Churchill Downs Incorporated (CHDN) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 2026 second quarter earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，大家好，歡迎參加 Churchill Downs Incorporated 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

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

現在我想介紹今天會議的主持人，投資人關係副總裁 Sam Ulrich 先生。

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

謝謝你，Andrew。各位早安，歡迎參加我們 2026 年第二季財報電話會議。在公司預先準備的發言之後，我們將開放提問。

The company's 2026 second 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.

公司 2026 年第二季營運結果已於昨天下午發布。本次電話會議將呈現該期間的結果以及其他財務與統計資訊（包含《G 規則》所要求之資訊）；相關新聞稿副本可於公司網站 churchilldownsincorporated.com 的「News」專區以及網站的投資人專區取得。

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. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and related announcements 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。所有前瞻性陳述均應結合我們財報新聞稿與相關公告中的警示性陳述，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.

我們所做的任何前瞻性陳述均以截至今日的假設為基礎；因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

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.

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發布的財報新聞稿中。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. Joining me today are 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有：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 highlights from our record second-quarter performance and Kentucky Derby. I will then provide an update on our major development projects and our strategic plans. Marcia will follow with more detail on our financial results and capital management strategy, and then we will take your questions.

我將先分享我們創紀錄的第二季表現與肯塔基德比（Kentucky Derby）的重點。接著我會更新我們主要開發專案與策略計畫。之後 Marcia 將更詳細說明我們的財務結果與資本管理策略，最後我們將回答各位的問題。

First, regarding our second-quarter results. We delivered all-time record net revenue of $980 million and all-time record adjusted EBITDA of $477 million. This marks the sixth consecutive record second quarter for both metrics.

首先，關於我們第二季的結果。我們創下歷史新高的淨營收 9.80 億美元，以及歷史新高的調整後 EBITDA 4.77 億美元。這是上述兩項指標連續第六個第二季創下新高。

At the end of April, we began a week-long celebration leading up to the 152nd running of the Kentucky Derby on Saturday, May 2. We made several enhancements that expanded the reach and value of our iconic event.

在四月底，我們展開為期一週的慶祝活動，迎接 5 月 2 日（週六）舉行的第 152 屆肯塔基德比。我們進行多項升級，擴大這項經典活動的觸及面與價值。

We added Sunday racing on April 26. With this additional day, we welcomed over 386,000 guests for Derby Week. This is the equivalent of nearly six Super Bowls or World Cup games over the course of one week.

我們在 4 月 26 日新增週日賽事。在新增這一天後，德比週共迎來超過 386,000 名賓客。這相當於在一週內舉辦近六場超級盃或世界盃比賽的規模。

We continue to reap the benefits of the capital we have deployed to enhance the Derby experience. We are building long-term demand in each of the areas in which we have invested over the past five years, including the Starting Gate Courtyard and Pavilion, the first turn, and the Paddock.

我們持續享受已投入資本、用以提升德比體驗所帶來的效益。在過去五年我們投資的各個區域（包括 Starting Gate Courtyard and Pavilion、第一彎道以及 Paddock），我們正建立長期需求。

We completed the renovation of The Mansion and a significant upgrade to the Finish Line Suites for this year's Derby week. Both premium areas offer exceptional views of the finish line, and the guest feedback has been extremely positive.

我們在今年德比週前完成 The Mansion 的整修，並大幅升級終點線包廂（Finish Line Suites）。這兩個高端區域都能提供絕佳的終點線視野，賓客回饋極為正面。

Our partnership with NBC delivered record broadcast revenue and viewership. Broadcast revenue increased $10 million under our new NBC agreement. Peak viewership exceeded 24 million, 12% above last year's record.

我們與 NBC 的合作帶來創紀錄的轉播收入與收視人數。在新的 NBC 合約下，轉播收入增加 1,000 萬美元。收視高峰超過 2,400 萬人次，較去年紀錄高出 12%。

For the first time, NBC aired the Kentucky Oaks Race in prime time, reaching an average audience of more than 2.4 million viewers. The Friday night broadcast created a strong lead into the Kentucky Derby and expanded awareness, engagement, and wagering around our flagship event. Derby Week also generated more than 500 million social media impressions, up 84% from 2025.

NBC 首次在黃金時段播出肯塔基橡樹大賽（Kentucky Oaks Race），平均觀眾超過 240 萬人。週五晚間的轉播為肯塔基德比帶來強勁的前導效應，並提升我們旗艦活動的知名度、參與度與投注量。德比週也在社群媒體上創造超過 5 億次曝光，較 2025 年成長 84%。

This year, we once again set all time records for all sources wagering on Derby Week. The Kentucky Derby race remains, by a massive margin, the highest US horse racing wagering event, while the Kentucky Oaks Race is the fourth highest. As expected, sponsorships and licensing for Derby Week also grew in 2026. Together, all of these results demonstrate the continued growth in Derby Week's cultural relevance, reach, and value.

今年，我們再次在德比週的全來源投注額（all sources wagering）創下歷史新高。肯塔基德比賽事仍以極大差距成為美國馬賽中投注額最高的活動，而肯塔基橡樹大賽則排名第四。如預期，德比週的贊助與授權在 2026 年也持續成長。綜合以上成果，顯示德比週在文化相關性、觸及面與價值方面持續提升。

Turning to our key development projects. Our capital investments in 2026 are primarily focused on the continued development of Churchill Downs Racetrack and our HRM expansion in New Hampshire.

接著談我們的重點開發專案。我們 2026 年的資本投資主要聚焦於持續開發 Churchill Downs Racetrack，以及在新罕布夏州擴張我們的 HRM 業務。

Regarding Churchill Downs Racetrack, first, our $285 million Victory Run project will be completed before the 2028 Kentucky Derby. Located on the first turn, this new hospitality offering will add premium suites, covered box seating, and multiple high-end dining experiences.

關於 Churchill Downs Racetrack，首先，我們 2.85 億美元的 Victory Run 專案將在 2028 年肯塔基德比前完工。此全新款待設施位於第一彎道，將新增高端包廂、遮蔽式看台座位，以及多種高端餐飲體驗。

For the 2027 Kentucky Derby, we intend to have high-end temporary stadium seating, restrooms, and concessions underneath the newly constructed Victory Run roof to materially improve the guest experience until the interiors and other permanent improvements are completed in 2028. This project remains on time and on budget.

針對 2027 年肯塔基德比，我們計畫在新建的 Victory Run 屋頂下方設置高端臨時看台座位、洗手間與餐飲販售點，在 2028 年完成室內裝修與其他永久性改善之前，實質提升賓客體驗。此專案目前仍按進度且符合預算。

Second, we are expanding the interior of the Homestretch Club to add amenities and indoor space for the 2027 Kentucky Derby.

第二，我們將擴建 Homestretch Club 的室內空間，新增設施與室內區域，以配合 2027 年肯塔基德比。

Third, we are redeveloping the infield areas on both sides of the Winner's Pagoda, which is the historic building in the infield near the finish line where the Kentucky Derby winners receive their trophies. As part of this redevelopment, we will be removing the tote boards and using this space to create new customer experiences with exceptional views of the home stretch, the finish line, and the Derby winners' trophy presentation.

第三，我們正在重新開發 Winner's Pagoda 兩側的內場（infield）區域；Winner's Pagoda 是位於終點線附近內場的歷史建築，肯塔基德比冠軍會在此接受獎盃。作為此重建的一部分，我們將移除賠率顯示板（tote boards），並利用該空間打造新的客戶體驗，提供絕佳視野，可觀賞主直道、終點線，以及德比冠軍的獎盃頒發儀式。

For the 2027 Derby, we will be installing 1,400 temporary seats and will also be testing a new cabana offering for approximately 500 guests along the turf course. These new offerings will enable our team to further segment the infield experience and provide a broader set of price points.

為了 2027 年德比，我們將設置 1,400 個臨時座位，並將在草地賽道旁為約 500 位賓客測試全新的 cabana 方案。這些新方案將使我們的團隊能進一步細分內場體驗，並提供更廣泛的價格帶選擇。

We are also making underground infrastructure improvements in the first turn area of the infield, which will enable us to create a more level area for music stage and new bar and lounge concepts. We will continue to evaluate long-term permanent entertainment experiences for these highly desirable areas of the infield.

我們也正在內場第一彎道區域進行地下基礎設施改善，這將使我們能打造更平整的區域，用於音樂舞台以及新的酒吧與休憩空間概念。我們將持續評估在這些極具吸引力的內場區域，長期且永久性的娛樂體驗方案。

In New Hampshire, Rockingham Grand Casino in Salem remains on track for a mid-2027 opening. We expect this state-of-the-art gaming and entertainment destination to attract guests from across New England.

在新罕布夏州，位於 Salem 的 Rockingham Grand Casino 仍按計畫於 2027 年年中開幕。我們預期這座最先進的博彩與娛樂目的地將吸引來自整個新英格蘭地區的賓客。

Now, I will provide a brief update on our strategic plans. Over the last number of years, we have built and acquired unique growth assets, invested organically in the Kentucky Derby and high return HRM properties, and monetized assets when we believed another owner could create additional value.

