Caesars Entertainment Inc (CZR) 2023 Q4 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加凱撒娛樂公司 2023 年第四季和全年財報電話會議。 （操作員指示）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.

現在，我想將會議交給今天的發言人，公司財務、財務和投資者關係高級副總裁布萊恩·阿格紐 (Brian Agnew)。

Thank you, Josh, and good afternoon to everyone on the call. Welcome to our conference call to discuss our fourth quarter and full year 2023 earnings.

謝謝你，喬什，祝所有參加電話會議的人下午好。歡迎參加我們的電話會議，討論我們第四季和 2023 年全年的收益。

This afternoon, we issued a press release announcing our financial results for the period ended December 31, 2023. A copy of those results are available on the Investor Relations section of our website at investor.caesars.com.

今天下午，我們發布了一份新聞稿，宣布了截至 2023 年 12 月 31 日的財務業績。這些業績的副本可在我們網站 Investor.caesars.com 的投資者關係部分獲取。

As usual, joining me on the call today are Tom Reeg, our CEO; Anthony Carano, our President and Chief Operating Officer; Bret Yunker, our CFO; Eric Hession, President, Caesars Sports and Online Gaming; and Charise Crumbley from Investor Relations.

和往常一樣，今天與我一起參加電話會議的是我們的執行長 Tom Reeg；安東尼‧卡拉諾，我們的總裁兼營運長； Bret Yunker，我們的財務長； Eric Hession，凱撒體育與線上遊戲總裁；和投資者關係部門的 Charise Crumbley。

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 under safe harbor federal securities laws, and these statements may or may not come true. Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. Please visit our press releases located at our Investor Relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure. I will now turn the call over to Anthony.

在我將電話轉給安東尼之前，我想提醒您，在今天的電話會議中，我們可能會根據安全港聯邦證券法做出某些前瞻性聲明，這些聲明可能會實現，也可能不會實現。此外，在今天的電話會議中，公司可能會討論SEC G 條例所定義的某些非GAAP 財務指標。請造訪我們投資者關係網站上的新聞稿，了解每項非GAAP 財務指標與可比較財務指標之間的差異。GAAP 財務指標。我現在將把電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. We generated consolidated net revenue growth and stable year-over-year adjusted EBITDA in the fourth quarter. Results were driven by significant year-over-year growth in revenues and adjusted EBITDA in our Digital segment.

謝謝你，布萊恩，祝所有參加電話會議的人下午好。我們在第四季度實現了綜合淨收入成長和穩定的年比調整後 EBITDA。業績的推動因素是我們數位業務部門的收入同比大幅增長以及調整後的 EBITDA。

As previously disclosed in our preannounced results during January, our Las Vegas segment experienced several onetime headwinds during the quarter that negatively impacted results which Tom will quantify in more detail. For the full year, on a consolidated same-store basis, Caesars generated 7% revenue growth and 22% adjusted EBITDA growth. All of our operating segments delivered revenue growth in 2023 and our brick-and-mortar properties delivered stable EBITDA.

正如我們在一月份預先公佈的業績中所披露的那樣，我們的拉斯維加斯部門在本季度經歷了幾次一次性的逆風，對結果產生了負面影響，湯姆將更詳細地量化結果。全年，在合併同店基礎上，凱撒的營收成長了 7%，調整後 EBITDA 成長了 22%。我們所有的營運部門在 2023 年都實現了收入成長，我們的實體物業實現了穩定的 EBITDA。

Caesars Digital produced a breakout year with 77% revenue growth and $38 million of full year adjusted EBITDA. Despite the headwinds in Las Vegas during the quarter, our Las Vegas segment delivered $489 million of adjusted EBITDA in Q4 and $2 billion for the full year, up from $1.4 billion in 2019 on a same-store basis.

Caesars Digital 取得了突破性的一年，營收成長了 77%，全年調整後 EBITDA 達到 3,800 萬美元。儘管拉斯維加斯本季面臨逆風，但我們的拉斯維加斯部門在第四季度實現了4.89 億美元的調整後EBITDA，全年實現了20 億美元，高於2019 年同店14 億美元。

2023 in Las Vegas was a year driven by record occupancy and record ADRs throughout our portfolio. Strong occupancy and ADRs led to records in cash hotel revenues and food and beverage results. Our group segment set another adjusted EBITDA record in 2023 and increased occupied room nights to 17% of our mix in Las Vegas.

2023 年，拉斯維加斯的入住率和平均房價都創下歷史新高。強勁的入住率和平均房價導致飯店現金收入和餐飲業績創下新紀錄。我們的集團部門在 2023 年創下了調整後 EBITDA 的新紀錄，並將拉斯維加斯的入住夜數增加到了 17%。

While we clearly had a strong year in Las Vegas, we remain optimistic for '24 and beyond. Forward occupancy and ADR remained strong, and the outlook for group and convention remains encouraging. The event calendar in Las Vegas remains robust, and we expect to build upon 2023 momentum for several key events.

雖然我們在拉斯維加斯顯然度過了強勁的一年，但我們對 24 年及以後仍保持樂觀。遠期入住率和平均房價仍然強勁，團體和會議的前景仍然令人鼓舞。拉斯維加斯的活動日曆依然強勁，我們預計將在 2023 年舉辦幾項重要活動的勢頭。

In our regional segment in Q4, we delivered $431 million of adjusted EBITDA, down 3% versus last year, driven by new competition in a few markets we have discussed before, and construction disruption in New Orleans and Harrah's Hoosier Park, partially offset by new openings in Danville, Virginia and Columbus, Nebraska.

在我們第四季度的區域部門中，我們實現了4.31 億美元的調整後EBITDA，比去年下降了3%，這是由於我們之前討論過的幾個市場的新競爭以及新奧爾良和Harrah's Hoosier Park 的建設中斷（部分被新的建設所抵消）的推動。在弗吉尼亞州丹維爾和內布拉斯加州哥倫布開設辦事處。

For the full year, our regional segment delivered $5.8 billion in revenues and $1.96 billion in adjusted EBITDA. Similar to Q4, annual results were driven by new property openings offset by new competition in certain markets, construction disruption at a few properties and the negative impact of core weather.

全年，我們的區域部門實現了 58 億美元的收入和 19.6 億美元的調整後 EBITDA。與第四季度類似，年度業績的推動因素是新開業的房產，但被某些市場的新競爭、一些房產的施工中斷以及核心天氣的負面影響所抵消。

In 2024, we will finish several construction projects that we expect to generate strong returns and will complete an elevated CapEx cycle for the company. The permanent facility in Columbus, Nebraska should be opened by midyear construction in New Orleans should finish by Labor Day and the permanent facility in Danville is expected to open by year-end. All three of these projects will deliver strong returns on capital to drive growth in our regional segment.

2024 年，我們將完成幾個建設項目，我們預計這些項目將產生強勁的回報，並將為公司完成更高的資本支出週期。內布拉斯加州哥倫布的永久設施應於年中開放，新奧爾良的建設應在勞動節前完成，丹維爾的永久設施預計將於年底開放。所有這三個項目都將帶來強勁的資本回報，推動我們區域業務的成長。

I want to thank all of our team members for their hard work in 2023. Our strong results are a reflection of their dedication to delivering exceptional guest service. And with that, I will now turn the call over to Eric for some insights on the fourth quarter and full year performance in our Digital segment.

我要感謝我們所有團隊成員在 2023 年的辛勤工作。我們出色的業績反映了他們致力於提供卓越的賓客服務。現在，我將把電話轉給埃里克，以獲取有關我們數位部門第四季度和全年業績的一些見解。

Thanks, Anthony. On our Q4 call last year, I talked about how the benefits of scaling net revenues in our Digital segment would drive improved profitability given the high flow-through nature of the business. This transpired as strong revenue growth in Q4 and for the full year of 2023, led to several notable records within our digital business.

謝謝，安東尼。在去年第四季的電話會議上，我談到了考慮到業務的高流動性，擴大數位部門淨收入的好處將如何推動獲利能力的提高。隨著第四季度和 2023 年全年收入的強勁增長，我們的數位業務創造了多項引人注目的記錄。

Net revenues for Q4 grew 28% to a new quarterly record of $304 million, and the segment generated $29 million of adjusted EBITDA, also a record. On a hold-adjusted basis, we estimate that the segment would have delivered close to $60 million of adjusted EBITDA during Q4. Sports betting volumes during the quarter grew over 12% with a hold rate of 6.4%, up year-over-year, but negatively impacted by November hold coming in below our expected range.

