Boyd Gaming Corporation (BYD) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Boyd Gaming first-quarter 2026 earnings conference call. This is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, April 23, 2026. (Event Instructions)

各位下午好，歡迎參加 Boyd Gaming 2026 年第一季財報電話會議。我是 Boyd Gaming 企業傳播副總裁 David Strow。我將擔任今天電話會議的主持人；本次會議於 2026 年 4 月 23 日（星期四）舉行。（活動說明）

Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Chief Financial Officer.

今天電話會議的發言人為總裁兼執行長 Keith Smith，以及財務長 Josh Hirsberg。

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.

今天的發言將包含《私人證券訴訟改革法》所定義的前瞻性陳述。我們評論中的所有前瞻性陳述均以今日日期為準，我們不承擔更新或修訂前瞻性陳述之義務。實際結果可能與任何前瞻性陳述中所預測者存在重大差異。存在若干風險與不確定性（包括我們向美國證券交易委員會（SEC）提交之文件中所揭露者）可能影響我們的業績。

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 and both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses.

在今天的電話會議中，我們將提及非 GAAP 財務衡量指標。關於歷史非 GAAP 與 GAAP 財務衡量指標的完整調節，請參閱我們的財報新聞稿以及我們今日提交給 SEC 的 Form 8-K；兩者均可於 investors.boydgaming.com 取得。由於我們無法預測特殊費用及某些支出，我們不提供前瞻性非 GAAP 財務衡量指標的調節。

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.

今天的電話會議將於 boydgaming.com 進行線上即時網路直播，並將在本次電話會議結束後不久於我們網站的投資人關係（Investor Relations）專區提供重播。

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

接下來，我想把電話會議交給 Keith Smith。Keith？

Thank you, David, and good afternoon, everyone. Our first quarter results once again demonstrated the benefits of our diversified business, our continued focus on operating efficiencies, and our ongoing capital investment program. Overall, company-wide revenues reached nearly $1 billion, while EBITDAR was $317 million.

謝謝你，David，各位下午好。我們第一季的業績再次展現了我們多元化業務的優勢、對營運效率的持續聚焦，以及持續進行的資本投資計畫。整體而言，全公司營收接近 10 億美元，而 EBITDAR 為 3.17 億美元。

On a property level basis, first quarter revenues and EBITDAR grew year over year, led by continued growth in gaming revenues. We successfully maintained operating efficiencies throughout our business with property margins again exceeding 39%. These results were driven by broad-based strength in our Midwest & South segment, partially offset by the continued impact of softer destination business in Las Vegas and construction disruption at Suncoast.

以物業層級來看，第一季營收與 EBITDAR 年增，主要由博彩營收持續成長所帶動。我們在整體業務中成功維持營運效率，物業利潤率再次超過 39%。這些結果來自我們中西部與南部（Midwest & South）分部的全面性強勁表現，但部分被拉斯維加斯目的地業務持續疲弱以及 Suncoast 施工干擾所抵銷。

On a company-wide basis, play from both core customers and retail customers continued to grow during the first quarter, consistent with the trends we saw in 2025. And we are encouraged that the customer trends from the first quarter have continued into April.

以全公司來看，第一季核心客戶與零售客戶的遊玩（play）均持續成長，與我們在 2025 年看到的趨勢一致。我們也很振奮地看到，第一季的客戶趨勢延續到了 4 月。

Now turning to segment results. Starting with our largest segment, our Midwest and South business achieved broad-based revenue and EBITDAR growth during the quarter. Overall, revenues grew 4% in the quarter, while EBITDAR grew 5% and margins improved to nearly 37%.

接著談分部表現。從我們最大的分部開始，我們的中西部與南部業務在本季實現全面性的營收與 EBITDAR 成長。整體而言，本季營收成長 4%，EBITDAR 成長 5%，利潤率提升至接近 37%。

We also delivered continued growth in gaming revenues in the quarter driven by increased play from both core and retail customers. These positive results were supported by the ongoing trend of customers staying closer to home as well as benefits from milder winter weather this year and strong returns from our capital investments throughout the segment. These investments included our recent hotel remodels at IP Biloxi and Valley Forge.

本季我們也在博彩營收方面持續成長，主要由核心客戶與零售客戶遊玩增加所帶動。這些正面成果受惠於客戶更傾向就近消費的持續趨勢、今年冬季較為溫和的天氣，以及我們在該分部各項資本投資帶來的良好回報。這些投資包括我們近期在 IP Biloxi 與 Valley Forge 進行的飯店整修。

Our new convention space at Ameristar St. Charles and additional food and beverage enhancements across the segment. In addition, our Treasure Chest property continues to deliver year-over-year growth. We plan to build on this strong performance with the addition of a new high-limit room, which we expect to open early next year.

以及我們在 Ameristar St. Charles 的新會議空間，以及該分部各物業新增的餐飲（food and beverage）升級。此外，我們的 Treasure Chest 物業仍持續繳出年增成績。我們計畫透過新增一間新的高額限額（high-limit）包廂來延續這項強勁表現，預計於明年初開幕。

Moving to our Nevada operations. Results in our Las Vegas Locals segment reflected continued softness in destination business with the largest impact at the Orleans. We also experienced more significant construction disruption at the Suncoast during the quarter related to the modernization project currently underway.

接著談內華達州營運。我們拉斯維加斯在地客（Las Vegas Locals）分部的表現反映出目的地業務持續疲弱，其中以 Orleans 受到的影響最大。本季我們也在 Suncoast 遭遇更顯著的施工干擾，與目前進行中的現代化改造專案相關。

While the Suncoast management team has done a great job mitigating construction disruption thus far, our renovation work moved into the most popular part of our casino floor during the quarter, creating a more material impact from disruption. We anticipate this disruption will continue until we complete our renovation project late in the third quarter.

儘管 Suncoast 管理團隊迄今在降低施工干擾方面做得非常出色，但本季我們的整修工程進入了賭場樓層最受歡迎的區域，使干擾影響更為明顯。我們預期此干擾將持續至第三季末完成整修專案為止。

Excluding Orleans and Suncoast, revenues, and EBITDAR for the remainder of the segment were in line with the prior year and operating margins exceeded 50%. And even with the impacts from Orleans and Suncoast, play from our core customers during the quarter was in line with the prior year in our Las Vegas Locals segment.

若排除 Orleans 與 Suncoast，本分部其餘物業的營收與 EBITDAR 與去年同期大致持平，營運利潤率超過 50%。即使受到 Orleans 與 Suncoast 的影響，本季我們拉斯維加斯在地客分部的核心客戶遊玩仍與去年同期相當。

Similar to our Midwest and South segment, we are actively investing in our Las Vegas Locals portfolio to drive continued growth. These investments include the recent opening of our newest Locals property, Cadence Crossing Casino on March 25. While it is still early, this property has received an enthusiastic response from our guests.

與中西部與南部分部類似，我們正積極投資拉斯維加斯在地客物業組合，以推動持續成長。這些投資包括我們最新的在地客物業 Cadence Crossing Casino 於 3 月 25 日的近期開幕。雖然仍在初期階段，但該物業已獲得賓客熱烈回響。

Another example of our investments is the modernization of our Suncoast property. This project includes a complete transformation of our casino floor, enhanced food and beverage offerings and updated meeting in public spaces and remains on track for completion towards the end of the third quarter.

另一個投資例子是我們對 Suncoast 物業的現代化改造。該專案包括賭場樓層的全面改造、強化餐飲供應，以及更新會議與公共空間，並仍按計畫於第三季末前後完工。

We're also continuing to enhance our non-gaming amenities throughout the Las Vegas Valley. Our hotel room renovation at the Orleans is on track for completion later this year, and we plan to begin a similar project of the Suncoast hotel this summer.

我們也持續在拉斯維加斯谷（Las Vegas Valley）提升非博彩設施。我們在 Orleans 的客房整修按計畫將於今年稍晚完成，並計畫於今年夏天啟動 Suncoast 飯店的類似專案。

Additionally, we opened several new restaurant concepts at the Gold Coast during the first quarter with additional restaurant concepts now under development at Fremont, Aliante and Sam's Town. And in 2027, we plan to begin a modernization project at the Orleans, similar to our current project at the Suncoast.

此外，我們在第一季於 Gold Coast 開設了數個新的餐廳概念，並且目前在 Fremont、Aliante 與 Sam's Town 也有更多餐廳概念正在開發中。並且在 2027 年，我們計畫在 Orleans 啟動一項現代化改造專案，類似於我們目前在 Suncoast 進行的專案。

Given the strong response from our guests through our recent enhancements, we are confident these capital investments will contribute to long-term growth in our local segment.

鑑於賓客對我們近期升級的強烈回應，我們有信心這些資本投資將有助於在地客分部的長期成長。

Additionally, we remain confident in the underlying strength of the Las Vegas economy. Last year, Southern Nevada's population reached 2.4 million people, up 16% over the last decade, a growth rate of more than twice the national average. At the same time, the local economy is more diversified with approximately 90% of the jobs created in Southern Nevada over the last 10 years coming from outside the hospitality industry. And over the same 10-year period, per capita income has grown more than 5% on an average annual basis and total personal income in Southern Nevada has nearly doubled. And Southern Nevada's cost of living remains below the national average, ranking among the most affordable the nation's 30 largest metro areas.

此外，我們仍對拉斯維加斯經濟的基本面實力充滿信心。去年，南內華達州人口達到 240 萬人，較過去十年成長 16%，成長率超過全國平均的兩倍。同時，當地經濟更加多元化，過去 10 年南內華達州新增就業中約 90% 來自旅宿業以外的產業。而在同一個 10 年期間，人均收入以平均每年超過 5% 的速度成長，南內華達州的個人總收入幾乎翻倍。此外，南內華達州的生活成本仍低於全國平均，在全美 30 個最大都會區中名列最可負擔之列。

All in all, the long-term fundamentals of the Southern Nevada economy remains strong.

總體而言，南內華達州經濟的長期基本面仍然強勁。

Moving next to Downtown Las Vegas. Trends were similar to recent quarters, with play from our Hawaiian guests and our core customers remaining stable during the quarter. Similar to the fourth quarter, these trends were offset by weaker business throughout Las Vegas as illustrated by an 11% year-over-year decline in pedestrian traffic on the Fremont Street Experience during the quarter.

