Boyd Gaming Corporation (BYD) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Boyd Gaming second-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, July 23, 2026. (Event Instructions) Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Chief Financial Officer.

下午好，歡迎參加 Boyd Gaming 2026 年第二季財報電話會議。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 7 月 23 日（星期四）舉行。(活動說明) 今天的講者為總裁暨執行長 Keith Smith，以及財務長 Josh Hirsberg。

Our comments today will include statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement.

我們今天的發言將包含《私人證券訴訟改革法》所界定的前瞻性陳述。我們發言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任何前瞻性陳述之義務。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。

There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results. 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.

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。在今天的電話會議中，我們將提及非 GAAP 財務衡量指標。如需完整的歷史非 GAAP 與 GAAP 財務衡量指標之調節表，請參閱我們的財報新聞稿以及今日提交給 SEC 的 Form 8-K；兩者皆可於 investors.boydgaming.com 取得。

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, will be available for replay in the Investor Relations section of our website shortly after the completion of this call.

由於我們無法預測特殊費用及若干支出，因此不提供前瞻性非 GAAP 財務衡量指標的調節表。今天的電話會議將於 boydgaming.com 進行即時網路直播，並將在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。

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

那麼，接下來我想把電話會議交給 Keith Smith。Keith？

Thanks, David. Good afternoon, everyone. Our second-quarter results reflect the continued benefits of our diversified business model, success of our ongoing capital investment program and broad-based growth in play across our customer segments. On a company-wide basis, revenues increased 3% and EBITDA grew 2% for the quarter when adjusting for the impact of last year's FanDuel transaction and the tax pass-through amounts related to our market access agreements.

謝謝你，David。各位下午好。我們第二季的業績反映出多元化商業模式持續帶來的效益、持續資本投資計畫的成功，以及各客群遊戲參與度的廣泛成長。以全公司而言，在調整去年 FanDuel 交易影響以及與市場准入協議相關的稅款轉付金額後，本季營收成長 3%，EBITDA 成長 2%。

This performance was led by strong growth across our Midwest and South segment, solid contributions from Boyd Interactive and increased management fees from Sky River. We also maintained operating efficiencies throughout the business, delivering property operating margins of 40%, consistent with the last several years.

此一表現主要由我們中西部與南部事業群的強勁成長、Boyd Interactive 的穩健貢獻，以及來自 Sky River 的管理費增加所帶動。我們也在全公司維持營運效率，帶動物業營運利潤率達 40%，與過去數年一致。

Strong performances of our Midwest and South, Online and Managed segments in the quarter were partially offset by continued softness in destination business in Las Vegas, primarily at the Orleans, and ongoing construction disruption at the Suncoast. Excluding the Orleans and Suncoast, the balance of our Las Vegas Locals segment delivered revenue and EBITDAR growth, strong margins during the quarter, reflecting the continued strength of our local customer. And while we are only three weeks into the third-quarter, the overall trends of the second-quarter are continuing into July.

本季中西部與南部、線上及受託管理事業群的強勁表現，部分被拉斯維加斯目的地業務持續疲弱（主要在 Orleans）以及 Suncoast 持續施工干擾所抵銷。若排除 Orleans 與 Suncoast，我們拉斯維加斯在地客（Las Vegas Locals）事業群其餘物業於本季實現營收與 EBITDAR 成長並維持強勁利潤率，反映在地客群持續強勁。雖然第三季才過三週，第二季的整體趨勢仍延續至 7 月。

Now looking at our results by segment. First, our Midwest and South segment delivered a strong performance on top of last year's solid results. Revenues grew 3% in the quarter, led by growth in gaming revenues, while EBITDA grew 4% with property margin expanding to nearly 38%. This was the segment's strongest margin in almost two years, demonstrating our continued ability to drive operating efficiencies throughout our business.

接著按事業群檢視我們的業績。首先，中西部與南部事業群在去年穩健成果的基礎上，本季再度交出強勁表現。本季營收成長 3%，主要由博彩營收成長帶動；EBITDA 成長 4%，物業利潤率擴張至接近 38%。這是該事業群近兩年來最高的利潤率，展現我們持續推動全公司營運效率的能力。

These results were supported by growth in play from both our core and retail customers, our guests continue to stay and spend closer to home. We are also benefiting from our property investments throughout the segment with our recent hotel renovations and new food and beverage offerings contributing to our strong performance across the Midwest and South. In addition, we continue to deliver growth at properties where we have made larger, more strategic investments such as Treasure Chest and Ameristar St. Charles.

這些成果來自核心與零售客群遊戲參與度的成長；我們的賓客持續選擇在離家更近的地方停留與消費。我們也受惠於該事業群各物業的投資，近期的飯店整修與新增餐飲（F&B）選項，促成中西部與南部整體強勁表現。此外，我們在 Treasure Chest 與 Ameristar St. Charles 等進行較大且更具策略性投資的物業，仍持續帶來成長。

Moving to our Las Vegas Locals segment. While our Las Vegas Locals business continues to be impacted by softer destination business and ongoing construction activity at the Suncoast, overall gaming revenues for the segment were even with prior year with stable play from our core and retail customers.

接著談拉斯維加斯在地客事業群。雖然拉斯維加斯在地客業務仍受到目的地業務轉弱及 Suncoast 持續施工活動影響，但該事業群整體博彩營收與去年同期持平，核心與零售客群的遊戲參與度保持穩定。

Excluding the Orleans and Suncoast, the remainder of our Las Vegas Locals segment achieved solid results for the second-quarter. Revenues from these properties increased 4% in the quarter, driven by increases in gaming revenue, while EBITDAR grew 3% and margins once again exceeded 50%. The growth in gaming revenue was driven by increased play our core and retail guests, demonstrating the underlying strength of our locals customer.

若排除 Orleans 與 Suncoast，我們拉斯維加斯在地客事業群其餘物業於第二季取得穩健成果。這些物業本季營收成長 4%，由博彩營收增加所帶動；同時 EBITDAR 成長 3%，利潤率再次超過 50%。博彩營收的成長來自核心與零售賓客遊戲參與度提升，顯示在地客群的基本面仍然強勁。

And while results of the Suncoast for both our first and second-quarter were impacted by construction activity, we expect to finalize our renovations of the casino floor and other public areas by the end of the third-quarter. Once this work is complete, we will have modernized all public spaces in the building, including the entire casino floor, the sports book, bingo room and the high limit room, and we will significantly enhance our food and beverage offerings, expanded and refreshed the property's meeting space. As a result, we expect to deliver improved performance at the Suncoast starting in the fourth-quarter.

此外，Suncoast 在第一季與第二季的業績皆受到施工活動影響；我們預期將於第三季末完成賭場樓層及其他公共區域的整修。工程完成後，我們將使大樓內所有公共空間現代化，包括整個賭場樓層、體育博彩區（sports book）、賓果室與高額限額室（high limit room）；同時將大幅提升餐飲（F&B）供應，並擴充與翻新該物業的會議空間。因此，我們預期 Suncoast 自第四季起將呈現改善的營運表現。

We are also finalizing plans for a refresh of the Orleans casino floor in public spaces. We expect to begin this work in the Orleans in the first half of next year. At Cadence Crossing, visitation and revenues have been strong since its debut in late March, and we remain confident we will achieve our long-term return on this investment.

