Churchill Downs Inc (CHDN) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 2025 second-quarter earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，大家好，歡迎參加丘吉爾唐斯公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Sam Ullrich, Vice President, Investor Relations.

現在我想介紹今天會議的主持人、投資者關係副總裁 Sam Ullrich 先生。

Thank you, Andrew. Good morning and welcome to our second quarter 2025 earnings conference call. After the company's prepared remarks, we will open the call for your questions. The company's 2025 second quarter business results were released yesterday afternoon.

謝謝你，安德魯。早安，歡迎參加我們的 2025 年第二季財報電話會議。在公司準備好發言之後，我們將開始回答您的問題。該公司2025年第二季經營業績於昨日下午發布。

A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by Regulation G is available at the section of the company's website titled News located at churchilldownsincorporated.com, as well as in the website's Investors section.

本新聞稿公佈了本次電話會議中要展示的期間業績和其他財務及統計信息，包括 G 條例要求的信息，其副本可在公司網站 churchilldownsincorporated.com 的“新聞”部分以及網站的“投資者”部分找到。

Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. These statements evolve a number of risks and uncertainties that could cause actual results to differ materially. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC, specifically the most recent reports on Form 10-Q and Form 10-K.

在我們開始之前，我想提醒您，我們今天所做的一些聲明可能包含前瞻性陳述。這些聲明包含許多風險和不確定性，可能導致實際結果大不相同。所有前瞻性陳述都應與我們收益報告中的警示性聲明以及我們向美國證券交易委員會提交的文件中包含的風險因素（特別是最新的 10-Q 表和 10-K 表報告）一起考慮。

Any forward-looking statements that we make are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information for future events. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com.

我們所做的任何前瞻性陳述均基於今天的假設，我們不承擔根據未來事件的新資訊更新這些陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。昨天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。新聞稿和 10-Q 表格可在我們的網站 churchilldownsincorporated.com 上查閱。

And now, I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen.

現在，我將把電話轉給我們的執行長比爾·卡斯坦延先生。

Thanks, Sam. Good morning, everyone. With me today are several members of our team, including Bill Mudd, our President and Chief Operating Officer; Marcia Dall, our Chief Financial Officer; and Brad Blackwell, our General Counsel.

謝謝，山姆。大家早安。今天和我在一起的還有我們團隊的幾位成員，包括我們的總裁兼首席營運長比爾·馬德 (Bill Mudd)、我們的首席財務官瑪西婭·達爾 (Marcia Dall) 和我們的總法律顧問布拉德·布萊克威爾 (Brad Blackwell)。

I will share an update on growth plans for our company, including with respect to the Kentucky Derby and our HRM businesses. And then Marcia will provide insight into our financial results as well as an update on our capital management strategy. After she finishes, we will take your questions.

我將分享我們公司的最新成長計劃，包括有關肯塔基德比和我們的人力資源管理業務。然後，瑪西婭將介紹我們的財務表現以及我們的資本管理策略的最新情況。她講完後，我們會回答你們的提問。

First, regarding our second quarter results, we delivered all-time record net revenue of $934 million and all-time record adjusted EBITDA of $451 million. This is the fifth consecutive second quarter that we have set records for net revenue and adjusted EBITDA.

首先，關於我們第二季的業績，我們實現了創紀錄的 9.34 億美元淨收入和創紀錄的 4.51 億美元調整後 EBITDA。這是我們連續第五個第二季創下淨收入和調整後 EBITDA 的記錄。

Now let's talk about our growth plans for the company, both near term and long term. First, regarding our planned Derby Week and Churchill Downs Racetrack. Over the last decade, we have expanded the Kentucky Derby into a week-long celebration.

現在讓我們來談談公司近期和長期的成長計劃。首先，關於我們計劃的德比周和丘吉爾唐斯賽馬場。在過去的十年裡，我們將肯塔基賽馬擴展為為期一周的慶祝活動。

In 2024, we delivered 20% growth, $30 million of incremental adjusted EBITDA in one year. Given 2024 was our 150th running of the Derby, it proved to be a strong comparison for us to beat this year, particularly given the weather we then experienced on Derby Day, and yet we achieved nearly the same level of adjusted EBITDA in 2025 for Churchill Downs Racetrack as we did in 2024.

2024 年，我們實現了 20% 的成長，一年內增量調整後 EBITDA 達到 3,000 萬美元。鑑於 2024 年是我們第 150 次舉辦德比大賽，事實證明，今年對我們來說是一個難以超越的強勁對手，尤其是考慮到當時德比日的天氣狀況，但我們在 2025 年為丘吉爾唐斯賽馬場實現的調整後 EBITDA 水平與 2024 年幾乎相同。

We expect to show meaningful 2026 and beyond based primarily on five catalysts. The first is ticketing revenue driven by unique premium experiences. Derby Week begins with opening night on the Saturday before the Kentucky Derby. We then have three days of racing and events on Tuesday, Wednesday and Thursday, each separately themed and promoted before culminating with the Kentucky Oaks on Friday and the Kentucky Derby on the first Saturday of May.

我們預計，主要基於五個催化劑，2026 年及以後將會出現有意義的變化。首先是獨特的高端體驗所驅動的票務收入。德比週從肯塔基德比前一個週六的開幕之夜開始。然後，我們將在周二、週三和週四舉行三天的賽馬和活動，每場比賽都有單獨的主題和宣傳，最後在周五舉行肯塔基橡樹賽馬會，在五月的第一個週六舉行肯塔基德比。

This year, we had over 370,000 people attend Derby week. This is comparable to hosting five Super Bowls over the course of one week. Shaping the Kentucky Derby experience to be a week of spectacular racing and events gives us a range of different price points over the various days to attract, develop and segment our customers.

今年，我們有超過 37 萬人參加德比週。這相當於一週內舉辦五場超級盃比賽。將肯塔基德比體驗打造為一周的精彩賽事和活動，讓我們能夠在不同的日子裡提供一系列不同的價格點來吸引、發展和細分我們的客戶。

With the finale, the Kentucky Derby itself, where we have proven our ability to design and segment customer experiences at an entirely different level. The demand for the Kentucky Derby and for Derby Week tickets is growing. We will continue to deliver special customer experiences while selectively and thoughtfully pricing them based on rising customer demand, especially for our premium offerings.

在肯塔基賽馬會決賽中，我們證明了我們有能力在完全不同的層面上設計和細分客戶體驗。肯塔基賽馬會和賽馬週門票的需求正在增長。我們將繼續提供特殊的客戶體驗，同時根據不斷增長的客戶需求，選擇性地、周到地定價，特別是對於我們的優質產品。

We expect that this approach will continue to generate meaningful adjusted EBITDA growth for Derby Week going forward. The second driver of long-term growth for Derby Week is our broadcast rights. We have had a long-standing successful relationship with NBC.

我們預計這種方法將繼續為未來的德比週帶來有意義的調整後 EBITDA 成長。德比周長期成長的第二個驅動力是我們的轉播權。我們與NBC有著長期成功的合作關係。

This year, that partnership delivered record-breaking results. Average viewership for the broadcast reached nearly $18 million, a 6% increase over 2024 and peak viewership climbed to almost 22 million people, up 8% from last year's record. These are the highest Derby viewership numbers we've seen in decades, highlighting not only the strength of our media partnership but also the continued growth in the cultural relevance and reach of the event.

今年，該合作取得了破紀錄的成果。該節目的平均收視人數達到近 1800 萬美元，比 2024 年增長 6%，最高收視人數攀升至近 2200 萬人，比去年的紀錄增長了 8%。這是我們幾十年來見過的德比收視率最高的一次，這不僅凸顯了我們媒體合作的實力，也顯示了這項賽事的文化相關性和影響力的持續增長。

We also had over 285 million social media impressions during Derby Week, a 67% increase from 2024. The interest in Derby Week has simply never been higher. In April of last year, we negotiated a new seven-year contract with NBC that begins next year with the 152nd Derby. This will provide a $10 million increase in adjusted EBITDA for 2026.

