Caesars Entertainment Inc (CZR) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to Caesars Entertainment, Inc. First Quarter 2024 Earnings Call. (Operator Instructions). As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Brian Agnew, Senior Vice President of Corporate Finance, Treasury and Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加 Caesars Entertainment, Inc. 2024 年第一季財報電話會議。 （操作員說明）。提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人布萊恩·阿格紐 (Brian Agnew)，他是公司財務、財務和投資者關係高級副總裁。請繼續。

Thank you, Jonathan, and good afternoon to everyone on the call. Welcome to our conference call to discuss our first quarter 2024 earnings. This afternoon, we issued a press release announcing our financial results for the period ended March 31, 2024. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com. As usual, joining me on the call today are Tom Reeg, our CEO; Anthony Carano, our President and COO; Bret Yunker, our CFO; Eric Hession, President, Caesars Sports & Online Gaming; and my colleague, Charise Crumbley, Investor Relations.

謝謝喬納森，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 2024 年第一季的收益。今天下午，我們發布了一份新聞稿，宣布了截至 2024 年 3 月 31 日的財務表現。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；以及我的投資人關係同事 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 under 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.

在我把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，本公司可能會討論SEC G 條例所定義的某些非GAAP 財務指標。間的差異。我現在將把電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. During the first quarter, consolidated net revenues of $2.7 billion declined 1% and total adjusted [EBITDA] of $853 million declined 10% year-over-year. We faced several transitory issues during the quarter, including low table hold in our Las Vegas segment and inclement winter weather in our regional segment, plus a loss on the launch of Sports Betting in North Carolina. Despite these transitory issues, there were several bright spots during the quarter, including record Q1 occupancy in Las Vegas, driven by strong visitation, 23% OSB net gaming revenue growth and 54% iCasino net gaming revenue growth in our Digital segment and sequential improvement in operating results in our Regional segment each month during Q1.

謝謝你，布萊恩，祝所有參加電話會議的人下午好。第一季度，合併淨收入為 27 億美元，下降 1%，調整後 [EBITDA] 總額為 8.53 億美元，年減 10%。我們在本季遇到了一些暫時性問題，包括拉斯維加斯業務的低賭桌數和區域業務的冬季惡劣天氣，以及在北卡羅來納州推出體育博彩帶來的損失。儘管存在這些暫時性問題，本季仍出現了一些亮點，包括在強勁的訪問量推動下，拉斯維加斯第一季的入住率創歷史新高、OSB 淨博彩收入增長23%、iCasino 數位業務淨博彩收入成長54%，以及數位業務的環比改善第一季我們區域部門每月的營運表現。

Despite the hold related headwinds in Las Vegas during the quarter, our Las Vegas segment delivered $440 million of adjusted [EBITDA,] which is the second best Q1 on record. Occupancy in Q1 reached 97.6%, a new Q1 record, which also drove a record for Q1 cash hotel and food and beverage revenues during the quarter. In our Regional segment in Q1, we delivered $433 million of adjusted EBITDA down 3% versus last year, driven by unfavorable winter weather during the first 6 weeks of the quarter. Regional trends improved each month throughout the quarter with March delivering positive revenue and EBITDA growth. Similar to prior quarters, outside of the negative weather impacts, we continue to face new competition in a few markets and construction disruption in New Orleans, which was partially offset by our new temporary facilities in Danville, Virginia and Columbus, Nebraska.

儘管本季度拉斯維加斯面臨與持有相關的不利因素，但我們的拉斯維加斯部門實現了4.4 億美元的調整後[EBITDA]，這是有史以​​來第二好的第一季度。第一季的入住率達到 97.6%，創下第一季的新紀錄，這也帶動了該季度第一季現金飯店和餐飲收入的記錄。在第一季的區域業務中，由於本季前 6 週不利的冬季天氣，我們實現了 4.33 億美元的調整後 EBITDA，較去年下降 3%。整個季度的區域趨勢每個月都在改善，其中 3 月的營收和 EBITDA 均實現正成長。與前幾季類似，除了負面天氣影響外，我們繼續面臨一些市場的新競爭和新奧爾良的施工中斷，但我們在弗吉尼亞州丹維爾和內布拉斯加州哥倫布的新臨時設施部分抵消了這一影響。

Turning to CapEx. 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 will open on May 13. Construction in New Orleans should finish by Labor Day and the permanent facility in Danville is expected to open by year-end. All 3 of these projects will deliver strong returns on capital to drive growth in Regional segment. I want to thank all of our team members for their hard work so far in 2024. Our strong results are a reflection of their dedication to delivering exceptional guest service. With that, I will now turn the call over to Eric Hession for some insights on the first quarter performance in our Digital segment.

轉向資本支出。 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市的永久設施將於 5 月 13 日開放。所有這三個項目都將帶來強勁的資本回報，推動區域業務的成長。我要感謝我們所有團隊成員 2024 年迄今為止的辛勤工作。現在，我將把電話轉給 Eric Hession，以獲取有關我們數位部門第一季度業績的一些見解。

Thanks, Anthony. Caesars Digital delivered $282 million in net revenues, up 19% year-over-year and generated $5 million of adjusted EBITDA during the quarter. Results in our Digital segment were driven by strong momentum in both online Sports Betting and iCasino during the quarter. As Anthony mentioned, Online Sports Betting net revenues grew 23% and iCasino delivered 54% net revenue growth. The strong performance in these 2 verticals was offset slightly by declines in our Retail and Other segments. In our Online Sports Betting segment during the quarter, hold increased roughly 80 basis points year-over-year. However, despite the increase, it was at the lower end of our expected range due to less favorable results around Super Bowl and March Madness. Despite the unfavorable large event outcomes, Parlay mix improved approximately 400 basis points year-over-year during the quarter, driven by our improved user interface and pricing uptime.

謝謝，安東尼。 Caesars Digital 本季實現淨收入 2.82 億美元，年增 19%，調整後 EBITDA 為 500 萬美元。本季度線上體育博彩和 iCasino 的強勁勢頭推動了我們數位部門的業績。正如安東尼所提到的，線上體育博彩淨收入成長了 23%，iCasino 淨收入成長了 54%。這兩個垂直領域的強勁表現被零售和其他領域的下滑略微抵消。本季我們的線上體育博彩領域的持有量比去年同期增加了約 80 個基點。然而，儘管有所增加，但由於超級盃和瘋狂三月的結果不太理想，它仍處於我們預期範圍的下限。儘管大型活動結果不佳，但在我們改進的用戶介面和定價正常運行時間的推動下，本季 Parlay 組合比去年同期提高了約 400 個基點。

Higher parlay mix gives us confidence in our ability to continue to improve holds throughout 2024 and beyond. iGaming set new quarterly records for active customers, volume, GGR and net gaming revenue driven by the success of our New Caesars Palace Online App, which despite only launching roughly 7 months ago, now makes up more than 50% of the net gaming revenues in this segment. Customers continue to respond favorably to the product interface, game content and improved loyalty marketing. iCasino remains a critical component of our Digital growth strategy for 2024 and beyond. During the quarter, we also successfully launched Mobile Sports Wagering in North Carolina. We're encouraged by the early results and have signed up new customers at a faster pace than prior state launches, translating into a higher initial market share.

更高的連贏組合讓我們對在 2024 年及以後繼續提高保發率的能力充滿信心。在我們的新凱撒宮線上應用程式的成功推動下，iGaming 在活躍客戶、數量、GGR 和淨遊戲收入方面創下了新的季度記錄，儘管該應用程式僅在大約7 個月前推出，但目前已佔2019 年淨遊戲收入的50% 以上。客戶繼續對產品介面、遊戲內容和改進的忠誠度行銷做出積極反應。 iCasino 仍然是我們 2024 年及以後數位成長策略的重要組成部分。本季度，我們也在北卡羅來納州成功推出了行動體育博彩。我們對早期結果感到鼓舞，並以比以前的州推出更快的速度簽約新客戶，從而轉化為更高的初始市場份額。

We remain focused on several key priorities for the remainder of the year. On the Sports Betting side, work continues on our proprietary TAM, which will enable shared wallet across state lines. We expect to deliver this important functionality across all the jurisdictions in which we operate by the middle of 2025. We will also continue to improve our product on the Sports Betting side, enhancing our same-game parlay, live wagering and internal pricing. On the iCasino side, we will continue to add additional game content and functionality and are on track to launch our new iCasino brand in the second half of 2024. We now offer Sports Betting in 31 North America jurisdictions, 26 of which offer mobile wagering.

