Caesars Entertainment Inc (CZR) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Caesars Entertainment, Inc. 2023 First Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Caesars Entertainment, Inc. 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Brian Agnew, Senior Vice President of Corporate Finance, Treasury and Investor Relations.

我現在想把會議交給今天的演講者，公司財務、財務和投資者關係高級副總裁 Brian Agnew。

Thank you, Josh, and good afternoon to everyone on the call. Welcome to our conference call to discuss our first quarter 2023 earnings. This afternoon, we issued a press release announcing our financial results for the period ended March 31, 2023. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com. Joining me on the call today are Tom Reeg, our Chief Executive Officer; Anthony Carano, our President and Chief Operating Officer; Bret Yunker, our Chief Financial Officer; and Eric Hession, President, Caesars Sports and Online Gaming.

謝謝你，喬希，下午好，在電話中的每個人。歡迎參加我們的電話會議，討論我們 2023 年第一季度的收益。今天下午，我們發布了一份新聞稿，宣布了我們截至 2023 年 3 月 31 日止期間的財務業績。新聞稿的副本可在我們網站 investor.caesars.com 的投資者關係部分獲取。今天和我一起參加電話會議的是我們的首席執行官 Tom Reeg；我們的總裁兼首席運營官 Anthony Carano；我們的首席財務官 Bret Yunker；凱撒體育和在線遊戲總裁 Eric Hession。

Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements about the company's performance. Such forward-looking statements are not guarantees of future performance and therefore, one should not place undue reliance on them. Forward-looking statements are also subject to the inherent risks and uncertainties that could cause actual results to differ materially from those expressed.

在我把電話轉給安東尼之前，我想提醒你，在今天的電話會議上，我們可能會對公司的業績做出某些前瞻性陳述。此類前瞻性陳述並非對未來業績的保證，因此，不應過分依賴它們。前瞻性陳述還受到固有風險和不確定性的影響，這些風險和不確定性可能導致實際結果與表達的結果存在重大差異。

For additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements, you should refer to the cautionary statements contained in our press release as well as the risk factors contained in the company's filings with the Securities and Exchange Commission. Caesars Entertainment undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after today's call.

有關可能導致實際結果與我們前瞻性陳述中討論的結果不同的因素的更多信息，您應該參考我們新聞稿中包含的警示性聲明以及公司向證券交易委員會提交的文件中包含的風險因素委員會。 Caesars Entertainment 不承擔修改或更新任何前瞻性陳述以反映今天電話會議後發生的事件或情況的義務。

Also during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure discussed and the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure can be found on the company's website at investor.caesars.com by selecting the press release regarding the company's 2023 first quarter financial results.

同樣在今天的電話會議中，公司可能會討論 SEC 法規 G 定義的某些非 GAAP 財務措施。GAAP 財務措施與討論的每個非 GAAP 財務措施最直接可比，以及每個非 GAAP 財務措施之間差異的調節通過選擇有關公司 2023 年第一季度財務業績的新聞稿，可以在公司網站 investor.caesars.com 上找到可比較的 GAAP 財務指標。

I will now turn the call over to Anthony Carano.

我現在將把電話轉給 Anthony Carano。

Thank you, Brian, and good afternoon to everyone on the call. We had a strong start to 2023 in the first quarter. Our Las Vegas segment delivered a Q1 EBITDA and EBITDA margin record, and our regional segment reported a strong quarter, excluding weather disruptions in Northern Nevada. In addition, our digital segment was nearly breakeven despite launching sports betting in 2 states during the quarter.

謝謝你，布賴恩，大家下午好。到 2023 年第一季度，我們開局良好。我們的拉斯維加斯部門在第一季度實現了 EBITDA 和 EBITDA 利潤率記錄，我們的地區部門報告了強勁的季度，不包括內華達州北部的天氣中斷。此外，儘管本季度在 2 個州推出了體育博彩，但我們的數字業務幾乎實現了收支平衡。

Trends in Las Vegas remained strong during Q1, delivering 24% revenue growth and 33% EBITDA growth versus last year. Excluding real rent payments, Las Vegas generated $544 million of adjusted EBITDA with a margin of 48%, up 300 basis points versus last year. Occupancy during Q1 was 95% versus 83% the prior year. Strong occupancy in ADRs led to record in cash hotel revenues and food and beverage results.

拉斯維加斯的趨勢在第一季度保持強勁，與去年相比實現了 24% 的收入增長和 33% 的 EBITDA 增長。不包括實際租金支付，拉斯維加斯產生了 5.44 億美元的調整後 EBITDA，利潤率為 48%，比去年增長 300 個基點。第一季度的入住率為 95%，而去年同期為 83%。 ADR 的強勁入住率導致現金酒店收入和餐飲業績創下歷史新高。

Our group and convention segment also delivered an all-time EBITDA record in Q1 and represented 21% of occupied rooms during the quarter, setting a new quarterly record for convention mix. Our forward outlook for the group and convention segment remains exceptionally strong, driven by a continued combination of increasing room nights, higher ADRs and strong banquet revenues.

我們的團體和會議部門在第一季度也創造了歷史新高的 EBITDA 記錄，佔本季度已入住客房的 21%，創下了會議組合的新季度記錄。在不斷增加的間夜量、更高的 ADR 和強勁的宴會收入的共同推動下，我們對團體和會議部門的前景仍然非常樂觀。

In our regional segment, we delivered 2% revenue growth and a 2% decline in adjusted EBITDA versus last year. As Tom will discuss in more detail, our regional segment was negatively impacted by severe winter weather in Northern Nevada. However, trends outside of Northern Nevada remained strong during the quarter, delivering EBITDA growth year-over-year.

在我們的區域業務中，與去年相比，我們實現了 2% 的收入增長和 2% 的調整後 EBITDA 下降。正如湯姆將更詳細地討論的那樣，我們的區域部門受到內華達州北部嚴冬天氣的負面影響。然而，本季度內華達北部以外地區的趨勢依然強勁，實現了 EBITDA 同比增長。

We remain encouraged by the early returns we are seeing on recently completed capital projects including the expansion and the rebrand of Horseshoe Indianapolis, the expansion and rebrand of Harrah's Pompano Beach and the new land-based Horseshoe Lake Charles. The success of these projects gives us further confidence in the return potential of our ongoing growth projects.

我們對最近完成的資本項目的早期回報感到鼓舞，這些項目包括 Horseshoe Indianapolis 的擴建和品牌重塑、Harrah's Pompano Beach 的擴建和品牌重塑以及新的陸地馬蹄湖查爾斯。這些項目的成功使我們對正在進行的增長項目的回報潛力更有信心。

We remain on track to open a temporary facility in Danville, Virginia on May 15 and in Columbus, Nebraska by the end of Q2. Our expansion at Harrah's Hoosier Park is slated to open in Q3 of this year. The majority of our CapEx spend in AC is nearing completion, and we are looking forward to watching our new entertainment offering, THE HOOK by Spiegelworld this summer.

我們仍有望於 5 月 15 日在弗吉尼亞州丹維爾和第二季度末在內布拉斯加州哥倫布開設臨時設施。我們在 Harrah's Hoosier Park 的擴建計劃將於今年第三季度開業。我們在 AC 上的大部分資本支出支出已接近尾聲，我們期待在今年夏天觀看我們的新娛樂產品，Spiegelworld 的 THE HOOK。

Work on our $430 million expansion in New Orleans continues and is slated to be completed towards the end of 2024. And finally, we announced yesterday that we are transforming the former Jubilee Tower at Horseshoe Las Vegas into the new Versailles Tower at Paris Las Vegas. This $100 million rebrand and upgrade is included in our 2023 CapEx plans and slated to be completed this year.

我們在新奧爾良的 4.3 億美元擴建工程仍在繼續，預計將於 2024 年底完工。最後，我們昨天宣布，我們將把位於拉斯維加斯馬蹄鐵的前銀禧塔改造成位於拉斯維加斯巴黎的新凡爾賽宮塔。這項耗資 1 億美元的品牌重塑和升級包含在我們的 2023 年資本支出計劃中，預計將於今年完成。

We're off to a great start in '23, and I want to thank all of our team members for their hard work in this first quarter. Our results are a reflection of their dedication to delivering exceptional guest service and experiences.

我們在 23 年有了一個良好的開端，我要感謝我們所有的團隊成員在第一季度的辛勤工作。我們的成績反映了他們致力於提供卓越的賓客服務和體驗。

With that, I'll now turn the call over to Eric for some insights on the first quarter in our digital segment.

有了這個，我現在將電話轉給埃里克，了解我們數字部門第一季度的一些見解。

Thanks, Anthony. During the first quarter of 2023, we delivered a dramatic improvement in the performance of our digital segment versus the prior year. Our business nearly broke even during the quarter on $238 million of net revenues versus a $554 million EBITDA loss last year, which was impacted by significant brand-related spending and state launches in New York and Louisiana. Our performance this quarter clearly demonstrates the effectiveness of our targeted promotional investment within our existing customer base as well as customers located in the new states that we launched this quarter, Ohio and Massachusetts.

