Caesars Entertainment Inc (CZR) 2024 Q2 法說會逐字稿

Hello, thank you for standing by. Welcome to Caesars Entertainment, Inc. 2024 Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions)

您好，謝謝您的支持。歡迎參加凱撒娛樂公司 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員說明）

I would now like to turn the call over to Brian Agnew, Senior Vice President of Corporate Finance, Treasury, and Investor Relations. Sir, you may begin.

我現在想將電話轉給公司財務、財務和投資者關係高級副總裁布萊恩·阿格紐 (Brian Agnew)。先生，您可以開始了。

Thank you, Tawanda, and good afternoon to everyone on the call. Welcome to our conference call to discuss our second quarter 2024 earnings. This afternoon, we issued a press release announcing our financial results for the period ended June 30, 2024. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com.

謝謝你，塔旺達，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 年第二季的收益。今天下午，我們發布了一份新聞稿，公佈了截至 2024 年 6 月 30 日的財務業績。

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

像往常一樣，今天與我一起參加電話會議的還有我們的執行長 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；凱撒體育和線上遊戲總裁 Eric Hession 和投資者關係部總裁 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.

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。

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 on our Investor Relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure.

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。

With that out of the way, I will turn the call over to Anthony.

解決這個問題後，我會將電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. Our second quarter delivered consolidated net revenues of $2.8 billion and total adjusted EBITDAR of $1 billion, both flat versus prior year. Our Las Vegas segment delivered a same-store second quarter net revenue record of $1.1 billion and our adjusted EBITDAR of $514 million beat the prior year by 1.2%. These results were driven by continued growth in hotel cash revenue as a result of higher year-over-year occupancy and ADRs and record performance from our food and beverage.

謝謝你，布萊恩，祝所有參加電話會議的人下午好。我們第二季的綜合淨收入為 28 億美元，調整後 EBITDAR 總額為 10 億美元，均與去年同期持平。我們的拉斯維加斯部門第二季同店淨收入創歷史新高，達到 11 億美元，調整後的 EBITDAR 為 5.14 億美元，比去年同期成長 1.2%。這些業績的推動因素是飯店現金收入的持續成長，這是由於年比入住率和平均房價以及創紀錄的餐飲業績所致。

Recent room renovations at our newly rebranded Versailles Tower at Paris and Colosseum Tower at Caesars Palace are driving above-plan returns on investment driven by strong gains in cash ADRs. The group and convention segment also delivered an increase in occupied room night makes year-over-year and recent forward pace for 2025 has strengthened.

最近，我們重新命名的巴黎凡爾賽塔和凱撒宮羅馬競技場塔的房間翻新工程在現金美國存託憑證的強勁增長的推動下，推動了投資回報高於計劃。團體和會議部門的入住夜數也同比有所增加，並且近期 2025 年的前進步伐有所加強。

Las Vegas EBITDAR margins of 46.6% were down only 40 basis points year-over-year despite increases in labor. We remain encouraged for operating trends in Las Vegas segment based on our forward expectations for continued strong occupancy and hotel pricing trends coupled with the decrease in room inventory on the Las Vegas Strip.

儘管勞動力增加，拉斯維加斯的 EBITDAR 利潤率為 46.6%，年比僅下降 40 個基點。基於我們對持續強勁的入住率和飯店定價趨勢的前瞻性預期，以及拉斯維加斯大道客房庫存的減少，我們對拉斯維加斯業務的營運趨勢仍然感到鼓舞。

In our regional segment, adjusted EBITDAR for the quarter was $469 million, down 8% year-over-year. Results were driven by a combination of competitive pressures in certain markets, construction disruption, principally in New Orleans, and a difficult comparison in Reno due to a large group event last year, offset by performance from our Danville and Nebraska properties. Despite revenue declines, EBITDA margins in our regional segment were down only 100 basis points, reflecting strong cost discipline.

在我們的區域部門，本季調整後的 EBITDAR 為 4.69 億美元，年減 8%。業績的推動因素包括某些市場的競爭壓力、施工中斷（主要是在新奧爾良）以及去年大型團體活動導致裡諾難以進行比較，但被丹維爾和內布拉斯加州物業的業績所抵消。儘管收入下降，但我們區域部門的 EBITDA 利潤率僅下降了 100 個基點，反映出嚴格的成本控制。

During the quarter, we celebrated the opening of Paris, Nebraska's permanent facility on May 17th, the company's first property in the state, which is off to a strong start. We look forward to the completion of our newly rebranded Caesars property in New Orleans in October and the opening of the Danville permanent facility in December. Our elevated capital investment cycle is coming to an end which will drive strong returns for the regional segment looking ahead.

本季度，我們慶祝了內布拉斯加州巴黎永久工廠於 5 月 17 日開業，這是該公司在該州的第一家工廠，這是一個很好的開端。我們期待 10 月在新奧爾良重新命名的凱撒酒店竣工，並期待 12 月丹維爾永久設施開業。我們的資本投資週期即將結束，這將為未來的區域市場帶來強勁的回報。

Our team members continue to deliver exceptional guest experiences as a result of their continued hard work and dedication. I want to thank all of our team members for their contributions to our strong results, which are a product of their commitment to excellence.

我們的團隊成員透過持續的辛勤工作和奉獻精神，繼續為賓客提供卓越的體驗。我要感謝我們所有的團隊成員為我們所取得的優異成績所做的貢獻，這是他們追求卓越的結果。

With that I will now turn the call over to Eric for some detail on the second quarter results in our Caesars Digital segment.

現在，我將把電話轉給埃里克，以了解有關凱撒數位部門第二季業績的一些詳細資訊。

Thanks, Anthony Caesars Digital delivered second quarter net revenues of $276 million up 28% year-over-year and set a quarterly adjusted EBITDA record of $40 million versus $11 million in the year ago period. Including this quarter, we have now generated trailing 12 months EBITDA of $76 million. Our net revenue flow through EBITDA in the quarter remained within our 50% range.

感謝 Anthony Caesars Digital 第二季淨收入達 2.76 億美元，年增 28%，並創下 4,000 萬美元的季度調整 EBITDA 記錄，而去年同期為 1,100 萬美元。包括本季在內，我們目前過去 12 個月的 EBITDA 為 7,600 萬美元。本季我們的 EBITDA 淨收入流維持在 50% 的範圍內。

Net revenues in our sports betting segment increased 19% year-over-year, driven by flat handle and hold of 7.2% which improved 80 basis points versus last year. Our product on the sports side continues to improve and our customers are reacting positively to our increasing mix of parlay and in-game offerings. We continue to drive growth in our parlay wagers with the percentage of that type of wager growing 380 basis points year-over-year, consistent with the trends we've observed throughout the year.

我們的體育博彩部門的淨收入年增 19%，這得益於 7.2% 的平局和持倉率，比去年提高了 80 個基點。我們在運動方面的產品不斷改進，我們的客戶對我們不斷增加的連贏和遊戲內產品組合做出了積極的反應。我們繼續推動連贏投注的成長，此類投注的百分比年增 380 個基點，這與我們全年觀察到的趨勢一致。

In July, we closed on the acquisition of ZeroFlucs a leading sports betting technology company based in Australia. ZeroFlucs team has already started contributing to the product innovation and driving hold improvements and customer engagement. In our eye gaming segment net revenues grew 50% for the second consecutive quarter driven by a 33% increase in volume and a 30 basis point year-over-year improvement in hold. Caesars Palace Online continues to grow as a percentage of our total iCasino revenues. We're actively enhancing the product offerings by adding new and exciting game content including exclusively designed Caesars Themed Games.

