bit more light into that? And I know we've always had conversations about, structure being, holdco versus opco and propco, etcetera. What are your current views with respect to, those frameworks as you look at stuff?

你好。晚上。感謝您回答我的問題。我想就第二個話題做進一步探討。Keith，你對正確的市場、正確的價格和正確的特性都有很好的描述。能再詳細解釋一下嗎？我知道我們一直以來都在討論組織結構的問題，例如控股公司與營運公司和房地產公司等等。你目前對這些框架的看法是什麼？

Yes. So with respect to, once again, M&A, the discipline hasn't changed over the years with kind of being right market and the right asset and the right price and the right terms. With the industry has evolved over the years, which is a lot more opco in existence than a decade ago. We acknowledge that in order to buy certain assets, we're going to have to accept an OpCo structure. That is fine with us.

是的。所以，就併購而言，多年來其原則並沒有改變，那就是找到合適的市場、合適的資產、合適的價格和合適的條款。多年來，該行業不斷發展，如今的營運公司比十年前多了許多。我們承認，為了收購某些資產，我們將不得不接受營運公司（OpCo）結構。我們沒意見。

We prefer to buy Holco. Prefer to have Holco assets, but we are not letting structure deter us from acquiring the right asset. And so once again, while we prefer Holco, we're willing to accept Opco. But at the end of the day, it goes back to the right asset, the right price, the right market, the right time. So structure is not really an issue for us.

我們更傾向於購買 Holco 產品。我們更傾向於收購 Holco 的資產，但我們不會讓組織結構阻礙我們收購合適的資產。所以，雖然我們比較喜歡 Holco，但我們也願意接受 Opco。但歸根究底，還是要看選對資產、合適的價格、合適的市場和合適的時機。所以對我們來說，組織結構並不是問題。

Understood. And if I can just follow-up one more time on that. Should we assume that operating improvements or operating execution on your part would be, one of the ways that you can add value, but you would also consider sort of putting capital into a target as appropriate, that's on the table as well.

明白了。我能否再就此事追問一次？我們是否可以假設，您這邊的營運改善或營運執行是您增加價值的方式之一，但您也會考慮在適當的時候向目標投入資金，這也是可以考慮的。

Look, I think if you look at our past acquisitions, well, I'd have to go through and check the box. But to a large extent, every one of them has improved EBITDAR as a result of better execution. And many of them received additional capital. We bought Ameristar St. Charles in 2018, and we just spent money to expand their meeting convention center and do a few other things. So we would absolutely invest in these properties to, help them continue to grow or improve their competitive position as part of an acquisition. Absolutely.

你看，我覺得如果你看看我們過去的收購，嗯，我得仔細檢查一下才能確定。但在很大程度上，由於執行力的提高，它們各自的 EBITDAR 都得到了改善。其中許多公司獲得了額外的資金。我們在 2018 年收購了 Ameristar St. Charles，最近我們花錢擴建了他們的會議中心並做了一些其他的事情。因此，我們絕對會投資這些物業，幫助它們繼續發展或透過收購來提高其競爭地位。絕對地。

Thank you.

謝謝。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, thanks for taking my question. This is really a two-part. So a few calls ago, you mentioned that 40% of your customer base was 65 and older. I guess, number one, can you remind us, was that the overall company? Or was that just kind of the Nevada segment?

嘿，謝謝你回答我的問題。這實際上是兩個部分。就在前幾次通話中，您提到您的客戶群中有 40% 是 65 歲及以上的老年人。首先，您能否提醒我們一下，那是指整個公司嗎？還是那隻是內華達州那一段的情況？

And then part two is, obviously, there's some other changes related to the one big beautiful bill or the tax bill. Depending on tax bracket, or you've got SALT, SNAP, so obviously, some good, some not particularly helpful. Where do you think your Midwest and South customer nets out? Is this a positive, negative, neutral? And then how do you think about the variables for that customer? Thanks.