我們也正在敲定 Orleans 賭場樓層與公共空間翻新計畫。我們預期將於明年上半年在 Orleans 展開此項工程。在 Cadence Crossing，自 3 月下旬開幕以來，來客量與營收表現強勁；我們仍有信心可達成此項投資的長期報酬目標。

Beyond these projects, we continue to invest in our properties throughout the Las Vegas Valley. We recently opened new restaurants in Gulf Coast, Sam's Town and Suncoast and plan to introduce others throughout the Las Vegas Valley in the coming months. We have hotel renovations underway at the Orleans and Suncoast, both of which are expected to be complete by year-end.

除上述專案外，我們持續在拉斯維加斯谷地各物業進行投資。我們近期已在 Gulf Coast、Sam's Town 與 Suncoast 開設新餐廳，並計畫在未來數月於拉斯維加斯谷地推出更多新店。我們正在 Orleans 與 Suncoast 進行飯店整修，兩者預計於年底前完成。

And we are updating our sportsbook at Sam's Town and Aliante, both opening in time for the upcoming football season. In all, by early next year, we will have renovated over 70% of our Las Vegas hotel room inventory, introduced 17 new food and beverage concepts and significantly enhanced our Southern Nevada presence with our new Cadence Crossing property and the investments we are making at the Suncoast.

我們也正在更新 Sam's Town 與 Aliante 的體育博彩區（sportsbook），兩者皆將趕在即將到來的美式足球賽季前開幕。總體而言，至明年初，我們將完成拉斯維加斯飯店客房庫存超過 70% 的翻新，推出 17 個全新餐飲（F&B）概念，並透過新 Cadence Crossing 物業及我們在 Suncoast 的投資，顯著強化我們在內華達州南部的布局。

Together, these investments are elevating the competitiveness and the appeal of our Las Vegas Locals portfolio and positioning the segment for long-term growth. Our confidence in our Locals business is also supported by the growth of the Southern Nevada economy. Southern Nevada employment is increasing at the fastest rate of any major metro area in the country.

這些投資正共同提升我們拉斯維加斯在地客物業組合的競爭力與吸引力，並使該事業群具備長期成長的定位。我們對在地客業務的信心，也受到內華達州南部經濟成長的支持。內華達州南部的就業成長率為全美任何主要都會區中最快。

Job growth is occurring across most major employment sectors, further diversifying the local economy has added more than 200,000 jobs outside of the hospitality sector over the last decade. Employment growth is also driving further gains in local income with weekly wages increasing at more than twice the rate of the national average.

就業成長正發生在大多數主要就業部門，進一步多元化當地經濟在過去十年中於非旅宿業部門新增超過20萬個工作機會。就業成長也正帶動當地收入進一步提升，週薪增幅超過全國平均的兩倍。

And Las Vegas remains an attractive destination for relocation, offering one of the most competitive cost of living environments in the Western United States. And all of Southern Nevada's continued growth in population, employment and personal income support our confidence in the long-term prospects for our Las Vegas Locals business.

拉斯維加斯仍是具吸引力的搬遷目的地，在美國西部提供最具競爭力的生活成本環境之一。而南內華達州在人口、就業與個人收入方面的持續成長，支持我們對拉斯維加斯本地客業務長期前景的信心。

Next, in our Downtown Las Vegas segment, trends in the business were consistent with recent quarters. While play from both core and Hawaiian guests was stable, our downtown business was impacted by lower pedestrian traffic throughout the downtown area, reflecting continued softness in destination business.

接下來，在我們的拉斯維加斯市中心分部，業務趨勢與近幾季一致。雖然核心客群與夏威夷旅客的博彩表現穩定，但我們的市中心業務受到整個市中心區域人行客流量下降的影響，反映目的地型業務持續疲弱。

Next, our online segment achieved revenue and EBITDA growth on a comparable basis. These results reflected strong growth from Boyd Interactive as well as contributions from our market access agreements that were consistent with the last several quarters.

接下來，我們的線上分部在可比基礎上實現營收與EBITDA成長。這些結果反映Boyd Interactive的強勁成長，以及我們市場准入協議的貢獻，且與過去幾季的表現一致。

Finally, our managed business grew EBITDAR by 18% year over year. This outstanding performance was driven by the recent completion of the first phase of the Sky River expansion project, significantly increased the casino floor and added a new multilevel parking structure.

最後，我們的受託管理業務EBITDAR年增18%。這項出色表現主要受惠於Sky River擴建專案第一期近期完工，顯著擴大賭場樓面，並新增一座多層停車結構。

With Phase 1 off to a strong start, we now begin to work on Phase 2, which will add a 300-room hotel, three new food and beverage outlets, full-service spa and a new entertainment and event center. Once complete in early 2028, we are confident this expansion will further strengthen Sky River's position as one of Northern California's most successful and popular gaming destinations.

第一期開局強勁之際，我們現正開始推進第二期工程，將新增一間300間客房的飯店、三個新的餐飲據點、全方位服務水療中心，以及新的娛樂與活動中心。預計於2028年初完工後，我們有信心此擴建將進一步鞏固Sky River作為北加州最成功且最受歡迎的博彩目的地之一的地位。

So in all, our second-quarter performance was driven by our diversified business model, broad-based growth in play from our core retail customers and the success of our recent capital investments. While we are investing in our properties across the country, we also continue development pipeline to drive long-term growth.

總體而言，我們第二季的表現受惠於多元化的商業模式、核心零售客戶博彩活動的廣泛成長，以及近期資本投資的成功。在全美各地持續投資我們的物業之際，我們也持續推進開發管線以驅動長期成長。

In Virginia, our resort development on the Norfolk Waterfront remains on time and on budget for a late 2027 opening. Once complete, upscale resort will be a true market leader, a 65,000 square foot casino, 200-room hotel, food and beverage outlets, live entertainment and an outdoor amenity. We will also offer the most convenient gaming destination for many of the 1.8 million residents in the Hampton Roads region as well as the 15 million tourists visit nearby Virginia Beach each year.

在維吉尼亞州，我們位於諾福克濱水區的度假村開發案仍按進度且在預算內，預計於2027年末開幕。完工後，這座高端度假村將成為真正的市場領導者，包含65,000平方英尺的賭場、200間客房的飯店、餐飲據點、現場娛樂，以及戶外設施。我們也將為漢普頓路地區約180萬居民，以及每年造訪鄰近維吉尼亞海灘的1,500萬名遊客，提供最便利的博彩目的地。

Next, in Illinois, our modernization of the Par-A-Dice Casino is in the design phase. Once complete, 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. With Par-A-Dice in the design process, we're gearing up for our next growth projects.