現在，我將簡要更新我們的策略計畫。過去數年來，我們建立並收購具獨特性的成長資產，對肯塔基德比與高報酬的 HRM 資產進行有機投資，並在我們認為其他所有者能創造額外價值時，將資產變現。

We believe that our recent share price performance has not reflected the quality, durability, and cash generating characteristics of our properties; and we certainly recognize that we must constantly analyze and adapt to our market environment and dynamics.

我們認為，我們近期的股價表現尚未反映我們資產的品質、耐久性以及現金創造特性；同時我們也清楚認知到，必須持續分析並因應市場環境與動態的變化。

After a great deal of internal strategic analysis and discussion, we commenced a strategic review of our wholly owned regional gaming properties within our Gaming segment. As part of this review, we assessed the strategic importance of each of our wholly owned regional gaming properties to our overall company strategy.

在進行大量內部策略分析與討論後，我們已就遊戲（Gaming）事業部中由我們全資持有的區域性博彩資產啟動策略性檢視。作為該檢視的一部分，我們評估了各項全資區域性博彩資產對公司整體策略的重要性。

As a result, we are exploring various options to sell the following nine gaming properties, Calder Casino in Florida, Terre Haute Casino in Indiana, Hard Rock Casino in Iowa, Oxford Casino in Maine, Ocean Downs in Maryland, Harlows and Riverwalk Casinos in Mississippi, Del Lago in New York, and Presque Isle in Pennsylvania.

因此，我們正在探索多種方案，以出售以下九項博彩資產：佛羅里達州的 Calder Casino、印第安納州的 Terre Haute Casino、愛荷華州的 Hard Rock Casino、緬因州的 Oxford Casino、馬里蘭州的 Ocean Downs、密西西比州的 Harlows 與 Riverwalk Casinos、紐約州的 Del Lago，以及賓夕法尼亞州的 Presque Isle。

We will retain our Fair Grounds-related properties in Louisiana because of their long-term importance to the horse racing industry. Fair Grounds Racecourse is home to the Louisiana Derby, which is a premier road to the Kentucky Derby race. Fair Grounds also offers one of the very few wintertime turf courses in the eastern half of the United States and plays a key strategic role in the migration of racehorses in the colder months.

我們將保留路易斯安那州與 Fair Grounds 相關的資產，因其對賽馬產業具有長期重要性。Fair Grounds Racecourse 是路易斯安那德比（Louisiana Derby）的主場，該賽事是通往肯塔基德比的重要前哨賽。Fair Grounds 亦提供美國東半部少數冬季草地賽道之一，並在寒冷月份賽馬遷移上扮演關鍵策略角色。

Based on market feedback, we now believe that a sale of these properties will most likely be individually or in small groups to maximize value for our shareholders. We are working hard to execute this process over the coming months. We have engaged Macquarie Capital to assist us.

根據市場回饋，我們目前認為，為了替股東創造最大價值，這些資產最可能以單獨出售或小組合出售的方式進行。我們正全力在未來數月內推動並完成此流程。我們已聘請 Macquarie Capital 協助我們。

To be clear, we do not intend to sell our HRM properties in Kentucky, Virginia, or New Hampshire. Our intention is to use any asset sale proceeds to significantly reduce our leverage, reinvest selectively in Churchill Downs Racetrack and in other high-return projects, and fund the repurchase of shares of our stock.

需要明確說明的是，我們無意出售位於肯塔基州、維吉尼亞州或新罕布夏州的 HRM 資產。我們的意圖是將任何資產出售所得用於大幅降低槓桿、選擇性再投資於 Churchill Downs Racetrack 及其他高報酬專案，並用於回購本公司股票。

Going forward, we will concentrate on assets with strong cash flow and durable competitive advantages. Three cornerstones will anchor this strategy: the Kentucky Derby, our HRM businesses, and our Twin Spires business. Together, these cornerstones support the horse racing ecosystem and provide multiple avenues for profitable growth and long-term shareholder value.

展望未來，我們將聚焦於具備強勁現金流與持久競爭優勢的資產。此策略將由三大基石支撐：肯塔基德比（Kentucky Derby）、我們的 HRM 業務，以及我們的 Twin Spires 業務。這三大基石共同支持賽馬生態系，並提供多元途徑以實現獲利成長與長期股東價值。

The Kentucky Derby is our defining asset and the foundation of our differentiated strategy. As the crown jewel in our portfolio, we are committed to expanding its relevance, reach, and earnings power while preserving the traditions that make it singularly unique.

肯塔基德比是我們最具代表性的資產，也是我們差異化策略的基礎。作為我們投資組合中的皇冠明珠，我們致力於在保留其獨特傳統的同時，擴大其相關性、觸及範圍與獲利能力。

It is a one-of-a-kind luxury live sports and entertainment property that builds on 152 years of tradition, historic Americana, celebration, and shared experiences. We intend to build on that legacy.

這是一項獨一無二的高端現場體育與娛樂資產，建立在 152 年的傳統、歷史性的美國文化（Americana）、慶典氛圍與共享體驗之上。我們將在此傳承基礎上持續發展。

Our goal is to make Derby Week an even broader national and international event. We see meaningful opportunities to grow global attendance, wagering, viewership, sponsorship, and EBITDA across the full week.

我們的目標是讓德比週（Derby Week）成為更廣泛的全國性與國際性盛事。我們看到在整週期間，於全球到場人數、投注額、收視、贊助以及 EBITDA 方面皆有顯著成長機會。

Strategic investments will remain a key part of our long-term strategy for growing the Derby. These projects are designed to elevate the guest experience, expand premium inventory, deepen sponsorship opportunities, and generate attractive long-term returns.

策略性投資仍將是我們長期推動德比成長策略的關鍵部分。這些專案旨在提升賓客體驗、擴增高端席位與產品供給、深化贊助機會，並創造具吸引力的長期報酬。

The second cornerstone of our strategy is HRMs. We will continue to develop and optimize high-quality HRM entertainment venues in Virginia, Kentucky, and New Hampshire and to pursue opportunities in additional states that authorize HRMs. We will use Exacta technology to improve returns at our properties, expand the platform with other US and international operators, and continue to develop electronic table games to broaden our product offerings.

我們策略的第二個基石是 HRM。我們將持續在維吉尼亞州、肯塔基州與新罕布夏州開發並優化高品質的 HRM 娛樂場館，並在其他授權 HRM 的州尋求機會。我們將運用 Exacta 技術提升資產報酬，與其他美國及國際營運商擴展平台，並持續開發電子桌上遊戲以擴大產品組合。

Our HRM venues play an important role in supporting the horse racing industry in their respective states. They generate purse funding, support the local agricultural industries, support local charities, create jobs, and drive meaningful economic impact in their communities.

我們的 HRM 場館在各自州別對支持賽馬產業扮演重要角色。它們提供獎金（purse）資金來源、支持在地農業產業、支持地方慈善、創造就業，並對社區帶來顯著的經濟影響。

In Virginia, we also plan to continue to grow and optimize our Virginia HRM footprint. Through our ownership of Colonial Downs, we have the sole right to 10 HRM licenses and 5,000 machines in the Commonwealth.

在維吉尼亞州，我們也計畫持續擴大並優化我們在維州的 HRM 版圖。透過我們對 Colonial Downs 的持股，我們在該州（Commonwealth）擁有 10 張 HRM 執照與 5,000 台機台的獨家權利。

Our portfolio generates strong margins and free cash flow while supporting racing purses, tax revenues, and jobs across the state. We are exploring options to run referendums in the town of Pulaski and in Amherst County, both in the western part of Virginia, that would allow us to further expand our HRM footprint. We believe both jurisdictions are underserved markets with attractive growth potentials.

我們的投資組合在支持全州賽事獎金、稅收與就業的同時，也帶來強勁的利潤率與自由現金流。我們正在評估於維吉尼亞州西部的 Pulaski 鎮與 Amherst 郡推動公投的方案，以允許我們進一步擴大 HRM 版圖。我們認為這兩個司法管轄區屬於服務不足的市場，具備吸引人的成長潛力。

In Kentucky, our eight HRM venues operate approximately 5,300 machines and continue to generate strong growth and significant purse funding. Since Derby City Gaming opened in 2018, purses at Churchill Downs Racetrack have increased from less than $40 million to more than $100 million. We see further long-term growth through leading gaming content, enhanced entertainment, new products including electronic table games, and selective expansion.

在肯塔基州，我們的八個 HRM 場館營運約 5,300 台機台，並持續帶來強勁成長與可觀的獎金資金。自 Derby City Gaming 於 2018 年開幕以來，Churchill Downs Racetrack 的獎金已從不到 4,000 萬美元增加至超過 1 億美元。我們看見透過領先的博彩內容、強化娛樂體驗、新產品（包括電子桌上遊戲）以及選擇性擴張，仍有進一步的長期成長空間。

In New Hampshire, as I discussed earlier, we are excited about the opening of Rockingham Grand Casino in mid-2027. We also retain the HRM license associated with Chasers in Salem and will pursue attractive alternative uses for that license.