在今年剩餘時間內，我們仍將專注於幾個關鍵優先事項。在體育博彩方面，我們專有的 TAM 工作仍在繼續，這將使跨州共享錢包成為可能。我們預計到 2025 年中期在我們營運的所有司法管轄區提供這項重要功能。在iCasino 方面，我們將繼續添加額外的遊戲內容和功能，並預計在2024 年下半年推出新的iCasino 品牌。 。

I'm very pleased with the project -- progress we made this first quarter. Excluding the effects from new state launches, our net revenue flow-through to EBITDA was over 50%, consistent with our expectations and setting the stage for continued profitable growth in the years ahead. Now I'll turn it over to Bret.

我對這個專案非常滿意——我們第一季取得的進展。排除新州推出的影響，我們的淨收入流入 EBITDA 超過 50%，符合我們的預期，並為未來幾年的持續獲利成長奠定了基礎。現在我將把它交給布雷特。

Thanks, Eric. We had an active first quarter on the capital markets side, refinancing $4.4 billion of parent-level debt, eliminating the CRC credit entity and extending debt maturities to 2031 and beyond. On April 26, we closed on a new $425 million bank financing at the joint venture level for our Danville property. This facility will be used to cover all remaining CapEx requirements for the permanent casino that is expected to open in December. 2024 CapEx, excluding our Danville JV is expected to be $800 million. We look forward to using strong free cash flow generation to continue to repay debt and reduce leverage towards our stated goals. Over to Tom.

謝謝，埃里克。第一季我們在資本市場方面表現活躍，為 44 億美元的母公司級債務進行了再融資，取消了 CRC 信貸實體，並將債務期限延長至 2031 年及以後。 4 月 26 日，我們為丹維爾房地產完成了合資企業層面的 4.25 億美元新銀行融資。該設施將用於滿足預計 12 月開業的永久性賭場的所有剩餘資本支出要求。 2024 年資本支出（不包括我們的 Danville 合資企業）預計為 8 億美元。我們期待利用強大的自由現金流產生來繼續償還債務並降低槓桿率，以實現我們既定的目標。交給湯姆。

Thanks, Bret. We're not in the habit of delivering quarters that look like this. So I want to go through detail on how we got there and want to talk about whether anything fundamental has changed in the business. This is the kind of -- kind of answer the questions I would have if I was in your seat. If you look at the biggest buckets that this was kind of a kitchen sink type quarter for us, everything that could go wrong did for us. The biggest pieces are hold in Las Vegas, weather across the country that was well understood and you've seen with others and then losses around the launch of North Carolina in Digital. There's others that I'll touch on that are more minor, but there's well over $75 million of what's clearly onetime negatives for us in the quarter. So if I look at kind of the -- where we came out of the quarter and the way the business was operating fundamentally during the quarter, it looks more in my estimation, like a flattish quarter, notwithstanding the EBITDA that we posted.

謝謝，布雷特。我們不習慣提供這樣的宿舍。因此，我想詳細介紹一下我們是如何實現這一目標的，並想談談業務中是否發生了根本性的變化。如果我坐在你的座位上，這就是回答我會提出的問題。如果你看看最大的水桶，這對我們來說是廚房水槽式的四分之一，所有可能出錯的事情都會對我們造成影響。最大的部分是在拉斯維加斯舉辦的，全國各地的天氣都很好理解，你也和其他人一起看到過，然後是北卡羅來納州數位化推出帶來的損失。我將談到其他一些較小的問題，但其中有超過 7500 萬美元顯然對本季我們來說是一次性的負面影響。因此，如果我看看我們本季的表現以及本季業務的基本運作方式，我的估計看起來更像是一個持平的季度，儘管我們發布了 EBITDA。

Starting in Vegas, our typical hold is a range of 20% to 23% tables in Vegas. We were 15% for the quarter. So 500 to 800 basis points below normal range. Midpoint of that is 650, and that's on $850 million of drop. So you can see that's in a very, very large piece of the shortfall in the quarter. This is -- table hold is a typical bell curve, we were certainly in the second standard deviation to the negative. We are completely comfortable that this reverses over time. You'll have quarters that were -- are the reverse. I'm sure you -- as you're listening, you can think of some -- in recent history that were 2 standard deviations to the positive, unfortunately not for us, but our time will come. This was not an instance of a few players beating us. This was kind of a repeated (expletive) kicking broadly based throughout the quarter.

從維加斯開始，我們通常持有維加斯 20% 到 23% 的賭桌。本季我們的成長率為 15%。因此比正常範圍低 500 至 800 個基點。中點是 650，即下降了 8.5 億美元。所以你可以看到，這是本季缺口的一個非常非常大的部分。這是－表格持有是典型的鐘形曲線，我們肯定處於負的第二個標準差。我們完全相信這種情況會隨著時間的推移而逆轉。你會得到相反的宿舍。我相信你——當你在聽的時候，你可以想到一些——在最近的歷史中，有兩個標準差為正，不幸的是不適合我們，但我們的時代將會到來。這並不是少數玩家擊敗我們的例子。這是整個季度普遍存在的重複（咒罵）踢法。

If you look at our volumes, slots were about flat. As Anthony said, Hotel and F&B hit set first quarter records and both Hotel and F&B overcame -- the revenue overcame the increases in union costs to deliver more profitability to us. So volumes were great. People are still here. We just didn't hold. And if you think about running these properties at over 97% occupancy, you're fully staffed. There is no opportunity to make uphold. So it's particularly negative on the operating leverage side when you don't hold. We have the additional impact of Adele in Colosseum, shifted dates from March into the fourth quarter that impacts this quarter, but that's revenue and EBITDA that we will pick up in the fourth quarter with the rescheduled dates, so largely a nonevent other than in this quarter's numbers. If we look at forward, as we sit here today, I'm looking at April, May, June, each month is forecast at 98% occupancy in the market.

如果你看看我們的銷售量，你會發現老虎機幾乎持平。正如安東尼所說，酒店和餐飲業創下了第一季的記錄，酒店和餐飲業都克服了困難——收入克服了工會成本的增加，為我們帶來了更多的盈利能力。所以銷量很大。人們還在這裡。我們只是沒撐住。如果您考慮以超過 97% 的入住率來經營這些物業，那麼您就已經配備了充足的人員。沒有機會去堅持。因此，當您不持有時，這對營運槓桿方面尤其不利。我們受到了阿黛爾在羅馬競技場的額外影響，將日期從3 月份轉移到了第四季度，這對本季度產生了影響，但我們將在第四季度重新安排日期時獲得收入和EBITDA，因此除了本季之外，基本上沒有其他事件季度的數字。如果我們展望未來，就像我們今天坐在這裡一樣，我會展望 4 月、5 月和 6 月，每個月的市場入住率預計將達到 98%。

Our cash rates are depending on the month, up 8% to 14%. So Vegas remains very, very strong. I'm not a guy who likes to talk about hold. So I'm hoping this is the last time I talk about it this year. But if you presume normal hold and what we see in front of us on a forward basis, I would expect Vegas to grow for each of the last 3 quarters of the year. We're in about a $70 million -- a little over $70 million hold out of the first quarter. I don't know that we'll make up that entire $70 million that probably needs hold benefit on the right side of the range, but I'd expect we're eating at that throughout each quarter the rest of the year.