接下來，在伊利諾州，我們對Par-A-Dice Casino的現代化改造正處於設計階段。完工後，該專案將把Par-A-Dice轉型為單層娛樂設施，配備現代化賭場樓面與升級的配套設施，使該物業在未來多年具備成長動能。隨著Par-A-Dice進入設計流程，我們也正為下一批成長專案做準備。

One such project is in Louisiana at our Amelia Belle property. Subject to regulatory approval, we are planning to convert this property to a land-based facility with a modern casino floor and enhanced food and beverage offerings. Once design work is complete, we expect to begin construction on this project in late 2027.

其中一項專案位於路易斯安那州的Amelia Belle物業。在取得監管核准的前提下，我們計畫將該物業轉型為陸上設施，配置現代化賭場樓面並強化餐飲供應。設計工作完成後，我們預期於2027年末開始施工。

As we invest in the future growth of our business, we continue to balance our capital investments and our commitment to returning significant capital to our shareholders. To that end, we returned over $170 million to our shareholders during the second-quarter in a combination of share repurchases and dividends. Going forward, we intend to continue repurchases at a $150 million per quarter pace, supplemented by our quarterly dividend.

在投資業務未來成長的同時，我們持續在資本投資與向股東回饋可觀資本的承諾之間取得平衡。為此，我們在第二季透過股票回購與股利的組合，向股東回饋超過1.7億美元。展望未來，我們擬維持每季1.5億美元的回購節奏，並以季度股利作為補充。

In summary, this was another successful quarter for our company. On a company-wide basis, we grew both revenues and EBITDAR on a comparable basis with strong performances from our Midwest and South operations, our online segment, our managed business and much of our Las Vegas Locals portfolio. We continue to drive growth in play from our core retail customers on a company-wide basis.

總結而言，這是公司又一個成功的季度。在公司整體層面，我們在可比基礎上同時提升營收與EBITDAR，其中中西部與南部營運、線上分部、受託管理業務，以及拉斯維加斯本地客組合中的多數物業表現強勁。我們持續在公司範圍內推動核心零售客戶的博彩成長。

The capital investments we have made in our properties supported growth during the quarter and position our properties for future success. In addition, we continue to build our development pipeline to drive long-term growth. And we continued our commitment to returning capital to our shareholders, repurchasing nearly 1.9 million shares in the second-quarter alone.

我們對物業所做的資本投資支撐了本季成長，並使物業具備未來成功的定位。此外，我們持續建立開發管線以驅動長期成長。我們也持續履行向股東回饋資本的承諾，僅第二季就回購了近190萬股。

Supported by a strong balance sheet, efficient operating model and robust free cash flow, our company is well positioned for the future and to continue creating long-term shareholder value. I'd like to thank the entire Boyd team for their contributions to our continued success. Their hard work and dedication helped create memorable experiences for our guests, and we are grateful for all they do for our company. Thank you for your time today.

在強健的資產負債表、高效率的營運模式與穩健的自由現金流支持下，公司已為未來做好充分準備，並能持續創造長期股東價值。我要感謝整個Boyd團隊對我們持續成功所做的貢獻。他們的辛勤工作與投入協助為賓客創造難忘體驗，我們對他們為公司所做的一切深表感激。感謝各位今天撥冗參與。

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

接下來我想把電話會議交給Josh。

Thanks, Keith. During the quarter, our Midwest and South segment delivered another strong performance, contributing revenue and EBITDAR growth as well as achieving margins that were their highest in nearly two years. And in our Online and Managed segments, we also produced strong results on a comparable basis. And in Las Vegas, excluding Orleans and Suncoast, Las Vegas Locals segment generated revenue and EBITDAR growth while continuing to deliver margins over 50%.

謝謝，Keith。本季，我們的中西部與南部分部再度交出強勁表現，帶動營收與EBITDAR成長，並達成近兩年來最高的利潤率。而在我們的線上與受託管理分部，我們同樣在可比基礎上取得強勁成果。在拉斯維加斯方面，若排除Orleans與Suncoast，拉斯維加斯本地客分部實現營收與EBITDAR成長，同時持續維持超過50%的利潤率。

As a result of Boyd Interactive's strong performance, we are raising full year guidance for our Online segment by $5 million to $35 million to $40 million full year 2026. And given the positive response to Sky River's recent expansion, we are raising our guidance by $3 million for our Managed business to $113 million to $117 million for the full year.

由於Boyd Interactive表現強勁，我們將線上分部的全年指引上調500萬美元，至2026全年3,500萬至4,000萬美元。此外，鑑於市場對Sky River近期擴建的正面回應，我們將受託管理業務的全年指引上調300萬美元，至全年1.13億至1.17億美元。

During the quarter, we invested $142 million in capital expenditures, bringing year-to-date CapEx to $297 million. We remain on track to spend between $650 million and $700 million for the full year.

本季我們投入1.42億美元的資本支出，使年初至今的資本支出（CapEx）達到2.97億美元。我們仍按計畫在全年投入6.5億至7億美元。

Our full year capital expenditure estimate includes about $250 million of maintenance capital, $75 million in incremental hotel capital associated with our Orleans hotel remodel, which is on track to be completed by the end of this year, $50 million in growth capital primarily related to completing Cadence and the design and preconstruction efforts related to our Par-A-Dice project. Finally, $300 million for our casino resort development in Virginia.

我們的全年資本支出估算包含約2.5億美元的維護性資本、7,500萬美元與Orleans飯店翻新相關的額外飯店資本（該翻新案預計於今年底前完成）、5,000萬美元的成長型資本（主要用於完成Cadence，以及Par-A-Dice專案的設計與施工前準備工作）。最後，另有3億美元用於我們在維吉尼亞州的賭場度假村開發案。

In terms of our capital return program, during the second-quarter, we paid $15 million in dividends and repurchased $156 million, 1.9 million shares at an average price of $83.60 per share. Our actual share count at the end of the second-quarter was 73.1 million shares.

就資本回饋計畫而言，第二季我們支付1,500萬美元股利，並以每股平均83.60美元回購1.56億美元、190萬股股票。第二季末的實際流通股數為7,310萬股。

We plan to continue repurchasing approximately $150 million in shares per quarter, putting us on track inclusive of dividends to return more than $650 million to shareholders this year representing approximately $9 per share in value for our shareholders. Since we began our capital return program in late 2021, we have returned over $3 billion to our shareholders, reducing our share count by 35%.

我們計畫持續每季回購約1.5億美元的股票，若加計股利，將使我們有望在今年回饋股東超過6.5億美元，約相當於每股為股東創造約9美元的價值。自我們於2021年末啟動資本回饋計畫以來，我們已向股東回饋超過30億美元，並將流通股數減少了35%。

Even with our capital investments plus capital return program, our balance sheet remains strong. We finished the quarter with traditional leverage of 2.2 times and lease-adjusted leverage of 2.7 times. We have ample capacity available under our credit facility and our next debt maturity is in December 2027, which we intend to refinance later this year or in the first half of 2027.