在新罕布夏州，如我先前所述，我們對 Rockingham Grand Casino 預計於 2027 年年中開幕感到振奮。我們也保留與 Salem 的 Chasers 相關的 HRM 執照，並將為該執照尋求具吸引力的替代用途。

The third cornerstone is Twin Spires. Twin Spires remains focused on expanding interest and participation in horse racing wagering through innovation and broader direct-to-consumer and business-to-business distribution.

第三個基石是 Twin Spires。Twin Spires 仍專注於透過創新，以及更廣泛的直接面向消費者（DTC）與企業對企業（B2B）通路，擴大大眾對賽馬投注的興趣與參與度。

During Derby Week, Twin Spires again set records for wagering, new registrations, first-time depositors, and active players. We intend to build on that momentum.

在德比週期間，Twin Spires 再次在投注額、新註冊數、首次入金人數與活躍玩家數方面創下紀錄。我們將在此動能基礎上持續推進。

In summary, the second quarter delivered record results and demonstrated the strength of our core businesses. Our Churchill Downs Racetrack and Rockingham Grand Casino projects remain on time and on budget.

總結而言，第二季繳出創紀錄的成果，並展現我們核心業務的實力。我們的 Churchill Downs Racetrack 與 Rockingham Grand Casino 專案仍按期且在預算內推進。

We are executing a long-term strategy with the Kentucky Derby, HRMs, and Twin Spires serving as the pillars. And we will seek to sell our wholly owned regional gaming properties to pay down debt, to repurchase shares, and to selectively reinvest in our business.

我們正執行一項長期策略，以肯塔基德比、HRM 與 Twin Spires 作為支柱。同時，我們將尋求出售我們全資持有的區域性博彩資產，以償還債務、回購股份，並選擇性再投資於本公司業務。

Our strategic decision making, disciplined capital allocation, strong balance sheet, and portfolio of unique and iconic assets have positioned us well to drive sustainable long-term growth. This is an exciting time for our company and our shareholders.

我們的策略決策、嚴謹的資本配置、強健的資產負債表，以及由獨特且具代表性的資產所構成的投資組合，使我們具備良好條件以推動可持續的長期成長。對公司與股東而言，這是一個令人振奮的時刻。

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

接下來，我將把電話會議交給 Marcia，之後我們將回答各位的提問。Marcia？

Thanks, Bill, and good morning, everyone. I'll review the key drivers of our second quarter financial performance and then discuss capital management.

謝謝你，Bill，各位早安。我將回顧第二季財務表現的關鍵驅動因素，接著討論資本管理。

Starting with our second-quarter financial results, as Bill noted, we delivered all-time record revenue and adjusted EBITDA. Our Live and Historical Racing segment and our Wagering Services and Solutions segment also achieved all-time record results. Momentum in our Live and Historical Racing segment remained strong with adjusted EBITDA increasing 7% compared to the prior year quarter.

先從第二季財務結果談起，如 Bill 所提，我們創下歷史新高的營收與調整後 EBITDA。我們的現場與歷史賽馬（Live and Historical Racing）事業部，以及投注服務與解決方案（Wagering Services and Solutions）事業部，也同樣創下歷史新高。現場與歷史賽馬事業部的動能依然強勁，調整後 EBITDA 較去年同期增加 7%。

Adjusted EBITDA for Churchill Downs Racetrack was up $16 million for the quarter, driven by the successful running of the 152nd Kentucky Derby. We continue to expect Derby Week to contribute $15 million to $18 million of incremental adjusted EBITDA in 2026 compared to the prior year.

本季 Churchill Downs Racetrack 的調整後 EBITDA 增加了 1,600 萬美元，主要受惠於第 152 屆肯塔基德比的成功舉辦。我們仍預期，與前一年相比，2026 年德比週將帶來 1,500 萬至 1,800 萬美元的調整後 EBITDA 增量。

The combination of our recent Derby Capital projects, the renewal of our NBC broadcast contract, the running of Oaks during primetime television, the expansion of Derby Week race days, and increased sponsorship and wagering interest all reinforce our confidence in the Derby's long-term earnings power.

我們近期的 Derby Capital 專案、NBC 轉播合約的續約、在黃金時段電視播出 Oaks 賽事、擴增 Derby Week 的賽事日數，以及贊助與投注興趣的提升，這些因素共同強化了我們對德比賽事長期獲利能力的信心。

Our Kentucky HRM properties delivered strong results with adjusted EBITDA up 10% year over year, driven by strong growth across both Western and Northern Kentucky. We also benefited from the opening of Marshall Yards in February. Revenue trends in these markets have demonstrated sustained consumer durability, and demand in these markets remains resilient.

我們在肯塔基州的 HRM 物業表現強勁，調整後 EBITDA 年增 10%，主要受惠於肯塔基州西部與北部的強勁成長。我們也受益於 2 月 Marshall Yards 的開幕。這些市場的營收趨勢顯示消費者韌性持續存在，需求仍具抗壓性。

In Virginia, adjusted EBITDA increased 1% compared to the prior year quarter, led by continued strength at The Rose. Since opening, The Rose has delivered sequential quarterly growth in GGR per machine per day, supported by expanding guest awareness, effective marketing, and higher spend per visit. Revenues and margins also improved sequentially, reinforcing our confidence that The Rose is still early in its development and has meaningful growth potential ahead.

在維吉尼亞州，調整後 EBITDA 較去年同期季度增加 1%，主要由 The Rose 的持續強勁表現帶動。自開幕以來，The Rose 的每台機器每日 GGR 連續呈現季度成長，受惠於來賓認知度提升、有效行銷，以及每次到訪消費金額提高。營收與利潤率亦呈現連續改善，進一步強化我們的信心：The Rose 仍處於發展初期，未來具備可觀的成長潛力。

At our Central Virginia properties, results continue to reflect near-term competitive pressure. We are responding with targeted marketing and guest engagement initiatives designed to stabilize performance and improve returns over time. Overall, Virginia margins have remained at 46%, consistent with the prior year quarter.

在我們位於維吉尼亞州中部的物業，業績仍反映短期競爭壓力。我們正以精準行銷與來賓互動方案因應，旨在穩定表現並隨時間提升報酬。整體而言，維吉尼亞州的利潤率維持在 46%，與去年同期季度一致。

Turning to our Wagering Services and Solutions segment, adjusted EBITDA increased over 8%, driven by growth in Twin Spire's horse racing and continued expansion of our Exacta platform. Twin Spire's adjusted EBITDA also benefited from lower legal expenses in second quarter than in the prior year quarter.

接著談到我們的「投注服務與解決方案」事業部，調整後 EBITDA 成長超過 8%，主要由 Twin Spire 的賽馬業務成長以及我們 Exacta 平台的持續擴張所帶動。Twin Spire 的調整後 EBITDA 亦受惠於第二季法律費用低於去年同期季度。

And last, regarding our Gaming segment, adjusted EBITDA increased 5% compared to the prior year quarter. Our wholly owned regional gaming properties performed in line with expectations given the cessation of HRM operations in Louisiana in May of last year.

最後，關於我們的「遊戲」事業部，調整後 EBITDA 較去年同期季度增加 5%。考量到我們於去年 5 月停止路易斯安那州的 HRM 營運，我們全資持有的區域性遊戲物業表現符合預期。

Overall, second quarter same-store margins at our wholly owned casinos were essentially flat to the second quarter of last year. Consumer trends have improved from both the prior year quarter and first quarter levels. Higher value rated play remains strong, while our lower value unrated segments were consistent with the prior quarter trends.

整體而言，我們全資持有賭場在第二季的同店利潤率與去年第二季基本持平。消費者趨勢相較去年同期季度與第一季水準均有所改善。高價值的會員評等投注仍然強勁，而低價值的非評等客群則與前一季趨勢一致。

Turning to capital management, in the first half of this year, we generated record free cash flow of $474 million or $6.70 per share, demonstrating 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 our shareholders.

談到資本管理，今年上半年我們創下 4.74 億美元（或每股 6.70 美元）的自由現金流新高，展現我們營運模式的強勁與一致性。我們強勁的自由現金流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。

We spent $79 million on project capital in the first half of the year and continue to expect full year spend between $180 million and $220 million. We spent $38 million on maintenance capital in the first half of the year and continue to expect full year spend between $90 million to $110 million.

今年上半年我們在專案資本支出上投入 7,900 萬美元，並仍預期全年支出介於 1.8 億至 2.2 億美元。今年上半年我們在維護性資本支出上投入 3,800 萬美元，並仍預期全年支出介於 9,000 萬至 1.1 億美元。

We remain disciplined in our management of capital given our commitment to reinvesting selectively in Churchill Downs Racetrack and high-return Live and Historical Racing projects to create long-term shareholder value, significantly reducing our leverage, maintaining consistent growth in our annual dividend, and repurchasing shares of our stock when our shares are trading below their intrinsic value.