我們的現金利率根據月份而定，上漲 8% 至 14%。所以維加斯仍然非常非常強大。我不是一個喜歡談論保留的人。所以我希望這是我今年最後一次談論它。但如果你假設正常持有以及我們在未來的基礎上看到的情況，我預計維加斯在今年最後三個季度的每個季度都會成長。我們的資金約為 7000 萬美元——比第一季略多於 7000 萬美元。我不知道我們能否彌補這 7000 萬美元，這可能需要在該範圍的右側持有收益，但我預計我們在今年剩餘時間的每個季度都會吃這個。

Moving to Regionals. We were down 3%. As I said, weather was a significant impact that everybody knows about. Absent weather, Regionals would have been up year-over-year for us. We are particularly optimistic about the rest of the year, particularly the second half, continue to believe that Regionals will grow on a full year basis for us.

轉移到地區。我們下跌了 3%。正如我所說，天氣是每個人都知道的重大影響。如果沒有天氣，我們的地區賽成績會逐年上升。我們對今年剩餘時間尤其是下半年特別樂觀，繼續相信區域業務將在全年基礎上成長。

Anthony talked about New Orleans and Danville coming online to give you an addition to Columbus, Nebraska, which will start cash flowing in the next couple of weeks. So that's dollars we've spent that has no EBITDA attached to it until it opens 2 weeks from now. But if you start in Danville, that's a property that's operating in a temporary structure at the highest win per unit numbers in our entire system, which reflects unmet demand. We almost double our capacity when we opened the permanent facility at the end of the year. That's -- that will be dilutive to margins because the permanent facilities -- I'm sorry, the temporary facility is operating excess of 60% margins, but it's accretive to overall EBITDA. And then if you think about New Orleans, as that opens Labor Day and you think about returns, recall that the way New Orleans runs its gaming tax regime in the City of New Orleans. There's a flat tax until you reach a certain level of gaming revenue.

安東尼談到新奧爾良和丹維爾即將上線，為您提供內布拉斯加州哥倫布的補充，該地區將在未來幾週內開始現金流入。所以我們花的錢在兩週後開業前還沒有附加 EBITDA。但如果你從丹維爾開始，那是一個在臨時結構中運營的房產，在我們整個系統中每單位獲勝數最高，這反映了未滿足的需求。當我們在年底開設永久設施時，我們的產能幾乎翻了一番。那將會稀釋利潤率，因為永久設施——抱歉，臨時設施的營運利潤率超過 60%，但它會增加整體 EBITDA。然後，如果您想到新奧爾良，當勞動節開始時，您會想到回報，請回想一下新奧爾良在新奧爾良市實施博彩稅制度的方式。在您的遊戲收入達到一定水準之前，需要繳納統一稅。

As we sit here today on an LTM basis, we're about $75 million below where that property moves to a variable rate versus a flat tax. So if you think about it in terms of returns on the project, the first $75 million of incremental gaming revenue generated has no incremental gaming tax to us. So obviously, as extraordinarily high flow-through. So that's Regionals in Vegas. One more thing on Regionals. If you think about trajectory, Regional EBITDA in January for us was down more than 20%, in February it was down about 4% and in March was up about 10%. And if you look at this quarter, it's hard to talk much about April in terms of predictive effect since Aprils' the least important month of the second quarter, but what we feel good about the quarter and the rest of the year. Digitals, an exciting story for us -- I may be repeating some of Eric's numbers, but if you look at Digital, North Carolina for us was a much more successful launch in terms of customer acquisition than we were anticipating. And then what we have seen in recent states, we didn't make any change to how we promoted into it. It's really a comment on the strength of our database in North Carolina.

當我們今天坐在這裡時，根據 LTM 計算，該房產採用浮動稅率與統一稅相比，價格大約低了 7500 萬美元。因此，如果您從專案回報的角度來考慮，那麼所產生的前 7500 萬美元的增量博彩收入對我們來說沒有增量博彩稅。顯然，流量非常高。這就是維加斯的地區賽。關於地區賽的另一件事。如果你考慮一下軌跡，我們 1 月的區域 EBITDA 下降了 20% 以上，2 月下降了約 4%，3 月上升了約 10%。如果你看看這個季度，就很難談論四月份的預測效果，因為四月份是第二季度最不重要的月份，但我們對這個季度和今年剩餘時間的感覺良好。 Digitals，對我們來說是一個激動人心的故事——我可能會重複埃里克的一些數字，但如果你看看Digital，北卡羅來納州對我們來說在客戶獲取方面的推出比我們預期的要成功得多。然後我們在最近的州看到，我們沒有對我們的晉升方式做出任何改變。這實際上是對我們北卡羅來納州資料庫實力的評論。

But our first month market share was almost 9% of the market, which is about 3x what we've been doing in other new launch states. So as a result, North Carolina was negative [11] of net revenue in the quarter and negative $20 million of EBITDA. So if you strip out that launch, we were $25 million of EBITDA. OSB revenue was up 33% and iCasino, as Eric said, which was not impacted by North Carolina was up 54%. So tremendous momentum in Digital for us in the quarter, and that was despite, as others have talked about. March Madness, Super Bowl were not great from a whole perspective, our hold was up. Our Parlay percentage was up over 20% versus the same quarter last year. So our efforts to increase our hold our bearing fruit. As you can see, we are almost 100 basis points better in the queue despite poor sports outcomes.

但我們第一個月的市佔率幾乎達到了 9%，大約是我們在其他新推出州所做的工作的 3 倍。因此，北卡羅來納州本季淨收入為負 [11]，EBITDA 為負 2,000 萬美元。因此，如果剔除此次發布，我們的 EBITDA 為 2500 萬美元。正如艾瑞克所說，OSB 收入成長了 33%，而不受北卡羅來納州影響的 iCasino 收入成長了 54%。儘管正如其他人所說，本季我們在數位領域的發展勢頭如此巨大。從整體角度來看，瘋狂三月、超級盃並不是很好，但我們的表現還是不錯的。與去年同期相比，我們的連本帶利百分比增加了 20% 以上。因此，我們的努力增加了我們的成果。正如您所看到的，儘管體育賽事成績不佳，但我們在隊列中的表現卻領先了近 100 個基點。

On the Caesars Palaces' online launch, as Eric said, we're now in our 7th month post launch, and that business is already doing more than 50% of our revenue. In iCasino, it's doing exactly what we anticipated in terms of creating an iGaming customer base that looks like our database, looks like our physical floors, SKUs females, SKUs to slots, you should expect us to continue to build on that momentum. We'd anticipate launching a second brand very similar to the first before the end of the year that should allow us to continue that momentum. There's been a lot of talk for a lot of quarters about, " Gee, can you get to $500 million"? I've talked about the legs of the stool that get us there. If we look at it in a different way, in terms of what I see as I look at how we build this business, we did $1 billion of net revenue in Digital in 2023. We reported $40 million of EBITDA on a hold-adjusted basis, fourth quarter, that'd be [$60 million,] whether you use [$40 million or $60 million] start there. The industry growing at 30% this year. We're growing -- we should be growing at least at that given our iGaming is growing considerably faster than the market. As Eric said, our flow-through was in excess of 50% in this quarter. So if you take the $1 billion, you have us grow at the market level and you flow that through. It's very easy for you to do that math. If you do that again, in 2025, that should get you to something like $1.7 billion of revenue and something over $400 million in EBITDA.

