Churchill Downs Inc (CHDN) 2025 Q3 法說會逐字稿

Good day ladies and gentlemen and welcome to the Churchill Downs Incorporated 2025 third-quarter earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加邱吉爾唐斯公司2025年第三季財報電話會議。（操作說明）

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

本次電話會議正在錄音。現在我來介紹一下今天會議的主持人。Sam Ullrich 先生，投資人關係副總裁。

Thank you, Andrew, good morning and welcome to our third-quarter 2025 earnings conference call. After the company's prepared remarks, we will open the call for your questions.

謝謝安德魯，早安，歡迎參加我們2025年第三季財報電話會議。公司發言結束後，我們將開放提問環節。

The company's 2025 third-quarter business results were released yesterday afternoon. 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 Investor section.

該公司2025年第三季業績報告於昨日下午發布。本次電話會議將公佈有關該期間業績及其他財務和統計資訊的新聞稿副本。包括 G 條例要求的信息在內的所有信息，均可在公司網站 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 involve 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.

在正式開始之前，我想提醒各位，我們今天所作的一些陳述可能包含前瞻性陳述。這些聲明涉及諸多風險和不確定性，可能導致實際結果與預期結果有重大差異。所有前瞻性聲明都應與我們盈利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（特別是最新的 10-Q 表格和 10-K 表格報告）中包含的風險因素一並考慮。

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 or 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.

我們所作的任何前瞻性陳述均基於截至今日的假設，我們不承擔因新資訊或未來事件而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。昨天發布的獲利新聞稿中包含了GAAP與非GAAP指標的調節表。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，我將把電話交給我們的執行長比爾·卡斯坦詹先生。

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. 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.

謝謝你，山姆。各位早安。今天和我在一起的有我們團隊的幾位成員，包括我們的總裁兼營運長比爾·穆德；我們的財務長瑪西婭·達爾；以及我們的總法律顧問布拉德·布萊克威爾。我將分享我們公司發展計畫的最新進展，包括肯塔基德比和我們的人力資源管理業務，然後瑪西亞將介紹我們的財務表現以及我們的資本管理策略的最新進展。她講完後，我們會回答你們的問題。

First, regarding our third-quarter results. We delivered overall record net revenue and record adjusted EBITDA in the third quarter. We also delivered record adjusted EBITDA for our Live and Historical Racing segment as well as our Wagering Services and Solutions segment. We are also very pleased with the performance of our regional gaming properties in the third quarter. Their results reflect consistent strength from our high-end and rated guests, along with nice growth from our underrated players across the majority of our markets.

首先，關於我們第三季的業績。第三季度，我們實現了創紀錄的淨收入和創紀錄的調整後 EBITDA。我們的現場和歷史賽馬業務以及投注服務和解決方案業務也實現了創紀錄的調整後 EBITDA。我們對旗下區域博弈場所第三季的業績也感到非常滿意。他們的業績反映了我們高端和評級客戶持續強勁的成長勢頭，以及我們在大多數市場中被低估的客戶群的良好成長。

Now let's talk about our plans for the company both near term and long term. First, regarding our plans for Derby Week and Churchill Downs Racetrack. During our last earnings call, I discussed the five key growth catalysts for the Derby that will power the growth of Churchill Downs Racetrack in 2026 and beyond.

現在我們來談談公司的近期和長期計劃。首先，關於我們德比周和丘吉爾唐斯賽馬場的計劃。在上次財報電話會議上，我討論了推動德比大賽在 2026 年及以後丘吉爾唐斯賽馬場發展的五大關鍵增長催化劑。

The first is ticketing revenue driven by premium experiences during Derby Week. The demand for the Kentucky Derby and for Derby Week tickets is continuing to grow as we deliver new and unique customer experiences. We will also realize further incremental ticketing revenue from the investments we have made over the last number of years.

第一部分是德比周期間高端體驗帶來的門票收入。隨著我們不斷推出全新獨特的客戶體驗，肯塔基德比大賽和德比周門票的需求持續增長。我們也將從過去幾年進行的投資中獲得進一步的票務收入成長。

One example of this is the Starting Gate Pavilion and Courtyard. We significantly improved this area this past year and the guest feedback has been overwhelmingly positive. As a reminder, this project transformed 10,000 bleacher seats into a combination of approximately 8,500 premium stadium and trackside box seats.

起跑門亭和庭院就是一個例子。過去一年，我們對這一領域進行了大幅改進，賓客的回饋也絕大多數是正面的。提醒一下，該項目將 10,000 個看台座位改造成了大約 8,500 個高級體育場和賽道邊包廂座位。

We also significantly improved the amenities for these guests as well as for an additional 2,800 people seated in existing surrounding sections who are now able to access the hospitality options of the newly renovated area.

我們也大幅改善了這些客人的設施，以及周圍現有區域內另外 2,800 位客人的設施，他們現在也可以享受到新裝修區域的接待服務。

We believe that ticketing revenue from the Starting Gate Pavilion and Courtyard and from other recent investments as well as general price increases will provide meaningful adjusted EBITDA growth for Derby Week going forward.

我們相信，來自起跑門展館和庭院的門票收入，以及其他近期投資和一般價格上漲帶來的收入，將為德比周帶來有意義的調整後 EBITDA 增長。

The second driver of long-term growth for Derby Week is our broadcast rights. As I discussed on our last earnings call, our NBC deal will deliver a $10 million increase in adjusted EBITDA for 2026. We also announced that NBC will, for the first time, broadcast the Kentucky Oaks race in 2026 during primetime on Friday night, May 1. We believe this will amplify awareness, engagement, and wagering for both the Kentucky Oaks race and for the Kentucky Derby the next day on Saturday, May 2.

德比周長期成長的第二個驅動因素是我們的轉播權。正如我在上次財報電話會議上所討論的，我們與 NBC 的交易將在 2026 年為公司帶來 1000 萬美元的調整後 EBITDA 成長。我們還宣布，NBC 將於 2026 年 5 月 1 日星期五晚間黃金時段首次播出肯塔基橡樹賽馬比賽。我們相信這將提高人們對肯塔基橡樹賽和第二天（5 月 2 日，星期六）肯塔基德比的關注度、參與度和投注量。

The third driver of long-term growth is wagering. We continue to attract the best horses from around the world and are benefiting from the Derby's expanding cultural relevance both domestically and internationally. We believe the increasing availability of online sports wagering across the United States is very much a positive development for wagering on the Kentucky Derby and races across Derby Week.

推動長期成長的第三個因素是博彩業。我們不斷吸引來自世界各地最優秀的賽馬，並受益於德比大賽在國內和國際上日益增長的文化影響力。我們認為，美國各地線上體育博彩的日益普及對於肯塔基德比和德比周期間的比賽博彩來說是一個非常積極的發展。

The huge customer base delivered by the online platforms gives us the opportunity to reach more potential bettors and fans than ever before. Also of note, our twinspires.com platform has continued to post strong growth and unique users during this period of rapid sports wagering expansion, and these players are remaining active and engaged long after the expansion.

線上平台帶來的龐大客戶群，使我們有機會接觸到比以往任何時候都更多的潛在投注者和粉絲。值得一提的是，在體育博彩快速擴張的這段時期，我們的 twinspires.com 平台持續保持強勁增長，獨立用戶數量不斷增加，而且這些玩家在擴張結束後仍然保持活躍和參與。

Internationally, we recently announced the expansion of the European and Middle Eastern road to the Kentucky Derby by adding three new points races in Dubai and Saudi Arabia. There are now ten races across five countries that comprise this series allowing for up to two horses to qualify for the Kentucky Derby. This strengthens the quality and intrigue of the international pathway to the Derby and extends our brand further into two of the sports' most dynamic and high-profile markets with Dubai and Saudi Arabia.

