Caesars Entertainment Inc (CZR) 2024 Q3 法說會逐字稿

Hello, and welcome to Caesars Entertainment 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加凱撒娛樂 2024 年收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

It is now my pleasure to introduce Senior Vice President, Corporate Finance, Treasury, and Investor Relations, Brian Agnew.

現在我很高興向大家介紹負責公司財務、財務和投資者關係的高級副總裁布萊恩·阿格紐 (Brian Agnew)。

Well, thanks, Andrew, and good afternoon to everyone on the call. Welcome to our conference call to discuss our third quarter 2024 earnings. This afternoon, we issued a press release announcing our financial results for the period ending September 30, 2024. A copy of the press release is available on the Investor Relations section of our website at investor.caesars.com.

好吧，謝謝安德魯，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 年第三季的收益。今天下午，我們發布了一份新聞稿，公佈了截至 2024 年 9 月 30 日的財務業績。

Additionally, we announced two press releases, one for the completion of the World Series of Poker sale. And then just a late press release just hit for the sale of the LINQ Promenade, which Tom Reeg will discuss in more detail during his remarks.

此外，我們還發布了兩份新聞稿，其中一份是關於世界撲克系列賽銷售的完成。然後，剛剛發布了有關 LINQ Promenade 出售的最新新聞稿，Tom Reeg 將在演講中更詳細地討論這個問題。

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

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

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 Reg 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.

在我將電話轉給安東尼之前，我想提醒您，在今天的電話會議中，我們可能會根據安全港聯邦證券法做出某些前瞻性聲明，這些聲明可能會實現，也可能不會實現。此外，在今天的電話會議中，本公司可能會討論SEC Reg G 定義的某些非GAAP 財務指標。的差異。

I will now turn the call over to Anthony.

我現在將把電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. Our third quarter delivered same-store consolidated net revenues of $2.9 billion and adjusted EBITDA of $1 billion. Results were driven by record non-gaming performance in Las Vegas an all-time quarterly EBITDA record in our digital segment, offset by new competition, construction disruption, and tough year-over-year comparisons in our regional segment. Consolidated EBITDA margins of 35% for the quarter were flat to the prior year.

謝謝你，布萊恩，祝所有參加電話會議的人下午好。我們第三季的同店綜合淨收入為 29 億美元，調整後 EBITDA 為 10 億美元。業績的推動因素是拉斯維加斯創紀錄的非博彩業績，以及我們數位部門的歷史季度 EBITDA 記錄，但被新的競爭、施工中斷和我們區域部門的艱難同比比較所抵消。該季度綜合 EBITDA 利潤率為 35%，與去年同期持平。

In Las Vegas, our team delivered same-store net revenue of $1 billion and adjusted EBITDA of $472 million, down 2% versus last year. Las Vegas segment results were driven by another record performance in hotel and F&B cash revenue, driven by strong ADRs and occupancy of 97.1%. Our group and convention segment continues to deliver strong operating results and pacing the 2025 has recently accelerated.

在拉斯維加斯，我們的團隊實現了 10 億美元的同店淨收入，調整後的 EBITDA 為 4.72 億美元，比去年下降 2%。拉斯維加斯分部業績的推動因素是飯店和餐飲現金收入再創新高，而這得益於強勁的 ADR 和 97.1% 的入住率。我們的團體和會議部門繼續交付強勁的營運業績，並且 2025 年的步伐最近有所加快。

Las Vegas segment EBITDA margins of 44.4% were roughly flat year-over-year, driven by lower same-store operating expenses, a testament to our focus on driving efficiencies. Looking forward, we remain optimistic regarding operating trends as we look to the fourth quarter and into next year, driven by strong occupancy and ADR trends.

拉斯維加斯分部 EBITDA 利潤率為 44.4%，與去年同期基本持平，這得益於同店營運費用下降，證明了我們專注於提高效率。展望未來，在強勁的入住率和平均房價趨勢的推動下，我們對第四季和明年的營運趨勢保持樂觀。

In our regional segment, adjusted EBITDA for the quarter was $498 million, down 13% year-over-year. This quarter was met with tough comparisons to the prior year especially in Reno, competitive pressures in certain markets and peak construction disruption in New Orleans. On October 22, we celebrated the ribbon cutting ceremony for Caesars New Orleans, a $435 million capital project. The completely renovated and rebranded property added a new 340-room hotel, remodeled casino floor, and several high-profile F&B outlets for many of our celebrity chef partners, including Emeril, Nina Compton, Bobby Flay, and Nobu.

在我們的區域部門，本季調整後 EBITDA 為 4.98 億美元，年減 13%。本季與前一年相比，尤其是在裡諾，某些市場面臨競爭壓力，新奧爾良的施工中斷高峰。 10 月 22 日，我們慶祝了新奧爾良凱撒酒店的剪綵儀式，這是一個耗資 4.35 億美元的資本項目。這家經過全面翻修和重新命名的酒店增加了一家擁有340 間客房的新酒店、改造後的賭場樓層以及幾家備受矚目的餐飲店，為我們的許多名廚合作夥伴提供服務，包括Emeril、 Nina Compton、Bobby Flay 和Nobu。

Additionally, we are looking forward to the opening of our permanent facility in Danville, Virginia in December. The openings in Danville and Orleans will complete the elevated CapEx cycle for the company as we now turn to harvesting the investment we made in these flagship destinations.

此外，我們期待 12 月在維吉尼亞州丹維爾開設永久設施。丹維爾和奧爾良的開業將完成該公司較高的資本支出週期，因為我們現在轉向收穫在這些旗艦目的地所做的投資。

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

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取得優異成績所做的貢獻。現在，我將把電話轉給埃里克，以了解有關凱撒數位部門第三季業績的一些詳細資訊。

Thanks, Anthony. Caesars Digital delivered third quarter net revenues of $303 million, up 41% year-over-year, which drove an all-time quarterly adjusted EBITDA record of $52 million versus just $2 million a year ago. With this performance, we have now generated trailing 12 months EBITDA of $126 million. Our net revenue flow through to EBITDA in the quarter was slightly above our planned 50% range.

謝謝，安東尼。 Caesars Digital 第三季淨收入為 3.03 億美元，年增 41%，季調整後 EBITDA 創歷史新高，達到 5,200 萬美元，而一年前僅為 200 萬美元。憑藉這一業績，我們現在過去 12 個月的 EBITDA 達到 1.26 億美元。本季我們的 EBITDA 淨收入略高於我們計劃的 50% 範圍。

In our iGaming segment, our net revenue growth rate accelerated in the quarter to 83% driven by a 55% increase in volume and a 40 basis point increase in year-over-year hold. Our stand-alone Caesars Palace app continues to grow as a percentage of our total eye casino revenues. Subsequent to quarter end, we launched the Horseshoe casino brand in Michigan, Pennsylvania, and West Virginia with plans for Ontario and New Jersey by year-end.

在我們的 iGaming 領域，由於交易量成長 55% 和持有量年增 40 個基點，我們的淨收入成長率在本季加速至 83%。我們的獨立凱撒宮應用程式在我們眼睛賭場總收入中所佔的百分比持續增長。季度末後，我們在密西根州、賓州和西維吉尼亞州推出了馬蹄賭場品牌，並計劃在年底前在安大略省和新澤西州推出。

In our Sports Betting segment, our net revenue growth also accelerated in the quarter to 36% year-over-year, driven primarily based by increased hold of 8.6% versus 6.5% last year. Enhancements we've made to the app drove higher Parlay and cash-out mix, which helped drive structural hold improvements during the quarter. Given our road map and our customers' receptivity to the enhanced Parlay options, we now believe that achieving structural hold above 10% threshold is achievable over the next few years. As a result, you should expect to see consistently increasing structural hold as we are working off a relatively low baseline.

在我們的體育博彩領域，本季我們的淨收入同比增長也加速至 36%，這主要是由於持有量從去年的 6.5% 增加到 8.6%。我們對該應用程式所做的增強提高了連本帶利和兌現組合，這有助於推動本季的結構性持有改善。鑑於我們的路線圖以及客戶對增強的連本帶利選項的接受程度，我們現在相信在未來幾年內可以實現結構性持有超過 10% 的門檻。因此，當我們在相對較低的基線上工作時，您應該會看到結構性支撐不斷增加。

In both iCasino and sports, we're starting to see improved retention as a result of our segmented marketing campaigns. If you recall, we started constructing and testing the campaigns in April of this year. We currently have 40 campaigns active and are optimistic that further refinement in this area will drive additional improvements as we head into 2025. We now offer sports betting in 32 North American jurisdictions, 26 of which offer mobile wagering.