謝謝，安東尼。在 2023 年第一季度，我們的數字部門的業績與上一年相比有了顯著改善。我們的業務在本季度幾乎達到收支平衡，淨收入為 2.38 億美元，而去年的 EBITDA 虧損為 5.54 億美元，這是受到與紐約和路易斯安那州的重大品牌相關支出和州發布的影響。我們本季度的業績清楚地表明了我們在現有客戶群以及位於我們本季度推出的新州、俄亥俄州和馬薩諸塞州的客戶中進行有針對性的促銷投資的有效性。

I'm pleased with the progress we have delivered over the last 12 months. Our net revenues continue to increase significantly as we launch new states, grow and retain our existing customer base and continue to deliver exciting product improvements. On that front, we will be executing 3 significant tech enhancements to our platform during the remainder of the year. First, starting early in the third quarter, we will be launching a new stand-alone iCasino app, this exciting addition to our product offering will allow us to drive better customer engagement through a dedicated application with a focus on increased game content, which will include new proprietary offerings and improved marketing capabilities.

我對我們在過去 12 個月中取得的進展感到滿意。隨著我們推出新的州、發展和保留我們現有的客戶群並繼續提供令人興奮的產品改進，我們的淨收入繼續顯著增加。在這方面，我們將在今年剩餘時間內對我們的平台進行 3 項重大技術改進。首先，從第三季度初開始，我們將推出一個新的獨立 iCasino 應用程序，這一令人興奮的產品添加將使我們能夠通過專注於增加遊戲內容的專用應用程序來推動更好的客戶參與，這將包括新的專有產品和改進的營銷能力。

Second, we expect to begin testing our in-house player account management system later this year, which will ultimately lead to a shared wallet that we anticipate rolling out in 2024. And finally, we expect to migrate all of our operations in Nevada to our Liberty tech stack ahead of the 2023 football season.

其次，我們希望在今年晚些時候開始測試我們的內部玩家賬戶管理系統，這最終將導致我們預計在 2024 年推出的共享錢包。最後，我們希望將我們在內華達州的所有業務遷移到我們的2023 年足球賽季之前的 Liberty 技術棧。

From an EBITDA perspective, our net revenues are now at a scale where we are able to roughly break even and cover the cost of our proprietary technology. We expect that our year-over-year net revenues will continue to grow each quarter. And given the effectiveness of our expense management plan will drive extremely high flow-through on each incremental dollar.

從 EBITDA 的角度來看，我們的淨收入現在處於能夠大致收支平衡並支付專有技術成本的規模。我們預計每個季度的同比淨收入將繼續增長。鑑於我們的費用管理計劃的有效性，每一美元的增量都會帶來極高的流量。

From an expansion standpoint, after our most recent launches in Q1, we now offer sports betting in 30 North American jurisdictions, 22 of which we offer mobile wagering. And in addition, we offer iCasino in 5 jurisdictions.

從擴張的角度來看，在我們最近於第一季度推出後，我們現在在 30 個北美司法管轄區提供體育博彩，其中 22 個我們提供移動博彩。此外，我們還在 5 個司法管轄區提供 iCasino。

I'll now pass the call over to Bret for some additional comments.

我現在將電話轉給 Bret，徵求一些額外意見。

Thanks, Eric. Given the outstanding progress we made in our digital segment, which is now fully self-funded, we have the ability to sweep all brick-and-mortar cash flow toward debt reduction. Today, we announced that we fully repaid the 8% $400 million Forum Convention Center loan due 2025, resulting in $32 million of annual interest expense savings and enhanced free cash flow.

謝謝，埃里克。鑑於我們在數字部門取得的顯著進展，現在完全自籌資金，我們有能力將所有實體現金流用於減少債務。今天，我們宣布我們已全額償還 2025 年到期的 8% 的 4 億美元 Forum Convention Center 貸款，從而每年節省 3200 萬美元的利息支出並增強自由現金流。

Our CapEx plans for 2023 remain unchanged with a planned spend of $800 million, including $500 million of growth and $300 million of maintenance. Leverage on a traditional and rent adjusted basis continues to decline as we repay debt and grow EBITDA with traditional net leverage just over 4x and rent-adjusted leverage just over 5x. We continue to target a third consecutive year of $1 billion of permanent debt reduction.

我們 2023 年的資本支出計劃保持不變，計劃支出為 8 億美元，其中包括 5 億美元的增長支出和 3 億美元的維護支出。隨著我們償還債務和增長 EBITDA，傳統和租金調整後的槓桿率繼續下降，傳統淨槓桿率略高於 4 倍，租金調整后杠桿率略高於 5 倍。我們的目標是連續第三年永久性削減 10 億美元的債務。

With that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Bret. Thanks, everybody, for joining today.

謝謝，布雷特。謝謝大家今天的加入。

To go a little deeper into the numbers, Vegas were -- was very near a quarterly -- all-time quarterly record. It was a Q1 EBITDA and margin record, and it was a record for mix in the group business, 21%. Recall that Caesars' premerger was running at about 14%. And so what we're seeing -- what you're seeing through Vegas is not only just extraordinary demand that continues as you look through each month, you're seeing the average customer in our property continuing to be -- continuing to range. We're getting group business that is higher dollar, comes with banquet business attached and replaces our least profitable players. So it's a virtuous cycle in Vegas as we sit here today.

為了更深入地了解這些數字，維加斯 - 非常接近季度 - 歷史季度記錄。這是第一季度的 EBITDA 和利潤率記錄，也是集團業務組合的記錄，21%。回想一下，Caesars 的合併前利潤率約為 14%。因此，我們所看到的——你在維加斯看到的不僅是你每個月都在持續的非凡需求，你還看到我們酒店的普通客戶繼續——繼續變化。我們正在獲得更高美元的集團業務，附帶宴會業務並取代我們利潤最低的參與者。因此，當我們今天坐在這裡時，這是拉斯維加斯的良性循環。

Obviously, second quarter generally is our most difficult comp of the year since that was our all-time record second quarter last year, we did almost [$1.50 billion] of brick-and-mortar EBITDA, but we feel very good about business into April and through the rest of this quarter in Vegas. And as you look forward with the group business that's on the books going forward. We did announce a $100 million project to change the Bally's Jubilee Tower to the Versailles Tower at Paris. It will be connected by a physical bridge into the property.

顯然，第二季度通常是我們今年最困難的業績，因為那是我們去年第二季度的歷史記錄，我們做了近 [15 億美元] 的實體 EBITDA，但我們對進入 4 月份的業務感覺非常好並在本季度的剩餘時間裡在拉斯維加斯度過。當你期待著未來的集團業務時。我們確實宣布了一個耗資 1 億美元的項目，將 Bally 的 Jubilee Tower 改造成巴黎的凡爾賽宮。它將通過物理橋樑連接到該物業。

Paris has really exploded as we've improved the casino floor and added a number of high-end food and beverage options, including Nobu, The Bedford and Vanderpump. And room rates at -- both room rate and spend -- nongaming spend per room at Paris are significantly ahead of where they are at Horseshoe, so we think this will be a high ROI and more importantly, high conviction in that ROI project. That is in design stages now and it should begin shortly.

巴黎真的爆炸了，因為我們改進了賭場樓層並增加了許多高端餐飲選擇，包括 Nobu、The Bedford 和 Vanderpump。房價——房價和支出——巴黎每間客房的非遊戲支出明顯高於馬蹄鐵，因此我們認為這將是一個高投資回報率，更重要的是，對該投資回報率項目的高度信念。現在正處於設計階段，應該很快就會開始。

Regional, if I touch on regional for a moment, the Tahoe area, Northern Nevada got about 720 inches of snow, so 60 feet of snow in the quarter. Unfortunately, for us, a lot of those storms hit Thursday, Friday, Saturday. So even with that amount of snow, you can get lucky as to when it hits, we did not. So weather in Northern Nevada costs about $20 million of EBITDA in the quarter. So if you normalize for weather in the quarter, regional EBITDA and margin both would have been up slightly. We've got a number of exciting projects there that I'll touch on as I get a little deeper, I'll circle back to that.

地區性的，如果我稍微談及地區性的話，內華達州北部的塔霍地區有大約 720 英寸的積雪，所以本季度有 60 英尺的積雪。不幸的是，對我們來說，週四、週五和周六發生了很多這樣的風暴。因此，即使有那麼大的雪，你也可以幸運地知道它什麼時候下雪，而我們沒有。因此，本季度內華達州北部的天氣成本約為 2000 萬美元的 EBITDA。因此，如果您將本季度的天氣正常化，區域 EBITDA 和利潤率都會略有上升。我們在那裡有許多令人興奮的項目，當我深入一點時，我會談到這些項目，我會回到那個。

In digital, we were about a $3.5 million loss, that was with the launches of Massachusetts and Ohio and the Super Bowl that didn't hold very well for us. Frankly, given the amount of scoring that happened in it. Really, if any of those 3 legs were not a part of the quarter, we were positive. As we sit here today, we are positive on a year-to-date basis in digital. I told you last quarter, we anticipate that we will generate positive EBITDA for the year 2023, I can tell you today, we're already there on a year-to-date basis. And the amount of EBITDA that I was expecting when we announced that we'd be positive for the year about 90 days ago versus where we are today, we think we'll do considerably better than where we thought we were even 90 days ago.