7 月，我們完成了對 ZeroFlucs 的收購，ZeroFlucs 是一家位於澳洲的領先運動博彩技術公司。 ZeroFlucs 團隊已經開始為產品創新做出貢獻，並推動維持改進和客戶參與。在我們的眼睛遊戲領域，淨收入連續第二個季度增長 50%，這得益於銷量增長 33% 和持有量同比提高 30 個基點。凱撒宮在線在我們 iCasino 總收入中所佔的比例持續增長。我們正在積極增強產品供應，添加新的、令人興奮的遊戲內容，包括專門設計的凱撒主題遊戲。

We successfully completed the acquisition of WynnBet's operations in Michigan in June which sets the stage for the introduction of our new iGaming app, which will be branded the Horseshoe in early Q3. As we head to the back half of the year, we continue to be optimistic about the progress we're making in both sports and iCasino and I believe we are well set up for a strong finish to the year. We now offer sports betting in 32 North American jurisdictions 26 of which offer mobile wagering.

6 月，我們成功完成了對 WynnBet 在密西根州業務的收購，這為推出新的 iGaming 應用程式奠定了基礎，該應用程式將在第三季初命名為 Horseshoe。進入今年下半年，我們繼續對體育和 iCasino 方面的進展感到樂觀，我相信我們已做好充分準備，為今年取得強勁的成績。我們現在在 32 個北美司法管轄區提供體育博彩，其中 26 個司法管轄區提供行動投注。

I'll now pass the call back to Bret for some comments on the balance sheet.

現在我將把電話轉給布雷特，徵求對資產負債表的一些評論。

Thanks, Eric. Strong free cash flow generation of over $100 million in Q2 was applied to permanently reduce our 2030 Term Loan B. Our refinancing activity over the past two years has significantly extended our maturity profile with our nearest maturity now three years away. We continue to monitor the capital markets to opportunistically lower our cost of debt.

謝謝，埃里克。第二季超過1 億美元的強勁自由現金流產生用於永久減少我們的2030 年定期貸款B。有三年。我們繼續監控資本市場，以伺機降低我們的債務成本。

As Anthony noted previously our elevated capital investment cycle is nearing completion and we expect to see CapEx coming down by roughly $200 million in 2025 setting the stage for increasing free cash flow. Over to Tom.

正如安東尼先前指出的，我們的資本投資週期已接近完成，我們預計 2025 年資本支出將下降約 2 億美元，為增加自由現金流奠定基礎。交給湯姆。

Thanks. To dig a little more deeply into numbers starting in regional. April was a terrible month for us when we last talked to you. We were obviously in April, you had the Easter calendar shift, it wasn't clear how the month would shake out. But if you look at the decline in regional year-over-year April was more than a 100% of that May and June both were up year-over-year.

謝謝。從區域開始更深入地挖掘數字。當我們上次與您交談時，四月對我們來說是一個糟糕的月份。顯然我們是在四月，復活節日曆發生了變化，不清楚這個月會如何變化。但如果你看看 4 月份地區年降幅度超過 100%，那麼 5 月和 6 月的年減幅度都超過了 100%。

If you look at Caesars-specific items in the quarter New Orleans were at peak Construction disruption in the center of the casino right now, that's going to continue for the next month or so, so that hits us in this quarter as well. Reno those of you have followed us a long time know that, one of the biggest groups in Reno are the bowlers. This year's bowling group is about 20% of the size of last year. So we're missing well over 40,000 direct room nights from them and likely more as they book through other channels.

如果你看看本季度凱撒的具體項目，新奧爾良目前賭場中心的施工中斷正處於高峰期，這種情況將持續到下個月左右，因此這也會在本季度對我們造成影響。裡諾 那些長期關注我們的人都知道，裡諾最大的群體之一是保齡球手。今年的保齡球團體規模約為去年的20%。因此，我們錯過了他們的 40,000 多個直接間夜，而且當他們透過其他管道預訂時，我們可能會錯過更多。

The combination of those two Items in the quarter cost us over $25 million of EBITDA and those will continue into the third quarter, given the bowlers left end of July last year, New Orleans construction will complete Labor Day. In addition, Churchill's Terre Haute property impacted Indianapolis in the quarter. And we anniversaried the temporary opening in Virginia for about half of the quarter. So as I look forward, I'd expect third quarter looks something like this. Fourth quarter, we get the benefit of a full quarter of New Orleans rolling out its new product.

本季這兩項工程總共花費了我們超過 2500 萬美元的 EBITDA，這些成本將持續到第三季度，因為保齡球手去年 7 月底離開，新奧爾良的建設將在勞動節結束。此外，邱吉爾的特雷霍特財產在本季度影響了印第安納波利斯。我們在本季度的大約一半時間慶祝了弗吉尼亞州臨時開業的周年紀念日。因此，當我展望未來時，我預計第三季會是這樣的。第四季度，我們受惠於新奧爾良整整一個季​​度推出的新產品。

Recall that we've got about $80 million there of incremental gaming revenue, that the way taxes work in New Orleans would be without casino tax to us, and then expect Virginia to open before the end of the year. So I would expect we'd be a grower in the fourth quarter, third quarter probably looks similar to this. And then we feel good about 25 in regional.

回想一下，我們在那裡獲得了大約 8000 萬美元的增量博彩收入，新奧爾良的稅收工作方式將不對我們徵收賭場稅，然後預計弗吉尼亞州將在年底前開業。因此，我預計我們將在第四季度成為種植者，第三季度可能與此類似。然後我們對地區 25 感覺良好。

In Vegas, very pleased with the quarter. Keep in mind we had about $20 million of headwinds between union contract raises plus employees in venues that weren't open last year, so restaurants that were under construction and opened subsequent to second quarter last year. So to fade that 20 and grow, I'm particularly heartened that hold was a non-event in the quarter. We were in our range and the difference quarter-over-quarter was less than the increase in EBITDA. Obviously, we held margins well.

在維加斯，對這個季度非常滿意。請記住，工會合約加薪加上去年未營業的場所的員工以及正在建設中並於去年第二季度後開業的餐廳之間存在約 2000 萬美元的阻力。因此，為了淡出 20 並實現成長，我特別高興的是，本季沒有發生持有事件。我們處於我們的範圍內，季度環比差異小於 EBITDA 的增幅。顯然，我們的利潤率保持得很好。

Anthony mentioned the two hotel remodels that we did, Coliseum performing quite well. Versailles has knocked the cover off the ball for us. That's Versailles rooms are up $65 in ADR year-over-year, that's almost 60% lift. And that's before the rooms with the balconies came online. Just recently and the connector should open in this quarter that should have further tailwinds on that tower, that's been our most successful hotel renovation in possibly the history of Caesars, certainly since we've been involved.

安東尼提到了我們做過的兩次酒店改造，Coliseum 的表現相當不錯。凡爾賽宮為我們揭開了謎底。凡爾賽宮客房的平均房價年增了 65 美元，幾乎上漲了 60%。那是在有陽台的房間上線之前。就在最近，連接器應該在本季度開放，這應該會對這座塔樓帶來進一步的推動，這可能是凱撒歷史上我們最成功的酒店翻新工程，當然是自從我們參與以來。

So excited about that. Rest of the year looks strong. Expect Vegas to post growth. I know that that's not what's been reflected in estimates, but we feel very good about the rest of the year into ‘25. Eric talked about digital. Another quarter of nearly 30% net revenue growth, 50% flow through, which is what we've told you that we expect to deliver. July's off to a fantastic start. Growth is in excess of that target. So we feel good about third quarter and then we'll get into, by the end of this quarter, we'll be into football. So feel very good about where digital's headed.

對此感到非常興奮。今年剩下的時間看起來很強。預計維加斯將實現成長。我知道這並沒有反映在預估中，但我們對 25 年前的今年剩餘時間感覺非常好。埃里克談到了數位化。另一個季度近 30% 的淨收入成長，50% 的流量通過，這就是我們告訴您的我們期望實現的目標。七月有一個美好的開始。成長超過了該目標。所以我們對第三季度感覺良好，然後我們將在本季度末進入足球領域。因此，我對數位化的發展方向感到非常滿意。

Expect that the Horseshoe brand, the second brand in iCasino can help us build on the gains that we've had since we rolled out Caesars Palace online. So momentum in digital is quite strong for us and all of the targets that we've laid out in the past still seem well within our grasp. So feel very good about that.