接著談拉斯維加斯市中心（Downtown Las Vegas）。趨勢與近期季度相似，本季來自夏威夷賓客與核心客戶的遊玩維持穩定。與第四季類似，這些趨勢被拉斯維加斯整體較疲弱的業務所抵銷；例如本季 Fremont Street Experience 的行人流量年減 11%。

Next, in our Online segment, Boyd Interactive continued to grow, while contribution from our third-party market access agreements were consistent with the second half of last year. As a result, we reiterate our previous guidance of $30 million to $35 million in EBITDAR for the Online segment this year.

接下來，在我們的線上（Online）分部，Boyd Interactive 持續成長，而我們第三方市場准入協議（market access agreements）的貢獻與去年下半年一致。因此，我們重申先前對今年線上分部 EBITDAR 為 3,000 萬至 3,500 萬美元的指引。

Finally, our Managed & Other segment achieved another quarter of revenue and EBITDAR growth. Sky River Casino opened its casino floor expansion in late February, followed by the opening of a 1,600-space parking garage at the end of March, and we are encouraged by Sky River's continued growth since the opening of this expansion.

最後，我們的受託管理與其他（Managed & Other）分部再度實現單季營收與 EBITDAR 成長。Sky River Casino 於 2 月下旬啟用其賭場樓層擴建，並於 3 月底啟用一座可容納 1,600 個車位的停車場；我們也對 Sky River 在本次擴建啟用後持續成長感到鼓舞。

With the first phase now complete, we are underway with the development of a 300-room hotel, three new food and beverage outlets, a full-service spa, entertainment, and event center. Once complete in early 2028, we are confident this expansion will further strengthen Sky River's position as well as of Northern California's most popular and successful gaming resorts.

第一階段現已完成，我們正著手開發一間 300 間客房的飯店、三個新的餐飲據點、全方位服務 SPA、水療、娛樂與活動中心。待於 2028 年初完工後，我們有信心此擴建將進一步強化 Sky River 的地位，使其成為北加州最受歡迎且最成功的博彩度假村之一。

With a solid start to the year, we continue to expect our Managed & Other business to generate $110 million to $114 million in EBITDAR for the full year.

隨著今年開局穩健，我們仍預期全年「受託管理與其他（Managed & Other）」業務將產生 1.10 億至 1.14 億美元的 EBITDAR。

In all, our first quarter performance was driven by our diversified portfolio, our strong operating efficiencies and contributions from our capital investments throughout our portfolio.

總體而言，我們第一季的表現受惠於多元化的投資組合、強勁的營運效率，以及我們在整體投資組合中資本投資所帶來的貢獻。

In addition to the property investments we are making to enhance our operations, we are continuing to build our development pipeline. Most significant of our development projects is our $750 million resort in Virginia remains on track for a late 2027 opening. The foundation work now complete, work has begun on the resort's first floor and construction is starting to go vertical. Once complete, this upscale resort will be a true market leader to 65,000 square foot casino, 200 room hotel, 8 food and beverage outlets, live entertainment, and an outdoor amenity deck.

除了我們為提升營運而進行的不動產投資外，我們也持續擴充開發案儲備（development pipeline）。在我們的開發專案中，最重要的是位於維吉尼亞州、投資額 7.5 億美元的度假村，仍按計畫於 2027 年底開幕。地基工程現已完成，度假村一樓工程已開始，施工也正開始向上結構（go vertical）推進。完工後，這座高端度假村將成為市場真正的領導者，包含 65,000 平方英尺的賭場、200 間客房的飯店、8 個餐飲據點、現場娛樂，以及戶外設施露台。

We'll also offer the most convenient gaming destination for much of the 1.8 million residents, the Hampton Roads region as well as 15 million tourists who visit nearby Virginia Beach each year.

我們也將為漢普頓路（Hampton Roads）地區約 180 萬居民，以及每年造訪鄰近維吉尼亞海灘（Virginia Beach）的 1,500 萬名遊客，提供最便利的博彩目的地。

Next, in late February, we received final approval from the Illinois Gaming Board for our proposed expansion and modernization of the Par-A-Dice casino. Once complete in late 2028, this project will transform Par-A-Dice into a single-level entertainment facility with a modern casino floor and enhanced amenities, positioning this property for growth well into the future. And in Southern Nevada, we have additional growth opportunities at Cadence Crossing, where we have significant land still available for development.

接著，在 2 月下旬，我們已取得伊利諾伊州博彩委員會（Illinois Gaming Board）對 Par-A-Dice 賭場擬議擴建與現代化計畫的最終核准。該專案預計於 2028 年底完成，將把 Par-A-Dice 轉型為單層的娛樂設施，擁有現代化的賭場樓層與升級的配套設施，使該物業在未來很長一段時間具備成長定位。此外，在南內華達州，我們在 Cadence Crossing 仍有額外成長機會，因為我們仍有大量土地可供開發。

Directly adjacent to our property is the master planned community of Cadence, one of the fastest-growing master planned communities in the country with plans for more than 12,000 homes upon full build-out. Our Cadence Crossing property is designed to capitalize on the growing demand in the area with plans for future hotel, additional casino space, and more non-gaming amenities.

緊鄰我們物業的是 Cadence 總體規劃社區（master planned community），這是全美成長最快的總體規劃社區之一，全面開發完成後規劃超過 12,000 戶住宅。我們的 Cadence Crossing 物業旨在把握該區日益成長的需求，未來規劃包含飯店、更多賭場空間，以及更多非博彩設施。

As we continue to invest in our properties and build our development pipeline, we are successfully balancing these investments with a robust program of returning capital to our shareholders. We returned nearly $170 million to our shareholders during the first quarter, $155 million in share repurchases and $14 million in dividends.

在我們持續投資物業並擴充開發案儲備的同時，我們也成功在這些投資與強勁的股東資本回饋計畫之間取得平衡。第一季我們向股東回饋近 1.70 億美元，其中 1.55 億美元為庫藏股回購，1,400 萬美元為股利。

Going forward, we intend to continue repurchases at a $150 million per quarter pace supplemented by our quarterly dividend. So in all, with our strong balance sheet, diversified property portfolio, balanced approach to capital allocation and experienced management team, we remain confident in our ability to continue creating long-term value for our shareholders.

展望未來，我們計畫持續以每季 1.50 億美元的速度進行回購，並搭配我們的季度股利。總之，憑藉我們強健的資產負債表、多元化的物業投資組合、均衡的資本配置方式，以及經驗豐富的管理團隊，我們仍對持續為股東創造長期價值的能力充滿信心。

I would like to thank our team members for their contributions to our company. Their dedication to delivering memorable service is at the heart of our entertainment experience and drives our continued success.

我要感謝我們的團隊成員對公司的貢獻。他們致力於提供令人難忘的服務，這是我們娛樂體驗的核心，也推動我們持續成功。

Thank you for your time this afternoon. I would now like to turn the call over to Josh.

感謝各位今天下午撥冗參與。接下來我想把電話會議交給 Josh。

Thank you, Keith. During the first quarter, we continued to deliver consistent results, supported by growth in property level revenues and EBITDAR. This growth, along with our continued focus on operating efficiencies and resulted in property level margins of more than 39%.

謝謝你，Keith。第一季我們持續交出穩健一致的成果，主要受惠於物業層級營收與 EBITDAR 的成長。這項成長，加上我們持續聚焦營運效率，使物業層級利潤率超過 39%。

Gaming revenue also continued to grow with increased play from both our core and retail customers. Strength in property results during the quarter was driven by our Midwest and South segment. And as Keith mentioned, our online and managed segments also contributed to our results during the quarter, with both segments continuing to show growth on a comparable year-over-year basis.

博彩收入也持續成長，來自核心客群與零售客群的投注活動均有所增加。本季物業表現的強勁主要由我們的中西部與南部事業群帶動。正如 Keith 所提到的，我們的線上與受託管理事業群本季也對業績有所貢獻，且兩個事業群在可比基礎下皆呈現年對年成長。

We're also maintaining a balanced approach to capital allocation as we invest in our properties, pursue attractive growth opportunities and return capital to shareholders, all while maintaining a very strong balance sheet.

同時，我們在資本配置上也維持均衡作法：一方面投資於物業、追求具吸引力的成長機會並回饋股東，另一方面也維持非常強健的資產負債表。

In terms of capital expenditures, during the quarter, we invested $155 million and expect to spend $650 million to $700 million in capital expenditures for the full year. This amount includes approximately $250 million in recurring maintenance capital, $75 million in incremental hotel capital focused on the Orleans hotel remodel, which is expected to be completed by the end of this year, $50 million in growth capital primarily related to completing Cadence Crossing as well as the design and preconstruction activities for the Par-A-Dice modernization project. And finally, $300 million related to our Virginia project.

就資本支出而言，本季我們投資 1.55 億美元，並預期全年資本支出為 6.50 億至 7.00 億美元。此金額包含約 2.50 億美元的經常性維護資本、7,500 萬美元的增量飯店資本（聚焦於 Orleans 飯店整修，預計於今年底完成）、5,000 萬美元的成長資本（主要用於完成 Cadence Crossing，以及 Par-A-Dice 現代化專案的設計與施工前活動）。最後，另有 3.00 億美元與我們的維吉尼亞專案相關。

We are continuing to balance our capital investments with returning substantial capital to our shareholders. During the first quarter, we paid $14 million in dividends and repurchased $155 million in stock representing 1.8 million shares at an average price of $83.94 per share. Our actual share count at the end of the first quarter was 74.8 million shares.

我們持續在資本投資與向股東回饋大量資本之間取得平衡。第一季我們支付 1,400 萬美元股利，並以每股平均 83.94 美元回購 1.55 億美元股票，約 180 萬股。第一季末我們的實際流通股數為 7,480 萬股。

We currently have approximately $700 million under our share repurchase authorization, which includes an additional $500 million authorized by our Board earlier this month. Over the last 4.5 years, we have returned $2.9 billion to our shareholders while reducing our share count by more than 33%. We expect to maintain repurchases of $150 million per quarter, supplemented by our regular quarterly dividend. This equates to more than $650 million per year or approximately $9 per share in value for our shareholders in 2026.