其次，很顯然，第二部分還有一些與這項龐大的法案或稅收法案相關的其他變化。根據稅級，或者你是否享受 SALT、SNAP 等福利，顯然，有些福利很好，有些則不太有幫助。你認為你在美國中西部和南部地區的客戶最終會占到多少？這是正面的、負面的還是中性的？那麼，您如何考慮該客戶的各種變數呢？謝謝。

So roughly 40% of our customer base being 65 plus was a company-wide number. With respect to the one big beautiful bill, look, I think whether it's the Nevada consumer or the Midwest consumer, you know, they're going to receive a benefit, and we expect that they will receive a significant benefit, in the early part of this year.

因此，我們公司整體客戶群中約有 40% 為 65 歲以上的人。關於這項龐大的法案，我認為無論是內華達州的消費者還是中西部地區的消費者，他們都會從中受益，而且我們預計他們將在今年年初獲得顯著的益處。

Obviously, we think Southern Nevada will get an outsized benefit simply because of the unique demographics we have here with a number of tip workers and a number of retirees in this town. But, clearly, we expect, and based on work we've done, we expect our Midwest customers will also, get a good benefit from the one big beautiful bill.

顯然，我們認為內華達州南部將獲得巨大的好處，這僅僅是因為我們這裡有著獨特的人口結構，這個城鎮有很多靠小費為生的工人和很多退休人員。但是，很顯然，根據我們所做的工作，我們預計我們的中西部客戶也將從這張漂亮的大帳單中獲得很大的好處。

Now what ultimately that is, what they do with it, how much of it shows up in our business, TBD, obviously. Too early to tell. Only, February 1, so we'll be watching and following it closely. But we do expect there to be, very positive impacts to consumer spending both in Nevada and across the country from the tax legislation.

至於最終結果如何，他們會如何處理，以及有多少會體現在我們的業務中，顯然還有待觀察。現在下結論還為時過早。只是2月1日，所以我們會密切注意並跟進。但我們預計，這項稅收立法將對內華達州乃至全國的消費者支出產生非常正面的影響。

Got it. But it doesn't sound like you're concerned around anything any of the SNAP changes impacting your customer cohorts. Is that a fair submission?

知道了。但聽起來你似乎不擔心 SNAP 的任何變化會影響你的客戶群。這樣的提交方式合理嗎？

That is a fair comment.

這是個中肯的評論。

Okay. And then just one quick one. I think we were expecting Suncoast to be at kind of peak margin disruption in Q3, Q4. Of this year. Is there any way to quantify the Q4 impact, either the margins or EBITDA? From the Suncoast disruption? Thanks.

好的。然後就快速地來一個。我認為我們原本預計 Suncoast 的利潤率波動會在第三季和第四季達到頂峰。今年的。有沒有辦法量化第四季的影響，無論是利潤率還是 EBITDA？是陽光海岸事件造成的嗎？謝謝。

So as we think about this year 2026, we'd expect that project to be complete at the end of Q3. And therefore, Q4, we should be starting to see -- see the benefits of not having construction disruption. The impact of construction significant in Q2 and Q3 -- sitting here today, I have to look at Josh to see if he has any commentary on the potential impact. I don't have it for you.

因此，展望 2026 年，我們預計該專案將在第三季末完成。因此，到了第四季度，我們應該開始看到——看到沒有施工幹擾的好處。施工對第二季和第三季的影響很大——今天我坐在這裡，必須問問喬希對潛在影響有什麼看法。我沒有給你。

Yeah. I think what we've been surprised at is that the know, just the ability to discern the disruption has been minimal. So the property has actually been doing pretty well. Maintaining year-over-year performance or actually growing in some quarters. Despite the disruption that's been going on at the property. So the property management teams and the operating teams have done a really good job of managing through it.

是的。我認為讓我們感到驚訝的是，人們對這種幹擾的認知能力非常有限。所以這處房產其實表現相當不錯。保持同比業績，甚至在某些季度實現成長。儘管該物業一直受到干擾。因此，物業管理團隊和營運團隊在應對這種情況方面做得非常出色。

I think the real question is how much better could it have done without the construction? That's just, that's a difficult number to come up with. So I'd just say, at this point, we've managed through it without the disruption that we expected. The guys have done a great job with that. And we'll continue to kind of work through it. And not really expect much in the way of change of performance than what we've seen since we started the project. So but we'll kind of live through it to and report on it as we see it if it occurs. But I'd say today, we don't expect to see much.