關於 Caesars Palaces 的線上發布，正如 Eric 所說，我們現在已經進入發布後的第 7 個月，該業務已經佔了我們收入的 50% 以上。在 iCasino，它正在按照我們的預期創建 iGaming 客戶群，看起來像我們的資料庫，看起來像我們的實體樓層，SKU 女性，SKU 到老虎機，您應該期望我們繼續保持這一勢頭。我們預計在今年年底之前推出與第一個品牌非常相似的第二個品牌，這將使我們能夠繼續保持這一勢頭。許多季度以來，人們一直在談論“天哪，你能達到 5 億美元嗎？”我已經談到了讓我們到達那裡的凳腿。如果我們以不同的方式看待它，就我在如何建立這項業務時所看到的而言，2023 年我們在數位領域的淨收入為10 億美元。萬美元第四季度，無論您使用[4000萬美元還是6000萬美元]從那裡開始，這都是[6000萬美元]。今年該產業成長30%。我們正在成長——考慮到我們的 iGaming 的成長速度遠遠快於市場，我們應該至少以這個速度成長。正如Eric所說，本季我們的流量超過了50%。因此，如果你拿走這 10 億美元，你就可以讓我們在市場層面上成長，然後你就可以利用它。對你來說做這個數學很容易。如果你再這樣做，到 2025 年，你的收入應該會達到 17 億美元，EBITDA 會超過 4 億美元。

That does not include any benefit from the partnerships that roll off in the '24, '25 time frame. That's how I get to the $500 million target in '25 that very few of you believe that I see as really simple math and continuation of what's already happening in this business. If you want to quibble with me whether $500 million is a full year '25 number or we're run rating at that level in '25 and don't quite get to $500 million? I'm happy to have that discussion. I'd say that's certainly up for debate. But the idea that we're not going to do $500 million to me looks highly unlikely. And as I look at that target now, I look at that as a point in time, and we're going to continue to move past that. We are going to generate more than $500 million of Digital EBITDA. It's just a matter of when we're going to generate that.

這不包括在「24」、「25」時間範圍內推出的合作關係帶來的任何好處。這就是我在 25 年實現 5 億美元目標的方法，你們中很少人認為我認為這是非常簡單的數學計算，也是這個行業已經發生的事情的延續。如果您想與我爭論，5 億美元是否是 25 年全年的數字，或者我們在 25 年的評級處於該水平，但還沒有達到 5 億美元？我很高興能進行這樣的討論。我想說這當然值得爭論。但我們不會向我提供 5 億美元的想法看起來不太可能。當我現在審視該目標時，我將其視為一個時間點，我們將繼續超越該目標。我們將產生超過 5 億美元的數位 EBITDA。這只是我們何時產生它的問題。

So we feel very, very, very good about what's going on in Digital and that it really matches the progress against markers that we laid out when there was no one in the space laying out any similar markers before we launched in August of '21. We laid out how much we spend, what we thought the return could be and we are right on that pace, if not ahead at this point. So feel fantastic about where digital is today.

因此，我們對 Digital 中正在發生的事情感覺非常非常好，它確實與我們在 21 年 8 月推出之前在該領域沒有人佈置任何類似標記時所佈置的標記的進度相匹配。我們列出了我們花了多少錢，我們認為回報可能是多少，我們的步伐是正確的，即使目前還沒有領先。因此，您對今天的數位化狀況感到非常滿意。

In terms of capital, we're spending a lot of capital this year. I've talked about on prior calls, we walked into a lot of capital spend when we did the Caesars merger. Caesars had already agreed to make the New Orleans investment that finishes Labor Day. They had already won the license in Danville. The permit, it opens at the end of the year. And New Jersey gently encouraged us to spend the $400 million in CapEx in New Jersey. That's in the rearview mirror at this point. So as we report this quarter, we are 1 quarter closer to the step-down in CapEx spend and the increase in free cash flow that I've talked about as our opportunity to move to offense, whether offense is buying in stock that in my estimation seems attractive or if we're in a different ZIP code potentially looking outside for growth opportunities. You're really -- as we sit here at the end of April, you're about 5 months away from that. So we -- you should expect a step down in gross CapEx in '25, that's in excess of $500 million. Bret told you we just closed on our Danville credit facility, so the funding from Danville doesn't come through our balance sheet this year.

在資金方面，我們今年花費了大量的資金。我在之前的電話中談到過，當我們進行凱撒合併時，我們陷入了大量的資本支出。凱撒集團已經同意在勞動節結束時在新奧爾良進行投資。他們已經在丹維爾獲得了執照。許可證將於年底開放。新澤西州溫和地鼓勵我們在新澤西州花費 4 億美元的資本支出。此時就在後視鏡中。因此，當我們在本季度報告時，我們距離資本支出的下降和自由現金流的增加又近了一個季度，我已經將其視為我們轉向進攻的機會，無論進攻是否是購買我的股票估計似乎很有吸引力，或者如果我們位於不同的郵政編碼，則可能會尋找外部成長機會。當我們在 4 月底坐在這裡時，距離那一天還有大約 5 個月的時間。因此，您應該預期 25 年總資本支出將下降超過 5 億美元。布雷特告訴你，我們剛剛關閉了丹維爾信貸安排，因此丹維爾的資金今年不會來自我們的資產負債表。

So we really feel good about where we're sitting, what the rest of the year looks like. But as I said, we're not in the habit of reporting quarters like this. I wanted to give everyone a sense of where I see the business and where I see what this quarter looked like. You'll all do with that what you will. But we anticipate getting back to quarters like we've been printing for the last 10 years, starting with the next one. And with that, I'll open it up to questions.

因此，我們對自己所處的位置以及今年剩餘時間的情況感到非常滿意。但正如我所說，我們沒有這樣報告季度的習慣。我想讓每個人都了解我對業務的看法以及我對本季的看法。你們都會用它做你們想做的事。但我們預計會回到過去 10 年印刷的季度，從下一個季度開始。接下來，我將開放提問。

(Operator Instructions) And our first question comes from the line of Carlo Santarelli from 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, thank you for your remarks. I'm not going to get into the whole stuff. There was some stuff in there that I didn't entirely follow, but we can review it off-line. What I wanted to ask about though was kind of the -- what I see is kind of the widening gap between an implied Las Vegas GGR, and net casino revenue. And I want to understand maybe a little bit, is that a change in promotions? Does it have to do with the occupancies going up, maybe more comped rooms? And then as you mentioned, cash rates were up nicely on the coming months. But what percentage of the mix to the extent you could share? Should we think about as being cash rates going forward?

湯姆，謝謝你的發言。我不打算深入討論全部內容。裡面有一些東西我沒有完全理解，但我們可以離線查看。我想問的是——我所看到的是拉斯維加斯隱含的 GGR 和賭場淨收入之間的差距不斷擴大。我想了解一點，這是促銷活動的改變嗎？這是否與入住率上升有關，也許是更多免費房間？正如您所提到的，現金利率在接下來的幾個月中大幅上漲。但是您可以分享的比例是多少？我們是否應該考慮未來的現金利率？

Cash rates for us versus comp rates? Say it again.

我們的現金利率與比較利率？再說一次。

Yes.

是的。

We're about 75% cash in Vegas, and that hasn't really changed.

我們在維加斯大約 75% 都是現金，這並沒有真正改變。

Okay. And then on the other point, just in terms of reinvestment, et cetera, acknowledging -- look, we don't have your slot hold, but if I were to just make assumptions that it's somewhat static, that gap seems to widen a little bit. And I was just wondering, is that some influence from the whole dynamics on the table side? Or is there -- has there been a little bit of a change in promotional strategy?

好的。 And then on the other point, just in terms of reinvestment, et cetera, acknowledging -- look, we don't have your slot hold, but if I were to just make assumptions that it's somewhat static, that gap seems to widen a little位元.我只是想知道，這是否是來自桌面端整體動態的一些影響？或者促銷策略是否有一些改變？

We have made 0 changes in promotional strategy.

我們在促銷策略上做了0改變。

Okay. Some of it perhaps -- Rio coming out. I imagine probably has some modest influence as well?

好的。也許其中一些——裡約出來了。我想可能也有一些適度的影響？

Correct.

正確的。

And our next question comes from the line of Joe Greff from JPM.