在 iCasino 和體育領域，我們開始看到由於我們的細分行銷活動，留存率有所提高。如果您還記得的話，我們從今年 4 月開始建立和測試這些活動。我們目前有40 個活躍的活動，並且樂觀地認為，進入2025 年，該領域的進一步完善將帶來進一步的改進。移動投注。

I'll now pass the call over to Brett 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. In October, we printed a $1.1 billion senior unsecured bond issuance at 6% with proceeds applied to our (technical difficulty) 2027 bond maturity. Our sale of the World Series of Poker brand closed today yielding $250 million of upfront cash proceeds and $250 million five-year note. We repaid our revolver balance in full and intend to use the bulk of incremental asset sale proceeds to further reduce debt.

謝謝，埃里克。 10 月份，我們以 6% 的利率發行了 11 億美元的優先無擔保債券，所得款項用於我們（技術難度）2027 年債券到期。我們對世界撲克系列賽品牌的出售今天結束，產生了 2.5 億美元的預付現金收益和 2.5 億美元的五年票據。我們全額償還了左輪餘額，並打算利用大部分增量資產出售收益來進一步減少債務。

Reducing debt alongside reductions in our fixed and floating rate cost of debt will yield significant cash interest expense savings going forward. Our 2025 budgeted cash CapEx excluding our Danville JV, is approximately $600 million. Over to Tom.

減少債務以及降低固定和浮動利率債務成本將在未來節省大量現金利息費用。我們 2025 年預算現金資本支出（不含丹維爾合資企業）約為 6 億美元。交給湯姆。

Thanks, Bret. I'll start with some general housekeeping in the quarter. There's $10 million-ish of expense in the corporate line item this quarter that I would view as onetime but was not added back to EBITDA relating to lobbying efforts primarily in Missouri and adverse claims impact in our health care.

謝謝，布雷特。我將從本季的一些一般內務處理開始。本季度公司項目中有 1000 萬美元左右的費用，我認為這是一次性的，但沒有加回 EBITDA 中，這些費用主要與密蘇裡州的遊說工作以及對我們醫療保健的不利索賠影響有關。

Taking each segment at one at a time. Regional, I told you last quarter that what we were anticipating was continuation of what we saw in the second quarter where New Orleans would be significantly impaired on a year-over-year basis due to disruption, Reno would be impaired because of lack of a significant group that was in the business last year. Both of those came true.

一次一個片段地進行。地區方面，我上個季度告訴過你們，我們預計第二季度的情況會繼續下去，新奧爾良將因中斷而同比受到嚴重損害，裡諾將因缺乏服務而受到損害。 。這兩點都實現了。

I didn't have our friends at Boyd opened their treasure chest move to land base at a particularly for fortuitous time relative to what was happening at our New Orleans property where the bulk of the gaming floor was under construction. So New Orleans had a particularly difficult quarter.

我沒有讓博伊德的朋友在一個特別偶然的時間打開他們的寶箱搬到陸地基地，相對於我們新奧爾良的房產所發生的事情來說，那裡的大部分遊戲樓層正在建設中。因此，新奧爾良度過了一個特別困難的季度。

If I look at regionals across the enterprise, we have significant properties that were continue to be impacted by incremental competition. We've got Horseshoe Indianapolis with Terre Haute. We've got Tunica with Southland. We've got our three Chicago properties with the various Chicago market, Illinois openings, and we've got Council Bluffs, which has been impacted by the Racino openings in Nebraska. We've really not had tailwinds to speak of within the portfolio in terms of things we were doing that would offset them.

如果我看看整個企業的區域，我們有一些重要的資產繼續受到日益激烈的競爭的影響。我們有 Terre Haute 的 Horseshoe Indianapolis。我們有圖尼卡和南國。我們在芝加哥擁有三處房產，其中包括伊利諾伊州芝加哥市場的多個開業項目，以及康瑟爾布拉夫斯 (Council Bluffs)，它受到了內布拉斯加州拉西諾開業項目的影響。就我們正在做的事情而言，我們在投資組合中確實沒有什麼可以抵消它們的順風。

That changed in last week when we opened Caesars New Orleans, as we've talked about repeatedly, there's a significant opportunity for a very high flow-through incremental revenue there because of the way the tax structure is set up in New Orleans. The property turned out beautifully. Anthony went through the particulars of what we added, but the early reception has been tremendous. We're very, very optimistic about what happens in New Orleans.

上週，當我們在新奧爾良開設凱撒酒店時，情況發生了變化，正如我們反复談到的那樣，由於新奧爾良稅收結構的建立方式，那裡有一個非常高的流動增量收入的重大機會。該物業結果很漂亮。安東尼詳細介紹了我們添加的內容，但早期的反應非常好。我們對新奧爾良發生的事情非常非常樂觀。

Also, Virginia will open before the end of the year. That's a significant increase in gaming positions in a property that is our highest win per position property in the enterprise. So we're very excited about that as well. The last thing I'd say about regional in the quarter is, as you know, we have properties along the Gulf Coast and in Florida, and there was some weather impact that hit those due to the storms during the quarter. Hopeful that, that's nonrecurring.

此外，維吉尼亞州也將在今年年底前開放。這是我們在企業中每頭寸贏利最高的財產中遊戲頭寸的顯著增加。所以我們對此也感到非常興奮。關於本季的區域性，我要說的最後一件事是，如您所知，我們在墨西哥灣沿岸和佛羅裡達州擁有房產，本季的風暴對這些房產造成了一些天氣影響。希望這種情況不會再發生。

As you look toward '25, we sit here almost November 1. So we see to start to think about '25. We will have tailwinds in New Orleans and Virginia that start to offset some of these competitive impacts in regional. So we feel very good about the way '25 looks versus the last two quarters and regional for us.

當你展望「25」時，我們幾乎是在 11 月 1 日坐在這裡。我們將在新奧爾良和維吉尼亞州獲得順風，開始抵消該地區的一些競爭影響。因此，與過去兩個季度和地區相比，我們對 25 年的情況感覺非常好。

Looking to Vegas, what I told you last quarter is we'd expect to be flat to up for the third quarter. We ended up coming in down about $10 million in EBITDA. If you look at the specifics of that, that's all table hold related. So our non-gaming revenue and cash flow were records, our slot handle and win was flat. It was table hold that was the laggard. It was not poor table hold, it was within our range of expectations, just not as strong as last year.

展望維加斯，我上個季度告訴您的是，我們預計第三季將持平到上升。最終我們的 EBITDA 減少了約 1000 萬美元。如果你看一下具體細節，你會發現這都是與表保持相關的。因此，我們的非博彩收入和現金流創下了紀錄，我們的老虎機手把和獎金持平。落後者是牌桌持有者。這並不是糟糕的桌位，它在我們的預期範圍之內，只是沒有去年那麼強勁。

As you look to Vegas moving forward, I feel good about the fourth quarter where we've got Versailles Tower online where it was not online last year. Early returns there are quite strong. We also had the catch-up accrual for the union contract in the fourth quarter that will not recur and then you look into -- and I also want to touch on -- I know there's been a lot of chatter on F1 and fourth quarter generally in the market. For us, recall F1 was about $17 million, $18 million lift last year in EBITDA versus the same quarter, the same weekend in '22.

當你展望維加斯的未來時，我對第四季的表現感到滿意，去年我們沒有上線的凡爾賽塔已經上線。那裡的早期回報相當強勁。我們還為第四季度的工會合約增加了應計費用，這種情況不會再發生，然後你會調查——我也想談一談——我知道關於F1 和第四季度總體來說有很多討論。對我們來說，回憶一下 F1 約為 1700 萬美元，去年的 EBITDA 比 22 年同季度、同一個週末增加了 1800 萬美元。

If I were looking at '23 for that -- for the race in particular, I would say, flat to down a couple of million dollars versus last year, but highly dependent on hold, given that's a high-end business. So really from an investment perspective, what it's doing to our cash flow versus last year basis, it's not worth mentioning, except that you've had all this chatter in the market.