目前我們在股票回購授權額度下尚有約 7.00 億美元可用，其中包含董事會於本月稍早額外核准的 5.00 億美元。過去 4.5 年，我們已向股東回饋 29 億美元，同時將股數減少超過 33%。我們預期維持每季 1.50 億美元的回購，並搭配例行的季度股利。這相當於每年超過 6.50 億美元，或在 2026 年為股東帶來約每股 9 美元的價值。

We have the strongest balance sheet in our company's history. We finished the first quarter with traditional leverage of 1.8x and lease-adjusted leverage of 2.4x. We also have ample available capacity under our credit facility. Our next debt maturity is in December 2027, which we intend to refinance later this year or in the first half of 2027.

我們擁有公司史上最強健的資產負債表。第一季末，我們的傳統槓桿倍數為 1.8 倍，租賃調整後槓桿倍數為 2.4 倍。我們在授信額度下也有充足的可用額度。我們下一筆到期債務在 2027 年 12 月，我們計畫於今年稍晚或 2027 年上半年進行再融資。

In terms of our debt balances, you may recall from our last earnings call that we had expected to pay approximately $340 million during the first quarter for tax credits related to the FanDuel transaction. We paid for a portion of these credits in the first quarter, and we now expect to pay the remaining $290 million during the second quarter.

就債務餘額而言，各位可能還記得在上次法說會中，我們原先預期第一季將支付約 3.40 億美元，用於與 FanDuel 交易相關的稅額抵減（tax credits）。我們已在第一季支付其中一部分，並預期在第二季支付剩餘的 2.90 億美元。

During the first quarter, corporate expense was higher than usual due to onetime items, including the timing of charitable contributions.

第一季公司費用高於平常，主要是因一次性項目所致，包括慈善捐款時點的影響。

In conclusion, our first quarter results demonstrated the benefits of our diversified business, our continued focus on operating efficiencies and our ongoing capital investment program. We remain confident in our ability to drive growth in play from our core customers while making investments that elevate our product offerings and enhance our growth prospects. Our strong balance sheet, coupled with our consistent operating performance and robust free cash flow position us well to continue creating long-term value for our shareholders.

總結來說，我們第一季的結果展現了多元化業務、持續聚焦營運效率，以及持續資本投資計畫所帶來的效益。我們仍有信心在推動核心客群投注成長的同時，進行能提升產品供給並強化成長前景的投資。我們強健的資產負債表，加上穩定的營運表現與強勁的自由現金流，使我們具備良好條件，持續為股東創造長期價值。

This concludes our remarks, and we're now ready to take any questions you may have.

以上為我們的說明，接下來我們準備回答各位的提問。

(Event Instructions) Steve Wieczynski, Stifel.

（活動指引）Steve Wieczynski，Stifel。

So Keith or Josh, I know this might be a tough question to answer, but with the destination traffic still somewhat soft in the Locals market as well as downtown, just wondering when you think that might inflect given we now have a pretty significant headwind as well with fuel prices, which obviously can impact whether that's drive in traffic, whether that's fly in traffic. So just maybe wondering how you guys are thinking about that the destination business and when we might see that start to bottom out?

Keith 或 Josh，我知道這可能是個不太好回答的問題，但目前在本地客市場以及市中心，目的地客流仍有些疲弱。我想請教你們認為這種情況何時可能出現轉折（inflect）？因為我們現在也面臨相當明顯的逆風：油價上漲，這顯然會影響是自駕客流還是搭機客流。因此想請你們分享一下，你們如何看待目的地業務，以及我們何時可能看到它開始觸底？

Sure. So look, as we think about the destination business, a couple of things. Well, the primary impact is that the Orleans where we have 1,800 of almost 1,900 hotel rooms. So that is kind of the single biggest impact in our Locals portfolio.

當然。就目的地業務而言，我們的看法有幾點。首先，主要影響在於 Orleans，我們在那裡有 1,800 間、接近 1,900 間的飯店客房。因此，這算是我們本地客投資組合中影響最大的單一因素。

Two, with respect to the increase in gas prices, the trends we saw in the first quarter, as we highlighted, were somewhat in line with last year. And so it's hard to kind of discern the impact of gas prices when you've got higher tax refunds that are coming out through the last several months and probably over the next several months.

第二，關於油價上漲，我們第一季看到的趨勢，如同我們所強調的，與去年大致一致。因此，在過去幾個月、以及可能接下來幾個月仍有較高退稅金額發放的情況下，要辨識油價的影響其實不容易。

And so when does it turn? The other thing I can say is, look, when we get to the second half of this year, we start to run into easier comparisons because this impact of destination travel to Las Vegas started to occur in the second half of last year in a big way. So we get to easier comparisons.

那麼何時會轉向？我還能補充的是，當我們進入今年下半年時，對比基期會變得更容易，因為拉斯維加斯目的地旅遊的影響在去年下半年才開始大幅出現。因此我們將面對較容易的比較基期。

When is it fully turn back up? Hard to tell, but it's kind of high-level comments on the topic. I'll see if Josh has anything you'd like to add?

什麼時候才會完全回升？很難說，但這算是針對這個議題的高層次評論。我看看 Josh 是否還有你希望補充的內容？

Yes. The only thing I would add is really, and as Keith alluded to, we started to see the visible impact of destination business on our performance in Q3 of last year. And really, since then, it's been a pretty consistent level of impact. It's been about $5 million, $6 million of EBITDAR each quarter since then. It was that way in Q3, Q4 and then again this quarter as well.

是的。我唯一想補充的是，正如 Keith 提到的，我們在去年第三季開始看到目的地業務對我們表現的可見影響。其實從那之後，影響程度一直相當一致。自那時起每一季大約影響 EBITDAR 500 萬到 600 萬美元。去年第三季、第四季是如此，本季也是如此。

So we're expecting a similar impact in Q2. And then as we anniversary it, I don't think we expect it to flip on a dime and start to become positive all of a sudden. But I think we would think it would be kind of continuing to be down less bad, but down year-over-year in Q3 and gradually improved Q4 and then maybe in the first half of next year, start to see some overall and growth out of that segment. But that's just based on what we're seeing today and the fact that it has been so consistent to date.

所以我們預期第二季也會有類似影響。然後當我們進入同比基期（anniversary）後，我不認為它會在一夕之間就翻轉、突然變成正向。但我想我們會認為它會持續呈現「下滑但沒那麼糟」，也就是第三季仍會年減，但第四季會逐步改善，然後可能在明年上半年開始看到該分部整體回升並出現成長。不過這只是基於我們目前看到的情況，以及迄今為止它一直非常一致的事實。

Okay. Got you. And then I guess, if we flip to the Midwest and South those results were, I mean, actually looked really solid, probably a good bit better than what we were kind of looking for. So if you think about that whole portfolio, I guess, Keith, for you, wondering if the trends that you witnessed were pretty much -- were they broad-based or were there markets or pockets of strength versus other markets that you might call out?

好的，了解。那我想，如果我們轉到中西部和南部，那些結果——我是說，看起來其實非常穩健，可能比我們原先預期的還要好不少。所以如果你從整個投資組合來看，我想問一下 Keith，你觀察到的趨勢大致上——是廣泛性的嗎？還是有某些市場或強勢區域相對突出、而其他市場較弱，你會特別點名？

Generally were broad-based. We saw kind of across the Midwest as well as the South and the East. And so we're very pleased with the level of performance, a level of growth in revenues, the level of flow-through and in particular, the margins. We had a very strong quarter there. We saw growth kind of across all the demographics and all the ADT segments.

整體而言是廣泛性的。我們在中西部、南部以及東部都看到類似情況。因此我們對表現水準、營收成長水準、流量轉換（flow-through），尤其是利潤率，都非常滿意。那裡本季表現非常強勁。我們看到幾乎所有客群與所有 ADT 分部都有成長。

So yes, it was a very strong quarter in most places where numbers are published, and you can discern the numbers, we gained market share. And so I think that the business continues to grow. I think the capital investments we're making are having an impact and providing a return to us. So you pull it all together. And yes, it was a very strong quarter in the Midwest and South for us.

所以是的，這在大多數有公布數據、且你能辨識出數字的地方，都是非常強勁的一季，我們也提升了市占率。因此我認為業務仍在持續成長。我認為我們正在進行的資本投資正在產生影響並為我們帶來回報。綜合來看，是的，中西部與南部對我們而言是一個非常強勁的季度。

Barry Jonas, Truist.

Barry Jonas，Truist。

Josh, I think I missed this. Did you talk about why corporate was up so meaningfully? Anything you could isolate there if it was a one-timer? And then maybe just how to think about that line item going forward?

Josh，我想我漏聽了這段。你有談到為什麼公司層級（corporate）費用會顯著上升嗎？有沒有什麼可以單獨歸因的因素，是否屬於一次性項目？另外，未來該如何看待這個科目？

Yes. So there was about $6 million of onetime items and by their very nature in the description, they won't continue going forward. One of them, the most prominent 1 had to do with charitable contributions. Last year -- and it's a timing difference in that case. Last year, we accounted for it basically spread it out over the entire year.

有的。所以大約有 600 萬美元的一次性項目，而依其性質與描述，它們未來不會持續。其中最主要的一項與慈善捐款有關。去年——在那個案例中屬於時點差異。去年我們在會計上基本上是把它分攤到全年。

This year, it was recorded in the period, we actually made the contribution. So that's what the standout largely is.

今年則是在我們實際捐款的期間入帳。所以主要的差異大致就是這個。

Got it. And then just -- you clearly have development projects in the pipeline, but I'm curious to get your thoughts on M&A here. Clearly, there's plenty of speculation all around about M&A in the space. I'm just curious to get your thoughts on opportunities for Boyd.

了解。然後——你們顯然有開發專案在管線中，但我也想聽聽你對併購（M&A）的看法。很明顯，市場對這個產業的併購有很多揣測。我只是想了解你對 Boyd 的機會怎麼看。

Okay. I think your comments on M&A are probably pretty consistent with what we've said in the past. We've grown a lot through M&A. We're always looking at things. We have our eyes open and understand what is going on in the market and what's available or what may be becoming available.

