Churchill Downs Incorporated (CHDN) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated first-quarter 2026 results conference call. (Operator Instructions) As a reminder, 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.

各位女士、先生，大家好，歡迎參加邱吉爾園馬場公司（Churchill Downs Incorporated）2026 年第一季業績電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。現在我想介紹今天會議的主持人：投資人關係副總裁 Sam Ullrich 先生。

Thank you, Andrew. Good morning, and welcome to our first-quarter 2026 earnings conference call. After the company's prepared remarks, we will open the call for your questions. The company's 2026 first 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 Investors section.

謝謝你，Andrew。各位早安，歡迎參加我們 2026 年第一季財報電話會議。在公司預先準備的發言之後，我們將開放各位提問。公司 2026 年第一季的營運結果已於昨天下午發布。包含本次電話會議將呈現之期間的業績公告、其他財務與統計資訊（含依據 Regulation G 所要求之資訊）的新聞稿副本，可於公司網站 churchilldownsincorporated.com 的「News」專區以及網站的「Investors」專區取得。

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.

在開始之前，我想提醒各位，我們今天所做的部分陳述可能包含前瞻性陳述。這些陳述涉及多項風險與不確定性，可能導致實際結果出現重大差異。

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.

所有前瞻性陳述都應與我們財報新聞稿中的警示性陳述，以及我們向美國證券交易委員會（SEC）提交文件中所列的風險因素一併考量，特別是最近期的 Form 10-Q 與 Form 10-K 報告。

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.

我們所做的任何前瞻性陳述皆基於截至今日的假設，且我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之調節表已包含於昨日的財報新聞稿中。該新聞稿與 Form 10-Q 可於我們的網站 churchilldownsincorporated.com 取得。

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

接下來我把電話交給我們的執行長 Bill Carstanjen 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.

謝謝你，Sam。各位早安。今天與我一同出席的還有我們團隊的幾位成員，包括總裁兼營運長 Bill Mudd、財務長 Marcia Dall，以及總法律顧問 Brad Blackwell。

I will begin with a high-level overview of our first quarter performance and key strategic developments. Marcia will then walk through our financial results and capital management strategy in more detail, and then we will open up the call for your questions.

我將先就第一季的表現與關鍵策略進展做高層次的概述。接著 Marcia 會更詳細說明我們的財務結果與資本管理策略，之後我們將開放各位提問。

Let me start with a few key highlights from the quarter. First, we delivered a strong start to the year with record first quarter net revenues of $663 million and record adjusted EBITDA of $257 million. These results reflect strong execution across our portfolio and continued momentum with our growth strategy.

先從本季幾項重點亮點談起。第一，我們以亮眼表現強勢開局，第一季淨營收創新高達 6.63 億美元，調整後 EBITDA 亦創新高達 2.57 億美元。這些成果反映我們在整體投資組合上的強勁執行力，以及成長策略的持續動能。

Second, we successfully opened our Marshall Yards Historical Racing Machine venue in Calvert City, Kentucky, on time and on budget. This marks our eighth HRM facility in the Commonwealth. Early performance has been encouraging, and the property is already contributing to job creation, increased purse funding for Kentucky's horse racing industry and long-term shareholder value.

第二，我們在肯塔基州卡爾弗特市（Calvert City, Kentucky）的 Marshall Yards 歷史賽馬機（Historical Racing Machine，HRM）場館如期、且在預算內成功開幕。這是我們在該州的第八座 HRM 設施。初期表現令人鼓舞，該物業已開始為就業創造、提升肯塔基賽馬產業的獎金資金（purse funding），並為股東創造長期價值。

Third, we continue to see strong progress in Virginia, where we remain committed to supporting the renaissance of Thoroughbred racing. We will host 48 race dates in 2026 and expect to generate significant purse funding from our HRM operations across the state that will be distributed during our race meet at Colonial Downs.

第三，我們在維吉尼亞州持續看到強勁進展，並仍致力於支持純種馬賽事（Thoroughbred racing）的復興。我們將在 2026 年舉辦 48 個賽馬日，並預期透過我們在全州的 HRM 營運產生可觀的獎金資金，於 Colonial Downs 的賽期期間進行分配。

We also ran a successful Virginia Derby in March, and we are excited that the winner, Incredibolt, will have the opportunity to compete in this year's Kentucky Derby. We were very pleased with several positive developments in Virginia during the closing stages of the 2026 legislative session. The Governor vetoed legislation related to skill games and a proposed new casino in Fairfax County. iGaming also did not receive approval. These outcomes support a more attractive operating environment, and we remain committed to continued investment in job creation in Virginia.

我們也在 3 月成功舉辦維吉尼亞打吡（Virginia Derby），並很高興冠軍馬 Incredibolt 將有機會參加今年的肯塔基打吡（Kentucky Derby）。在 2026 年立法會期接近尾聲時，維吉尼亞州出現多項正面發展，令我們非常欣慰。州長否決了與技巧遊戲（skill games）及在費爾法克斯郡（Fairfax County）擬議新賭場相關的法案。iGaming 也未獲批准。這些結果有助於形成更具吸引力的營運環境，我們仍致力於在維吉尼亞州持續投資以創造就業。

Another example of our strategy around smart transformative investments in the Thoroughbred industry is reflected in our announcement earlier this week. We signed a definitive agreement to acquire the intellectual property rights to the Preakness Stakes and the Black-Eyed Susan Stakes from a subsidiary of The Stronach Group. This includes all trademarks and associated rights with respect to the Preakness stakes, which is the second leg of the Triple Crown, and for the Black-Eyed Susan stakes, which is the second leg of the three related races for the fillies.

我們在純種馬產業中推動明智且具轉型性的投資策略，另一個例子體現在我們本週稍早的公告。我們已簽署最終協議，將自 The Stronach Group 旗下子公司收購 Preakness Stakes 與 Black-Eyed Susan Stakes 的智慧財產權。此交易包含與 Preakness Stakes（「三冠王」第二關）相關的所有商標及相關權利，以及與 Black-Eyed Susan Stakes（母馬三場相關賽事中的第二關）相關的權利。

[We expect to complete this transaction in the second or third quarter of this year. We will earn a fee from the state of Maryland through the lease of this intellectual property to the state for their use in operating Pimlico Race Course and conducting the Preakness and Black-Eyed Susan days. As we have discussed with Maryland’s state leadership, we strongly believe in the potential of the Preakness and view it as an iconic and special asset. We also look forward to working with them as Pimlico Race Course is re-constructed and will look for ways to help grow the Preakness as a world-class event for the state of Maryland. It’s worth nothing that, in most years, the amount wagering on the Preakness makes it the](added by company after the call) second most wagered on race in the country. The Kentucky Derby is, of course, first by a very wide margin, followed by the two other Triple Crown races, the Preakness and the Belmont Stakes and then our own Kentucky Oaks race.