希望 iCasino 的第二個品牌 Horseshoe 品牌能夠幫助我們在自在線推出 Caesars Palace 以來所取得的成果的基礎上再接再厲。因此，數位化的勢頭對我們來說相當強勁，我們過去所訂定的所有目標似乎仍然在我們的掌握之中。所以對此感覺很好。

And then as Bret and Anthony both hit on, we will roll out, we'll finish our CapEx cycle that we entered into when we closed the merger in 2020 with the opening of Virginia by the end of the year. That'll bring that CapEx down a couple hundred million gross CapEx, over $500 million. And coupled with what's going on in digital and the brick and mortar portfolio, we're going to see a significant lift in free cash flow.

然後，隨著布雷特和安東尼的提議，我們將推出，我們將完成我們在 2020 年完成合併並在年底開業弗吉尼亞時進入的資本支出週期。這將使資本支出總額減少數億美元，超過 5 億美元。再加上數位化和實體投資組合的發展，我們將看到自由現金流的顯著提升。

As we stated, you should expect us to be looking for what we'll do with that free cash flow. We continue to plan to reduce debt, to reduce leverage at current levels in the stock. I wouldn't be surprised, you shouldn't be surprised if you see us become a buyer of stock as we get to that inflection point.

正如我們所說，您應該期望我們正在尋找我們將如何利用自由現金流。我們繼續計劃減少債務，降低股票當前水準的槓桿率。當我們到達轉折點時，如果您看到我們成為股票買家，我不會感到驚訝，您也不應該感到驚訝。

And with that, I will turn it back for questions.

就這樣，我將把它轉回來以供提問。

Joe Greff, with JPMorgan

喬‧格雷夫，摩根大通

Good afternoon, everybody. I want to start with a question on Las Vegas. Obviously the results were nicely ahead of what we in the industry were forecasting and margins of knocking on 47%, nothing to sneeze at there. Going through some of the various Vegas KPIs that you put in the queue. If I make certain assumptions for slot wins, it looks like the contra gaming revenue, or at least the relationship between casino revenue and gross gaming revenue was very favorable. I mean, the best it's been in four or five, six quarters here. Can you talk about maybe what's driving that and maybe the sustainability of that? And obviously that would lead to a continuation of pretty good margins.

大家下午好。我想先問一個關於拉斯維加斯的問題。顯然，結果遠遠超出了我們業內人士的預測，利潤率高達 47%，這是不容小覷的。查看您放入隊列中的一些各種維加斯 KPI。如果我對老虎機獲勝做出某些假設，那麼看起來相反的博彩收入，或者至少賭場收入與博彩總收入之間的關係非常有利。我的意思是，這是四、五個、六個季度以來最好的。您能談談推動這一趨勢的因素以及其可持續性嗎？顯然，這將導致持續保持相當不錯的利潤率。

So Joe, I'd say, from our standpoint, our approach to promotions in Vegas has not changed at all. I'm not looking at my queue, so I don't know what numbers that you're looking at. But what we found is we have pricing power in Las Vegas. We've known that for quite some time. We've got a great team here that has continued to raise the bar.

所以喬，我想說，從我們的角度來看，我們在維加斯的促銷方式根本沒有改變。我沒有查看我的隊列，所以我不知道您正在查看哪些數字。但我們發現我們在拉斯維加斯擁有定價權。我們已經知道這一點有一段時間了。我們這裡有一支優秀的團隊，他們不斷提高標準。

If you look back to the second quarter of ‘22 was our all-time EBITDA record. So two years ago was our all-time EBITDA record. That was State Farm that was a lot of international business coming and paying back. That was pre-union contract. There's about $76 million of headwinds since that quarter. So two years ago, you had $76 million of stuff, whether it was lower expenses or revenue like the State Farm that doesn't recur every year. And our EBITDA is down a little under $30 million from that quarter. So that speaks to our team. We've been able to -- despite %76 million of headwinds, we've eaten through 50 of that. I think that's a testament to how our guys operate out here and we're pretty proud of that.

如果您回顧第二季度，22 歲是我們的 EBITDA 歷史記錄。兩年前是我們 EBITDA 的歷史最高紀錄。那是國營農場，吸引了大量國際企業前來投資並回報。那是工會前的合約。自該季度以來，存在約 7,600 萬美元的不利因素。兩年前，你擁有 7,600 萬美元的資產，無論是較低的支出還是像 State Farm 這樣每年都不會重複出現的收入。我們的 EBITDA 比該季度下降了近 3000 萬美元。這對我們的團隊來說是這樣的。我們已經能夠——儘管有 7600 萬%的逆風，但我們已經克服了其中的 50 個。我認為這證明了我們的員工在這裡的運作方式，我們對此感到非常自豪。

Great. my second question is for you, Tom, or for Eric in digital. Clearly, you're doing a good job on the iCasino side of things. And I'm presuming that has a much higher margin than the OFB revenues. And I know you have a target out there of $500 million in EBITDAR and if you look at the next couple of years and in consensus numbers, no one's sort of forecasting that. But it looks like this year you could be patient to do or knock on a couple of hundred million of EBITDAR in this segment. Is that close to how you're thinking about it internally? Obviously, taking into account what you're forecasting within a couple of quarters.

偉大的。我的第二個問題是問你的，湯姆，或是數位領域的艾瑞克。顯然，您在 iCasino 方面做得很好。我認為這比 OFB 的收入要高得多。我知道你們的 EBITDAR 目標是 5 億美元，如果你看看未來幾年的共識數字，沒有人能預測到這一點。但看起來今年你可以耐心地在這個領域實現或敲定幾億的 EBITDAR。這與您內部的想法接近嗎？顯然，考慮到您對幾個季度的預測。

Yeah, so a couple of things. I agree with you that iCasino is going to be more profitable from a margin perspective than sports as you look at ultimately more states legalizing. But if you look at the states that are legal now and their tax rate, the delta between margin and iCasino and sports betting is not as large as you would suspect.

是的，有幾件事。我同意你的觀點，從利潤角度來看，iCasino 將比體育更有利可圖，因為你會看到最終更多的州將其合法化。但如果你看看現在合法的州及其稅率，你會發現保證金與 iCasino 和體育博彩之間的差異並不像你想像的那麼大。

Last quarter I laid out, we were a $1 billion of net revenue last year. We were about 50 of EBITDA, a little less than that. And talked about growing 30% on the top-line, 50% flow through that should get you in the neighborhood of $200 million. And we're well on our way there this year. So feel good about that. You know, the key will be, can we do it again next year? And then we get the roll off of the partnership contracts that also will flow to the bottom line, and that's how we get to the same 500 we've been talking about for three years now, you'll believe it at some point.

上個季度我列出了去年我們的淨收入為 10 億美元。我們的 EBITDA 約為 50，比這個少一點。並談到營收成長 30%，流量成長 50%，這將使你的收入達到 2 億美元左右。今年我們正在朝著這個目標前進。所以對此感覺良好。你知道，關鍵是，我們明年還能再做一次嗎？然後我們就開始發放合作夥伴合同，這些合同也將流向利潤，這就是我們如何達到我們三年來一直在談論的 500 強的目標，在某個時候你會相信這一點。

Great. Appreciate the comments. Thanks, Tom.