第四季淨收入成長 28%，達到 3.04 億美元的季度新紀錄，該部門調整後 EBITDA 達到 2,900 萬美元，也創歷史新高。在持有調整後的基礎上，我們估計該部門在第四季度將實現近 6000 萬美元的調整後 EBITDA。本季體育博彩量成長超過 12%，持有率為 6.4%，年比上升，但受到 11 月持有率低於我們預期範圍的負面影響。

iGaming growth accelerated throughout the quarter and delivered over 50% growth in volume led by Caesars Pallets online, which contributed to our first quarter of $100 million in GGR for the segment. For the full year of 2023, our digital segment achieved 78% net revenue growth to $973 million, a new annual record and $38 million of full year adjusted EBITDA also an annual record.

iGaming 在整個季度加速成長，在凱撒托盤線上 (Caesars Pallets online) 的帶動下，銷量成長了 50% 以上，這為我們第一季該細分市場的 GGR 貢獻了 1 億美元。 2023 年全年，我們的數位業務淨收入成長 78%，達到 9.73 億美元，創下年度新紀錄，全年調整後 EBITDA 達到 3,800 萬美元，也創年度紀錄。

On the sports betting side, during 2023, we continued to focus our product and technology improvements on the overall experience for our customers. They responded favorably to improve same-game parlay, product enhancements, in-game wagering improvements and streaming technology. The percentage of customers making parlay wagers continues to improve, and the average legs per wager also continues to steadily increase. giving us confidence in our ability to improve hold throughout 2024.

在體育博彩方面，2023 年，我們繼續將產品和技術改進的重點放在客戶的整體體驗上。他們對改進同場連贏、產品增強、遊戲內投注改進和串流媒體技術做出了積極的回應。進行連贏投注的客戶比例持續提高，每筆投注的平均賽段也持續穩定成長。讓我們對 2024 年提高保有量的能力充滿信心。

On the iCasino side, we introduced our new Caesars Palace online app in August of 2023. Results to date are very encouraging as we've seen active customer counts and volume growth grow sequentially each month. The core iCasino slot customers responded positively to our significantly improved offering. And we're pleased that the new product and brand resonate much better with our Caesars Rewards database than our casino associated with the Sportsbook. iGaming remains a critical component of our digital growth strategy for 2024 and beyond.

在 iCasino 方面，我們於 2023 年 8 月推出了新的 Caesars Palace 線上應用程式。迄今為止的結果非常令人鼓舞，因為我們看到活躍客戶數量和交易量每月都在連續增長。 iCasino 老虎機核心客戶對我們顯著改進的產品做出了積極反應。我們很高興新產品和品牌與我們的凱撒獎勵資料庫比我們與體育博彩相關的賭場產生了更好的共鳴。 iGaming 仍然是我們 2024 年及以後數位成長策略的重要組成部分。

In support of that strategy, after the market closed, we announced an agreement with the Sault Ste. Marie Tribe of Chippewa Indians and Wynn Resorts to enable a second iGaming brand in Michigan, which we plan to launch before the end of the year pending regulatory approvals. The existing Wynn operations have been averaging approximately $3 million of (inaudible) per month, and we will work with their team to transition the customer base to our newly branded product when we launch. Following regulatory approvals, we will have secured market access for a second brand in every jurisdiction where we currently offer the Caesars Palace Online iCasino, which allows our new brand to benefit fully from the scale.

為了支持這項策略，收盤後，我們宣布與蘇聖瑪麗達成協議。 Chippewa Indians 和 Wynn Resorts 的 Marie Tribe 將在密西根州推出第二個 iGaming 品牌，我們計劃在今年年底之前推出該品牌，等待監管部門的批准。永利現有的業務平均每月約為 300 萬美元（聽不清楚），我們將與他們的團隊合作，在我們推出新品牌產品時將客戶群轉移到我們的新品牌產品上。在獲得監管部門批准後，我們將在目前提供凱撒宮線上 iCasino 的每個司法管轄區獲得第二個品牌的市場准入，這使我們的新品牌能夠從規模中充分受益。

We now offer sports betting in 31 North American jurisdictions, 25 of which offer mobile wager. I'm very pleased with the progress we made in 2023. If you recall, our objective was to drive a solid return on investment for our shareholders as our business grew and matured over time. Our thesis was grounded on a reasonable TAM, an early effort to build brand awareness and harvesting the benefits of a very scalable business with a high portion of fixed costs. Our performance in 2023 sets the stage for continued profitable growth in the years ahead and keeps us on our path towards achieving $500 million of adjusted EBITDA.

我們現在在 31 個北美司法管轄區提供體育博彩，其中 25 個司法管轄區提供行動投注。我對我們在 2023 年的進展感到非常滿意。如果您還記得的話，我們的目標是隨著我們業務的不斷發展和成熟，為股東帶來豐厚的投資回報。我們的論文以合理的 TAM 為基礎，這是一種早期努力，旨在建立品牌知名度，並從具有高比例固定成本的高度可擴展的業務中獲取收益。我們 2023 年的業績為未來幾年的持續獲利成長奠定了基礎，並使我們繼續朝著實現 5 億美元調整後 EBITDA 的目標邁進。

I'll now pass the call over to Bret for additional comments on Q4 and the full year.

現在我將把電話轉給 Bret，徵求有關第四季度和全年的更多評論。

Thanks, Eric. To put a bow on 2023, we ended the year with net debt of $11.4 billion and net leverage of under 4x. 2023 CapEx spend, excluding AC and our Danville joint venture, came in at $900 million. In January, we refinanced our 2025 debt stack and eliminated the CRC credit entity. Pushing $4.4 billion of maturities into 2031 and beyond at highly attractive interest rates.

謝謝，埃里克。為 2023 年畫下句號，我們的淨債務為 114 億美元，淨槓桿率低於 4 倍。 2023 年資本支出（不包括 AC 和我們的丹維爾合資企業）為 9 億美元。一月份，我們對 2025 年債務進行了再融資，並取消了 CRC 信貸實體。以極具吸引力的利率將 44 億美元的到期日推遲到 2031 年及以後。

Pro forma for the transaction, roughly half of our debt is now floating rate, which will benefit our free cash flow as the rate cycle turns to cuts going forward. 2023 CapEx excluding Danville, which is funded at the JV level is expected to be $800 million. Over to Tom.

從交易的形式來看，我們大約一半的債務現在是浮動利率的，隨著利率週期轉向未來的降息，這將有利於我們的自由現金流。不包括 Danville（由合資企業融資）的 2023 年資本支出預計為 8 億美元。交給湯姆。

Thanks, Bret. To touch briefly on the fourth quarter results.

謝謝，布雷特。簡要談談第四季的業績。

I know we pre-released about a month ago. So they've been out there. If you look at the Caesars specific items that were going on in the quarter to get toward what is our -- where do we come run rating out of the quarter. We had in Vegas, recall that we were accruing for the new union contract that was signed in the fourth quarter. The accruals that we had put in place since June 1 were not quite at the level where the contract ultimately landed so there's a catch-up payment in there.

我知道我們大約一個月前預發布了。所以他們一直在外面。如果你看看凱撒本季發生的具體項目，以了解我們本季的運行評級。我們在維加斯，記得我們正在為第四季度簽署的新工會合約累積費用。我們自 6 月 1 日起提列的應計費用並未完全達到合約最終簽訂的水平，因此需要追加付款。

The Versailles Tower that we were transforming our Horseshoe into Versailles Tower at Paris. Those rooms were entirely offline in the quarter. So we had 65,000 fewer room nights at over $200 million -- or $200 ADR in sports as has been well documented away from us. November hold was historically in players favor. We quantified that to about $20 million in our pre-release in EBITDA. And we had construction disruption, as Anthony says in Indiana and New Orleans in the quarter. If you put all that into the blender and figure out where we came out, I have said $975 million to $1 billion of run rate EBITDA in the fourth quarter. We had stronger hold last year in Vegas than we did this year. Both within our normal range. We were more middle of the range this year, high end of the range last year, that's not in those numbers that I gave you. But if you look at Vegas on any volume indicator, room revenue was up despite the fewer room nights.