在國際上，我們最近宣布擴大通往肯塔基德比的歐洲和中東之路，在杜拜和沙烏地阿拉伯新增三場積分賽。目前，該系列賽在五個國家舉行十場比賽，最多可有兩匹馬獲得參加肯塔基德比的資格。這增強了通往德比大賽的國際途徑的品質和吸引力，並將我們的品牌進一步擴展到杜拜和沙烏地阿拉伯這兩個體育界最具活力和最受矚目的市場。

We are very excited to deepen our engagement with owners, trainers, sponsors, and fans across these regions, which we believe will generate long-term benefits for Churchill Downs Racetrack and enhance the global reach of the Kentucky Derby.

我們非常高興能夠加深與這些地區的馬主、練馬師、贊助商和粉絲的聯繫，我們相信這將為丘吉爾唐斯賽馬場帶來長期的利益，並提升肯塔基德比的全球影響力。

The fourth driver is sponsorships and licensing. Sponsors are increasingly recognizing the value of our expanding national and global footprint driven by growth and on-site attendance., television and digital audiences, social media engagement, and other strategic initiatives. The heightened visibility is attracting interest from some of the most well-respected brands, and we remain focused on broadening and strengthening our sponsorship portfolio in the years ahead.

第四個驅動因素是贊助和授權。贊助商越來越認識到，隨著業務成長和現場觀眾人數、電視和數位觀眾、社群媒體互動以及其他策略性舉措的增加，我們不斷擴大的國內和國際影響力具有越來越大的價值。知名度的提升吸引了一些最受尊敬的品牌的關注，我們將繼續致力於在未來幾年擴大和加強我們的贊助組合。

And finally, the fifth driver is selective renovations and expansions through capital investment. As discussed on our last earnings call, we are on track to complete the renovations of two of our most prestigious and exclusive areas: the Finish Line Suites and The Mansion for the 2026 Kentucky Derby. We announced last evening that we are planning to invest $280 million to $300 million to build a new structure called Victory Run just past the finish line between the Skye Terrace and the first turn section, an area we refer to internally as the gap in the smile.

最後，第五個驅動因素是透過資本投資進行選擇性的翻新和擴建。正如我們在上次財報電話會議上所討論的，我們正按計劃完成兩個最負盛名和最獨特的區域的翻新工程：終點線套房和 2026 年肯塔基德比大賽的豪宅。我們昨晚宣布，我們計劃投資 2.8 億至 3 億美元，在終點線後方、天空露台和第一個彎道之間建造一座名為「勝利之路」的新建築，我們內部將這片區域稱為「微笑中的缺口」。

Victory Run will be a fantastic location and will offer tremendous views of the horses and the pageantry of the event. This new venue will replace existing uncovered ground level box seats and dated dining areas with new premium hospitality offerings including private suites and a combination of indoor and outdoor dining and covered box seats.

勝利跑將是一個絕佳的地點，可以欣賞到駿馬馳騁和盛大賽事的壯觀景象。這個新場館將取代現有的露天地麵包廂座位和過時的用餐區，提供全新的高級款待服務，包括私人套房、室內外用餐區以及有頂棚的包廂座位。

Construction will begin following the 2026 Kentucky Derby with Victory Run completed in time for the 2028 Derby. During the 2027 Derby, Derby 153, we plan to offer an interim upgraded seating experience in this area featuring temporary covered stadium seating and enhanced amenities to ensure guests enjoy a premium experience even during the year of partially completed construction.

建設將於 2026 年肯塔基德比大賽之後開始，勝利跑道將於 2028 年德比大賽之前完工。在 2027 年德比大賽（第 153 屆德比大賽）期間，我們計劃在該區域提供臨時升級的座位體驗，包括臨時有頂棚的體育場座位和增強的設施，以確保即使在部分施工完成的年份，賓客也能享受優質的體驗。

We remain committed to strategically investing in our flagship asset over the long term to enhance the guest experience during Derby Week and to broaden our appeal to new audiences. These investments have delivered and will continue to deliver adjusted EBITDA growth with outstanding returns for our investors for years to come.

我們將繼續致力於對我們的旗艦資產進行長期策略性投資，以提升德比周期間的賓客體驗，並擴大我們對新受眾的吸引力。這些投資已經並將繼續為我們的投資者帶來經調整的 EBITDA 成長和優異的回報，並在未來幾年內持續發揮作用。

Churchill Downs Racetrack in the Kentucky Derby remain the crown jewel of our company. These five growth catalysts provide a strong foundation for a vibrant and successful future for the Kentucky Derby and our company.

肯塔基德比大賽在丘吉爾唐斯賽馬場舉行，這仍然是我們公司的瑰寶。這五大成長催化劑為肯塔基德比和我們公司充滿活力和成功的未來奠定了堅實的基礎。

Next, turning to our HRM progress. First, in Kentucky we are on track to open our eighth HRM entertainment venue in Calvert City during the first quarter of 2026 on time and on budget. This will be an important addition to our portfolio of entertainment properties in the Commonwealth.

接下來，我們來看看人力資源管理的進展。首先，在肯塔基州，我們正按計劃於 2026 年第一季度在卡爾弗特市開設我們的第八家 HRM 娛樂場所，並且按時按預算完成。這將為我們在英聯邦的娛樂地產組合增添重要一筆。

With a population of 300,000 people within a 60 mile drive, our Calvert City site is conveniently located near the intersection of two interstates, providing easy access for customers from several surrounding cities in Southwestern Kentucky. This venue will be branded Marshall Yards Racing and Gaming, inspired by the railroad industry that shaped the surrounding communities. Marshall Yards will feature 250 HRMs and a music stage that will host a wide variety of live entertainment, attracting customers to this special property.

我們的卡爾弗特城站點位於兩條州際公路的交匯處附近，方圓 60 英里內有 30 萬人口，交通便利，方便肯塔基州西南部幾個週邊城市的客戶前來。該場所將命名為馬歇爾碼頭賽馬和博彩中心，其靈感來自塑造週邊社區的鐵路工業。Marshall Yards 將設有 250 個 HRM 和一個音樂舞台，將舉辦各種各樣的現場娛樂活動，吸引顧客來到這個特別的場所。

Turning to Virginia, as expected, The Rose continued to show great progress during the third quarter. Rose Gaming revenues grew meaningfully, and we are rapidly building our customer database. We were also pleased to see continued growth in weekday gaming revenue driven by increased visitation frequency through our data driven marketing. As we approach the one-year anniversary of the opening, we are making excellent progress and laying the foundation for long-term growth at The Rose.

維吉尼亞隊不出所料地在第三節繼續展現出巨大的進步。Rose Gaming 的營收實現了顯著成長，我們正在快速建立客戶資料庫。我們也欣喜地看到，透過數據驅動的行銷，在訪問頻率增加的推動下，工作日遊戲收入持續成長。在開業一周年之際，我們取得了卓越的進展，並為玫瑰酒店的長期發展奠定了基礎。

In Central Virginia, we completed the expansion project at our Richmond HRM venue. We renovated an unused space to expand our gaming floor in May of this year and completed the remaining phase of this project in August, which added 450 incremental HRMs to the property.