如果我考慮的是 23 年的比賽——特別是比賽，我會說，與去年相比，價格持平甚至下降了幾百萬美元，但高度依賴保留，因為這是一項高端業務。因此，實際上從投資的角度來看，與去年相比，這對我們的現金流有何影響，不值得一提，除非市場上有許多討論。

Cash room revenue for the quarter. I know that you see rate surveys that are muddied by all that went on with F1 last year. I'd expect our cash room revenue to be up year-over-year slightly for the fourth quarter. So really nothing to read into Vegas other than continued strength.

本季現金室收入。我知道您看到的費率調查因去年 F1 發生的一切而變得混亂。我預計第四季我們的現金室收入將比去年同期略有成長。所以除了持續的強勢之外，對於維加斯來說真的沒有什麼可解讀的。

As we look into '25, again, first quarter was a difficult quarter for us hold wise, you're kind of the left side to standard deviations in terms of where our hold would normally be. So we would expect that we recoup some of that in the first quarter. And then I'd say you're looking at flat to slightly up as you look out through the rest of the year. The convention segment, the group business for next year was stronger in '24 than '23 and will be stronger in '25 than '24.

當我們回顧 25 年時，再次，第一季對我們持有的股票來說是一個困難的季度，就我們通常持有的股票而言，你處於標準差的左側。因此，我們預計我們會在第一季收回部分損失。然後我想說，當你展望今年剩餘時間時，你會看到持平或略有上升。會議領域，明年的集團業務在“24 年”將強於“23 年”，“25 年”將比“24 年”更強。

And then if we go to digital, tremendously pleased with the way digital has been coming together. Eric talked about over 40% top line growth in aggregate, 83% in iGaming, which is extraordinary. We had been outpacing our peers in growth by about 2x coming into the quarter. I'd expect we're closer to 3x in the third quarter, and that was without the rollout of the Horseshoe brand. I feel very good about the rollout of that brand.

然後，如果我們轉向數位化，我們會對數位化的融合方式感到非常滿意。 Eric 談到總營收成長超過 40%，其中 iGaming 成長了 83%，這非常了不起。進入本季度，我們的成長速度比同業高出約兩倍。我預計第三季我們的成長率將接近 3 倍，而且這還是在沒有推出 Horseshoe 品牌的情況下。我對該品牌的推出感覺非常好。

We've got data on Michigan, we've kind of got a full month or so now in Michigan, where -- that's how we migrated the wine customers that we acquired over into our Horseshoe brand. And not only did we not have friction where we lost customers, we actually grew that business versus where it was win. We've recently launched Pennsylvania and West Virginia and expect that to be a further building block in iCasino after a 83% growth in the quarter. This month is still growing on a sequential basis month-over-month. So we feel very, very good about what's happening there.

我們有密西根州的數據，我們現在在密西根州有整整一個月左右的時間，這就是我們將我們獲得的葡萄酒客戶遷移到我們的馬蹄品牌中的方式。我們不僅沒有在失去客戶的情況下遇到摩擦，而且實際上我們的業務比贏得客戶的業務有所成長。我們最近推出了賓州和西維吉尼亞州，預計繼本季度成長 83% 後，這將成為 iCasino 的進一步組成部分。本月仍較上季成長。所以我們對那裡發生的事情感覺非常非常好。

All of the targets that we've laid out. I know that we talk about this all the time, there's really no change to our expectations. We'd expect to have a strong fourth quarter, notwithstanding October has been not the best sporting outcomes, but you've got a lot of the quarter left and a lot of heavy sports calendar for the next 60 days, where we feel we can start to claw some of that back. But I'd expect a very good fourth quarter.

我們所訂定的所有目標。我知道我們一直在談論這個，我們的期望確實沒有改變。我們預計第四季度會表現強勁，儘管 10 月份的體育賽事結果並不是最好的，但本季度還有很多時間，接下來 60 天還有很多繁重的體育賽事，我們認為我們可以開始收回一些。但我預計第四季會非常好。

And then into next year, expect continued strong growth. As Eric said, structural hold continues to increase in our business. You can see that in our results and coupled with what's going on in iGaming, I think the future is very bright for our digital business. I think that business is going to end up generating a hell of a lot more than the $500 million target that everybody has been wringing their hands about for the last three years. So we feel very good about that.

然後進入明年，預計將繼續強勁增長。正如埃里克所說，我們業務的結構性持有繼續增加。您可以從我們的結果中看到，再加上 iGaming 的發展，我認為我們的數位業務的未來非常光明。我認為這項業務最終將產生比過去三年每個人都在絞盡腦汁的 5 億美元目標高得多的目標。所以我們對此感覺非常好。

Stepping over to kind of strategic and financial. We announced the sale of the Promenade retail lease portfolio to retail and F&B lease portfolio today. The multiple on that trade is about 14 times so you can do that math, that EBITDA will come out. That was all in the Vegas segment. So that comes out next year. We announced -- we executed a $140 million share buyback in the third quarter. You should expect that as we -- we've talked about -- we've gotten to our inflection point from a capital spending standpoint.

轉向策略和財務方面。我們今天宣布將 Promenade 零售租賃組合出售給零售和餐飲租賃組合。該交易的倍數約為 14 倍，因此您可以計算一下，EBITDA 將會出來。這就是維加斯部分的全部內容。所以明年就會出現。我們宣布，我們在第三季執行了 1.4 億美元的股票回購。你應該預料到，正如我們所討論的那樣，從資本支出的角度來看，我們已經到達了拐點。

With Virginia opening, you should expect CapEx down next year to be running on a gross basis, $650 million, so significantly below where we've been in the last couple of years. By the end of this year, we'll have paid back -- we will have reduced debt by 25% in absolute numbers since we closed the Caesars transaction.

隨著維吉尼亞州的開業，您應該預計明年的資本支出總額將下降 6.5 億美元，大大低於過去幾年的水平。到今年年底，我們將償還債務——自完成凱撒交易以來，我們的債務絕對數量將減少 25%。

Debt reduction remains our number one priority, but we did execute the $140 million share buyback. We've got another $500 million authorized. You should not expect a programmatic use of this authorization. It's not going to be x amount per quarter as far as the eye can see. We're going to be looking at returns in the various possibilities in terms of capital spending, debt reduction and share repurchase. Debt reduction will remain our number 1 focus.

減少債務仍然是我們的首要任務，但我們確實執行了 1.4 億美元的股票回購。我們還獲得了另外 5 億美元的授權。您不應期望以程式設計方式使用此授權。就眼睛所見而言，每季的金額不會是 x。我們將考慮資本支出、債務削減和股票回購等各種可能性的回報。債務削減仍將是我們的第一個重點。

But if we can continue to buy our stock in the mid-teens or better free cash flow yield, you should expect us to be active there as free cash flow comes in and cash flow from asset sales comes in. So you should expect a piece of this Promenade sale does get used during the quarter for repurchase.

但是，如果我們可以繼續以十幾歲左右或更好的自由現金流收益率購買我們的股票，那麼隨著自由現金流的到來和資產銷售的現金流的到來，你應該期望我們會在那裡活躍。 所以你應該期待一塊Promenade 銷售的一部分確實在本季度用於回購。

In terms of future asset sales activity, we have discussions around noncore assets that are ongoing, but I would tell you that World Series and Promenade were the two easiest ones to execute on, although Brian, who spearheaded Promenade, might dispute that Promenade was an easy one. But these were the two simplest ones for us to execute. So you should believe that we're still working down that path, but that the stuff that we're working on has longer tail and/or lower probability than the two that were executed.

就未來的資產銷售活動而言，我們正在圍繞非核心資產進行討論，但我想告訴你，世界大賽和 Promenade 是最容易執行的兩個，儘管帶頭 Promenade 的 Brian 可能會質疑 Promenade 是一個簡單的一個。但這是我們執行起來最簡單的兩個。因此，您應該相信我們仍在沿著這條路努力，但我們正在研究的東西比已執行的兩者俱有更長的尾部和/或更低的機率。

But as we look into '25, Brett talked about our refinancing, every 100 basis points of rate reduction from the Fed is $60 million of incremental free cash flow for us. So they're 50 basis points, first move is $30 million a year for us. The unsecured note offering that Brett just executed in the quarter is another $20 million. So you've got $50 million incremental annual coming in.

但當我們展望 25 年時，布雷特談到了我們的再融資，聯準會每降息 100 個基點，就會為我們帶來 6,000 萬美元的增量自由現金流。所以他們是 50 個基點，第一步是我們每年 3000 萬美元。 Brett 在本季剛執行的無擔保票據發行又是 2,000 萬美元。因此，您每年將獲得 5000 萬美元的增量收入。

You've got a much lower lease step-up this year just because of the mechanics of the leases and you've got a significant step down in capital expenditures. So our free cash flow is going to increase dramatically as we move forward. So we think we can continue to reduce debt and we can buy back stock responsibly, and that's our plan as we move forward.