在數字方面，我們損失了大約 350 萬美元，這是因為馬薩諸塞州和俄亥俄州的推出以及超級碗對我們來說並不是很好。坦率地說，考慮到其中發生的得分數量。真的，如果這 3 條腿中的任何一條不在本季度，我們都是積極的。當我們今天坐在這裡時，我們對數字領域的年初至今持樂觀態度。我在上個季度告訴過你，我們預計我們將在 2023 年產生正的 EBITDA，我今天可以告訴你，從年初至今我們已經做到了。當我們宣布大約 90 天前我們今年的 EBITDA 數額與我們今天的情況相比時，我預計我們會做得比 90 天前我們認為的要好得多。

And something that comes up in digital and conversations with investors is, I suppose, from our peers, gee, it's just Nevada. I want to be clear that non-Nevada as a piece of digital, and I'm not going to get super specific, but more than 80% of our digital business is non-Nevada. And we will be EBITDA positive this year. We remain on track to generate the 50% return on the $1.1 billion of cumulative losses that we generated as we launched the business. I still expect that to be a 2025 event with the hope that we're run rating that level by the fourth quarter of '24.

在數字和與投資者的對話中出現的東西，我想，來自我們的同行，哎呀，它只是內華達州。我想明確指出，非內華達州是數字業務的一部分，我不會說得太具體，但我們 80% 以上的數字業務都是非內華達州的。我們今年的 EBITDA 將為正。我們仍然有望在開展業務時產生的 11 億美元累計虧損中獲得 50% 的回報。我仍然希望這將是 2025 年的事件，希望我們能在 24 年第四季度之前達到該水平。

So I want to get out of -- I know these calls tend to focus on right now -- next 90 days. I want you guys to know how do I think of the business from a longer-term perspective. And I want to couch this with this is not guidance. As most of you know, I'm pretty transparent, so this is what I see today. When we took over Caesars, the assets that we own today, the brick-and-mortar assets were doing $2.9 billion of trailing EBITDA.

所以我想退出——我知道這些電話現在往往關注——接下來的 90 天。我想讓你們知道我是如何從更長遠的角度來看待這項業務的。我想用這不是指導來說明這一點。正如你們大多數人所知，我非常透明，所以這就是我今天所看到的。當我們接管我們今天擁有的資產 Caesars 時，實體資產的 EBITDA 為 29 億美元。

As we look post first quarter, the Vegas business, LTM EBITDA, Vegas alone is a little over $2.1 billion. Regional is a little less than $2 billion. When you run through managed and corporate, we're right at about $4 billion of EBITDA from the same assets that we're doing $2.9 million prior to the merger. We've got about $2.4 billion of operating costs, cash outflows between rent, cash interest expense, maintenance CapEx. So it was about 215 million shares outstanding, that's about [$7.50] of free cash flow per share as we sit here today.

正如我們在第一季度看到的那樣，僅拉斯維加斯的拉斯維加斯業務 LTM EBITDA 就略高於 21 億美元。區域略低於 20 億美元。當你通過管理和公司運行時，我們從合併前的 290 萬美元相同資產中獲得大約 40 億美元的 EBITDA。我們有大約 24 億美元的運營成本、租金現金流出、現金利息支出、維護資本支出。因此，大約有 2.15 億股流通股，相當於我們今天坐在這裡時每股約 [7.50 美元] 的自由現金流。

The digital business for now 7 months is about breakeven. So obviously inflecting to positive we've told you what we expect that to do through '25. In that same time frame, I think we've got a similar amount of incremental EBITDA that will come through the brick-and-mortar business. So a piece of that is -- a piece of that are the projects that Anthony touched upon. You've got the Lake Charles expansion that opened in December. So we're still in the first half of the first year post that reopening, we got the Pompano project where the racetrack came out of the business. We expanded the casino. We will start to see the JV development begin in earnest. It's already in earnest around the property that you'll start to see pieces come online.

現在 7 個月的數字業務接近收支平衡。所以很明顯，我們已經告訴你我們期望在 25 年前完成的事情是積極的。在同一時間範圍內，我認為我們將通過實體業務獲得類似數量的增量 EBITDA。所以其中一部分是——其中一部分是安東尼提到的項目。你有 12 月開放的查爾斯湖擴建項目。因此，我們仍處於重新開放後第一年的上半年，我們得到了 Pompano 項目，賽道退出了該項目。我們擴大了賭場。我們將開始認真地看到合資企業的發展。您將開始看到作品上線，您已經開始認真對待該物業。

We've got the Atlantic City spend, which is largely in the rearview mirror. This summer is the first prime period where we will not be significantly disrupted on our floors from those projects, so we're optimistic there. We've got the Hoosier Park expansion in Indianapolis, which is again a high probability, high ROI project. It mirrors what we did at Horseshoe Indianapolis, where we have seen returns in excess of 30% on that capital, would expect a similar outcome in -- at Hoosier Park.

我們有大西洋城的支出，這主要是在後視鏡中。今年夏天是第一個黃金時期，我們的地板不會因這些項目而受到重大干擾，因此我們對此持樂觀態度。我們在印第安納波利斯進行了 Hoosier Park 擴建，這又是一個高概率、高投資回報率的項目。它反映了我們在 Horseshoe Indianapolis 所做的事情，在那裡我們看到該資本的回報率超過 30%，預計在 Hoosier Park 也會出現類似的結果。

And then you've got New Orleans, which is over $400 million that will come online before the Super Bowl of '25. So toward the end of '24, that's going to transform that property into a Caesars, a number of high-end restaurants you've got Caesars Tower that will be dropped right in the middle of the casino. You've got a number of high-end food and beverage offerings. You've got third-party development across the street at Four Seasons Hotel, opened across the street within the last 12 months. So we're excited about what's possible there.

然後是新奧爾良，價值超過 4 億美元，將在 25 年超級碗之前上線。因此，到 24 年底，這將把那處房產變成凱撒，一些高端餐廳，你有凱撒大廈，它們將落在賭場的正中央。你有許多高端食品和飲料產品。在過去的 12 個月內，您在街對面的四季酒店獲得了第三方開發。所以我們對那裡的可能性感到興奮。

So I think what we're looking at, if you look out to '25, in my view, is a company that could be pushing towards $5 billion of EBITDA. As Bret said, we paid down $400 million mortgage note on the Forum Convention Center yesterday, that puts us on track to pay down over $1 billion of debt for the third consecutive year. I would expect '24 and '25 to look the same.

所以我認為，如果你展望 25 年，我認為我們正在關注的是一家可以將 EBITDA 推向 50 億美元的公司。正如布雷特所說，我們昨天在論壇會議中心還清了 4 億美元的抵押票據，這使我們有望連續第三年償還超過 10 億美元的債務。我希望 24 年和 25 年看起來一樣。

So again, as we sit here today, you're at $22 billion-ish of lease-adjusted debt that $4 billion of EBITDA with digital flat, so you're at about 5.5x leverage. Just from what we do organically in the business, as I described, that debt balance should get down to $18 billion, $19 billion against the $5 billion. So you're looking at in that scenario, you're paying down effectively 7% debt, $1 billion a year for 3 years. You're going to have some increase in the lease payment stream, but you're talking about $150 million less in cash outflows, $1 billion more in cash inflows. So you're looking more like $12.50 or more a share in cash flow.

因此，當我們今天坐在這裡時，您的租賃調整後債務約為 220 億美元，數字平台的 EBITDA 為 40 億美元，因此您的槓桿率約為 5.5 倍。正如我所描述的，僅僅從我們在業務中有機地做的事情來看，債務餘額應該下降到 180 億美元，190 億美元對 50 億美元。所以你在那種情況下看，你有效地償還了 7% 的債務，3 年每年 10 億美元。租賃付款流會有所增加，但你說的是現金流出減少 1.5 億美元，現金流入增加 10 億美元。所以你看起來更像是每股 12.50 美元或更多的現金流。

None of those assumptions in my mind seem particularly aggressive. I think we can generate an incremental $0.5 billion out of the brick-and-mortar given the momentum that we have in the business. And I think we're going to do better than that in digital. And if you think of where that comes in digital, I think you've got 3 legs of the stool. And 1/3 of it -- and they'll roughly be 1/3, 1/3, 1/3. You've got -- the existing sports betting business continues to get more profitable, volumes continue to increase. And you should expect that continues to drive positive EBITDA. That's the bulk of what's happening as you see us inflect to positive.

在我看來，這些假設都沒有特別激進。鑑於我們在業務中的發展勢頭，我認為我們可以從實體店中增加 5 億美元。而且我認為我們將在數字領域做得更好。如果你想到數字化的地方，我想你有凳子的 3 條腿。其中的 1/3——大致為 1/3、1/3、1/3。你有 - 現有的體育博彩業務繼續獲得更多利潤，數量繼續增加。你應該期待這會繼續推動積極的 EBITDA。當你看到我們轉為積極時，這就是正在發生的大部分事情。

Eric talked about the iGaming app that we will launch early in the third quarter. We're particularly excited about that. That's going to improve, in particular, our slot business in iGaming because our existing portal is through a sports betting app. Our existing high casino business leans towards tables more than our peers, and iGaming Forward app is going to change that for us. If we get our iGaming share to equal our sports betting share, that's going to be that 1/3 of the boost in EBITDA. And then as we've talked about numerous times, we've got partnership and talent agreements that come up in the next, let's call it, 12 to 24 months that we expect will be the third leg of that stool that gets us to $500 million plus.