在維吉尼亞州中部，我們完成了里士滿 HRM 場館的擴建工程。今年 5 月，我們翻新了一處未使用的空間，擴大了我們的遊戲區，並在 8 月完成了該項目的剩餘階段，為該物業增加了 450 個額外的 HRM。

We also opened the Roseshire Gaming Parlor in Henrico County on September 29 ahead of schedule and below budget. This upscale entertainment venue features 175 games and other gaming related amenities. It's off to a fantastic start.

我們還在 9 月 29 日提前開業了位於亨里科縣的 Roseshire 遊戲廳，並且低於預算。這間高檔娛樂場所設有 175 種遊戲及其他遊戲相關設施。開局非常棒。

We currently have 4,875 HRMs deployed in Virginia. Virginia has proven to be a great investment and business environment for us. As the exclusive operator of Thoroughbred Racing and HRMs, we're building strong relationships with key constituents in both the horse racing and agricultural industries. We will continue to pursue opportunities to expand our footprint and grow the number of HRMs in this dynamic market.

目前我們在維吉尼亞州部署了 4,875 個 HRM。事實證明，維吉尼亞州對我們來說是一個絕佳的投資和商業環境。作為純種馬賽馬和賽馬管理的獨家營運商，我們正在與賽馬和農業產業的關鍵利益相關者建立牢固的關係。我們將繼續尋求機會，擴大業務範圍，並增加在這個充滿活力的市場中的人力資源管理人員數量。

Turning to New Hampshire, we completed the acquisition of a 90% interest in the Casino Salem project located at The Mall at Rockingham Park in Salem, New Hampshire near the Massachusetts border at Exit 2 on Interstate 93. This is a highly attractive market with approximately 800,000 adults within a 20 mile radius and over 4.9 million people in the broader Boston MSA. More than 100,000 vehicles pass the property daily on I-93.

再來看看新罕布夏州，我們完成了對位於新罕布夏州塞勒姆市羅金漢姆公園購物中心的塞勒姆賭場項目 90% 的股權收購，該項目靠近馬薩諸塞州邊界，位於 93 號州際公路 2 號出口附近。這是一個極具吸引力的市場，方圓 20 英里內約有 80 萬成年人，而大波士頓都會區人口超過 490 萬。每天有超過 10 萬輛汽車經過 I-93 號州際公路。

Currently, we are operating a temporary facility with 100 HRMs and 13 table games. Design work for the permanent venue is nearly complete, and we expect the facility to have approximately 900 HRMs, 30 table games, 3 food and beverage venues, a signature center bar, and a large live entertainment venue.

目前，我們經營一個臨時設施，配備 100 台 HRM 和 13 張賭桌。永久場館的設計工作已接近完成，我們預計該設施將擁有約 900 個 HRM、30 張賭桌、3 個餐飲場所、一個特色中心酒吧和一個大型現場娛樂場所。

We will seek local permits and approvals to the final design. After which, construction of the permanent venue will begin. We will provide more details on timing on our next earnings call but expect to open the facility in 2027. We plan to invest approximately $180 million to $200 million to develop the state-of-the-art gaming and entertainment destination.

我們將就最終設計方案尋求當地的許可和批准。之後，永久場館的建設將開始。我們將在下次財報電話會議上提供更多有關時間安排的細節，但預計將於 2027 年開設該設施。我們計劃投資約 1.8 億至 2 億美元，打造最先進的遊戲和娛樂目的地。

In the near term, we anticipate continuing to operate our Chasers 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 in New Hampshire in the future.

短期內，我們預計將繼續在塞勒姆經營我們的 Chasers 撲克室，並且我們保留了相關的 HRM 許可證的權利。未來我們將評估並尋求新罕布夏州第二張HRM許可證的可行替代用途。

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. Exacta technology is supporting our temporary facility in Salem, New Hampshire and will be utilized in the permanent Salem casino facility when it opens.

轉向正序連贏。我們的 Exacta 業務透過在肯塔基州和維吉尼亞州擴大人力資源管理業務，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發展壯大。Exacta 技術為我們在新罕布什爾州塞勒姆的臨時設施提供支持，並將在塞勒姆永久賭場設施開業時加以利用。

We anticipate that a new third-party HRM property in Wichita, Kansas will open in December of this year with a significant portion of the gaming floor utilizing our technology. We are excited to support the expansion of HRMs into this new market.

我們預計，位於堪薩斯州威奇托市的一家新的第三方 HRM 物業將於今年 12 月開業，其博彩區的大部分區域將採用我們的技術。我們很高興能夠支持人力資源管理業務拓展到這個新市場。

We have also made excellent progress towards gaining approval to deploy HRM based electronic cable games, which will be available in the fall. We are working to gain the necessary approvals from appropriate state authorities and expect to have more to share in the near term. HRMs and the related Exacta technology represent a high growth, high margin investment that delivers strong returns for our shareholders. We will continue to focus on developing these businesses.

我們在獲得部署基於心率監測的電子纜繩遊戲的批准方面也取得了顯著進展，該遊戲將於秋季推出。我們正在努力獲得相關州政府部門的必要批准，預計近期將有更多消息與大家分享。人力資源管理系統及相關的 Exacta 技術代表著高成長、高利潤的投資，能夠為我們的股東帶來豐厚的回報。我們將繼續專注於發展這些業務。

In summary, third quarter was very strong for us with record financial results. We have a portfolio of unique and high performing assets that collectively provide multiple catalysts for growth and free cash flow generation for years to come. We believe the Kentucky Derby will deliver outstanding growth in 2026 and beyond, as will our recent investments in HRM properties and the related Exacta technology. We will also continue to identify and execute high-quality growth initiatives.

總而言之，第三季我們表現非常強勁，取得了創紀錄的財務表現。我們擁有一系列獨特且表現優異的資產，這些資產共同為未來數年的成長和自由現金流的產生提供了多種催化劑。我們相信，肯塔基德比大賽將在 2026 年及以後帶來卓越的成長，正如我們最近對 HRM 房地產和相關 Exacta 技術的投資一樣。我們將繼續尋找並執行高品質的成長計劃。

Our strategic decisions, disciplined capital allocation, strong balance sheet, and diversified portfolio positions us to drive sustainable long-term growth and adjusted EBITDA and free cash flow. We remain focused on delivering superior returns for our shareholders.

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投資組合使我們能夠推動可持續的長期成長以及調整後的 EBITDA 和自由現金流。我們將繼續致力於為股東創造優異的回報。

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

接下來，我將把電話交給瑪西亞，然後我們來回答大家的問題。瑪西亞？

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.

謝謝你，比爾，大家早安。我將先介紹我們的財務業績，然後再報告一下資本管理的最新情況。

First, regarding third-quarter results. As Bill shared, we delivered record net revenue and record adjusted EBITDA for the third quarter. Our Live and Historical Racing segment had record net revenue and record adjusted EBITDA for the third quarter. This segment grew revenue by 21% and grew adjusted EBITDA by 25% compared to the prior year quarter. This is the 21st consecutive quarter of record growth and revenue and adjusted EBITDA compared to the prior year quarter for this segment.

首先，關於第三季業績。正如比爾所說，我們第三季實現了創紀錄的淨收入和創紀錄的調整後 EBITDA。第三季度，我們的現場和歷史賽馬業務淨收入和調整後 EBITDA 均創歷史新高。與去年同期相比，該業務板塊的營收成長了 21%，調整後的 EBITDA 成長了 25%。這是該業務部門連續第 21 季實現創紀錄的成長，營收和調整後 EBITDA 均較上年同期成長。

All of our Kentucky HRM properties contributed to this strong performance. Our Louisville and Northern Kentucky teams contributed double-digit growth and adjusted EBITDA compared to the prior year quarter. This double-digit growth was the result of a strong execution on the top line as well as from a cost perspective.