凡爾賽塔，我們正在將馬蹄鐵改造成巴黎的凡爾賽塔。這些房間在本季完全離線。因此，我們的房晚數減少了 65,000 個，價格超過 2 億美元，或者說，體育賽事的 ADR 為 200 美元，正如我們有充分記錄的那樣。從歷史上看，十一月份的守備對玩家有利。我們在預發布的 EBITDA 中將其量化為約 2000 萬美元。正如安東尼本季在印第安納州和新奧爾良所說，我們的施工中斷了。如果你把所有這些都放進攪拌機裡，算出我們的結果，我說過第四季度的 EBITDA 運行率為 9.75 億美元到 10 億美元。去年我們在維加斯的控制力比今年更強。兩者都在我們的正常範圍內。今年我們處於中間範圍，去年處於高端範圍，這不在我給你的那些數字中。但如果你從任何成交量指標來看維加斯，你會發現，儘管間夜數減少，但客房收入卻增加。

Food and beverage revenue was up double digits. Slot handle was up, table drop was flat for us. As you'll recall in prior quarters, we talked about F1 as a big stimulator demand for us. We had been talking about a 5% lift in EBITDA in the quarter from F1. Our actual experience was about a 4% lift. So pretty close to what we were expecting. It was a huge lift for the high-end properties in the market, as you've seen, including Caesars Palace and Paris. For us, it was less so for mass market properties. But generally speaking, it was a phenomenal event for the market. It needs to get -- obviously, that was the first year of the Grand Prix in Las Vegas. It was a gargantuan effort to pull off rates at all as with anything of that scale where you launch, you learn, what would I do differently as we move forward. We know at Caesars that this will be a better event when more of the city is energized, not just the 4 or 5 buildings that garnered the brunt of the benefit.

食品和飲料收入增加了兩位數。老虎機把手向上，桌子下降對我們來說是平的。正如您在前幾個季度中所記得的那樣，我們談到 F1 對我們來說是一個巨大的刺激需求。我們一直在談論本季 EBITDA 比 F1 提高 5%。我們的實際體驗是提升了 4% 左右。非常接近我們的預期。正如您所看到的，這對市場上的高端酒店（包括凱撒宮酒店和巴黎酒店）來說是一個巨大的提升。對我們來說，大眾市場房產的情況就沒那麼明顯了。但總的來說，這對市場來說是一個現象級的事件。它需要得到——顯然，那是拉斯維加斯大獎賽的第一年。與任何此類規模的項目一樣，為了降低利率，您需要付出巨大的努力，您會了解到，隨著我們的前進，我會採取哪些不同的做法。在凱撒，我們知道，當城市的更多區域都充滿活力時，這將是一場更好的活動，而不僅僅是首當其衝的 4 或 5 座建築。

So we're working with our partners in the city and with F1 to make sure that it is a more broadly successful event next year than even the success that it was this year. Thinking about this year, as we look forward now, January was a debacle from a weather standpoint. I think that's well understood. Across the market, you had about 3 of the 4 weeks that were significantly weather impacted. So we and everybody else starts in a January [hold].

因此，我們正在與該市的合作夥伴以及 F1 合作，確保明年的賽事比今年更成功。想想今年，正如我們現在展望的那樣，從天氣的角度來看，一月是一場災難。我認為這很好理解。整個市場在 4 週中大約有 3 週受到天氣的嚴重影響。所以我們和其他人都從一月開始[暫停]。

What's good about that is January is a seasonally slower month to begin with. I expect even with what went on in January, we'd expect growth from each of our 3 segments. I expect growth in Vegas and EBITDA in regionals and EBITDA and in digital, with digital being the most dramatic in my expectation. If you look at what's going on in digital, we're particularly excited with what's happening in iCasino.

這樣做的好處是，一月本來就是季節性較慢的月份。我預計，即使一月份發生了什麼，我們也預計三個細分市場都會成長。我預計維加斯的成長以及地區性的 EBITDA 和數位化的 EBITDA 的成長，其中數位化是我預期中最引人注目的。如果您看看數位領域正在發生的事情，我們對 iCasino 中發生的事情感到特別興奮。

I know we've talked about iCasino for a very long time. We're seeing the fruits of our labor there. Eric and Matt Sunderland and their team have done a fantastic job. You saw fourth quarter handle on revenue was up 50% plus. We continue to grow on a month-over-month basis from there. So we're accelerating from there.

我知道我們已經談論 iCasino 很長時間了。我們在那裡看到了我們的勞動成果。埃里克·桑德蘭和馬特·桑德蘭以及他們的團隊做得非常出色。您看到第四季的營收成長了 50% 以上。從那時起，我們繼續逐月成長。所以我們正在從那裡加速。

Caesars Palace online, as Eric said, launched second half of the third quarter. It's already to the point where it's about the same level of revenue as the business that preceded it in Caesars and it has created the shift that we anticipated to more slot play, more skewed towards female in line with our Caesars Reward database, that's a higher hold business as well. So our iCasino numbers are ramping very, very quickly and continuing to accelerate.

凱撒宮在線正如Eric所說，在第三季後半段推出。它已經達到了與凱撒之前的業務收入水平大致相同的程度，並且它已經產生了我們預期的轉變，即更多的老虎機遊戲，根據我們的凱撒獎勵數據庫，更加偏向於女性，這是一個更高的水平也保持生意。因此，我們的 iCasino 數量正在非常非常快地增長，並且還在繼續加速。

Keep in mind that in the digital business, iCasino is a higher-margin business than OSB. So that bodes well for us this year. And in terms of capital, free cash flow, recall that when we finished -- when we completed the merger with Caesars, we had a number of big-ticket items that were either committed to as part of the merger like this $400 million of spend in Atlantic City or had been committed to by either the Caesars side or El dorado side. Prior, we were rebuilding the Lake Charles property.

請記住，在數位業務中，iCasino 是比 OSB 利潤率更高的業務。所以這對我們今年來說是個好兆頭。就資本、自由現金流而言，回想一下，當我們完成與凱撒的合併時，我們有許多大件項目，這些項目要么是作為合併的一部分而承諾的，比如這 4 億美元的支出在大西洋城或由凱撒隊或埃爾多拉多隊承諾。此前，我們正在重建查爾斯湖地產。

We had -- we extended the lease in New Orleans, and we're pursuing an expansion there that was tied to that lease extension. And we had been awarded the license in Danville, which has been home run out of the box. But chunky capital projects with really not much discretion involved with them. And I'm pleased to say that we're reaching the other side of that in '24, Atlantic City is in the rearview mirror, as is Lake Charles, the -- I'm sorry, the Caesars New Orleans project, should open late third quarter and the Danville project should open by the end of the year.

我們延長了新奧爾良的租約，並且我們正在那裡進行與租約延期相關的擴張。我們在丹維爾獲得了許可，這是開箱即用的。但大資本項目確實沒有太多自由裁量權。我很高興地說，我們將在 24 年到達另一邊，大西洋城就在後視鏡中，查爾斯湖也是如此，對不起，凱撒新奧爾良項目應該開放第三季末，丹維爾計畫預計將於今年年底開業。

So as we look to -- by the time the Danville project opens, we have a significant reduction in CapEx as we move forward. Free cash flow should be continuing to improve, both from growth in EBITDA reduction in CapEx, and as Bret said, our financing that we executed in January. If you think about -- this is the second consecutive January, Bret and his team have executed a $4.5 billion financing for us. Nobody really would have set up a balance sheet with $9 billion in 2025 maturities, but that's what the market allowed us to do when we came to finance Caesars in the middle of the pandemic. So that's what we dealt with.

因此，正如我們所期望的那樣，當丹維爾計畫啟動時，隨著我們的前進，我們的資本支出將大幅減少。自由現金流應該會繼續改善，這既來自於資本支出中 EBITDA 的減少，也來自於我們在一月執行的融資。如果你想一想，這是連續第二個一月份，Bret 和他的團隊為我們執行了 45 億美元的融資。沒有人真的會在 2025 年到期時建立 90 億美元的資產負債表，但這正是我們在疫情期間為凱撒提供融資時市場允許我們做的事情。這就是我們所處理的。

Last year, when rates were going up, we did $4.5 billion and shifted our fixed to floating interest ratio to 75% fixed, 25% floating as rates rose. This year, we reversed that, did the $4.5 billion. Now we're 50% floating, 50% fixed. So as we pay down debt and the Fed moves into the rate cutting regime that they are telegraphing free cash flow further improves for us. So we're very pleased with 2023, I add my thank you and congratulations to our team members who delivered an unbelievable year for us to shy of $4 billion of EBITDA lift of over $700 million from 2022, and we're excited for what 2024 holds for us. And with that, I'll open for questions.