鑑於我們致力於選擇性再投資於 Churchill Downs Racetrack 以及高報酬的 Live 與 Historical Racing 專案以創造長期股東價值、顯著降低槓桿、維持年度股利的穩定成長，並在股價低於其內在價值時回購公司股票，我們在資本管理上仍保持紀律。

We have reduced our leverage over the past 12 months. At the end of June, our bank covenant net leverage was 3.7 times, reflecting continued strong operating cash flow generation from our recent investments.

過去 12 個月我們已降低槓桿。截至 6 月底，我們的銀行契約淨槓桿為 3.7 倍，反映近期投資持續帶來強勁的營運現金流。

As Bill discussed, our intention is to use any asset sale proceeds to significantly reduce our leverage. We've also returned significant capital to our shareholders over the past 10 years. Since late 2015, we've returned over $2.4 billion to our shareholders through share repurchases and dividends.

如 Bill 所提到，我們的意圖是將任何資產出售所得用於大幅降低槓桿。過去 10 年我們也向股東回饋了可觀的資本。自 2015 年底以來，我們透過股票回購與股利已向股東回饋超過 24 億美元。

As of the end of June, we have $430 million remaining under our share repurchase program. We intend to repurchase shares of our stock in the second half of the year, given the current market dynamics and the nominal impact that our planned share repurchases will have on our leverage.

截至 6 月底，我們在股票回購計畫下仍有 4.30 億美元的剩餘額度。鑑於目前市場動態，以及我們規劃的股票回購對槓桿的影響有限，我們打算在下半年回購公司股票。

We expect bank covenant net leverage to remain in the 3.6 to 3.8 times range through the end of the year. And in 2027, we expect that it will drop based on our cash flow projections and if and when we complete any regional gaming asset sales. The dividend paid in January of this year marked our 15th consecutive year of dividends per share increases, a strong signal of our confidence in the company's future cash flow generation.

我們預期銀行契約淨槓桿在年底前將維持在 3.6 至 3.8 倍區間。而在 2027 年，根據我們的現金流預測，以及若且當我們完成任何區域性遊戲資產出售時，我們預期槓桿將下降。今年 1 月發放的股利標誌著我們連續第 15 年每股股利增加，這強烈顯示我們對公司未來現金流創造能力的信心。

From a financing perspective, given the current market environment, we are in active discussions with our best-in-class relationship lender group regarding refinancing alternatives for our near-term debt maturities and our credit facility. We tend to be opportunistic regarding our capital structure over the next few months. Overall, we have a very strong balance sheet to support our future growth.

從融資角度來看，鑑於目前市場環境，我們正與一流的往來銀行團積極討論，針對近期到期債務與我們的信貸額度提出再融資替代方案。未來幾個月我們在資本結構方面將採取機會主義策略。整體而言，我們擁有非常強健的資產負債表以支持未來成長。

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

接下來，我把電話交回給 Bill，讓他開放提問。Bill？

Thank you, Marcia. And we're now ready to take your questions.

謝謝你，Marcia。我們現在準備開始回答各位的問題。

(Operator Instructions) Barry Jonas, Truist.

(接線員指示) Barry Jonas，Truist。

Thank you for the very thorough comments. I wanted to just ask a little bit more about Virginia. Can you maybe talk a little bit more about the remaining HRM deployment strategy, how you're balancing that with the evolving competitive dynamic in the state, and anything you can share in terms of your goal of increasing the deployment limit in the state?

謝謝你們非常詳盡的說明。我想再多問一點關於維吉尼亞州的情況。你們能否談談剩餘 HRM 的部署策略、你們如何在州內競爭態勢演變下取得平衡，以及就你們希望提高州內部署上限的目標而言，有哪些可以分享的資訊？

The way it works in Virginia is we're entitled to 10 licenses, so 10 places where we can deploy machines and a total of 5,000 machines across the jurisdiction. And by jurisdiction or by county and town, there can be some limitations that apply to where we can deploy the machines even when we're approved for a license.

在維吉尼亞州的運作方式是，我們有權取得 10 張執照，也就是 10 個可部署機台的地點，並且在該管轄區內總計可部署 5,000 台機器。而所謂管轄區，或按郡與城鎮來看，即使我們已獲准取得執照，仍可能存在一些限制，影響我們可在哪些地方部署機台。

So we still think there's lots of opportunity in Virginia, and we wish and are working towards getting more than 5,000 machines over time. But right now, we're working within the 5,000. So in the central part of the state, we've seen the introduction of the Petersburg Casino in January or early February of this year. And that's had some impact in the short period of time since then on our properties, such as Richmond in New Kent and even a little bit of Emporia. That's had some impact on the performance of those properties.

因此我們仍認為維吉尼亞州有很多機會，我們也希望並正努力在時間推進下取得超過 5,000 台機器的額度。但目前我們仍在 5,000 台的框架內運作。在該州中部地區，我們看到 Petersburg Casino 於今年 1 月或 2 月初開幕。自那之後的短時間內，這對我們的物業造成了一些影響，例如 New Kent 的 Richmond，甚至 Emporia 也受到些許影響。這對這些物業的表現帶來了一定衝擊。

But as often as the case, it's disruptive when a new property opens and you adjust,. You take the lessons that the market gives you and you learn from those, and you adjust your marketing and you adjust your competitive positioning. And we'll continue to do that as we face that additional competition. And I think you'll see us perform strongly and make adjustments and make improvements to our efforts there.

但如同常見情況，新物業開幕時會帶來擾動，之後你會調整。你會吸收市場給你的經驗並從中學習，接著調整行銷策略並調整競爭定位。面對新增競爭時，我們也會持續這麼做。我認為你們會看到我們表現強勁，並持續調整與改善我們在那裡的作為。

And across the rest of the state, as I mentioned, you'll see us run two referendums in more of the western portion of the state, near Blacksburg and Lynchburg. And we'll look to use the remaining machines we have and also look to responsibly and sensibly redeploy machines from other facilities where we think we can get a higher return off those machines by moving them around.

而在該州其他地區，如我提到的，你們會看到我們在州西部較偏西的區域、靠近 Blacksburg 與 Lynchburg 進行兩次公投。我們將尋求運用剩餘可用機台，並且也會以負責任且合理的方式，從其他設施重新部署機台；在我們認為透過移動機台能取得更高報酬的地方，將機台進行調整配置。

So all in all, it's a bit of a chess board in the state, finding the best places to open up licenses and finding the best place to deploy the machines. And again, overtime, I hope we have more licenses and machines to play within the jurisdiction.

總而言之，在州內這有點像下棋盤一樣，要找出最適合開放牌照的地點，以及最適合部署機台的地點。同樣地，隨著時間推進，我希望我們在該司法管轄區內能有更多牌照與機台可以運用。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

So on the strategic review. Bill and Marcia -- and I appreciate there's only so much you probably want to say, but maybe you could just talk about how you see the health of the transaction market right now for these types of assets, maybe key into the dynamics that we're seeing play out at some of your peers that are looking at high-profile transactions if that helps or hurts your cause.

關於策略性檢討。Bill 和 Marcia——我也理解你們大概只想透露到某個程度，但或許你們可以談談，你們如何看待目前這類資產的交易市場健康狀況；如果有幫助的話，也可以連結到我們看到一些同業正在評估高知名度交易所呈現的動態，這對你們的推進是有利還是不利。

Sure thing, Brad. Hey, these are great assets. First and foremost, these are assets with long histories of good cash flow generation, good returns on capital, and performance.

當然可以，Brad。嘿，這些都是很棒的資產。首先也是最重要的，這些資產長期以來都有良好的現金流創造能力、良好的資本報酬率與營運表現。

So starting with that premise of we have good assets, certainly it's the case that there's activity in the market in this space in general. We can all see that and people can take from that what they wish. But we think this is an excellent time for us to go to market.

所以以「我們擁有優質資產」這個前提來看，這個領域的市場確實有交易活動。大家都看得到，至於要如何解讀就見仁見智。但我們認為，現在是我們進入市場的絕佳時機。

Like I said, in our case, I think we'll be looking at more individual or small bundles of transactions based on different buyers' interests and needs. But first and foremost, the most important thing to highlight is we're selling proven strong assets that ought to fit in other people's portfolios and other people's plans. And from our perspective, we're pleased with the environment and pleased with our plan to take these properties to market.

如我所說，就我們的情況而言，我想我們會依不同買方的興趣與需求，去看較多單一資產或小型組合的交易。但最重要、首先要強調的是：我們出售的是已被驗證、實力強勁的資產，理應能契合他人的投資組合與規劃。從我們的角度來看，我們對目前環境感到滿意，也對把這些物業推向市場的計畫感到滿意。

David Katz, Jefferies.

David Katz，Jefferies。

Bill, I appreciate all the strategic commentary. When it comes to the Derby, you laid out, I think, a pretty detailed list of the avenues for which the earnings potential there, the growth, right -- sponsorship, ticket sales, et cetera.