在德比週期間，我們的社群媒體曝光量超過 2.85 億次，比 2024 年成長了 67%。人們對德比週的興趣從未如此高漲。去年四月，我們與NBC簽訂了一份新的七年合同，該合約從明年第152屆德比大賽開始生效。這將使 2026 年調整後的 EBITDA 增加 1000 萬美元。

We were thrilled to announce that NBC will for the first time broadcast the Kentucky Oaks race during prime time in national television in 2026. The race will be run during the 8:00 to 9:00 hour on Friday night, May 1. Previously, the race had been run between 5 PM and 6 PM and televised on an affiliated cable network with more limited distribution and viewership.

我們很高興地宣布，NBC 將於 2026 年首次在國家電視台黃金時段轉播肯塔基橡樹賽。比賽將於 5 月 1 日星期五晚上 8:00 至 9:00 舉行。此前，比賽在下午 5 點至 6 點之間舉行，並透過附屬有線電視網絡進行直播，發行範圍和收視率都較為有限。

We believe the move to prime-time coverage on NBC will serve as a catalyst for increased viewership and wagering. This enhanced visibility also strengthens the events appeal to current and prospective sponsors. Positioning the Oaks in prime time also creates a compelling lead-in to the Kentucky Derby, further amplifying awareness, engagement and wagering around our flagship event.

我們相信，NBC 黃金時段的報導將會成為增加收視率和投注額的催化劑。知名度的提高也增強了活動對現有和潛在贊助商的吸引力。將橡樹賽馬會安排在黃金時段也為肯塔基賽馬會創造了引人注目的先導效應，進一步提高了我們旗艦賽事的知名度、參與度和投注量。

The third driver of long-term growth is wagering. This year, we once again set all-time records for wagering on the Derby Race, the full Derby Day program and Derby Week as a whole. Wagering on the Derby Race was up 11% over last year's all-time high. Derby Day wagering increased 9% over the previous record and wagering for Derby Week rose 6% above last year's benchmark.

長期成長的第三個驅動力是投注。今年，我們再次創下了德比賽馬、整個德比日活動以及整個德比周投注的歷史最高紀錄。德比賽馬的投注額比去年的歷史最高水準上漲了 11%。德比日的投注額比之前的記錄增加了 9%，德比周的投注額比去年的基準增加了 6%。

By continuing to attract the best horses from around the world and benefiting from Derby's expanding cultural relevance, we are seeing consistent growth in wagering across the week. This all helps our TwinSpires horse racing business to attract both serious as well as casual betters.

透過繼續吸引來自世界各地的最佳馬匹，並受益於德比日益擴大的文化影響力，我們看到整個一周的投注額都在持續增長。這一切都有助於我們的 TwinSpires 賽馬業務吸引認真的和隨意的賭徒。

TwinSpires horse racing set records this year for wagering, new registrations and active players during Derby Week. Our partnerships with FanDuel and DraftKings also set new Derby Week wagering records. We intend to continue building on these positive trends.

今年，TwinSpires 賽馬在德比周期間創下了投注額、新註冊人數和活躍玩家的記錄。我們與 FanDuel 和 DraftKings 的合作也創造了新的德比周投注記錄。我們打算繼續鞏固這些正面的趨勢。

The fourth driver of Derby Week growth is sponsorship and licensing. Sponsorships of the Derby grew in 2025, and we expect it will continue to grow as we expand our national and global reach through our on-site attendance, television and online audiences, social media reach and other growth initiatives.

德比周增長的第四個驅動力是贊助和授權。2025 年，德比大賽的贊助金額有所增長，我們預計，隨著我們透過現場觀眾、電視和線上觀眾、社群媒體覆蓋範圍和其他成長舉措擴大國內和全球影響力，贊助金額還將繼續增長。

And finally, the fifth driver is selective renovations and expansions through capital investment. Over the last decade, we made a series of strategic capital investments at Churchill Downs Racetrack, aimed at elevating the guest experience during Derby week and broadening our appeal to new audiences. These investments have and will deliver best-in-class returns for our investors.

最後，第五個驅動力是透過資本投資進行選擇性的翻新和擴建。在過去的十年中，我們對丘吉爾唐斯賽馬場進行了一系列戰略資本投資，旨在提升德比週期間的遊客體驗並擴大我們對新觀眾的吸引力。這些投資已經並將繼續為我們的投資者帶來一流的回報。

We successfully completed the Starting Gate Pavilion and Courtyard project on time and on budget for this year's Derby. Feedback from our guests in these newly remodeled areas has been overwhelmingly positive, with many noting the significant elevated experiences.

我們按時、按預算成功完成了今年德比大賽的起跑門亭和庭院專案。這些新裝修區域的客人回饋非常積極，許多人都表示體驗得到了顯著提升。

We are confident this project will generate strong returns for our shareholders as our customers experience and then spread the word about the improvements we've made to this section of our venue. We are making excellent progress on the renovations of two of our most prestigious and exclusive areas, the Finish Line Suites and The Mansion. We expect both previously announced projects to be completed on time and on budget for Derby Week 2026.

我們相信，隨著我們的客戶體驗並傳播我們對場館這一部分所做的改進，該項目將為我們的股東帶來豐厚的回報。我們正在對我們最負盛名和最獨特的兩個區域——終點線套房和大廈——進行翻修，並取得良好進展。我們預計先前宣布的兩個項目都將在 2026 年德比周之前按時按預算完成。

We are also deep into planning for our next project which will be focused on the area between the First Turn building and the Sky Aris. This is an exciting undertaking for us, and we will have more to share with you on our next earnings call. So stay tuned. Strategic investments will remain a key part of our long-term strategy for the Kentucky Derby as we seek to constantly improve our guest experience.

我們也正在深入規劃下一個項目，該項目將集中在 First Turn 大樓和 Sky Aris 之間的區域。這對我們來說是一項令人興奮的事業，我們將在下次收益電話會議上與您分享更多資訊。敬請關注。我們致力於持續改善賓客體驗，策略性投資仍將是肯塔基賽馬會長期策略的重要組成部分。

In summary, we anticipate that we will generate step function growth for Derby Week in 2026 based on growth in ticket revenue, from pricing and from the strategic investments we have made, as well as from the new NBC contract, increased wagering, and growth in sponsorships and licensing.

總而言之，我們預計，基於門票收入的增長、定價和我們所做的戰略投資，以及新的 NBC 合約、增加的投注以及贊助和許可的增長，我們將為 2026 年的德比周帶來階梯式增長。

Churchill Downs racetrack in the Kentucky Derby remained the crown jewel in our portfolio, and we're excited about the strong foundation these growth catalysts provide for a vibrant and successful future.

肯塔基賽馬會的邱吉爾唐斯賽馬場仍然是我們投資組合中的珍寶，我們對這些成長催化劑為充滿活力和成功的未來提供的堅實基礎感到非常興奮。

Next, turning to our HRM progress, first in Virginia. As expected, we have seen continued progress during the second quarter from the Rose. It's really encouraging because we are still in the early innings. HRM facilities in new markets like Northern Virginia take time to attract, develop and retain customers.

接下來，談談我們的人力資源管理進展，首先是在維吉尼亞州。正如預期的那樣，我們看到 Rose 在第二季度繼續取得進展。這確實令人鼓舞，因為我們仍處於初期階段。北維吉尼亞等新興市場的人力資源管理機構需要時間來吸引、發展和留住客戶。

We saw meaningful growth in the gross gaming revenues each month during the quarter when normalized for calendar differences and we are continuing to build our customer database. In central Virginia, we are on schedule and on budget with our growth project at the Richmond HRM venue.