偉大的。感謝您的評論。謝謝，湯姆。

Carlo Santarelli with Deutsche Bank

卡洛桑塔雷利 (Carlo Santarelli) 與德意志銀行

Hey, Tom, everybody, Anthony, Bret. I just had two questions, both of which more or less relate to kind of the back half of the year in Las Vegas. The first one, and I just want to make sure I understand this properly. Tom, you talked a little bit about the $20 million of incremental costs, some of which are -- the bulk of which related to the culinary union contract. That contract, if I'm not mistaken, and this is where I'm looking for clarity, will see its next escalator in October, which means that in the 3Q, presumably the only increase you should see from that would relate to whatever you might have under-accrued in the 3Q last year, so relatively minimal. Is my understanding of that correct?

嘿，湯姆，大家，安東尼，布雷特。我只有兩個問題，這兩個問題或多或少都與拉斯維加斯下半年的情況有關。第一個，我只是想確保我正確理解這一點。湯姆，您談到了 2000 萬美元的增量成本，其中一些成本——其中大部分與烹飪工會合約有關。如果我沒記錯的話，該合約將在10 月看到下一個自動扶梯，這就是我想要澄清的地方，這意味著在第三季度，大概您應該看到的唯一增長將與您的任何內容有關去年第三季的應計額可能不足，因此相對較少。我的理解正確嗎？

That's accurate, Carlo.

這是準確的，卡洛。

Okay. Thank you. And then the second one, obviously, World Series of Poker is happening right now. You guys kind of have obviously had that in the properties and has historically been a pretty good cash generator for you, not just for the tournament itself, but gaming play in general. Could you comment a little bit about kind of the holistic impact that brand is having across the assets at present?

好的。謝謝。然後第二個，顯然，世界撲克系列賽正在發生。你們顯然已經在房產中擁有了這一點，並且歷來對你們來說都是一個相當不錯的現金產生器，不僅對於錦標賽本身，而且對於一般的遊戲玩法也是如此。您能否評論一下品牌目前對資產的整體影響？

Yeah, so I'll talk about the holistic. Eric can talk about specifics of actual World Series. This was our best World Series ever from a financial perspective. It fills a lot of rooms on the east side of the strip at a time when it can be, as we've noticed recently, almost 120 degrees here, so a good time to have a significant group of gamblers in-house. We see benefits in our hotel. We see benefits in table games. We see benefits in slot play and in our food and beverage that's all ancillary. And hard to quantify, but Eric can talk about the actual economics of the event for us.

是的，所以我要談談整體。艾瑞克可以談論實際世界大賽的細節。從財務角度來看，這是我們有史以來最好的世界大賽。正如我們最近注意到的，這裡的氣溫幾乎達到 120 度，而此時，拉斯維加斯大道東側的許多房間都擠滿了人，所以這是一個聚集大量賭徒的好時機。我們在我們的酒店看到了好處。我們看到了桌上遊戲的好處。我們看到了老虎機遊戲以及我們的食物和飲料的好處，這些都是輔助性的。雖然很難量化，但艾瑞克可以為我們談論活動的實際經濟效益。

Yeah, Carlo, it shows up in our P&L on that other line. It's basically the World Series of Poker plus the skin revenues that we receive from renting our skins in other states. As Tom mentioned, we had a record World Series of Poker here at the venue in Las Vegas. From an economic perspective, it's actually very consistent. The online poker does okay, but doesn't make a huge amount of money, and then the royalty streams and the land-based casinos where the economics are, it makes between $20 million and $25 million for the year as a whole. That's an EBITDA number, and then the balance is going to be the skins that you see there in that other line.

是的，卡洛，它出現在我們損益表的另一行中。它基本上是世界撲克系列賽加上我們在其他州租用皮膚獲得的皮膚收入。正如湯姆所提到的，我們在拉斯維加斯的場地創下了世界撲克系列賽的記錄。從經濟角度來看，其實是非常一致的。線上撲克做得不錯，但賺不了多少錢，然後是版稅流和經濟所在的實體賭場，全年收入在 2000 萬至 2500 萬美元之間。這是一個 EBITDA 數字，然後餘額將是您在另一行中看到的皮膚。

Great. Thank you, guys. Then if I could, just one quick follow-up. Anthony, you mentioned 25 group pace for Las Vegas had strengthened in the period. Could you kind of give some parameters, i.e., what's booked, what you expect mix could be, pace, things of that nature?

偉大的。感謝你們。如果可以的話，只需快速跟進一次即可。安東尼，你提到拉斯維加斯 25 隊的節奏在這段時間有所加強。您能否給出一些參數，即預訂的內容、您期望的組合、節奏、此類性質的事情？

Yeah, Carlo, I think we'll see about mid-single digits above this year and going up into the mid-teens of mix for the market, so a tick up there as well. The team's been doing a great job in future bookings and has really, as I said, come in very strong in the last couple of months for ‘25.

是的，卡洛，我認為今年我們會看到高於個位數的數字，並上升到市場的混合比例，因此也會有所上升。團隊在未來的預訂方面做得非常出色，正如我所說，在過去幾個月的 25 小時內表現非常強勁。

Great. Thanks, everyone.

偉大的。感謝大家。

Brandt Montour with Barclays.

巴克萊銀行的布蘭特·蒙圖爾。

Hi, everybody. Good afternoon or good evening, and thanks for taking my question. I first want to talk about the hotel room rate. If we back into room rates out of the queue, at least from what we can see, it seems like a nice acceleration of room rate in Las Vegas quarter over quarter. I was curious, Tom, if you want to speculate on how much of that -- well, there's some from obviously from Reno leaving.

大家好。下午好或晚上好，感謝您提出我的問題。我首先想談談飯店的房價。如果我們重新調整房價，至少從我們所看到的來看，拉斯維加斯的房價似乎每季都有一個不錯的成長。湯姆，我很好奇，如果你想推測其中有多少——嗯，有一些顯然是從裡諾離開的。

Also, you mentioned the dynamics of hotel supply coming out of the strip, and maybe there's just incremental compression that you're finding and you're able to yield up your assets here sequentially. How do you think about that, and how do you feel about the sustainability of that into the rest of the year?

另外，您提到了該地區酒店供應的動態，也許您發現的只是增量壓縮，並且您能夠依次在此釋放您的資產。您對此有何看法？

Yeah, Brandt, we've not seen a lot of elasticity when it comes to pricing in Vegas, so we have continued to take price kind of across the board, not just rooms, restaurants, ATM fees, pool cabanas. There's just a massive amount of demand for Vegas, and that has continued. And if you look at where we're driving, we're driving a lot of it through non-gaming, and gaming is holding up well. And so that leads to more EBITDA overall, which is great.

是的，布蘭特，我們在維加斯的定價方面沒有看到很大的彈性，所以我們繼續全面定價，而不僅僅是房間、餐廳、ATM 費用、泳池小屋。對維加斯的需求量很大，而且這種情況仍在持續。如果你看看我們的發展方向，你會發現我們大部分是透過非遊戲來推動的，而遊戲也表現良好。這樣整體上就能帶來更多的 EBITDA，這非常棒。

Okay, great. Thanks for that. And then maybe for Eric over in digital, hoping you could talk a little bit about the dynamic with handle looking flat again year-over-year in this quarter. And I know we talked about this last quarter, and you're getting a lot of growth from parlay mix and stepped up Hold there.

好的，太好了。感謝那。然後也許是埃里克在數字方面的表現，希望你能談談本季手把與去年同期相比再次持平的動態。我知道我們在上個季度討論過這個問題，您從連贏組合中獲得了很大的增長，並加強了持有。

How long can that dynamic carry you in terms of your getting overall OSB revenue growth to compound to the longer-term EBITDA -- to get to the longer-term EBITDA targets that you guys have laid out? Is that sustainable, or do you need to go back and start growing player counts and volumes again here over the medium term?