我認為真正的問題是，如果沒有那次施工，它能做得更好嗎？這個數字很難估算。所以我想說，目前為止，我們已經順利度過了難關，沒有出現我們預期的混亂局面。他們在這方面做得非常好。我們會繼續努力解決這個問題。而且，我們並不指望在績效方面會有比專案啟動以來所看到的更大的變化。所以，我們會經歷這個過程，如果發生的話，我們會如實報道。但我覺得今天我們不會看到太多。

Appreciate it. Thank you.

謝謝。謝謝。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Hi. This is Max Marsh on for John DeCree. Thanks for taking my question. I was wondering if you could give us some updated expectations out of the temp in Virginia from an operational perspective. Previously, forecasted breakeven there, but revenue has looked pretty good so far. Can you guys make some money there before the permanent opens?

你好。這裡是馬克斯·馬什，他代替約翰·德克里發言。謝謝您回答我的問題。我想請您從營運角度提供維吉尼亞州氣溫的最新預期。先前預測會達到損益平衡，但到目前為止收入看起來相當不錯。在正式開業之前，你們能在那裡賺點錢嗎？

I think the guidance we've given on that and the guidance, I think, you'll continue to hear from us is we expected to breakeven kind of the level it's running at today. Whether it's slightly positive or slightly negative is not big enough to move the dial for us. So you should just continue to think of it as a breakeven proposition through the opening of the permanent facility in late 2027.

我認為我們之前給出的指導意見，以及你們將繼續聽到的指導意見是，我們預計目前的營運水準將達到收支平衡。無論是略微正面還是略微負面，都不足以讓我們改變主意。因此，在 2027 年底永久設施開放之前，您應該繼續將其視為一個收支平衡的項目。

Great. Thanks for that. And just as a follow-up here, there's been some chatter about iGaming expanding to a couple new states. Now that you guys have a more defined iGaming product and strategy, how do you think your about your approach to new state launches? Do you have an opportunity to maybe gain a little bit more market share in a new state launch?

偉大的。謝謝。另外，還有傳言說 iGaming 正在擴展到幾個新的州。現在你們的 iGaming 產品和策略更明確了，你們如何看待自己在新州推出服務的方式？您是否有機會在新州的上市中獲得更多的市場份額？

Yeah. Look, we're obviously supportive of iGaming, around the country. And so as it looks to expand, they're looking at bills in a number of states, including Virginia right now, to pass iGaming legislation. So we're supportive of it as long as the bill has, all the right elements and is a fair bill. We're supportive, and we look to be able to expand.

是的。你看，我們顯然支持全國的線上遊戲產業。因此，隨著網路博彩業的擴張，他們正在研究包括維吉尼亞州在內的多個州的法案，以期透過網路博彩立法。只要法案包含所有正確的要素，並且是一項公平的法案，我們就支持它。我們表示支持，並期待能夠擴大規模。

So we're paying attention to all the states that are talking about iGaming. And looking for a way to participate. Boyd Interactive has been, a good source of growth over the last year or two. And we expect it to continue to grow. And we'll grow, frankly, quicker as other states, adopt or legalize iGaming.

所以我們正在密切關注所有討論網路博彩的州。並正在尋找參與的方式。在過去一兩年裡，Boyd Interactive一直是公司成長的良好來源。我們預計它還會繼續成長。坦白說，隨著其他州採用或將網路博彩合法化，我們的發展速度將會更快。

Thank you very much.

非常感謝。

Steve Wieczynski, Stifel.

史蒂夫·維欽斯基，斯蒂費爾。

Hey, Keith. Hey, Josh. Good afternoon. So, Josh, I'm going to try to ask a guidance question without asking a guidance question. Keith gave us some help in terms of how to think about the online, how to think about managed. In the past, Josh, I think from a high-level perspective, you've kind of given some thoughts around the locals market downtown, Midwest and South, maybe just how you're thinking about the year, headwinds, tailwinds, can you grow those markets? Is there margin opportunity? I guess, any kind of high color or, high-level remarks would be, would be helpful. Thanks.