[我們預期將於今年第二季或第三季完成此交易。我們將透過把該智慧財產權租賃給馬里蘭州，供其用於營運 Pimlico Race Course 並舉辦 Preakness 與 Black-Eyed Susan 賽事日，而向馬里蘭州收取費用。如同我們與馬里蘭州政府領導層所討論的，我們堅信 Preakness 具有巨大潛力，並視其為具代表性且獨特的資產。我們也期待在 Pimlico Race Course 重建期間與其合作，並尋求協助將 Preakness 發展為馬里蘭州世界級活動的方式。值得一提的是，在多數年份，Preakness 的投注金額使其成為](公司於電話會議後補充) 全國投注金額第二高的賽事。肯塔基打吡當然以非常大的差距排名第一，其後是另外兩場三冠王賽事：Preakness 與 Belmont Stakes，接著則是我們自家的 Kentucky Oaks 賽事。

Let me now turn to the Kentucky Derby and our vision for long-term growth. We continue to invest in enhancing the Derby experience. And for this year's event, we are unveiling several exciting upgrades. We have completed renovations of The Mansion, one of the most exclusive hospitality areas, offering exceptional views of the track and finish line.

接下來談肯塔基打吡以及我們對長期成長的願景。我們持續投資以提升打吡體驗。針對今年的活動，我們將推出多項令人振奮的升級。我們已完成 The Mansion 的整修，這是最尊榮的款待區之一，可提供絕佳的賽道與終點線視野。

Our Finish Line Suites have also been significantly upgraded, creating a more integrated high-energy hospitality experience with improved flow and premium amenities. These are our most exclusive suites, and we are very excited to show our customers a reimagined and unique setting.

我們的終點線套房（Finish Line Suites）也已大幅升級，打造更整合、充滿高能量的款待體驗，並改善動線與提供高端設施。這些是我們最尊榮的套房，我們非常期待向客戶展示一個重新構想且獨一無二的場域。

Following this year's Derby Week, we will accelerate the work on the Victory Run project. As I discussed on our call in February, we will finish this project in time for the 2028 Kentucky Derby. This new structure will offer spectacular premium suites on the first level. The guests in these suites will be able to walk to the rail to watch the races. Victory Run will also incorporate covered box seating and multiple high-end dining experiences on the second through fourth levels of the building.

在今年的打吡週結束後，我們將加速推進 Victory Run 專案。如同我在 2 月的電話會議中所提到的，我們將在 2028 年肯塔基打吡前完成該專案。這座新建築在第一層將提供壯觀的高端套房，套房賓客可步行至欄邊觀賽。Victory Run 也將在第二至第四層設置有遮蔽的包廂座位，以及多種高端餐飲體驗。

These projects are designed to deliver strong long-term returns while offering exceptional guest experiences. Looking ahead, we remain focused on expanding Derby Week into an even broader week-long national and international event. Last year, we welcomed more than 370,000 guests across Derby Week, roughly the equivalent of five Super Bowls in one week. We see significant opportunities to continue growing the entire week with respect to attendance, wagering, viewership, sponsorship and EBITDA.

這些專案旨在於提供卓越賓客體驗的同時，帶來強勁的長期報酬。展望未來，我們仍聚焦於將打吡週擴展為更廣泛、為期一週的全國性與國際性盛事。去年，打吡週期間我們共迎來超過 37 萬名賓客，大致相當於一週內舉辦五場超級盃。我們看到在出席人數、投注、收視、贊助以及 EBITDA 方面，持續擴大整週規模的重大機會。

As part of that strategy, we are expanding Derby Week with the addition of racing on Sunday, April 26. And for the first time, the Kentucky Oaks will be broadcast in prime time on NBC and Peacock, giving us a powerful platform to expand the reach of this prestigious race and the broader Derby experience.

作為該策略的一部分，我們將新增 4 月 26 日（星期日）的賽事，以擴展打吡週。此外，肯塔基橡樹大賽（Kentucky Oaks）將首次在 NBC 與 Peacock 的黃金時段播出，為我們提供強而有力的平台，以擴大這項享有盛名賽事以及更廣泛打吡體驗的觸及範圍。

At the same time, the continued growth of Derby Week is attracting innovative global partnerships. These partners are increasingly focused on premium experience-driven engagement and the Derby Week offers a unique platform to deliver that at scale.

同時，德比週的持續成長正吸引具創新性的全球合作夥伴關係。這些合作夥伴愈來愈聚焦於以高端體驗為驅動的互動參與，而德比週提供了一個獨特的平台，能夠以規模化方式交付這種體驗。

Our partners recognize that activations at live sporting events have become more coveted given the significant growth in the experience economy. When coupled with premium hospitality offerings during Derby Week, our partners can provide once-in-a-lifetime experiences for their customers during one of the most marquee live sporting and entertainment weeks in the world. Over 152 years, the Kentucky Derby has become an iconic event in sports and entertainment. We are going to build on that legacy by continuing to expand its reach and relevance for future generations.

我們的合作夥伴認知到，隨著體驗經濟顯著成長，現場體育賽事的行銷啟動（activations）變得更受追捧。若再結合德比週期間的高端款待（premium hospitality）方案，我們的合作夥伴便能在全球最具指標性的現場體育與娛樂週之一，為其客戶提供一生一次的體驗。歷經152年，肯塔基德比已成為體育與娛樂領域的經典盛事。我們將在此傳承基礎上，持續擴大其影響力與相關性，面向未來世代。

Turning to our HRM portfolio. Our venues in Kentucky and Virginia are performing well and play an important role in supporting the horse racing industry in their respective states. They generate purse funding, support the local agricultural industries, create jobs and drive meaningful economic impact in the communities where we operate.

接著談我們的 HRM 投資組合。我們在肯塔基州與維吉尼亞州的場館表現良好，並在各自州內支持賽馬產業方面扮演重要角色。它們提供獎金池（purse）資金來源、支持在地農業產業、創造就業，並在我們營運所在社區帶來具意義的經濟影響。

We will continue to invest in HRM venues and product offerings. We introduced roulette electronic table games or ETGs based on historical horse races at six of our Kentucky HRM properties during the first quarter.

我們將持續投資於 HRM 場館與產品供給。我們在第一季於肯塔基州六處 HRM 物業導入以歷史賽馬為基礎的輪盤電子桌上遊戲（ETGs）。

Early indications are very encouraging, and the new ETGs are certainly accretive to our GGR in Kentucky. We will be rolling out additional machines throughout 2026 and beyond. We are increasing our marketing of this new offering and awareness is building at each of our properties. We are also working on developing additional HRM-based ETGs, including Craps and then Blackjack to attract an even broader customer base.

初步跡象非常令人鼓舞，而新的 ETGs 確實對我們在肯塔基州的 GGR 具有增益（accretive）。我們將在 2026 年及之後持續擴大部署更多機台。我們也正在加強對此新產品的行銷推廣，各物業的認知度正逐步提升。此外，我們也在開發更多以 HRM 為基礎的 ETGs，包括 Craps，接著是 Blackjack，以吸引更廣泛的客群。

Looking ahead, our Rockingham Grand Casino project in Salem, New Hampshire remains on track for a mid-2027 opening. This development represents another compelling opportunity to expand into an attractive market with a high-quality entertainment offering.