這種動態能夠讓您的整體定向刨花板收入成長與長期 EBITDA 相結合，從而實現您所製定的長期 EBITDA 目標需要多長時間？這是可持續的嗎？

Yeah, it's a good question, and it's been a couple quarters that we've had, basically flat volume and increased hold, and thus increased revenues on the sports betting side. We've taken some actions from a reinvestment perspective, and then also from a wagering perspective that have impacted the volumes.

是的，這是一個很好的問題，而且已經有幾個季度了，我們的交易量基本上持平，持有量增加，從而增加了體育博彩方面的收入。我們從再投資的角度採取了一些行動，然後也從影響了交易量的投注角度採取了一些行動。

And one way to think about it is, as I mentioned on the previous quarter, we had just recently been able to launch our new marketing system that allows us to provide segmented marketing, trigger-based marketing, and a much more customized approach. Prior to that, we were investing with a much more peanut butter spread approach, and it caused us to be over-investing in some of the lower end of the database.

一種思考方式是，正如我在上一季提到的，我們最近剛推出了新的行銷系統，使我們能夠提供分段行銷、基於觸發的行銷和更客製化的方法。在此之前，我們採用了更多的花生醬傳播方法進行投資，這導致我們過度投資於資料庫的一些低端。

So, we've reduced that, and as you'd expect, the volumes have dropped off, but the profitability has gone up. And so, the business that we are getting isn't really business that you'd be too concerned about losing because it was unprofitable.

因此，我們減少了這一數量，正如您所期望的那樣，銷量有所下降，但盈利能力卻有所上升。因此，我們獲得的業務並不是真正的業務，你會因為無利可圖而過度擔心失去它。

I think that what you'll start to see is revenue growth start this quarter, and it'll accelerate as we start to lap some of the actions that we took. So, I do think you'll see solid volume growth starting, and the hold will continue to grow. And so that should compound as we head into the back half of the year.

我認為您將開始看到本季收入開始成長，隨著我們開始採取一些行動，收入成長將會加速。因此，我確實認為您會看到銷量開始穩定成長，並且持有量將繼續增長。因此，當我們進入今年下半年時，情況應該會更加複雜。

Perfect. Thanks, everyone.

完美的。感謝大家。

Hey, good afternoon, everyone. Thanks for taking my questions. First on regionals, Tom, you mentioned that most of the decline in the quarter was coming from April, and that June was actually up. As we look at the gross gaming revenues for what's reportable, it looks to tell a different story. So, when you mention that, are you talking about net revenues, and how do we kind of reconcile this? Is there a dynamic with promotions going on that is also worth maybe talking about?

嘿，大家下午好。感謝您回答我的問題。首先關於區域性，湯姆，您提到本季的大部分下降來自四月份，而六月實際上是上升的。當我們審視可報告的遊戲總收入時，情況似乎有所不同。那麼，當您提到這一點時，您是在談論淨收入嗎？正在進行的促銷活動是否也值得討論？

Dan, we've known each other a long time. I only talk about EBITDA. So, whatever's going on in gross gaming revenue, I'm not paying attention to. We have not changed our promotional profile in any piece of our business. We were off, what, 30 something for the quarter, and 25 plus of that was New Orleans and Reno, as I described. So, the regional business as a whole continues to bump along. Obviously, as we've seen, you've got months that are not as strong and others that are stronger. April, for us is as I said was more than a 100% of the decline. Both May and June grew in EBITDA, but there's nothing we're doing in promotions nor are there anything we see others doing that we need to respond to in that segment.

丹，我們認識很久了。我只談 EBITDA。因此，無論遊戲總收入發生什麼，我都不會關注。我們沒有改變我們任何業務領域的促銷資料。正如我所描述的，我們這個季度有 30 場比賽，其中 25 場以上是新奧爾良和里諾。因此，整個區域業務繼續蓬勃發展。顯然，正如我們所看到的，有些月份表現不佳，有些月份則表現強勁。 4 月，對我們來說，正如我所說，下降幅度超過 100%。 5 月和 6 月 EBITDA 均有所增長，但我們在促銷方面沒有採取任何措施，也沒有看到其他人在該領域採取任何行動，我們需要對此做出回應。

Got that's helpful. And then in terms of the M&A environment there's obviously been a lot in the headlines lately. Do you view your stock price here as a limiting factor to getting involved or are there opportunities that you could see notwithstanding where your stock is trading just given some of the headlines that we've seen out there?

明白了，這很有幫助。就併購環境而言，最近的頭條新聞顯然很多。您是否認為您的股價是參與其中的限制因素？

I'd say we're just reading the same headlines you are. We're not even tangentially involved in whatever's happening at Penn which I know that's where your questions going. In terms of what we'll do and we I've said before that we are mindful that we've generated a lot of shareholder value through M&A through external opportunities. The M&A that we've driven value through in the greatest form have used stock as a significant portion of our payment for those assets.

我想說我們只是在讀和你一樣的頭條新聞。我們甚至沒有間接參與賓州大學發生的任何事情，我知道這就是你的問題。就我們將要做的事情而言，我之前說過，我們注意到我們已經透過外部機會的併購創造了大量股東價值。我們透過最大形式推動價值的併購使用股票作為我們支付這些資產的很大一部分費用。

I'm not an issuer of stock at $36 wherever it was today. We're going to be a significant even more significant free cash flow producer as these as the project spend runs down. So that will open up a leg of shareholder returns so you should expect us to start buying in some of our stock. If the stock moves to a different neighborhood that can change.

無論今天的價格是 36 美元，我都不是發行人。隨著專案支出的減少，我們將成為一個更重要的自由現金流生產者。因此，這將帶來一段股東回報，所以你應該期望我們開始購買我們的一些股票。如果庫存轉移到不同的社區，情況可能會改變。

I think all things equal will drive more value if we continue to execute external opportunities but I'm not going to give our stock away so that's where we sit today.

我認為，如果我們繼續執行外部機會，在所有條件相同的情況下將帶來更多價值，但我不會放棄我們的股票，所以這就是我們今天的立場。

Got it and then if I could just sneak in one quick clarification. You mentioned for the regionals in the third quarter it will look similar to the second quarter. I'm assuming that was you know a declining by a similar amount year-over-year correct?

明白了，然後我可以快速澄清一下嗎？您提到第三季的地區情況將與第二季類似。我假設您知道與比下降幅度相似，對嗎？

Yeah we have the same. We're dealing with all three that impacted us in the second quarter in the third quarter. So New Orleans peak disruption till Labor Day, Terre Haute obviously we're going through I guess the second quarter -- second full quarter since opening. And then the Reno group impact extended into July last year. So all three will be headwinds this quarter.

是的，我們有一樣的。我們正在處理第三季第二季影響我們的所有三個問題。因此，新奧爾良的干擾高峰期直到勞動節，特雷霍特顯然我們正在經歷第二季度——自開業以來的第二個完整季度。然後裡諾集團的影響力一直延續到去年7月。因此，這三個因素都將成為本季的阻力。

I think you start to flip toward the end of the quarter as New Orleans opens and then as you get to fourth quarter and Virginia opens, I'd expect we're growing in that segment again. Recall that the win per position in the temporary in Virginia is the highest in the entire enterprise and will be about doubling gaming capacity when we move to the permanent. So that should be a strong driver. And I've already hit on the way the New Orleans casino revenue will flow through in the initial stages.

我認為隨著新奧爾良的開放，你會在本季末開始翻轉，然後當你進入第四季和維吉尼亞的開放時，我預計我們在該領域會再次成長。回想一下，維吉尼亞州臨時職位的每個職位的獲勝率是整個企業中最高的，當我們轉向永久職位時，遊戲容量將增加一倍。所以這應該是一個強大的驅動力。我已經談到了新奧爾良賭場收入在初始階段的流動方式。

Got it. Super helpful. Thank you.

知道了。超有幫助。謝謝。

Steven Wieczynski with Stifel.