去年，當利率上升時，我們投入了 45 億美元，並將固定利率與浮動利率的比率調整為 75% 固定利率和 25% 浮動利率。今年，我們扭轉了這一局面，投入了 45 億美元。現在我們 50% 浮動，50% 固定。因此，當我們償還債務並且聯準會進入降息機制時，他們正在向我們傳達自由現金流進一步改善的訊號。因此，我們對2023 年感到非常滿意，我要向我們的團隊成員表示感謝和祝賀，他們為我們帶來了令人難以置信的一年，使我們的EBITDA 從2022 年開始增加了7 億美元以上，我們對2024 年的表現感到興奮對我們來說也是如此。接下來，我將開放提問。

(Operator Instructions) Our first question comes from Joe Greff with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Joe Greff。

Going back to your comments on F1. Can F1 be a successful non-high-end event? Can it be a pretty good growth driver at the mid-price point properties? How do you position market price the rooms at these properties differently in 2024 and beyond to drive growth?

回到你對F1的評論。 F1能否成為一項成功的非高端賽事？它能成為中價位房產的相當好的成長動力嗎？您如何在 2024 年及以後對這些飯店的客房市場價格進行不同定位以推動成長？

I think the key piece is the pricing of the actual event, Joe, the lowest end ticket was pricey by any definition. As you looked at it last year, we're working with F1 and I'd expect there's a -- there will be more approachable participation at not the very highest end of the market that's going to be helpful for properties that maybe didn't get to participate as much this year. We at Caesars, certainly, and I know my discussions with MGM and Wynn, everybody is aware that if only a few buildings in the market benefit from this. It's not going to be a super long-term event. As I said, this was basically a full sprint to get the race in position, what F1 accomplished in terms of building the panic in the time that they did was just extraordinary. And now we all get to look at what went well, what didn't go well, and that's a piece of what we think we can improve going forward and I'd expect it to be even better in '24.

我認為關鍵是實際活動的定價，喬，無論怎麼定義，最低端的門票都很貴。正如你去年所看到的那樣，我們正在與 F1 合作，我預計在非高端市場會有更平易近人的參與，這對那些可能沒有參與的產業會有幫助。今年盡可能多地參與。當然，我們在凱撒，我知道我與米高梅和永利的討論，每個人都知道，如果市場上只有少數建築物能從中受益。這不會是超長期的事件。正如我所說，這基本上是一場讓比賽就位的全力衝刺，F1 在製造恐慌方面所取得的成就是非凡的。現在我們都可以看看哪些進展順利，哪些進展不順利，這是我們認為我們可以改進的一部分，我希望它在 24 年會更好。

Great. And then just to get a sense of in Las Vegas, what type of operating expense growth you're anticipating? And maybe we can kind of think about it this way in level setting, say, revenues growing at a flat pace in '24 versus '23. And I heard your comments about growth in the market, and I'm sure in the 1Q with the Super Bowl and events, overall, revenue growth is in positive territory year-over-year. But if we assume for full year '24 that revenues are flat, how would you expect OpEx growth to perform?

偉大的。然後，為了了解拉斯維加斯，您預計會出現哪種類型的營運費用成長？也許我們可以在水平設定方面這樣考慮，例如，24 年收入與 23 年收入持平增長。我聽到了您對市場成長的評論，我確信在超級盃和賽事的第一季度，總體而言，收入同比增長處於正值。但如果我們假設 24 年全年營收持平，您預期營運支出成長如何？

Joe, our OpEx growth is going to be mid-single digits in terms of largely the lift from labor expenses. We believe that in our portfolio, revenues will largely keep pace with that. So we would expect to see margins in the same Zip Code as we go through '24.

喬，我們的營運支出成長將達到中個位數，主要來自勞動支出的提升。我們相信，在我們的投資組合中，收入基本上將與此保持同步。因此，我們預計在 24 年期間會看到相同郵遞區號的利潤。

Our next question comes from Carlo Santarelli with Deutsche Bank.

我們的下一個問題來自德意志銀行的卡洛桑塔雷利。

Eric, I was hoping I could ask, obviously, you did a nice job -- pretty fairly comprehensive job highlighting kind of the digital business to date. But if we're looking at simply on the iCasino side, you guys have seen acceleration in handle acceleration in GGR in each quarter over 2023. Obviously, you've rolled out some new things. How should we think about kind of framing the growth in handle GGR, however, you want to think about it in 2024. And what are some of the incremental add-ons that you guys will have for '24 to kind of continue to drive the story there?

埃里克，我希望我能問，顯然，你做得很好——相當全面的工作，突出了迄今為止的數位業務。但如果我們只專注在 iCasino 方面，你們會看到 2023 年每個季度 GGR 的手柄加速都在加速。顯然，你們推出了一些新東西。然而，我們應該如何考慮手柄 GGR 的增長，但是，您需要在 2024 年考慮這一點。你們將在 24 世紀繼續推動哪些增量附加組件那裡有故事嗎？

Yes. Thanks, Carlo. We've been very impressed with the performance that we've realized so far on the Caesars Palace online stand-alone casino. When you think about it, it was launched in August. And so it's really -- it's kind of in the 6 or 7 months at this point. And to Tom's earlier comment, it's already 50% of our overall iCasino business. So we're still measuring that business on a month-over-month basis as we see double-digit growth in actives, in gaming revenue and gross gaming revenue and volume. And so I don't have any concerns at this point that the pace of growth on that particular business should slow. We keep getting great responses from the customers.

是的。謝謝，卡洛。到目前為止，凱撒宮線上獨立賭場的表現給我們留下了深刻的印象。想想看，它是在八月推出的。所以現在確實是 6 或 7 個月內。根據 Tom 先前的評論，這已經占我們整個 iCasino 業務的 50%。因此，我們仍在逐月衡量該業務，因為我們看到活躍用戶、遊戲收入以及遊戲總收入和交易量都出現了兩位數的成長。因此，我目前並不擔心該特定業務的成長速度會放緩。我們不斷得到客戶的好評。

In terms of what we have coming, we're still early in our direct integration phase. So we have -- just a couple of vendors from slot products that are directly integrated. We're going to continue that throughout the year. We're going to do at least three direct integrations a quarter and that really helps with our game mix and the stability of the system. We also have a CRM product that we're putting in place at the end of this quarter. That will really help us do some segmented marketing even further than what we're able to do right now.

就我們即將發生的事情而言，我們仍處於直接整合階段的早期階段。所以我們只有幾個直接整合的老虎機產品供應商。我們將全年繼續這樣做。我們每季至少進行三次直接集成，這確實有助於我們的遊戲組合和系統的穩定性。我們也將在本季末推出 CRM 產品。這確實會幫助我們進行一些細分行銷，甚至比我們現在能夠做的更進一步。

And then another exciting thing that we announced today is the second branded product that we'll be able to launch. Our expectation is that it will be a unique brand in all of the markets where we operate, and we'll launch that towards the end of the year, and it will provide an alternative for some of our customers to use whether they prefer that brand over the Caesars Palace online or they just prefer to mix things up and go back and forth between the brands. So between those three key drivers, we really expect the performance of the iCasino business to continue the trends that it's on.

我們今天宣布的另一件令人興奮的事情是我們將推出第二個品牌產品。我們的期望是，它將成為我們經營的所有市場中的獨特品牌，我們將在今年年底推出該品牌，無論我們的一些客戶是否喜歡該品牌，它將為他們提供一種選擇超過在線凱撒宮酒店，或者他們只是喜歡將東西混合起來並在品牌之間來回切換。因此，在這三個關鍵驅動因素之間，我們確實預期 iCasino 業務的業績將繼續保持目前的趨勢。

Great. And then, Tom, if I could just kind of follow up on something Joseph asked. As you think about Las Vegas in 2024 and clearly, from a margin perspective last year, moving parts, there are certainly moving parts in the comparison this year. You'll have 5 months of kind of the incremental labor expense. Super Bowl, obviously, in the first quarter last year, kind of lapping [CON/AGG], et cetera. How do you think about kind of the ability to keep margins flat? Or do you just simply believe that, that's almost entirely reliant on revenue?