當日曆差異標準化後，我們在本季度每個月的博彩總收入都出現了顯著增長，並且我們正在繼續建立我們的客戶資料庫。在維吉尼亞州中部，我們在里士滿 HRM 場館的成長項目按計劃和預算順利完成。

We expanded our gaming floor in May of this year and expect to complete the remaining phase in just a few weeks. We continue to make great progress in building the Roseshire Gaming Parlor in Henrico County. We are excited for the planned opening of this upscale entertainment venue in October of this year, ahead of schedule and on budget.

我們在今年 5 月擴建了遊戲廳，預計在幾週內完成剩餘階段。我們在亨利科縣的 Roseshire 遊戲廳建設方面繼續取得巨大進展。我們很高興看到這個高檔娛樂場所將於今年十月提前開業，並且沒有超出預算。

In Kentucky, we are progressing well on the Marshall Yards HRM facility in Calvert City. This will be an important addition to our portfolio of entertainment properties in the Commonwealth. We are planning to open this venue during the first quarter of 2026 on budget and on time.

在肯塔基州，我們位於卡爾弗城的 Marshall Yards HRM 設施建設進展順利。這將是我們在聯邦的娛樂資產組合的重要補充。我們計劃在 2026 年第一季按預算和時間開放該場館。

In New Hampshire, we were thrilled to announce last week the execution of definitive transaction documents to acquire 90% of the Casino Salem project located in the mall at Rockingham Park in Salem, New Hampshire, close to the Massachusetts border at Exit 2 on Interstate 93.

在新罕布夏州，我們上週非常高興地宣布，已簽署最終交易文件，收購位於新罕布夏州塞勒姆 Rockingham Park 購物中心的 Casino Salem 項目 90% 的股份，該項目靠近馬薩諸塞州邊境，93 號州際公路 2 號出口。

We intend to develop a state-of-the-art gaming and entertainment destination to draw patrons to Salem from across the significant New England market and to support charitable organizations throughout New Hampshire.

我們打算開發一個最先進的遊戲和娛樂目的地，以吸引來自新英格蘭各地的顧客前往塞勒姆，並支持整個新罕布夏州的慈善組織。

Currently, there is a temporary facility operating 100 HRMs and 13 table games. We are targeting to close the transaction in the third quarter and then we'll share more details on our future development plans. In the near term, we anticipate continuing to operate our chaser's poker room in Salem, and we have retained the rights to the associated HRM license. We will evaluate and pursue viable alternative uses for the second HRM license, which will potentially be an exciting additional opportunity.

目前，這裡有一個臨時設施，經營 100 台 HRM 和 13 張賭桌。我們的目標是在第三季完成交易，然後我們將分享更多有關未來發展計劃的細節。短期內，我們預計將繼續在塞勒姆經營追逐者撲克室，並且我們保留了相關 HRM 許可證的權利。我們將評估並尋求第二個 HRM 許可證的可行替代用途，這可能是一個令人興奮的額外機會。

Turning to Exacta. Our Exacta business has grown through the expansion of our HRM operations in Kentucky and Virginia, as well as through our third-party relationships in Kentucky, New Hampshire, and Wyoming. For our HRM operations, the Exacta technology enables us to better optimize our gaming floor and reduce the technology fees charged to our venues.

轉向 Exacta。我們的 Exacta 業務透過擴大我們在肯塔基州和維吉尼亞州的人力資源管理業務以及透過我們在肯塔基州、新罕布夏州和懷俄明州的第三方關係而成長。對於我們的人力資源管理運營，Exacta 技術使我們能夠更好地優化我們的遊戲場地並降低向我們的場地收取的技術費用。

For our third-party relationships, the Exacta technology enables state of the art HRMs with a high level of service from our team to support their ongoing expansion and growth. We will grow our Exacta business in New Hampshire as part of our Salem Casino development. Exacta technology is already supporting the temporary facility.

對於我們的第三方關係，Exacta 技術使最先進的 HRM 能夠透過我們團隊的高水準服務來支持其持續擴張和成長。作為塞勒姆賭場開發項目的一部分，我們將在新罕布什爾州擴大 Exacta 業務。Exacta 技術已為臨時設施提供支援。

Our technology will also be utilized in a new third-party facility in Wichita, Kansas, which is projected to open later this year or early next year. We are excited to support the expansion of HRMs in this new market. We continue to seek the right to implement HRM-based electronic table games. We have developed a new HRM roulette product with Interblock and look forward to expanding our suite of games with them.

我們的技術也將應用於堪薩斯州威奇托市的一家新的第三方工廠，該工廠預計將於今年稍後或明年年初開業。我們很高興能夠支持人力資源管理在這個新市場的擴張。我們繼續尋求實施基於 HRM 的電子桌面遊戲的權利。我們與 Interblock 合作開發了一款新的 HRM 輪盤產品，並期待與他們一起擴展我們的遊戲套件。

We believe this will be a great enhancement to the guest experience and will provide additional support for the horse racing industry in the future. We are working to gain approval with the appropriate state authorities.

我們相信這將大大提升賓客體驗，並為未來的賽馬產業提供額外的支援。我們正在努力獲得相關國家當局的批准。

In summary, the second quarter delivered another strong performance with record financial results, and we believe the best is still to come. Churchill Downs racetrack and the Kentucky Derby are truly unique trophy assets with powerful growth catalysts for the future.

總而言之，第二季再次表現強勁，財務表現創下紀錄，我們相信最好的還在後頭。邱吉爾唐斯賽馬場和肯塔基德比是真正獨特的獎盃資產，具有強大的未來成長催化劑。

Beyond that, we see important growth drivers across our HRM properties and jurisdictions and our wagering services and solution segments. And as we are demonstrating with the Salem Project, we continue to identify and execute high-quality growth initiatives that strengthen our business and generate strong returns for our investors.

除此之外，我們還看到了人力資源管理資產和管轄範圍以及投注服務和解決方案領域的重要成長動力。正如我們在塞勒姆計畫中所展示的那樣，我們將繼續確定和執行高品質的成長計劃，以加強我們的業務並為我們的投資者帶來豐厚的回報。

Our strategic decision making, disciplined capital allocation, strong balance sheet and diversified portfolio of high performing assets have positioned us well to drive sustainable long-term growth.

我們的策略決策、嚴謹的資本配置、強勁的資產負債表和多元化的高績效資產組合，使我們能夠推動可持續的長期成長。

With that, I'll turn the call over to Marcia, and then we will take your questions. Marcia?

說完這些，我將把電話轉給瑪西婭，然後我們會回答你們的問題。瑪西婭？

Thanks, Bill, and good morning, everyone. I'll start with a few insights into our financial results and then provide an update on capital management. First, regarding second quarter financial results. As Bill shared, we delivered all-time record second quarter revenue and adjusted EBITDA.

謝謝，比爾，大家早安。我將首先介紹我們的財務業績，然後提供有關資本管理的最新資訊。首先，關於第二季的財務表現。正如比爾所說，我們第二季度的營收和調整後的 EBITDA 創下了歷史新高。

Our Live and Historical Racing segment delivered all-time records second quarter revenue and adjusted EEDA. This segment represented nearly two-thirds of our adjusted EBITDA for the quarter. The $17 million or 6% growth in adjusted live and historical racing compared to the prior year quarter, was driven primarily by our HRM growth in Kentucky and Virginia.