嘿，基斯。嘿，喬許。午安.所以，喬希，我要試著問一個指導性問題，但又不直接問一個指導性問題。Keith 在如何思考線上、如何管理方面給了我們一些幫助。喬希，我覺得你過去從宏觀角度出發，對市中心、中西部和南部地區的本地市場提出了一些看法，也許你對這一年的看法，包括逆風、順風，以及你能否發展這些市場？是否存在利潤空間？我想，任何有見地或高水準的評論都會很有幫助。謝謝。

Yeah. So I'll try to help, Steve. And then Keith, jump in if you think I missed anything. I think in Las Vegas, I think the real uncertainty is when does the destination business turn around. We don't really have any visibility at this point given destination softness was consistent between Q3 and Q4 in our view.

是的。我會盡力幫忙的，史蒂夫。基思，如果你覺得我漏掉了什麼，就請你補充。我認為在拉斯維加斯，真正的不確定因素是旅遊目的地業務何時才能復甦。鑑於我們認為第三季和第四季目的地疲軟的局面一直持續，目前我們還無法真正預見任何情況。

So I think as we look at the Las Vegas locals, we are pleased with all of the property -- destinations largely affecting the Orleans. So outside of the Orleans, our properties are growing in revenue. We're maintaining our margins above 50%. We expect that to continue going forward. I think as we get into the second half of the year, there's a possibility that we can do better just relative to, comping to destination business.

所以我覺得，從拉斯維加斯當地人的角度來看，我們對所有房產都很滿意——目的地在很大程度上影響了奧爾良酒店。所以除了奧爾良酒店之外，我們的其他酒店的收入都在增加。我們的利潤率維持在50%以上。我們預計這種情況會持續下去。我認為，隨著我們進入下半年，與目的地業務相比，我們有可能做得更好。

And by that, I mean, I don't know if that means growth or if that means just less bad. I think the comparison will get a little bit easier in the second half of the year, and that's pretty obvious. I think we'll obviously be benefited by Cadence coming online, call it, at the end of March. And I think that as Keith mentioned in his remarks, we should see good consumer kind of health or fortification from the benefits here in Las Vegas in particular. Because of limited tax on tips and standard deductions and things of that nature.

我的意思是，我不知道這是否意味著成長，或者只是意味著情況有所改善。我認為下半年比較起來會容易一些，這一點顯而易見。我認為，Cadence 在三月底上線後，我們顯然會從中受益。我認為正如基斯在他的演講中提到的那樣，我們應該看到消費者，特別是拉斯維加斯的消費者，能夠從這些益處中獲得良好的健康或增強。因為小費稅有限，而且還有標準扣除額等等。

Look, I think in the Midwest and South for us, just moving there, and excluding weather where we've seen -- already seen pretty significant weather in January. And we were hopeful that we were past really bad weather that we saw in the first quarter of last year. But it seems like we're living through it again this year. I think we're encouraged by what we're seeing, and really this is true of Las Vegas as well as the Midwest and South. Core customer continues to be good. We continue to see good trends in the retail customer piece of our business.

你看，我認為對於我們中西部和南部地區來說，僅僅是搬到那裡，而且不考慮天氣因素，我們在1月份已經看到了相當嚴重的天氣狀況。我們當時希望已經度過了去年第一季那場非常惡劣的天氣。但今年我們似乎又要經歷這一切了。我認為我們目前所看到的景象令人鼓舞，拉斯維加斯、中西部和南部地區的情況也確實如此。核心客戶群依然良好。我們零售客戶業務部分持續呈現良好發展趨勢。

And that may sound counterintuitive because then at the same time, we're having trouble in some areas because of destination business. That's a subset of those customer bases. But away from that, those customers are doing, those customer segments are actually going quite well.

這聽起來可能有點違反直覺，因為同時，由於目的地業務，我們在某些​​領域遇到了困難。這只是這些客戶群的一部分。但拋開這些不談，這些客戶群，這些客戶群體，實際上發展得相當不錯。

So I think we really need destination to turn around to really have a business that is well-positioned given our margin and discipline around operating. I think in the Midwest and South, we'll continue to benefit. As I stated in my remarks, people staying close to home, Ameristar St. Charles meeting space, and so I think there's growth potential in both of our Las Vegas segments and our downtown segment. But could be stronger if destination kind of came back to the table, and we just don't have visibility to that.