偉大的。然後，湯姆，我是否可以跟進約瑟夫提出的問題。當你想到 2024 年的拉斯維加斯時，很明顯，從去年的利潤率角度來看，變化的部分，今年的比較中肯定也有變化的部分。您將獲得 5 個月的增量人工費用。顯然，超級盃在去年第一季度，有點繞圈[CON/AGG]，等等。您如何看待保持利潤率不變的能力？還是你只是簡單地相信，這幾乎完全依賴收入？

No. We -- Carlo, you know that we're never standing still. Sean McBurney, Anthony and their team have lists of items that we're working on, both from a revenue and expense standpoint that are accretive both from an EBITDA and margin standpoint. So we just don't stand and take a shot to the ribs and hope it works out. We're working to frankly improve our margins from here. We're really not thinking about degradation in margins, and we understand that the cost of the new union contract or a headwind there, but we are comfortable that we should be a grower in absolute EBITDA and in a similar footing in terms of margins in '24.

不，我們——卡洛，你知道我們永遠不會停滯不前。肖恩·麥克伯尼(Sean McBurney)、安東尼(Anthony) 和他們的團隊列出了我們正在處理的項目清單，從收入和支出的角度來看，從EBITDA 和利潤率的角度來看，這些項目都是增值的。所以我們不會袖手旁觀，希望能成功。坦白說，我們正在努力提高我們的利潤率。我們確實沒有考慮利潤率下降的問題，而且我們了解新工會合約的成本或那裡的逆風，但我們很高興我們應該成為絕對 EBITDA 的增長者，並且在利潤率方面處於類似的基礎。 '24。

Our next question comes from Steven Wieczynski from Stifel.

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

Yes. So Tom, look, I fully understand you don't -- you guys don't give guidance for the full year. But given everything you've kind of talked about in your prepared remarks and kind of the first two questions here in the Q&A. I guess the question is, is it possible to grow EBITDA this year in Vegas and the regional segments?

是的。所以，湯姆，聽著，我完全理解你們不提供全年指導。但考慮到您在準備好的發言中談到的所有內容以及問答中的前兩個問題。我想問題是，今年維加斯和其他地區的 EBITDA 是否有可能成長？

Yes. We expect to do both.

是的。我們希望兩者都能做到。

Okay. That's very clear. And then -- so the second question, Tom, obviously, you guys continue to generate a good bit of free cash flow here. So just wondering if we can get your updated thoughts on deploying that free cash flow given just now where the debt markets are versus where your current stock price is.

好的。這非常清楚。然後，第二個問題，湯姆，顯然，你們繼續在這裡產生大量的自由現金流。因此，我想知道我們是否可以了解您對部署自由現金流的最新想法，考慮到債務市場目前的情況與當前股價的情況。

We continue to want to use our free cash flow to reduce our debt. As we get to the inflection point in our capital cycle at that point, we'll look at where we are from a leverage standpoint where the stock price is. I can tell you that if it has a 4 handle, I would expect it. We would be a buyer of our stock at that point.

我們仍然希望利用自由現金流來減少債務。當我們到達資本週期的轉折點時，我們將從槓桿的角度來看看股票價格的位置。我可以告訴你，如果它有 4 個手柄，我會期待它。那時我們將成為我們股票的買家。

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。

Good afternoon, everyone. I wanted to touch a bit more on regionals. It looks like over the course of the fourth quarter, trends kind of start to evolve and get a little bit better. And I recognize January, you touched on weather was certainly a headwind. But maybe kind of coming out of January, February today trends, can you give us a little bit more detail there and maybe how that kind of jives with your expectation for EBITDA to be up year-over-year with regionals?

大家下午好。我想多談談地區問題。看起來在第四季度，趨勢開始演變並變得更好。我知道一月，你談到天氣一定是逆風。但也許是一月、二月的今天趨勢，您能給我們更多細節嗎？也許這與您對地區 EBITDA 同比增長的預期是否相符？

Yes, I'd say when you -- in the brief periods, when you could get a clear look without weather impact, the regional business remains firm. We feel good about where we're headed. Obviously, we've got -- we only had about 6 months of Danville last year. We'll have a full year this year. You can see the revenue numbers that, that property is doing. And if you look at kind of the, let's say, April to December period from last year, regional revenue was really nothing to write home about. So I don't think you've got a particular difficult -- particularly difficult comp in regionals generally for the bulk of '24, and we feel good about what we can deliver.

是的，我想說的是，當你在短時間內，當你可以在不受天氣影響的情況下看得清楚時，區域業務仍然保持穩定。我們對前進的方向感覺良好。顯然，去年我們在丹維爾只待了大約 6 個月。今年我們將度過一個完整的一年。您可以看到該房產的收入數據。如果你看看去年 4 月到 12 月期間的情況，地區收入確實沒什麼值得大書特書的。所以我認為在 24 年的大部分時間裡，你們在地區賽中並沒有特別困難的比賽，我們對我們所能提供的東西感到滿意。

Got it. And then just switching to the free cash flow. You've done this big refi, maybe maintenance CapEx and cash taxes are shifted around. But could you just kind of remind us of that bridge, as you think about 2025 from EBITDA down to free cash flow?

知道了。然後就轉向自由現金流。您已經完成瞭如此大規模的再融資，也許維護資本支出和現金稅會轉移。但是，當您考慮 2025 年從 EBITDA 到自由現金流時，您能否提醒我們這座橋樑？

Yes. I mean we're $4 billion now with digital doing de minimis EBITDA by 25%, we'd expect to be in the neighborhood of $0.5 billion of digital EBITDA. We expect some growth from brick-and-mortar. We've got about $2 billion between interest expense and lease expense today that should be coming down both because of rate and because of reduction in leverage and maintenance capital is about $400 million a year.

是的。我的意思是，我們現在的數位化 EBITDA 為 40 億美元，增幅為 25%，我們預計數位化 EBITDA 約為 5 億美元。我們預計實體店將出現一些成長。今天，利息費用和租賃費用之間大約有 20 億美元，這一數字應該會下降，這不僅是因為利率，也是因為槓桿率的降低，而維護資本每年約為 4 億美元。

And any assumptions for cash taxes in there, just along with that? And that's it for me.

除此之外，還有現金稅的假設嗎？對我來說就是這樣。

Yes, we'll start being a cash taxpayer in 2025. We don't have an estimate for you. It depends on all the assumptions you just used to get to free cash flow. But we'll start being a taxpayer next year.

是的，我們將從 2025 年開始成為現金納稅人。我們沒有為您提供的估計。這取決於您剛剛用於獲得自由現金流的所有假設。但我們明年將開始成為納稅人。

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布蘭特·蒙圖爾。

So in Las Vegas, you gave the convention group mix, I think for the use of the fourth quarter or the full year. Where do you see that mix going this year? And you -- maybe you could give us an update on sort of how attrition is going and how you're able -- if you're getting any incremental benefits on your revenue management yield side from the increase in mix and convention?

所以在拉斯維加斯，你給了會議團體組合，我認為是為了第四季或全年的使用。您認為今年這種組合會走向何方？而你——也許你可以向我們提供有關人員流失情況以及你的能力的最新信息——如果你從組合和慣例的增加中獲得了收入管理收益方面的任何增量收益？

Brandt, as Anthony mentioned, you're right, convention had a record in 2023. Occupied room nights were 17%. We continue to expect growth into 2024. We'd expect the occupied room night mix to grow to the high teens over time. Forward pace looks encouraging for group in the convention business. And you're right, from a mix perspective, having that group and convention on the books is very helpful to the leisure side. So that's what's been driving the cash ADRs on the leisure side as well.

Brandt，正如安東尼所提到的，你是對的，大會在 2023 年創下了紀錄。入住客房夜數為 17%。我們預計這一增長將持續到 2024 年。隨著時間的推移，我們預計入住客房數將增長到十幾歲。會議業的前進步伐看起來令人鼓舞。你是對的，從混合的角度來看，在書本上建立這樣的團體和會議對休閒方面非常有幫助。這也是休閒方面現金美國存託憑證的推動因素。

Okay. That's super helpful. And then maybe a question to follow up maybe with Eric on the agreement with Wynn that -- Could you just talk about the sort of pros and cons of coming out with a second brand? Obviously, there's some -- it's additive to a certain extent. I'm just curious how you weigh that against the scale of having a marketing budget, right, that can get maybe more bang for their buck if it's going towards one brand, but I guess maybe you're thinking about having two brands going for a different customer. So maybe you could just flesh that out for us.