我們的現場和歷史賽車部門創造了第二季收入和調整後 EEDA 的歷史新高。該部分佔本季調整後 EBITDA 的近三分之二。與去年同期相比，調整後的現場和歷史賽馬收入增長了 1700 萬美元或 6%，這主要得益於肯塔基州和弗吉尼亞州的 HRM 增長。

Churchill Down's racetrack was down $1 million which is less than 1%, driven by a very high prior year comp as a result of running the 150th Kentucky Derby last year. The Derby delivered tremendous growth in 2024, and as Bill discussed, we expect the Derby to deliver step function growth and adjusted EBITDA again in 2026.

邱吉爾唐斯賽馬場的收入下降了 100 萬美元，降幅不到 1%，這是因為去年舉辦了第 150 屆肯塔基賽馬會，導致去年同期收入非常高。德比在 2024 年實現了巨大的增長，正如比爾所討論的，我們預計德比將在 2026 年再次實現階梯式增長和調整後的 EBITDA。

All of our HRM properties in Kentucky delivered growth in the second quarter compared to the prior year. We had especially strong performance from our Northern Kentucky and Louisville HRM venues, and we also benefited from the opening of the Owensboro, Kentucky HRM venue in February of this year. The consumer trends in these markets were strong for the quarter.

與去年同期相比，我們位於肯塔基州的所有人力資源管理資產在第二季度均實現了成長。我們在北肯塔基州和路易斯維爾的 HRM 場館表現尤為出色，同時我們也受益於今年 2 月肯塔基州歐文斯伯勒 HRM 場館的開幕。本季這些市場的消費趨勢強勁。

In Virginia, or Northern Virginia, Richmond and Emporia properties collectively delivered over $8 million of growth compared to the prior year. As expected, our Virginia handle tax rate was higher for the quarter compared to the prior year quarter due to the gaming tax structure and the increase in the number of HRMs we have since we opened the Rose in November of last year.

在維吉尼亞州或北維吉尼亞州，里士滿和 Emporia 的房地產總收入與前一年相比增加了 800 多萬美元。正如預期的那樣，由於博彩稅結構以及自去年 11 月開設 Rose 以來 HRM 數量的增加，本季我們的維吉尼亞州處理稅率與去年同期相比有所上升。

Our handle tax rate will transition from 1.39% to 1.3% effective July 1 of this year. Collectively, our remaining Virginia properties were down $3 million reflecting a comparison to a strong second quarter in 2024, as well as marginally from competition near a few of our properties that reduced the level of unrated play.

從今年 7 月 1 日起，我們的處理稅率將從 1.39% 降至 1.3%。總體而言，我們在弗吉尼亞州剩餘的物業下降了 300 萬美元，這與 2024 年第二季度的強勁表現相比有所下降，同時也因為我們部分物業附近的競爭略有下降，從而降低了未評級遊戲的水平。

It is important to note that rated play at these Virginia properties reflected strong growth across all our metrics. Overall, we generated the combined 52% margin during the quarter for our same store of Virginia HRM properties.

值得注意的是，這些維吉尼亞州酒店的評級反映出我們所有指標的強勁成長。總體而言，本季我們為同一家維吉尼亞 HRM 門市創造了 52% 的綜合利潤率。

Our waitering services and solutions segment also delivered record 2nd quarter revenue and adjusted EBITDA. Adjusted EBITDA grew by nearly $2 million or 4%, compared to the prior year quarter. The Exacta business contributed over $3 million of this increase from both third-party customers and growth from our Virginia and Kentucky HRM properties.

我們的服務生服務和解決方案部門也實現了創紀錄的第二季營收和調整後的 EBITDA。與去年同期相比，調整後的 EBITDA 成長了近 200 萬美元，增幅為 4%。Exacta 業務為這一成長貢獻了 300 多萬美元，其中既包括來自第三方客戶的成長，也包括來自我們維吉尼亞州和肯塔基州 HRM 資產的成長。

Our TwinSpires horse racing revenue benefited from a record level of wagering on Derby Week. Adjusted EBITDA if for TwinSpires was down slightly due to higher legal expenses compared to the prior year quarter. And last regarding our gaming segment, our wholly-owned regional gaming properties performed relatively well in the second quarter.

我們的 TwinSpires 賽馬收入受益於德比周創紀錄的投注水平。由於法律費用與去年同期相比增加，TwinSpires 的調整後 EBITDA 略有下降。最後關於我們的遊戲部門，我們全資擁有的區域遊戲資產在第二季表現相對較好。

Regarding our Terre Haute Casino and Resort in Indiana, it is important to note that we benefited from the initial gaming tax rate in the second quarter of the prior year due to the tiered structure of Indiana's gaming tax rates and the state's fiscal year ending June 30. The gaming tax rate has since normalized at the expected long-term rate.

關於我們位於印第安納州的 Terre Haute 賭場和度假村，值得注意的是，由於印第安納州博彩稅率的分級結構以及該州截至 6 月 30 日的財政年度，我們受益於上一年第二季度的初始博彩稅率。博彩稅率現已恢復到預期的長期正常水準。

Regarding Louisiana, we've moved approximately 500 HRM machines from Louisiana to our HRM properties in Virginia and Kentucky. This will impact the comparability of our Louisiana results to the prior year. Our adjusted EBITDA for eight other wholly-owned gaming properties decreased $3.1 million.

關於路易斯安那州，我們已將大約 500 台 HRM 機器從路易斯安那州搬遷到弗吉尼亞州和肯塔基州的 HRM 設施。這將影響我們路易斯安那州業績與上一年業績的可比性。我們其他八家全資博彩公司的調整後 EBITDA 減少了 310 萬美元。

As a result, the casino margin for these properties was down 1.3 points compared to the same period in 2024. Regional gaming consumer behavior in second quarter improved. Overall, for our same store of regional gaming properties, we saw increased spend per trip from rated players with the high end of our player database delivering growth, while unrated player trends were comparable to the prior quarter.

因此，這些飯店的賭場利潤率與 2024 年同期相比下降了 1.3 個百分點。第二季區域遊戲消費者行為有所改善。總體而言，對於我們同一家區域遊戲商店而言，我們看到評級玩家的每次旅行支出有所增加，其中高端玩家資料庫帶來了增長，而未評級玩家的趨勢與上一季度相當。

Turning to capital management. We generated $455 million or $6.29 per share of free cash flow in the first half of the year, primarily from the strong cash flow generated from our businesses. We spent $31 million on maintenance capital in the first half of the year and based on a review of our maintenance capital plans for the year, we've reduced the 2025 maintenance capital projection by $10 million to $80 million to $90 million.

轉向資本管理。我們上半年產生了 4.55 億美元或每股 6.29 美元的自由現金流，主要來自我們業務產生的強勁現金流。今年上半年，我們在維護資本上花費了 3,100 萬美元，根據對今年維護資本計畫的審查，我們將 2025 年的維護資本預測減少了 1,000 萬美元，降至 8,000 萬至 9,000 萬美元。

We spent $133 million on project capital in the first half of the year and continue to expect to spend between $250 million and $290 million in 2025. Turning to share repurchases, we repurchased over $250 million of our stock in the second quarter under our share repurchase program.

今年上半年，我們在專案資本上花了 1.33 億美元，預計 2025 年將花費 2.5 億至 2.9 億美元。談到股票回購，我們在第二季根據股票回購計畫回購了超過 2.5 億美元的股票。

This week, we announced that our board approved a new common stock repurchase program of up to $500 million. This reflects our strong belief in the future growth of our company. At the end of the second quarter, our bank covenant net leverage was 4.2 times. Based on our capital investments and anticipated share repurchases, we expect our bank covenant net leverage to remain in the low 4 times range for the remainder of the year.