Eric 談到了我們將在第三季度初推出的 iGaming 應用程序。我們對此特別興奮。這將特別改善我們在 iGaming 中的老虎機業務，因為我們現有的門戶網站是通過體育博彩應用程序提供的。我們現有的高級賭場業務比我們的同行更傾向於賭桌，而 iGaming Forward 應用程序將為我們改變這一點。如果我們的 iGaming 份額等於我們的體育博彩份額，那將是 EBITDA 增長的 1/3。然後正如我們已經討論過無數次的那樣，我們已經達成了合作夥伴關係和人才協議，在接下來的 12 到 24 個月內，我們預計這將是讓我們達到 500 美元的凳子的第三條腿萬加。

Every time I speak to you, I'm more confident in those numbers. And every time I speak to you, we've outperformed where I thought we would have been 90 days ago. So that's obvious. Thanks for indulging me to think longer term because I know we're going to get right back into what's the consumer doing right now and 2 weeks from now. And what I'll tell you is we continue to see significant strength across all of our assets with extraordinary strength in Las Vegas. So we are exceedingly optimistic about the road ahead. We're particularly proud of the quarter that we just posted, the idea that -- if you add back the $20 million in Northern Nevada we are nearly $1 billion in EBITDA in the first quarter, which is not typically a seasonal strong point. I'm really pleased and proud of what our team and our employees have delivered and look forward to the rest of the year.

每次與您交談時，我都會對這些數字更有信心。每次我和你說話時，我們的表現都超過了我 90 天前的預期。所以這是顯而易見的。感謝您允許我考慮更長遠的問題，因為我知道我們將立即回到消費者現在和 2 週後的行為。我要告訴你的是，我們繼續看到我們所有資產的顯著實力，以及在拉斯維加斯的非凡實力。因此，我們對未來的道路非常樂觀。我們對剛剛發布的季度感到特別自豪，這個想法是——如果你加上北內華達州的 2000 萬美元，我們第一季度的 EBITDA 將接近 10 億美元，這通常不是一個季節性的強項。我為我們的團隊和員工所交付的成果感到非常高興和自豪，並期待著今年餘下的時間。

And with that, we'll open it up for questions.

有了這個，我們將打開它來提問。

(Operator Instructions) Our first question comes from Carlo Santarelli with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Carlo Santarelli。

Tom, when you talked about kind of being positive year-to-date in digital and positive for the year, kind of an odd-sounding question, but from where we are today, do you expect to remain positive through the year? Will we see a 3Q that likely embeds some spending ahead of the NFL season and then obviously harvesting that in the fourth quarter?

湯姆，當你談到今年迄今為止在數字領域表現積極和今年積極時，這是一個聽起來很奇怪的問題，但從我們今天的情況來看，你是否希望在今年保持積極？我們是否會看到第三季度可能會在 NFL 賽季之前嵌入一些支出，然後顯然會在第四季度收穫這些支出？

Yes. 3Q is probably a coin flip as to whether or not we are slightly positive or slightly negative as you alluded to. There's a lot of -- basically, you have a lot of pre football season spend, and you only got about 3 NFL weeks to work against that. I would also tell you, though, that if you had asked me the same question 90 days ago about the quarter that we were in or the quarter that we're in now, we continue to beat our internal expectations. So I'm cautiously optimistic that we could have seen our last negative quarter.

是的。 3Q 可能是關於我們是否像您提到的那樣略微積極或略微消極的拋硬幣。有很多 - 基本上，你有很多橄欖球賽季前的花費，而你只有大約 3 個 NFL 週來對抗它。不過，我還要告訴你，如果你在 90 天前就我們所在的季度或我們現在所在的季度問過我同樣的問題，我們將繼續超出我們的內部預期。因此，我對我們本可以看到上一個負季度持謹慎樂觀態度。

Great. And then as it pertains to Las Vegas, obviously, second quarter is a tougher comparison with some larger groups that were meaningful in the 2Q last year out. As you think about the second half of this year as well as into next year, do you get the sense from kind of your mix shift and your group pace, coupled with kind of what you're seeing on the casino floor that you're able to kind of just shrug off what might be a little bit of a challenging comparison in 2Q and resume growth in the back half of the year?

偉大的。然後，就拉斯維加斯而言，顯然，第二季度與去年第二季度有意義的一些更大的團體進行了更嚴格的比較。當你考慮今年下半年和明年時，你是否從你的混合轉變和你的團隊節奏中得到感覺，再加上你在賭場看到的那種你正在能夠對第二季度可能有點挑戰性的比較不屑一顧，並在今年下半年恢復增長？

Yes. I think that's a great way to put it. I think second quarter is a -- we're going to be very pleased if we match what we did last year. It's -- we remain exceedingly strong. If you look at the next 90 days of our occupancy forecast, which is what we've got the most confidence in at any given point, you're still looking at your mid-90s occupancy on the strip at healthy rates. But the -- you're not going to repeat the -- you feel -- or we feel much better about the utility situation that we had last year in the third quarter and then the fourth quarter, you've got Formula One, which we think will be a significant boost to that quarter. So I'd say something similar to last quarter, second -- or last year's second quarter and then growth in the second half is a good place to be..

是的。我認為這是一個很好的表達方式。我認為第二季度是——如果我們能達到去年的水平，我們會非常高興。這是 - 我們仍然非常強大。如果您查看我們未來 90 天的入住率預測（這是我們在任何給定時間點最有信心的預測），您仍然會以健康的價格查看 90 年代中期的入住率。但是 - 你不會重複 - 你覺得 - 或者我們對去年第三季度和第四季度的公用事業情況感覺好多了，你有一級方程式，我們認為這將對該季度產生重大推動作用。所以我會說一些類似於上一季度、第二季度或去年第二季度的事情，然後下半年的增長是一個很好的地方……

Great. And then if I may, just one follow-up along those same lines. As you guys look out on the horizon in terms of bookings, and I'm talking more so towards leisure, transient, et cetera, are you seeing anything across the market from a promotional perspective that has changed at all?

偉大的。然後，如果可以的話，就按照同樣的思路進行一次跟進。當你們在預訂方面展望未來時，我說的更多是休閒、短暫等等，從促銷的角度來看，您是否看到市場上的任何東西都發生了變化？

Nothing that's material enough to impact us that we'd want to discuss. We see in various markets. It depends who our competitors are, what the market looks like. You've seen some remained disciplined. Others, not. The -- sadly, one of the -- one of the statements I make is Caesars used to be the bad actor in a lot of these markets and isn't anymore. So we feel very good about the current environment.

我們不想討論任何足以影響我們的實質性內容。我們在各個市場看到。這取決於我們的競爭對手是誰，市場是什麼樣子。你已經看到一些人仍然遵守紀律。其他人，不是。可悲的是，我發表的其中一個聲明是，凱撒曾經是許多這些市場中的壞演員，現在不再是了。所以我們對現在的環境感覺很好。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Just starting with Las Vegas, Tom. Obviously, the 21% of occupied rooms in the first quarter relating to the group segment, that's a fairly significant jump and good to see. Can you talk about how group looks for the balance of this year? Is group pace, group room nights up in the aggregate 2Q through 4Q?

剛從拉斯維加斯開始，湯姆。顯然，第一季度 21% 的已入住客房與團體細分市場有關，這是一個相當顯著的飛躍，值得一看。你能談談集團如何尋找今年的餘額嗎？ 2Q 到 4Q 的團隊步調、團隊間夜總量是否有所上升？

Joe, all the KPIs in the group and convention business are up the last year in 2019. So both rooms, ADRs and banquet revenues are pacing ahead for the rest of the year. We expect the group business to have another record year in 2023.

喬，集團和會議業務的所有 KPI 都在 2019 年的最後一年上升。因此，房間、ADR 和宴會收入在今年剩餘時間都在向前邁進。我們預計集團業務將在 2023 年再創新高。

Great. And then on digital, Tom, you had spoken earlier that your outlook is favorable just over the last 90 days. And I know you talked about some of the things that you're doing there. How much of that is a rationalized cost structure and the scale benefits in OSB. How much of that is related to iCasino and some of the things that you have done and will be doing this year?

偉大的。然後在數字方面，湯姆，你早些時候說過，你的前景在過去 90 天裡是有利的。我知道你談到了你在那裡做的一些事情。其中有多少是合理化的成本結構和 OSB 的規模效益。其中有多少與 iCasino 相關，以及您今年已經完成和將要完成的一些事情？

So those are -- you're hitting on the main contributors. The chief driver of the change has been what we've done on the promo and branding side, I think promo as a percent of handle for the quarter was around 1.25%, which is dramatically lower than our peers. Our cost of acquisition has come down considerably. Ohio as a new launch state for us was EBITDA positive in March, so month 3 postlaunch. So we're really feeling good about the way that we're running the business and how we're positioned.

所以那些是 - 你正在打擊主要貢獻者。這一變化的主要驅動力是我們在促銷和品牌推廣方面所做的工作，我認為本季度促銷佔處理量的百分比約為 1.25%，遠低於我們的同行。我們的採購成本已大大降低。俄亥俄州作為我們的新發射州，3 月份的 EBITDA 為正，因此發射後第 3 個月。因此，我們對我們經營業務的方式以及我們的定位感到非常滿意。

[MAP] and iGaming has done a great job of continuing to build that business off of the current platform, but we really think the opportunity there starts in earnest beginning of third quarter when we launch the new iCasino app.