我們的下一個問題來自摩根大通的 Joe Greff。

Sticking with Las Vegas here, the Q has -- your table game drop was down 10% year-over-year. And slot handle down about 7% year-over-year. Last year's numbers include the Rio. What are those numbers, excluding the Rio? I'm presuming, I mean there wasn't that much net revenue from Rio last year. It was like $55 million in the first quarter. What's driving those declines excluding the Rio?

繼續在拉斯維加斯，Q 的賭桌遊戲下降率比去年同期下降了 10%。老虎機手把年減約 7%。去年的數字包括裡約熱內盧。不包括裡約熱內盧的話，這些數字是多少？我猜想，我的意思是去年裡約熱內盧的淨收入並沒有那麼多。第一季約 5500 萬美元。除了裡約熱內盧以外，是什麼導致了這些下降？

Slot handle was down 2%, Joe, net of the Rio and table drop was down 7%. So net revenue was down 4.5%. The bulk of everything that flowed through the quarter was table hold related. And recall, last year's first quarter was ginormous.

老虎機手柄下降了 2%，喬扣除了 Rio 和賭台的跌幅後下降了 7%。因此淨收入下降了 4.5%。本季度發生的大部分事情都與賭台持有相關。回想一下，去年第一季的業績非常出色。

Okay. Great. And then you mentioned CapEx coming down. Obviously, the numbers you're talking about from an operating perspective would suggest attractive free cash flow generation the last 3 quarters of this year and through next year and earmarked presumably for debt pay down. Outside of deploying excess free cash flow to debt paydown and EBITDA moving in the right direction to reduce your net leverage ratios. Can you talk about other potential avenues for you to reduce leverage?

好的。偉大的。然後你提到資本支出下降。顯然，從營運角度來看，您所談論的數字表明今年最後三個季度和明年的自由現金流量產生了有吸引力的增長，並且可能專門用於償還債務。除了將多餘的自由現金流用於償還債務和 EBITDA 之外，還朝著正確的方向發展，以降低您的淨槓桿率。您能談談降低槓桿率的其他潛在途徑嗎？

Yes. Sure, Joe. We have a number of assets that produce very little or no cash flow that are noncore to the business, non-operating casinos that could potentially be monetized at attractive rates where you wouldn't have to change your model much. And without getting too forward-looking, you shouldn't be surprised if some of those types of things start to happen in 2024 that our leverage reduction is not limited to only free cash flow.

是的。當然，喬。我們擁有許多產生很少或根本不產生現金流的資產，這些資產不是業務的非核心、非營運賭場，這些資產可能會以有吸引力的利率貨幣化，而您無需對模型進行太多更改。在不具有太多前瞻性的情況下，如果某些類型的事情在 2024 年開始發生，我們的槓桿率降低不僅限於自由現金流，您也不應該感到驚訝。

And our next question comes from the line of Brandt Montour from Barclays.

我們的下一個問題來自巴克萊銀行的 Brandt Montour。

Maybe over on Regionals looking at the margin performance that you guys reported in the 1Q. When I look at OpEx and imply it back on OpEx, it looks like OpEx actually was pretty similar to -- of 1Q '23 despite opening in two properties. I'm curious if there were onetime savings in there from the January weather or anything else that we can kind of think about to try and think about your operating OpEx per day going forward?

也許在區域方面看看你們在第一季報告的利潤率表現。當我查看 OpEx 並將其暗示回 OpEx 時，看起來 OpEx 實際上與 23 年第一季非常相似，儘管開設了兩個物業。我很好奇一月份的天氣是否會帶來一次性節省，或者我們可以考慮嘗試考慮您未來每天的營運營運支出的其他因素？

I'm sorry, can you repeat that, Brandt?

抱歉，你能再說一次嗎，布蘭特？

Sure. So your OpEx was flat in regionals year-over-year, right? Ex gaming taxes.

當然。那麼您的地區營運支出較去年同期持平，對嗎？前博彩稅。

Correct.

正確的。

And so we were just trying to figure out how you're able to keep costs so low given you opened 2 properties since last year? And if maybe there were some savings in January from the poor weather or if there was anything else onetime?

因此，我們只是想弄清楚，鑑於您自去年以來開設了 2 家酒店，您如何能夠將成本保持在如此低的水平？一月份的惡劣天氣是否可以節省一些費用，或者是否有其他什麼一次性的費用？

There was no -- there were no positives coming out of the weather. So there were no savings there. I mean you've known us long enough that we're constantly looking at how can we improve our margins. We're trying to not just be a cork in the ocean in terms of just being washed with where the economy goes. So we're always looking for efficiencies, and that's a testament to our team who has been together a very long time knowing we're in an environment that's generally inflationary, we're in both Vegas and Atlantic City, where our biggest union exposure is dealing with increased costs, and we don't tend to just eat that. We intend to improve the business from an operating perspective, become more efficient and deliver growth. And that's our expectation as we move forward.

天氣沒有帶來任何正面的影響。所以那裡沒有積蓄。我的意思是，您已經了解我們足夠長的時間了，我們一直在研究如何提高利潤。我們不只是努力成為海洋中的軟木塞，隨著經濟的發展而被沖刷。因此，我們一直在尋求效率，這證明了我們的團隊，他們已經在一起很長時間了，知道我們處於一個普遍通貨膨脹的環境中，我們在維加斯和大西洋城，那裡是我們最大的工會風險正在應對成本增加，而我們往往不會只是吃這個。我們打算從營運角度改善業務，提高效率並實現成長。這就是我們前進的期望。

Okay. Great. That's helpful. And then just as a follow-up on Digital. You gave -- Tom, you gave Digital ex North Carolina. I was just curious if you could give us or Eric, if you could give us the theoretical hold with the new -- with the Bumped up Parlay mix ex sport outcomes in March, so we can kind of think about the new normal here going forward?

好的。偉大的。這很有幫助。然後作為數字的後續行動。你給了——湯姆，你給了北卡羅來納州的數位公司。我只是好奇你是否可以給我們或艾瑞克，如果你能給我們新的理論支撐——三月的連本帶利混合賽結果，這樣我們就可以思考一下未來的新常態？

Yes. We haven't disclosed our current structural hold, but we've set the target at 8.5%, and we're well on the way there. Tom had referenced the increase in the Parlays. But on top of that, we also have increased of the people making Parlays. They're making more legs, which has a compounding effect. And so we're very pleased with the progress we're making. And as we mentioned, absent those 2 large event outcomes, we would have seen even a larger increase year-over-year than what we did. What we were able to achieve.

是的。我們尚未揭露目前的結構性持有量，但我們已將目標定為 8.5%，而且我們正在朝著這個目標邁進。湯姆提到了連本帶利的增加。但除此之外，我們也增加了參與連本帶利的人數。他們正在製造更多的腿，這會產生複合效應。因此，我們對所取得的進展感到非常滿意。正如我們所提到的，如果沒有這兩個大型事件的結果，我們將看到比去年同期更大的成長。我們能夠實現什麼。

And our next question comes from the line of Steven Wieczynski from Stifel.

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

So Tom, can you help me with some of the numbers that you listed out in your prepared remarks. I got somewhat confused. So -- and that's not difficult to do. But I thought you said $75 million kind of total in terms of weather-hold losses around North Carolina. But then I thought I heard you say Vegas was kind of tied to a $70 million hold the rest of the year. So just trying to reconcile what that -- make sure I have that $75 million total impact, right? And then maybe how that broke down a little more between Vegas-Regionals-Digital?

湯姆，你能幫我看看你在準備好的演講中列出的一些數字嗎？我有些困惑了。所以——這並不難做到。但我以為你說的是北卡羅來納州周圍天氣原因造成的損失總計 7500 萬美元。但後來我想我聽到你說維加斯與今年剩餘時間的 7000 萬美元持有掛鉤。所以只是想協調一下——確保我能產生 7500 萬美元的總影響，對吧？那麼維加斯-地區-數字之間的關係又是如何進一步破裂的呢？

Yes. I told you the big ones. The three big ones. Hold Weather and North Carolina launch were more than $75 million. I mentioned other things like Adele moving that are smaller stuff that gets us to, if I'm looking at true non-onetime performance. I'm getting back to pretty close to even versus last year, which would include an increase in Digital if you're losing the $20 million North Carolina loss, an increase in Regional. But Vegas is probably still a little short to the record first quarter last year.