由於租賃機制的原因，今年的租賃增量要低得多，而且資本支出也大幅下降。因此，隨著我們的前進，我們的自由現金流將急劇增加。因此，我們認為我們可以繼續減少債務，我們可以負責任地回購股票，這就是我們前進的計劃。

And with that, I'll turn it over to Andrew for questions.

接下來，我將把它交給安德魯提問。

(Operator Instructions)

（操作員說明）

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey, thanks. Eric, if I could start with you. It looks like in the digital side, if reading through the [Q] that you guys seem to take about 300 basis points out of your promotional investment. With the launch of the second brand on the iCasino side, should we expect that to continue to reduce? Or do you have to put a little bit more reinvestment into that in the near term? And could you talk a little bit about -- I don't know how much you'd be able to go into detail on it, but the sports reinvestment strategy versus the iCasino promotional reinvestment strategy from here?

嘿，謝謝。艾瑞克，如果我可以從你開始。在數字方面，如果通讀 [Q]，你們似乎從促銷投資中獲得了大約 300 個基點。隨著 iCasino 方面第二個品牌的推出，我們是否應該預期這一數字會繼續減少？或者您需要在短期內對此進行更多的再投資？您能否談談 - 我不知道您能詳細介紹多少，但是這裡的體育再投資策略與 iCasino 促銷再投資策略？

Yeah. I'm glad you brought that last point up because there is a different strategy between the two. On the sports side, you'll notice in the states that report the reinvestment levels were generally about half of what the market average is. We feel that, that's an appropriate strategy through our segmented marketing that may have the opportunity to come down even further. But on the sports side, we're definitely on the lower end of reinvestment, and we're able to keep our share roughly constant.

是的。我很高興您提出最後一點，因為兩者之間有不同的策略。在體育方面，您會注意到，在各州，報告的再投資水平通常約為市場平均水平的一半。我們認為，透過我們的細分行銷，這是一個適當的策略，可能有機會進一步下降。但在體育方面，我們絕對處於再投資的低端，並且我們能夠保持我們的份額大致恆定。

On the casino side, we're very much in line with the market, we believe. That's a bit of a different strategy on that strategy, as you've seen, we believe that because of the brand, because of the app that we have, because of our database, and because of the opportunities that we have from the brick-and-mortar side, we think that there's a real opportunity to grow that business and grow share significantly as we've been doing this year and this quarter. And so we are investing at a higher rate, kind of right in line with the market.

我們相信，在賭場方面，我們非常符合市場。正如您所看到的，這是一個有點不同的策略，我們相信，因為品牌，因為我們擁有的應用程序，因為我們的資料庫，因為我們從磚塊中獲得的機會 -在現實方面，我們認為，正如我們今年和本季所做的那樣，確實有機會發展該業務並顯著增加份額。因此，我們正在以更高的利率進行投資，這與市場情況一致。

I wouldn't anticipate that changing with the launch of the Horseshoe. We're going to invest, again, kind of consistently with the market on that product as well. I do think that our higher hold that we had in September through good sporting outcomes drove down the reinvestment that's reported in the quarter a bit. But broadly speaking, it should be in this range of around 20%, 22%.

我預計這種情況不會隨著 Horseshoe 的推出而改變。我們也將再次與市場一致地對該產品進行投資。我確實認為，我們在 9 月透過良好的體育賽事成績獲得了更高的持有量，這稍微降低了本季報告的再投資。但從廣義來說，應該在20%、22%左右這個範圍內。

Great. Thank you. And then, Tom, just for a follow-up or Anthony, whoever wants to take this one, but you guys talked about kind of the outlook for Las Vegas and feeling fairly good about what 2025 looks like. Just in terms of visibility on the group side, are there any kind of metrics you could provide? And additionally, is there anything from a city-wide perspective that might be somewhat underappreciated at this point?

偉大的。謝謝。然後，湯姆，只是為了後續行動，或者安東尼，無論誰想接受這個，但你們談到了拉斯維加斯的前景，並對 2025 年的情況感覺相當好。就集團方面的可見性而言，您可以提供任何類型的指標嗎？此外，從全市範圍的角度來看，目前是否有什麼事情可能被低估了？

Carlo, I don't think anything from a citywide perspective is underappreciated. I think the group and convention segment continues to do a really good job filling out the forum and the rest of the space within the enterprise. But at a super high level, we would expect occupied room nights and rate to drive higher group total revenues and EBITDA in '25. So it's pacing to set another new record for the segment. So that's a good way to be thinking about it now.

卡洛，我認為從全市範圍的角度來看，沒有任何事情被低估。我認為團體和會議部分繼續做得很好，填補了論壇和企業內的其他空間。但在超高水準上，我們預計入住間夜數和入住率將在 25 年推動更高的集團總收入和 EBITDA。因此，它正在努力為該細分市場創造另一個新記錄。所以這是現在思考這個問題的好方法。

Yeah, I appreciate it. Thank you.

是的，我很感激。謝謝。

Joe Greff, JP Morgan.

喬‧格雷夫，摩根大通。

Good afternoon everybody. Tom, I was originally going to ask you a question about how you view your priorities in '25 and deploying excess free cash flow, but I think you kind of [pushed] that out. The only kind of related question I have to that is after closing on the World Series of Poker sale and then announcing today the LINQ Promenade sale. And you mentioned you have some other noncore asset sales that you're working on. Is it fair to assume that the other noncore asset sales are smaller in size and scale than these two that you've announced and closed on?

大家下午好。湯姆，我本來想問你一個問題，關於你如何看待 25 年的優先事項以及如何部署多餘的自由現金流，但我認為你有點[推遲]了這個問題。我唯一要問的相關問題是在世界撲克系列賽銷售結束並於今天宣布 LINQ Promenade 銷售之後。您提到您正在進行其他一些非核心資產銷售。假設其他非核心資產出售的規模和規模比您宣布並完成的這兩項資產要小，是否公平？

No. I'd just say they're more complex and much longer tail to come together. So in terms of chunkiness, we've got assets that are -- if you're thinking about a [$275 million to $500 million], either end [$275 million] being Promenade, [$500 million] being World Series, I'd be thinking about in terms of in between those numbers. But again, complexity, timeline probability are different than the ones that we've already executed.

不，我只是說它們更複雜，而且需要更長的尾巴才能聚集在一起。因此，就塊狀而言，我們擁有的資產是－如果你考慮[2.75億美元到5億美元]，無論是[2.75億美元]是Promenade，[5億美元]是世界大賽，我都會考慮這些數字之間的情況。但同樣，複雜度、時間軸機率與我們已經執行的不同。

Great. Thank you for that. Eric, going to you on the iCasino side. I know it's been a month or less than a month. in terms of launching Horseshoe. Can you talk about sort of the early launch and what you're seeing, particularly as you go for mono brand to multi-brand, what you're seeing on the existing Caesars Palace online performance?

偉大的。謝謝你。 Eric，去 iCasino 那邊找你。我知道已經過去一個月或不到一個月了。在推出Horseshoe方面。您能否談談早期的推出以及您所看到的情況，特別是當您從單一品牌轉向多品牌時，您在現有的凱撒宮線上表演中看到了什麼？

And then, Tom, you referenced again the $500 million of annual EBITDA in digital at some point in the future. But when you sit here now and you think about what you've been doing in iCasino, as well as what you've been executing on in OSB, how do you break out between the $500 million related to iCasino? Thank you.

然後，湯姆，您再次提到了未來某個時候數位領域的 5 億美元年度 EBITDA。但是，當你現在坐在這裡，想想你在 iCasino 所做的事情以及你在 OSB 執行的事情時，你如何在與 iCasino 相關的 5 億美元之間實現突破？謝謝。

Yes. So to take your first question, Joe, it is very early. We have turned on maybe half our Avenue marketing avenues at this point. The one thing that I would say is we did convert over the win customers since we took over their skin. And they converted over very well. They're playing well, and they are contributing the majority of the business right now. We're obviously signing up customers daily. And so that percentage will go down over time in Michigan. But we got a nice jump start by having those customers already active and convert them over.