[MAP] 和 iGaming 在繼續基於當前平台建立該業務方面做得很好，但我們真的認為，當我們推出新的 iCasino 應用程序時，那裡的機會真正開始於第三季度初。

Our next question comes from Stephen Wieczynski with Stifel.

我們的下一個問題來自 Stifel 的 Stephen Wieczynski。

So Tom, if I can -- can I put you back on your soapbox for a minute? I want to get your opinion on a question we get a lot from investors. They always seem to want to know, they would want to ask and they just want to get the feel for is this going to be the best that Vegas ever is, especially as we kind of move through 2023 strong event calendar? So just maybe if you could opine on that as -- or maybe why that's not the case.

那麼，湯姆，如果可以的話——我能把你放回你的肥皂盒上一分鐘嗎？我想就我們從投資者那裡得到的很多問題徵求您的意見。他們似乎總是想知道，他們想問，他們只是想感受這是否會成為維加斯有史以來最好的，尤其是當我們經歷 2023 年強大的賽事日曆時？所以也許你可以對此發表意見——或者為什麼不是這樣。

Yes. I think you've seen Vegas as a market do a fantastic job of continuing to add events. And in the case of sports franchises or Formula One that bring a significantly more valuable customer to the market. So if I look at Vegas now, all of us are pretty full. I listened to Bill and team yesterday, congratulations to them, they had a fantastic quarter as well. But we're all doing well here. Occupancy rates are quite high.

是的。我想你已經看到拉斯維加斯作為一個市場在繼續增加活動方面做得非常出色。就體育特許經營權或一級方程式賽車而言，可以為市場帶來更有價值的客戶。所以如果我現在看看維加斯，我們所有人都吃飽了。我昨天聽了 Bill 和他的團隊，祝賀他們，他們也有一個很棒的季度。但我們在這裡都過得很好。入住率相當高。

And so yes, it's natural to say, how do you get better? Well, you get better by up-tiering the average customer that is coming to the market. And that's what you can see in our own microcosm of the market in Caesars, where what's happened in our business over the last 3 years is both the expense discipline, but also a better average customer. And you see the Raiders come to town. You see Formula One. You see us gaining share as a market in the group business. The people that come to see those, to see Formula One, the A's just announced a couple of weeks ago, tend to be a better average customer. So you're bringing in higher-value customers and we're already full, so you're kicking out the lowest end. I see no reason that, that needs to stop or would stop.

所以是的，很自然地說，你如何變得更好？好吧，通過提升進入市場的普通客戶，你會變得更好。這就是您在我們自己的凱撒市場縮影中可以看到的，過去 3 年我們業務中發生的事情既是費用紀律，也是更好的普通客戶。你看到攻略來到城裡。你看一級方程式。你看到我們在集團業務中獲得市場份額。前來觀看那些、觀看一級方程式賽車的人，幾週前剛剛宣布的 A，往往是更好的普通客戶。所以你帶來了更高價值的客戶，而我們已經滿員了，所以你要踢掉最低端的客戶。我認為沒有理由需要停止或將停止。

This market has done great job over the 30 years I've been involved in and around gaming. And continuing to add reasons for people to come, continuing to add capacity and continuing to add to the average customer that shows up here. We all know that back in our parents' day, it was a very different market, low value, you get stake in lobster for a couple of months.

在我參與遊戲及圍繞遊戲的 30 年裡，這個市場做得很好。並繼續增加人們前來的理由，繼續增加容量並繼續增加出現在這裡的普通客戶。我們都知道，在我們父母的時代，這是一個非常不同的市場，價值低，你可以獲得幾個月的龍蝦股份。

Now you're talking about one of the best food and beverage teams in the world, among the best sports and entertainment experiences in the world and continually adding to that. We are working to continue to add to that, MGM, Wynn, Sands, they're all working to uptier what we're offering to customers. And then the market as a whole -- I've got to give credit to Steve Hill at LVCVA, he was the driver of bringing Formula One here, and it's going to be huge for the market.

現在你談論的是世界上最好的餐飲團隊之一，世界上最好的體育和娛樂體驗之一，而且還在不斷增加。我們正在努力繼續增加，米高梅、永利、金沙，他們都在努力提升我們為客戶提供的服務。然後是整個市場——我必須感謝 LVCVA 的史蒂夫希爾，他是將一級方程式賽車帶到這裡的推動者，這對市場來說將是巨大的。

So the nice thing about -- we all like to stand back to back, see who's tallest in this market and argue about that, but we do work together well to make sure that this market continues to expand. And I think it's foolish to bet that, that 30-year cycle is all of a sudden going to be over a quarter from now.

所以好的事情 - 我們都喜歡背靠背站在一起，看看誰在這個市場上最高並爭論這個問題，但我們確實合作得很好，以確保這個市場繼續擴大。我認為打賭 30 年周期會突然超過四分之一是愚蠢的。

And then, Tom, I know you said -- thanks for that by the way, that was very helpful. And I know you said you aren't giving guidance, but look, unfortunately, our investors are going to take your $5 billion math essentially as guidance for 2025. So, I guess, what I want to ask here is I assume your $5 billion math, just meaning the consumer stays pretty much where they are right now. But if you think about all those buckets you laid out to get to that $5 billion, what would be the one bucket that you would say is you're maybe the most -- I don't want to use the word most concerned about or the biggest stretch to kind of get there? And hopefully, that makes sense.

然後，湯姆，我知道你說過——順便說一句，謝謝你，這很有幫助。我知道你說過你沒有提供指導，但不幸的是，我們的投資者將基本上把你的 50 億美元數學作為 2025 年的指導。所以，我想，我想問的是，我假設你的 50 億美元數學，只是意味著消費者幾乎停留在他們現在所在的位置。但是如果你想想你為達到 50 億美元而設置的所有那些桶，你會說你可能是最重要的那個桶是什麼 - 我不想使用最關心或到達那裡的最大延伸？希望這是有道理的。

Yes. So I'm talking about a 3-year time horizon, right? So end of '25, we're not typically talking about that type of time horizon on a call like this. So is it possible in that 3 years, you have a cyclical downturn? Yes, sure. So you want to quibble and say $5 billion might be $4 billion and $3.75 billion, all right, I'll give you that. That's a bucket share on that free cash flow number. You're talking about a company here that has been levered for a very long time, before we ever got here and then postmerger. And I see a path to where lease adjusted leverage is less than 4x conventional leverage is less than 3x, and we're spinning out over $12 a share of free cash flow. Quite frankly, if you want to say, Gee, I think it will be $10 or $11 instead of $12," I think that still looks good against the stock that's at $44.

是的。所以我說的是 3 年的時間範圍，對嗎？所以到 25 年底，我們通常不會在這樣的電話會議上談論那種類型的時間範圍。那麼，在那 3 年中，您是否有可能出現週期性衰退？是的，當然。所以你想狡辯說 50 億美元可能是 40 億美元和 37.5 億美元，好吧，我給你。這是該自由現金流量的一小部分。你在這裡談論的是一家在我們來到這裡然後合併後已經槓桿化了很長時間的公司。我看到了一條路徑，使租賃調整後的槓桿率低於 4 倍，傳統槓桿率低於 3 倍，而且我們正在分拆超過每股 12 美元的自由現金流。坦率地說，如果你想說，哎呀，我認為它將是 10 美元或 11 美元，而不是 12 美元，”我認為這與 44 美元的股票相比仍然不錯。

Our next question comes from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

I wanted to touch on regionals, Tom. Could you talk about maybe the cadence over the course of the quarter and what you've seen into April? I know there's been some noise in terms of comparisons, both on a year-over-year and versus 2019 basis. But it sounds like the consumer is doing fine. So if you can maybe just provide some clarity or any additional color on that?

湯姆，我想談談地區性問題。您能否談談本季度的節奏以及您在四月份看到的情況？我知道在比較方面存在一些噪音，無論是同比還是與 2019 年相比。但聽起來消費者做得很好。那麼，您是否可以提供一些清晰度或任何其他顏色？

Yes. So I'd say March was -- I told you on the last call, I think we could have an all-time record in March. It was an all-time record for us. So regional and Vegas were strong. April, you had a negative calendar shift that we get back in June. So I'd expect that you should see -- or you should expect to see that roll through the numbers. But generally speaking, we are continue -- seeing continued strength across the portfolio.

是的。所以我想說 3 月是——我在上次電話會議上告訴過你，我認為我們可以在 3 月創下歷史新高。這對我們來說是一個歷史記錄。所以區域和維加斯很強大。 4 月，我們在 6 月得到了一個負日曆偏移。所以我希望你應該看到 - 或者你應該期望看到數字滾動。但總的來說，我們會繼續——看到整個投資組合的持續增長。

Got it. And then Pompano, you mentioned this quickly in your prepared remarks. I mean this was a big JV project with a long-term time horizon that was supposed to be built out over time. You've had the casino expansion now come online. How should we think about maybe some JV equity cash flow distributions coming from this and the returns over time? And maybe even in the near term, are you seeing any disruption as this bigger term -- bigger project gets built out?