是的。我告訴過你大的。三個大的。 Hold Weather 和北卡羅來納州的發射費用超過 7,500 萬美元。我提到了其他一些事情，例如阿黛爾搬家，如果我關注的是真正的非一次性表演，那麼這些都是讓我們去做的較小的事情。與去年相比，我的業績已經接近持平，其中包括數位業務的成長（如果北卡羅來納州損失 2000 萬美元）以及區域業務的成長。但維加斯距離去年第一季創紀錄的水平可能還有些差距。

Okay. That's perfect. That makes sense. And then Tom, you indicated you guys will start to go on the offensive as or on offense as your CapEx is reduced. And you mentioned that, that means you could look at external growth opportunities. So I guess the simple question is what do you consider a growth opportunity these days?

好的。那很完美。這就說得通了。然後湯姆，你表示，隨著你的資本支出減少，你們將開始進攻。您提到過，這意味著您可以專注於外部成長機會。所以我想一個簡單的問題是，您認為現在的成長機會是什麼？

I think the most attractive opportunity I have for free cash flow, if I'm living in the current neighborhood is my own stock.

我認為，如果我住在目前的社區，我擁有的自由現金流最有吸引力的機會就是我自己的股票。

And our next question comes from the line of Daniel Politzer from Wells Fargo.

我們的下一個問題來自富國銀行的 Daniel Politzer。

I wanted to touch on Las Vegas a little bit on the non-gaming side. I know you mentioned that occupancy was up a couple of hundred basis points year-over-year. But if we look at even the nongaming revenues, even adjusting for Rio, it seems like it's lagging the market I mean, can you maybe zoom in a little bit there and give us color? Is it low end versus high end? I know there was disruptions during the quarter, but is there anything else, I guess, under the surface that we should just kind of be aware of?

我想談談拉斯維加斯的非博彩方面。我知道您提到入住率年增了幾百個基點。但如果我們看看非博彩收入，甚至對裡約進行調整，它似乎落後於市場，我的意思是，你能否放大一點，給我們一些顏色？是低端還是高端？我知道本季出現了中斷，但我想，在表面之下還有什麼我們應該注意的嗎？

I don't have anybody else's numbers yet in terms of the quarter. Our hotel revenues are up. Our food and beverage revenue was up about 14%. I'll be surprised if that's lagging the market.

我還沒有其他人的季度數據。我們的酒店收入有所上升。我們的食品和飲料收入成長了約 14%。如果這落後於市場，我會感到驚訝。

That's ex Rio, I assume?

我想那是前裡約吧？

Correct.

正確的。

Okay. And then I guess for my follow-up, on the noncash flow producing assets you mentioned, I mean you've kind of pivoted to more of a floating rate structure on your capital in terms of your balance sheet. How do you think about where interest rates are and some of those assets? I mean, is Centaur coming back into the mix as a potential option? Or when you talk about those noncash flow producing assets, is it completely -- is that in Regional, strip real estate? Any incremental detail or clues would be helpful.

好的。然後我想，對於我的後續行動，關於您提到的非現金流產生資產，我的意思是，就您的資產負債表而言，您的資本已轉向更多的浮動利率結構。您如何看待利率和其中一些資產的情況？我的意思是，半人馬是否會作為一個潛在的選擇重新加入其中？或者，當您談論那些非現金流產生資產時，它完全是在區域性、地帶性房地產嗎？任何增量細節或線索都會有所幫助。

I'm not going to help you on the clues. I'll tell you, Centaur is -- would certainly not be described as a nonoperating casino generating cash flow. So that's not part of it. But there's a lot of assets in this company that don't make it into your sum of the parts that have real value that we can realize and you shouldn't be surprised if we start to put some of them on the board in '24.

我不會幫你找線索。我告訴你，半人馬座肯定不會被描述為產生現金流的非營運賭場。所以這不是其中的一部分。但這家公司有很多資產並沒有納入我們可以實現的真正價值的部分總和中，如果我們在 24 年開始將其中一些資產放在董事會上，您不應該感到驚訝。

And our next question comes from the line of Barry Jonas from Truist Securities.

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

I want to dig a little more into what you're seeing with the consumer and the Regionals in Vegas. And maybe just touch on visitation as opposed to spend per visit trends?

我想更深入地了解您在維加斯的消費者和地區所看到的情況。也許只涉及訪問量而不是每次訪問的支出趨勢？

Yes. Look, I've tried to make clear all of our volume indicators were healthy in the quarter. Vegas number -- obviously, we lost CON/AGG, we picked up Super Bowl. So you had a big group that didn't show up in a big group that wasn't part of last year. But you can see it in our hotel occupancy, our hotel revenue, our food and beverage, all of those numbers remain healthy. The fact that regional ex January would have grown year-over-year should tell you that the consumer on -- that we see on balance continues to remain healthy and spending is robust.

是的。聽著，我試著表明我們所有的交易量指標在本季都是健康的。維加斯的數據——顯然，我們輸掉了 CON/AGG，但我們贏得了超級碗。所以你有一個大團體沒有出現在去年不屬於的一個大團體。但你可以從我們的酒店入住率、酒店收入、食物和飲料中看到這一點，所有這些數字都保持健康。事實上，一月份前的區域性年增長應該告訴您，我們總體上看到的消費者繼續保持健康，支出強勁。

Got it. Got it. And then just curious, what are your expectations today around VICI exercising its call option for Centaur?

知道了。知道了。然後只是好奇，您今天對 VICI 行使其 Centaur 的看漲期權有何期望？

I mean you guys are closer to accretion dilution math for them. I suspect that's what ultimately makes the decision. We are operating under the assumption that they intend to exercise, which is what they've told us in the past, but they've also said they won't do a dilutive deal. And as I understand, it's pretty close as it sits here today.

我的意思是你們更接近他們的吸積稀釋數學。我懷疑這就是最終做出決定的原因。我們的營運假設是他們打算行使，這是他們過去告訴我們的，但他們也表示不會進行稀釋性交易。據我了解，今天就在這裡，它已經非常接近了。

And our next question comes from the line of David Katz from Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

Appreciate all the detail. I just wanted to drill down a little further on the Digital discussion. If I sort of start off with notionally $50 million and I worked through the math, as I think you've laid it out, what it appears to imply is that the business grows to something just under $400 million of EBITDA? And is the inference that those deals that are rolling off are that significant that there are that they're in the 9-figure neighborhood in terms of the cost that goes away? Or is -- if you can sort of help me sort of dial in my mistake if I've made one?

欣賞所有的細節。我只是想進一步深入討論數位化討論。如果我從名義上的 5000 萬美元開始，然後我進行了數學計算，正如我認為您已經列出的那樣，這似乎意味著該業務將增長到 EBITDA 略低於 4 億美元？那些正在滾動的交易是否如此重要以至於它們在消失的成本方面處於 9 位數附近？或者是——如果我犯了一個錯誤，你能幫我糾正我的錯誤嗎？

The partnership roll-off is significant and material. I'm giving you -- we grow like the market grows. We're growing in excess of that. And that's where I said we can argue about is $500 million the full year of '25? Or are we just short of it and we surpassed it early in '26? I would say the jury is out there. The argument that we're not going to get to $500 million. The math does not support that at this point.