我們在肯塔基州HRM的所有物業都為這一強勁業績做出了貢獻。與去年同期相比，我們的路易斯維爾和北肯塔基團隊實現了兩位數的成長和調整後的 EBITDA。這一兩位數的成長得益於營收和成本控制的優異執行。

We are building a strong customer base for our Owensboro, Kentucky, HRM venue in western Kentucky, and our team in southwestern Kentucky is continuing to successfully penetrate the Nashville market. This will be the fifth consecutive year of strong growth for our Oak Grove HRM venue.

我們正在為位於肯塔基州西部歐文斯伯勒的 HRM 場地建立強大的客戶基礎，而我們在肯塔基州西南部的團隊正在繼續成功地打入納許維爾市場。這將是我們位於哈利法克斯地區橡樹林（Oak Grove HRM）的場館連續第五年實現強勁成長。

Our margins for our Kentucky HRM properties were very strong for the third quarter, collectively increasing over 3 points compared to the prior year quarter from the continued growth and optimization of these properties.

由於這些物業的持續成長和優化，我們肯塔基州 HRM 物業的利潤率在第三季度非常強勁，與去年同期相比整體成長超過 3 個百分點。

In Virginia, The Rose had a strong quarter with GTR per unit per day increasing every month of the third quarter when adjusted for calendar differences between the months.

在維吉尼亞州，The Rose 的第三季業績強勁，經調整各月之間的日曆差異後，每單位每日總營業額在第三季度每個月都有所增長。

Our HRM venue -- our Richmond HRM venue in central Virginia has completed the expansion of the property adding 450 incremental HRMs. The new HRMs and gaming floor expansion has been well received by our guests. We are also very pleased with the initial results from our new Henrico County venue.

我們的 HRM 場地——位於維吉尼亞州中部的里士滿 HRM 場地已完成擴建，新增了 450 個 HRM 座位。新的人力資源管理系統和遊戲區擴建受到了賓客的好評。我們對位於亨里科縣的新場地的初步結果也感到非常滿意。

Our Southern and Western Virginia results reflect the comparison to a strong third quarter in 2024 as well as the impact of increased competition for our Vinton and Hampton properties.

我們在維吉尼亞州南部和西部的業績反映了與 2024 年第三季強勁業績的對比，以及 Vinton 和 Hampton 物業競爭加劇的影響。

Overall, we generated a combined 51% margin during the quarter for our same store Virginia HRM properties. This margin is best in class and we believe these margins are sustainable given the continued scaling of our Northern and Central Virginia properties.

本季度，我們在維吉尼亞州 HRM 旗下同店物業的綜合利潤率為 51%。這一利潤率是同類最佳，考慮到我們在維吉尼亞州北部和中部地區的物業規模不斷擴大，我們相信這些利潤率是可持續的。

Turning to our Wagering Services and Solutions segment, this segment delivered record third-quarter adjusted EBITDA driven by the continued growth of our Exacta business. Exacta benefits from the growth of our Kentucky and Virginia HRM properties as well as our third-party customers.

再來看我們的投注服務和解決方案部門，該部門在第三季調整後 EBITDA 創下歷史新高，這主要得益於我們的 Exacta 業務的持續成長。Exacta 受益於我們在肯塔基州和維吉尼亞州 HRM 物業以及第三方客戶的成長。

And last regarding our Gaming segment, our wholly owned regional gaming properties performed relatively well in the third quarter excluding the impact of removing HRMs from our Louisiana operations. Our adjusted EBITDA for our wholly owned gaming properties increased over $3 million and margins were up 1.1 points compared to the prior year quarter. These increases result of both top-line growth and effective cost management.

最後，關於我們的遊戲業務板塊，若不計從路易斯安那州的業務中移除 HRM 的影響，我們全資擁有的區域性遊戲產業在第三季度表現相對良好。我們全資擁有的博彩物業的調整後 EBITDA 增長超過 300 萬美元，利潤率比上年同期增長 1.1 個百分點。這些成長既得益於營收成長，也得益於有效的成本控制。

Regional gaming consumer behavior was relatively consistent on a sequential basis. We saw continued strength from our rated players with increased visitation and spend per trip from our highest end rated players in our database. We also saw unrated player trends improved compared to the prior year quarter and on a sequential basis.

區域遊戲消費者的行為在時間序列上相對穩定。我們看到評級玩家的實力持續增強，資料庫中評價最高的玩家的訪問量和每次訪問消費額均有所增加。我們還發現，與上一季相比，未評級球員的趨勢有所改善，環比也有所改善。

Turning to capital management, we generated $166 million or $2.34 per share of free cash flow in the third quarter primarily from the strong cash flow generated from our businesses. Free cash flow per share is up 13% from the prior year quarter as we continue to realize the benefit of recent capital investments and the impact of share repurchases. Our free cash flow yield based on our trailing 12 months results is approximately 10%.

談到資本管理，我們第三季產生了 1.66 億美元（即每股 2.34 美元）的自由現金流，這主要得益於我們各項業務產生的強勁現金流。由於我們持續受惠於近期的資本投資和股票回購的影響，每股自由現金流較上年同期成長了 13%。根據我們過去 12 個月的業績，我們的自由現金流收益率約為 10%。

We spent $53 million on maintenance capital through the first nine months of the year. We now expect to spend $75 million to $85 million on maintenance capital in 2025. We spent $172 million in project capital through the first nine months of the year. We now expect to spend $200 million to $240 million on project capital in 2025.

今年前九個月，我們在維護性資本方面花了 5,300 萬美元。我們現在預計 2025 年將在維護資本方面花費 7,500 萬至 8,500 萬美元。今年前九個月，我們在專案資本方面投入了 1.72 億美元。我們現在預計在 2025 年將投入 2 億至 2.4 億美元用於專案資本。

For 2026, we are now projecting our project capital to be between $160 million and $200 million. This reflects the 2026 expected project capital for The Mansion, Finish Line Suites, and Victory Run projects for Churchill Hill Racetrack and the Casino Salem project in New Hampshire that Bill discussed.

預計到 2026 年，我們的專案資本將在 1.6 億美元至 2 億美元之間。這反映了比爾討論過的丘吉爾山賽馬場的豪宅、終點線套房和勝利跑項目以及新罕布什爾州塞勒姆賭場項目在 2026 年的預期項目資本。

Turning to share repurchases, we repurchased over $15 million of our stock in the third quarter under our share repurchase program. Regarding our dividend, our Board of Directors approved a 7% increase in our dividend which will be paid out on January 6, 2026, to shareholders of record on December 5, 2025. This is the 15th consecutive year of increased dividends per share for our company.

再來看股票回購，根據我們的股票回購計劃，我們在第三季回購了超過 1500 萬美元的股票。關於我們的股息，董事會批准將股息提高 7%，並將於 2026 年 1 月 6 日支付給 2025 年 12 月 5 日登記在冊的股東。今年是我們公司連續第15年提高每股股利。

As a reminder, because of the federal tax bill that was signed on July 4, we will see an improvement in our free cash flow from favorable cash taxes. The new tax provisions include making the 21% business tax rate and 100% bonus depreciation rule permanent. The federal tax bill also reinstates a 30% of EBITDA-based interest deduction limitation.