知道了。然後是 Pompano，你在準備好的發言中很快提到了這一點。我的意思是這是一個大型合資項目，具有長期的時間範圍，應該隨著時間的推移而建立。您的賭場擴張現已上線。我們應該如何考慮由此產生的一些合資企業股權現金流量分配以及隨著時間的推移的回報？甚至在短期內，隨著這個更大的項目——更大的項目建成，你是否看到任何中斷？

So the front of our property is definitely disrupted. There's a Topgolf for the [publics] construction, and we redid our [portico] Share. But despite that, we're seeing significant momentum in Pompano generally. If I had to point to our stars as we sit here right now today, Pompano and Reno jumped out at me in the last 30 days or so. What you're going to see out of Pompano in terms of that JV, we've, finally, thankfully worked through all of the local approvals required. We're moving dirt, the track gets closed, grandstand is coming down. So you're going to see a lot of development activity there over the next 12 to 24 months. There is cash in the JV.

所以我們前面的財產肯定是被打亂了。有一個用於 [publics] 構造的 Topgolf，我們重新設計了 [portico] Share。但儘管如此，我們總體上看到了 Pompano 的強勁勢頭。如果我必須指出我們今天坐在這裡時的明星，Pompano 和 Reno 在過去 30 天左右的時間裡突然出現在我面前。就該合資企業而言，您將從 Pompano 看到什麼，我們終於幸運地完成了所需的所有當地批准。我們正在搬土，跑道關閉，看台正在倒塌。所以在接下來的 12 到 24 個月裡，你會看到那裡有很多開發活動。合資公司有現金。

We would expect to be -- if there is any capital required from the JV partners, it's already in the JV. To your point, we're probably closer to where cash starts to come out of the JV, but I don't think that's a '23 event. I think that's '24 or '25. But we're particularly pleased that has taken far longer than we anticipated when we originally announced it. I don't typically announce something and say, "get excited 6 years from now," but I thought it was going to happen much quicker than that, but we're now right on the cusp of where that's going to drive not only the cash flow into the JV that's going to allow distribution. But as importantly, for us, the traffic to the property that's going to continue the momentum that we've seen over the last quarter or two.

我們希望 - 如果合資夥伴需要任何資本，它已經在合資企業中。就你的觀點而言，我們可能更接近現金開始從合資企業中流出的地方，但我認為這不是 23 年的事件。我認為那是 24 年或 25 年。但我們特別高興的是，它所花費的時間比我們最初宣布它時預期的要長得多。我通常不會宣布一些事情並說，“從現在起 6 年後興奮起來”，但我認為它會比這快得多，但我們現在正處於風口浪尖，這不僅會推動現金流入允許分配的合資企業。但同樣重要的是，對我們來說，該物業的流量將繼續保持我們在過去一兩個季度看到的勢頭。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的 Brandt Montour。

So just a couple of more big picture questions. Tom back to your last discussion. When you guys go through your longer-term scenario planning or stress testing or whatever you call it, wondering if you'd be willing to sort of update or refresh a bear case to that $5 billion longer-term planning.

所以只是幾個更重要的問題。湯姆回到你上次的討論。當你們通過長期情景規劃或壓力測試或任何您稱之為的東西時，想知道您是否願意對 50 億美元的長期規劃進行某種更新或刷新熊案例。

Yes. So we're an $11 billion revenue company, plus or minus. If you look back to the crisis, '08, you're talking about an 8% hit to that number. So call it, $800 million in a GFC-type scenario. I'd expect about 50% of that flows through. So in that scenario, I think your $400 million of EBITDA that's at risk. I don't personally see a GFC-type scenario coming.

是的。所以我們是一家收入為 110 億美元的公司，正負。如果你回顧 08 年的危機，你會說這個數字下降了 8%。這麼說吧，在全球金融危機類型的場景中需要 8 億美元。我預計其中約有 50% 會流過。因此，在那種情況下，我認為您的 4 億美元 EBITDA 處於風險之中。我個人認為不會出現類似全球金融危機的情景。

I think based on what we can see, if there's a slowdown, it should be relatively shallow. In those numbers, particularly in Las Vegas, you had a massive supply increase into the financial crisis that doesn't occur here. So I'd be thinking more along the lines of half of that $800 and $400 as kind of what I see sitting here today as (inaudible) risk in a normal cyclical downturn.

我認為，根據我們所看到的情況，如果出現放緩，那應該是相對較淺的。在這些數字中，特別是在拉斯維加斯，你在金融危機期間有大量供應增加，而這裡不會發生。因此，我會更多地考慮 800 美元和 400 美元的一半，就像我今天坐在這裡看到的那樣，這是正常週期性低迷中的（聽不清）風險。

That's super helpful. And then over at the 3-legged stool for digital. If you could -- is it any way you could force rank those 3 legs, sort of from least challenging to maybe what you consider most challenging of the 3? And then which of those 3 legs do you think we could be sitting here in a couple of years and you just sort of knock the cover off the ball?

這非常有幫助。然後在 3 條腿的凳子上進行數字化。如果可以 - 是否可以通過任何方式強制對這 3 條腿進行排名，從最具挑戰性到您認為最具挑戰性的 3 條腿？然後你認為這 3 條腿中的哪條腿我們可以在幾年後坐在這里而你只是把球蓋掉了？

I mean I'd say they're all challenging. This has been quite an experience over the last 18 months in terms of building this business from 0. I feel really good about where we are today. I would say -- I'm cognizant that I've been talking about iCasino for a while, and we have not turned. So I would look at that as that's the one where I understand we've got to show it to you. But given what's required there in terms of what we need to do and the leadership that we now have in place in that vertical, I think that's also where we can surprise you to the upside over that 3-year time frame.

我的意思是我會說它們都具有挑戰性。在過去的 18 個月裡，就從 0 開始建立這項業務而言，這是一次相當不錯的經歷。我對我們今天的處境感到非常滿意。我會說——我知道我已經談論 iCasino 一段時間了，但我們還沒有轉過身來。所以我會把它看成是我知道我們必須向你展示的那個。但考慮到我們需要做的事情以及我們現在在該垂直領域的領導地位，我認為這也是我們可以在 3 年時間框架內讓你感到驚訝的地方。

Our next question comes from Barry Jonas with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Barry Jonas。

Tom, I really appreciate all the commentary on the 3-year potentially where EBITDA and deleverage could get and some of the sensitivities. I'm just curious, where do things like New York, Dubai or sale leasebacks fit in there? Is that cushion? Or is that even a potential upside?

湯姆，我非常感謝所有關於 EBITDA 和去槓桿化可能獲得的 3 年潛力以及一些敏感性的評論。我很好奇，像紐約、迪拜或售後回租這樣的地方適合那裡？那是墊子嗎？或者這甚至是一個潛在的好處？

Yes. So the numbers I gave you don't include any real estate activity. So if we win New York -- if VICI exercises its call on Centaur as it has indicated that it is going to, that's upside from those numbers that I'm given you both from a leverage and free cash flow perspective.

是的。所以我給你的數字不包括任何房地產活動。因此，如果我們贏得紐約——如果 VICI 像它所表明的那樣行使對 Centaur 的呼籲，那麼從槓桿和自由現金流的角度來看，這比我給你們的那些數字要好。

Great. And then just as a follow-up, I think MGM just announced an acquisition of an online game developer. Curious what your thoughts are for more investment on the content side, vertical integration or just digital M&A in general.

偉大的。然後作為後續行動，我認為米高梅剛剛宣布收購一家在線遊戲開發商。想知道您對內容方面的更多投資、垂直整合或一般的數字併購有何想法。

We want to migrate to more of our own games. That's part of what moving to our new app and ultimately our PAM allows us to do. And I would say we are more of a builder versus a buyer, but that could change tomorrow if we see something attractive.

我們想遷移到更多我們自己的遊戲。這是轉移到我們的新應用程序和最終我們的 PAM 允許我們做的事情的一部分。而且我會說我們更像是一個建設者而不是買家，但如果我們看到有吸引力的東西，明天可能會改變。

Our next question comes from Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

Tom, just kind of wanted to run a high-level corporate finance question by you to get your take on it. But if we kind of think out a little further as we know you're doing internally as you think about these numbers, if we take this $12.50 of free cash flow, I mean, scratch math is -- that's about a 28% free cash flow yield. You're paying down 8% debt at the moment, moving probably closer to 7% debt in terms of what's going to be coming available at some point and just where your long-term cost of debt is.

湯姆，只是想請您提出一個高級別的公司財務問題，以了解您的看法。但是如果我們考慮得更遠一點，因為我們知道你在考慮這些數字時在內部做，如果我們拿這 12.50 美元的自由現金流，我的意思是，從頭算起——大約是 28% 的自由現金流產率。你目前正在償還 8% 的債務，就在某個時候可用的東西以及你的長期債務成本而言，可能接近 7% 的債務。

So at some point, when you can start to maybe turn the corner to '24, somewhere in here, probably when is that place where it makes sense to start expressing your view as it relates to that 28%? i.e., a different way of saying it, when you flip from paying down debt to buying back stock because one would think that yield is just -- it's just going to be too incredibly attractive to ignore.