展望未來，我們位於新罕布夏州塞勒姆（Salem）的 Rockingham Grand Casino 專案仍按計畫推進，預計於 2027 年年中開幕。此開發案代表另一個具吸引力的機會，讓我們得以進入一個具吸引力的市場，並提供高品質的娛樂供給。

In summary, this was a strong start to 2026. We delivered record results, executed on key strategic initiatives and continue to invest in high-return growth opportunities across our portfolio.

總結而言，這是 2026 年強勁的開局。我們繳出創紀錄的成果，落實關鍵策略性舉措，並持續在整體投資組合中投資於高報酬的成長機會。

Churchill Downs remains exceptionally well positioned with a strong core portfolio of businesses and a clear path for long-term growth. We are confident in our ability to deliver consistent and meaningful value for our shareholders.

Churchill Downs 仍具備極佳的有利定位，擁有強健的核心業務投資組合，以及清晰的長期成長路徑。我們對於為股東持續創造穩健且具意義的價值充滿信心。

And before I turn it over to Marcia, a quick reminder. Derby Week begins this Saturday, April 25 with opening day and culminates on Saturday, May 2, with the 152 running of the Kentucky Derby. We have an exciting week of racing and events planned, and we look forward to hosting many of you in person.

在我把時間交給 Marcia 之前，先快速提醒一下。德比週將於本週六（4 月 25 日）以開幕日揭開序幕，並於週六（5 月 2 日）以第 152 屆肯塔基德比畫下句點。我們已規劃一週精彩的賽事與活動，也期待能親自接待各位中的許多人到場參與。

We are anticipating an exceptional Derby and Derby Week, significantly outpacing not only last year, but also Derby 150 in 2024. If you have not secured your tickets yet, we encourage you to do so, we expect to be fully sold out.

我們預期本屆德比與德比週將表現非凡，不僅將大幅超越去年，也將超越 2024 年的第 150 屆德比。若您尚未取得門票，我們建議您儘速購買，我們預期將會全數售罄。

With that, I'll turn this over to Marcia. Marcia?

那麼，我把時間交給 Marcia。Marcia？

Thanks, Bill, and good morning, everyone. I'll begin with highlights into our financial results and then provide an update on capital management. First, regarding our financial results. As Bill noted, we delivered record first quarter revenue and adjusted EBITDA with both our Live and Historical Racing segment and our Wagering Services and Solutions segments achieving record performance for the quarter.

謝謝你，Bill，各位早安。我將先說明我們財務結果的重點，接著提供資本管理的最新進展。首先，關於財務結果。如 Bill 所提，我們第一季營收與調整後 EBITDA 皆創下新高，我們的「現場與歷史賽馬」事業部門以及「投注服務與解決方案」事業部門，本季表現也都創下紀錄。

We are pleased with the continued momentum in our Live and Historical Racing segment. Adjusted EBITDA increased by more than $11 million or 11% compared to the prior year quarter. Our Kentucky HRMs delivered outstanding results with adjusted EBITDA increasing more than $9 million or 17% compared to the prior year quarter, driven by strong growth across both Western and Northern Kentucky. Our Kentucky growth also reflects the opening of Marshall Yards in February.

我們對「現場與歷史賽馬」部門持續的動能感到滿意。調整後 EBITDA 較去年同期增加超過 1,100 萬美元（或 11%）。我們的肯塔基 HRM 表現出色，調整後 EBITDA 較去年同期增加超過 900 萬美元（或 17%），主要受惠於肯塔基西部與北部的強勁成長。我們在肯塔基的成長也反映了 Marshall Yards 於 2 月開幕的貢獻。

In Virginia, adjusted EBITDA increased by $3 million or 6% compared to the prior year quarter. This growth was supported by continued momentum at The Rose, which delivered sequential increases in the GGR per machine per day for each month of the first quarter.

在維吉尼亞州，調整後 EBITDA 較去年同期增加 300 萬美元（或 6%）。此成長受惠於 The Rose 的持續動能支撐，該物業在第一季每個月的「每台機台每日 GGR」皆呈現逐月成長。

Our team is making great progress in marketing the property to attract new guests and increase spend per visit. We're encouraged by the continued top line growth and increase in the margins at The Rose and believe the property remains in the early stages with a long runway for growth.

我們的團隊在行銷該物業方面進展良好，目標是吸引新客並提高每次到訪的消費。我們對 The Rose 持續的營收成長與利潤率提升感到鼓舞，並認為該物業仍處於早期階段，未來仍有很長的成長跑道。

At Colonial Downs Racetrack, we successfully held the Virginia Derby in March with sold out attendance and a 19% increase in handle over last year, making it the third highest wagering day in Colonial Downs history. Performance at our other Virginia properties was impacted by weather and increased competition. We are actively optimizing our marketing and operating strategies and remain confident in the long-term performance of these properties.

在 Colonial Downs Racetrack，我們於 3 月成功舉辦維吉尼亞德比，入場人數售罄，投注額（handle）較去年增加 19%，成為 Colonial Downs 歷史上第三高的單日投注額。我們在維吉尼亞州其他物業的表現則受到天候與競爭加劇影響。我們正積極優化行銷與營運策略，並對這些物業的長期表現仍具信心。

Turning to our Wagering Services and Solutions segment. Adjusted EBITDA increased 8%, driven by retail sports betting, contributions from our online sports betting market access agreements and continued expansion of our Exacta platform.

接著談我們的「投注服務與解決方案」部門。調整後 EBITDA 成長 8%，主要由零售體育博彩、我們線上體育博彩市場准入協議的貢獻，以及 Exacta 平台的持續擴張所帶動。

TwinSpires also delivered modest growth in adjusted EBITDA, primarily due to lower legal expenses. And last, regarding our Gaming segment, our wholly owned regional gaming properties performed in line with our expectations, given the cessation of HRM operations in Louisiana in May of last year and $2 million of weather-related disruption in January.

TwinSpires 的調整後 EBITDA 也呈現小幅成長，主要因法律費用降低。最後，關於我們的「遊戲」部門，我們全資擁有的區域型博彩物業表現符合預期，考量到我們於去年 5 月停止路易斯安那州的 HRM 營運，以及 1 月因天候造成 200 萬美元的營運干擾。

Overall, first quarter same-store margins at our wholly owned casinos were relatively consistent with the first quarter of last year. Customer trends have improved versus the prior year and remain consistent with the prior quarter. We see continued strength among higher value rated players and some softness outside of Kentucky and lower-value unrated segments. We are actively refining our marketing strategies to capture opportunities across both segments.