好的。我想你對併購的評論，大概和我們過去說過的相當一致。我們透過併購成長了很多。我們一直都在看案子。我們保持關注，了解市場上正在發生什麼，以及有哪些標的可得、或可能即將釋出。

Once again, we have a pretty disciplined process and disciplined set of filters to work through, and we'll continue to look if the right opportunity presents itself, that's strategic and has the right return profile, you would see us execute absent that. We've kind of got a great company. We've got a strong balance sheet and good earnings and producing great EBITDAR. We'll just continue to stick to our knitting until we find that right opportunity.

再一次，我們有相當嚴謹的流程與一套嚴格的篩選標準，我們會持續評估；如果出現合適的機會，具策略性且報酬特性正確，你就會看到我們執行。若沒有，我們其實已經是一家很棒的公司，資產負債表強健、獲利良好，並且持續創造很好的 EBITDAR。我們會繼續專注本業，直到找到那個合適的機會。

And Barry, just jumping back to your first question. I looked at consensus real quick for corporate expense for Q2, Q3 and Q4, and that's generally a good expectation of what to expect for the remaining quarters of the year.

Barry，另外回到你第一個問題。我剛快速看了一下市場一致預期（consensus）對第二季、第三季與第四季公司費用的估計，那大致上就是今年剩餘季度你可以預期的水準。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行（Bank of America）。

Josh or Keith, sort of, to maybe slightly in the weeds, but on macro and then 1 detailed. On a detailed question, I think I caught it in the prepared remarks, you said traffic or foot traffic on the Fremont Street Experience was down 11%. If I caught that correctly, and if not, please correct it, but I feel like we saw a bit of an inflection on just strip visitation that we get from sort of just broader LVCVA data, and that actually looked a lot closer to flat, and it was down a lot last year, but in Q1, it looked a lot was reflect. Just kind of curious any thoughts or questions or concerns as to why that might be a slightly different pattern than the broader strip is seeing?

Josh 或 Keith，可能稍微鑽牛角尖一點，但想問一個宏觀、再加一個細節。細節問題方面，我想我在事先準備的講稿裡聽到你說 Fremont Street Experience 的人流或步行人流下滑 11%。如果我沒聽錯的話；若不對也請更正。但我覺得我們從更廣泛的 LVCVA 數據看到的拉斯維加斯大道（strip）訪客量，似乎出現一些拐點，實際上看起來更接近持平；去年下滑很多，但在第一季看起來更像是反映（回升/改善）。想請教你是否有任何看法、疑問或擔憂，為什麼這可能會呈現與整體大道不同的走勢？

Look, it was -- we did quote that it was down 11%, and that number represents traffic what we call kind of under the canopy under the Fremont Street Experience itself. It was down a similar amount in Q4. I can't comment on foot traffic on the strip. I think I do know the convention calendar was stronger in the first quarter with ConAg in town that wasn't there last year. I'm sure that drove some of the increased traffic on the strip.

你看，我們確實引用了下滑 11% 這個數字，而這個數字代表的是我們所稱的、在 Fremont Street Experience 本體「天幕下方」的區域人流。第四季也下滑了類似幅度。我無法評論大道上的步行人流。我想我確實知道第一季會展行事曆更強，因為 ConAg 在城裡、去年沒有。我確信那帶動了大道上部分增加的人流。

We didn't see it make its way downtown. I think the good news is the decline in visitation is similar, didn't grow, it didn't accelerate. It was stable. So no real other explanation or understanding as to why some of that increased visitation didn't make its way downtown. Not overly concerned at this point.

我們沒有看到它傳導到市中心。我想好消息是，訪客量下滑的幅度相近，沒有擴大、也沒有加速；它是穩定的。所以對於為什麼部分增加的訪客量沒有流向市中心，沒有其他特別的解釋或理解。目前並不太擔心。

We have a long history of -- Las Vegas has a long history of seeing roughly speaking, 50% to 55% of all visitors to Las Vegas making a way downtown. And I suspect that will continue over the course of time.

我們有很長的歷史——拉斯維加斯也有很長的歷史——大致而言，約有 50% 到 55% 的拉斯維加斯訪客會前往市中心。我猜想隨著時間推移，這個情況會持續。

Got it. And then maybe just another high-level one, but just if we zoom out, it feels like this macro backdrop in particular, you talked about plenty of the demographic tailwinds that Las Vegas has. But it feels like this macro backdrop plus tax refunds and some of the -- and the no tax on tips should be sort of a great setup for Las Vegas Locals. But even if we strip out a destination, which I appreciate is a little bit idiosyncratic. It feels like that's flat and regionals are up.

了解。那再問一個偏高層次的：如果我們拉遠來看，感覺這個宏觀背景，尤其你提到拉斯維加斯有很多人口結構的順風。但感覺這個宏觀背景加上退稅，以及一些——以及「小費免稅」應該會是拉斯維加斯本地客（Locals）的絕佳環境。但即便我們把目的地因素剔除——我理解那有點特殊——看起來本地業務是持平，而區域市場（regionals）是成長的。

So sort of seem theory question a little bit, just conceptually, any reason or any KPI you're thinking about or pointing to as to why the locals may not be participating quite the same way that the regions are or looking quite as healthy as the regions are just at this point in time?

所以這有點像理論問題：就概念上而言，有沒有任何原因，或你們正在思考/關注的任何 KPI，可以解釋為什麼本地客的參與度似乎沒有像區域市場那樣，或為什麼本地看起來沒有區域市場那麼健康，就在目前這個時間點？

No, look, I think that when we think about the out-of-state or MSR properties, non-Nevada properties, we commented in our prepared remarks that what we've seen for several quarters now is that people are simply staying closer to home, and they're spending their money closer to home, and we're a beneficiary of that, having properties spread across 10 states. Here in Nevada, when we talk about our local properties, it's not 100% local.

沒有。你看，我認為當我們談到州外或 MSR 物業、也就是非內華達州的物業時，我們在事先準備的講稿裡提到，我們已經連續好幾季看到，人們就是更傾向待在離家近的地方，並把錢花在離家近的地方；而我們在 10 個州都有物業，因此成為受益者。在內華達州這邊，當我們談到本地物業時，它並不是 100% 都是本地客。

There are a certain amount of destination and/or regional business that is part of that. We've commented in the past that our pure Locals business that, i.e., people that have ZIP codes in and around our properties is actually quite good. Mostly for the same reason, they're not -- they're staying close to home also and spending money closer to home. So when you dig deep into the weeds, the local Locals are actually performing well.

其中有一定比例是目的地和/或區域型業務的一部分。我們過去也提過，我們純粹的本地客業務——也就是郵遞區號在我們物業周邊的客人——其實表現相當不錯。主要也是同樣原因，他們也沒有——他們同樣待在離家近的地方並把錢花在離家近的地方。所以當你深入細看時，真正的本地本地客其實表現良好。

Ben Chaiken, Mizuho.

Ben Chaiken，瑞穗。

Josh, maybe back to some of the earlier Q&A regarding your back half expectations, your 2H expectations in Vegas. I guess if the impact from the destination customer has been constant, which you quoted at around $5 million or $6 million, I know there's probably some rounding there. How do I bridge that with your response to an earlier question that you -- I think you were suggesting that 2H would be down, but then kind of like juxtaposed against Keith's comments earlier where you said that ex Orleans and ex Suncoast things were flat.

Josh，或許回到先前關於你對下半年預期、你在拉斯維加斯對2H預期的一些問答。我想如果來自目的地客群的影響一直是固定的，你提到大約是500萬或600萬美元，我知道那裡可能有些四捨五入。我該如何把這點和你對先前一個問題的回覆連起來：你——我記得你似乎在暗示下半年會下滑，但又有點和Keith先前的評論形成對照，因為你說若排除Orleans與排除Suncoast，其他是持平的。

Maybe I misheard you, maybe I'm too in the weeds, but just maybe if you could clarify the moving parts in the back half and how you're thinking about it? And if that doesn't make sense, I can try and rephrase it in a simpler way.

也許我聽錯了，也許我鑽得太細，但如果你能釐清一下下半年有哪些變動因素、你是怎麼思考的？如果這樣問不太合理，我也可以用更簡單的方式重述。

Well, I'll try to give you an answer, and hopefully, it will make sense. And if not, keep asking.

好，我會試著回答你，希望能講得通。如果不通，就繼續問。

I'd say, I think from the perspective of destination, I think you can -- at least from where we sit today, assuming no change in the consumer behavior, we would expect the destination will continue to have a similar level of impact in the first half and then just get less bad. So if it was down 5%, maybe it was down a little bit less in Q3 and a little bit less in Q4, may be approaching flat.

我會說，就目的地客群而言，我想你可以——至少以我們今天所處的位置來看，假設消費者行為沒有改變，我們預期目的地客群的影響在上半年會維持類似水準，之後就會變得沒那麼糟。所以如果是下滑5%，可能Q3下滑幅度會小一點、Q4再小一點，可能接近持平。

I think you have to recognize that then what starts to happen is the two other factors that we spoke about, and one is Suncoast disruption. We only had a partial first quarter impact from that disruption. So that will be a full quarter in Q2 and a full quarter in Q3 before that project is complete. And so then you'll start to see some benefit from Suncoast complete renovation and modernization of its floor beginning in Q4.

我想你必須認知到，接著會開始發生我們提到的另外兩個因素，其中之一是Suncoast的施工干擾。我們在第一季只受到部分季度的干擾影響。所以在Q2會是完整一季、Q3也會是完整一季，直到該專案完成。因此你會在Q4開始看到Suncoast完成整體翻新與賭場樓面現代化後帶來的一些效益。

And then the other element is Cadence, which we haven't spoken a lot about just yet, but Cadence opened, have great top line performance like with any other new opening. We have to kind of let it settle in at a revenue level and start to adjust to just the expense structure.

另一個因素是Cadence，我們目前還沒談很多，但Cadence已開幕，和任何新開幕案一樣，營收端表現很強。我們需要讓它在營收水準上逐步穩定下來，並開始去調整其費用結構。

So Q1 was only a couple of days. We didn't get any EBITDAR contribution, a lot of revenue from it. And we're expecting it to kind of trend up and hit -- start hitting full stride maybe later in Q3, certainly by Q4. So in the second half of the year, in Q3, you're going to have two kind of pressures. You're going to have destination and Suncoast disruption still going on with Cadence kind of not yet hitting full stride.