本週，我們宣布董事會批准了一項高達 5 億美元的新普通股回購計畫。這體現了我們對公司未來發展的堅定信心。第二季末，我們銀行契約淨槓桿比率為4.2倍。根據我們的資本投資和預期的股票回購，我們預計今年剩餘時間內我們的銀行契約淨槓桿率將保持在 4 倍的低點。

We then expect our bank covenant net leverage to decline below 4.0 times in 2026 as our investments in Virginia and Kentucky continue to deliver meaningful adjusted EBITDA and free cash flow and given our expected level of share repurchases.

我們預計，由於我們在維吉尼亞州和肯塔基州的投資繼續帶來有意義的調整後 EBITDA 和自由現金流，並且考慮到我們預期的股票回購水平，我們的銀行契約淨槓桿率將在 2026 年下降到 4.0 倍以下。

We also expect improvement in our free cash flow from favorable cash taxes because of the federal tax bill that was signed on July 4. The new tax provisions include making the 21% business tax rate and a 100% bonus depreciation rule permanent.

由於 7 月 4 日簽署的聯邦稅法案，我們也預計優惠的現金稅將改善我們的自由現金流。新的稅收規定包括永久實施 21% 的營業稅率和 100% 的獎金折舊規則。

The federal tax bill also reinstates a 30% of EBITDA based interest deduction limitation. The additional interest deductions combined with the 100% bonus depreciation will reduce our cash taxes and increase our free cash flow this year and in future years. We expect that the impact of lower cash tax payments in 2025 will be $50 million to $60 million.

聯邦稅法案還恢復了基於 EBITDA 的 30% 利息扣除限制。額外的利息扣除額加上 100% 的獎金折舊將減少我們的現金稅，並增加我們今年和未來幾年的自由現金流。我們預計，2025 年現金稅額降低的影響將達到 5,000 萬至 6,000 萬美元。

Overall, we are pleased with the record results that our team delivered in the second quarter. We are well positioned to continue to grow through the remainder of 2025 and into 2026 and beyond, fueled by the tangible pipeline of growth initiative that Bill discussed and supported by our strong balance sheet.

總體而言，我們對團隊在第二季度取得的創紀錄的業績感到滿意。在比爾討論的實際成長計畫的推動下，以及我們強勁的資產負債表的支持下，我們已做好準備，在 2025 年剩餘時間和 2026 年及以後繼續增長。

With that, I'll turn the call back over to Bill so that he can open the call for questions. Bill?

說完這些，我將把電話轉回給比爾，以便他可以開始提問。帳單？

Thanks, Marcia. Okay, everyone, we're ready to take your questions.

謝謝，瑪西婭。好的，各位，我們準備好回答你們的問題了。

(Operator Instructions) Barry Jonas, Truist.

（操作員指示）Barry Jonas，Truist。

Hey guys, good morning. I really appreciate all the commentary around the set up for growth at the Derby next year. As we think about the set up for [152] year-over-year, maybe talk about your expectations around pricing at the lower end, specifically at the Starting Gate Pavilion.

大家好，早安。我非常感謝大家對明年德比大賽發展所做的評論。當我們考慮 [152] 的同比設定時，也許可以談談您對低端定價的期望，特別是在起跑門展館。

Sure. Thanks for the question, Barry. So last year was the introduction of the Starting Gate Pavilion. And it received rave reviews. So consistent with what we often see, the word gets out, people have now had a chance to experience the improvements and there's a chance for word of mouth to spread.

當然。謝謝你的提問，巴里。所以去年我們推出了起跑門亭。並獲得了熱烈的評價。與我們經常看到的情況一致，消息傳開了，人們現在有機會體驗到這些改進，並且有機會透過口耳相傳進行傳播。

And that'll show up we expect in demand and pricing for that section. So in general, we're excited about that and expect that to be consistent with what we see when we do introduce new areas of our facility.

這將反映出我們對該部分的需求和定價預期。所以總的來說，我們對此感到興奮，並希望這與我們引入設施新區域時所看到的情況一致。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good morning. Thanks for taking my questions, Bill, I appreciate all the commentary around New Hampshire. I'd love to get just a little bigger discussion around how you see that market evolving in terms of the magnitude of investment, the opportunity for returns? What's the competitive landscape look like? What's the vision there?

早安.感謝您回答我的問題，比爾，我很欣賞有關新罕布什爾州的所有評論。我很想進行更深入的討論，您如何看待該市場在投資規模和回報機會方面的發展？競爭格局如何？那裡的景像是怎樣的？

Good morning, David. Thanks for the question. So first, I'd say that when that deal is closed, we'll be able to explain a lot more about our plans. But since we're in this stage where the transaction documents are signed, but we're going through the various approval processes, there's some restriction in my ability to talk completely about our plans. But I promise as we get the deal closed, we'll disclose quite a lot about our plans.

早安，大衛。謝謝你的提問。因此首先，我想說，當交易完成後，我們將能夠更多地解釋我們的計劃。但由於我們正處於簽署交易文件的階段，但我們正在經歷各種審批流程，因此我全面談論我們的計劃的能力受到了一些限制。但我保證，一旦交易完成，我們就會透露大量有關我們計劃的資訊。

But let's talk in general. When you think about our location in Salem, we're on Exit 2 on I-93 which is a major interstate artery coming out of Downtown Boston and running up through the suburbs. And when we think about that market in general, while there are lines on the map delineating the New Hampshire border from Massachusetts, that's all one market.

但讓我們總體上談談。當您想到我們在塞勒姆的位置時，我們位於 I-93 的 2 號出口，這是一條從波士頓市中心出發並穿過郊區的主要州際幹道。當我們從整體考慮這個市場時，雖然地圖上有界線劃分新罕布夏州和馬薩諸塞州，但那都是一個市場。

So this is an opportunity for us to tap in not only to the New Hampshire suburbs, but also to the Massachusetts suburbs for Boston. So we think it's a very strong market. The demographics, both in terms of the number of people and the wealth are there.

因此，這對我們來說是一個機會，不僅可以為波士頓開拓新罕布夏州郊區，還可以為波士頓開拓馬薩諸塞州郊區。所以我們認為這是一個非常強大的市場。人口統計數據，包括人口數量和財富，都在那裡。

Our location at the Rockingham Park Mall is a great location with us with a dedicated ingress and egress off the freeway. So it's easy to reach. It's a powerful mall that services the Massachusetts suburbs. So we couldn't be more excited about the location and the ease access to the facility.

我們位於 Rockingham Park Mall，地理位置優越，擁有專用的高速公路入口和出口。所以很容易到達。這是一家服務於馬薩諸塞州郊區的大型購物中心。因此，我們對於該設施的地理位置和便利性感到非常興奮。

So for this, it will be an HRM facility, but also, we have full table games. So we're very competitive with what you have with the Win property in the Boston market and with other facilities in the region. So we just think we have the best and brightest spot on the New Hampshire side from which to conduct our business.

因此，它將是一個人力資源管理設施，而且，我們也擁有完整的桌上遊戲。因此，與波士頓市場的 Win 地產以及該地區的其他設施相比，我們非常具有競爭力。因此，我們認為，新罕布夏州是我們開展業務的最佳地點。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi. Good morning. Thanks for taking my question. So I wanted to just circle back on some of the stats and kind of the outlook for the Derby. Focusing more on international attendance, which I think we've talked about now for a couple of years, what is the plan going forward? And what's the focus to grow that?

你好。早安.感謝您回答我的問題。因此，我想回顧一下一些數據以及對德比的展望。更多地關注國際出席率，我想我們已經討論了幾年，未來的計劃是什麼？那麼，發展這目標的重點是什麼？

And maybe a side bar of that, when you think about some of these impressions on social media, I'm guessing most of those were domestically. But does it feel like just kind of the international marketing has improved over the past couple of years? Thank you.