是的。喬，回答你的第一個問題，現在還很早。目前，我們已經開啟了大約一半的 Avenue 行銷管道。我要說的一件事是，自從我們接管了勝利客戶的皮膚以來，我們確實轉化了他們。他們的轉變非常好。他們表現得很好，現在貢獻了大部分業務。顯然我們每天都在簽約客戶。因此，隨著時間的推移，密西根州的這一比例將會下降。但我們透過讓那些已經活躍的客戶並將其轉化為一個好的開始。

So I think what you'll see in the next month or so as we ramp up a little bit more of the advertising and marketing, particularly now that we have three states live, then we'll be able to get a better feel for the actual growth rate. But everything we're seeing is positive, customers like the app, they're staying on the app. I would say that the average worth of the customer is slightly higher so far than on the Caesars app, but it is early to draw any conclusions from that.

因此，我認為您將在下個月左右看到，當我們加大廣告和行銷力度時，特別是現在我們已經擁有三個州，那麼我們將能夠更好地感受到實際成長率。但我們看到的一切都是積極的，客戶喜歡該應用程序，他們會繼續使用該應用程式。我想說，到目前為止，客戶的平均價值略高於凱撒應用程序，但從中得出任何結論還為時過早。

And Joe, on your question of sports versus iGaming, in our $500 million, the expectation is that would be fairly well 50-50, give or take a few points. Obviously, that means iGaming on a per state basis, moves the needle dramatically more than sports betting. So if and when there are additional iGaming states as we move forward, those would be more impactful than a new sports betting state for us.

喬，關於體育與 iGaming 的問題，在我們的 5 億美元中，我們的預期是 50-50，或多或少都會有一些分數。顯然，這意味著每個州的 iGaming 比體育博彩的影響力更大。因此，如果隨著我們的前進，出現更多的 iGaming 狀態，這些狀態對我們來說將比新的運動博彩狀態更具影響力。

And also keep in mind, what we're doing in iGaming is after we were very late to the game. Recall, in the prior, [William Hill] didn't have any real iCasino business developed to speak of. So we had to build the app, the brand, actually two brands and roll them out into a market where our peers have already been operating for multiple years. So we're pretty excited.

另外請記住，我們在 iGaming 中所做的事情是在我們玩遊戲很晚之後才進行的。回想一下，之前，[William Hill] 並沒有發展任何真正的 iCasino 業務。因此，我們必須打造應用程式、品牌，實際上是兩個品牌，並將它們推廣到我們的同行已經經營多年的市場。所以我們非常興奮。

If you look forward, and there are future casino states, as Eric said, we operate from a marketing standpoint in iGaming pretty similarly to our peers. So we're curious in the future to see a state rollout in our new form with our new brands.

如果你展望未來，正如艾瑞克所說，未來會有賭場國家，我們從 iGaming 的行銷角度來看，與我們的同行非常相似。因此，我們很想在未來看到我們的新品牌以新形式在各州推出。

Thank you. Thank you.

謝謝。謝謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good evening, everybody. Thanks for taking my question. So first question is on OSB. Tom, you mentioned October, we've all been watching with bated breath here. I know you haven't even closed the books on the month, but maybe if you could compare and contrast how October OSB is faring versus last November? And if the structural hold, Eric, that you've mentioned and that lift is acting as a cushion versus those adverse sport outcomes?

大家晚上好。感謝您提出我的問題。第一個問題是關於 OSB 的。湯姆，你提到了十月，我們都屏息以待。我知道您甚至還沒有結清本月的帳目，但也許您可以比較和對比 10 月 OSB 與去年 11 月的表現如何？艾瑞克，你提到的結構性支撐和升力是否可以起到緩衝作用來對抗那些不利的運動結果？

Short answer is no. So two weekends ago was the single worst combination of sports betting outcomes we've seen since we started the business. The week before last was not good, but not as bad as two weeks ago, the other two weeks in October were kind of normal.

簡短的回答是否定的。因此，兩個週末前是我們自開展業務以來所見過的最糟糕的體育博彩結果組合。前一周不好，但沒有兩週前那麼糟糕，十月的另外兩週還算正常。

But your -- the shift to parlays cuts against you when you have sporting outcomes like that, our parlay percentage is much higher than it was last November. And so when -- what was it, every favorite, but one that week, that's a tough set of outcomes. Yeah, so October is not going to look great for anybody relative to what they were expecting, but this is just part of the business that you're in. I don't think it makes any difference to the structural story for us or for anybody else in this space.

但當你有這樣的運動比賽結果時，向連贏投注的轉變會對你不利，我們的連贏投注百分比比去年 11 月高得多。所以當——是什麼時候，每一個最喜歡的，除了那一週的一個，這是一系列艱難的結果。是的，所以十月對任何人來說都不會比他們的預期更好，但這只是你所處行業的一部分。的任何其他人。

That's very clear. Thanks for that. And then just a follow-up still on digital. The hold that you saw in iGaming year-over-year, the lift, just curious how we should think about that if there's structural things going on or if it's just something that will sort of oscillate around these levels from here?

這非常清楚。謝謝你。然後仍然是數字方面的後續行動。你在 iGaming 中看到的年復一年的增長，只是好奇我們應該如何思考，如果有結構性的事情發生，或者它只是從這裡開始圍繞這些水平振盪？

I mean, I'd say a big piece of it is more slots versus tables. So the launch of Caesars Palace online, remember the idea was our existing Liberty based iGaming business was table heavy since you were coming through the sports app. That's a lower hold more volatile business than the predictability of slots, and that's really what you saw roll through our numbers in the quarter. So that should continue.

我的意思是，我想說其中很大一部分是老虎機而不是桌子。因此，在線推出 Caesars Palace 時，請記住，我們現有的基於 Liberty 的 iGaming 業務非常繁重，因為您是透過體育應用程式來的。這是一個比老虎機的可預測性更不穩定的業務，這確實是您在本季度的數據中看到的。所以這應該繼續下去。

Great. Thanks everyone.

偉大的。謝謝大家。

So that should continue.

所以這應該繼續下去。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good afternoon, everyone. Thanks for taking my question. Tom, I think that there was a cash inflow or distribution from Pompano in the quarter, maybe $40 million or so. Is that something we should think about coming in on a continual basis? Or could you give additional context there?

嘿，大家下午好。感謝您提出我的問題。湯姆，我認為本季龐帕諾有現金流入或分配，可能是 4000 萬美元左右。這是我們應該持續考慮的事情嗎？或者您能提供更多背景資訊嗎？

And along those lines, maybe if you could shed some light on how we should think about maybe the parameters through which we should look at free cash flow for next year as it relates to interest expense or cash taxes in addition to some of the items you gave earlier. Thanks.

沿著這些思路，也許您可以闡明我們應該如何考慮我們應該透過哪些參數來看待明年的自由現金流，因為除了您所考慮的一些項目之外，它還與利息費用或現金稅相關。早先給的。謝謝。

Yes. So I'll flip to Brett on the cash flow question. In terms of Pompano, yes, as it turns out the way that we're developing the project with Cordish. It's heavy on outright sales of land to entities that are building the various pieces. So we started to distribute cash as a partnership during the second quarter and your number is pretty close to where we were. And yes, you should expect there are some future distributions of that size in the coming quarters as additional pieces of that project get underway.

是的。因此，我將向布雷特詢問現金流問題。就 Pompano 而言，是的，因為事實證明我們與 Cordish 一起開發該專案的方式。它主要是將土地直接出售給正在建造各種建築的實體。因此，我們在第二季開始作為合作夥伴分配現金，你們的數字非常接近我們的水準。是的，隨著該專案的其他部分的啟動，您應該預計在未來幾季中將會出現一些類似規模的發行版。

Dan, on the free cash flow bridge for '25, we're looking at rents going up just under 2%. So you should be right around $1.35 billion on the rent number. On cash CapEx, we already talked about it, $600 million to $650 million depending on if you're picking up Danville or not. Cash interest expense depends on the pace of the Fed, but we're looking at $650 million to $750 million on cash interest expense. And then you can pick your EBITDA, but when you get down to free cash flow, your cash taxes will be roughly 15% to 20% of the free cash flow number.