所以我認為，我們真的需要扭轉局面，才能真正擁有一個在利潤率和營運紀律方面都處於良好地位的業務。我認為在中西部和南部地區，我們將繼續受益。正如我在演講中所說，人們傾向於待在家附近，Ameristar St. Charles 的會議空間，所以我認為我們在拉斯維加斯和市中心這兩個區域都有成長潛力。但如果目的地問題重新提上日程，情況可能會有所改善，但我們目前還無法確定。

So Steve, I hope that gives you some comfort or some answer to your question. I don't know if there's anything else you would want to ask about that, but happy to try to address it.

史蒂夫，我希望這能帶給你一些安慰，或是解答你的疑問。我不知道你還有沒有其他問題，但我很樂意嘗試解答。

Yeah. Yeah. No. That's great. Thanks, Josh. And then real quick, second question. You obviously called out weather so far in the first quarter. I don't think you quantified it yet. Or I don't think you quantified it. But just as we kind of think about, modeling out the first quarter, how material was, was January in terms of an impact on the Midwest and South just so we can kind of reset our models.

是的。是的。不。那太棒了。謝謝你，喬希。那麼，第二個問題快問快答。很明顯，你在第一季預測了天氣狀況。我認為你還沒有對其進行量化。或者我認為你沒有對其進行量化。但正如我們所思考的那樣，在模擬第一季時，1 月的疫情對中西部和南部地區的影響有多大，以便我們能夠重新調整我們的模型。

Yeah. So I would say at this point, it's very similar to last year. So last year, I think we quantified about a $5 million impact. And I would say that's what we've seen approximately so far this

是的。所以我覺得目前的情況和去年非常相似。所以去年，我認為我們量化了大約 500 萬美元的影響。我想說，到目前為止，我們看到的情況大致如此。

Yeah. It's very curious. We sat here a year ago on the same call and had $5 million worth of weather in January, and that's what it looks like this year.

是的。這很奇怪。一年前我們坐在這裡進行同樣的電話會議，當時一月份的天氣造成了價值 500 萬美元的損失，而今年的情況看起來也差不多。

Okay. So Q1 this year right now is feeling a little bit like Q1 last year for the Midwest and South.

好的。所以，今年第一季對於中西部和南部地區來說，感覺有點像去年第一季。

Okay. Got it. That's great color. Thanks, guys. Really appreciate it.

好的。知道了。顏色真好看。謝謝各位。非常感謝。

Jordan Bender, Citizens Bank.

Jordan Bender，公民銀行。

Hi, everyone. Good afternoon. Thanks for the question. I want to circle back on the comments around the weaker destination play some of the larger properties in the regions. It was something maybe newer that we've heard. Is this something that started when we started to see some of the weakness in Las Vegas last summer? Is this more of a newer trend that you're starting to notice?

大家好。午安.謝謝你的提問。我想再談談關於目的地較弱、導致一些地區大型物業表現不佳的評論。這可能是我們最近才聽說的比較新的東西。這是從去年夏天拉斯維加斯出現一些疲軟跡象開始的嗎？這是你最近才注意到的新趨勢嗎？

Yeah. I think you probably need to narrow Josh's, comment depending on how you heard it. The largest hotel we have outside of Las Vegas is the IP in Biloxi at a thousand rooms. And that's really what Josh was referring to. The other rooms are in the 200 to 400 category. And they're not being impacted by destination business. They generally run pretty good occupancies and pretty good rates.

是的。我認為你可能需要根據你聽到的方式來縮小對喬希評論的理解範圍。我們在拉斯維加斯以外最大的酒店是位於比洛克西的IP酒店，擁有1000間客房。而這正是喬許所指的。其他房間的檔次在 200 到 400 之間。他們並未受到目的地業務的影響。他們通常入住率和房價都相當不錯。

And so it really is about the IP, and the IP's been, impacted for probably the last six months just like Las Vegas. So you should think about it as the IP, not a broader issue.

所以，這確實與智慧財產權有關，而智慧財產權在過去六個月可能受到了影響，就像拉斯維加斯一樣。所以你應該把它看作是智慧財產權問題，而不是一個更廣泛的問題。

Understood. Thanks. Josh, this might be splitting hairs a little bit, but you said 2.5 times lease-adjusted leverage in '26. Is that you'll get to there at some point of the year? Is that a year-end target we should be thinking about?