好的。這非常有幫助。然後也許是一個問題，也許是埃里克與永利達成協議的問題——你能談談推出第二個品牌的利弊嗎？顯然，有一些——在某種程度上是附加的。我只是好奇你如何權衡行銷預算的規模，對吧，如果針對一個品牌，可能會更划算，但我想也許你正在考慮擁有兩個品牌不同的客戶。所以也許你可以為我們充實這一點。

Sure. We liken it a lot to the Las Vegas Strip where a customer that comes to town, they're going to stay at one property, but they're going to visit multiple properties just because they want a different feel. They want a different experience, maybe to change their [lock] curve, whatever the reason is. And we think that customers have that same behavior tendency online. We see that in New Jersey where we run multiple brands today. So a company like ours that has multiple well-known brands, we thought it's only logical to have a second offering for those customers.

當然。我們把它比作拉斯維加斯大道，顧客來到城裡，他們會住在一處房產，但他們會參觀多處房產，只是因為他們想要不同的感覺。他們想要不同的體驗，也許是為了改變他們的[鎖定]曲線，無論原因是什麼。我們認為客戶在網路上也有同樣的行為傾向。我們在新澤西州看到了這一點，我們今天經營多個品牌。因此，像我們這樣擁有多個知名品牌的公司，我們認為為這些客戶提供第二種產品是合乎邏輯的。

In terms of the brand building, it will be a very well-known brand to everybody. So we're not going to spend a huge amount of money marketing the brand. what we'll spend money on is acquisition. And just like today, we'll do a reasonable acquisition cost versus the lifetime value of the customer. And as a result, we feel like this is going to be a very incremental action for us to do. We don't think there'll be cannibalization between the two. And then in addition, because we'll be using the same platform and a lot of the same game content and integrations, the cost to launch a second brand will be much lower than it cost to have a single brand in the market.

從品牌建立上來說，它將是一個大家都非常熟悉的品牌。因此，我們不會花費大量資金來行銷該品牌。我們要花錢的是收購。就像今天一樣，我們將根據客戶的終身價值制定合理的購買成本。因此，我們覺得這將是我們要做的一個非常漸進的行動。我們認為兩者之間不會互相蠶食。此外，由於我們將使用相同的平台以及許多相同的遊戲內容和集成，因此推出第二個品牌的成本將比在市場上擁有單一品牌的成本低得多。

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自傑弗里斯的大衛·卡茨。

To use your adjective, Tom, chunky, any temptation or any thoughts about revisiting the notion of a strip asset and lighting the portfolio to that end and puts and takes there?

用你的形容詞，湯姆，矮胖，有任何誘惑或任何想法重新審視剝離資產的概念並為此目的點燃投資組合併在那裡進行看跌期權和拿單嗎？

Yes, David, as we've discussed in terms of asset sales, everything is for sale every day in a public company, but we're not anticipating doing anything actively on our end.

是的，大衛，正如我們在資產出售方面所討論的那樣，上市公司每天都在出售一切，但我們並不期望自己積極做任何事情。

Understood. And with respect to digital, if I can just follow up on the sports betting side as you are doing so nicely on iGaming. Sports betting is a lot of talk about product advancement, same-game parlays, et cetera, and in play as a vehicle for growth. Could you just update us on your strategies there to sort of keep up with the leaders?

明白了。在數字方面，如果我能跟進體育博彩方面，就像你們在 iGaming 上做得很好一樣。體育博彩經常談論產品進步、同場連贏等，並將其作為成長的工具。您能否向我們介紹一下您的最新策略，以跟上領導者的步伐？

Sure. This year, I would say that predominantly where we've invested has been on the feature side. So when we entered the year, there were a number of products that our customers wanted that we either didn't deliver very well or didn't deliver enough fullness in terms of the breadth of markets that our competitors did. And so throughout the year, we invested heavily in getting those products up to where the market is. In doing so, the stability of the app, some of the bugginess, there are a few features that need to be enhanced. And so that's really where this year, the predominant effort is going to be on the sports betting side. So it's basically making the app very functional from the customer perspective given that we feel like we closed a lot of the aspect and feature gap that was there in the year before. And so that's kind of what we'll -- you'll see this year as we make the enhancements throughout -- to the app throughout the year.

當然。今年，我想說，我們的投資主要集中在功能方面。因此，當我們進入這一年時，我們的客戶需要一些產品，但我們要么沒有很好地交付，要么沒有像我們的競爭對手那樣提供足夠的市場廣度。因此，全年我們投入巨資，讓這些產品進入市場。這樣做，應用程式的穩定性，一些bug，還有一些功能需要增強。因此，今年的主要工作將集中在體育博彩方面。因此，從客戶的角度來看，這基本上使該應用程式非常實用，因為我們覺得我們彌補了前一年存在的許多方面和功能差距。這就是我們今年將在全年對應用程式進行增強時看到的情況。

Our next question comes from Barry Jonas with Truist.

我們的下一個問題來自巴里·喬納斯和 Truist。

Can you talk a little bit more about New Orleans, maybe the timing there and your ROI expectations? Also, curious to hear about what you think the ramp is going to be with and without next year's Super Bowl.

您能否多談談新奧爾良，也許是那裡的時間安排以及您的投資回報率預期？另外，我很想知道您認為明年超級盃比賽有或沒有的情況下坡道會是什麼樣子。

Yes. Barry, as you know, that's a pretty dramatic transformation of that property. If you recall, when it was first opened, there were restrictions on what you could offer protections in place for both F&B and hotel in the city. So the current hotel at Harris is across the street, you have to go either across the street or go below through a tunnel to get to the property, the food and beverage offerings were fairly pedestrian and a little bit limited. And so this transforms into Caesars, New Orleans, there's a Caesars hotel tower that drops directly into the middle of the casino floor. The casino floor is entirely redone as -- if you were to go there today, we've got about 1/3 of the casino floor that's under construction at a time and it's rolling for the next 6 months or so it's a stark difference in terms of what the new casino looks like versus the old -- basically an entirely new property.

是的。巴里，如你所知，這是該財產的一個非常戲劇性的轉變。如果你還記得，當它第一次開放時，您可以為該市的餐飲和酒店提供保護的內容受到限制。因此，哈里斯目前的酒店就在街對面，您必須穿過馬路或穿過隧道才能到達酒店，提供的食品和飲料相當步行且有點有限。所以這變成了新奧爾良的凱撒飯店，有一座凱撒飯店塔樓直接落到賭場樓層的中間。賭場樓層完全重做——如果你今天去那裡，我們有大約 1/3 的賭場樓層正在建設中，並且在接下來的 6 個月左右滾動，所以這是一個明顯的區別就新賭場與舊賭場的外觀而言——基本上是一個全新的賭場。

We've got restaurant product from Emerald's that's already open, have we announced the others. Yes. So we've Nobu coming. And keep in mind, Four Seasons has a brand-new property across the street, Windsor Court is across the street, Lowes is across the street. So you've got a lot of the convention hotels in New Orleans are directly adjacent to our property, and we'll feed into the venue and these F&B outlets, it should be a home run for us. So we're expecting that this property will be among our largest regional properties once we're complete and that would be $200 million a year neighborhood of EBITDA.

我們已經從 Emerald's 獲得了已經開放的餐廳產品，我們是否已經宣布了其他產品。是的。所以我們諾布來了。請記住，四季酒店在街對面有一個全新的房產，溫莎法院在街對面，洛斯在街對面。因此，新奧爾良的許多會議酒店都與我們的酒店直接相鄰，我們將進入會場和這些餐飲店，這對我們來說應該是一個本壘打。因此，我們預計，一旦竣工，該物業將成為我們最大的區域物業之一，每年的 EBITDA 將達到 2 億美元。

Great. And then just a follow-up...

偉大的。然後只是後續...

Sorry, to hit on Super Bowl. The Super Bowl is in New Orleans in next February, which is very well timed for us in terms of launching the product. New Orleans as a city has been slower to come back from a group standpoint than other convention cities, we would expect the Super Bowl will be a catalyst for that as well.

抱歉，要參加超級盃比賽。超級盃將於明年二月在新奧爾良舉行，這對我們推出產品來說非常及時。新奧爾良作為一個城市，從團體角度來看比其他會議城市恢復得更慢，我們預計超級盃也將成為催化劑。

Awesome. And just as a follow-up, obviously, New York is still ongoing, but I believe there are a number of regional land-based opportunities that have either come up more recently or being debated. Curious if there's any new expansion opportunities that interest you at the moment?