所以Q1只有幾天。我們沒有從中取得任何EBITDAR貢獻，但有不少營收。我們預期它會逐步走高，並在——可能到Q3後段開始進入完整運轉狀態，當然到Q4應該會完全到位。因此在今年下半年，Q3你會面臨兩個壓力：目的地客群與Suncoast施工干擾仍在持續，而Cadence還沒完全進入完整運轉。

And then in Q4, you should have much less destination, Suncoast in the rearview mirror and Cadence hitting full stride. So hopefully, that triangulates to what you understood or interpreted from our comments.

然後到Q4，你應該會看到目的地客群的影響小很多、Suncoast已成過去式，而Cadence進入完整運轉。希望這樣能把我們的評論串起來，符合你對我們說法的理解或解讀。

Yeah. Very helpful. I appreciate it. And then just one other quick one. I think you guys have been in Virginia. You guys have been pretty clear that the temporary casino you have in Norfolk is more of a placeholder if that's an appropriate description with little or no expected profit currently for the time being.

是的。非常有幫助，謝謝。再一個很快的問題。我想你們在維吉尼亞。你們也很清楚地表示，你們在諾福克的臨時賭場更像是一個占位符（如果這樣形容恰當的話），目前暫時預期幾乎沒有或完全沒有利潤。

However, I'm sure you've seen there's a temporary casino out there that recently opened that's generating around $10 million or $15 million a month, which is kind of incredible. Is this something you'd ever consider doing, in other words, increasing the size and scale of your temp asset after seeing the response to that opening?

不過，我相信你也看到最近有一家臨時賭場開幕，每月創造大約1,000萬到1,500萬美元的收入，這相當驚人。看到那次開幕的反應後，你們是否曾考慮做類似的事——也就是擴大你們臨時資產的規模與量體？

Yes. And so the size and scale of our temporary asset is based on the limitations of the site that we're building on. And so there's actually no ability to make this any larger. We certainly would have done that from day one. And so it wasn't a cost issue. It wasn't a capital allocation issue that we didn't want to spend more to build a larger facility, it's simply in order to build the permanent project on that site.

會的。所以我們臨時資產的規模與量體，是基於我們正在建設的基地條件限制。實際上沒有任何空間可以把它做得更大。我們當然從第一天就會想把它做大。所以這不是成本問題，也不是資本配置問題，不是我們不想多花錢蓋更大的設施，而是因為要在那個基地上興建永久性專案。

We literally didn't have the square footage to allow for anything larger on the site. And so it is a breakeven. It is what it is for the next 1.5 years until we open in November '27. So it's not about desire. It's just about constraints.

我們真的沒有足夠的建築面積讓臨時設施做得更大。所以它就是損益兩平。未來1.5年就是如此，直到我們在27年11月開幕為止。這不是意願問題，而是限制條件。

You have to get the permit open in a certain time frame and we have limited space for a temporary.

你必須在一定期限內取得許可並開業，而我們可用於臨時設施的空間有限。

Yep.

對。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通。

In terms of just the fundamentals and cadence of the quarter, can you maybe kind of talk about how you saw it come in because the beginning of the quarter looked very strong. March looked a little soft. It sounds like April has stabilized, but any kind of way to kind of unpack how the quarter progressed?

就基本面與季度節奏而言，你能否談談你們看到的實際走勢？因為季度初看起來非常強，3月看起來有點疲弱。聽起來4月已經穩定下來，但有沒有什麼方式可以拆解一下這一季是如何推進的？

In the Locals market or overall?

你是指本地客市場，還是整體？

Both, Mid, Locals, Midwest & South.

兩者都想了解：中部、本地客、中西部與南部。

Look, I think as it relates to Cadence, it opened March '25, and so it's kind of a non-event.

你看，我想就Cadence而言，它是在25年3月開幕，所以這其實不算什麼事件。

Same cadence and the word cadence, not Cadence.

我指的是季度的節奏（cadence）這個字，不是Cadence。

Not the Cadence property, the cadence of the quarter.

不是Cadence那個物業，是季度的節奏。

Thank you.

謝謝。

Maybe if you can reframe the question. Were you referring to Cadence the property we just open?

也許你可以把問題換個說法。你是指我們剛開幕的Cadence那個物業嗎？

So I was referring to the cadence in terms of how the quarter progressed, like January, February, and March. Just in that March, it looks like it could step down quite a bit and the April seems more stable, but just trying to understand the nuances there.

我指的是季度推進的節奏，例如1月、2月、3月。只是3月看起來可能下滑不少，而4月似乎更穩定，我想了解其中的細微差異。

Yeah. Look, as we think about the Midwest and South, January was milder weather this year versus last year as well as a better calendar. February was pretty normal, and March was a calendar issue. But nothing, I would say that unusual that we would call out.

是。你看，談到中西部與南部，今年1月的天氣比去年溫和，且日曆因素也更有利。2月相當正常，3月則是日曆因素。但我會說，沒有什麼特別異常到需要特別點出來。

And in Nevada, it's largely the same. You saw benefits from -- we saw some benefits from the large convention in Las Vegas earlier in the quarter plus once in January had an extra weekend day that benefits at February pretty normal. March, maybe a little soft, but nothing once again unusual that we would call out.

在內華達州也大致相同。你看到一些利多——我們在季度初受惠於拉斯維加斯的大型會展；另外1月比去年多了一個週末日，這對2月有幫助。2月相當正常。3月可能稍微偏弱，但同樣沒有什麼異常到需要特別點出來。

I think what was unique for us in March was that's when we started to see the largest impact on Suncoast from disruption, but that's the only difference really.

我想對我們來說，3月比較特別的是，我們開始看到Suncoast因施工干擾帶來的最大影響，但除此之外真的沒有其他差異。

Got it. And just more of a housekeeping follow-up. In terms of cash taxes, can you just remind us what the expectation is there for '26 if there's a benefit from the One Big Beautiful Bill?

了解。再一個偏例行的追問。就現金稅而言，你能否提醒我們26年的預期？如果「One Big Beautiful Bill」帶來好處的話。

Yeah. So I think we're currently estimating a benefit of cash tax benefit of about $45 million to $50 million.

好的。所以我們目前估計現金稅的效益大約是4,500萬到5,000萬美元。

David Katz, Jefferies.

David Katz，Jefferies。

I appreciate all the commentary so far. I wanted to ask a different question, not an M&A, are you or aren't you, will you or won't you, but can you just talk about the boundaries that you've set for yourself, which I imagine are likely the same. And are there any changes in the kinds of things you're seeing or in the credit support of things for things that may come up? Or any difference in what that market brings in front of you on a regular basis?

我很感謝目前為止所有的說明。我想問一個不同的問題，不是那種M&A你們做不做、會不會的問題，而是你們能否談談你們為自己設定的邊界——我想這些邊界大概都差不多。你們看到的機會類型或相關的信貸支持是否有任何變化？或者市場在日常帶到你們面前的案子，有沒有任何不同？

Well, look, I'll try and answer it. I don't know if I'll be able to address your whole question. I think if you -- if we think about how we view M&A over the last three to five years going to post-COVID. Look, we have a strong balance sheet.

你看，我會試著回答。我不確定能否涵蓋你整個問題。我想如果你——如果我們回顧過去三到五年、走到COVID之後我們如何看待併購。你看，我們有很強的資產負債表。

We have a strong business. We have a large business, and therefore, anything we look at has to be significant as to be able to move the needle has to be in stable tax and regulatory environments, and it's got to be an asset that strategically makes sense to add to the portfolio.

我們有很強的業務。我們的業務規模很大，因此我們看的任何標的都必須夠重要、能夠帶來實質影響；必須位於稅制與監管環境穩定的地區；而且必須是從策略上合理、適合納入投資組合的資產。

There are things out there that make sense. We're not afraid because of our strong balance sheet and our strong cash flow profile to do larger transactions. And so we look at small, medium, large transactions. And once again, we look at a lot of things over the course of a year, and we'll continue to do that until something makes sense to us.

外面確實有一些事情是合理、說得通的。憑藉我們強勁的資產負債表以及強勁的現金流狀況，我們不害怕去做較大型的交易。因此我們會看小型、中型、大型的交易。再說一次，我們一年之中會看很多事情，並且會持續這麼做，直到有某件事對我們而言是合理的。

But I think we've been fairly consistent. I don't think much has changed over the last several years in terms of how we view it. But Josh, anything you'd like to add to the conversation?

但我認為我們一直相當一致。就我們如何看待這件事而言，過去幾年我不覺得有太多改變。不過 Josh，你有什麼想補充的嗎？

I would just add a couple of thoughts. I think what Keith said is accurate. Certainly, we are in the best position ever to -- that we've ever been in to make an acquisition, but that doesn't mean that we'll find one that makes sense for us to execute upon. And I think ultimately, it's just basic capital allocation, where can we get the best returns versus buying back our own stock or making some of the investments we're making internally to our own portfolio because that's working quite well at this point.

我只想再補充幾點想法。我認為 Keith 說得沒錯。當然，我們現在處於我們有史以來最好的位置來進行收購，但這不代表我們一定能找到一個對我們而言值得執行的案子。歸根結底，這就是基本的資本配置：相較於回購自家股票，或是對我們自身投資組合進行一些內部投資（而且目前運作得相當好），我們在哪裡能取得最佳報酬。

So I think we have to -- whenever right or -- I can't say the right, whenever an opportunity comes along, we have to evaluate it in the context of what we're doing today. And that's a fundamental philosophy of how we think about transactions and growing the company.

所以我認為我們必須——無論何時、或者——我不能說「正確的時機」，但只要有機會出現，我們就必須在我們今天正在做的事情的脈絡下去評估它。這是我們思考交易與公司成長方式的一個基本理念。

Perfect. And if I can lay out one more hypothetical that I hope is useful and interesting in some way. Virginia was gesturing at the notion of iGaming this year. And if we were to hypothesize that one day, maybe it gets there, how would you envision your participation in that? Or would you participate in that?