即使在進行資本投資並推動資本回饋計畫的同時，我們的資產負債表仍然強健。本季末，我們的傳統槓桿倍數為2.2倍，經租賃調整後的槓桿倍數為2.7倍。我們在授信額度下仍有充足可用額度，而我們下一筆到期債務在2027年12月；我們計畫在今年稍晚或2027年上半年進行再融資。

Debt balances at June 30 reflected $267 million in tax credit payments made during the second-quarter that were related to last year's FanDuel transaction. And finally, as a reminder, we previously announced we had entered into an agreement to sell our Shreveport property. We expect to complete the sale of this property by the end of July.

截至6月30日的債務餘額反映了第二季支付的2.67億美元稅額抵減款項，該款項與去年FanDuel交易相關。最後提醒一下，我們先前已宣布已簽署協議出售我們位於什里夫波特（Shreveport）的物業。我們預期將於7月底前完成該物業的出售。

So in conclusion, our second-quarter results reflected the benefits of our diversified business model, our ongoing capital investment program, broad-based growth in play from our core and retail customers. Our strong balance sheet, consistent operating performance and robust free cash flow all position us well to continue creating long-term value for our shareholders.

總結而言，我們第二季的結果反映出多元化商業模式的效益、持續的資本投資計畫，以及核心與零售客群帶動的廣泛遊戲成長。我們強健的資產負債表、穩健一致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。

David, this concludes our remarks, and we're now ready to take any questions.

David，我們的說明到此結束，現在準備回答各位的提問。

(Event Instructions) Barry Jonas, Truist Securities.

（活動指示）Truist Securities 的 Barry Jonas。

Keith, you mentioned guests staying closer to home in the opening remarks. Can you talk a little bit more about what may be driving growth in the Midwest and South? And maybe how sensitive you think that outlook is to all the macro volatility we're seeing?

Keith，你在開場致詞中提到旅客更傾向在離家較近的地方停留。你能否再多談一些，可能是什麼因素在推動中西部與南部的成長？以及你認為在我們看到的各種總體波動下，這個展望的敏感度有多高？

Sure. Look, I think we've seen guests or believe that guests are staying closer to home and spending their dollars closer to home for the last several quarters, whether that's a result of just everything going on in the world or higher airfares, it just appears that our Midwest and South portfolio is outperforming our Las Vegas portfolio.

當然。我想我們已經看到、或認為旅客在過去幾個季度都更傾向於待在離家較近的地方，並把消費花在離家較近的地方；不論這是因為世界上發生的各種事情，或是機票價格上升所致，總之看起來我們在中西部與南部的資產組合表現優於拉斯維加斯的資產組合。

And so whether that's -- what all that is driven by how all that comes together, there's a lot going on with the consumer these days. For higher-end consumer, they're in the stock market, they're doing quite well. There are tax credits from One Big Beautiful bill. There are larger tax refunds this year, and those are all offset by things like higher gas prices and higher inflation.

至於這背後的驅動因素、以及各種因素如何交織在一起，現在消費者端確實有很多變化。對於高端消費者而言，他們參與股市，表現相當不錯。「One Big Beautiful」法案帶來稅額抵減。今年退稅金額也更高，而這些利多又被例如油價上升與通膨走高等因素所抵銷。

So all of that nets out, as we can report, we're seeing good growth from our core customers, good growth from our retail customers in the Midwest and South. But importantly, we also see that here in Las Vegas in our locals region. The locals region for Boyd, anyways, is really impacted by declines in the destination side of the leagues. But when it comes to the Las Vegas Locals customer, we see good growth there also.

綜合來看，我們可以回報的是：在中西部與南部，我們的核心客群與零售客群都呈現良好成長。但重要的是，我們在拉斯維加斯的本地市場也看到同樣情況。對Boyd而言，本地市場其實很容易受到目的地客群下滑的影響。但就拉斯維加斯本地客群而言，我們也看到良好成長。

Great. And that maybe goes into my follow-up. I wanted to ask about the destination business in the Locals. Was the negative, say, year over year EBITDA impact in this quarter about similar to what you guys saw last quarter? And maybe just walk us through how that shifts going into Q3 when I believe we lap comparisons.

了解。這也許就帶到我的追問。我想問一下本地市場中的目的地業務。本季EBITDA年對年為負的影響，大致是否與上季相近？另外，能否帶我們了解一下，進入第三季、我相信比較基期將結束（lap comparisons）時，情況會如何變化？

Yeah. So Barry, this is Josh. I'll try to take that. So I would say that in the Las Vegas locals market or segment for us, destination continued to be an impact. It was a similar level at around $5 million of EBITDAR. That's the level we've seen really very consistently since Q3 of last year. I think when we anniversary it in Q3 of this year, it's not realistic to really expect it to kind of pivot to flat to positive.

好的。Barry，我是Josh。我來回答看看。我會說，就我們而言，在拉斯維加斯本地市場／區隔中，目的地客群仍持續造成影響。影響程度相近，EBITDAR約為500萬美元。這個水準自去年第三季以來其實一直相當一致。我認為當我們在今年第三季進入同期間比較時，並不現實期待它會轉為持平或轉正。

We just don't see any indication that those trends are changing. I think our expectation is things just to be less bad. I think we've put a number out there of around $3 million is kind of our best estimate for Q3. I think a similar amount probably for Q4, maybe a little bit not as bad as Q2, but similar level. So destination for us has been very consistent.

我們沒有看到任何跡象顯示這些趨勢正在改變。我想我們的預期是情況只是「沒那麼糟」。我們先前給出的數字大約是300萬美元，這是我們對第三季的最佳估計。第四季可能也是類似的金額，或許會比第二季稍微沒那麼糟，但大致同一水準。因此，對我們而言，目的地業務一直非常一致。

Don't expect to flip just because we haven't really seen any indication changing getting worse or getting better, but I just don't think it's realistic to expect all of a sudden start to improve once we anniversary. So kind of a less bad scenario for us. I think similarly, with another impact during the quarter was Suncoast construction disruption. Keith mentioned it.

不要期待會翻轉，因為我們確實沒有看到任何變化的跡象——不論是變得更差或變得更好；但我也不認為在進入同期間比較後，就能不切實際地期待它突然開始改善。所以對我們而言是「沒那麼糟」的情境。我想同樣地，本季另一個影響因素是Suncoast施工造成的干擾，Keith有提到。

It was the first-quarter that we saw a full impact of construction disruption. And we estimate that to have been around about $3 million for Q2. And we expect that to be a similar level in Q3 before Suncoast comes online and starts to contribute in Q4. And then obviously, the last piece of the Las Vegas locals, and you really didn't ask about this, but I'll just volunteer it, is Cadence, which has had a good start in terms of revenue growth, and we're kind of adjusting the expense side of things as we move through time.