驚人的。顯然，作為後續行動，紐約仍在進行中，但我相信有許多區域性的陸上機會最近才出現或正在爭論中。想知道目前是否有您感興趣的新擴張機會？

Nothing that's on the front burner. We're constantly approach with, would you do this? Would you do that? We're pretty focused on the projects that we have underway and are really looking forward to kind of a break in the capital intensity or CapEx cycle that we've seen since we closed the merger, and we're focusing on driving free cash flow for the next a year or 2.

沒有什麼是最重要的。我們不斷地詢問，你會這樣做嗎？你會這麼做嗎？我們非常專注於正在進行的項目，並且非常期待自完成合併以來我們看到的資本密集度或資本支出週期的某種突破，並且我們專注於推動自由現金流未來一兩年。

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史蒂芬‧格蘭布林。

When we think about the path to $500 million in EBITDA in digital, which I realize you basically reiterated that I think each call this year. What has surprised you to the upside and to the downside as we think about market size, share, structural hold, marketing, et cetera, from when you first put out that target?

當我們思考數位化 EBITDA 達到 5 億美元的路徑時，我意識到您基本上重申了我認為今年的每次電話會議。當我們考慮市場規模、份額、結構性持有、行銷等時，從您第一次提出目標時起，什麼讓您感到驚訝？

Yes. I would say the size of the market has consistently exceeded our expectations, growth in mature markets, markets that have had OSB for a while or iGaming continue to grow at steady clips. I would say legalization has been -- there's been no real surprises there in terms of jurisdictions that did or didn't legalize, our performance in iCasino since we launched Caesars Palace online, we had pretty aggressive expectations, and they've exceeded those and it continues to accelerate. Obviously, I didn't foresee the Penn-ESPN transaction, which allowed us to terminate an agreement that wasn't profitable for us. So those are kind of big picture what's changed since we first started this.

是的。我想說的是，市場規模一直超出我們的預期，成熟市場、已經擁有 OSB 一段時間的市場或 iGaming 的市場成長持續穩定成長。我想說的是，自從我們在線推出凱撒宮以來，在合法化或未合法化的司法管轄區方面，我們在iCasino 的表現並沒有真正的意外，我們有相當激進的期望，他們已經超出了這些預期，它繼續加速。顯然，我沒有預見到賓州大學與 ESPN 的交易，這使我們能夠終止一項對我們來說無利可圖的協議。這些是自我們第一次開始以來發生的變化的總體情況。

And where do you think structural hold should be in the online sports betting business as we think about longer term?

從長遠來看，您認為線上運動博彩業務的結構性保留應該在哪裡？

Yes. We've said around 7.5% to 8% for us. We do have a lot of larger players that we know from the casino side that straight bets that kind of bring down that average. But as I mentioned in the prepared remarks, our percentage of parlay is in the percentage of legs per parlay do continue to be growing. We grew hold by about 100 basis points this year, and it was fairly consistent throughout adjusting for kind of one-off variances.

是的。我們已經說過大約 7.5% 到 8%。我們確實有很多規模較大的玩家，我們從賭場方面了解到，他們的直接投注會降低平均值。但正如我在準備好的發言中提到的，我們的連贏百分比是指每次連贏的賽程百分比確實在持續成長。今年，我們持有的股票增加了約 100 個基點，並且在針對一次性差異進行調整的過程中，這一點相當一致。

So just to be clear, the 7.5% to 8% would be -- you have to get there through increased parlay mix from here. That wouldn't be additive.

所以需要明確的是，7.5% 到 8% 是——你必須從這裡透過增加連本帶利組合來實現這一目標。那不會是累加的。

Yes. In order to get there, we're going to need to continue to increase our parlay mix or change the number of legs for people that are already betting existing parlays, combination of those 2 should drive us up to that 7.5% to 8%.

是的。為了實現這一目標，我們將需要繼續增加我們的連贏組合，或改變已經在現有連贏投注的人們的賽段數量，這兩者的結合應該會讓我們達到 7.5% 到 8%。

Our next question comes from [Julie Huber] with Bank of America.

我們的下一個問題來自美國銀行的 [Julie Huber]。

It's Shaun Kelley on for Julie. Two questions, if I could. First, on the regional side. Tom, you've been calling out for a while. Just some extra competition in a handful of markets. And as we screen the data, that seems to be in markets that are particularly overlap with Caesars properties. So just kind of curious, has that settled down at all? Is that something that you kind of lap and expect to not deteriorate further? Just how do you underwrite that? And because it is a little different than the stability we've seen, I think, more broadly across regional landscape, but again, we do see it in the numbers.

肖恩凱利為朱莉出場。如果可以的話，有兩個問題。首先，在區域方面。湯姆，你已經喊了一段時間了。只是少數市場中存在一些額外的競爭。當我們篩選數據時，發現這似乎是與凱撒地產特別重疊的市場。所以只是有點好奇，這一切已經安定下來了嗎？您是否認為這種情況不會進一步惡化？您如何承保？我認為，因為這與我們在更廣泛的區域格局中看到的穩定性略有不同，但我們確實在數字中看到了這一點。

Yes. The biggest impact that we saw last year was in Tunica, the property that opened closer to Memphis in Arkansas. We've lapped that, so we don't expect to see continued -- and obviously, you're continuing to compete with them, but we're fairly steady state now and can build back. Chicago had quite a few additions in the last 12 months. There's more to come. We've got the Forest Creek property in the south suburbs but we've managed that pretty well in terms of exposure. You had the spectacle property in Gary moving to the highway, we've lapped that. As well in Hammond that impacted Hammond, and then Nebraska, we have the Lincoln properties online, the Omaha properties are expected to come online toward the end of this year. So there's still impact in the Council Bluffs market to come. But from -- in terms of what we've been referencing the bulk of that we've lapped at this point.

是的。去年我們看到的最大影響是圖尼卡（Tunica），這家酒店在阿肯色州靠近孟菲斯的地方開業。我們已經做到了這一點，所以我們不希望看到這種情況繼續下去——顯然，你會繼續與他們競爭，但我們現在的狀態相當穩定，可以恢復。芝加哥在過去 12 個月新增了不少新成員。還有更多的事情要做。我們在南郊擁有森林溪地產，但我們在曝光方面管理得相當好。加里的景觀地產搬到了高速公路上，我們已經完成了。除了影響哈蒙德的哈蒙德，以及影響哈蒙德的內布拉斯加州，我們還有林肯的房產上線，奧馬哈的房產預計將在今年年底上線。因此，康瑟爾布拉夫斯市場仍會受到影響。但從我們一直參考的大部分內容來看，我們目前已經完成了這一點。

Great. And then as my follow-up for you or for Eric. Just how should we think about, let's call it, EBITDA flow through as we think about sort of the change in revenue to the change in EBITDA moving forward in digital. I think traditionally, when we talk to some of the other operators, we think anywhere in the range of 40% to 60%, depending on the state, depending upon whether or not it's hold, related or not, but there's still a decent amount of variable cost. The question is, can that -- is that the right formula for Caesars? Can it be any better than that as some of those marketing agreements roll off and as -- and as the flows are any different, especially in the iCasino side?

偉大的。然後作為我對你或埃里克的後續行動。當我們考慮數位化領域的收入變化和 EBITDA 的變化時，我們應該如何思考 EBITDA 的流動。我認為傳統上，當我們與其他一些運營商交談時，我們認為在40% 到60% 的範圍內，具體取決於州，取決於它是否持有、相關或不相關，但仍然有相當多的金額的可變成本。問題是，這對凱撒來說是正確的公式嗎？隨著其中一些行銷協議的落實以及流程的不同，尤其是在 iCasino 方面，還有比這更好的嗎？

So a good rule of thumb for us is 50% flow-through as we sit here today. If iCasino continues to gain momentum, you should expect to see that improve the runoff of the contracts will be helpful, but that's fairly lumpy. So I would expect we'd be at the midpoint of your number toward the higher end of some of these things happen.

因此，我們今天坐在這裡的一個很好的經驗法則是 50% 的流通率。如果 iCasino 繼續獲得發展勢頭，您應該會看到改善合約的徑流將會有所幫助，但這相當不穩定。因此，我預計我們會處於您的數字的中點，接近其中一些事情發生的高端。

Our next question comes from John DeCree with CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Maybe to go back to the regional markets, Tom, I apologize if I missed it, and I think you may have -- you've answered it with your growth commentary about the 1Q. But absent the weather or after the weather in January, what you've seen in February was a typical resume to normal. Is that fair?