Bill，我很感謝你所有的策略性評論。談到德比賽事時，你列出了一份我認為相當詳細的清單，說明那裡的獲利潛力與成長來源——例如贊助、門票銷售等等。

Two questions. One is, help us, without guidance, of course, maybe rank order where you think the biggest opportunities are in the medium term.

兩個問題。第一個是，在不提供指引的前提下，能否協助我們大致排序一下，你認為中期最大的機會在哪些方面？

And then second, based on where you sit today, where you have put some capital in and are putting more in, how should we think about the trajectory of earnings growth medium-term and whether there are certain gaining factors we can look to for an inflection presumably upward in the earnings power at the Derby?

第二個是，以你們目前的位置來看，你們已投入一些資本、也正在投入更多資本，我們應該如何看待中期獲利成長的軌跡？以及是否有某些推動因素可作為觀察點，來判斷德比賽事的獲利能力可能出現（推測是向上）拐點？

As I highlighted in my comments and you just hit on, too, everything is moving in the right direction with respect to the Derby. So whether you're talking about admissions revenue, broadcast revenue, sponsorship, wagering, every metric by which we measure the Derby and evaluate the performance of the business, every single metric is moving in the right direction. And that's a great place to be when you operate a business.

如我在評論中強調、你也提到的，關於德比賽事，一切都朝著正確方向前進。無論你談的是入場收入、轉播收入、贊助、投注——我們衡量德比賽事並評估業務表現的每一項指標，每一項都在往正向發展。當你經營一門生意時，這是非常好的狀態。

You don't always find that in every business at every time. But with the Derby, we found that. That's the environment we're in. And we're the beneficiary of the history of the events, the fact that it's cut above the noise that you find in a broad, diverse American public to reach a national presence and a place where America stops and pays attention. It's hard to achieve that in America, and we've achieved that with the Derby.

你不一定在每個時間點、每個事業都能看到這種情況。但在德比賽事上，我們看到了。這就是我們所處的環境。而我們也受惠於這項活動的歷史，以及它能在廣泛多元的美國大眾之中脫穎而出，形成全國性的存在感，成為讓全美停下來關注的時刻。在美國要做到這點很難，而我們透過德比賽事做到了。

So with that caveat that everything is moving in the right direction, certainly you see that in terms of step function growth, you see the work we're doing on Victory Run. And when that reaches fruition, particularly at Derby 2028, you're going to see the first of the rounds of additional growth that comes from that capital investment.

因此，在「一切都朝正向發展」這個前提下，若談到階梯式（跳躍式）的成長，你會看到我們在 Victory Run 上所做的工作。當那項計畫開花結果時，特別是在 2028 年德比賽事，你將會看到來自該資本投資的第一波額外成長。

But even with smaller capital investment, even with smaller projects, you'll see growth. You'll see additive revenue, and you'll see momentum. For me, I'm particularly excited about some of the experiments we're running in the infield.

但即便是較小的資本投入、較小的專案，你也會看到成長。你會看到增量收入，也會看到動能。就我而言，我特別期待我們在內場（infield）進行的一些實驗。

You may have noticed when we talked about the infield projects, we're putting in temporary structures, cabanas, temporary seatings around the winners' pagoda. We need to do some experimenting there. We need to test some concepts before we want to go with permanent structures there.

你可能注意到，當我們談到內場專案時，我們正在設置臨時結構、包廂（cabanas），以及在勝者亭（winners' pagoda）周邊的臨時座位。我們需要在那裡做一些實驗。在我們決定要在那裡興建永久性結構之前，需要先測試一些概念。

So we can really take some of the lessons we think we've learned from what we've seen in other parts of the world and in other parts of country even with other events to see how they'll work for us. So building out the physical facility, changing the physical facility, innovating around the physical facility is, I think, the beginning.

如此一來，我們才能真正把我們認為從世界其他地方、甚至國內其他活動所觀察到的經驗教訓，拿來驗證是否適用於我們。因此，擴建實體設施、改造實體設施、圍繞實體設施進行創新，我認為這是起點。

I think when you talk about broadcast, when you talk about sponsorships, first and foremost, it's, what's that event on the ground? What's that event like to participate in?

我認為當你談到轉播、談到贊助時，首要問題是：現場的活動是什麼樣子？參與那個活動的體驗如何？

So first and foremost, I think we start with that. And I think there's a lot of momentum on sponsorships. You've seen the new NBC deal and the impact and the contribution of that. And all of these things fit together and they all move generally in the same direction. But first and foremost, it's about delivering a world-class, unique, special American event. We think we have that formula, and we'll keep innovating around that formula to grow it.

所以首先，我認為我們從這裡開始。而我認為贊助方面有很大的動能。你已經看到新的 NBC 合約，以及它帶來的影響與貢獻。這些事情彼此相互契合，整體大致朝同一個方向推進。但最重要的，仍是提供一個世界級、獨特、特別的美國盛事。我們認為我們掌握了這套公式，並會持續圍繞這套公式創新以推動成長。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通。

It does feel like we're making a strategic pivot here, right? I mean, you guys are selling regionals. You repurchased United Tote. And then you attempted to get more involved with Preakness, right?

感覺我們正在做策略轉向，對吧？我的意思是，你們在出售區域性資產。你們回購了 United Tote。然後你們也嘗試更深入參與 Preakness，對吧？

So it does feel like you're leaning into racing. Can you maybe give us a peek under the hood about how you think about expanding within racing and especially as it relates to maybe being more involved within the Triple Crown?

所以感覺你們正在更聚焦於賽馬。你能否讓我們稍微「看一下引擎蓋底下」：你們如何思考在賽馬領域擴張，特別是與更深入參與三冠賽（Triple Crown）相關的部分？

Well, happy to do that, Dan. I think like a lot of segments of American business, there's a flight to quality. And whether you look at our Twin Spires asset or the Derby, you see real opportunity to build around things that work and to enhance those things.

好的，很樂意，Dan。我想就像美國商業的許多領域一樣，市場正在出現「向優質資產集中」的趨勢。無論你看我們的 Twin Spires 資產或德比賽事，你都能看到圍繞有效運作的事物去打造、並強化它們的真實機會。

So certainly, within horse racing, our focus is on what's best about horse racing, what's most interesting about horse racing, what's resonating about horse racing with the American consumer and the global consumer. And that's what we focus on. Not every aspect of the horse racing space, not every track out there, but the things that we see work; the things that are delivering growth, that are delivering excitement, that are delivering better television ratings, et cetera.

因此，在賽馬領域內，我們的重點是賽馬最好的部分、最有趣的部分，以及哪些面向能引起美國消費者與全球消費者的共鳴。這就是我們聚焦的方向。不是賽馬產業的每一個面向、不是每一條賽道，而是我們看到有效的事物：能帶來成長、帶來興奮感、帶來更好的電視收視率等等的事物。

So yeah, we do see opportunity in horse racing. I think you see other people do it, too. I didn't mention it in my comments, and I haven't been asked about it, but you see lots of interest out there around leagues and different ways of packaging horse racing. Those are all things of interest to us as well. Those are all things that we pay attention to as well.

所以是的，我們確實在賽馬上看到機會。我想你也看到其他人同樣在這麼做。我在評論中沒有提到，也沒有人問到，但你會看到市場對於聯盟化，以及以不同方式包裝賽馬的做法有很多興趣。這些也都是我們感興趣的事情。這些也都是我們會關注的事情。

So you'll see us focus more on that. You may see more exciting innovations announced from us around that. But we don't shy away from what we think is working, and the top end of horse racing is working. And we've got the formula of building events, building purses, building attendance, building sponsorship. And we think we can expand on that formula.

所以你會看到我們會更聚焦在那一塊。你可能會看到我們圍繞那方面宣布更多令人振奮的創新。但對於我們認為有效的做法，我們不會迴避，而高端賽馬市場確實運作良好。而且我們已經掌握了打造賽事、提高獎金（purses）、提升到場人數、拓展贊助的公式。我們認為可以在這個公式上進一步擴大。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

Bill, Kentucky HRMs continue to be a bright spot in a quarter after quarter here with EBITDA moving in a solid direction. Can we get an update on the ETGs that you guys put in and maybe, just if we look back over the last six months, just some of the learnings that have happened at some of these properties and maybe where that leads us or brings us to in the coming years?

Bill，肯塔基的 HRM 這裡一季接一季持續是亮點，EBITDA 也朝著穩健的方向改善。能否請你們更新一下你們導入的 ETG 的進展？另外，如果回顧過去六個月，在部分據點有哪些經驗或學習，這些又可能在未來幾年把我們帶往哪裡？

Yeah. I think right now in Kentucky, it's maybe 1% of our machines deployed and 2% of our revenues. So we need to go faster. We need to keep pushing on that, and we will. This is the beginning of a new thing. So for us, we want to introduce more titles.

是的。我想目前在肯塔基，這大概只占我們已部署機台的 1%，以及營收的 2%。所以我們需要加快速度。我們需要持續推進，而且我們會這麼做。這是一個新事物的開始。所以對我們而言，我們希望導入更多遊戲內容（titles）。

We started with roulette. We're working on other games. We'll keep pushing on that to not only expand roulette, but to introduce different products and move in lockstep with the market absorbing the new games, the regulatory authorities being comfortable with new games, and otherwise fitting it in with our host of other marketing and other strategies to grow those properties.