再次提醒大家，由於7月4日簽署的聯邦稅收法案，我們將因有利的現金稅收而看到自由現金流的改善。新的稅收規定包括將 21% 的企業稅率和 100% 的額外折舊規則永久化。聯邦稅收法案還恢復了基於 EBITDA 30% 的利息扣除限制。

The additional interest deductions combined with 100% bonus depreciation will reduce our cash taxes and increase our free cash flow this year and in future years. We estimate that the impact of lower cash tax payments will be $50 million to $60 million in both 2025 and 2026.

額外的利息扣除額加上 100% 的額外折舊，將減少我們今年的現金稅負，並增加我們今年的自由現金流以及未來幾年的現金流。我們估計，2025 年和 2026 年現金稅收減少的影響將達到 5,000 萬美元至 6,000 萬美元。

At the end of third quarter, our bank covenant net leverage was 4.1 times. We expect our bank covenant net leverage to remain at this level at the end of the year and then will be below 4 times in 2026.

第三季末，我們的銀行契約淨槓桿率為 4.1 倍。我們預計到年底，我們的銀行契約淨槓桿將保持在目前的水平，然後在 2026 年將低於 4 倍。

We're proud of the record performance our team achieved in third quarter. We are well positioned for sustainable long-term growth supported by our unique portfolio of high-performing assets, disciplined capital management, and our strong balance sheet. We remain committed to creating long-term shareholder value.

我們為團隊在第三季取得的創紀錄成績感到自豪。我們擁有獨特的高績效資產組合、嚴謹的資本管理和強勁的資產負債表，為我們實現可持續的長期成長奠定了堅實的基礎。我們始終致力於創造長期股東價值。

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

接下來，我將把電話轉回給比爾，讓他開始接受提問。帳單？

Thank you, Marcia. Andrew, I think we're ready to take questions.

謝謝你，瑪西亞。安德魯，我想我們已經準備好回答問題了。

(Operator Instructions) Barry Jonas, Truist Securities.

（操作員說明）Barry Jonas，Truist Securities。

Congrats on the quarter and the announcement of Victory.Run. Can you talk more about your ROI targets for Victory Run? How and when you think you'll hit them? And maybe if there are any lessons learned, you can apply from the Starting Gate to building an introduction at Derby 151.

恭喜貴公司本季業績出色，宣布推出 Victory.Run 專案。能否詳細介紹一下 Victory.Run 的投資報酬率目標？你覺得你會以什麼方式、何時擊中他們？如果能從中吸取一些經驗教訓，或許就可以從起跑線上開始，為第 151 屆德比大賽的開場白奠定基礎。

Sure, happy to do that, Barry, and good morning. So we targeted 20% unlevered IRR. That's what we shoot for. We shoot for that really focused on year three. It takes time in this business to introduce the new asset, get trial, and then get word of mouth. So it's a three-year window that we focus on.

當然可以，巴里，早安。因此，我們的目標是實現 20% 的無槓桿內部報酬率。這就是我們的目標。我們的目標是在第三年真正實現這個目標。在這個產業，推出新產品、試用，然後獲得口碑都需要時間。所以我們重點關注的是三年這個時段。

David Katz, Jefferies.

David Katz，傑富瑞集團。

I wanted to ask about ETGs. From -- not putting words in anybody's mouth, from my own work, my sense is that Kentucky might be closer in than some of the other markets that you have. But generally speaking, have you done any sort of penciling, Marcia and team, around what the prospective opportunity, could be, whether it's in Kentucky, or in any of the other markets in terms of lift, maybe based on learnings from other markets that have gone into ETGs before and after.

我想問一下關於ETG的問題。——我不是替任何人說話，而是根據我自己的工作經驗，我的感覺是肯塔基州可能比你們的其他一些市場更接近目標。但總的來說，Marcia 和你的團隊，你們有沒有就潛在的機會進行過任何初步的規劃，無論是在肯塔基州，還是在其他任何市場，就提升而言，也許可以根據之前和之後進入 ETG 的其他市場的經驗教訓。

Thanks, David. Good morning. So ETGs, electronic table games, that's an important frontier for us with HRMs. Our facilities across Virginia, Kentucky, New Hampshire, they don't have the benefit of offering table games, which is something, of course, a class of customers really want. So electronic table games in states like Virginia and Kentucky represents an important opportunity for us. And it's a technology journey, and it's also a regulatory journey, and it's one we have been focused on for a while.

謝謝你，大衛。早安.所以，對我們HRM來說，電子桌上遊戲（ETG）是一個重要的前沿領域。我們在維吉尼亞州、肯塔基州、新罕布夏州的門市都沒有提供桌上遊戲，而這當然是部分顧客非常想要的。因此，像弗吉尼亞州和肯塔基州這樣的州的電子桌面遊戲對我們來說是一個重要的機會。這是一段技術之旅，也是一段監管之旅，而我們一直專注於此。

So I don't have any news to announce today, and I hinted at that in our comments, but it's a material focus. It's something we think can be really important, and it levels us up in terms of having a comparable suite of offerings for customers compared to traditional class three facilities.

所以我今天沒有什麼消息要宣布，我在之前的評論中也暗示過這一點，但重點在於物質方面。我們認為這非常重要，它使我們能夠為客戶提供與傳統三級設施相當的產品和服務，從而提升我們的水平。

So I can't give you and wouldn't -- can't responsibly give you predictions on what it'll do, and it also depends on the regulatory framework that's finally approved, but I can assure you that we take it extremely seriously and think it's an important opportunity for us, and we're going to focus on it until we can get it done.

所以我不能，也不會——負責任地——向你預測它會產生什麼影響，而且這也取決於最終批准的監管框架，但我可以向你保證，我們非常重視這件事，認為這對我們來說是一個重要的機會，我們將集中精力，直到完成為止。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Congrats on the announcement on Victory Run. I wanted to ask about just capital allocation, so year to date, and including the dividend, it looks like about $400 million will be spent on share repo and the dividend. So with the updated CapEx for the next couple years, Marcia and team, how are you thinking about leverage and the balance between share repurchase and the money that that'll be spent on the projects?

恭喜勝利之路發佈公告。我想問一下資本配置方面的情況，截至目前，包括股息在內，看起來大約有 4 億美元將用於股票回購和股息。那麼，根據未來幾年更新後的資本支出計劃，Marcia 和團隊，你們是如何考慮槓桿作用以及股票回購與將這些資金用於專案之間的平衡的呢？

Thanks, Chad. Good morning. As you know, we're very disciplined in our capital management. We have made a commitment to have our leverage come below 4 times next year, and we will execute that through that.

謝謝你，查德。早安.如您所知，我們在資本管理方面非常嚴謹。我們承諾明年將槓桿率降至 4 倍以下，我們將透過這種方式實現這一目標。

That being said, we are very thoughtful about and strategic about buying shares back when it's appropriate, and we will continue to balance. We have a very good forecasting model that allows us to balance our capital investments with the dividend that we grow at 7% per year, along with other share repurchases throughout the year.

話雖如此，我們在適當的時候會非常謹慎地、有策略地回購股票，我們將繼續保持平衡。我們擁有非常優秀的預測模型，使我們能夠平衡資本投資與每年增長 7% 的股息，以及全年的其他股票回購。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

The brick-and-mortar property portfolio is wholly owned across both the Live and Historical and Gaming segments. Outside of not having to pay rent, what are some of the incremental mid to long-term benefits of owning the property outright? And then, do you think the market is giving you enough credit for the full ownership piece right now?