也許還有一個側面，當你想到社交媒體上的一些印象時，我猜其中大多數都是國內的。但過去幾年裡，國際行銷是否感覺有所改善？謝謝。

Yeah. Thanks, Chad. So one of the advantages of Thoroughbred racing is it's a global game. And most large industrialized societies that you go to around the world, you see Thoroughbred activity. So that's a huge head start for us as we build the international component of the Kentucky Derby because they're already familiar with the Derby. They know it's America's greatest race and arguably the greatest race in the world.

是的。謝謝，乍得。純種馬賽馬的優點之一就是它是一項全球性的運動。在世界各地的大多數大型工業化社會中，你會看到純種馬的活動。因此，當我們打造肯塔基德比的國際部分時，這是一個巨大的領先優勢，因為他們已經熟悉德比了。他們知道這是美國最偉大的比賽，甚至可以說是世界上最偉大的比賽。

So this isn't a product, or this isn't a brand that we have to introduce to the market, but it is one we have to develop in these different markets and that's a multiyear process. And it started with our roads to the Derby, the European and now the European and Middle Eastern road to the Derby, the Japanese road to the Derby.

因此，這不是一個產品，也不是我們必須向市場推出的一個品牌，而是我們必須在這些不同的市場中開發的一個產品，這是一個多年的過程。一切始於我們通往德比的道路、歐洲的道路，現在是通往德比的歐洲和中東之路、通往德比的日本之路。

These have all been steps to solidify our connection to some of these other markets and to build inroads to not only consumers there, particularly high-end consumers, that's really the basket of consumers we're most focused on internationally, but also to sponsorships and potential sponsors.

這些都是鞏固我們與其他一些市場聯繫的舉措，不僅是為了吸引那裡的消費者，特別是高端消費者（這實際上是我們在國際上最關注的消費者群體），也是為了吸引贊助商和潛在贊助商。

So this is an initiative internally that's very, very important to us, that's a real focus for us, and I hope we'll show real progress as early as 2026. With respect to social media, yes, the stats we tend to cite are US stats stats, but we are also building and developing social media inroads internationally as well. And as we have stats on those going forward, we'll certainly share those with you.

因此，這是我們內部的一項非常非常重要的舉措，也是我們真正關注的重點，我希望我們能夠在 2026 年儘早取得真正的進展。關於社群媒體，是的，我們傾向於引用的統計數據是美國的統計數據，但我們也在國際上建立和發展社群媒體。隨著我們掌握了未來的統計數據，我們一定會與你們分享。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

Hey, good morning, everyone. Thanks for taking my question. I wanted to touch on the federal tax bill. Marcia, it was helpful you laid out some of the impacts in 2025. I think you said $50 million to $60 million in cash tax savings. This a bit of a two parter. One, is there -- can we just kind of extrapolate that for 2026 or the best way to think about it.

嘿，大家早安。感謝您回答我的問題。我想談談聯邦稅法案。瑪西婭，你列出的 2025 年的一些影響很有幫助。我想您說的是 5000 萬到 6000 萬美元的現金稅收節省。這有點像是兩個部分。首先，我們能否推論出 2026 年的情況，或者這是最好的思考方式。

And then, along those lines in terms of your cash flow and capital allocation. Obviously announced that $500 million repurchase. You were active in the second quarter. How are you thinking about returning capital to shareholders from here just given that that Derby CapEx is still paused? Thanks.

然後，按照這樣的思路來考慮你的現金流和資本配置。明明宣布了5億美元回購。您在第二季度表現活躍。鑑於 Derby 資本支出仍處於暫停狀態，您如何考慮從現在開始向股東返還資本？謝謝。

Great, Dan. Thank you for the question. When we think about the taxable impact for 2026, we will benefit from the fact that we get a 100% bonus depreciation again in 2026 and we will also benefit from the fact that we believe nearly all 100% of our interests will be deductible as well for tax purposes in 2026. So our current estimates, and obviously, it could change that will be comparable to the number that I shared regarding the 2025 impact of $50 million to $60 million.

太好了，丹。謝謝你的提問。當我們考慮 2026 年的應稅影響時，我們將受益於 2026 年再次獲得 100% 的獎金折舊這一事實，並且我們還將受益於我們相信幾乎所有 100% 的權益在 2026 年都可以用於稅收扣除這一事實。因此，我們目前的估計顯然可能會發生變化，與我分享的 2025 年影響數字（5000 萬至 6000 萬美元）相當。

Regarding share repurchases, as Bill talked, and as we've talked in the past, we have a great strategy around capital management overall. Our real focus is investing in the Derby over the long term. We're investing very strategically to create great HRM venues, especially in Kentucky and in Virginia and now in New Hampshire, and we're very excited about that opportunity.

關於股票回購，正如比爾所說的，以及我們過去所說的，我們在整體資本管理方面有一個很好的策略。我們真正的重點是長期投資德比。我們正在進行策略性投資，以打造優秀的 HRM 場館，特別是在肯塔基州、維吉尼亞州以及現在的新罕布夏州，我們對這個機會感到非常興奮。

We are very thoughtful about strategically buying and selling assets over our journey together over the last 10 years, and we have a very significant focus on making sure we grow our dividends 7% per year. That's been a pretty consistent track record for us.

在過去 10 年的共同發展歷程中，我們非常重視策略性地購買和出售資產，並且非常注重確保每年的股息成長 7%。對我們來說，這是一個相當一致的紀錄。

And then, after all of that, we think about share repurchases in particular around investing and returning capital to our shareholders when our stock isn't reflective in the market of what we believe the true long-term value is and generally, definitely, we're secretive to EPS and free cash flow. So we're very focused on making all of the right choices to support the long-term growth and returns for our shareholders.

然後，在所有這些之後，我們會考慮股票回購，特別是當我們的股票在市場上不能反映我們認為的真正長期價值時，我們會考慮投資並向股東返還資本，一般來說，我們肯定會對每股收益和自由現金流保密。因此，我們非常注重做出所有正確的選擇，以支持股東的長期成長和回報。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

Hello, everyone. Thank you for taking my question. On the HRM side of things, Kentucky had a really strong quarter, and Virginia is ramping. Can you just give us a sense of how long the runway is for those two states to continue to grow demand, when thinking about those markets as a maturity phase even on the horizon?

大家好。感謝您回答我的問題。在人力資源管理方面，肯塔基州本季表現非常強勁，而維吉尼亞州也正在蓬勃發展。您能否告訴我們，如果將這些市場視為成熟階段，那麼這兩個州繼續成長需求所需的時間有多長？

Dan, thanks for the question. I think there's still a substantial runway that's for us to prove in the future, but our metrics look really good and there's a lot of cause for optimism. So we'll keep executing. Our teams are really strong in both those jurisdictions, and we have our game plan.

丹，謝謝你的提問。我認為未來我們還有很長的路要走，但我們的指標看起來確實很好，有很多理由感到樂觀。因此我們會繼續執行。我們的團隊在這兩個司法管轄區都非常強大，而且我們有自己的比賽計劃。

We have our processes, and we'll keep firing ahead. But so far when we look at our metrics. We see lots of cause for optimism and evidence that we need to keep doing more of what we're doing.

我們有自己的流程，我們會繼續努力。但到目前為止，當我們查看我們的指標時。我們看到很多樂觀的理由和證據表明我們需要繼續做更多我們正在做的事情。

Jordan Bender, Citizens.

喬丹·本德，公民。

Good morning, everyone. Thanks for taking the question. I want to go in a direction here that maybe isn't talked about as much with your company, and that's the prediction markets in horse racing. Bill, there's laws out there like the Interstate Horseracing Act to protect the industry.

大家早安。感謝您回答這個問題。我想談談貴公司可能很少談論的一個方向，那就是賽馬預測市場。比爾，有像《州際賽馬法》這樣的法律來保護這個產業。

So curious with the direction that prediction markets are headed, what's your view around that offering, particularly around how it might impact the Derby. Thank you.