Dan，在 25 年的自由現金流橋上，我們預計租金將上漲略低於 2%。所以你的租金數字應該是 13.5 億美元左右。關於現金資本支出，我們已經討論過，6億到6.5億美元取決於你是否選擇丹維爾。現金利息支出取決於聯準會的步伐，但我們預期現金利息支出為 6.5 億至 7.5 億美元。然後你可以選擇你的 EBITDA，但是當你談到自由現金流時，你的現金稅將大約是自由現金流數字的 15% 到 20%。

Got it. And then just turning to Danville, Obviously, that property is running at a high level right now. I think slots [550 to 600] win per unit per day. and tables are doing well, too. So as you think about kind of adding those gaming positions, broad strokes, is there any kind of directional guidance or expectation as you kind of expand that property. And then any kind of color on how we should think about margins relative to a full property versus a temporary property?

知道了。然後轉向丹維爾，顯然，該物業目前運行在高水準。我認為老虎機每天每單位獲勝 [550 到 600] 個。桌子也表現得很好。因此，當您考慮添加這些遊戲位置時，大體上，當您擴展該屬性時是否有任何類型的方向指導或期望。然後，我們應該如何考慮相對於完整財產和臨時財產的利潤率？

Yeah. So that will be margin dilutive, certainly, that's running in the neighborhood of 60% EBITDA margins in out of the [tens]. You should be looking at something more like our other regions kind of mid-30%s or better going forward. You've talked about the win per position per day. The actual win per position per day. I've told you it's the largest in our system, it will be dilutive to that as well, but you're looking at almost double the position.

是的。因此，這肯定會稀釋利潤率，EBITDA 利潤率在 60% 左右。您應該關注類似於我們其他地區的 30% 左右或更好的未來。您談到了每天每個位置的勝利。每個位置每天的實際贏利。我已經告訴過你，這是我們系統中最大的，它也會稀釋它，但你看到的部位幾乎是原來的兩倍。

So if you think about it, you're going to generate significantly more revenue, but you're going to have significantly more expense. So if you think about the total view of EBITDA, I would say, just cuffing it two-third to 70% of the total EBITDA was already being generated by the temporary property, but it's a meaningful lift to our regional segment to get the [property].

因此，如果您考慮一下，您將產生更多的收入，但您的支出也會顯著增加。因此，如果您考慮EBITDA 的總體情況，我會說，僅將其三分之二到70% 的EBITDA 就已經由臨時財產產生，但這對我們的區域部門來說是一個有意義的提升，以獲得 [財產]。

That's helpful. Thanks so much.

這很有幫助。非常感謝。

Steven Wieczynski, Stifel.

史蒂文‧維琴斯基，史蒂菲爾。

Hey guys, good afternoon. So just in the interest of time here, I'll just ask one question. So Tom, if we kind of take a step back and think about -- a couple of years ago, you talked about how there was a potential chance to sell an asset along the strip and all that went away, obviously, due to the rate environment. But if we fast forward to today, and obviously, we're starting to get a much better rate environment out there.

嘿夥計們，下午好。為了節省時間，我只問一個問題。所以湯姆，如果我們退後一步想一想——幾年前，你談到瞭如何有一個潛在的機會出售沿線的資產，但顯然，由於利率，所有這些都消失了環境。但如果我們快進到今天，顯然，我們開始獲得更好的利率環境。

I guess my question is, are you starting to see the demand come back in terms of inbound interest for some of your assets? And I'm not sitting here trying to say you're doing anything or you're not doing anything, I just want to know more if that interest level is as strong as it's ever been.

我想我的問題是，您是否開始看到某些資產的入境利息需求回升？我坐在這裡並不是想說你在做任何事情或你沒有做任何事情，我只是想更多地了解這種興趣是否像以前一樣強烈。

Yes, Steve. So to be 100% clear, we have no asset sale processes of actual casinos ongoing as we speak. But to your point, if I just break the year into the 90 days between these conference calls. The biggest change that I've seen in the last 90 days is the amount of incoming activity you've got from.

是的，史蒂夫。因此，百分之百明確的是，在我們發言時，我們沒有正在進行任何實際賭場的資產出售流程。但就你的觀點而言，如果我將這一年分解為這些電話會議之間的 90 天。過去 90 天內我看到的最大變化是您收到的傳入活動量。

People calling us up and saying, what do you think about this asset? What do you think about that asset? And as you know, we're economic animals. So if it ultimately makes sense that the best way to drive value is we transact. That's a possibility. But again, there's nothing active ongoing, but there is a whole lot more inbound activity post the first Fed move.

人們打電話給我們並詢問，您對這項資產有何看法？您對該資產有何看法？如你所知，我們是經濟動物。因此，如果最終有道理的話，那麼推動價值的最佳方法就是我們進行交易。這是有可能的。但同樣，沒有什麼活動正在進行，但在聯準會第一次採取行動後，入境活動明顯增加。

Okay. Got you. That's perfect. Thanks to appreciate it.

好的。明白你了。那很完美。感謝欣賞。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi afternoon, everyone. Thanks for working me in. I wanted to just double back on kind of the Danville transition, right, and just make sure we have the cadence right for the next couple of quarters. In general terms, if you could just talk about if we're pulling out the temporary facility, which is, to your point, is highly productive and starting off with a new permanent facility, should we be thinking about maybe some EBITDA dislocation for a quarter or two or three or more while that new property ramps? Or is it really just more of a margin conversation?

大家下午好。感謝您為我工作。一般來說，如果您能談談我們是否要撤出臨時設施（就您而言，該設施生產力很高，並從一個新的永久設施開始），我們是否應該考慮可能會出現一些 EBITDA 錯位？新房產增加時，四分之一或兩個或三個或更多？或者這實際上只是更多的利潤對話？

Yes, it's the latter, David. So we have a tent that, right now, sits in a parking lot of the permanent. That tent will operate until the moment that we open the permanent. So it's pretty seamless, there isn't a -- you shut it down and you go through testing, that sort of thing. You do all that while the temporary is still open. So it should just be as if the temporary just became dramatically larger from one day to the next.

是的，是後者，大衛。所以我們現在有一個帳篷，位於永久停車場。那個帳篷將一直運行到我們打開永久設施的那一刻。所以它是非常無縫的，沒有--你關閉它並進行測試之類的事情。您可以在臨時工仍然開放的情況下完成所有這些工作。因此，就好像臨時的一天變得越來越大。

And if I were -- in terms of how you would model it, I would say, you probably consider the -- view it as if the temporary is operating until the middle of December and you get a couple of weeks this year from the permanent. That probably ships a few days in either direction, but that's a good thing.

如果我——就如何建模而言，我會說，你可能會考慮——將其視為臨時專案一直運行到 12 月中旬，而今年您將有幾週的時間從永久專案中恢復過來。 。這可能會在任一方向運送幾天，但這是一件好事。

And David, this is Anthony. We're really excited because it opens up a whole another segment of our database on that Eastern seaboard, someone that may not come and just travel for the day, but we're going to have a beautiful new 340-room hotel, great restaurants with some celebrity chefs. So it attracts a whole new clientele that may not be coming to the temporary facility today as well.

大衛，這是安東尼。我們真的很興奮，因為它打開了我們關於東海岸的資料庫的另一個部分，有些人可能不會來，只是旅行一天，但我們將擁有一家擁有340 間客房的漂亮新酒店，還有很棒的餐廳和一些名廚一起。因此，它吸引了全新的客戶，而這些客戶今天可能不會來臨時設施。

Got it. I've been to see it. And just quickly with respect to Vegas and any competitive or promotional changes, anything going on in the marketplace that we should be aware of? Or is the promotional environment kind of status quo?

知道了。我曾經去看過。關於維加斯以及任何競爭或促銷變化，市場上正在發生什麼我們應該注意的事情？還是促銷環境就是現狀？

I would say the market has been remarkably stable. I know there's been the mania on the investment side of things are changing rapidly in the wrong direction that we're not seeing. We are seeing zero evidence of that on the ground, the business has been running in the high 90s occupancy rates a little better as you move to group business. Group business helps your non-gaming grow. And then it's a matter of how did you do in the table business versus last year. That's a good setup for us in the first quarter, and then we've got Versailles online this year versus last year. So we don't see a big change in either direction in this business as we sit out here today.

我想說市場一直都非常穩定。我知道投資方面存在著狂熱，事情正在朝著我們沒有看到的錯誤方向迅速變化。我們在實地看到的證據為零，隨著轉向集團業務，該業務在 90 年代的高入住率下運作得更好一些。集團業務可協助您的非博彩業務發展。接下來的問題是與去年相比，你在餐桌業務上的表現如何。這對我們第一季來說是一個很好的設置，然後與去年相比，我們今年將凡爾賽宮上線。因此，當我們今天坐在這裡時，我們認為該行業的任何方向都沒有重大變化。

Perfect. Thank you.