我們從輪盤開始。我們也在開發其他遊戲。我們會持續推進，不僅擴大輪盤的規模，也會導入不同產品，並與市場吸收新遊戲的速度、監管機關對新遊戲的接受度同步前進，同時也要把它與我們其他行銷及各項策略整合，以帶動這些據點的成長。

So it's an important piece. I think you'll find over time becomes more and more important for our performance and we're going to move as fast as we can responsibly can while fitting it in with our other strategies and efforts to grow those properties.

所以這是一個重要的組成。我想你會發現，隨著時間推移，它對我們的表現會變得越來越重要；我們會在負責任的前提下盡可能加快腳步，同時也要配合我們其他策略與推動這些據點成長的各項努力。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Just piling on the theme of sports as an asset and focusing this on your HRM business, has there been any more teachings or learnings from other states, just really understanding what Churchill Downs and other constituents do for the industry that could potentially lead to further expansion in the US from an HRM standpoint?

延續把運動視為資產的主題，並把問題聚焦在你們的 HRM 業務上：從其他州是否有更多的教訓或學習，讓你們更理解 Churchill Downs 以及其他相關方對產業的貢獻，進而可能從 HRM 的角度帶來在美國進一步擴張的機會？

Yeah, HRMs has been an incredible bright spot for our company, a business model and a series of assets that we just have a high degree of confidence that we can grow and expand and innovate around. So for us, there's a lot of opportunities for HRMs within the jurisdictions where they are deployed. We hope to find other jurisdictions both domestically and internationally where we can grow into as well.

是的，HRM 一直是我們公司非常突出的亮點；這是一種商業模式與一系列資產，我們對其成長、擴張與持續創新都具有高度信心。對我們而言，在已部署 HRM 的司法管轄區內，仍有很多機會。我們也希望能在國內與國際上找到其他司法管轄區，讓我們也能進一步拓展。

So with the quality of the product, as it continues to improve, just the availability of titles, the business model as a whole where it's often used to fund purses, fund agricultural development, fund horse racing in general, there's a real synchronicity to it that works for a lot of states.

因此，隨著產品品質持續提升、遊戲內容（titles）的供給增加，以及整體商業模式（通常用於資助獎金、資助農業發展、資助賽馬產業等），它之間存在一種很強的協同關係，對許多州都行得通。

So it delivers the product. It delivers the impact for the state and the governments that approve it. And for us, it's a vertically integrated product offering where we have not only physical sites where we can deploy these, but also the exact technology which is integral for their operation.

所以它能提供產品本身。也能為批准它的州與政府帶來實質效益。而對我們而言，這是一個垂直整合的產品供給：我們不僅有可部署這些設備的實體場域，也擁有其運作所不可或缺的核心技術。

We just think there's a lot that we can do there. And when we do talk to other states and when we do talk to the states where they are deployed, we do so from the confidence of demonstrating that we've kept our promises in terms of what the impact of this can be for the state, for job creations, for the horse industry, for agriculture, for the tax base, et cetera.

我們認為在這方面我們能做的事情很多。而當我們與其他州、以及已部署的州溝通時，我們是帶著信心去的，因為我們能證明：就這項模式對州政府的影響、就業創造、馬產業、農業、稅基等方面，我們都履行了我們的承諾。

So it's a formula that's worked where these assets have been deployed, where this model's been deployed; and we think there's plenty of opportunity for more of that. So for us, it's one of the pillars. It's one of the cornerstones that we intend to drive growth around over the next number of years.

所以這是一個在已部署這些資產、已採用這個模式的地方都證明有效的公式；我們認為還有很多機會可以複製擴大。因此對我們而言，這是其中一個支柱。也是我們未來幾年打算用來推動成長的核心基石之一。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

As a follow-up to Dan's question on the clear horse racing focus, do international horse racing fans become more of a priority now? And high level, are there certain countries around the world where you all see the best customer demand dynamics where you would like to grow?

延續 Dan 先前關於明確聚焦賽馬的問題，國際賽馬迷現在是否會成為更優先的對象？從較高層次來看，全球是否有某些國家，你們看到最佳的客戶需求動能，並希望在那裡成長？

Yeah. So certainly, we always found strong international interest in attending the event. But building programs and strategies around recruiting international or driving international attendance has been something that we've been more recently focused on.

是的。我們一直都看到國際市場對到場參與活動有很強的興趣。但近來我們更專注於建立相關計畫與策略，來招募國際客群或帶動國際到場人數。

So we do think that there's enormous international interest in the Kentucky Derby, just enormous, both from an attendance perspective and, we also think, from a sponsorship perspective. So those are two areas of real focus for us.

因此我們確實認為，國際市場對肯塔基德比的興趣非常巨大，真的非常巨大；不論是到場參與的角度，或我們也認為從贊助的角度亦然。所以這兩個面向是我們的重點。

Interestingly, just about everywhere you go in the world, you find the thoroughbred horse industry. So whether you're talking the Middle East or Europe or Japan or China, you find interest and a history in this sport. And for many of these non-US international fans, the Kentucky Derby represents the pinnacle of the sport -- arguably the pinnacle of the sport and certainly the pinnacle of the sport from an American perspective.

有趣的是，你幾乎走到世界任何地方，都能找到純種馬（thoroughbred）產業。所以不論你談的是中東、歐洲、日本或中國，你都能看到對這項運動的興趣與歷史。而對許多非美國的國際粉絲而言，肯塔基德比代表了這項運動的巔峰——可以說是巔峰，且從美國的角度來看更是這項運動的最高殿堂。

So there's great interest, and our brand is well received and well understood in a lot of these jurisdictions. So the challenge for our team is building the programs to fully harness that interest from an attendance perspective, from a sponsorship perspective, and occasionally from the wagering perspective, although the wagering rules around the world are all different in terms of access to wagering for the citizens.

因此市場興趣很高，我們的品牌在許多司法管轄區也受到良好接受並被充分理解。所以我們團隊的挑戰在於建立計畫，從到場、贊助，以及偶爾從投注的角度，去充分掌握這些興趣；不過全球各地的投注規則在公民可取得投注管道方面都不盡相同。

So it's a big focus going forward. This is why we've started the European and Middle Eastern road to the Derby, the Japanese road to the Derby. You'll see innovation around those pathways, all with the intention of driving earlier awareness and participation and anticipation of the Kentucky Derby and perhaps some of our other races as well.

所以未來這會是一個很大的重點。這也是為什麼我們啟動了「通往德比之路」的歐洲與中東賽道、日本賽道。你會看到我們在這些路徑上持續創新，目的都是為了更早提升對肯塔基德比的認知、參與度與期待感，或許也包括我們其他一些賽事。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

I wanted to follow-up on David's question from earlier on the Derby and some of the key growth initiatives and really specifically drill down into the midweek strategy. Bill, can you just maybe add some color here and help us think about a long-term strategy and potential financial uplift? What does the visitation revenues look like today up through Oaks Day?

我想延續先前 David 關於德比以及一些關鍵成長計畫的問題，並特別深入到你們的週中策略。Bill，你能否再補充一些細節，幫助我們思考長期策略以及可能帶來的財務上行？目前截至 Oaks Day 的到訪相關營收（visitation revenues）大概是什麼樣子？

What are some of the new initiatives that you've either already put in place or are being considered to try to grow that midweek business? And then how should we think about both the direct flow-through impact of driving more midweek visits as well as if there's any indirect benefit from improving the overall guest experience and driving higher loyalty for Derby Day itself?

有哪些你們已經導入、或正在考慮的新措施，來嘗試成長週中的業務？另外，我們應該如何看待：一方面是推動更多週中到訪所帶來的直接流量轉換（flow-through）影響；另一方面，是否也會因為提升整體賓客體驗而帶來間接效益，進而提高德比日本身的忠誠度？

Sure, Jeff. Happy to do that. As I mentioned in my comments, in 2026, we had about 386,000 guests attend Derby Week. So somewhere around 150 of those came on Derby Day, so the substantial majority of our fans are actually coming on other days of the week in totality.

當然，Jeff。很樂意說明。如同我在發言中提到的，2026 年我們大約有 386,000 名賓客參加德比週。其中大約 150,000 人是在德比日到場，因此我們的大多數粉絲其實是分散在一週其他日子到場的。

So we saw just a great thrilling response from putting the Oaks on national television for the first time on NBC. We were thrilled with those numbers, so was our broadcast partner, NBC. And essentially every day of the week now, starting with opening day and then the Sunday, and then Tuesday, Wednesday, Thursday, Friday, and then the Derby on the following Saturday, every one of those days of the week has its own brand and its own identity and its own contribution to the week as a whole.