第一季我們首次看到施工干擾的完整影響。我們估計第二季約影響300萬美元。我們預期第三季也會是類似水準，之後Suncoast上線並在第四季開始貢獻。然後，拉斯維加斯本地市場的最後一塊——你其實沒有問到，但我補充一下——是Cadence；就營收成長而言，它有一個不錯的開局，而我們也會隨時間推進調整費用端。

We expect Cadence to start contributing later in Q3 and then continue to ramp into Q4 and after. So those, I think, are the moving pieces that's going on within the Las Vegas market. And I think the last point I would make is that the truly local customer remains pretty -- remains healthy for us. And that's what's on the gaming revenue side, mitigating the impacts that we're seeing from destination customers and some of that construction disruption.

我們預期Cadence會在第三季後段開始貢獻，並在第四季及之後持續爬坡。我想以上就是拉斯維加斯市場內正在發生的幾個變動因素。最後我想補充的是，真正的本地客群對我們而言仍然相當——仍然健康。在博彩收入端，這有助於抵銷我們從目的地客群以及部分施工干擾所看到的影響。

Steven Wieczynski, Stifel.

Stifel 的 Steven Wieczynski。

So Keith or Josh, wondering if you could go through the cadence of the second-quarter in the Las Vegas locals market. Just trying to get a sense for maybe what you saw across the different months in the quarter and if they were pretty similar or they were dramatically different.

Keith或Josh，我想請你們說明一下第二季在拉斯維加斯本地市場的月度節奏。我想了解本季各月份的表現是否大致相近，或是差異很大。

And then, Keith, you noted the first three weeks so far in the third-quarter in July were similar to the second-quarter. I just want to be sure that, that means outside of Orleans and Suncoast, the rest of the portfolio is performing in line with recent trends. I want to make sure I heard that right.

另外，Keith，你提到第三季截至目前7月的前三週與第二季相似。我想確認一下，這是否表示撇除Orleans與Suncoast之外，其餘資產組合的表現與近期趨勢一致。我想確認我是否聽對了。

Yeah. So with respect to your last question, you heard it right, is that outside of Suncoast and the Orleans, the rest of the portfolio here locally as well as throughout the Midwest is performing the same as we saw in Q2. Once again, I know it's only three weeks, and we certainly expect it to continue, but it's only three weeks, and we certainly expect it to continue, but it's only three weeks into the quarter.

是的。關於你上一個問題，你聽得沒錯：除了 Suncoast 和 Orleans 之外，這裡本地其餘的投資組合以及整個中西部的表現，都和我們在第二季看到的一樣。再說一次，我知道這才三週，我們當然預期會延續，但畢竟才三週，而且我們當然預期會延續，但這也只是本季才進行了三週。

With respect to kind of the cadence of the second-quarter, look, every month is different. And so we look at the quarter in the aggregate. June was probably a little softer. May was a little stronger. April was fine. When you combine them all in the quarter was pretty much what we expected. I would not take anything away from whether the fact May was a little stronger June was a little weaker. I don't read any trends into that at all.

至於第二季的節奏，你看，每個月都不一樣。所以我們會以整季的總體表現來看。6 月可能稍微疲弱一些。5 月稍微強一些。4 月表現不錯。把整季合在一起看，基本上符合我們的預期。我不會因為 5 月稍強、6 月稍弱就解讀出什麼。我完全不會從中讀出任何趨勢。

And Steve, this is Josh. I would just add, with Keith's comments around locals outside of Orleans and Suncoast, Midwest and South are obviously correct. Reality is even Suncoast and Orleans are performing generally in line with what we expect because we really haven't seen a change in to an inflection in either directional destination, and we haven't in the construction disruption that we expect to occur in Q2 happened to the level that we expected as well.

Steve，我是 Josh。我補充一下，依 Keith 對 Orleans 與 Suncoast 以外本地客群的評論，中西部與南部的情況顯然是正確的。實際上，即便是 Suncoast 和 Orleans 的表現也大致符合我們的預期，因為我們確實沒有看到任何方向性目的地客群出現變化或拐點；而且我們原本預期在第二季會發生的施工干擾，也確實以我們預期的程度發生了。

So I would say the business general big picture is performing just in line with what we expected coming into the quarter. And all of that continues to play out in a similar fashion so far in the first couple of weeks of July.

所以我會說，整體業務的大方向就是如同我們在進入本季時所預期的那樣在運行。到目前為止，7 月前兩週的情況也以類似的方式持續發展。

Okay. Got you. And the second question would be on reinvesting in your portfolio. And I guess my question is, I mean, you've seen strong returns from the properties that you've reinvested in. So just wondering if that makes you guys think about getting a little bit more aggressive with other assets, whether that's in the regional portfolio, whether it's -- whether that's in the Las Vegas locals market. But any color there, I think, would be helpful.

好的。了解。第二個問題是關於在你們投資組合中的再投資。我的問題是，你們在已經再投資的物業上看到了很強的回報。所以想請教，這是否會讓你們考慮在其他資產上更積極一些，不論是在區域型投資組合，或是在拉斯維加斯本地客市場？如果能提供一些補充說明，我想會很有幫助。

I would say that we're probably at a pace of reinvesting that we can comfortably handle right now. There's only so many things that you can do and do them in a high-quality fashion. So the team is fully engaged. We have a list of projects when we're done with these, that we'll continue to engage on.

我會說，我們目前的再投資速度大概是在我們可以舒適掌控的範圍內。你能做的事情就那麼多，而且還要把每件事都做到高品質。所以團隊已經全力投入。等我們完成這些之後，還有一份專案清單，我們會持續推進。

But I wouldn't expect that, that pace or the amount of money we spend is going to pick up. It will continue but it won't pick up. I think we're pretty comfortable with the cadence of and the trajectory we're on right now of these capital projects.

但我不預期那個速度或我們花的金額會加快；會持續，但不會加速。我認為我們對目前這些資本專案的節奏與所走的軌跡都相當滿意。

David Katz, Jefferies.

David Katz，Jefferies。

Good evening, everyone. Good afternoon, everybody. Two things. One, the internal investment on Amelia Belle, obviously, it presents a return opportunity. I'm frankly -- I'm just curious how the decision to focus on that one versus, say, some of the larger properties in the portfolio? Or was this really just the next best opportunity?

各位晚安。各位午安。兩件事。第一，對 Amelia Belle 的內部投資，顯然帶來回報機會。坦白說——我只是好奇，為什麼決定優先聚焦在這個案子，而不是例如投資組合中一些更大型的物業？還是說這其實就是下一個最好的機會？

Well, there's a number of factors that go into how we prioritize projects, not appropriate to kind of go into those details at this point. It's the appropriate time to tackle Amelia Belle. It's not a one-off project. We can do multiple things at a time, and we are -- once again, there's a number of other projects that we'll continue to process and we'll update you on as we get ready to start them. So Amelia Belle doesn't postpone or take the place of anything else, it just happens to be next in line for us.