此次合作關係的縮減意義重大且實質。我告訴你—我們隨著市場的成長而成長。我們的成長超過了這個數字。這就是我所說的我們可以爭論 25 年全年 5 億美元的問題？或者我們只是還沒有達到它，而我們在 26 年初就超越了它？我想說陪審團就在那裡。關於我們不會達到 5 億美元的爭論。目前數學還不支援這一點。

Understood. So there may be just a little bit more growth in the market in there and the timing of how that rolls in and the partnerships, et cetera. But the partnerships are pretty material?

明白了。因此，那裡的市場可能會有更多的成長，以及成長的時機和合作關係等等。但合作關係是相當重要的嗎？

Yes, they are chunky and kind of roll off in that -- the bulk of them in that '25 time frame. But also note, again, whether that's a full year of '25 or its beginning of '26, it's a point in time, and we're going to continue growing beyond that.

是的，它們很粗壯，而且有點滾動——其中大部分是在 25 年的時間範圍內的。但也要再次注意，無論是 25 年全年還是 26 年初，這都是一個時間點，我們將在這個時間點之後繼續成長。

Understood. $100 million is -- when a $100 million is chunky, that's pretty good.

明白了。 1 億美元——當 1 億美元很大時，那已經相當不錯了。

And our next question comes from the line of Stephen Grambling from 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（Stephen Grambling）。

You mentioned a few times that looking across, whether it's the regions or Vegas, your expectations ex one-timers are effectively consistent. But what KPIs are you watching to assess whether it makes sense to perhaps start playing defense as it relates to costs? And as a related follow-up, what are the biggest levers if things were to erode and how should investors generally think about operating leverage as it seems like the market is back to worrying a little bit about the consumer here, and you've been able to be nimble in the past?

您多次提到，縱觀整個地區，無論是在其他地區還是拉斯維加斯，您對一次性玩家的期望實際上是一致的。但是，您正在關注哪些關鍵績效指標來評估可能開始採取防禦措施是否有意義，因為它與成本有關？作為相關的後續行動，如果事情受到侵蝕，最大的槓桿是什麼？

Yes, Stephen, I'd say we're always on defense on costs. And we are -- you should presume in a quarter like this, after the run that these businesses have had that we would be going to our local leaders and saying show me how we can tighten further, either by generating more revenue or more or fewer costs so that it's EBITDA additive. I'm not in the habit of coming up with a pithy name for that type of program. And laying out what those targets would be. But you should expect that we have initiatives in place that are well into 9 figures that we would anticipate flowing through the business by the end of this year. And that's partly just that's what we do, but it's also -- we recognized that growth is going to be not as easy to come by in the brick-and-mortar as it's been coming out of COVID. And we intend to continue to grow. So you should expect that's ongoing. I don't have a good acronym for it, but expect that you're going to see that flowing through in the coming quarters.

是的，史蒂芬，我想說我們總是在成本上採取防禦措施。我們——你應該假設在這樣的一個季度，在這些企業經歷了一番經營之後，我們會去找當地領導人，告訴我如何進一步收緊政策，要么通過產生更多收入，要么增加或減少收入。我不習慣為此類程式起一個簡潔的名稱。並列出這些目標。但您應該預料到，我們已經制定了高達 9 位數的舉措，預計到今年年底，這些舉措將在整個業務中實現。這在某種程度上就是我們所做的，但我們也意​​識到，實體店的成長將不像新冠疫情那樣容易實現。我們打算繼續成長。所以你應該預料到這種情況將會持續下去。我沒有一個很好的縮寫詞，但預計您會在接下來的幾個季度中看到它的出現。

Got it. And maybe just not put words in your mouth, but to make sure this is clear. I guess, if things were to erode, you're already taking action so you would help mitigate any kind of operating deleverage? But on the flip side, if things reaccelerate, we could actually anticipate greater flow-through?

知道了。也許只是不要把話放在嘴裡，但要確保這是清楚的。我想，如果情況惡化，您已經採取行動，以便幫助減輕任何類型的經營去槓桿化？但另一方面，如果事情重新加速，我們實際上可以預期更大的流量？

Correct.

正確的。

And our next question comes from the line of Shaun Kelley from Bank of America.

我們的下一個問題來自美國銀行的肖恩凱利。

I wanted to just dig in on -- or go back to digital for a second. Some of the numbers given in the prepared remarks on both OSB growth and iGaming are obviously super compelling. They don't totally tie out some of the disclosures in the 10-Q. I think some of this has to do with what you're seeing in maybe the brick-and-mortar side of the Sports book business or maybe the way that some of that played through with Super Bowl. Could you help us square some of those because, again, like I think some of the sports betting numbers, in particular, that were quoted -- on the OSB side, we're up very, very strongly. But we see in the disclosure, at least actual volumes were on Sports Betting handle were slightly down. So could you help us with that a little bit?

我想深入研究一下——或者回到數位領域。準備好的有關 OSB 增長和 iGaming 的評論中給出的一些數字顯然非常引人注目。他們並沒有完全關聯 10-Q 中的一些揭露內容。我認為這在一定程度上與你在體育博彩業的實體方面所看到的情況有關，或者可能與超級碗的一些運作方式有關。您能否幫助我們解決其中一些問題，因為，就像我認為特別是引用的一些體育博彩數字一樣，在 OSB 方面，我們的漲幅非常非常強勁。但我們在披露中看到，至少體育博彩手把的實際交易量略有下降。那你能幫我們一點忙嗎？

So you've got North Carolina is a piece of it. But yes, Retail Sports was negative from a hold perspective in the quarter. And that hit revenue and flows through, that's where you're most acute flow-through of both Super Bowl and March Madness hints.

所以北卡羅來納州是其中的一部分。但是，從本季持有的角度來看，零售體育是負面的。這會影響收入和流量，這就是超級盃和瘋狂三月暗示的最敏銳的流量。

And Tom, just to clarify that Retail Sports Book hold was actually negative for the entire quarter? Was there the outlook for that...

湯姆，只是為了澄清整個季度零售體育博彩的持有量實際上是負數？有這樣的前景嗎...

No, it was down materially from last year's first quarter.

不，它比去年第一季大幅下降。

Okay. Okay. That's helpful. And then look, I know this one may be a little bit of the dead horse. But just to go back to the Las Vegas volumes. I mean, I think the bottom line here, Tom, is when you see the numbers that you see and you strip out or adjust for the Rio, it really sounds like you don't believe there's much of a volume or a consumer challenge or change here at the margin. And I just kind of wanted to A, double check that and B, just get your thoughts on kind of broader market share because it does feel like what we see just mostly through industry statistics, is share gains particularly consolidating it like the top end or some of the luxury and more Baccarat focused properties on the market. How are you kind of adjusting or moving around the portfolio to compete or to hold share in this environment today?

好的。好的。這很有幫助。然後你看，我知道這可能是有點死馬了。但回到拉斯維加斯卷。我的意思是，湯姆，我認為這裡的底線是，當你看到你看到的數字並針對 Rio 進行剔除或調整時，聽起來你確實不相信有太大的銷售或消費者挑戰或在此處的邊距處進行更改。我只是想A，仔細檢查一下，B，只是想了解一下您對更廣泛的市場份額的看法，因為感覺我們主要透過行業統計數據看到的是份額收益，特別是像高端或高端市場那樣將其鞏固起來。您如何調整或調整投資組合以在當今的環境中競爭或持有份額？

Yes, Look, I'm looking at EBITDA. I'm not looking at GGR share. That's what you move with promo. Our international business was as high as it's been since going back to '19 in the quarter, our high -- our VVIP volumes were quite strong, we didn't hold. If you look at -- is it March has been reported already? Somebody is going to tell you they held because it wasn't us. And Baccarat held in the quarter or in the month. So we're really not seeing much in the way of share shifts that we need to respond to. If you look at the quarter, I would say January didn't feel great on a year-over-year basis. February and March did feel great, and the net result was volumes ended up about the same for the quarter against the biggest first quarter we've ever had. So I suspect when you hear others you might hear January didn't start that great, but that was very short-lived and February and March up much better.