實體物業組合在現場娛樂和歷史建築以及博彩領域均為全資所有。除了不用支付租金之外，完全擁有房產還有哪些中長期的額外好處？那麼，你認為目前市場對你完全擁有的股份給予了足夠的認可嗎？

Thanks for the question, Dan. So our philosophy for our gaming assets has been to own the real estate. Other companies have chosen other philosophies, and they can explain their philosophies. For us, we've been focused on growing these businesses, stabilizing these businesses, and running them as best as we can. So owning your own real estate gives you a sense of stability and a sense of predictability that's made sense for our company. But the philosophies around why different companies do it the way they do it is up for their other companies to explain.

謝謝你的提問，丹。因此，我們對遊戲資產的概念一直是擁有房地產。其他公司選擇了不同的理念，他們可以解釋自己的理念。我們一直專注於發展這些業務，穩定這些業務，並盡我們所能地經營好它們。因此，擁有自己的房地產可以為你帶來穩定感和可預測性，這對我們公司來說很有意義。但是，不同公司採取不同做法背後的理念，則需要由其他公司來解釋。

For us, I don't think we get credit for it fully in our stock. It's been occasionally a source of discussion on these calls and a source of discussion with other investors. But fundamentally, we've structured a very stable, consistently performing, well-executed strategy around regional gaming in particular. And hopefully, the market recognizes that because our track record is clear, and our future is also fairly predictable and clear as well.

我認為，就我們而言，我們在股票中並沒有得到充分的認可。這偶爾會成為這些電話會議的討論話題，也會成為與其他投資人討論的話題。但從根本上講，我們圍繞區域博彩業建立了一個非常穩定、表現一致、執行良好的策略。希望市場能夠認識到這一點，因為我們的過往業績有目共睹，而且我們的未來也相當可預測和清晰。

Daniel Politzer, JPMorgan.

Daniel Politzer，摩根大通。

Bill, Marsha, I was wondering, kind of broad strokes, if you kind of could just touch on the M&A environment here. I mean, obviously, we've seen some transactions lately. You guys obviously participated with Casino Salem. I mean, as you kind of look broadly and think about kind of inbounds and outbounds, how would you describe the kind of level of activity or interest? It just seems like there's been a little bit of a pickup externally.

比爾、瑪莎，我想問，能否大致談談這裡的併購環境？我的意思是，很顯然，我們最近看到了一些交易。你們顯然參與了塞勒姆賭場活動。我的意思是，當你從更廣闊的視角來看待和思考各種形式的活動和活動時，你會如何描述這種活躍程度或興趣程度呢？感覺外在環境似乎略有改善。

Yeah, certainly, we've seen that pickup. There have been a couple of announcements in the brick-and-mortar space recently over the last month or so, and even over the last week. And that's always encouraging. Now, those were opcos, propcos, as I think about the ones that come to mind, and we're, of course, wholecos. So I think it's nice to see some clarity in the market so the investor community and the markets in general get a sense of the value of properties.

是的，當然，我們已經看到了這種成長。最近一個月左右，甚至最近一周，實體零售領域都發布了一些公告。這總是令人鼓舞的。現在，我能想到的就是那些營運公司、房地產公司，而我們當然是整體公司。所以我覺得很高興看到市場情況明朗化，這樣投資人群體和整個市場都能對房產的價值有所了解。

And we watch those markets closely. And as a company in the space, you've seen over the long term, we're both an opportunistic acquirer and we're also a seller when opportunities afford themselves. So we're always a flexible participant in the market and we like to pay attention to the trends and the activities we see.

我們會密切關注這些市場。作為該領域的公司，從長遠來看，我們既是機會主義的收購者，也是機會出現時會出售的公司。因此，我們始終是市場上的靈活參與者，我們喜歡專注於我們所看到的趨勢和活動。

So everything is relevant and interesting to us. But I would say in general, you are seeing a pickup in activity over the very recent term.

所以一切都與我們息息相關，都讓我們覺得有趣。但總的來說，我認為最近一段時間以來，市場活動有所增加。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Maybe just a follow-up there. Obviously, in New Hampshire, you acquired 90% interest in Salem. Talk to us about the M&A environment, specifically in this region. Is this an area we could see more activity or is this more of a one-off for some reason?

或許需要後續跟進一下。顯然，在新罕布夏州，你獲得了塞勒姆 90% 的股份。請您談談本地區的併購環境，特別是本地區的併購環境。這個領域未來是否會有更多活動，還是這只是某種偶然事件？

Well, talking specifically about New Hampshire, we entered New Hampshire originally through our Chasers license in Salem. So we believe very strongly in that market and a second license was created. So the parties came together and that was an opportunity that just made a lot of sense for us based on the work and our understanding of that market.

具體來說，就新罕布夏州而言，我們最初是透過我們在塞勒姆的追逐者許可證進入新罕布夏州的。因此，我們對這個市場充滿信心，並頒發了第二張許可證。因此，各方走到了一起，根據我們對該市場的工作和了解，這對我們來說是一個非常有意義的機會。

Generally, in the state of New Hampshire, I like the model in New Hampshire with HRMs and I certainly like -- I like the demographics there. But there's not a philosophy per se for that particular region. We look at every region. We look at demographics. We look at pricing. We look at the technology that's at play and we make a determination based on that.

總的來說，在新罕布夏州，我喜歡新罕布夏州的人力資源管理模式，而且我非常喜歡那裡的人口結構。但那個地區本身並沒有特定的哲學體系。我們考察了每個地區。我們關注人口統計。我們來看看價格。我們會研究正在使用的技術，並據此做出決定。

But New Hampshire is a story of us investing in the Salem market and then seeing an opportunity to double down on a market that we really believe is going to be a long-term positive development for us.

但新罕布夏州的故事是這樣的：我們投資了塞勒姆市場，然後看到了一個機會，可以加倍投資這個我們真心相信會給我們帶來長期積極發展的市場。

Jeffrey Stantial, Stifel.

Jeffrey Stantial，Stifel。

I wanted to ask a bit more of a high-level strategic question on the Derby. Bill, just as you look at the track as it's built up currently, I'm curious just to get your updated thoughts on what inning you think you're in with respect to some of these, you call it more substantial projects, such as the first turn or the Victory Run. And that's a corollary to that.

我想問德比大賽一些更高層次的戰略問題。比爾，就像你現在看待賽道建設的情況一樣，我很好奇你對其中一些項目（你稱之為更實質性的項目，例如第一個彎道或勝利跑道）的進展情況有什麼最新想法。這是由此推論出來的。

Do you think the current product is diversified enough where it covers the full consumer life cycle? Or is there still some opportunity left to bridge jumps and ticket price such as going from infield to premium seeded, things like that?

您認為目前的產品種類是否夠豐富，能夠涵蓋消費者的整個生命週期？或者是否還有機會透過一些方式來拉近票價差距，例如從內場座位升級到高級座位等等？

Well, thanks for that question, Jeff. I like the baseball analogy. It's World Series time, so that's a very timely analogy. So in that theme, what inning are we in? When it comes to the Derby, it's a very old event. It's been around for 151 years, but I think we're in the third inning. I think there's so much opportunity with that. It's a very dynamic, evolving event as we develop it and as the country changes and as we see things moving towards experiential customer spend.