嗯，我們在專案優先順序上會考量很多因素，目前不太適合在這個時間點深入那些細節。現在是處理 Amelia Belle 的適當時機。這不是一次性的專案。我們可以同時做多件事，而且我們——再說一次，還有許多其他專案會持續推進；等我們準備開始時也會向各位更新。所以 Amelia Belle 不會延後或取代任何其他事情，只是剛好輪到它排在我們的下一個。

Understood. And I think we all have talked about your boundaries for external M&A. And I think we probably have a pretty good sense of where some of the more obvious opportunities are. But I'd love to get a sense for what you're seeing out there, what your appetite is and whether we might see some external property level, M&A in the near term from you all?

了解。另外，我想我們都談過你們對外部併購（M&A）的界線。我想我們大概也很清楚一些比較明顯的機會可能在哪裡。但我很想了解你們在外面看到什麼、你們的胃納如何，以及短期內你們是否可能進行一些外部、以單一物業層級為主的併購？

Would the risk of being repetitive or something like a broken record, we've had same view on M&A. We have the same view on M&A today that we've had for quite a while. We're interested. We're always looking. It's got to be strategic, it's got to be the right asset in the right market at the right price. They have to be higher-quality assets. We've got -- the business is performing at a very high level.

冒著回答重複、像壞掉的唱片一樣的風險，我們對併購的看法一直都一樣。我們今天對併購的看法，和我們相當長一段時間以來的看法相同。我們有興趣。我們一直在看。但必須具備策略性，必須是在對的市場、對的資產、對的價格。而且必須是更高品質的資產。我們的——業務目前表現非常出色。

We're returning significant dollars to our shareholders. We have a strong balance sheet. And so we don't need to do M&A, but if the right opportunity comes along, we certainly have our eyes open, we're not afraid to execute. But once again, as it always has, has to tick those boxes. So I don't think it's any different than unfortunately, the answer I've provided in the previous years, and it remains the same today, nothing's changed for us. Just because we have a strong balance sheet and robust free cash flow doesn't have us be more or less aggressive.

我們正把可觀的資金回饋給股東。我們的資產負債表很強健。所以我們不需要做併購；但如果出現合適的機會，我們當然會保持關注，我們也不怕執行。但再說一次，一如既往，必須符合那些條件。所以我想這跟很遺憾地、我過去幾年給的答案沒有任何不同；今天仍然一樣，對我們而言沒有改變。僅僅因為我們有強健的資產負債表與充沛的自由現金流，並不會讓我們變得更積極或更保守。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

Josh or Keith, just -- I wanted to go back to locals for a second. And I think you had mentioned a bit about an ongoing or an additional renovation project at the Orleans starting in 2027, if I caught that correctly. Obviously, I think you're working on the rooms now. So could you just talk about scope and scale there, if I caught that right? Or correct me if I didn't.

Josh 或 Keith，我想再回到本地客市場談一下。我記得你們提到 Orleans 在 2027 年會開始一個持續中或額外的翻新專案，如果我沒聽錯的話。顯然我想你們現在正在做客房。所以能否談談那個專案的範圍與規模？如果我理解正確的話。如果我聽錯也請糾正我。

And then secondarily and probably more importantly, just help us think on net what construction disruption going to look like in '27 versus '26 for the segment? Obviously, Suncoast and the Orleans room should be largely done by then. So on net, should we see a little less disruption next year than what we saw this year?

另外第二點、也可能更重要的是，請幫我們思考一下：就整體而言，2027 年相較於 2026 年，這個分部的施工干擾會是什麼樣子？顯然到那時 Suncoast 和 Orleans 的客房應該大致都完成了。所以整體來看，明年的干擾是否會比今年看到的少一些？

So a couple of comments. One, you heard correctly that we're in the design process for a refresh of the Orleans, the casino space as well as the public space as it is one of our premier top properties and great proximity to the strip. And so we are in the process of going through that don't have scale and scope to announce at this point. That will come at a later date.

所以有幾點評論。第一，你聽得沒錯，我們正在進行奧爾良（Orleans）的翻新設計流程，包含賭場空間以及公共區域，因為它是我們的旗艦頂級物業之一，且距離大道（Strip）非常近。因此我們正在推進相關工作，但目前還沒有可對外宣布的規模與範圍。之後會在較晚的時間點公布。

As you think about construction disruption, one, we'd expect it to largely -- at the Suncoast, we'd expect it to largely conclude at the end of Q3. And therefore, in Q4, we expect the Suncoast to start producing better performance. As it relates to the Orleans, and I think I indicated in my prepared remarks that we'd be probably starting that project sometime in 2027, the initial part of that will be behind walls off space right now, I think a hold phase, if you will.

談到施工干擾，第一，我們預期在 Suncoast 的部分將大致於第三季末結束。因此在第四季，我們預期 Suncoast 會開始帶來更好的表現。至於 Orleans，我想我在事先準備的發言中提到，我們可能會在 2027 年某個時間點啟動該專案；初期會是在目前已被圍起來的區域、在牆後進行，我想可以說是處於一個「保留／暫置」階段。

Therefore, there will be no construction disruption at the Orleans in 2027, there will be no construction disruption at Suncoast in 2027. So as you think of the locals portfolio, it basically should be absent construction disruption.

因此，2027 年 Orleans 不會有施工干擾，2027 年 Suncoast 也不會有施工干擾。所以就本地客（locals）投資組合來看，基本上應該不會受到施工干擾。

Ben Chaiken, Mizuho.

Ben Chaiken，瑞穗（Mizuho）。

If I'm not mistaken, I think you said ex the Orleans and Suncoast revenue and EBITDAR were higher year over year. I think when you gave -- I think you gave a similar update a quarter ago and it was closer to flat. Am I reading too much into that? Or did trend sequentially accelerate?

如果我沒記錯的話，我想你說過，排除 Orleans 和 Suncoast 之後，營收與 EBITDAR 都是年增。我記得你在大約一季前也給過類似的更新，當時比較接近持平。我是不是解讀過度了？還是說趨勢在序列上有加速？

You heard right, absent Orleans and Suncoast, we did see growth in revenues and growth in EBITDAR in remaining Las Vegas Locals properties. I'll have to see if Josh has the numbers. I don't have the numbers handy in terms of did it accelerate in Q2 versus Q1.

你聽得沒錯，排除 Orleans 和 Suncoast，我們確實看到其餘拉斯維加斯本地客物業的營收成長，以及 EBITDAR 成長。我得看看 Josh 是否有數字。我手邊沒有 Q2 相較 Q1 是否加速的數據。

Yeah. Q1, I think, Ben, you're right, from memory. It was flat, more flattish in Q1, and then we saw a better performance from that group of properties in Q2. And I would say that it was contributions from a broader set of properties as we ended Q2. And we started to see, obviously, one difference is cadence from an EBITDAR perspective, that did not contribute. So just the mix of properties changed and contribution from revenue versus EBITDAR change based on the mix -- change in mix of the properties.