明白了。謝謝。Josh，這可能有點吹毛求疵，但你說過 2026 年租賃調整槓桿率為 2.5 倍。你是說你今年某個時候會去那裡嗎？這是我們該考慮的年終目標嗎？

Yeah. So that was meant I'm glad thank you for clarifying. Not only am I thankful that Keith's here to interpret my comments for you guys, but thank you for asking this question to help me clarify. The 2.5 times was traditional leverage, Jordan. So, we're at I think I said, 2.2 times lease-adjusted right now.

是的。原來如此，我很高興，謝謝你的解釋。我不僅感謝 Keith 在這裡為大家翻譯我的發言，還要感謝你們提出這個問題來幫助我澄清。喬丹，2.5倍是傳統的槓桿倍數。所以，我剛才說，我們現在的租金調整倍數是 2.2 倍。

So the lease-adjusted would be north of the 2.5 times, probably just under 3 times if I was estimating. I think that the 2.5 times actually depends on people's expectations for the business and CapEx programs and spend and the timing of all that. But, like, kind of based on how we're thinking about it, that would have been a year-end type of estimate for 2026.

因此，經租賃調整後的價格將超過 2.5 倍，如果我估計的話，可能接近 3 倍。我認為2.5倍實際上取決於人們對業務和資本支出計劃及支出的預期，以及所有這些的時間安排。但是，根據我們目前的理解，那應該是 2026 年底的預測。

Great. Glad I asked and thank you very much.

偉大的。很高興我問了這個問題，非常感謝。

Daniel Politzer, JPMorgan

丹尼爾‧波利策，摩根大通

Hey, good afternoon, everyone. Thanks for squeezing me in. I wanted to follow-up on the comments on Virginia. It sounded like you guys were pretty supportive, which I think would be surprising just given, you're building this big property there. Can you maybe help us better think through why that might be the case? And kind of how you're thinking about the chances that this actually goes through and passes legislation.

大家好，下午好。謝謝你擠出時間幫我。我想就弗吉尼亞州的評論做個後續說明。聽起來你們非常支持，考慮到你們正在那裡建造這麼大的房產，我覺得這有點出乎意料。您能否幫助我們更好地思考為什麼會出現這種情況？你覺得這項法案最終獲得通過的可能性有多高？

So, look, I'm not going to provide any commentary on its chances of passage. But I think with respect to being generally supportive of it, once again, making -- depending on exactly what's included in the bill. Right? We're supportive of iGaming as a concept in states around the country. But the devil's always in the detail and what's included in the bills and what's the tax rate and how many skins and a variety of other factors.

所以，我不會對它的通過幾率發表任何評論。但我認為，就總體上是否支持這項法案而言，再次強調，這取決於法案中究竟包含了哪些內容。正確的？我們支持全國各州發展網路博弈這個概念。但魔鬼總是藏在細節裡，例如帳單包含哪些內容、稅率是多少、需要多少張獸皮以及其他各種因素。

Set the details aside for a second. Look we've always been supportive of iGaming or iCasino. We think it is complementary to the business. I know some in the industry feel like it is detrimental. We think it's complementary. We've been involved and around the fringes of this for years. We see it as a new customer base. We've lived through this, whether it be in Pennsylvania, it be in New Jersey in the very early days when they launched iGaming and we were part of that.

暫且把細節放在一邊。我們一直都很支援網路遊戲或網路賭場。我們認為它對公司業務是有益的。我知道業內有些人認為這樣做是有害的。我們認為它們是互補的。多年來，我們一直參與其中，或徘徊在邊緣。我們將其視為一個新的客戶群。我們都經歷過這一切，無論是在賓州，還是在新澤西州，在他們推出 iGaming 的早期，我們都是其中的一份子。

We've seen it evolve. We understand the customer. We understand who it is and who it is and how it can benefit the land-based properties. And so it just broadens the overall appeal of our product. It broadens the customer base. We don't think it is detrimental to the overall business. That's just our own philosophy. We know that many agree and we certainly understand that some don't.