整體而言，我們全資擁有賭場第一季同店利潤率與去年第一季大致一致。客戶趨勢較去年改善，且與前一季一致。我們看到高價值評等玩家持續強勁，而在肯塔基以外地區以及低價值未評等客群方面略顯疲弱。我們正積極精進行銷策略，以掌握兩個客群區隔的機會。

Turning to capital management. We generated $276 million or $3.94 per share of free cash flow in the first quarter, reflecting the strength and consistency of our operating model. Our strong free cash flow generation continues to support both reinvestment in high-return growth projects and meaningful capital returns to shareholders.

接著談資本管理。我們第一季產生 2.76 億美元（每股 3.94 美元）的自由現金流，反映我們營運模式的強勁與一致性。我們強勁的自由現金流產生能力，持續支持我們一方面再投資於高報酬成長專案，另一方面也向股東提供具意義的資本回饋。

Project capital expenditures were $40 million in the quarter, and we continue to expect full year 2026 project capital spend of $180 million to $220 million. Maintenance capital expenditures were $19 million in the quarter, and we continue to expect full year 2026 maintenance capital spend of $90 million to $110 million. We ended the quarter with bank covenant net leverage of [3.8 times](corrected by company after the call), reflecting continued strong operating cash flow generation from our recent investments.

本季專案資本支出為 4,000 萬美元，我們仍預期 2026 全年專案資本支出為 1.8 億至 2.2 億美元。本季維護性資本支出為 1,900 萬美元，我們仍預期 2026 全年維護性資本支出為 9,000 萬至 1.1 億美元。本季期末，我們的銀行契約淨槓桿為 [3.8 倍](corrected by company after the call)，反映我們近期投資持續帶來強勁的營運現金流。

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

接下來，我把電話會議交回給 Bill，以便我們開放提問。

Thank you, Marcia. Okay, everyone, I think we're ready to take your questions now.

謝謝你，Marcia。好的，各位，我想我們現在準備好開始回答各位的問題了。

(Operator Instructions) Barry Jonas, Truist.

（接線員指示）Barry Jonas，Truist。

I may have missed this as the audio was a little off before. But can you maybe detail a little more about the fee structure for the Preakness IP? And also if you have any wider thoughts on the longer-term strategy there?

我可能漏聽了，因為先前音訊有點不清楚。不過你們能否更詳細說明一下 Preakness IP 的費用結構？另外，你們對那邊較長期的策略是否也有更廣泛的想法？

Barry, thanks for the question. Sorry if there were any difficulties with the audio. Certainly happy to cover anything that slipped through the cracks. So the fee structure in Maryland is a two-part structure. First, a base fee of $3 million that grows at 2.5% every year starting in 2028.

Barry，謝謝你的提問。若音訊有任何問題很抱歉。當然也很樂意補充任何可能漏掉的部分。馬里蘭州的費用結構分為兩部分。第一部分是 300 萬美元的基本費用，自 2028 年起每年以 2.5% 成長。

It does not apply for the 2027 Derby, and we haven't closed -- Preakness, I should say, we haven't closed on the purchase of the intellectual property yet at this point either. But starting next year, it's a $3 million base fee. From that point on, it grows at 2.5%. And then the second portion of the fee is 2% of handle for the Black-Eyed Susan day plus the Preakness day.

這不適用於 2027 年的德比賽，而且我們也尚未完成——我應該說是必利時賽（Preakness），我們目前也尚未完成對該智慧財產權的收購交割。但從明年開始，基礎費用為 300 萬美元。自那之後，每年以 2.5% 成長。然後費用的第二部分是「Black-Eyed Susan 日」加上必利時賽日的投注額（handle）的 2%。

So you add those two amounts together and you get the total. Last year, the Preakness and Black-Eyed Susan day in combination did about $140 million of handle to give a rough perspective on where it is at this point.

所以把這兩個金額加總起來，就得到總額。去年，必利時賽日與 Black-Eyed Susan 日合計的投注額約為 1.4 億美元，提供一個大致的參考，說明目前的規模大概在哪裡。

So for us, it's a thrill to be a part of that. That's, in our view, an iconic asset. And having been in the game for a long time, I'm familiar with the history of the Preakness, and I know what it's been in the past and what it can be in the future. So we're happy to participate and work with the state as they see fit to help build them back to their former glory.

所以對我們而言，能成為其中一部分令人振奮。依我們看，這是一項具代表性的標誌性資產。而我在這個產業待了很久，熟悉必利時賽的歷史，也知道它過去是什麼樣子、未來可以成為什麼樣子。因此我們很高興能參與，並依州政府認為合適的方式與其合作，協助把它們重建回昔日的榮光。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通（JPMorgan）。

Bill, just another one on Preakness. As we think about your capital allocation parameters and in the past, you've talked about investing in the ecosystem, looking for things with local monopolies, ability to improve operations of an asset over time. How does this investment in Preakness fit into that? And how do you think about this maybe potentially evolving over kind of the medium to long term?

Bill，再問一題關於必利時賽。當我們思考你們的資本配置參數時，過去你曾談到投資於生態系、尋找具地方性壟斷、以及能隨時間改善資產營運的標的。這筆對必利時賽的投資如何符合這些原則？以及你如何看待它在中長期（大約中期到長期）可能的演進？

Thanks for the question, Dan. So first, some of those attributes come in connection with iconic assets, unique assets, special assets that can have different attributes than everything else over time. And we think the Preakness is one of those assets. We think it has tremendous potential, tremendous history.

謝謝你的問題，Dan。首先，其中一些特質與標誌性資產、獨特資產、特殊資產相關；這些資產隨時間可能呈現出不同於其他資產的特性。我們認為必利時賽就是其中之一。我們認為它具有巨大的潛力與深厚的歷史。

And as it unfolds, we certainly are available to the state and happy to work with the state to help them figure out how best to transition that property into something great like it's been in the past. So for us, it's entirely consistent with how we look at things like the Derby.

而隨著事情逐步展開，我們當然願意配合州政府，也很樂意與州政府合作，協助他們找出如何以最佳方式把該資產轉型成像過去那樣偉大的事物。所以對我們而言，這完全符合我們看待像德比賽這類資產的方式。

In my opinion, the Derby is always what's most special and what's most unique about our company, and it's an asset that can't be duplicated. It's just a very special, unique piece of Americana. And we think Pimlico and the Preakness has elements to that itself, and it's about developing those and encouraging those things to happen over time.

在我看來，德比賽一直是我們公司最特別、最獨一無二的部分，而且它是一項無法被複製的資產。它就是一段非常特別、獨特的美國文化（Americana）。我們認為 Pimlico 與必利時賽本身也具備類似的元素，重點在於隨時間去發展並促成這些元素的實現。

Daniel Gugliomo, Capital One Securities.

Daniel Gugliomo，第一資本證券（Capital One Securities）。

In the past, you all have talked about growing the international customer base for the Kentucky Derby and US horse racing in general. Outside of the dollars generated, how do you all measure success there? And what are your goals over the medium term, so the next five or so years?