對。Ben，從記憶來看，你說得對，第一季是持平、比較偏持平。然後第二季我們看到那一組物業的表現更好。而且我會說，到了第二季末，貢獻是來自更廣泛的一組物業。另外我們也開始看到，顯然有一個差異是從 EBITDAR 的節奏來看，當中有些並未貢獻。所以物業組合有所變化，而營收相對於 EBITDAR 的貢獻也會因組合—也就是物業組合的變化—而改變。

Understood. That's helpful. And then just one quick one on downtown. Did airfares impact the Hawaiian play at all? And is that something you're watching for 3Q?

了解。這很有幫助。另外再快速問一個關於市中心（downtown）。機票價格有影響到夏威夷客的遊玩（play）嗎？這是你們在第三季會關注的事情嗎？

Well, airfares is something we've been watching for years, and we take a look at every day and every week, we monitor. For Q2, did not have any material impact on the visitation, play from our Hawaiian guests was relatively stable during the quarter. It wasn't materially impacted by airfares or anything else. But it's something we do pay attention to all the time because it has the potential to impact travel from Hawaii.

嗯，機票價格是我們多年來一直在看的事情，我們每天、每週都會檢視並監控。就第二季而言，對來訪量沒有任何重大影響；我們的夏威夷客人在該季的來訪與遊玩相對穩定。並未受到機票價格或其他因素的重大影響。但這確實是我們一直都會留意的，因為它有可能影響從夏威夷出發的旅遊。

Ben, from the perspective of downtown, to date, it's been really all about a similar impact or a similar topic seen in the local investment destination business. So it's just not getting the walk-in, the kind of the retail traffic downtown that we typically see from the (technical difficulty) Strip when they have high visitation. So just destination in general is affecting downtown as well.

Ben，從市中心的角度來看，截至目前，重點其實一直都和本地投資、目的地型業務所看到的影響或議題相似。也就是說，當大道（Strip）有高來訪量時，我們通常會看到的那種臨時到訪（walk-in）、零售型人流，市中心目前並沒有得到。所以整體目的地需求的狀況也同樣在影響市中心。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行（Deutsche Bank）。

I think you mentioned by early next year, you'll have been renovated over 70% of Las Vegas Hotel rooms inventory plus the new F&B concepts and you have, of course, Cadence Crossing, do you expect that to lead to getting market share in the local region?

我想你提到，到明年初，你們將完成拉斯維加斯飯店客房庫存超過 70% 的翻新，加上新的餐飲（F&B）概念，當然還有 Cadence Crossing；你是否預期這會帶動你們在本地區域取得市占率？

We certainly expect to continue to grow here. Yeah. I think the reality is if you look at our Las Vegas Locals market share without Orleans and Suncoast, which as we've talked about quite a bit of an impact for different reasons. But without those two properties, we've actually grown market share Las Vegas Locals market.

我們當然預期會持續在這裡成長。是的。我想現實是，如果你看我們在拉斯維加斯本地客的市占率（排除 Orleans 和 Suncoast；如我們談過很多次，這兩家因不同原因造成影響），但若不含這兩家，我們其實在拉斯維加斯本地客市場的市占率是有成長的。

So with Suncoast coming back online fully renovated with Cadence gaining its sea legs, so to speak, it's only been open for fairly four months at this point. But as it continues to grow, yes, we'd expect to continue to grow our market share there.

因此，隨著 Suncoast 完整翻新後重新全面上線，以及 Cadence 逐步站穩腳步（可以這麼說），目前它開業大約才四個月。但隨著它持續成長，是的，我們預期我們在那裡的市占率也會持續提升。

Okay. Then just a quick follow-up. I wanted to see if we could get an update on the current promotional environment in locals in the Midwest and South.

好的。那再快速追問一下。我想請你們更新一下，目前在中西部與南部本地客市場的促銷環境狀況。

Stable. Not much has changed. As I've said for a couple of quarters, those folks that have been aggressive over the last several quarters or last year or so, remain aggressive, those that have remained stable have remained stable. That's true both here in Las Vegas as well as around the country. We haven't -- in our markets anyways, haven't noted any considerable pickup and how aggressive people are being.

穩定。沒有太多變化。如我過去幾季所說，過去幾季或過去一年左右一直比較積極的那些業者，仍然維持積極；而一直保持穩定的，也仍然保持穩定。這在拉斯維加斯以及全國各地都一樣。至少在我們的市場裡，我們沒有注意到大家的激進程度有任何顯著升溫。

Brandt Montour, Barclays.

Brandt Montour，巴克萊（Barclays）。

Great. Thanks for the question. So I wanted to circle back to the managed -- or sorry, yeah, the managed business. Josh, you gave an updated look at how the full year, how you expect the full year to come in? The implied back half in that full year target would seem to sort of step back from the second-quarter levels. And I just want to understand what's driving that, if there's a reason for it, maybe sort of post expansion cool down? I don't know what you're seeing, but let us -- whatever you can say to help us understand that would be helpful.

很好。謝謝讓我提問。我想回到受託管理—抱歉，是的，受託管理（managed）業務。Josh，你更新了對全年表現的看法，也就是你們預期全年會落在什麼水準？以那個全年目標推算，下半年隱含的水準看起來似乎會比第二季的水準回落一些。我想了解是什麼在驅動這件事、是否有原因，例如擴張後的降溫之類？我不確定你們看到的是什麼，但任何能幫助我們理解的說明都會很有幫助。

Yeah. It is a little bit of a slowdown from what the business we saw in Q2 only anticipating that you opened something you got a lot of demand, and it will settle in at a level. But that's kind of what went into the expectation. There is still an expectation that it will grow and that's why we increased the guidance overall by $3 million. Was it $5 million? No, it was $3 million. So that will just get spread evenly over the two quarters.

是的。相較於我們在第二季看到的業務量，確實預期會稍微放緩一些；主要是因為你新開了某些東西，會帶來大量需求，之後會回落並穩定在某個水準。這大致就是納入預期的因素。但仍然預期它會成長，這也是為什麼我們把整體指引上調了 300 萬美元。是 500 萬嗎？不，是 300 萬。所以這會平均分配到接下來兩個季度。

Okay. That's helpful. And then online similar question, a little bit different. You did guide up. It doesn't seem like you're looking for a step back per se or at least it's not as obvious in the online back half. But maybe you can just break out Pala, or -- sorry, Boyd Interactive, the iGaming piece. What's the sort of cadence of momentum there? This is obviously an asset that gets overlooked, but it feels like you have some impressive growth under the hood. What else can you tell us about the path there?

好的。這很有幫助。接著是線上類似的問題，但有點不同。你確實把指引上調了。看起來你並不是在尋求所謂的退一步，至少在線上業務後半段沒有那麼明顯。但也許你可以把 Pala——抱歉，是 Boyd Interactive，也就是 iGaming 這一塊拆開來談。那邊動能的節奏大概是怎樣？這顯然是一項常被忽略的資產，但感覺你們內在其實有相當亮眼的成長。關於那條路徑，你還能跟我們分享什麼？

So I mean if you think about online, just think about it as two big buckets. One is just the market access agreements. Obviously, they got renegotiated and changed with the FanDuel transaction last year. This year, they're consistent with what we said before, that's about $1 million a month, so about $12 million a year for market access. And then the rest is really Boyd Interactive and the growth inherent in that little business. So hopefully, that gives you a sense.