我對預測市場的發展方向非常好奇，您對這個預測市場有何看法，特別是它對德比大賽有何影響。謝謝。

Sure, Jordan. Happy to talk about that. That's a subject that I personally pay a lot of attention to. It's a fascinating subject, and I'm on the executive committee of the American Gaming Association, and that's an audience where we talk about those sorts of things.

當然，喬丹。很高興談論這個。這是我個人非常關注的議題。這是一個非常有趣的話題，我是美國博彩協會的執行委員會成員，我們經常在那裡討論這類事情。

With respect to the Kentucky Derby and horse racing, we haven't seen it, and I think the nature of parimutuel wagering on horse racing doesn't make it as an attractive target for prediction market activity. So we haven't really seen it and it isn't something that we're really concerned about.

對於肯塔基賽馬會和賽馬，我們還沒有看到這種情況，我認為賽馬的同註分彩投注性質並不使其成為預測市場活動的有吸引力的目標。所以我們並沒有真正看到它，而且它也不是我們真正關心的事情。

And certainly, there is also the important element of the Interstate Horse Racing Act, which essentially gives us an intellectual property right and the wagering rights around our product. So in essence, you need the approval of the content producer if you want to take wagering or conduct wagering activity on our races or other parimutuel horse races.

當然，還有《州際賽馬法》的重要組成部分，它實際上賦予了我們產品的智慧財產權和投注權。因此，從本質上講，如果您想對我們的比賽或其他同註分彩賽馬進行投注或開展投注活動，則需要獲得內容製作者的批准。

So I think that's an impediment to that activity happening on that platform. But the platform in and of itself, it's a subject of a lot of discussion in the country and certainly we watch it. But it's not a risk or a particular concern for what we do with the Kentucky Derby and parimutuel wagering horse racing.

所以我認為這會阻礙該平台進行該活動。但該平臺本身是國內討論的熱門話題，我們當然會關注它。但對於我們舉辦肯塔基賽馬會和同註分彩賽馬而言，這並不是什麼風險，也不是特別令人擔憂的事情。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, good morning. Thanks for taking my question. Just going back to New Hampshire, understanding the deal is not closed, maybe more holistically in the region, does this represent a pipeline of M&A we could see more of in the region or just more of a one off for one reason or another? Thanks.

嘿，早安。感謝您回答我的問題。回到新罕布夏州，了解到交易尚未完成，也許在該地區更全面，這是否代表著我們可以在該地區看到更多的併​​購管道，還是僅僅因為某種原因而一次性發生？謝謝。

Thanks, Ben. Appreciate the question. We're focused on what we think is the best opportunity for our company in the region, which is Salem. So we're going to go out and execute that and establish for our company and for our investors that that's a smart investment and a profitable one for our company.

謝謝，本。感謝你的提問。我們專注於我們認為對我們公司來說該地區最好的機會，也就是塞勒姆。因此，我們將採取行動並執行這項計劃，為我們的公司和投資者證明，這是一項明智的投資，對我們公司來說是一項有利可圖的投資。

I do think it's an area, a state where there'll be lots of changes and lots of development over the next couple of years and we'll certainly keep our eye on that and certainly are working hard to build our expertise in that region of the country and in that state so that we understand and can evaluate effectively the market in general.

我確實認為這是一個地區、一個州，在未來幾年將會發生很多變化、有很多發展，我們一定會密切關注這一點，並且一定會努力在該地區和該州建立我們的專業知識，以便我們了解並能夠有效地評估整個市場。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Thank you. Good morning, Bill, Marcia. I thought the Oaks schedule change was interesting. I know a lot of people coming in certainly for the race get there pretty late on Friday. And I'm wondering strategically the goal of doing that, is it to drive attendance? Can you generate incremental, say, ticket sales and attendance, or is it more about what you talked about the promotional value of the lead in into Saturday?

謝謝。早安，比爾，瑪西亞。我認為 Oaks 賽程的改變很有趣。我知道很多來觀看比賽的人週五很晚才到。我想知道這樣做的策略目標是什麼，是為了提高出席率嗎？您能否創造增量，例如門票銷售和出席人數，或者更重要的是您談到的周六活動的促銷價值？

Thanks for the question, Joe. It's designed to move everything in a positive direction. But within that positive direction, points of emphasis -- the opportunity to be on national television is a chance to build the national profile of the Oaks, which is a pretty special race, but certainly it's the case that a lot of folks come to the Derby and it's all about the Derby, and they don't have as much of an understanding of the historical relevance and the specialness of the Kentucky Oaks.

謝謝你的提問，喬。它的目的是讓一切朝著正面的方向發展。但在這個積極的方向內，重點是——有機會在國家電視台播出是建立橡樹賽馬會全國形象的機會，這是一場非常特殊的比賽，但確實有很多人來參加德比大賽，一切都是為了德比大賽，他們對肯塔基橡樹賽的歷史意義和特殊性沒有太多的了解。

So a chance to build that brand with the national broadcasting platform is really important for driving wagering for driving sponsorship opportunities, for driving sponsorship awareness. So among all our growth catalysts, we think they'll move in the right direction. We expect them to move in the right direction, but as a particular point of emphasis, we want to drive Handle, we want to drive national awareness.

因此，利用國家廣播平台打造品牌的機會對於推動投注、推動贊助機會、推動贊助意識非常重要。因此，在我們所有的成長催化劑中，我們認為它們都會朝著正確的方向發展。我們希望他們朝著正確的方向前進，但作為特別強調的一點，我們希望推動 Handle，我們希望推動全國意識。

We want to drive sponsorship opportunities, and we think it's a great springboard to remind people that the Kentucky Derby is the next day. So come see the Oaks, Friday night on NBC, and it feeds right into the next day when we have the Kentucky Derby.

我們希望推動贊助機會，我們認為這是一個很好的跳板，可以提醒人們肯塔基德比就在第二天。所以，週五晚上來 NBC 觀看橡樹賽馬會吧，這將直接影響到第二天的肯塔基賽馬會。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. Thanks for taking my question. I was hoping you could talk a little bit more about the plan for the area between the First Turn and the Sky Terrace, and I don't know how much you're going to be able to say.

大家早安。感謝您回答我的問題。我希望您能再多談談第一彎道和天空露台之間區域的規劃，但我不知道您能說多少。

But I guess the question would be is this going to -- is this replacing the three year plan in a way, and how is the scope different than what you had been thinking for this area in the old plan? And then lastly, do we think it would be ready for '27, and would it potentially disrupt '26 in any way? I know that's a lot.

但我想問題是，這是否會——在某種程度上取代三年計劃，以及其範圍與你在舊計劃中對這一領域的設想有何不同？最後，我們認為它是否為 27 年做好了準備，並且它是否會以某種方式擾亂 26 年的計劃？我知道那很多。

That was a multi-part question Brandt. So let me make sure I capture and --

這是一個由多個部分組成的問題。所以讓我確保我捕捉並--

Pick what you want out of that.

從中挑選你想要的。

Okay. So first we have a lot of opportunity at our facility for capital improvement to grow our events. And so, this space is a clear and obvious one. This is one where there isn't currently a major structure that we would have to take down. There are seats there, but there isn't a major structure.

好的。因此，首先，我們有許多機會改善我們的設施，以擴大我們的活動規模。因此，這個空間是清晰而明顯的。目前，這裡還沒有我們需要拆除的主要結構。那裡有座位，但沒有主要建築物。

We are very focused as a team in refining our cost estimates, refining our timing, refining our plans because when we explain what we're going to do to the market, we really want it to be locked down and certain and stress tested. So that we are sure we will deliver.