謝謝你的提問，傑夫。我喜歡用棒球來做比喻。現在正是世界大賽期間，所以這個比喻非常應景。那麼，按照這個主題，我們現在進行到第幾局了？說到德比大賽，那可是一項歷史悠久的賽事。它已經有151年的歷史了，但我認為我們現在才剛剛進入第三局。我認為這其中蘊藏著巨大的機會。這是一個非常動態、不斷發展的事件，隨著我們不斷發展它，隨著國家的變化，隨著我們看到消費模式轉變為體驗式消費。

So I think the future is very bright for the Derby and there's a lot more to come. I think it's important to have a breadt of offering for the Derby and a lot of that is still yet to come.

所以我認為德比大賽的未來非常光明，未來還會有更多精彩賽事。我認為德比大賽的參賽項目應該要豐富多樣，而許多精彩項目還有待推出。

When we look at Victory Run, that's a very, very, very attractive part of the track. It's just past the finish line. It has a great view of the stretch as the horses sort of thunder towards the finish line. And it has seats there, but it's a tired old section that hasn't seen capital investment in a long time. So it was a perfect opportunity to really upgrade that and meet the modern expectations of our consumers.

當我們觀察勝利跑道時，會發現那是賽道上非常、非常、非常吸引人的部分。已經過了終點線。從這裡可以清楚地看到賽馬們氣勢洶洶地衝向終點。那裡也有座位，但那是一個破舊不堪的區域，很久沒有進行過資本投資了。所以這是一個真正升級產品並滿足現代消費者期望的絕佳機會。

And we get that feedback from them every single year on what they're looking for. So they want more suites. They want more covered boxes. They want higher amenities. That's what they're looking for and this is an area where we can do that. And there are other areas around the track where that also is in the cards for the future.

我們每年都會收到他們的回饋，了解他們想要什麼。所以他們想要更多的套房。他們想要更多帶蓋的箱子。他們想要更高檔次的配套設施。這正是他們所尋求的，而這正是我們可以實現的領域。賽道周圍的其他區域未來也有可能進行這樣的改造。

So I think you'll see us be active on a small to medium scale constantly, but the next big project is the one we talked about today, which is Victory Run. And we need to get that done and get that digested before we talk about some of the other big projects that come next.

所以我認為你會看到我們不斷在小到中等規模上保持活躍，但下一個大項目就是我們今天談到的勝利跑。我們需要先把這件事完成並消化吸收，然後再討論接下來的一些其他大項目。

I would say about Victory Run, it increases the capacity of the track seating capacity by about 2%. It's a 20% increase in that section and that's a really important section. But we're always very careful about layering in capacity because it's not really about the number of seats, it's about the quality of experience and the segmentation of the experiences that we offer. And so this fits in with a plan and a philosophy that you've seen us execute over time and it's the right next step.

就勝利跑而言，我認為它使賽道座位容量增加了約 2%。該部分增長了 20%，而這部分非常重要。但我們始終非常謹慎地安排座位數量，因為這真的不是關於座位數量的問題，而是關於體驗的品質以及我們提供的體驗的細分的問題。因此，這符合我們一直以來所執行的計劃和理念，也是正確的下一步。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

So I wanted to ask about The Rose. Obviously, a nice ramp you're seeing there. I think you're now within your long-term win per unit per day targets. And so I guess the question would be how to think about the margin ramp from here and into next year? And I apologize for the near-term question, but any sort of concerns around the sort of government shutdown that's going on in the D.C., and the like, that would be helpful too as well.

所以我想問關於《玫瑰》這本書的事。很明顯，你看到的是一個不錯的坡道。我認為你現在已經達到了每日每單位長期獲利目標。所以我想問題在於，如何考慮從現在到明年利潤率的成長？對於這個可能影響近期局勢的問題，我深表歉意，但如果您能表達一下對華盛頓特區政府停擺等事件的任何擔憂，也將不勝感激。

Thank you, Brandt. Thanks for the question. Yeah, we're thrilled with the progression of The Rose. We still think we have a long way to go, and we think as we progress and as our win per unit goes up, you should see improving margins. Right now, we're still heavily investing in marketing as we try to drive awareness in a very big, large, complex MSA.

謝謝你，布蘭特。謝謝你的提問。是的，我們對《玫瑰》的進展感到非常興奮。我們仍然認為我們還有很長的路要走，隨著我們不斷進步，隨著每單位獲利能力的提高，您應該會看到利潤率的提高。目前，我們仍在大力投資行銷，努力在一個非常龐大、複雜的都會統計區內提高知名度。

And you mentioned also what's going on in that market. We don't really see or feel in a way that we can tell that the impact of some of the government shutdown discussions or whatnot. It's such a huge area. It's 6.5 million people and we've not even been open in a year. So we're just growing through it.

您還提到了那個市場正在發生的事情。我們並沒有真正看到或感受到政府停擺討論或其他類似事件的影響。這是一個非常大的區域。這裡人口有650萬，而我們開業還不到一年。所以我們正在逐步成長。

So I think it's such a huge market with great demographics, both from the population level and from the income level, that we're just in a process of growing into our size. So some of the noise going on is just not something that we can discern as we currently grow.

所以我認為這是一個非常巨大的市場，人口結構也非常好，無論是人口數量還是收入水平，我們目前正處於發展壯大的過程中。所以，在我們目前的發展過程中，有些幹擾因素是我們無法分辨的。

So yeah, we're really happy with how that's progressing. We're really happy with the quarter-to-quarter growth and as our team settles into the pace, we think there's more good things to come there. And you know, it would be our expectation that you'll continue to see improving performance on margins and things like that as we drive better awareness and better performance per machine.

是的，我們對目前的進展非常滿意。我們對季度環比成長非常滿意，隨著團隊逐漸適應目前的節奏，我們認為未來會有更多好消息。而且，我們預期隨著我們提高認知度和提升單機效能，利潤率等方面的表現會持續提高。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Just wondering if you guys have thought at all about or could give us some of your kind of emerging thoughts on the whole emerging landscape of prediction markets. This is a fairly disruptive force that's happening out there in the online sphere and I'm thinking about the potential implications specifically for the Derby.

想問問各位有沒有考慮過預測市場這個新興領域，或是能否分享一下你們的一些想法。這是網路領域中一股相當具有破壞性的力量，我正在思考它可能對德比大賽產生的影響。

You've obviously, through the Parimutuel approach and then through the content control, have generally had very strong sort of ability to control what's going out there in the betting sphere for the Derby. But this kind of new world seems to do particularly well when we're talking about like really large tentpole events and the Derby in our eyes from a sporting perspective is definitely one of those.

顯然，透過彩池投注方式以及內容控制，你們通常擁有非常強大的能力來控制德比大賽博彩領域的內容。但這種新世界似乎在談論真正的大型支柱賽事時表現得特別好，而從運動角度來看，德比大賽絕對是其中之一。

So just kind of wanted to get your thoughts. I know it's an early subject, but if you had any and have any of those operators potentially approached you about sponsorship or anything else.

所以就想聽聽你們的看法。我知道現在討論這個話題還為時過早，但如果你有任何合作，或者有任何運營商可能就贊助或其他事宜與你聯繫過，請告訴我。

Sure. Thanks, John. So let me start by saying that wagering on horse racing in the United States is actually governed under an umbrella federal law called the Interstate Horse Racing Act. That's very different than sports wagering that you see across all of the states, which is a state-by-state sort of vulcanized state law construct.