很好。如果我可以再提出一個假設性的情境，希望在某種程度上有用也有趣。Virginia 今年提到了 iGaming 的概念。如果我們假設有一天它真的推進到那一步，你會如何想像你們在其中的參與方式？或者你們會參與嗎？

Yeah, I think you could envision us participating in it. Once again, through Boyd Interactive, we have a very small online gaming business that has grown nicely over the years. We're live in New Jersey and Pennsylvania right now. And we're supportive of the iGaming rollout across the US. And so if it happens in Virginia, we'll be supportive over there, and you'll see us participate.

是的，我認為你可以想像我們會參與。再說一次，透過 Boyd Interactive，我們有一個規模很小的線上博彩業務，這些年成長得不錯。我們目前已在新澤西州與賓夕法尼亞州上線。我們也支持 iGaming 在全美的推廣。因此如果它在維吉尼亞州落地，我們也會支持，你也會看到我們參與其中。

At the end of the day, we think it's all additive to the business, complementary to what we do. And so we'd be supportive if and when that opportunity presents itself.

歸根結底，我們認為這對業務都是增量的，並且與我們現有業務互補。因此如果、以及當這個機會出現時，我們會支持。

John DeCree, CBRE.

John DeCree，CBRE。

I know we didn't talk too much about Cadence Crossing yet, it's only been probably a little less than a month. But curious if you could give us any anecdotes from the opening the first couple of weeks, things in terms of visitation levels or new customer sign-ups? Anything that you know or could share with us would be interesting.

我知道我們還沒有談太多 Cadence Crossing，畢竟開幕可能還不到一個月。不過想請教你們是否能分享一些開幕前兩週的觀察，例如來客量或新客戶註冊的情況？任何你們知道或能分享的內容都會很有意思。

I don't have any specific data here in front of me, John. But we had a great opening. The place was full and continue to have great customer response through the first couple of weeks. I haven't looked at the numbers in the last few days. I'm sure it's leveled off a little bit.

John，我手邊沒有任何具體數據。但我們的開幕非常成功，現場人潮滿滿，且在前兩週持續獲得很好的客戶回饋。我這幾天還沒看最新數字，我相信熱度可能稍微回落了一點。

As Josh, I think, indicated in his comments, answering an earlier question, you open these buildings and you focus on driving revenues. And over the course of the next several months, we'll focus on refining the cost structure. But we're very happy with the opening. We're happy with the level of participation and new customers and new customer sign-ups. But again, I just don't have that data sitting here in front of me today.

正如 Josh 我想在他先前回答較早的問題時所提到的，你開了這些場館後，會先專注於推動營收。在接下來幾個月，我們會著重於優化成本結構。但我們對開幕非常滿意，也對參與度、新客戶以及新客戶註冊的水準感到滿意。不過再次強調，我今天手邊沒有那些數據。

That's fair. And maybe broader promotional environment in Las Vegas whether you kind of look at Locals like your true Locals and then the Orleans, which kind of compete the destination market as that market remains lacking some visitation. Have you seen any material change in the promotional or competitiveness in the last quarter or so as it relates to Locals -- traditional Locals and in the Destination business, any shift there?

了解。那或許更廣泛地談談拉斯維加斯的促銷環境：你們可能把 Locals 分成真正的在地客，以及像 Orleans 這種某種程度上也在競爭目的地市場、而該市場因來訪人次不足而仍偏弱。就過去一季左右而言，你們是否看到促銷或競爭強度有任何實質變化？不論是在 Locals——傳統在地市場——或是在目的地業務方面，有沒有任何轉變？

I'd say in the traditional locals market, it remains fairly rational. Nobody -- people who -- and I've said this before, those properties or companies that have tended to be a little aggressive or continue to be aggressive, and those of us who have remained more, I don't know, rational have maintained that profile. So nothing much has changed in the traditional Locals environment.

我會說在傳統在地市場，整體仍相當理性。沒有人——那些過去傾向比較積極、或仍然比較積極的物業或公司，依舊維持那樣；而我們這些相對更——我不知道——更理性的，也維持原本的作風。所以在傳統 Locals 環境中，沒有太多改變。

I think what you see at the Orleans destination market strip, if you will, certainly, the strip is getting a little more aggressive, whether it be in terms of room pricing or room products, some all-inclusive packages trying to entice people into their buildings. I haven't seen any impact from that. But I would say they've probably gotten a little more aggressive from our vantage point.

至於 Orleans 所在的目的地市場、也就是你所說的拉斯維加斯大道（Strip）那一帶，我認為你看到的是：大道上的競爭確實變得更積極一些，不論是在房價或房型產品上，還是推出一些全包式套裝方案來吸引人進到他們的場館。我沒有看到這對我們造成任何影響。但從我們的角度來看，他們大概確實更積極了一點。

Brandt Montour, Barclays.

Brandt Montour，Barclays。

I think we've cured a lot of ground. I have one question. The Locals business, loud and clear, I think the -- some of the things that you called out, Josh, and how to think about the impacts throughout the year. If we can just take those aside and look at the underlying business, I think the seasonality from the first quarter to second quarter has been a little bit different over the last couple of years. And I think if you look at consensus numbers, they're looking for stronger 2Q versus 1Q seasonality.

我想我們已經涵蓋了很多內容。我有一個問題。關於 Locals 業務，我聽得很清楚。我認為——Josh，你提到的一些重點，以及如何看待全年影響的方式。如果我們先把那些影響因素放一邊，單看基本面，我覺得過去幾年第一季到第二季的季節性有點不太一樣。而且如果你看市場一致預期數字，他們預期第二季相較第一季的季節性會更強。

But if you kind of go back a couple of years, it was maybe more flat to down. So just maybe you can help us just think about before the impacts, what the underlying business sort of typically looks like from the first and second quarter, all else equal.

但如果你回溯幾年前，可能是比較持平到下滑。所以也許你可以幫我們思考一下：在不考慮那些影響因素之前、其他條件相同的情況下，第一季到第二季的基本面通常會是什麼樣子。

Yeah. So Brandt, I think -- I mean, you bring up a good point. I think kind of early coming out of 2020, there really was limited seasonality just given the strength of the consumer and the stimulus that was in the marketplace. And then as we move through time, and I don't remember what year, it's probably around 2023 or so, I would expect or believe that seasonality started to return to the business.

好的。Brandt，我想——你的確提出了一個好點。大概在 2020 年之後的早期，因為消費者很強、而且市場上有刺激措施，所以季節性其實非常有限。接著隨著時間推進，我不記得是哪一年，可能大約在 2023 年左右，我會預期或相信季節性開始回到業務之中。

And so I think Q2 can be or tends to be a little bit better than Q1 when you're thinking about the Locals business. Obviously, the slowest part is Q3. And then Q4 really depends on how the holidays fall and all that in particular new years. But typically, that will be as strong, if not better than Q1.

因此當你思考 Locals 業務時，我認為第二季可能、或通常會比第一季好一點。顯然最淡的時段是第三季。第四季則很大程度取決於假期落點等因素，尤其是新年。但一般而言，第四季會與第一季一樣強，甚至可能更好。

And I think just maybe taking your question to the next level, I think when we look at the business in Las Vegas, I think we feel despite the challenges that we're facing with Destination business or the disruption with Suncoast, we look through those to some extent. Because the Coast disruption, we could see the end, it's coming. Destination is not always going to be a pressure point for us. So we kind of start to separate, like your question alluded to and look at the fundamental business for Las Vegas and Las Vegas Locals business. I think it continues to be a good business and is just temporarily affected by these themes.

我想也許把你的問題再往下一層延伸：當我們看拉斯維加斯的業務時，儘管我們面臨目的地業務的挑戰，或 Suncoast 的干擾，我們在某種程度上會穿透這些因素來看。因為 Coast 的干擾我們看得到終點，正在接近；目的地業務也不會永遠是我們的壓力點。所以我們會開始像你問題所暗示的那樣，把這些因素拆開來看，聚焦在拉斯維加斯以及拉斯維加斯 Locals 的基本面。我認為這仍是一門好生意，只是暫時受到這些主題因素影響。

And important to note that the Suncoast renovation modernization projects has been going on for more than a year. Through the first year of that project, the management team did a great job managing through the disruption. It's only in the last several months as we've moved into a more impactful area have we seen some real disruption.

另外很重要的一點是，Suncoast 的翻新與現代化工程已經進行超過一年。在該專案的第一年，管理團隊在應對干擾方面做得非常好。直到最近幾個月，隨著我們進入影響更大的區域，我們才看到一些真正的干擾。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Really good results in the Midwest and South, your biggest business. I wanted to ask about the flow-through. So that was pretty strong, almost close to 50%. So good revenue growth and that led to the flow-through that we had seen in prior periods. Is this -- if you're generating the revenues that you put up in this quarter, can you continue to see flow through that high? Or is there anything else as we think about inflation on the OpEx side or expenses that would dampen that a little bit?

你們在中西部與南部（你們最大的業務）表現非常好。我想問一下流轉率（flow-through）。這次相當強，幾乎接近 50%。也就是說，營收成長不錯，並帶來了我們在先前期間看到的那種流轉率。如果你們能產生本季這樣的營收水準，這麼高的流轉率能否持續？或者從營運費用（OpEx）端的通膨或其他費用來看，有沒有什麼因素會讓它稍微被壓抑？

Yeah. So I think the challenge for us last year was really driven by -- we didn't talk a lot about it at a time, but a lot about from benefits. And I think we've tried to address that coming into 2026. It's still early. We think we have it under control, but we won't know until we see participation and usage of the programs as we move throughout the year.

是的。所以我認為我們去年面臨的挑戰，主要是由——當時我們沒有談太多，但很大一部分是來自福利。我想我們在邁入 2026 年時已嘗試去處理這件事。現在仍然還早。我們認為已在掌控之中，但要等到我們在全年推進過程中看到各項方案的參與度與使用情況，才會知道結果。

So when we look at our expense structure last year and then look at it this year, we have reasonable -- the biggest categories or were -- just generally where you would expect some of the marketing is not changing. It's as a percent of revenue is essentially the same, down a little bit, up a little bit, but nothing materially changing. Wages are going up, 2% to 2.5%. But the bigger increases was around benefits last year. And so far this year, we really haven't seen that level of increase.