因此，在某些時候，當您可以開始轉向 24 世紀時，在這裡的某個地方，可能什麼時候開始表達您與那 28% 相關的觀點是有意義的？也就是說，換句話說，當你從償還債務轉向回購股票時，因為人們會認為收益率只是——它的吸引力太大了，不容忽視。

Yes. That's a fair question, Shaun. It's not a simple question. We think that it's important that we continue to delever because that's a limiting factor in terms of investor acceptance of the story. We're also cognizant that the track record of buying in this sector is kind of rough. If I pay down debt, it's a certain outcome in terms of what I'm doing. I have money that I owe that I no longer owe.

是的。這是一個公平的問題，肖恩。這不是一個簡單的問題。我們認為繼續去槓桿化很重要，因為這是投資者接受這個故事的限制因素。我們還認識到，該行業的購買記錄有點粗糙。如果我還清債務，就我所做的事情而言，這是一個確定的結果。我有我欠的錢，我不再欠了。

As you go into buying your stock, you're subject to the whims of the macro, which has been the story in this space for the last 18 months. But there certainly is a point with leverage where you should expect that in addition to continuing to pay down debt that there's a return of capital element to our free cash flow story. And you're talking about '24, which would be somewhere around the midpoint of the time frame that I laid out in terms of expectations, that's probably a pretty good guess.

當你開始購買股票時，你會受到宏觀經濟的影響，這在過去 18 個月裡一直是這個領域的故事。但肯定有一點槓桿作用，你應該期望除了繼續償還債務外，我們的自由現金流故事中還有資本元素的回報。你說的是 24 年，這可能是我根據預期制定的時間範圍的中點左右，這可能是一個很好的猜測。

Very helpful. And then maybe just with my follow-up, just a quick update on kind of the union renegotiation, any impacts of that on the cost front. Assume that's obviously all factored into in general, the growth that you're expecting to still achieve in Las Vegas, but just how do you see that playing through appreciating that those types of things are -- specific negotiations are hard to comment on a public conference call?

很有幫助。然後可能只是我的後續行動，只是關於工會重新談判的快速更新，以及它對成本方面的任何影響。假設這顯然已經全部考慮在內，您預計在拉斯維加斯仍會實現增長，但您如何看待通過欣賞這些類型的事情來發揮作用 - 具體談判很難對公眾發表評論電話會議？

Yes. I mean, first of all, our expectations are built into those broader expectations. As you've seen in the quarter, we're doing quite well. We've been doing quite well for a while. Vegas is now a $2.1 billion market. Northern Nevada for us is over $0.25 billion of EBITDA per year. We built those results on our frontline employees so they deserve to share in it. We've got a contract that is up at the end of this month. I would expect with everybody in the market, you're going to see a short-term extension in terms of getting to a final deal but you're going to see a significant raise for our frontline workers and they deserve it. And that's in our -- in the numbers that I laid out in terms of expectations.

是的。我的意思是，首先，我們的期望是建立在更廣泛的期望中的。正如您在本季度看到的那樣，我們做得很好。一段時間以來，我們一直做得很好。拉斯維加斯現在是一個價值 21 億美元的市場。對我們來說，北內華達每年的 EBITDA 超過 2.5 億美元。我們將這些成果建立在我們的一線員工身上，因此他們應該分享這些成果。我們有一份本月底到期的合同。我希望市場上的每個人都能看到達成最終協議的短期延期，但你會看到我們一線員工的大幅加薪，這是他們應得的。這就是我們的 - 我根據期望列出的數字。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自 Chad Beynon 和 Macquarie。

Tom, it appears that interest rate hiking acceleration has potentially slowed here, which would potentially spark some more M&A activity broadly in the space. So when you're thinking about these '24, '25 goals, not that you're running anything to be sold, but has anything changed just in terms of the number of assets in the regional markets, in Vegas that makes sense for kind of the future portfolio of Caesars'?

湯姆，看來加息加速在這裡可能已經放緩，這可能會在該領域廣泛引發更多的併購活動。因此，當您考慮這些 24 和 25 年的目標時，並不是說您正在經營任何要出售的東西，而是在拉斯維加斯區域市場的資產數量方面發生了任何變化，這對同類產品來說是有意義的凱撒未來的投資組合？

Yes. I'd say short answer is no. We've got nothing for sale today. Don't expect to have anything for sale anytime soon. That said, as I've told you before, effectively as a public company, everything is for sale every day, so you don't know what you'll be approached with. But back to Shaun's question, as you get to the point leverage-wise, where we feel comfortable, next year in addition to a return of capital element, you start to think about the ability to become offensive in M&A, which obviously is a little more complex at our size, but we've driven a whole lot of shareholder value through M&A in the past. And I don't think we're very far from where we would see -- where we would flip to maybe looking offensively there versus kind of neutral, maybe something shows up, maybe it doesn't, but that would be in the calculus of what are you doing with your free cash flow as well.

是的。我會說簡短的回答是否定的。我們今天沒有東西賣。不要指望很快就會有任何東西出售。也就是說，正如我之前告訴過你的那樣，實際上作為一家上市公司，每天所有的東西都在出售，所以你不知道會得到什麼。但是回到 Shaun 的問題，當你談到槓桿方面，我們感到舒服的時候，明年除了資本元素的回歸，你開始考慮在併購中變得進攻的能力，這顯然有點我們的規模更複雜，但過去我們通過併購推動了很多股東價值。而且我不認為我們離我們會看到的地方很遠 - 我們可能會轉向可能在那裡看起來進攻而不是中立，也許會出現一些東西，也許不會，但這會在微積分中你在用你的自由現金流做什麼。

Okay. And then nobody has asked about potential impact, just overall benefits with the A's potentially moving to Las Vegas. Obviously, it should be a positive. As we've seen with other sports teams and just overall programming, but any additional thoughts in terms of what this would mean to Las Vegas, to your properties, to future growth?

好的。然後沒有人詢問潛在的影響，只是 A 可能轉移到拉斯維加斯的整體利益。顯然，這應該是積極的。正如我們在其他運動隊和整體規劃中看到的那樣，但是關於這對拉斯維加斯、您的財產和未來增長意味著什麼的任何其他想法？

Yes, it's exciting to see this market continue to develop. The amount -- we welcome the announcement. Similar to Bill's remarks yesterday. It's important to us that they're coming, is done in a manner that doesn't unnecessarily tax the county or have taxes that eventually get passed on to our customers. So we think there's wood to chop there, but we are thrilled at the idea of the A's coming to town. It provides another reason for customers to come and visit the market, and we're going to get our share of those customers.

是的，很高興看到這個市場繼續發展。金額——我們歡迎這一公告。類似於比爾昨天的言論。對我們來說，重要的是他們的到來，是以一種不會不必要地向縣徵稅或最終將稅收轉嫁給我們的客戶的方式完成的。所以我們認為那裡有木頭可以砍，但我們對 A 來到城鎮的想法感到興奮。它為客戶前來參觀市場提供了另一個理由，我們將獲得這些客戶的份額。

Our next question comes from John DeCree with CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Maybe just one or perhaps a 2-parter. Tom or Eric, you talked about executing on iGaming with some key product enhancements on the horizon like that single app for iCasino. And I think you mentioned some additional marketing capabilities that, that would bring. But it might be helpful for investors to kind of understand what some of these product enhancements get you and what you'll be able to do specifically to generate some incremental revenue or start to execute in iGaming. If you could maybe elaborate a little bit more on that, that would be helpful.

也許只有一個或兩個夥伴。湯姆或埃里克，你們談到了在 iGaming 上執行一些關鍵產品增強功能，比如 iCasino 的單一應用程序。我想你提到了一些額外的營銷能力，那會帶來。但對於投資者來說，了解這些產品增強功能中的一些能為您帶來什麼，以及您將能夠具體做什麼以產生一些增量收入或開始在 iGaming 中執行可能會有所幫助。如果您可以詳細說明一下，那將會很有幫助。

Yes, sure. From the highest perspective, when you think about the current app that we have, somebody goes on the app store, searches for Caesars and they see the Caesars Sportsbook. And they get that if they want to play the Casino or the Sportsbook. So they download the Sportsbook. They sign up for the Sportsbook. Then they go find the button that takes them to the casino and then they can start playing the casino.

是的，當然。從最高的角度來看，當您考慮我們當前擁有的應用程序時，有人會去應用程序商店搜索 Caesars，然後他們會看到 Caesars Sportsbook。如果他們想玩賭場或體育博彩，他們就會得到。所以他們下載了體育博彩。他們註冊了體育博彩。然後他們找到將他們帶到賭場的按鈕，然後他們就可以開始玩賭場了。

The next time they go and log on again to the app, it takes them to the Sportsbook and then they have to click through to go to the casino. So it's a fine experience for somebody who's predominantly a Sportsbook player who then likes to dabble or play some of the casino side. But for somebody who's a primary casino customer or somebody who likes to play a little bit of Sportsbook but mostly casino, they want to see the Casino app and they want to go right into the home page where the casino games are that they can start engaging with.