當然。謝謝你，約翰。首先我要說明的是，在美國，賽馬博彩其實是由一部名為《州際賽馬法》的聯邦法律管轄的。這與各州普遍存在的體育博彩截然不同，體育博彩是由各州各自製定的法律體系構成的。

So our construct is fundamentally different than all the other sports wagering activity you see in the United States. We are governed by a specific dedicated federal law about how wagering works on horse racing. So that makes us quite different and the requirements under that law are very clear about what it takes in order to take a wager on a horse race. You have to have a contract with the content provider, that's us. You have to have a contract with our horsemen, et cetera.

因此，我們的模式與你在美國看到的所有其他體育博彩活動有著根本的不同。我們受專門針對賽馬博彩運作方式的聯邦法律約束。所以這就使我們與其他人截然不同，而且該法律對參與賽馬賭博的要求有非常明確的規定。你必須與內容提供者（也就是我們）簽訂合約。你必須和我們的馬夫簽訂合約等等。

So our philosophy on the prediction markets are, we will approach them, we will explain to them the legal construct under which activity on our sport happens, wagering activity on our sport happens. We'll explain that both the civil and criminal elements of the Interstate Horse Racing Act and why compliance with it is so clear and we'll take it from there.

因此，我們對預測市場的理念是，我們將與他們接觸，向他們解釋我們這項運動的活動以及在我們這項運動中進行的投注活動所依據的法律結構。我們將解釋《州際賽馬法》的民事和刑事要素，以及為何遵守該法如此明確，然後我們再從這裡開始講解。

We do not have a deal with any prediction markets, predictive market companies to take wagers on our product. We are not in discussions to do that at this time, but we do plan on approaching them and explaining to them the legal construct under which wagering happens on our product.

我們沒有與任何預測市場或預測市場公司達成協議，接受對我們產品的投注。我們目前還沒有就此進行討論，但我們計劃與他們接洽，並向他們解釋在我們產品上進行投注的法律結構。

This is not a question like some of these other sports between state law and federal regulations. We have federal law that governs how we operate and certainly to the extent people act counter to having a deal with us and act counter to the Interstate Horse Racing Act, we'll pursue all our rights and remedies under the Interstate Horse Racing Act.

這不像其他一些體育項目那樣，涉及州法律和聯邦法規之間的問題。我們有聯邦法律來規範我們的運營，當然，如果有人違反與我們達成的協議或違反《州際賽馬法》，我們將根據《州際賽馬法》尋求我們所有的權利和補救措施。

So for us, I think we're different than the other sports. I think we're different than the other players in the in the online wagering game and that's a serious subject. It's one we take very seriously and it's one that we've talked a lot and for us it's always a matter of communication and making sure that the players out there on the field understand how this sport works so they can contrast it and understand it compared to the others.

所以我覺得我們和其他運動不一樣。我認為我們與其他線上博彩玩家有所不同，這是一個嚴肅的話題。我們非常重視這個問題，也對此進行了許多討論。對我們來說，這始終是一個溝通的問題，確保場上的球員了解這項運動的運作方式，以便他們能夠將其與其他運動進行對比和理解。

Joseph Stauff, Susquehanna.

約瑟夫‧斯托夫，薩斯奎哈納。

Question on Virginia, if I could. Sorry to repeat the question as maybe I've had in the past, but I wanted to you know ask gain really on the process of shutting down illegal machines, kind of where that is Bill. You've described it as a bit of a whack-a-mole process. Has that changed? And do you think it's affecting some of your assets within Virginia at least in a modestly negative manner today? Just trying to understand essentially the opportunity and the tailwind of closing down those machines over time and how strong it is, et cetera.

如果可以的話，我想問一個關於維吉尼亞州的問題。很抱歉重複這個問題，因為我以前可能問過，但我真的想再次詢問一下關於關閉非法機器的流程，比爾，這方面的情況是怎樣的。你把它形容成一種打地鼠式的過程。情況有變化嗎？您認為這是否對您在維吉尼亞州的某些資產產生了輕微的負面影響？我只是想了解隨著時間的推移關閉這些機器所帶來的機會和利好因素，以及這些利好因素的強度等等。

Sure, Joe. Happy to take that question and we hadn't talked about that yet today. So I almost used the term gray games, but these aren't gray games. These games are illegal. The legislature has spoken and the court has spoken, but there are constant issues of enforcement and also constant variations of games that manufacturers try to introduce to try to distinguish themselves from a from the very clear law of how this works.

當然可以，喬。我很樂意回答這個問題，我們今天還沒談到這個。我差點用了「灰色遊戲」這個詞，但這些並不是灰色遊戲。這些遊戲是非法的。立法機關已經表態，法院也已經表態，但是執法方面一直存在問題，而且製造商們也一直在推出各種遊戲變體，試圖讓自己與這項非常明確的法律有所區別。

So it is a bit of a whack-a-mole. There's been a lot of progress in the state. This isn't binary. It isn't black or white in the sense that there is always going to be an element of enforcement necessary because of the shenanigans some of these manufacturers try to try to engage in to introduce machines.

所以這有點像打地鼠遊戲。該州取得了很大進步。這不是非此即彼的。這件事並非非黑即白，因為某些製造商為了推出機器會耍一些花招，所以總是需要採取一些執法措施。

So generally, there has been pretty strong enforcement. It's very clear from the Attorney General. It's very clear from the legislature, but there's always there's always enforcement issues that will happen, especially when manufacturers may try to muddy the water with games that are different in some way.

總的來說，執法力道相當強。司法部長已經說得很清楚了。立法機關對此規定得很清楚，但總是會存在執法問題，尤其是當製造商試圖用一些不同的遊戲來混淆視聽時。

So I think that's a process that goes on. It's sort of a slow burn indefinitely and yeah there's still gray games out there. We don't think they're really material at this point. The enforcement has been pretty good, but they are out there, and it requires constant vigilance and constant communication with law enforcement and constant willingness to engage with the courts. It's just part of the environment in that state and in others.

所以我認為這是一個持續的過程。這有點像一場曠日持久的慢熱，而且是的，市面上仍然有一些灰色地帶的遊戲。我們認為它們目前還不是實質問題。執法力度相當不錯，但犯罪分子仍然存在，因此需要時刻保持警惕，與執法部門保持溝通，並隨時準備與法院合作。這只是該州以及其他一些州的環境的一部分。

So we're going to grow through that. We are growing through that. We are building our business through that and that's just part of that process that we keep our eye on that and keep pushing on that. But I would say over the most current quarter it hasn't been a big driver or a big concern. We feel like we have it mostly in a good place.

所以我們會從中成長。我們正在從中成長。我們正在透過這種方式發展業務，這只是這個過程的一部分，我們會密切關注並不斷推進。但就最近這個季度而言，它既不是一個主要驅動因素，也不是一個主要擔憂。我們覺得目前情況基本良好。

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

謝謝。現在我將把電話轉回給執行長比爾·卡斯坦詹，請他作總結發言。

Thanks for your time this morning, everybody. For our investors, thank you for your trust in us. We won't let you down. We're proud of the team. We think we had a strong quarter and we think we have more good things to come. So we'll keep doing what we're doing and again thanks for your confidence and trust in us. We look forward to talking to you next year. Actually, will be next year, but next quarter as well. Thank you.

謝謝大家今天上午抽出時間。感謝各位投資者對我們的信任。我們不會讓您失望的。我們為團隊感到驕傲。我們認為本季業績表現強勁，並相信未來會有更多好消息。所以我們會繼續做我們正在做的事情，再次感謝你們對我們的信任和支持。我們期待明年與您交流。實際上，明年就能實現，但下個季度也肯定能實現。謝謝。

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

女士們、先生們，感謝各位的參與。今天的節目到此結束，您可以斷開連線了。