過去你們談到要擴大肯塔基德比以及整體美國賽馬的國際客群。除了帶來的美元收入之外，你們如何衡量這方面的成功？以及你們在中期（接下來大約五年）的目標是什麼？

Well, Dan, thanks for that question. That touches on a theme that's personally really important and significant to me. I think we have this unique American event, and there's an irony to that because over the long 152 year history of the Derby, that hasn't necessarily been the focus -- the international piece hasn't necessarily been the focus of our efforts. But despite that, we still have this global brand.

嗯，Dan，謝謝你的問題。這觸及一個對我個人非常重要且意義重大的主題。我認為我們擁有這個獨特的美國盛事，而其中有個諷刺之處：在德比賽長達 152 年的歷史中，這並不一定一直是重點——國際面向並不一定一直是我們努力的焦點。但即便如此，我們仍然擁有一個全球品牌。

So focusing on building that is critical going forward. It starts with attendance. It starts with encouraging more folks in the overseas markets, starting with those that have an attachment or an interest in horse racing to come experience this event. And from that, it builds into sponsors and partnerships. And those are the more important elements.

因此，未來聚焦於打造這一點至關重要。起點是現場出席人數（attendance）。起點是鼓勵更多海外市場的人——先從那些對賽馬有連結或興趣的人開始——來親身體驗這個活動。接著由此延伸到贊助商與合作夥伴關係，而那些才是更重要的要素。

Certainly, in some countries, wagering can be possible. Japan is an example of that. But first and foremost, it's about driving high-end customer participation and encouraging sponsorships. And certainly, attendance and viewership can be a part of it. I don't have at my fingerprints the information this year for all the markets that the Derby will be telecast, but it's a very impressive picture and it's a growing picture.

當然，在某些國家，投注可能是可行的；日本就是一個例子。但首要之務是推動高端客戶的參與並鼓勵贊助。當然，出席與收視也可以是其中一部分。我手邊沒有今年德比賽將在哪些市場轉播的完整資訊，但那是一幅非常令人印象深刻、而且持續成長的版圖。

So everything we see internationally from an international perspective is positive and growing and encouraging. And you'll see us focus more on that over the coming years because there's a big population out there in the rest of the world that's in particular, interested in Thoroughbred racing as well as the United States. And our job is to attract those people and bring them here in the higher echelons of our ticket offering.

所以我們從國際角度看到的一切都是正向的、在成長的、令人鼓舞的。未來幾年你們會看到我們更聚焦於這一點，因為世界其他地區有龐大的人口，特別是對純種馬（Thoroughbred）賽事以及美國本身也很感興趣。而我們的工作就是吸引這些人，並把他們帶到我們票務產品中更高端的層級。

Chad Beynon, Macquarie.

Chad Beynon，麥格理（Macquarie）。

Bill, one for you, I guess, related to government affairs or the legislative win in Virginia. Obviously, you can't predict future legislation, but anything you can kind of highlight in terms of why this was vetoed, if the governor or other constituents are just realizing the impact onto the state. We're just getting a lot of questions if this will become a recurring thing, but anything else you can help on there would be helpful.

Bill，我想問一題，可能與政府事務或維吉尼亞州的立法勝利有關。顯然你無法預測未來立法，但你能否強調一下為什麼這項法案被否決（vetoed），是否州長或其他利害關係人正在意識到對州的影響？我們收到很多問題在問這是否會變成反覆發生的事情；你若能提供任何其他協助說明都會很有幫助。

Sure, Chad. Thanks for the question. So generally, state legislative processes are busy, messy processes. There's lots of activity. There's lots of divergence of views. It's part of democracy. It's how democracy works. So the fact that legislation is introduced, the fact that legislation is discussed. Doesn't mean there's consensus in the state on what's going to happen that year or in the future. It's just part of the legislative process.

當然，Chad，謝謝你的問題。一般而言，州層級的立法程序是繁忙且混亂的過程。有很多活動，也有很多不同的觀點。這是民主的一部分，也是民主運作的方式。所以法案被提出、法案被討論，並不代表州內對當年或未來會發生什麼已經有共識。這只是立法程序的一部分。

So I think every year is different in every legislature. And I think every year, they learn from the past experiences and that factors into what they want to do as a state going forward. So I think what happened in Virginia to turn it to Virginia and less from a general comment, what happened in Virginia is part of a healthy democratic process. There was lots of discussions. There were lots of divergence of views and the state came to a conclusion on how they wanted to manage and think about gaming for the time being.

所以我認為每個立法機關每一年都不同。我也認為每一年他們都會從過去的經驗中學習，而這會影響他們作為一個州在未來想怎麼做。因此我認為，回到維吉尼亞州、少一點泛泛而談：維吉尼亞州發生的事情是健康民主程序的一部分。討論很多，觀點分歧也很多，而州政府就他們暫時想如何管理與看待博彩（gaming）得出了一個結論。

I'm encouraged by some of the dialogue and some of the discussion there that their progression on gaming issues is a positive one from our perspective, and I'm encouraged going forward that there's a forum for discussion, that there's a forum for convergence of views and that our views are respected and heard and part of that process will be reflected in whatever outcomes in the future we might see.

我對那裡的一些對話與討論感到鼓舞；從我們的角度看，他們在博彩議題上的推進是正向的。我也對未來感到鼓舞，因為有一個討論的平台、有一個促成觀點收斂的平台，而且我們的觀點受到尊重、被聽見並成為該程序的一部分；而這個程序在未來我們可能看到的任何結果中都會有所反映。

But generally, Virginia shows a lot of elements of a very stable environment for us. We believe in that jurisdiction. We believe in the possibility and the potential of that jurisdiction, and we're really glad to be a part of that dynamic in that environment.

但整體而言，維吉尼亞州對我們來說展現出許多非常穩定環境的要素。我們相信那個司法管轄區（jurisdiction）。我們相信那個司法管轄區的可能性與潛力，也很高興能成為那個環境中這股動能的一部分。

David Katz, Jefferies.

David Katz，傑富瑞（Jefferies）。

I wanted to just spend a second on Virginia, if I may. Way back when we sort of made this acquisition, there was clearly a lot of opportunity and what's evolved since then is just more competing licenses and some traditional licenses and forgetting about any discussion about iGaming and will it or won't it one day.

如果可以的話，我想再花一點時間談維吉尼亞州。很久以前當我們做這項收購時，顯然有很多機會；而自那之後的演變是出現更多競爭性牌照、一些傳統牌照，先不談任何關於 iGaming 以及它某天會或不會發生的討論。

Bill, I remember you telling me over lunch a while back that every strategy should evolve as you go to be a good one. Has this turned out competitively the way you expected? And have you evolved your Virginia strategy for that, what appears to be increasing competition in that particular market?