也許回到區域市場，湯姆，如果我錯過了，我很抱歉，我想你可能已經用關於第一季度的成長評論回答了這個問題。但如果沒有一月的天氣或天氣之後，二月的情況就是典型的恢復正常。這樣公平嗎？

That's fair.

這還算公平。

And then I guess one other kind of housekeeping item and Vegas, the room disruptions that you cited in the 4Q, are there -- are they both complete? And are there any kind of notable disruptions that we should think about in 2024, particularly in Las Vegas, I think you talked about some of the bigger ones in the regional markets, so really just Las Vegas.

然後我猜另一個家政項目和維加斯，您在第四季度提到的房間中斷，是否存在——它們都完成了嗎？我們在 2024 年是否應該考慮任何類型的顯著破壞，特別是在拉斯維加斯，我認為您談到了區域市場中的一些較大的破壞，所以實際上只是拉斯維加斯。

No, those rooms are back online. We're building a bridge that connects that tower to the old Horseshoe to Paris, but that shouldn't have any disruption.

不，那些房間已恢復上線。我們正在建造一座橋樑，將塔連接到通往巴黎的舊馬蹄鐵，但這不會造成任何干擾。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

With respect to the North Carolina launch, this one seems kind of as fair as it gets. You have a database with the Cherokee property and it sounds like, Eric, all the features are pretty much almost there. So how should we think about what an expectation should be for you guys, whether it's market share or profitability or customer acquisition? Should this look different in terms of share versus other states?

就北卡羅來納州的發射而言，這似乎是最公平的。您有一個具有 Cherokee 屬性的資料庫，聽起來，Eric，所有功能幾乎都已完成。那麼，我們該如何考慮你們的期望是什麼，無論是市場佔有率、獲利能力還是客戶獲取？與其他州相比，這在份額方面是否應該有所不同？

No is the short answer. I'd look at what Michigan just reported. I think our peers were 3x to 4x our promo to handle. I'd expect that to look similar in North Carolina.

簡短的回答是「不」。我會看看密西根州剛剛報道的內容。我認為我們的同行需要處理的促銷活動是我們的 3 到 4 倍。我預計北卡羅來納州的情況也會類似。

And then a follow-up to the last question, just in terms of the Vegas portfolio. So following the Versailles Tower and some of these F&B refreshers that you're doing, I know there's nothing else near term, but how are you thinking about other maybe transformative or kind of larger projects in Vegas? And how does the outcome of the Oakland A's situation change what you're thinking from a timing standpoint?

然後是最後一個問題的後續，僅就維加斯投資組合而言。因此，在凡爾賽塔和您正在進行的一些餐飲更新之後，我知道近期沒有其他項目，但是您如何考慮拉斯維加斯的其他可能具有變革性或更大的項目？從時間的角度來看，奧克蘭運動家隊的情況結果如何改變你的想法？

I would -- for the second question, the outcome, the Oakland A situation doesn't impact what we'll be pursuing at all. What we're doing this year in addition to finishing the Versailles connector is work at Flamingo in terms of improving the strip frontage. There's a number of outlets that are subpar and substandard in terms of what they generate relative to other similarly positioned spaces on the strip. Not huge dollar numbers, but there -- they should help transform that property should be very high ROI. But you should be thinking about in Vegas capital projects are $10 million, $20 million, $25 million for a couple of things that we're doing in a building, not $100 million like Versailles.

我想——對於第二個問題，結果，奧克蘭 A 隊的情況根本不會影響我們將追求的目標。除了完成凡爾賽連接器之外，我們今年在 Flamingo 所做的工作就是改善帶狀正面。與地帶上其他類似位置的空間相比，有許多出口的發電量低於標準。雖然不是巨大的數字，但他們應該幫助改造該財產，投資回報率應該非常高。但你應該考慮一下，在維加斯，我們在一棟建築中所做的一些事情的資本項目是 1000 萬美元、2000 萬美元、2500 萬美元，而不是像凡爾賽宮那樣的 1 億美元。

Our next question comes from Daniel Guglielmo with Capital One Securities.

我們的下一個問題來自第一資本證券公司的丹尼爾·古列爾莫。

Just around labor at the properties. You guys have a good advantage of kind of the U.S. with the portfolio makeup. Has turnover from a labor perspective, has it been similar this year to last year? Is there anything you're seeing within the different regions? That would be helpful.

就在物業的勞力周圍。你們在投資組合構成方面具有美國的優勢。從勞動力角度來看，今年的營業額與去年相似嗎？您在不同地區看到了什麼嗎？那會有幫助的。

Yes. I would say nothing particularly informative. The period post reopening after COVID was about as chaotic from an employment turnover standpoint as we've seen that stabilized kind of in '23, and it's been stable for a little while now. So it feels more like pre-pandemic in that area, then it had immediately post opening.

是的。我不會說任何特別有用的信息。從就業流動率的角度來看，新冠疫情重新開放後的這段時期與我們在 23 年看到的穩定狀態一樣混亂，而且現在已經穩定了一段時間了。所以感覺更像是該地區大流行前的情況，然後就在開放後立即發生了。

Okay. Great. And then we've talked a lot about the capital flexibility in 2025. And just thinking about the VICI option for the Centaur properties outside of the share repurchases and then I think you had said debt focus. Is there anything else you're kind of gearing up forward looking at when thinking out 2 years?

好的。偉大的。然後我們討論了很多關於 2025 年資本靈活性的問題。僅考慮股票回購之外的半人馬財產的 VICI 選項，然後我認為您已經說過債務焦點。在考慮 2 年後，您還有其他什麼事情需要做準備嗎？

No. Obviously, VICI has that option that expires at the end of '24. They've indicated an intention to exercise it. And there's regulatory process that they need to go through. And you should not expect us to exercise our option, but we do anticipate that they'd like to exercise theirs.

不。顯然，VICI 擁有該選項，該選項將於 24 年底到期。他們已表示有意行使該權利。他們需要經歷監管流程。您不應該期望我們行使我們的選擇權，但我們確實預期他們願意行使他們的選擇權。

Our next question comes from Jordan Bender with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Jordan Bender。

With the new app, you mentioned a shift into more slot play and not that hold shouldn't move much for iGaming, but is there any upside to iGaming hold as you shift away from some of the lower margin table play?

在新的應用程式中，您提到轉向更多的老虎機遊戲，並不是說持有對iGaming 來說不會有太大影響，但是當您從一些利潤率較低的牌桌遊戲中轉移出來時，iGaming 持有是否有任何好處？

Yes, that's been a big lift for us in by gaming. That table dominant player that we had is typically 100 to 150 basis points lower in hold than the slot dominant player that we find in Caesars post online. So that helped us in our momentum as well.

是的，遊戲對我們來說是一個很大的提升。我們擁有的牌桌主導玩家的持有量通常比我們在 Caesars 線上貼文中找到的老虎機主導玩家低 100 到 150 個基點。這也有助於我們保持勢頭。

Okay. And then just a follow-up. I assume you pick up the Wynn database in the state as well. How should we just think about that customer mix versus what you currently have in that state?

好的。然後只是後續行動。我假設您也取得了該州的永利資料庫。我們應該如何考慮該客戶組合與該州目前擁有的客戶組合？

Yes. We do pick up the database, and we'll work closely with Wynn as we transition to move to customers over so that they can trial our app. The database is different from ours, but in terms of the customers, but it's very similar in terms of what we're trying to accomplish with the apps that we're launching. So it's a slot-centric customer at a slightly higher end. And then from a table perspective, it's also on a slightly higher end from what we normally have in our database. So we're excited to introduce those customers to the product that we have.

是的。我們確實選擇了資料庫，並且在我們過渡到向客戶轉移的過程中，我們將與永利密切合作，以便他們可以試用我們的應用程式。該資料庫與我們的不同，但就客戶而言，但就我們試圖透過我們正在推出的應用程式實現的目標而言，它非常相似。因此，這是一個以老虎機為中心、定位稍高端的客戶。然後從表的角度來看，它也比我們通常在資料庫中擁有的東西稍高。因此，我們很高興向這些客戶介紹我們的產品。

I would now like to turn the call back over to Tom Reeg for any closing remarks.

我現在想將電話轉回給湯姆·雷格，請他發表結束語。

Thanks, everybody, for your time, and we'll see you next quarter.

謝謝大家抽出寶貴的時間，我們下季見。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。