史蒂文·維琴斯基（Steven Wieczynski）與斯蒂菲爾（Stifel）。

Yeah guys good afternoon. Tom, another quick clarification here. When you were talking about Vegas for the second half of this year, were you basically saying that you think you can grow EBITDA for the full year year-over-year in Vegas? Did I hear that right?

是的，大家下午好。湯姆，這裡還有一個快速澄清。當您談論今年下半年的維加斯時，您基本上是在說您認為維加斯全年的 EBITDA 可以比去年同期成長嗎？我沒聽錯吧？

You did not. I'd expect Vegas to grow in the second half of the year both third and fourth quarter. We would as -- I said on last quarter's call we would need a swing in hold that offsets our hold impact from first quarter to be a grower for the year.

你沒有。我預計維加斯將在下半年、第三和第四季實現成長。我們會——我在上個季度的電話會議上說過，我們需要改變持有態度，以抵消我們從第一季開始持有的影響，才能成為今年的成長者。

Okay thank you for that. And then in the -- just going through the queue and I know you don't have it in front of you, but there was comment in the regional segment, which basically said -- you saw a little bit of decline in your gaming volumes, which was basically a mix shift. Basically, your rated play remains steady with some growth but the unrated play had some reduction there. And I was just wondering if that unrated play reduction, is that pretty much across the entire portfolio? Or are there certain geographies where you're seeing a little bit more pressure on that unrated play?

好的，謝謝你。然後在 - 只是通過隊列，我知道你面前沒有它，但在區域部分有評論，基本上說 - 你看到你的遊戲量有一點下降，這基本上是一種混合轉變。基本上，您的評級遊戲保持穩定並有一些增長，但未評級的遊戲有一些減少。我只是想知道，未評級的遊戲減少是否在整個投資組合中都差不多？或者在某些地區，您認為未評級的比賽面臨更大的壓力？

I would say there's always variability in a portfolio of our size. You feel it more in unrated and rated, where unrated is worse off than, call it, the average regional property. It's due to a competitive opening in the same geography. So if you think about how does Terre Haute affect us, we had people that were coming from a couple of hours away from Indianapolis to the West. And now you've got -- you've lost some of them for good because Terre Haute much more convenient and then you're going to have a battle around somewhere in between you like you have at other properties. And if I'm looking at unrated versus rated, it's like -- it's more unrated and the decline in unrated in that property would be more than our typical regional because of that competition.

我想說的是，我們規模的投資組合總是存在著變化的。你在未評級和評級中更能感受到這一點，其中未評級的情況比所謂的平均地區財產更糟糕。這是由於同一地區的競爭性空缺。因此，如果你想想特雷霍特對我們有何影響，你會發現我們的人是從印第安納波利斯到西部只有幾個小時路程的地方。現在你已經——你已經永遠失去了其中一些，因為特雷霍特更方便，然後你將在兩者之間的某個地方進行一場戰鬥，就像你在其他酒店所做的那樣。如果我比較未評級與評級的情況，就會發現，由於競爭，未評級的房產的下降幅度將超過我們典型的地區。

Okay, got you. Thanks, Tom. Appreciate it.

好的，明白了。謝謝，湯姆。欣賞它。

Shaun Kelley with Bank of America.

美國銀行的肖恩凱利。

Hi, good afternoon, everyone. Thanks for taking my question. Just in the spirit of time, Eric, I wanted to go back to sort of the CAC or promotional environment a little bit and just in terms of what you're seeing in digital. Obviously, 50% flow-through in the quarter is great. Have you seen any environment -- environmental change and especially as you're thinking about ramping or seeing ramping volumes on the OSB side? Because I think there's some increasing trepidation about flow-through rates as we start to look into the third and fourth quarter. And obviously, I think there's a lot of expected competition in new products expected to be rolled out, particularly around the NFL season opener. Thanks.

嗨，大家下午好。感謝您提出我的問題。艾瑞克，本著時間的精神，我想稍微回顧一下 CAC 或促銷環境，就你在數位領域看到的情況而言。顯然，本季 50% 的流量已經非常不錯了。您是否見過任何環境——環境變化，尤其是當您考慮增加或看到 OSB 方面的產量增加時？因為我認為，當我們開始研究第三和第四季時，人們對流通率越來越感到擔憂。顯然，我認為預計將推出的新產品將面臨很多競爭，尤其是在 NFL 賽季揭幕戰期間。謝謝。

Yeah, sure. I would say that over the last kind of two to three months, we've seen the cost of acquisition drop fairly significantly on the sports betting side. It's kind of across the board, both on paid search, paid social. The affiliates are contractually based, but even there to a little bit degree. So from the sports betting side, I would say that the intensity has dropped from acquiring customers.

好，當然。我想說，在過去的兩到三個月裡，我們看到體育博彩的收購成本顯著下降。這是全面的，無論是在付費搜尋上還是在付費社交上。附屬公司是基於合約的，但即使在某種程度上也是如此。因此，從體育博彩方面來看，我想說，獲取客戶的強度已經下降。

On the casino side, I would say that the costs have remained pretty constant for us throughout the year. On the casino side, we definitely target a certain CAC for each of the channels. And then we don't go above that. And certainly, instances, we're not able to satisfy the amount of money we would have spent otherwise because the demand is not there and it does drop off in the summer to some degree.

在賭場方面，我想說，我們的成本全年保持相當穩定。在賭場方面，我們肯定會為每個管道設定一定的 CAC。然後我們不會超越這一點。當然，在某些情況下，我們無法滿足原本要花的錢，因為需求不存在，而且在夏季確實會下降。

So I would expect that our spend would go up just in aggregate dollars as we head into the third and fourth quarter, particularly in late August and September as everybody signs up for football. But in terms of the cost per acquisition, I'm seeing nothing at this point that would indicate a real change from the trends in the last few months.

因此，我預計，當我們進入第三和第四季時，特別是在八月下旬和九月，因為每個人都報名參加足球比賽時，我們的支出總額將會增加。但就每次收購成本而言，我目前沒有看到任何跡象表明過去幾個月的趨勢發生了真正的變化。

Thank you very much.

非常感謝。

Stephen, your line is open. Check if you're on mute.

史蒂芬，您的線路已開通。檢查一下你是否處於靜音狀態。

I couldn't hear that was my name, if it [Indiscernible] for a second. Can you hear me?

我聽不到那是我的名字，如果它[音頻不清晰]一秒鐘。你聽得到我嗎？

Yeah, you're good.

是的，你很好。

Yeah. So one other on digital, given the strong flow through and as you open up Horseshoe Casino, should we anticipate any kind of investment behind that, that could reverse some of the operating leverage we've seen? And is there any thoughts that you can provide on how quickly you think that brand launch could build from here?

是的。那麼，在數位方面，考慮到強勁的流量以及當您開設馬蹄賭場時，我們是否應該預期其背後的任何類型的投資，這可能會扭轉我們所看到的一些營運槓桿？對於從這裡開始品牌發布的速度有多快，您有什麼想法可以提供嗎？

No on launch costs eating into flow through. You saw us launch Caesars Palace online with generating this kind of flow through. I'd expect nothing different here. Eric, do you want to speak on expectations if that was built.

沒有啟動成本侵蝕流量。您看到我們在線上推出了凱撒宮，並產生了這種流量。我希望這裡沒有什麼不同。艾瑞克，你想談談如果建成的話的期望嗎？

Yeah. We're launching it slightly differently than we did with Caesars Palace, where we're going to do effectively one state at a time. So pending regulatory approvals, we're going to launch in Michigan in September time frame. And then we'll roll out into the other states throughout the year, ending in Ontario in Q1.