所以當我們回頭看去年的費用結構，再看今年，我們有合理的——最大的幾個類別，或是——一般來說都在你預期的範圍內；例如行銷並沒有改變。以營收百分比來看基本相同，可能略降或略升，但沒有任何實質性的變化。薪資上升 2% 到 2.5%。但更大的增幅是在去年福利方面。而到目前為止，今年我們確實還沒有看到那種程度的增加。

It's early. And we've taken steps to mitigate it, and we'll see how it goes. But this is kind of how the segment should perform generally.

現在還早。我們已採取措施來緩解，接下來就看進展如何。但整體而言，這就是該事業部門一般應有的表現方式。

Okay. And then on the downtown business, are there -- can you talk about either forward bookings or what some of those longer-haul flight prices are looking like? I know you don't have -- you mentioned all-inclusive, but are there ways to kind of package in just more perks or reasons to pay a slightly higher flight price that could help in these times when flight prices are higher?

好的。那再談市中心（downtown）業務，是否可以談談例如未來預訂（forward bookings），或一些長程航班票價目前看起來如何？我知道你們沒有——你提到全包式（all-inclusive），但是否有方法可以把更多禮遇或理由打包進去，讓客人願意在機票價格較高的時候，仍支付略高的機票價格，從而在這種機票較貴的時期有所幫助？

Look, so what we've seen -- first of all, the bulk of our -- or a large part of our Hawaiian business comes through packages. It's been a standard part of the kind of product downtown for decades. So they do come on packages. But we have seen recently, airline prices start to go up.

你看，我們觀察到——首先，我們夏威夷業務的大部分——或很大一部分——是透過套裝行程（packages）進來的。這幾十年來一直是市中心產品的標準組成。所以他們確實是以套裝形式來。但我們最近也看到航空票價開始上升。

Now through the first three weeks of April, Hawaiian business in the first quarter, it was stable. And the first couple of weeks of April remained stable. So we haven't seen any impact. We are monitoring airfares coming out of Hawaii because we know that could have an impact on our customers. But to date, everything is stable.

截至 4 月前三週，第一季的夏威夷業務是穩定的。而 4 月前幾週也仍然穩定。所以我們尚未看到任何影響。我們正在監控從夏威夷出發的機票價格，因為我們知道那可能會影響我們的客戶。但截至目前，一切都很穩定。

So we have obviously a 50-year history with our customers coming out of the Hawaiian Islands as well as local Hawaiians from California, and those who live here in Las Vegas. So we'll continue to treat them right and do what we have to do to maintain their loyalty.

所以我們顯然與從夏威夷群島來的客戶，以及來自加州的在地夏威夷人，還有住在拉斯維加斯的夏威夷人，都有 50 年的歷史。我們會持續好好對待他們，並做我們必須做的事來維持他們的忠誠度。

I'm not sure I can answer the question any other way, Josh, any comments?

Josh，我不確定我還能用其他方式回答這個問題，你有什麼補充嗎？

No. Keith, I think you covered it.

沒有。Keith，我覺得你已經涵蓋到了。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行（Wells Fargo）。

A lot of what I would ask has already been asked. So I guess I'll ask something kind of bigger picture. There's lots of disruption right now between you guys and your peers in the Locals market.

我想問的很多問題都已經有人問過了。所以我想我會問一個比較宏觀的問題。現在你們和你們在拉斯維加斯本地客（Locals）市場的同業之間，正出現很多擾動。

So once we kind of come out of that on the other side and we look out for the next few years, what would you guys deem what you would like to see as kind of a healthy level of Locals Vegas gaming revenue growth? And I guess I asked that on both a GGR and like a post-promotional level to think about continuing to add additional assets into the market as well.

所以當我們從這些擾動中走出來、站在另一端往未來幾年看，你們認為拉斯維加斯本地客博彩營收（Locals Vegas gaming revenue）成長的「健康」水準大概應該是多少？我想同時從總博彩收入（GGR）以及扣除促銷後（post-promotional）的層面來問，因為也要考量持續在市場中新增資產。

Yeah. So I think traditionally, we thought of kind of the Locals market. And if you look back over time, I think it's grown at kind of 4% to 5%, maybe 3% to 5%, something like that level, a little bit higher than what we've seen in traditional regional riverboat markets or Midwest & South markets. So I think -- but I do think that the -- that coming out of COVID, the customer at least that we're catering to, I can only speak from our perspective, we're really focused on that core customer. It's a much higher quality customer.

是的。所以我認為傳統上我們看待本地客市場時，如果回顧過去，我覺得它大概以 4% 到 5% 的速度成長，或許 3% 到 5% 左右，差不多這個水準；比起傳統的區域性河船市場或中西部與南部市場略高一些。所以我認為——但我也確實認為，從 COVID 之後，至少就我們所服務的客群而言（我只能從我們的角度說），我們非常聚焦在核心客戶。那是一個品質更高的客戶群。

And so there is the potential for kind of higher growth as we have invested more and upgraded our products. But I think that's purely theoretical at this point. I would more -- be more comfortable relying on kind of that 3% to 5% growth out of the Locals business and that's what we would expect to occur.

因此，隨著我們投入更多資本並升級產品，確實存在更高成長的可能性。但我認為目前這仍然只是理論推演。我會更——更傾向於依賴本地客業務 3% 到 5% 的成長，這也是我們預期會發生的情況。

And would you say '27 would be a good year to really look for that? Is that kind of a clearing event for the amount of disruption that's happening in the market?

那你會說 2027 年會是一個適合真正去期待那種成長的年份嗎？就市場正在發生的擾動程度而言，那算是一個「出清事件」（clearing event）嗎？

I think our disruption is really isolated. I think you'll be able to see that. I think really what we need is Destination business to come back, and that's really it, because you've got a little bit of construction. For us, it's more isolated as a single property. Maybe some of our peers have it more broad-based.

我認為我們的擾動其實相當局部。你應該會看得出來。我認為我們真正需要的是目的地（Destination）業務回來，基本上就這樣，因為還有一點施工。對我們而言，它更像是單一物業的局部影響。也許有些同業的影響更為廣泛。

And we're kind of taking it one bite at a time. We're not trying -- we're being thoughtful about trying not to have too many properties disrupted by our efforts to deploy capital into these markets. So I really think that, at least for us to hit those numbers, it's more about having destination come back, more about maybe there's a nuance with one property not being able to do it or whatever, but generally just getting into a more stable economic environment, largely similar to what you're seeing in the Midwest & South.

而我們是一步一步來。我們不會——我們會審慎地避免因為在這些市場部署資本而讓太多物業同時受到擾動。所以我真的認為，至少對我們要達到那些數字而言，更關鍵的是目的地業務回來；也可能有一些細節，例如某個物業暫時做不到之類，但整體而言，就是回到一個更穩定的經濟環境，這在很大程度上與你在中西部與南部看到的情況類似。

You think about that demographic and that customers, that segment of our business it's performing like we would expect it to perform. Now customers are staying close to home and not traveling. And so maybe that adjust their performance down the road. But I just think we need a clearing, kind of stable operating environment in Las Vegas. In our case, I don't think it's as much driven by our CapEx and disruption.

你想想那個人口結構與那些客戶，我們這個業務分部的表現符合我們的預期。現在客戶待在家附近、不出遠門旅行。因此也許這會在未來調整他們的表現。但我只是認為，我們需要拉斯維加斯出現一個出清、相對穩定的營運環境。就我們的情況而言，我不認為主要是由我們的資本支出（CapEx）與擾動所驅動。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

We haven't seen a ton of M&A post COVID to kind of give us this evidence. But in a period where after where these properties have run much more efficient in general, when you look at M&A, are you finding it harder to underwrite synergies and deals with a lot of the costs stripped out of the businesses compared to kind of what you saw prior to 2020?

COVID 之後我們沒有看到太多併購（M&A）來提供這方面的證據。但在一個這些物業整體上已經更有效率運作的時期，當你們看併購時，是否會發現相較於 2020 年之前，因為企業已把很多成本剝離掉，導致更難去承作（underwrite）協同效益與交易？

I would say that post-COVID and as time has moved on, it's probably more the expectation of the sellers than it is our ability to kind of underwrite synergies, and so the sellers now have a very high expectation of getting a part of those synergies as part of any sort of a purchase price even though we have to do all the work to achieve them and take the risk of actually achieving them. The seller wants a part of them. So that's probably the bigger dynamic. It's less about that these operations are more efficient today. So I guess that would be my answer to you.

我會說，COVID 之後隨著時間推進，問題可能更多在於賣方的預期，而不是我們是否有能力去承作協同效益。因此現在賣方對於在任何收購價格中分得一部分協同效益，有非常高的期待——即使是我們必須做所有工作才能實現它們，並承擔是否真的能實現的風險，賣方仍想分一杯羹。所以那可能是更大的動態。與其說是這些營運今天更有效率，倒不如說是賣方預期更高。我想這就是我對你的回答。

Okay. And then Sam's Town, understanding that it was a small property, kind of what was the rationale behind that sale? And as you look across more of your entire portfolio, are there assets in your portfolio that kind of fit similar criteria that you could look to divest?

好的。那再談 Sam's Town，理解它是一個小型物業，出售背後的理由是什麼？以及當你們檢視整個投資組合時，是否還有符合類似條件、可能考慮出售（divest）的資產？

Are you referencing Sam's Town Tunica or --?

你指的是 Sam's Town Tunica，還是——？

The sale of the Bally's.

Bally's 的出售。

Oh, Sam's Town Shreveport property. Look, I think you can look at both Tunica and Shreveport and they're in the same general category, which were -- these are very small properties from a EBITDA production standpoint, no longer kind of critical to the success of the portfolio.

喔，是 Sam's Town Shreveport 物業。你看，我認為你可以把 Tunica 和 Shreveport 都歸在同一類：也就是——從 EBITDA 產出角度來看，這些都是非常小的物業，對投資組合的成功而言已不再是關鍵。

There was a point in time when Sam's Town Tunica being our very first property outside of Nevada and Shreveport being in the mix as we had our early growth spurt. But given the profile today, the competitive landscape, and just where we're going as a company. They just didn't make sense for us to continue.