完美的。謝謝。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey guys. For digital, can you give us an update on some of the key functionalities you're working on, maybe like shared wallet to help bridge any product gaps with the market leaders? Thanks.

嘿夥計們。對於數位領域，您能否向我們介紹您正在開發的一些關鍵功能的最新情況，例如共享錢包，以幫助縮小與市場領導者的產品差距？謝謝。

Yeah. I would say the biggest one that we have right now is the shared wallet that you raised. We're currently in nine states or jurisdictions. We're rolling it out, we're trying to do a little bit more than one a month. And so we're targeting kind of the midpoint of next year before we're completely switched over to our own TAM.

是的。我想說我們現在擁有的最大的一個就是你提出的共享錢包。我們目前在九個州或司法管轄區。我們正在推出它，我們試圖每月做多一點。因此，我們的目標是在明年中期完全切換到我們自己的 TAM 之前。

But currently, if you're in any of those nine states and you go to another state that's the same on the TAM, then it will automatically have your wallet shared. So it's just not connected to Nevada and some of the other key states right now, but that's progressing very well.

但目前，如果您位於這九個州中的任何一個，並且您前往 TAM 上相同的另一個州，那麼它會自動共用您的錢包。所以它現在還沒有與內華達州和其他一些關鍵州相連，但進展非常順利。

In terms of the efforts that we've had to improve our parlay mix this quarter on a year-over-year basis, our parlay mix grew the fastest that it's grown and it's hit an all-time high. And then you see the results in the hold percentage. So we're pleased with that.

就本季我們為改善連本彩組合所做的努力而言，我們的連彩組合成長最快，並且創下了歷史新高。然後您會看到保留百分比的結果。所以我們對此感到滿意。

There are still some products that we're missing. A lot of the live, same game parlay on some of the non-main markets our product still lacks what some of the others offer. But overall, I feel like we've made a lot of progress in the last year and really close the gap. And I think you can see that and the fact that we're able to reinvest at much lower levels and still retain the customers.

我們仍然缺少一些產品。在一些非主要市場上，我們的產品仍然缺乏其他一些產品所提供的功能。但總的來說，我覺得我們在去年取得了很大進步，並且確實縮小了差距。我認為您可以看到這一點以及我們能夠以低得多的水平進行再投資並仍然留住客戶的事實。

Great, thanks, Eric.

太好了，謝謝，艾瑞克。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone. Thanks for taking my question. Tom, I want to go back to just the regional outlook for a second, if we think about some of the puts and takes, obviously, a lot more tailwinds as we turn the page, but there's still some of this competitive stuff that's popping up. And obviously, I think we're familiar with your formula, which is being quite disciplined on how you react when that competition comes in the market.

嗨，大家下午好。感謝您提出我的問題。湯姆，我想暫時回到區域前景，如果我們考慮一些看跌期權和看跌期權，顯然，當我們翻過這一頁時，會有更多的順風車，但仍然有一些競爭性的東西出現。顯然，我認為我們熟悉您的公式，該公式對您在市場競爭出現時的反應非常嚴格。

So the question is, just we put through the puts and takes, I'm keeping an eye on like south suburbs in Chicago, in particular, as we see still some incremental headwinds from places like that, are we in a place where we feel really confident that regional gaming grows next year? Do we end up flat? I mean, obviously, the headwind is going to be a lot less, but there still seems like there's going to be some. So just if you could help us think about that high level.

所以問題是，只要我們進行看跌期權，我就會密切關注芝加哥南郊，特別是，因為我們仍然看到來自這樣的地方的一些增量阻力，我們是否處於一個我們認為的地方真的有信心明年地區遊戲的成長嗎？我們最終會平坦嗎？我的意思是，顯然，逆風會少很多，但似乎仍然會有一些。如果您能幫助我們思考這個高層次就好了。

Yes, there's still more headwinds than tailwinds for us. I think you're looking at a year that's down slightly to flat, is my regional expectation for next year. You've got the [Ports Creek] product that opens.

是的，對我們來說，逆風仍然多於順風。我認為您看到的這一年將略有下降至持平，這是我對明年的地區預期。您已開啟 [Ports Creek] 產品。

November 11.

11 月 11 日。

Yeah. So in a couple of weeks in the Chicago market will be impactful to both Joliet and [Ham] we do have the opportunity. So as these properties open, our philosophy is you don't really get in the way of the trial from your customers. Your customers are going to go try the new product regardless of what you do. But in a number of these properties you're looking at, they've been operating for a few quarters now. And now we can go back into those battlegrounds and fight for those customers.

是的。因此，幾週後芝加哥市場將對喬利埃特和[漢姆]產生影響，我們確實有機會。因此，當這些飯店開業時，我們的理念是您不會真正妨礙客戶的試用。無論您做什麼，您的客戶都會去嘗試新產品。但在您看到的許多房產中，它們已經運營了幾個季度了。現在我們可以回到這些戰場並為這些客戶而戰。

And that's really the swing factor in terms of does '25 end up being a growth year for regional or not? Is the effectiveness of our ability to fight in those markets in Indiana, in Chicago, in Mississippi, in Iowa that have already been impacted by competition. So we haven't anniversaried a lot of those. There are some that continue well into but it should be a much different picture in '25 for us than it was in '24.

這確實是決定 25 年是否會成為區域性成長年的關鍵因素？是我們在印第安納州、芝加哥、密西西比州、愛荷華州這些已經受到競爭影響的市場上的戰鬥能力的有效性。所以我們沒有慶祝很多周年紀念日。有些會持續到 25 年，但對我們來說，25 年的情況應該與 24 年有很大不同。

Understood. Thank you for that. And then just a question sort of a high level on the legal side actually as it relates to sports betting. Obviously, you talked about some of the possible expenses or expenses related to Missouri, and I think some people have been watching that market. And just wondering how just big picture of the company, how Caesars' looking today at the expansion of OSB broadly? Have you kind of changed a little bit in your outlook for the OSB pros and cons? And sort of how do you think about that versus iGaming? Are they separate? Or overall, are you taking a little bit of a new course as it relates to digital expansion from here?

明白了。謝謝你。這實際上是法律方面的一個高水平問題，因為它與體育博彩有關。顯然，您談到了一些可能的費用或與密蘇裡州相關的費用，我認為有些人一直在關注這個市場。只是想知道公司的整體情況如何，凱撒今天如何看待 OSB 的廣泛擴張？您對 OSB 優缺點的看法是否有改變？與 iGaming 相比，您如何看待這一點？他們是分開的嗎？或者總的來說，您是否正在學習一些與數位擴展相關的新課程？

We'd like to see OSB and iGaming in every jurisdiction of the United States. We think it's important that it's done in a manner that makes sense for the operators and for the state. And you've got a well-established path of legalizing and licensing through the operators that have invested substantial amounts of capital employed, thousands of people and paid hundreds of millions, billions of dollars in taxes, we think it's important that it continues on that path. But we would like to see OSB and iGaming in every jurisdiction that we possibly can.

我們希望在美國的每個司法管轄區看到 OSB 和 iGaming。我們認為，重要的是要以對營運商和國家有意義的方式進行。而且你已經透過營運商獲得了一條完善的合法化和許可途徑，這些運營商投入了大量資金，僱用了數千人，並繳納了數億、數十億美元的稅款，我們認為繼續這一點很重要小路。但我們希望盡可能在每個司法管轄區看到 OSB 和 iGaming。

Thank you very much.

非常感謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey, thank you. As you've seen the handle share improving in iGaming and more engagement, are you seeing any change in the types of customers playing as we think about either new customers to the entire system across [most] OSB and/or overlap with brick-and-mortar?

嘿，謝謝你。正如您所看到的，iGaming 中的手把份額有所提高，參與度也有所提高，當我們考慮跨[大多數] OSB 的整個系統的新客戶和/或與實體遊戲重疊時，您是否看到玩遊戲的客戶類型有任何變化？

I would say that on the iCasino side, the main shift that we've seen is on the with the introduction of the Caesars Palace Online stand-alone app. We've seen a lot more slot players move over. And we are seeing more crossover between the brick-and-mortar and that app as you'd expect. I do think there's a lot more opportunity there, however, we're really becoming more and more integrated into the brick-and-mortar process through the host, through the PD teams, through the marketing activities that go on at the properties.