是的，看，我正在看 EBITDA。我不是看 GGR 份額。這就是您透過促銷移動的內容。我們的國際業務達到了自 19 年以來的最高水平，我們的 VVIP 業務量相當強勁，但我們沒有堅持住。如果你看一下－是否已經報道了三月的情況？有人會告訴你他們之所以持有，是因為不是我們。而百家樂則以季度或月份舉行。因此，我們確實沒有看到太多需要我們應對的份額變化。如果你看看這個季度，我會說一月與去年同期相比感覺不太好。二月和三月的感覺確實很棒，最終結果是該季度的銷量與我們有史以來最大的第一季大致相同。所以我懷疑當你聽到其他人的聲音時，你可能會聽到一月的開始並不那麼好，但那是非常短暫的，二月和三月的情況要好得多。

And our next question comes from the line of John DeCree from CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Maybe two. The first one back on Las Vegas. I'm not sure if I missed in the prepared remarks, if we already touched on it, I apologize. But I know Tom -- gave some color on 2Q, but curious if you guys have any stats in front of you about the balance of the year beyond that, perhaps where you have some visibility in Vegas like group bookings or mix group pacing or rate pacing? Just give us a sense of what the back half might look like?

也許是兩個。第一個回到拉斯維加斯。我不確定我是否錯過了準備好的發言，如果我們已經觸及它，我深表歉意。但我知道湯姆 - 在第二季度提供了一些信息，但很好奇你們面前是否有任何有關今年剩餘時間的統計數據，也許你們在維加斯有一些可見度，例如團體預訂或混合團體節奏或費率節奏？只是讓我們來了解後半部會是什麼樣子？

John, same comments on group and convention as we talked about on the last call. For the year, we would expect group and convention to be up in '24 versus '23. That segment set records in 2022 and 2023. In the first quarter, we were down a little bit as a percentage of occupied room nights. We were at 19% this year versus 21% last due to CON/AGG. But the pace for the remaining quarters 2Q, 3Q and 4Q looks very good.

約翰，對團體和大會的評論與我們在上次電話會議中討論的相同。今年，我們預計 24 年團體和大會人數將比 23 年增加。該細分市場在 2022 年和 2023 年創下了記錄。由於 CON/AGG，我們今年的比例為 19%，而去年為 21%。但剩餘季度第二季、第三季和第四季的步伐看起來非常好。

Great. Thanks Brian. And Tom, maybe one for you on external use of capital. I think your response to a prior question is pretty clear about where you see the stock. But given the kind of explosive growth we've seen in costs across the industry in the U.S. and your team's track record of operating efficiency, does domestic M&A as a way of perhaps finding more EBITDA growth than your peers? Or is there opportunities in the domestic market that might look interesting given your kind of abilities and your team's abilities relative to the cost growth that we've seen?

偉大的。謝謝布萊恩。湯姆，也許可以跟你講一篇關於資本外部使用的文章。我認為您對先前問題的回答非常清楚您在哪裡看到該股票。但考慮到我們在美國看到的整個行業成本的爆炸性增長以及您團隊的營運效率記錄，國內併購是否可能是比您的同行獲得更多 EBITDA 增長的一種方式？或考慮到您的能力和團隊的能力（相對於我們所看到的成本成長），國內市場上是否存在看起來有趣的機會？

Short answer, John, is yes, we think there are but those that are of -- those that make a difference in terms of talking about in terms of scale would require equity as a piece of a transaction and in the current neighborhood, I'm certainly not a seller of my equity for any reason.

簡短的回答，約翰，是的，我們認為有，但那些在規模方面產生影響的人需要股權作為交易的一部分，而在當前的社區，我'我當然不會以任何理由出售我的股權。

And our next question comes from the line of Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的查德貝農 (Chad Beynon)。

On the Digital side, can you just remind us or kind of help us think about what's additive versus cannibalization after you launched your casino brand? And could this just be kind of a step forward for another thing? How many brands do you think makes the most sense in your consumer data?

在數位方面，您能否提醒我們或幫助我們思考在您推出賭場品牌後什麼是附加性與蠶食性？這是否是另一件事向前邁出的一步？您認為在您的消費者數據中最有意義的品牌有多少？

Well, ultimately, you're limited by how many skins that you have. So you saw the transaction that we did with Wynn in Michigan that allows us hopefully, before too long to have another skin in that state. So we have two available in each iCasino jurisdiction and that should allow us to launch a second brand, and then we'll -- obviously, we'll see what happens after that and where we can get to from a skin perspective, it's different by state, but we have enough at this point to launch in every iCasino state.

好吧，最終，你受到擁有的皮膚數量的限制。所以你看到了我們與密西根州永利公司進行的交易，這讓我們有望在不久的將來在該州擁有另一款皮膚。因此，我們在每個iCasino 管轄區都有兩個可用，這應該允許我們推出第二個品牌，然後我們- 顯然，我們會看看之後會發生什麼，以及從皮膚的角度來看我們可以到達哪裡，這是不同的按州劃分，但目前我們有足夠的資源可以在每個 iCasino 州推出。

And then coming back to margins. I know before you've said in some of the markets you need to grow revs, I believe, 5% to hold margins. Does that broad statement hold true? Or could you grow slightly lower than that and still keep margins flat on a year-over-year basis?

然後回到邊緣。我知道，在您說過在某些市場上，您需要將轉速提高 5% 才能保持利潤。這種廣泛的說法是否正確？或者您的成長可以略低於該水平，但仍保持同比利潤率持平？

Yes, I'd say yes to slightly lower, but I'd use 5% as a target.

是的，我會同意稍微降低一點，但我會使用 5% 作為目標。

And our next question comes from the line of Daniel Guglielmo from Capital One Securities.

我們的下一個問題來自第一資本證券公司的 Daniel Guglielmo。

The Harrah's in Pompano has continued to perform well after the expansion and rebrand outside of the current pipeline. Do you all have any similar near-term projects for properties that may be dealing with some of the competitive pressures that were mentioned in the opening remarks?

龐帕諾的哈拉斯 (Harrah's) 在現有管道之外進行擴張和品牌重塑後，繼續表現良好。你們是否都有類似的近期房地產項目，可能會應對開場白中提到的一些競爭壓力？

So the only place we have a similar undeveloped real estate piece is Scioto Downs in Columbus, which could be a longer-term opportunity, but that Pompano development has been, what, 5 plus years in the making at this point. Slow developing, but it's gratifying to see what it's doing for both revenue and EBITDA at that property.

因此，我們擁有類似的未開發房地產的唯一地方是哥倫布的 Scioto Downs，這可能是一個長期的機會，但 Pompano 的開發已經，什麼，已經醞釀了 5 年多了。發展緩慢，但令人欣慰的是看到它為該物業帶來的收入和 EBITDA 所做的貢獻。

Okay. Appreciate that. And then just around expenses. So the negotiations and the expense accruals have been pushed through and the contracts give some predictability for the next few years? But are there any surprises or dynamics you all are thinking through on the expense side this year into 2025?

好的。感謝。然後就是圍繞開支。那麼談判和應計費用已經完成，合約對未來幾年有一定的可預測性嗎？但從今年到 2025 年，你們在考慮費用方面是否有任何意外或動態？

No, not really, other than what I've discussed in terms of opportunities on both revenues and expenses that we are targeting based on the list we put together at the beginning of the year. There's nothing. It's a lot of small stuff that adds up to a big number that we need to go block and tackle, and that's what we intend to do.

不，不是真的，除了我根據年初列出的清單所討論的收入和支出機會方面的內容之外。什麼也沒有。很多小事情加起來就是一個大數字，我們需要阻止和解決，這就是我們打算做的。

And due to time constraints, this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Tom Reeg for any further remarks.

由於時間關係，今天節目的問答環節到此結束。我想將程式交還給湯姆·雷格以供進一步評論。

Thanks, everybody. We'll talk to you next time.

謝謝大家。我們下次再聊。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。