Bill，我記得不久前午餐時你跟我說過，每個策略都應該隨著推進而演化，才會是一個好的策略。這在競爭面上是否如你所預期地發展？而針對這個特定市場看起來日益加劇的競爭，你是否已經調整了你們在維吉尼亞州的策略？

Great question, David. So already, you can see Virginia has been a really strong investment for us. It's been a really encouraging investment. In terms of new competition, you face that discussion in all jurisdictions as a part of the gaming dynamic that you have in the country. And we've progressed through that pretty well.

好問題，David。到目前為止，你可以看到維吉尼亞對我們而言一直是一項非常強勁的投資，令人相當振奮。就新增競爭而言，這是在全國博彩產業動態下，各個司法管轄區都會面臨的討論。我們也一路相當順利地推進並應對。

And for us, there will be opportunities, too, as discussions around Virginia evolve over time. So always be flexible. I agree with what you said, always evolve your strategy, always be flexible. We've done that in Virginia. What we don't control is the noise and the discussion that happened during any legislative session.

對我們來說，隨著維吉尼亞相關討論隨時間演進，也會出現一些機會。因此要始終保持彈性。我同意你說的：策略要持續演進、要保持彈性。我們在維吉尼亞就是這麼做的。我們無法掌控的是，在任何立法會期中出現的雜音與討論。

But we participate vigorously in those discussions, and we always constantly evaluate what's best for our company, where to focus, where to pivot, where to change. But Virginia so far for us through all this noise has been a really, really strong investment.

但我們會積極參與這些討論，並且持續評估什麼對公司最有利、該把重點放在哪裡、該在哪裡轉向、該在哪裡調整。不過就目前而言，儘管有這些雜音，維吉尼亞對我們來說仍是一項非常、非常強勁的投資。

And as we look forward, we see that continuing, and we'll evolve that strategy and roll with the times as we see real pivots that need to be made. So far, so good. It's been a positive experience for us. And for us, it's now focusing on next year and focusing on how we want to evolve our business in that state.

展望未來，我們也看到這樣的態勢會延續；當我們看到確實需要做出重大轉向時，我們會讓策略隨勢演進、順勢而為。目前一切都很好，對我們而言是正面的經驗。接下來我們的重點是明年，以及我們希望如何在該州演進我們的業務。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

Kentucky continues to show some pretty nice growth. Bill, broadly, how do you think about the incremental 4,000 machines you can put in the state? And maybe more specifically, do you see any properties that are ripe for expansion?

肯塔基州持續展現相當不錯的成長。Bill，整體而言，你如何看待你們在該州可新增配置的4,000台機台所帶來的增量機會？更具體來說，你是否看到有任何物業具備擴建的成熟條件？

Thanks, Jordan. Yes, Kentucky has been a very positive experience for us. It's been a very short-term and long-term great investment for us. So all these properties are still showing real signs of growing into their own skin. They're still -- they haven't reached maturity. They're still growing.

謝謝，Jordan。是的，肯塔基州對我們而言是非常正面的經驗，無論短期或長期都是很棒的投資。這些物業仍然顯示出明顯的成長跡象，正在逐步「長成」；它們還沒有達到成熟期，仍在成長中。

HRMs as a product continue to get better. We continue to have more options and more variety of product. And certainly, ETGs are something we feel positively about, and we look forward to expanding our offering both of Roulette and of other products on our floors.

HRM作為一項產品持續在變得更好。我們持續擁有更多選項與更多元的產品組合。而且，ETG（電子桌上遊戲）是我們看好的方向，我們也期待在場內擴充輪盤以及其他產品的供給。

Marshall Yards, we just opened in February. That's gotten off to a really encouraging start. So without exception in the state of Kentucky, we don't view any of these products as being at maturity yet. And I think we'll keep innovating the product, the HRM product and growing into our marketplace in each of these jurisdictions. So more to come there.

Marshall Yards 我們在2月才剛開幕，開局就相當令人鼓舞。因此在肯塔基州，無一例外，我們不認為任何這些產品已經成熟。我想我們會持續在產品上創新，包括HRM產品，並在各個司法管轄區持續擴大我們的市場滲透。後續還會有更多進展。

Brandt Montour, Barclays.

Brandt Montour，Barclays。

I wanted to ask about the Derby, Bill, you sounded pretty upbeat about momentum there. But just maybe to put a finer point on it, would you -- how would you compare the impact of geopolitical events to this spring's ticket selling season to last spring's geopolitical events? And Marcia, is there any sort of update to the $15 million to $20 million incremental EBITDA year-over-year that you called out last quarter?

我想問一下Derby（德比賽事）相關的情況，Bill，你聽起來對那邊的動能相當樂觀。不過更精準一點來說，你會如何比較地緣政治事件對今年春季售票季的影響，與去年春季地緣政治事件的影響？另外，Marcia，關於你們上季提到的年增1,500萬到2,000萬美元增量EBITDA，有沒有任何更新？

I'll start first. And Marcia, if you want to comment on the last part of the question, please feel free to jump in. So last year, the geopolitical events, which was really the introduction of tariffs for the first time impacted us. It impacted the sales process when it started. I'm pleased to say that this year, we haven't seen that. We are not experiencing geopolitical corrections to our sales process. So all good there, and it's been a smooth and predictable sales cycle for us and a really encouraging sales cycle for us.

我先回答。Marcia，如果你想回應問題的後半段，請隨時補充。去年地緣政治事件，主要是首次引入關稅，確實對我們造成影響；它在銷售流程一開始就影響了我們。我很高興地說，今年我們沒有看到這種情況。我們的銷售流程沒有出現地緣政治造成的修正。因此這部分一切良好；對我們而言，這是一個順暢且可預期的銷售週期，也是一個非常令人鼓舞的銷售週期。

And Brandt, from a growth perspective, we are very confident in our $15 million to $20 million of Derby growth over last year's number. And as Bill said earlier on the call, that will be a very significant increase even over Derby 150.

Brandt，從成長角度來看，我們對Derby相較去年增加1,500萬到2,000萬美元的成長非常有信心。而且如Bill先前在電話會議中提到的，這甚至會比Derby 150還要顯著增加。

Jeffrey Stantial, Stifel.

Jeffrey Stantial，Stifel。

Just one from us on the HRM business. Bill, I appreciate some of the commentary earlier on the rollout of electronic table games in Kentucky. I was hoping you might just add a little bit more color here in terms of sort of what do you -- keeping in mind, it's still a small number of units, but what do initial yields look like for these machines? How is this flowing in, in terms of database growth, ability to compete across the border with Class 3 casinos? Are you seeing some play shift over from slots to these tables? Just any sort of thoughts on initial trends, keeping in mind it's still early would be great.

我們這邊有一題關於HRM業務。Bill，我很感謝你先前對肯塔基州導入電子桌上遊戲的進度所做的一些評論。我希望你能再多補充一些細節：考量目前台數仍不多，但這些機台的初期產出（yield）看起來如何？在資料庫成長、以及跨州與Class 3賭場競爭的能力方面，帶來了哪些影響？你們是否看到部分玩家從老虎機轉移到這些桌上遊戲？任何關於初期趨勢的看法（雖然仍在早期）都很有幫助。

Sure, Jeff. Thanks. Yes, happy to do that. So even introducing just one single ETG product, which is Roulette, even just having a single product, so with lots of runway to go to add other products, we've seen the addition of new customers. There have been changes to our database and a nice pickup in new customers.