所以我的意思是，如果你想線上業務，就把它想成兩個大桶。一個就是市場准入協議。很明顯，這些在去年 FanDuel 交易後已重新談判並有所變更。今年它們與我們先前所說一致，大約每月 100 萬美元，所以市場准入一年約 1,200 萬美元。其餘的主要就是 Boyd Interactive，以及那個小型業務本身內含的成長。希望這能讓你有個概念。

John DeCree, CBRE.

John DeCree，CBRE。

Wanted to go back to an earlier comment, I think I heard in the prepared remarks about operating efficiency specific to Midwest and South. Obviously, something you all have been focused on in perpetuity, but we've noticed in 1Q really that flow-through in the Midwest and South kind of step back up into the 40%-plus range. We saw the same in 2Q. And last year, we were getting some revenue growth, but really not the flow-through.

我想回到先前的一個評論，我記得在事先準備的講稿裡聽到，提到中西部與南部在營運效率方面的具體情況。顯然，這一直是你們長期以來持續關注的重點，但我們注意到在第一季，中西部與南部的流轉率（flow-through）確實回升到 40% 以上的區間。第二季我們也看到了同樣情況。而去年，我們看到一些營收成長，但流轉率其實沒有跟上。

And so Josh or Keith, curious if you could kind of tell us if you've made any changes or tweaks in the Midwest and South segment. Anything specific on the operating structure, and cost cuts or if it's just kind of mostly block and tackle, not sure if you can kind of say how you got that flow through back up to the 40s and if that's sustainable from here?

所以 Josh 或 Keith，我想請教你們是否能談談中西部與南部這個分部是否做了任何調整或微調。在營運架構上有沒有什麼具體作法、成本削減，或其實主要只是基本功（block and tackle）？不確定你們是否能說明你們如何把流轉率拉回到 40% 多，以及從這裡起是否可持續？

Thanks, John. I think that the flow-through is really a reflection. We had a little bit of trouble in the second half of last year where we had revenue growth, but limited -- more limited flow through. As we dug into it more and more, it really became obvious that, that was really largely kind of a benefits-related issue. There were some other moving pieces. But -- so we reset some of our programs to try to address that.

謝謝你，John。我認為流轉率其實是一種反映。去年下半年我們遇到一點狀況：營收有成長，但流轉率有限——更有限。當我們愈深入分析，就愈明顯發現，那主要是福利相關的問題。還有一些其他變動因素。所以我們重設了一些方案，試圖解決這個問題。

I think we've gotten it under control now. We'll see as we move through the year, will depend on usage of the plans and things of that nature as we move through the rest of the year. But for right now, outside of benefits when we look at expenses just more broadly, I think we feel like they're very manageable at this stage.

我想我們現在已經把它控制住了。接下來隨著年度推進還要再觀察，會取決於方案的使用情況以及這類因素在今年剩餘時間的變化。但就目前而言，撇開福利不談，當我們更廣泛地看費用，我們覺得在這個階段它們是非常可控的。

And that's what you're seeing not only in the flow-through in the Midwest and South and the margins there. But also outside of the Orleans and Suncoast, we're seeing good margin -- maintaining good margins in the rest of the portfolio as those were over 50% as well, not only reflecting the strength of the Locals customer here in Las Vegas, but also kind of being able to manage our expense structure.

這不僅反映在中西部與南部的流轉率與那邊的利潤率上。同時，除了 Orleans 和 Suncoast 之外，我們也看到投資組合其餘部分維持良好的利潤率——那些也都在 50% 以上；這不僅反映拉斯維加斯本地客群（Locals customer）的強勁，也反映我們能夠管理費用結構。

John, you said this. I mean, the management teams are focused on this every single day and every single week in terms of managing expenses, finding ways to continue to mitigate lower cost. And so it is something that is a huge focus all the time team always working on. Some quarters are more successful than others.

John，你也提到了。我的意思是，管理團隊每天、每週都在專注於費用管理，尋找持續降低成本、緩解成本壓力的方法。所以這一直都是非常重要的焦點，團隊也一直在做。有些季度做得比其他季度更成功。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通（JPMorgan）。

It sounds like in the Locals business, you're kind of getting through that destination softness, Suncoast, I think the disruption is in the third-quarter and then you're going to have Cadence starting to contribute, when can we start penciling in top-line growth again in this segment? Is it fair that we could see in the third-quarter? Or is this something we'll have to wait for '27 for?

聽起來在本地客群（Locals）業務方面，你們正在度過目的地需求疲弱的階段；Suncoast 我想干擾會在第三季，然後 Cadence 也會開始貢獻。那我們什麼時候可以開始在這個分部把營收（top-line）成長重新寫進模型？第三季看到是否合理？還是我們得等到 2027 年？

Yeah. So Dan, ultimately, I think, at least from an EBITDAR perspective, we expect to kind of start to see maybe flat to growth in Q4. I'm not sure if you will see -- I think you'll continue to see -- could see some revenue growth in Q3. That will just depend on how quickly we finish out Suncoast, but I'm not like the plans right now are for it to like go late into Q3. So I'm not sure if we will really get the benefit of top-line growth from the segment in Q3. I think it's really all about Q4.

是的。所以 Dan，最終我認為，至少從 EBITDAR 的角度來看，我們預期在第四季可能會開始看到持平到成長。我不確定你是否會看到——我認為你會持續看到——第三季可能會有一些營收成長。那將取決於我們完成 Suncoast 的速度，但我目前不——現在的計畫是它可能會延到第三季後段。所以我不確定第三季我們是否真的能從這個分部的營收成長中受益。我認為重點其實都在第四季。

Got it. And just a quick follow-up. Virginia, that's not something we hear a lot about. I guess it's not opening until late next year. But I guess, can you just remind us how you think about the cash-on-cash returns for that $750 million of spend there?

了解。再追問一個。維吉尼亞這個案子，我們不常聽到相關消息。我想要到明年年底才開幕。不過，你能否提醒我們，你們如何看待那筆 7.5 億美元投入的現金對現金報酬率（cash-on-cash returns）？

Yeah. So the general targets are kind of a 15% kind of cash-on-cash return for a project like that. And that's generally what we would expect it to ramp up to, maybe not necessarily in the first year, but certainly as it transitions from the first to second year.

可以。一般的目標大概是像那樣的專案要有約 15% 的現金對現金報酬率。而這通常也是我們預期它會爬坡到的水準，可能不一定在第一年就達到，但在從第一年過渡到第二年時，肯定會朝那個方向。

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

我們的問答環節到此結束。接下來我想把電話會議交回給 Josh 作結語。

Thanks, David, and thanks for everyone joining the call. If there's any follow-up questions, feel free to reach out to the company.

謝謝你，David，也謝謝各位參與本次電話會議。如果有任何後續問題，歡迎隨時與公司聯繫。