下次他們再次登錄該應用程序時，它會將他們帶到體育博彩，然後他們必須點擊進入賭場。因此，對於主要是體育博彩玩家然後喜歡涉足或玩一些賭場方面的人來說，這是一種很好的體驗。但是對於賭場的主要客戶或喜歡玩一點體育博彩但主要玩賭場的人來說，他們希望看到賭場應用程序並且他們希望直接進入他們可以開始參與的賭場遊戲的主頁和。

So at the highest level, you're going to attract a customer that, quite frankly, is very more akin to what our casinos are, which is somebody who likes to come in, play slots, likes to see their favorite game and then start playing. And so we're going to be able to deliver that. In terms of the incremental functionality that we're going to get, we'll have a newly designed lobby so that it will be much easier for our team to move the games around, to prioritize them, to make them -- to advertise them based on whether they're new or there's a promotion going on, we'll be able to have some much enhanced real-time marketing capabilities. So we'll be able to do some trigger-based responses to customers, which is something that we're not able to do right now. And then the general appearance and the speed of the app will be greatly enhanced.

所以在最高層次上，你會吸引這樣的顧客，坦率地說，這更類似於我們的賭場，也就是喜歡進來玩老虎機，喜歡看他們最喜歡的遊戲然後開始的人玩。因此，我們將能夠實現這一目標。就我們將獲得的增量功能而言，我們將擁有一個新設計的大廳，這樣我們的團隊就可以更輕鬆地移動遊戲、確定它們的優先級、製作它們——為它們做廣告根據它們是新的還是正在進行的促銷活動，我們將能夠擁有一些大大增強的實時營銷能力。因此，我們將能夠對客戶做出一些基於觸發的響應，這是我們現在無法做到的。然後應用程序的總體外觀和速度將大大提高。

So overall, it's going to provide a much better experience for that customer that currently, we're unable to provide the product that they want because it's somewhat buried in the Sportsbook.

所以總的來說，它將為該客戶提供更好的體驗，目前我們無法提供他們想要的產品，因為它有點被埋在體育博彩中。

That's helpful, Eric. Maybe a follow-up question in terms of what you see. One of your big advantages is your customer database and without that single app, you look at your penetration of that database for digital. Relative to your peers or expectations, is there a chunk of the database that you haven't really been able to get on board without that single app? Just kind of see if you have some visibility into what the opportunity is.

這很有幫助，埃里克。也許是關於您所看到的後續問題。你的一大優勢是你的客戶數據庫，如果沒有那個單一的應用程序，你就會看到你對該數據庫的數字化滲透。相對於您的同行或期望，如果沒有那個應用程序，您是否真的無法使用數據庫的一部分？只是看看您是否了解機會是什麼。

Yes. I would say, in general, the customers that we have tend to skew younger and tend to skew more male on the Sportsbook app. And then what that translates to on the Casino side is a higher percentage of table games business, which is great. We like that. But what we're missing is that core slot customer. And so when you think about the business that we have here with the regional players and the hub-and-spoke model with respect to Vegas, that core slot player is really valuable on the casino side. And so we think that by giving that customer an option to go directly into the app, we'll be able to provide them with something that's more in line with what they're expecting from their experience.

是的。我想說的是，總的來說，我們在 Sportsbook 應用程序上的客戶傾向於更年輕，更傾向於男性。然後在賭場方面轉化為更高比例的桌面遊戲業務，這很棒。我們喜歡這樣。但我們缺少的是核心插槽客戶。因此，當您考慮我們與區域玩家的業務以及與拉斯維加斯相關的中心輻射模型時，核心老虎機玩家在賭場方面確實很有價值。因此我們認為，通過為該客戶提供直接進入應用程序的選項，我們將能夠為他們提供更符合他們對體驗的期望的東西。

And so to answer your question directly, I think it's going to attract a higher percentage of the slot customer, which is our core customer from the land-based perspective.

因此，直接回答你的問題，我認為它會吸引更高比例的老虎機客戶，從陸地角度來看，這是我們的核心客戶。

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

With respect to the Las Vegas Strip, the tower project announcement sort of begs a discussion about where the strip is headed because, I think, many would agree with the positive outlook that you've laid out. And with that, other competitors entering the market, right, whether it's Hard Rock or [Casino Biloxi] and over time, sort of upping your game. And I had an accounting progress used say $100 million here and there, and it starts turning into real money. Is this the kind of thing we should expect as you sort of up your strip game over time?

關於拉斯維加斯大道，塔項目公告有點引發了關於大道走向的討論，因為我認為，許多人會同意你提出的積極前景。隨著時間的推移，其他競爭對手進入市場，無論是 Hard Rock 還是 [Casino Biloxi]，隨著時間的推移，都會提升您的遊戲水平。我有一個會計進度，比如到處都是 1 億美元，它開始變成真錢。這是我們應該期待的事情，因為隨著時間的推移，你的脫衣舞遊戲會有所增加嗎？

I mean this is a pretty unique project. We've got a tower that can be absorbed into a property that has higher room rate -- considerably higher room rate, considerably higher spend out of those rooms. And it has rooms that are existing that face the fountains across the street at Bellagio that have no windows. So what we can do here is a simple upgrade in terms of the rate that those rooms will get and then create on that side facing the strip, probably some of our most attractive nonvilla product in the market. And it's very easy to run the numbers and see the returns there are quite strong.

我的意思是這是一個非常獨特的項目。我們有一座塔樓，可以吸收到房價更高的房產中——房價高得多，這些房間的消費也高得多。它的現有房間面向 Bellagio 街對面的噴泉，沒有窗戶。因此，我們在這裡可以做的是簡單升級這些房間將獲得的價格，然後在面向地帶的那一側創建，這可能是我們在市場上最具吸引力的非別墅產品。運行這些數字並看到那裡的回報非常強勁非常容易。

I'll tell you, if -- there has yet to be a capital project with the returns of this one that took more than 30 seconds for us to approve. You're going to see us upgrade Flamingo in terms of its food and beverage, particularly its strip frontage, food and beverage, but you're not talking about even the quantum of spend that you're talking about at Paris and Bally's.

我會告訴你，如果 - 還沒有一個資本項目的回報需要超過 30 秒才能獲得我們的批准。你會看到我們在食品和飲料方面升級 Flamingo，尤其是它的臨街面、食品和飲料，但你甚至沒有談論你在 Paris 和 Bally's 談論的支出數量。

So I think there's a few one-off opportunities that are high ROI, but the great thing about our portfolio on the strip is it's all right at mid-field, right, at the 50-yard line. And the demand for that location is exceedingly strong and has been better than a generation. So we feel very good, and there's not a ton of capital necessary to maintain that beyond what we've done historically, but there are some interesting projects that can be additive.

所以我認為有一些一次性的機會是高投資回報率的，但我們在跑道上的投資組合的好處在於它在中場很好，在 50 碼線上。而且那個位置的需求極其旺盛，已經好過一代。所以我們感覺非常好，除了我們歷史上所做的之外，不需要大量資金來維持這種狀態，但是有一些有趣的項目可以增加。

Our next question comes from Stephen Grambling with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stephen Grambling。

Just following up on John's earlier questions on iGaming and the digital business. Just wanted to clarify, as you move to a standalone iGaming app, is that going to be branded as Caesars iGaming? Or could you have multiple brands under each of your casino names? Is there any way to assess what the potential for incremental omnichannel spend could be as we think through total rewards sign-ups that have occurred through the app, for example, to date?

只是跟進 John 之前關於 iGaming 和數字業務的問題。只是想澄清一下，當您轉向獨立的 iGaming 應用程序時，它會被標記為 Caesars iGaming 嗎？或者您可以在每個賭場名稱下擁有多個品牌嗎？是否有任何方法可以評估增量全渠道支出的潛力，正如我們通過應用程序發生的總獎勵註冊所考慮的那樣，例如，迄今為止？

So on the brand, Stephen, let me tell you to wait for about 60 days and we'll have a further answer on that. But I like the way that you think. And then on Caesars Rewards, we've talked about play that was generated new to the enterprise through digital, into brick-and-mortar or reactivated customers. The last time we told you that number, it was about $200 million on an annual basis. Without getting into a specific number, I'd tell you, it's more than 50% larger than that today.

所以關於品牌，斯蒂芬，讓我告訴你等待大約 60 天，我們將對此有進一步的答复。但我喜歡你的想法。然後在 Caesars Rewards 上，我們討論了通過數字對企業產生新的遊戲，進入實體或重新激活的客戶。上次我們告訴你這個數字時，每年大約是 2 億美元。沒有具體數字，我會告訴你，它比今天大 50% 以上。

And just as a very quick follow-up on that, but that's not something that you're embedding in your hypothetical $5 billion 2025?

就像對此進行快速跟進一樣，但這不是您要嵌入到假設的 2025 年 50 億美元中的東西嗎？

No. I mean there is a contributing factor in what happens in the brick-and-mortar, the digital part of both, directly and indirectly, but there's nothing -- nothing needs to happen that isn't already happening or -- on the horizon in terms of the projects.

不，我的意思是，在實體店中發生的事情有一個促成因素，無論是直接還是間接的數字部分，但沒有什麼 - 沒有什麼需要發生的事情還沒有發生，或者 - 在項目的地平線。

All right. Thank you, Stephen.

好的。謝謝你，斯蒂芬。

With that, I'm going to let everybody go. Thanks for your time and attention. We'll talk to you next quarter.

有了這個，我要讓大家走。感謝您的時間和關注。我們將在下個季度與您交談。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。