當然，Jeff，謝謝。很樂意補充。即便我們目前只導入單一ETG產品，也就是輪盤，即便只有一個產品——而且未來還有很長的跑道可以加入其他產品——我們已經看到新客的增加。我們的資料庫出現變化，新客數有不錯的提升。

So these are definitely accretive to the GGR on each of our floors. And we've really just started marketing with respect to this new product in April. We wanted time to make sure we worked out the kinks and understood how the products worked on our floor. So we're really just in the first month of marketing it. So I have only good news to report on what we're seeing.

因此，這些產品確實對我們各場館的GGR（博彩總收入）具有增益效果。而且我們在4月才真正開始針對這個新產品做行銷。我們希望先有時間確認把問題點都排除，並理解產品在我們場內的運作方式。所以我們其實才剛進入行銷的第一個月。目前我只能回報好消息，因為我們看到的都是正向結果。

I wish we could push a fast forward button and have more product, both in terms of the number of machines we have on the floor, but also in terms of the variety. So every metric we look at in terms of evaluating floor performance is a positive one with respect to introducing this product.

我希望我們能按下快轉鍵，擁有更多產品——不僅是場內機台數量更多，也包括產品種類更豐富。就我們用來評估場內表現的每一項指標而言，導入這項產品所呈現的結果都是正向的。

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

Just getting back to some of the kind of more political questions we had earlier. As you said, this whole process can be messy and somewhat unpredictable. So I was curious, is there a scenario by which if you see digital expansion in states in which you operate that was not expected or you didn't want? Is there a scenario which you kind of reverse course and lean into that?

回到我們先前一些較偏政治面的問題。正如你所說，整個流程可能很混亂，也有些不可預測。我想問的是：如果你們看到在你們營運的州出現原本不預期、或你們不希望看到的數位化擴張，是否存在某種情境，讓你們會改變方向、轉而更積極投入其中？

I'd expect there will be more of this going forward. And I think everybody would love to hear if, hey, if ultimately iGaming does happen in Virginia, here's how maybe we could benefit.

我預期未來會出現更多這類情況。我想大家也都很想知道：如果最終維吉尼亞真的推動iGaming，我們可能會如何從中受益？

I think part of participating in legislative process is always thinking through your fallback positions with respect to things that will help your business. Sometimes that can be going into different businesses. Sometimes that can be more product or other benefits to the business you have in the state.

我認為參與立法程序的一部分，就是要持續思考在各種情況下的備援立場（fallback positions），也就是哪些安排能幫助你的業務。有時候那可能是進入不同的業務；有時候可能是增加更多產品，或是為你在該州既有的業務爭取其他好處。

Part of managing through a legislative process is understanding your list of priorities and your series of fallback positions and your willingness and flexibility to pursue new options based on what those options are.

在立法程序中進行管理的一部分，是要清楚你的優先事項清單、你的備援方案序列，以及你基於這些選項內容而追求新選項的意願與彈性。

So I don't want to comment on any particular line of business other than to say iGaming is a terrible public policy choice for states. It is not one that any state has figured out reliably to protect the consumers in that state. So with that general caveat that that's a terrible public policy that isn't being handled or rolled out well in the places where you've seen it.

因此，除了要說明一點：我不想針對任何特定業務線做評論；但我會說，iGaming對各州而言是一個糟糕的公共政策選擇。沒有任何州能夠可靠地找出保護該州消費者的做法。基於這個總體前提——這是一項糟糕的公共政策，而且在你看到已推行的地方，也沒有被妥善處理或良好落地。

With that caveat, yes, we approach every state with a series of strategies based on what we see happening in that state. And I think our track record reflects that we handle all kinds of issues fairly well, and we achieve positive improvements for our business environment in addition to battling things that can be threats to it. So we make the best out of the circumstances we are faced with, and that's part of the skill set you need when you're in the businesses that we're in.

在這個前提下，是的，我們會依據各州正在發生的情況，為每個州準備一系列策略。我認為我們的過往紀錄也反映出，我們能相當妥善地處理各種議題；除了對抗可能威脅我們商業環境的因素之外，我們也能為自身的營運環境爭取正向改善。我們會在所面臨的情勢下做出最佳選擇；而這正是從事我們這類業務所需要具備的能力之一。

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

On ETGs, I know sort of the rollout of that is an iterative process, and you've answered this a couple of times before, I could appreciate it. But if we kind of zoom out and we think about maybe the typical, say, 80-20 gaming positions, table versus slots, is that fair to assume that you'll likely get there at some point?

關於 ETG，我知道其推廣有點像是一個反覆迭代的過程，而且你之前也回答過幾次，我很感謝。不過如果我們把視角拉遠一點，想想典型的、比如說 80/20 的博彩配置——桌上遊戲相對於老虎機——是否可以合理假設你們最終在某個時間點大概率會達到那樣的配置？

And is that maybe a goal within 18 months? Or does it take longer? Just wondering if you can give us more broader parameters, say, on the rollout versus, say, in the near term?

而這是否可能是 18 個月內的目標？還是需要更久？只是想請你們給我們一些更宏觀的參數，例如推廣節奏相較於短期內的安排。

Thanks for the question, Joe. We're going to take it one step at a time. We're going to evaluate every change we make to our floor, whether it's adding more of a particular type of ETG like roulette or introducing new and different categories of ETGs.

謝謝你的問題，Joe。我們會一步一步來。我們會評估我們對賭場樓面所做的每一項變更，不論是增加某一類 ETG（例如輪盤）或是引入新的、不同類別的 ETG。

We're going to take what we see. We're going to respond to the data and to the information that is generated by our experiments with introducing new products, and we're going to react to that. So we don't set a target 80-20 or anything like that. We make smart decisions based on what the data tells us and what our customers tell us on the floor.

我們會根據我們所看到的情況行事。我們會回應由引入新產品的實驗所產生的數據與資訊，並據此調整。因此我們不會設定 80/20 之類的目標。我們會依據數據告訴我們的內容，以及我們在現場從客戶那裡得到的回饋，做出明智的決策。

So we try as a management team to be a data-driven organization. We don't want to make up assumptions. We don't want to stick to assumptions that don't turn out to be entirely reflected in reality. We want to respond to what we see on the ground. And that's true based on the experience of what we see on our floors. That's true based on what we see with political environments. That's true for everything we do in the company. We will respond and plan around what the facts are.