我們見證了它的演變。我們了解客戶。我們了解它是誰，它能為土地資產帶來哪些好處。因此，這擴大了我們產品的整體吸引力。它擴大了客戶群。我們認為這不會對公司整體業務造成不利影響。這只是我們自己的理念。我們知道很多人同意這種觀點，當然我們也理解有些人不同意。

Right. That's helpful. And then just following up on the Locals business, right? There's obviously a good degree of concern out there on the demand for the strip. And if that could bleed into the locals business, given it's a much more diversified economy, how are you thinking about that risk? Is this something that you're concerned about? Have you seen any kind of signs of a little bit of fatigue or softening from that customer base?

正確的。那很有幫助。然後就是跟進本地商家的業務，對吧？顯然，外界對這條街的需求程度相當擔憂。如果這種情況可能會波及到當地企業，考慮到當地經濟更加多元化，您如何看待這種風險？你擔心這件事嗎？您是否注意到該客戶群出現任何疲倦或興趣減弱的跡象？

No. We haven't, whether it be, kind of the current situation or in years past when the business on the strip has ebbed and flowed, haven't really seen an impact to the overall locals market. As we commented a couple of times through the course of this call, in our Las Vegas Locals business, the real strength is from people who live and play with live here and play with us here. They're true local residents, Southern Nevada residents. And so we're not seeing anything bleed over. Those are not customers who are generally going to go and play on the strip.

不。無論是目前的情況，還是過去幾年商業街生意起伏不定的時候，我們都沒有真正看到對當地整體市場的影響。正如我們在這次通話中多次提到的，在我們的拉斯維加斯本地人業務中，真正的力量來自於在這裡生活和娛樂的人們。他們是真正的當地居民，內華達州南部居民。因此，我們沒有看到任何滲漏現象。這些顧客通常不會去街上玩樂。

And once again, as we get into 2026, we expect consumers across Southern Nevada to have more discretionary income as a result of the tax legislation from last year. So nothing concerning, nothing we're seeing, nothing I'm worried about sitting here today.

再一次，隨著我們進入 2026 年，我們預計由於去年的稅收立法，內華達州南部各地的消費者將擁有更多的可支配收入。所以今天坐在這裡，沒有什麼令人擔憂的事情，沒有什麼我們看到的事情，也沒有什麼讓我擔心的事情。

Yeah. And, Daniel, the one thing I would add is or a couple things I would add is when you look at the performance of the portfolio and kind of narrow down the destination impact to just the Orleans, you see our business continues to perform pretty much as it has over the last several years in terms of the locals business.

是的。丹尼爾，我還要補充一點，或者說幾點，當你審視整個投資組合的表現，並將目的地影響縮小到奧爾良時，你會發現，就本地業務而言，我們的業務表現與過去幾年基本相同。

We continue to see revenue growth. Continue to see our ability to drive margin efficiencies. And EBITDAR growth and really kind of the focus of the weakness in our business has been destination, and that's a focus on the Orleans. And so I think that if we were starting to see impacts beyond kind of some -- kind of bleeding over from the challenges the strip are facing into our business, I think we see it in other parts of our business as well. We're just not seeing it in our everything we see in terms of kind of a near-term outlook don't suggest that either.

我們持續看到營收成長。請繼續關注我們提升利潤率的能力。EBITDAR 成長以及我們業務中真正的弱點在於目的地，而這主要集中在奧爾良酒店。因此，我認為，如果我們開始看到一些影響超出了拉斯維加斯大道面臨的挑戰，並波及到我們的業務，那麼我認為我們也會在業務的其他方面看到這種影響。就我們目前所見，近期前景也並未顯示出這種情況。

Got it. Thank you so much.

知道了。太感謝了。

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

謝謝。我們的問答環節到此結束。現在我想把電話交還給喬希，請他做總結發言。

Thanks, David, and thank you to each one of you for joining our call today. I know what time you can have competing demands on your time, so we appreciate you allocating some of that to us. If you have any follow-up questions, feel free to reach out to the company, and we'll be happy to assist. Thank you.

謝謝大衛，也謝謝今天參加我們電話會議的各位。我知道您有時會面臨很多其他事務，所以我們非常感謝您能抽出一些時間來幫助我們。如果您有任何後續問題，請隨時聯絡公司，我們將竭誠為您服務。謝謝。