因此，我們看到首次在 NBC 將 Oaks 於全國電視播出所帶來非常強烈、令人振奮的反響。我們對那些數據感到非常興奮，我們的轉播合作夥伴 NBC 也是如此。而基本上現在一週中的每一天，從開幕日開始，接著是週日，然後週二、週三、週四、週五，再到隔週週六的 Derby，這些每一天都有自己的品牌、自己的識別度，並各自對整體一週做出貢獻。

We continue to develop each of those days around the themes that have proven to work for those days. So what we found is the Derby is a spectacular, overwhelming event and one that's a must see.

我們持續圍繞已被證明在各天有效的主題來打造每一天。因此我們發現，Derby 是一個壯觀、震撼人心的盛事，而且是非看不可的活動。

But for lots of people in the region, locally in the region and increasingly across the country, they pick another day as well to enjoy. And we're encouraging of that. We're thrilled by that. And each day has its own business model now and its own brand that we'll look to develop.

但對於本地區域內的許多人，以及越來越多全國各地的人而言，他們也會另外選擇某一天來享受。而我們也鼓勵這樣做。我們對此感到非常興奮。而現在每一天都有自己的商業模式與品牌，我們也會持續加以發展。

So certainly, the Derby then followed by the day before with the Oaks, those are the premier. That's the pinnacle. That's the finale. But every day offers a little bit something different, a little bit different price point, a little bit different brand and style. And there's something for everybody.

所以當然，Derby 以及前一天的 Oaks，這兩天是最頂級的。那是巔峰。那是壓軸。但每一天都提供一些不同的內容、不同的價格帶、不同的品牌與風格。而且人人都能找到適合自己的選擇。

And since we don't really ever work towards pushing the Derby crowd north of 150,000 -- certainly, we've been north of 150,000. Certainly, we have been higher than that. But 150,000 is when we think about the level about which we think we can offer the best experience for our customers.

而且由於我們並不會真的以把 Derby 的人潮推到 150,000 人以上為目標——當然，我們曾經超過 150,000 人。當然，我們也曾高於那個數字。但 150,000 人是我們認為能為客戶提供最佳體驗的規模水準。

So to soak up the rest of the demand and to develop our customers as best we can, we really need to push them to the other days -- not just Oaks, but those other days. So you'll see us continue to invest in marketing, in brand development each of these days.

因此，為了吸收其餘需求並盡可能把客戶經營好，我們確實需要把他們導向其他日子——不只是 Oaks，也包括其他日子。所以你會看到我們持續在每一天的行銷與品牌發展上投入。

And I think part of the future for the event is driving more of a festival atmosphere. There already is one, but a festival atmosphere not only at the track but across the community and the region to capture more visitation, to capture more participation, and to acknowledge that we need to have a variety of price points in order to do that not just the pinnacle day of Derby, which of course is a big day and a very competitive day from the perspective of seat availability and everything else.

我認為這項活動未來的一部分，是營造更濃厚的嘉年華氛圍。現在已經有了，但我們希望不僅在賽場內，也在整個社區與區域內營造嘉年華氛圍，以吸引更多造訪、更多參與，並認知到我們需要提供多元的價格帶才能做到這點，而不只是 Derby 的巔峰日；當然，那一天很重要，且從座位供給與其他各方面來看都非常競爭。

So it's a big part of our future. It's a big part of what we want the event to be perceived at, both nationally and internationally; and it's working extremely well.

所以這是我們未來很重要的一部分。這也是我們希望這項活動在國內與國際上被認知的樣貌之一；而且運作得非常好。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

For Bill or whoever wants to take it, just want to get some thoughts on, sticking with the Derby theme here, a little bit around just so your experience with some of the expanded programming during the Derby week. What I'm specifically wondering is how you think about maybe the ramp or the seasoning.

給 Bill 或任何想回答的人，延續 Derby 的主題，我想請教你們對 Derby 週期間一些擴增節目安排的經驗與看法。我特別想知道的是，你們如何看待可能的爬坡或醞釀期。

Maybe an easier way to say it is just what you learned from the Oaks and the move to primetime this year, just how that influenced betting behavior and how you think about, again, maybe optimizing or spreading that event throughout the course of the broader weekend.

也許更簡單的說法是：你們從今年 Oaks 移到黃金時段播出學到了什麼？這如何影響投注行為？以及你們如何思考——再次強調——在更廣泛的週末期間最佳化或分散這個活動？

Appreciating that this was year one, so what did you learn? What do you think you can do maybe a little bit better? What can you take into next year for further improvement? Do you think there's a bit of a multi-year opportunity to optimize this?

考量到這是第一年，你們學到了什麼？你們覺得有哪些地方可以做得更好一些？明年可以帶入哪些作法以進一步改善？你們認為這是否存在一個可在多年期間逐步最佳化的機會？

Sure, Shaun. So the ability to get the Oaks on prime time television was a really important development for the Oaks and for our company. And as I mentioned, our broadcast partner, NBC, was thrilled with the results; and so were we.

當然，Shaun。因此，能把 Oaks 放到黃金時段電視播出，對 Oaks 以及對我們公司而言都是非常重要的發展。而如我提到的，我們的轉播合作夥伴 NBC 對結果非常滿意；我們也是。

So I would say two things to building an event across the United States which are increasingly important is awareness and distribution. So awareness, we're building that for the Oaks. But also, I'm always focused on that for our team for the Derby itself, too, because the day comes and you don't want people to miss it because they forgot it was on Saturday.

所以我會說，在全美打造一個活動，越來越重要的兩件事是：知名度與通路覆蓋。知名度方面，我們正在為 Oaks 建立。但同時，我也一直要求我們團隊對 Derby 本身同樣聚焦，因為那一天一到，你不希望人們因為忘了是星期六而錯過。

Having the Oaks on prime time is a great reminder to everybody that the Derby is the next day. So in addition to building the Oaks itself, it's also an opportunity to remind everybody to not miss the Derby on the following day. And that goes for everything we're doing with the week of festivities and the week of racing around the Derby and prior to the Derby.

讓 Oaks 在黃金時段播出，是提醒大家隔天就是 Derby 的絕佳方式。所以除了打造 Oaks 本身之外，這也提供一個機會提醒所有人不要錯過隔天的 Derby。而這也適用於我們在 Derby 前後、圍繞 Derby 的整週慶典與賽事所做的一切。

So what worked is we're on national television and we're pleased with the results. And we'll continue to build the Oaks, which by virtue of doing that, also furthers the Derby. And you saw that in the wagering. You saw that in the viewership -- record viewership for the Derby, record viewership for the Oaks, and record viewership across -- or record wagering across the week for all of our races.

因此，有效的是：我們登上全國電視，而且對結果感到滿意。我們會持續打造 Oaks，而這樣做也會進一步帶動 Derby。你們也在投注上看到了這點。你們也在收視上看到了——Derby 創下收視新高，Oaks 也創下收視新高，並且整週所有賽事的投注額也創下新高——或說整週投注創新高。

So everything can feed into each other. But generally, we're looking for awareness and distribution and brand building of each day of the week. But the most important days are the Thurby, which is on Thursday; the Oaks; and then of course the finale with the Kentucky Derby.

所以一切都能彼此帶動。但整體而言，我們追求的是每一天的知名度、通路覆蓋與品牌建構。不過最重要的幾天是 Thurby（週四）、Oaks，以及當然壓軸的 Kentucky Derby。

So we think a lot of our programs and a lot of our strategies are working extremely well, and we think those show up clearly in our attendance numbers, in our wagering numbers, in our sponsorship numbers, and in our viewership numbers.

因此我們認為，許多方案與策略運作得非常好，而且我們認為這些成果清楚反映在出席人數、投注數據、贊助數據以及收視數據上。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Two different questions, one and separate. One, I know it's early days, but curious you guys' thoughts about the newly announced horse racing league, any conversations you're having with them, and what that might mean for the Derby and the business going forward.

兩個不同的問題，彼此分開。第一，我知道現在還很早，但想了解你們對新宣布成立的賽馬聯盟的看法、你們是否與他們有任何對話，以及這對 Derby 與未來業務可能意味著什麼。

And then two, just around the M&A, curious how you guys are thinking about the JV assets. And then if a buyer was to present itself that would want to just purely buy the properties and leave the OpCo with you guys, would that be something you'd be willing to do?

第二，關於併購（M&A），想了解你們如何看待合資（JV）資產。另外，如果有買方出現，想要純粹買下不動產/資產並把營運公司（OpCo）留給你們，這會是你們願意做的事嗎？

Okay, let me unpack that. There are different categories of questions within there.

好，我來拆解一下。這裡面其實包含不同類別的問題。

So first, on horse racing leagues, there are actually several that are being contemplated that have been announced. And that -- I believe every potential league that's out there, I think one of their first calls was always to us. And so I feel like we've had good exposure and a good chance to learn about these leagues as people contemplate them.

首先，關於賽馬聯盟，實際上目前正在構想、且已宣布的聯盟有好幾個。而且——我相信外面每一個潛在聯盟，他們的第一通電話通常都會打給我們。所以我覺得我們接觸得很充分，也有很好的機會在大家構想這些聯盟時去了解它們。

And we encourage the leagues. Again, it's like the quality. It's around building more awareness, more continuity, and a broader distribution for our sport and for our company.