是的。我們的啟動方式與凱撒宮的啟動方式略有不同，我們將一次有效地在一個州開展工作。因此，在等待監管部門批准之前，我們將於 9 月在密西根州推出。然後我們將全年推廣到其他州，並於第一季在安大略省結束。

So from that standpoint, it will be a little bit different. I also would tamper the expectations just Horseshoe is a great brand, and it really -- we feel like it's going to resonate with a lot of customers. But Caesars is even a better brand. And quite frankly, that's going to be the flagship app that we have, and it's got a year's lead over the Horseshoe. So I would expect the Horseshoe to perform very strongly, but I don't think it will command the market share that Caesars as well.

所以從這個角度來看，情況會有些不同。我也會改變人們的期望，因為 Horseshoe 是一個很棒的品牌，我們真的覺得它會引起許多客戶的共鳴。但凱撒是一個更好的品牌。坦白說，這將是我們擁有的旗艦應用程序，它比 Horseshoe 領先一年。因此，我預計馬蹄鐵會表現非常強勁，但我認為它不會像凱撒一樣佔據市場份額。

Great, thank you.

太好了謝謝。

Barry Jonas with Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Illinois recently raised its OSB tax rate. Curious if there are ways you can talk about maybe to offset that higher tax and at the same time, does that graduated tax system in the state offer you maybe an opportunity to gain share? Thanks.

伊利諾伊州最近提高了 OSB 稅率。很好奇您是否可以談論一些方法來抵消更高的稅收，同時，該州的累進稅制是否為您提供了獲得份額的機會？謝謝。

Yeah. Because of the graduated tax, I think we're not in favor of tax increases at all but the graduated tax is certainly favorable, I think, to a flat tax, the impact to us is under $5 million a year. We're not planning to change our behavior based on that change. If some of the others that are impacted more changed their reinvestment levels or their odds or some other type of action that they take in the state. It's potentially beneficial to us. But at this point, I haven't really seen anything that would indicate that that's happening.

是的。因為累進稅，我認為我們根本不贊成加稅，但累進稅肯定是有利的，我認為，相對於統一稅，對我們的影響每年不到500萬美元。我們不打算根據這項改變來改變我們的行為。如果其他一些受影響更大的人改變了他們的再投資水平或他們的賠率或他們在該州採取的其他類型的行動。這對我們來說可能是有益的。但目前，我還沒有真正看到任何表明這種情況正在發生的事情。

Got it. Thanks.

知道了。謝謝。

John DeCree with CBRE.

世邦魏理仕 (CBRE) 的約翰‧德克里 (John DeCree)。

Thanks, everyone. Maybe one more on the M&A front, Tom. I think your views on the buy side are pretty clear. Curious if you speak to your strategy or any thoughts on possibly selling some stuff or culling the portfolio on the non-core side that might not maybe fit the overall enterprise at this point?

感謝大家。湯姆，也許還有併購方面的事。我認為您對買方的看法非常明確。好奇您是否談論您的策略或對可能出售某些產品或剔除目前可能不適合整個企業的非核心產品組合的任何想法？

Yeah, John, how do you like Agnew laying down the hammer? But John, on sales, you shouldn't expect that we're going to sell any operating casino assets. As I said previously, there are non-core, non-operating casino assets in the portfolio that I think could trade at a significantly accretive multiple for us, and you should expect us to try to take advantage of those opportunities. So no change there.

是的，約翰，你覺得阿格紐放下錘子怎麼樣？但是約翰，關於銷售，你不應該指望我們會出售任何正在運營的賭場資產。正如我之前所說，投資組合中有一些非核心、非營運的賭場資產，我認為這些資產可以為我們帶來顯著的增值倍數，你應該期望我們會嘗試利用這些機會。所以那裡沒有變化。

Thank you. I'll get out of the queue quickly to avoid the hammer.

謝謝。我會盡快退出隊列以避免錘子。

David Katz with Jefferies.

大衛卡茨和傑弗里斯。

After, everyone. One more for Eric. As we get to that 500, can you paint a picture for us as to what the mix looks like between iGaming and sports betting, how much of each? Anything qualitative would help us. Thank you.

之後，大家。又是一首送給艾瑞克的。當我們達到這 500 個時，您能為我們描繪一下 iGaming 和體育博彩之間的混合情況嗎？任何定性的東西都會對我們有幫助。謝謝。

Sure. I think that the growth rates -- the relative growth rates of the two sports betting and iCasino are going to continue. As we mentioned, the Caesars Palace online app continues to grow as a percentage of our iCasino business. So it's accelerating at a faster than 50% pace obviously, it's just over a year old. And then I think that the Horseshoe app will be incremental to that. And so you'll see the iCasino app continue to grow at a significantly faster pace than the sports betting side.

當然。我認為體育博彩和 iCasino 兩者的相對增長率將繼續下去。正如我們所提到的，凱撒宮線上應用程式在我們 iCasino 業務中所佔的比例持續成長。所以它的加速速度顯然超過了 50%，它才剛誕生一年多。然後我認為 Horseshoe 應用程式將對此進行增量。因此，您會看到 iCasino 應用程式繼續以比體育博彩方面快得多的速度成長。

From the sports betting side, we do feel like there's still going to be solid growth there, but it's probably going to be more like you're seeing now where it's in the 20% range. And so over time, the relative revenues from those two will converge. And as Tom mentioned, we do have a slightly higher blended tax rate on the casino side. So the flow through is a little bit lower on that incremental revenue. But eventually, I think that the iCasino will be more profitable than the sports betting in total dollars.

從體育博彩方面來看，我們確實認為那裡仍然會有穩健的成長，但可能更像你現在看到的那樣，在 20% 的範圍內。因此，隨著時間的推移，這兩者的相對收入將會趨同。正如湯姆所提到的，我們在賭場方面的混合稅率確實略高。因此，增量收入的流量略低一些。但最終，我認為 iCasino 的利潤將比體育博彩的總金額更高。

Helpful. Thank you. Hammer avoided.

有幫助。謝謝。錘子避開了。

Chad Beynon with Macquarie.

查德貝農與麥格理。

Thank you. Thanks for taking my question. In terms of Vegas, Tom, first off, thanks for the commentary in terms of growth in the back half of '24. With respect to Q2, did you see any major difference in terms of the tiers of the property -- and then, I guess, more importantly, since we've seen some capacity come out, should we expect that there's a rising boat effect? Or does that actually help some of your mid-end properties given what's come out of the market? Thanks.

謝謝。感謝您提出我的問題。就維加斯而言，湯姆首先感謝您對 24 年下半年成長的評論。關於第二季度，您是否看到資產等級方面有任何重大差異 - 然後，我想，更重要的是，既然我們已經看到了一些容量的出現，我們是否應該預期會出現船上升效應？或者考慮到市場上的情況，這實際上對您的一些中端房產有幫助嗎？謝謝。

Yeah, Chad. So I've seen the rhetoric around maybe the non-luxury properties are underperforming luxury. That's not what we're finding in our portfolio, all of our properties are performing in a similar fashion. Obviously, Caesars Palace has the bulk of our highest end business. So it's the most volatile from a table games perspective, but in terms of visitation, pricing power growth, they all look pretty similar for us.

是的，查德。因此，我看到了有關非豪華房產表現可能不如豪華房產的言論。這不是我們在我們的投資組合中發現的情況，我們所有的房產都以類似的方式表現。顯然，凱撒宮擁有我們大部分的高端業務。因此，從桌上遊戲的角度來看，它是最不穩定的，但就訪問量、定價能力成長而言，它們對我們來說看起來都非常相似。

Thank you very much. Appreciate it.

非常感謝。欣賞它。

And then I'm sorry, on closing the Mirage, I think that's a mixed bag for us. I think it's helpful in terms of -- there's less rooms in the market, we'll get our share of those rooms. But given its proximity to our existing properties, we think that it served as a feeder theaters to our other assets that you state at Mirage and if you went walking, you probably ended up at one of our properties.