所以作為管理團隊，我們努力成為一個以數據驅動的組織。我們不想憑空假設，也不想固守那些最後證明並未完全反映現實的假設。我們希望回應我們在第一線看到的情況。這不僅適用於我們在賭場樓面看到的經驗，也適用於我們在政治環境中看到的情況，適用於公司所做的一切。我們會根據事實來回應並圍繞事實進行規劃。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

Bill or Marcia, wondering if you could comment a little bit on -- I think there's a proposal out there for Maryland historical horse racing machines. I think this may have existed in past iterations as well, but sort of what's your broader take or support? Do you think there's any momentum behind it? And what might the process look like?

Bill 或 Marcia，想請你們談談——我認為目前有一項關於馬里蘭州歷史賽馬機（historical horse racing machines）的提案。我想過去的版本中也可能出現過，但你們更宏觀的看法或支持度如何？你們覺得這件事有任何推進動能嗎？流程可能會是什麼樣子？

Yes. Shaun, thanks for the question. I think you're referring to a bill that came through the legislative process last year. It wasn't passed. It's not law, but there has been a movement, particularly among the off-track betting parlors or OTBs in Maryland to get HRMs.

是的。Shaun，謝謝你的問題。我想你指的是去年走過立法程序的一項法案。它沒有通過，並非法律，但在馬里蘭州，特別是場外投注投注站（OTB）之間，確實有一股推動取得 HRM 的動向。

I don't want to comment on that right now. We're getting our sea legs in the state. We're talking to the government. We're talking to the executive branch. We are evaluating how we can be supportive and helpful to the state in achieving their goals of creating a world-class, best-in-class event that drives tourism and investment to the state in the province.

我現在不想對此發表評論。我們才剛在該州站穩腳步。我們正在與政府溝通，也在與行政部門溝通。我們正在評估如何能夠支持並協助該州達成其目標——打造一個世界級、同級最佳的賽事，帶動旅遊與投資進入該州與該地區。

So we're focused on that right now and becoming a more integrated part of that state-driven team. And HRM is a component of the discussion in the state. But I won't comment on it for now as I said, we get our sea legs and become participants in all things racing in the state of Maryland.

因此我們目前專注於這些工作，並成為由州政府主導團隊中更整合的一部分。HRM 是該州討論的一個組成部分。但如我所說，現在我暫不評論；我們會先在馬里蘭州站穩腳步，並成為該州賽馬相關各項事務的參與者。

Ben Chaiken, Mizuho.

Ben Chaiken，瑞穗。

Just one on Preakness. At risk of being repetitive, I think historically, the property has had its own unique culture and following, which you referred to, Bill. Maybe talk about your ambitions here, both qualitatively and quantitatively, if you can. I

關於 Preakness 我只有一個問題。冒著重複的風險，我認為歷史上這個場地一直有其獨特的文化與追隨者，你也提到過，Bill。若可以的話，請談談你們在這裡的企圖心——無論是質化或量化。我

guess, maybe are you there to assist Maryland if they ask you to? Or is this something that you can start to transform and redevelop near term? I guess, I'm just trying to get a better sense of the explicit goal for this property.

想問的是，你們是要在馬里蘭州提出需求時協助他們？還是這是一個你們可以在短期內開始轉型與重新開發的項目？我只是想更清楚了解這個資產的明確目標是什麼。

Thanks, Ben. Yes, Maryland is in control of the destiny of the Preakness. They have the land. They've authorized legislatively $400 million of bond proceeds to invest in the property. There is another $125 million of other government funds that are available to invest in Pimlico and Laurel Park, which is the training center that they just approved buying earlier this week. So they have a war chest of about $525 million or so of funds that have been allocated to invest in racing, and they're in control of that investment.

謝謝你，Ben。是的，馬里蘭州掌握 Preakness 的命運。他們擁有土地。他們已透過立法授權 4 億美元的債券資金投入該資產。另外還有 1.25 億美元的其他政府資金可用於投資 Pimlico 與 Laurel Park；Laurel Park 是訓練中心，他們本週稍早剛批准購買。因此他們大約有 5.25 億美元左右的資金彈藥已被配置用於賽馬投資，而他們也掌控這些投資的決策。

We certainly, upon closure, will be the owners of the intellectual property and have started already a very strong dialogue with the state on how we may be able to help them achieve those goals. We have 300 people that work here in Louisville at the track or in our corporate offices supporting our racetrack, doing construction and design, ticketing, sponsorships, wagering.

我們在交割完成後，當然會成為相關智慧財產權的所有者，並且已經開始與州政府展開非常深入的對話，討論我們如何能協助他們達成這些目標。我們在路易維爾這裡有 300 名員工在賽道或公司總部工作，支援我們的賽馬場，涵蓋施工與設計、售票、贊助、博彩等。

We have a real team of experts here that do this on an absolute world-class level. And certainly, those resources and efforts are available to the state if they seek our help and would like our help in any way. But those discussions are just beginning, and it's important to let those discussions play out at the state's timing and direction.

我們在這裡有一支真正的專家團隊，以絕對世界級的水準在做這些事情。若州政府尋求我們的協助並希望我們以任何方式提供幫助，這些資源與努力當然都可以提供。不過這些討論才剛開始，重要的是讓討論依照州政府的時間表與方向推進。

I would say that we really love the market when we compare it to, say, our own market here in Louisville and in the Midwest. We love that corridor that D.C. Baltimore, up through Philadelphia corridor. There are lots of great customers there. There are lots of great potential sponsors and business partners there. So we love that market. We think it's one with a lot of opportunity, and we have a lot of ideas.

我會說，當我們把這個市場與例如我們在路易維爾以及中西部的市場相比時，我們非常喜歡這個市場。我們喜歡從華盛頓特區、巴爾的摩一路到費城的走廊地帶。那裡有很多很棒的客戶，也有很多很棒的潛在贊助商與商業夥伴。所以我們喜歡那個市場。我們認為那是一個充滿機會的市場，我們也有很多想法。

But this is something that the state will have to ask for our help for -- ask us to help on. And we've begun that dialogue, and we're excited for that to develop.

但這件事需要州政府來請我們協助——請我們在某些方面提供幫助。我們已經開始這樣的對話，也很期待它的發展。

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

謝謝。我現在把電話交回給執行長 Bill Carstanjen，請他做結語。

Thank you, everybody, really great series of questions today. It was really, it was fun to hear your questions and how you're thinking about our company, and we did our best to answer those. So thank you for your support. This is an exciting time for us. We're now going to go focus on getting this thing called the Kentucky Derby underway.

謝謝各位，今天的提問真的非常精彩。聽到你們的問題以及你們如何思考我們公司，真的很有意思；我們也盡力回答了。謝謝你們的支持。這對我們來說是個令人振奮的時刻。接下來我們要專注把這件叫做肯塔基德比的活動辦起來。

And we hope to see many of you there, and we're going to go work our rear ends off to deliver a great Kentucky Derby. So thanks very much, and we'll see you next time.

我們希望能在那裡見到你們當中的許多人，我們也會全力以赴，交出一場精彩的肯塔基德比。非常感謝，我們下次再見。

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

各位女士、先生，感謝您的參與。今天的活動到此結束，您現在可以掛線。