而我們也支持這些聯盟。同樣地，這就像品質一樣。重點在於為我們的運動與公司建立更高的知名度、更強的連續性，以及更廣泛的通路覆蓋。

So in general, we're strongly encouraging of the different leagues. Obviously, there can't be 10 new leagues that appear. There'll be winners and losers in this process, but we encourage that process occurring.

總體而言，我們非常鼓勵各種不同聯盟的發展。顯然，不可能同時冒出 10 個新聯盟。在這個過程中會有贏家也會有輸家，但我們鼓勵這個過程發生。

And we have our own ideas of what's of interest to our company, what we think will work from the perspective of a lead that would have staying power. So we're sorting out our options, but I think it's fair to say that we're very interested in these concepts. And we'll make a move with respect to one of these concepts or with respect to our own concept when we're ready and when we have confidence that it's an idea that will resonate with the American public.

而且我們對哪些事情符合公司利益、從具備長期生命力的領先者角度來看哪些會奏效，都有自己的想法。因此我們正在梳理各種選項，但我想可以公平地說，我們對這些概念非常感興趣。等到我們準備好、並且有信心這個想法能引起美國大眾共鳴時，我們就會就其中一個概念或我們自己的概念採取行動。

With respect to the M&A process that we highlighted during our earnings comments, our prepared remarks, we completed a really comprehensive, thoughtful review of all of our assets. And we're focused on our nine wholly owned assets. That's where we think there's the most opportunity for transactions in the short and mid-term, and that's what the team is focused on and where we think is the best use of our time.

就我們在財報評論、事先準備的發言中提到的併購（M&A）流程而言，我們已完成對所有資產非常全面且審慎的檢視。我們聚焦於我們九項全資擁有的資產。我們認為短期與中期最有交易機會的就在這裡，團隊也正專注於此，並且我們認為這是最有效運用時間的方向。

So we're not selling any other assets. We're not contemplating or announcing that we're selling other assets. We're focused on the assets that I listed today that we've discussed and decided with our Board made the most sense for us to pursue.

因此我們不會出售其他任何資產。我們也沒有在考慮或宣布要出售其他資產。我們專注於我今天列出的、我們已與董事會討論並決定最符合我們追求方向的那些資產。

In terms of OpCo, PropCos, and that structure, no, we're not focused on that. We're going to sell these assets as we announced. There might be other buyers that will participate in a variety of different ways, including OpCo, PropCo structures for some of them.

至於 OpCo、PropCo 以及那種架構，不，我們並不聚焦於此。我們會如同宣布的那樣出售這些資產。可能會有其他買方以各種不同方式參與，其中包括對部分資產採用 OpCo、PropCo 架構。

We encourage whatever makes sense for potential buyers. But for us, we've announced the sale of these assets, and that's what the team's been tasked with working on. And there aren't any nuances around it like just selling the real estate. We're not interested in doing that.

我們鼓勵潛在買方採取任何對他們而言合理的方式。但就我們而言，我們已宣布出售這些資產，團隊的任務就是推進這件事。而且不會有什麼細微差別，例如只賣不動產之類的。我們對那樣的做法沒有興趣。

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

Bill, I was wondering, with the Pennsylvania Supreme Court decision recently on Grey Games, does that adjust your view on either, say, the opportunity in Pennsylvania or any other, say, budding states for HRMs? Because now, we've seen three rulings -- Kentucky, Virginia, and now Pennsylvania. And I'm wondering, there's probably a pretty good tax incentive for other states to pursue this.

Bill，我想請教，賓州最高法院最近就 Grey Games 的裁決，是否會調整你對賓州或其他正在萌芽、可能推動 HRMs 的州之機會看法？因為現在我們已經看到三個裁決——肯塔基、維吉尼亞，現在又是賓州。我在想，其他州可能有相當不錯的稅收誘因去推動這件事。

Yeah, a really interesting question, Joe. Just for everyone on the call, in June, the Pennsylvania Supreme Court definitively ruled that the so-called skill games that are deployed in Pennsylvania are illegal gaming devices. And they established a grace period before those machines needed to be removed from operation. And that period ends October 15.

是的，這是個很有意思的問題，Joe。先跟電話會議上的各位說明一下：在 6 月，賓州最高法院明確裁定，賓州所部署的所謂「技巧遊戲」屬於非法博弈設備。他們也設定了一段寬限期，讓這些機台在必須停止營運並移除之前仍可運作。而這段期間將於 10 月 15 日結束。

So what you have there is a market that Grey Game illegal operators came in and cannibalized very quickly. There's a variety of estimates of how many machines -- of these illegal machines are deployed in Pennsylvania, numbers running from 70,000 to north of 100,000 of these machines. And now it's clear under Pennsylvania law, as we've seen in other jurisdictions too -- Kentucky, Virginia.

因此你看到的是一個市場：Grey Game 的非法業者迅速進入並很快造成蠶食效應。對於賓州部署了多少台這類非法機台，有各種估計——從 70,000 台到超過 100,000 台不等。而現在依據賓州法律已很清楚，如同我們在其他司法管轄區也看到的——肯塔基、維吉尼亞。

Now it's been made clear that these machines are illegal. And as a legal gaming operator in jurisdictions like Kentucky and Pennsylvania and Virginia, that's good for our business. We play by the rules. We're licensed. We pay taxes. We contribute to other avenues as the government requires us, whether it be horse racing or otherwise.

現在已經明確這些機台是非法的。而作為在肯塔基、賓州與維吉尼亞等司法管轄區營運的合法博弈業者，這對我們的業務是好事。我們遵守規則。我們持有執照。我們繳稅。我們也依政府要求對其他項目做出貢獻，不論是賽馬或其他。

It's not fair, it's not regulated, and it's not right when folks just come in and open up illegal gaming operations. So this is going to be good for Presque Isle. This will improve -- whatever happens from this point, whether there is a new -- whether the machines are just completely removed from the jurisdiction and not replaced with any distributed gaming, that's good for our facility.

當有人直接進來開設非法博弈營運時，那是不公平、未受監管，也是不對的。所以這將對 Presque Isle 有利。從現在起不論接下來發生什麼——不論是否會有新的——不論這些機台是否會被完全移出該司法管轄區、且不以任何分散式博弈取代，這對我們的場館都是好事。

If there's a movement afoot to tax regulate and legalize some form of distributed gaming, well, then they'll be playing by the rules like we play by the rules. So that will be good for us as well. So all in all, it's a good thing for gaming operators when you have events like we just saw in Pennsylvania with their Supreme Court and like we've seen in Virginia and like we've seen previously in Kentucky.

如果出現一股趨勢，要對某種形式的分散式博弈課稅、監管並使其合法化，那麼他們就會像我們一樣遵守規則。因此這對我們也會是好事。總而言之，當你看到像賓州最高法院剛發生的事件、以及我們在維吉尼亞看到的、以及先前在肯塔基看到的情況時，對博弈營運商來說都是好事。

And it gives confidence to those of us that operate under regulated gaming jurisdictions and play by the rules and pay our taxes. It gives us confidence that while there can be bumps in the road and uncertainty for a while, eventually, the states get it right and allow our business model to function as intended and achieve the public policy objectives that the state intended when they legalized gaming.

而且這也讓我們這些在受監管的博弈司法管轄區營運、遵守規則並繳稅的人更有信心。這讓我們相信，雖然途中可能會有波折、也可能一段時間存在不確定性，但最終各州會把事情做對，讓我們的商業模式能按原本設計運作，並達成各州在博弈合法化時所希望實現的公共政策目標。

So I think it's good news ahead for Presque Isle in Pennsylvania. Regardless of what happens from here, I think the operations there are likely to show improvement, and we're pleased with that. And we'll keep pursuing what we do, which is regulated licensed gaming models in jurisdictions where we're welcomed and clearly legalized to operate.

所以我認為，對於賓州的 Presque Isle 來說，接下來會是好消息。不論接下來如何發展，我認為那裡的營運很可能會有所改善，我們也對此感到高興。而我們會持續推進我們所做的事，也就是在歡迎我們、且明確合法化我們營運的司法管轄區，推動受監管、持牌的博弈模式。

Thank you. I'm showing no further questions. So with that, I'll hand the call back over to CEO, Bill Carstanjen, for any closing remarks.

謝謝。我這邊顯示沒有其他問題。那麼接下來我把電話交回給執行長 Bill Carstanjen，請他做任何結語。

Thanks, Andrew. We covered a lot of ground today. I appreciate everyone's time and everyone's interest in our company. And we have a lot to get done between now and the end of the year, and we're going to get right on it. And I look forward to talking to everybody in October when we next speak. So thanks very much. Talk to you all soon.

謝謝，Andrew。我們今天涵蓋了很多內容。感謝各位撥冗以及對我們公司的關注。從現在到年底我們還有很多事情要完成，我們會立刻著手進行。我也期待在 10 月我們下次通話時再與各位交流。非常感謝。很快再和大家談。

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。今天的會議到此結束，您現在可以掛線。