然後我很抱歉，在關閉 Mirage 時，我認為這對我們來說是一個複雜的問題。我認為這很有幫助——市場上的房間越來越少，我們將獲得這些房間的份額。但考慮到它靠近我們現有的物業，我們認為它是您在 Mirage 所說的其他資產的支線劇院，如果您步行，您可能最終會到達我們的其中一處物業。

So I really don't think that's going to be a material driver in either direction. I think we'll benefit from a little more occupancy be able to yield a little bit better, but we lose that 3,000-plus rooms in the neighborhood that would have you feed each other.

所以我真的認為這不會成為任一方向的物質驅動因素。我認為我們會受益於更多的入住率，能夠產生更好的收益，但我們失去了附近 3,000 多個房間，這些房間可以讓你互相餵食。

Thank you very much.

非常感謝。

Jonathon Novaretti with TD Cowen.

喬納森·諾瓦雷蒂和 TD Cowen。

Hey, good afternoon, everyone. Tom, in the third quarter of '22, you said that VICI has been clear with Caesars that they had the intention to exercise the option on the sensor assets. I know it's been a lot since then, but has the current regional performance changed this? Or do you still expect to get around -- but I think you mentioned $2.5 billion in gross proceeds. And just if you were to get those $2.5 billion or whatever it ends up being in net proceeds, would all of that be earmarked to repay that? Or can we expect some capital return as well? Thank you.

嘿，大家下午好。湯姆，在 22 年第三季度，您說 VICI 已向凱撒明確表明他們有意對感測器資產行使選擇權。我知道自那以後已經發生了很多事情，但目前的地區表現是否改變了這一點？或者你仍然希望四處走走——但我認為你提到了 25 億美元的總收益。如果你要獲得這 25 億美元或最終的淨收益，所有這些都會被指定用於償還嗎？或者我們也可以期待一些資本回報嗎？謝謝。

Yes. Thanks for the question. VICI you'd have to ask them that is their option in terms of calling the real estate under the Indianapolis assets by the end of the year. We have a put option that we will not exercise. We've been pretty clear on that since we have this option became into existence.

是的。謝謝你的提問。 VICI 你必須問他們，在年底之前將房地產稱為印第安納波利斯資產是他們的選擇。我們有一個看跌期權，但我們不會行使。自從我們有了這個選項以來，我們就已經非常清楚這一點了。

The proceeds are formulaic, so 1.3 times coverage, 13 times EBITDA. The last I check that gets to like $2.2 billion, something like that. If we were to get those proceeds that -- the bulk of those, you should expect would pay down debt. But yeah, you should also expect that there would be some return of capital element as well.

收益是公式化的，因此覆蓋率是 1.3 倍，EBITDA 是 13 倍。我最後查到的金額大約是 22 億美元，大約是這樣的。如果我們要獲得這些收益——其中大部分，你應該期望能夠償還債務。但是，是的，您也應該預期也會有一些資本元素的回報。

Great. Thank you.

偉大的。謝謝。

Jordan Bender with Citizens JMP.

喬丹·本德 (Jordan Bender) 與公民 JMP。

Good afternoon, everyone. In your Q, you give sports sponsorship obligations. That number has increased pretty substantially in the last several years, which I assume is just driven by the online business. My question is, in the event that we face some consumer weakness across really any part of your portfolio. Do you have the flexibility to reduce your exposure to some of that?

大家下午好。在你的問題中，你賦予了運動贊助義務。在過去幾年中，這個數字大幅增加，我認為這只是由線上業務推動的。我的問題是，如果我們在您的投資組合的任何部分都面臨一些消費者弱點。您是否可以靈活地減少接觸其中的某些風險？

Yeah. So those sports sponsorship deals were all signed as we launched the Caesars Sports app in 2021, they had varying terms. So some have rolled off already ESPN being the big one that rolled off as they launched ESPN. But we have still significant pieces that roll off or mature in a bulk of them in early '26 and we expect to see significant savings there that will flow directly to bottom line.

是的。因此，這些體育贊助協議都是在我們於 2021 年推出 Caesars Sports 應用程式時簽署的，它們的條款各不相同。因此，有些已經推出了 ESPN，成為他們推出 ESPN 時推出的最大的一個。但我們仍然有重要的部分在 26 年初開始投放或成熟，我們預計會看到大量的節省，這將直接流入利潤。

Jordan, just to be clear, those contractual obligations have been declining on a go-forward basis in the Q. We can go through it offline afterwards.

喬丹，需要明確的是，這些合約義務在 Q 中一直在下降。

Okay, got it. Thank you.

好，知道了。謝謝。

Daniel Guglielmo with Capital One Securities.

第一資本證券公司的丹尼爾·古列爾莫。

Hi, everyone. Thank you for taking my question. For each segment, it looks like you all found expense efficiencies this quarter versus last quarter. Is there anything specific across the company that you all can point to there? And can we expect those margin levels remain -- to hold through the second half, understanding there's some seasonality there?

大家好。感謝您回答我的問題。對於每個細分市場，看起來你們都發現本季與上季相比費用效率有所提升。你們公司有什麼具體的事情可以指出嗎？我們能否期望這些利潤率水準能夠維持到下半年，因為我們知道存在一些季節性因素？

Yeah. I really can't point to an overarching big one. It's a lot of little stuff. Like if you looked at our Vegas quarterly review, there's a full page of things that both on the revenue or expense side added a few hundred thousand dollars or maybe $1 million or $2 million. It's just -- this is kind of who we've been since we've become a public company in terms of constantly trying to run more efficiently, and that's what you're seeing as a result of that, I would expect margins save for seasonality to hold up.

是的。我真的無法指出一個總體性的大問題。這是很多小事。就像您查看我們的維加斯季度回顧一樣，有一整頁的內容在收入或支出方面都增加了數十萬美元，或者可能是 100 萬美元或 200 萬美元。只是——自從我們成為一家上市公司以來，我們一直在努力提高營運效率，這就是你所看到的結果，我預計利潤將節省季節性保持不變。

Well, obviously, we've held up in the face of a significant lift in labor costs in Vegas. We're not going to see anything in any of our segments, that's nearly that impactful. And as we talked about in Carlo's earlier question, we're through year 1, the subsequent lifts in Vegas are much smaller than the year one lift was.

顯然，面對拉斯維加斯勞動成本的大幅上漲，我們堅持了下來。我們不會在我們的任何細分市場中看到任何有影響力的東西。正如我們在卡洛之前的問題中談到的，我們已經完成了第一年，拉斯維加斯隨後的電梯比第一年的電梯小得多。

Thank you.

謝謝。

David Katz with Jefferies.

大衛卡茨和傑弗里斯。

Sorry about that. I just wanted to follow up on the comment, Tom, about regionals. I think what you're referencing for 3Q is a similar decline of down 8%, not a similar number of 469 of EBITDA, correct?

對於那個很抱歉。湯姆，我只是想跟進有關地區的評論。我認為您提到的第三季是類似的下降 8%，而不是 EBITDA 的類似數字 469，對嗎？

Yeah. And I don't even know that I'm pointing to 8%. I'm telling you, we're facing the same headwinds that we faced in the second quarter. So I would expect third quarter regional to fall short of 2023. Don't take that as I'm telling you it's 8%. I'm just telling you we're facing the same step.

是的。我甚至不知道我指的是8%。我告訴你，我們面臨著與第二季相同的阻力。因此，我預計第三季區域性成長率將低於 2023 年。我只是告訴你，我們正面臨著同樣的一步。

Yeah, got. Thank you. Appreciate it.

是的，得到了​​。謝謝。欣賞它。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Tom Reeg for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。我現在想將電話轉回給湯姆·雷格（Tom Reeg），讓其致閉幕詞。

All right. Thanks everybody. Enjoy the rest of the summer.

好的。謝謝大家。享受夏天剩下的時光。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。