曾經有一段時間，Sam's Town Tunica 作為我們在內華達州以外的第一個物業，而 Shreveport 也在我們早期快速成長時期的版圖之中。但以今天的資產輪廓、競爭格局，以及我們公司未來的方向來看，繼續持有它們對我們而言就不太合理了。

Are there more? I don't think so. I think we're pretty happy with the portfolio absent those two properties. But that's how to think about that. There was a very small, not significant producers to the overall EBITDA of the company.

還有更多嗎？我不這麼認為。我想，除了那兩處物業之外，我們對這個投資組合相當滿意。但這就是看待這件事的方式。那對公司整體 EBITDA 來說，是非常小、並不顯著的貢獻者。

James Hardiman, Citi.

James Hardiman，花旗。

I was wondering if there's any way to quantify the Suncoast disruption to the Locals market in the first quarter and I guess for the year. I guess as I think about that $7 million shortfall versus a year ago in the Locals market, that was certainly bigger than where the Street was assuming. I didn't know if you've called out the Suncoast disruption from a timing perspective. I didn't know if that's ultimately going to be bigger than you previously thought or just earlier than you previously thought, in which case maybe you get some of that back for the year.

我想知道是否有任何方式可以量化第一季、以及我猜是全年，Suncoast 對本地客（Locals）市場造成的干擾。我在想，相較去年本地客市場少了 700 萬美元，這確實比市場原先假設的還要大。我不確定你們是否從時點的角度特別點出 Suncoast 的干擾。我不確定這最終會不會比你們先前想的更大，或只是比你們先前想的更早發生；如果是後者，也許全年你們能把其中一部分追回來。

But ultimately, just trying to figure out what portion of that delta was just that piece versus the destination shortfall which you've outlined, I think, here pretty well, maybe $5 million to $6 million, and then sort of the underlying Locals customer?

但歸根結底，我只是想弄清楚，那個差異（delta）中有多少部分只是那一塊因素，相對於你們已經在這裡說得很清楚的目的地客（Destination）短缺，我想大概是 500 萬到 600 萬美元，然後再加上本地客客群本身的基礎表現？

Yeah. So I think if you look at the Locals business, it was off year over year by about $6.5 million. I would attribute probably $5 million to destination and about $1.5 million to Suncoast disruption, recognizing that it was -- that wasn't a full quarter. That was a partial quarter, and we'll get a full quarter level of impact in Q2 and part of Q3 as well.

是的。所以我想如果你看本地客業務，年對年大約少了 650 萬美元。我會把其中大概 500 萬歸因於目的地客，約 150 萬歸因於 Suncoast 的干擾，並且要注意那——那不是整整一季的影響。那是一個部分季度，而我們會在第二季看到整季等級的影響，第三季也會有一部分影響。

The one thing I would say is that we've -- as Keith alluded to earlier in his remarks and that we've commented on in the past is we have been very pleased with the management team at Suncoast in terms of how they've managed through the construction disruption to the point where we didn't really even see it. The property was performing on par with prior year in many cases. In some cases, it was exceeding prior year. And I think we basically -- and you can look back at our comments and some of the things I've said as well, which was basically like we don't they're doing such a good job. Maybe we won't see the impact of construction disruption.

我想我會說的一點是，我們——正如 Keith 先前在他的發言中提到、而且我們過去也評論過——我們對 Suncoast 的管理團隊在施工干擾期間的管理方式非常滿意，滿意到我們幾乎沒有真正感受到。該物業在很多情況下的表現與去年同期相當。有些情況下，甚至超過去年同期。我想我們基本上——你們也可以回頭看我們的評論以及我說過的一些話——大意就是：我們覺得他們做得太好了，也許我們不會看到施工干擾的影響。

But ultimately, in the first quarter, and we said, we'll let you know when we see it. And so we're seeing it, and we're letting you know. The -- it was just became such a big bite in terms of the area of the casino that was being affected. So I would say we were pleased and kind of -- they have performed well and raised our expectation that there wasn't going to be any and then we've encountered it. And I think basically --

但最終，在第一季，我們也說過，我們看到時會告訴你們。所以我們現在看到了，也就告訴你們。那——受影響的賭場區域範圍變得非常大，所以我會說我們原本很滿意，而且某種程度上——他們表現得很好，讓我們提高了預期，覺得可能不會有影響；但後來我們確實遇到了。我想基本上——

We'll continue to see this in Q2, as Josh said, and partway through Q3 until we get open. And just temporarily, it's a combination once again of fewer slot devices on the floor as well as we just hit our kind of most popular area of the floor as part of the process. So yeah.

正如 Josh 所說，我們會在第二季以及第三季的一段時間內持續看到這個情況，直到我們重新開放為止。而且這只是暫時性的；它再次是多種因素的組合：一方面是場內的角子機台數量較少，另一方面是我們在施工過程中剛好影響到場內最受歡迎的區域之一。所以，是的。

Got it. And then to that point, just a clarification. The $1.5 million impact in the first quarter, what's the full quarter look like? Is that a $3 million impact if we're thinking about both 2Q and 3Q? And maybe to just cut to the chase, I think the takeaway for a lot of people on this call is that whereas previously we were holding out hope that the Locals segment could ultimately peak out a little bit of growth this year, doesn't sound like we should be assuming that anymore.

了解。那就這點再澄清一下。第一季 150 萬美元的影響，若以整季來看會是什麼樣子？如果我們同時考量第二季和第三季，那會是 300 萬美元的影響嗎？另外，或許直接切入重點，我想這通電話上很多人的結論是：先前我們還抱持希望，本地客部門今年最終可能會有一點成長；但聽起來我們不應該再這麼假設了。

And I know you talked a lot about the Destination business, obviously, Destination impacts both Locals and Downtown. But just to clarify, is it still possible, likely unlikely that Locals can sort of eke out a little bit of growth based on that fourth quarter improvement?

我知道你們談了很多目的地客業務；顯然目的地客同時影響本地客與市中心（Downtown）。但再確認一下：基於第四季的改善，本地客是否仍有可能、很可能或不太可能勉強擠出一點成長？

Yeah. I think we've given you enough information to be able to take your own projections and figure it out. Ultimately, when you think about -- to your first part of your question, Suncoast is $1.5 million. So $2.5 million to $3 million for Q2 and $2.5 million or $2 million to $2.5million for Q3 is probably a reasonable expectation. But then Suncoast should start contributing to the results. And as I said earlier, you'll get benefit from Cadence.

是的。我想我們已經提供了足夠資訊，讓你們可以用自己的預測去推算。最終，回到你問題的第一部分，Suncoast 是 150 萬美元。所以第二季大概 250 萬到 300 萬美元，第三季大概 200 萬到 250 萬美元，可能是合理的預期。但之後 Suncoast 應該會開始對結果做出貢獻。而且如我先前所說，你們也會從 Cadence 取得好處。

Then some easier comparisons as we get through the second half of the year. So again, we don't typically provide guidance. We're getting pretty close to the line. So as Josh said, I think there's enough information out there to figure it out from there.

然後隨著我們進入下半年，對比基期也會更容易一些。所以再說一次，我們通常不提供指引。我們已經很接近那條線了。所以如 Josh 所說，我想外界已經有足夠資訊可以從那裡推算。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行。

Just wanted to ask on Par-A-Dice post the approval to be in the expansion and modernization. Given the success you have had at Treasure Chest, how would you compare the build, the returns of this project compared to Treasure Chest?

我想問一下 Par-A-Dice 在獲准進行擴建與現代化之後的情況。鑑於你們在 Treasure Chest 的成功，你們會如何比較這個專案的建置與報酬率，相較於 Treasure Chest？

Yeah, it's probably not a -- it's not a fair comparison. First of all, we obviously are confident that we will get a return on the investment. Otherwise, we wouldn't be proceeding with it. But Treasure Chest is a completely different market, the New Orleans market than it is East Peoria. East Peoria has a significant number of BGTs, which are legal in Illinois, six at every bar and tavern in the area.

是的，這可能——這不是一個公平的比較。首先，我們顯然有信心能在這項投資上取得報酬；否則我們不會推進。但 Treasure Chest 所在的是完全不同的市場——紐奧良市場——而不是 East Peoria。East Peoria 有大量的 BGT（酒吧博彩終端），在伊利諾州是合法的，該地區每家酒吧與小酒館都可以有六台。

So a significant quantity of those that compete with our product. That isn't the case in the New Orleans market. And so we'll get a return. I would not be comparing it to Treasure Chest, but we will get a reasonable return on our investment.

因此，那些與我們產品競爭的數量相當可觀。但在紐奧良市場並非如此。所以我們會取得報酬。我不會把它拿來和 Treasure Chest 比較，但我們會在投資上取得合理的報酬。

Yes, you have to realize the Treasure Chest returns after tax, probably over 25%. So it was a good investment.

是的，你必須了解 Treasure Chest 的稅後報酬率可能超過 25%。所以那是一筆很好的投資。

Okay. And then I just want to make sure I heard you right on the cash taxes. Did you say a $45 million to $50 million refund for this year?

好的。然後我只是想確認我聽得沒錯，關於現金稅（cash taxes）。你是說今年會有 4,500 萬到 5,000 萬美元的退稅嗎？

Not refund. It's a timing difference, basically. We get accelerated depreciation that then just makes depreciation -- you depreciate it quicker and then end up owing taxes on it three years from now instead of five years from now. So yeah, so it's about -- the benefit of the accelerated depreciation yields about a $45 million to $50 million incremental tax benefit to us for this year.

不是退稅。基本上是時點差異。我們取得加速折舊，這會讓折舊——你折舊得更快，然後你會在三年後而不是五年後為此繳稅。所以，是的，加速折舊帶來的好處，會讓我們今年多出大約 4,500 萬到 5,000 萬美元的額外稅務利益。

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

我們的問答環節到此結束。接下來我想把電話交給 Josh 作結語。

Thanks, Dave, and thanks to everyone joining the call today. Should you have any follow-up questions or need any clarifications, feel free to give us a call. Thank you.

謝謝你，Dave，也謝謝今天加入電話會議的各位。如果你們有任何後續問題或需要任何澄清，歡迎隨時打電話給我們。謝謝。