作為一個團隊，我們非常專注於完善我們的成本估算、時間安排和計劃，因為當我們解釋我們將對市場做什麼時，我們真的希望它能夠被鎖定、確定並經過壓力測試。這樣我們就能確信我們能夠實現目標。

So I expect that we will do that at the next earnings call. We are in the process of doing it now, but as an area of the track, it's not an area where there's a significant structure there now. This is what we call affectionately in the company, the gap and the smile. So I don't expect it. It will not be disrupted for the 2026 Derby.

因此我預計我們將在下次財報電話會議上這樣做。我們現在正在進行這項工作，但作為賽道的一部分，這裡目前還沒有重要的建築。這就是我們在公司裡所說的親熱、間隙和微笑。所以我並不期待。2026 年德比大賽不會受到干擾。

We'll explain 2027, 2028, 2029, et cetera in good time, but I promise, and it is my expectation that this will be an exciting project for everybody to digest and understand, and there'll be a lot to be enthusiastic about when they see it.

我們會及時解釋 2027、2028、2029 等等，但我保證，並且我期望這將是一個令人興奮的項目，每個人都能消化和理解，並且當他們看到它時，會有很多值得熱情的東西。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi. Good morning, everyone. Thanks for taking my questions. Bill, you made some interesting points around as you expand or think about expanding Derby Week or the reach thereof around sponsorships, and I was just wondering if you kind of go back and remind us a little bit how do some of these sponsorship relationships work, how long in duration are they?

你好。大家早安。感謝您回答我的問題。比爾，您在擴大或考慮擴大德比周或其贊助範圍時提出了一些有趣的觀點，我只是想知道您是否可以回顧一下並提醒我們這些贊助關係是如何運作的，它們的持續時間是多長？

What's your ability to kind of up level some of that as the reach of the event and maybe the global experience continues to grow, we continue to see a pretty significant demand for these luxury unique experiences and wondering if there's room for your sponsorship opportunity to keep up with that.

隨著活動影響力和全球體驗的不斷擴大，您有能力提升其中的一些水平嗎？我們繼續看到市場對這些奢華獨特體驗的需求相當大，想知道您的贊助機會是否有空間來滿足這種需求。

Yeah. Thanks, Shaun. That's a fascinating topic for me and I've been in the company for 20 years now, 11 as the CEO, and I've really seen sponsorships evolve and change over that period of time. At this point in our history with sponsorships, this is now more and more about intentionality. It's about curating our sponsors to make sure that we select and work with partners that are great fits for us as well as us being great fits for them.

是的。謝謝，肖恩。對我來說這是一個非常有趣的話題，我已經在公司工作了 20 年，其中 11 年擔任首席執行官，我確實看到贊助在這段時間裡不斷發展和變化。在我們的贊助歷史上，這一點越來越具有意向性。這是為了精心挑選我們的贊助商，以確保我們選擇並合作的合作夥伴既適合我們，也適合他們。

So as we look internationally and as we look to develop not just internationally but with our current sponsors with other categories of sponsors that we haven't filled, it's not about putting somebody in that seat. It's not about just finding somebody. This is about specially being particularly careful and focused about building relationships that are win-wins for both parties.

因此，當我們放眼國際，並尋求發展時，不僅要與現有贊助商合作，還要與尚未填補的其他類別的贊助商合作，這並不是要把某人放在那個位置上。這不僅僅是尋找某人那麼簡單。這需要特別小心並專注於建立雙方共贏的關係。

So there's a level of sophistication and focus for our sponsorship approach that's really evolved and become more sophisticated over time and that's where we are today. So this isn't about just taking phone calls and and whoever comes to the front door. This is about building win-win partnerships. And it's really encouraging that we're seeing increased international interest from folks, but those are relationships and partnerships to build and explain over time.

因此，我們的贊助方式具有一定的複雜性和重點，隨著時間的推移，這種方式已經不斷發展和變得更加複雜，這就是我們今天的狀況。所以這不僅僅是接聽電話和接待來到前門的人。這是為了建立雙贏的夥伴關係。我們看到國際社會對此的興趣日益濃厚，這確實令人鼓舞，但這些關係和夥伴關係需要隨著時間的推移而建立和解釋。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。

Hey, good morning, Marcia, Bill. Thanks for taking our question. I wanted to ask on the Rose specifically. Bill, can you just expand a bit further more specifically on strategies and process underway to drive trialing and repeat visitation to keep ramping topline. And then similarly, on the margin side, do you think that that property already has the right labor and cost structure to ramp into or is there still some work to be done optimizing fixed cost?

嘿，早上好，瑪西婭，比爾。感謝您回答我們的問題。我想特別詢問一下 Rose。比爾，您能否更具體地闡述正在進行的策略和流程，以推動試用和重複訪問，從而保持收入的成長。同樣，在利潤方面，您是否認為該物業已經擁有合適的勞動力和成本結構，或者是否還有一些工作需要優化固定成本？

Jeff, thanks for the question. I remain incredibly bullish and excited about the Rose in Northern Virginia. It's a very large market and generating awareness and trial is a multi-year process. So we're well underway. It's about building our brand in that market, driving awareness, driving sampling, and then getting our database built out.

傑夫，謝謝你的提問。我仍然對北維吉尼亞的玫瑰充滿信心和興奮。這是一個非常大的市場，提高知名度和嘗試是一個多年的過程。所以我們進展順利。這是為了在該市場建立我們的品牌，提高知名度，推動採樣，然後建立我們的資料庫。

So it's progressing really well, really proud of the team. You'll see our margins improve when we're at a stage -- you'll see them improve constantly, but we're not trying to maximize margins on a per quarter basis at this moment. This is about building trial, building awareness and building database, and that's the investment that you have to make. This is about making an investment in that market so that we can build the relationships with the customers.

所以進展非常順利，我為團隊感到驕傲。當我們處於某個階段時，您會看到我們的利潤率不斷提高 - 您會看到它們不斷提高，但目前我們並沒有試圖按季度最大化利潤率。這是關於建立試驗、建立意識和建立資料庫，這是您必須進行的投資。這是對該市場進行投資，以便我們能夠與客戶建立關係。

As wonderful as it is to be in a market like that with the demographics we see, it's also a complex market. There's a lot going on. There's a lot of entertainment options. So driving awareness, driving participation. We have the right plan, we have the right team, and you'll see consistent -- and we believe you'll see consistent improvement and gain for an extended period of time going forward.

就我們所見的人口統計而言，處於這樣的市場固然很好，但它也是一個複雜的市場。有很多事情發生。有很多娛樂選擇。因此，提高認識，推動參與。我們有正確的計劃，我們有正確的團隊，你會看到一致的——我們相信你會在未來很長一段時間內看到持續的進步和收益。

Thank you. I would now like to turn the call back over to CEO, Bill Carstanjen for any closing remarks.

謝謝。現在，我想將電話轉回給執行長 Bill Carstanjen，請他做最後發言。

I just want to thank everyone for their time today and for their interest and investment in our company. We take your trust in us and your investment with us very seriously. We work for you. Our job is to drive shareholder value, to drive improvement, and we take that very seriously.

我只想感謝大家今天抽出的時間以及對我們公司的關注和投資。我們非常重視您對我們的信任和投資。我們為您服務。我們的工作是提高股東價值、推動進步，我們對此非常重視。

This is an exciting time for us. This is an exciting path that we're on. So we're happy to get after it and looking forward to getting after it, and I look forward to talking to you next quarter. Thanks very much, everyone.

對我們來說這是一個令人興奮的時刻。我們所走的是一條令人興奮的道路。因此，我們很高興能夠實現這一目標，並期待著實現這一目標，我期待著下個季度與您交談。非常感謝大家。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝你們的參與。今天的節目到此結束，大家可以斷開連結了。