我想說，在 iCasino 方面，我們看到的主要轉變是凱撒宮線上獨立應用程式的推出。我們已經看到更多的老虎機玩家轉移了。正如您所期望的那樣，我們看到實體店和該應用程式之間有更多的交叉。我確實認為那裡有更多的機會，但是，我們確實透過東道主、PD 團隊、透過在飯店進行的行銷活動越來越融入實體流程。

So we're optimistic that the percentage of crossover will continue to grow. And then we know, of course, that the customers that play with us on brick-and-mortar and also play with us online, we get a much higher percentage of their wallet and it gets consolidated to us. And so as a result, we see a higher value from those customers.

因此，我們樂觀地認為交叉的百分比將繼續增長。當然，我們知道，那些在實體店和網路上與我們一起玩的客戶，我們會從他們的錢包中獲得更高的比例，而這些錢會被整合到我們手中。因此，我們從這些客戶身上看到了更高的價值。

And as a follow-up, this may be an opportunity for Tom to pull a lot of the earlier questions together. But in the past, I think you had walked from call it, $4 billion to $5 billion in EBITDA with a couple of building blocks. How would you characterize that walk now thinking through all the puts and takes from dispositions, new assets, some of the trends and then the path on digital?

作為後續行動，這可能是湯姆將許多早期問題集中在一起的機會。但在過去，我認為你可以透過幾個建置模組從 40 億美元的 EBITDA 走到 50 億美元。您如何描述現在思考處置、新資產、一些趨勢以及數位化道路的所有看跌期權和索取的情況？

Yes. So [Sean], we're -- I don't know what -- this is a number of quarters in a row where we're in the neighborhood of $1 billion of EBITDA. So call it, a $4 billion enterprise with very little contribution from digital to date in terms of EBITDA, but inflecting as we speak and obviously just posted a couple of good quarters in a row. So I think that going to [500] and beyond is still the same kind of road map we've talked about now for three-plus years.

是的。所以 [Sean]，我們——我不知道是什麼——我們的 EBITDA 已經連續幾季接近 10 億美元。這麼說吧，這是一家價值 40 億美元的企業，迄今為止，數位化對 EBITDA 的貢獻微乎其微，但正如我們所說，它正在發生變化，而且顯然剛剛連續幾個季度表現出色。所以我認為，達到 [500] 以上仍然是我們三年多來討論的路線圖。

The brick-and-mortar side, we see returns from the investments in regional continued growth in Las Vegas that gets us hundreds of millions of incremental EBITDA if you're looking out over the next couple of years. So that gets you to the right side of that $4 billion to $5 billion range seems in our minds, to still be a very clear path that we're headed down.

在實體方面，我們看到了拉斯維加斯區域持續成長的投資回報，如果您在未來幾年內關注的話，這將為我們帶來數億的增量 EBITDA。因此，在我們看來，這會讓你處於 40 億至 50 億美元範圍的右側，這仍然是我們前進的一條非常明確的道路。

So it was an enormous task to integrate the Caesars acquisition to stand up a digital business and to complete these major project spend, and we're toward the back side of each. And you're going to see that roll through the way EBITDA and free cash flow can work in this business as we move forward. So we think the future is very bright here.

因此，整合凱撒收購以建立數位業務並完成這些主要項目支出是一項艱鉅的任務，而我們正朝著每個目標的背面邁進。隨著我們的前進，您將看到 EBITDA 和自由現金流在這項業務中的運作方式。所以我們認為這裡的未來非常光明。

Thank you.

謝謝。

John DeCree, CBRE.

約翰‧德克里，世邦魏理仕。

Hey guys. Two questions. Tom, you just spoke a question or two ago briefly about your thoughts on legalization of online sports betting and iGaming. But I wanted to ask specifically about Florida, if you've had any discussions or if you think there's an inroad there. I think a lawsuit against the tribe has recently been settled. And so it looks like the past -- for you guys might be partnering with the tribe. So curious if, given size of that market, if you've had any meaningful discussion or a view on whether you might be able to enter Florida anytime soon.

嘿夥計們。兩個問題。湯姆，您剛剛簡單地談了一兩個問題，談談您對在線體育博彩和網絡博彩合法化的看法。但我想具體詢問佛羅裡達州的情況，你們是否進行過任何討論，或者你們認為那裡是否取得了進展。我認為針對部落的訴訟最近已經解決了。所以這看起來就像過去了——因為你們可能正在與部落合作。很好奇，考慮到該市場的規模，您是否對您是否能夠很快進入佛羅裡達州進行任何有意義的討論或看法。

I would say, John, I'm not optimistic that we or any of the other non-seminal entities will enter Florida soon. I saw the same remarks -- or heard the same remarks from Jim Allen that you did at G2E that kind of cracked open the door, but I don't think that, that happens in the near term.

我想說，約翰，我對我們或任何其他非開創性實體很快就進入佛羅裡達州並不樂觀。我看到了同樣的言論，或者聽到了吉姆艾倫（Jim Allen）在 G2E 上所做的同樣的言論，這打開了大門，但我認為這種情況不會在短期內發生。

Thanks. I appreciate that. And one maybe housekeeping on CapEx. Tom, maybe for you or Brett. So obviously, CapEx is stepping down next year, but curious if you could give us kind of an update on what steady state CapEx should be for you guys maintenance? And if there's any routine kind of project CapEx that you're thinking about. So as we look beyond '26 and you look at the capital product budget, do we expect CapEx to kind of keep shrinking after '25? Or does it kind of level off at a certain point?

謝謝。我很欣賞這一點。其中之一可能是資本支出的內務管理。湯姆，也許是為了你或布雷特。很明顯，明年的資本支出將會減少，但好奇您能否向我們提供有關您們維護的穩定狀態資本支出應該是多少的最新資訊？如果您正在考慮任何常規類型的專案資本支出。因此，當我們展望 26 年後並查看資本產品預算時，我們是否預期資本支出在 25 年後會繼續萎縮？或者它會在某個點趨於平穩嗎？

[$400 million] area of maintenance CapEx is a good number and [$200 million to $250 million] of growth and other CapEx as a steady state going forward.

[4 億美元] 的維護資本支出是一個不錯的數字，[2 億至 2.5 億美元] 的成長和其他資本支出將保持穩定的發展狀態。

Great. Thanks Bret. Appreciate it. Thanks everyone.

偉大的。謝謝布雷特。欣賞它。謝謝大家。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Afternoon. Thanks for taking my question. Eric, on your business, the iGaming business, the flow-through 57% this quarter was ahead of that targeted 50% and as a result of better revenue growth, obviously, the EBITDA came in ahead of expectations.

下午。感謝您提出我的問題。 Eric，就您的 iGaming 業務而言，本季的流量 57% 超出了 50% 的目標，並且由於收入增長更好，顯然 EBITDA 超出了預期。

So I know that you have a lot of things rolling off in '25, so maybe flow through isn't the right way to think about it? But can you maybe help us just more in the near term, if hold is normal? Should this 50% still make sense, maybe absent some of the bigger roll-off of expenses? Just trying to figure out how this ramps maybe over the next four to eight quarters here. Thanks.

所以我知道你在 25 年有很多事情要做，所以也許流動並不是正確的思考方式？但如果持有是正常的，你能在短期內為我們提供更多幫助嗎？如果沒有一些更大的費用滾存，這 50% 是否仍然有意義？只是想弄清楚在接下來的四到八個季度裡這種情況會如何發展。謝謝。

Yeah. I think when we provided that rough expectation that we should be able to flow through at 50%, it was pretty broad-based in over time. So there are certain factors that are going to contribute to that this year that aren't going to be there next year and there are some next year that we aren't experiencing this year. In a quarter like this, where we had record iCasino growth and then extremely strong sports growth, we were able to achieve better than the 50% target.

是的。我認為，當我們提出粗略的預期，即我們應該能夠以 50% 的速度通過時，隨著時間的推移，它的基礎相當廣泛。因此，今年有一些因素會導致這種情況，但明年就不會出現，而且明年還有一些因素我們今年不會經歷。在這樣一個季度，我們的 iCasino 成長創紀錄，然後體育成長極其強勁，我們能夠實現比 50% 更好的目標。

As I mentioned, I think, on the last call, I would expect it to bounce around a little bit. Sometimes it will be a little lower and sometimes a little higher, but we still think the 50% is a reasonable expectation for the flow-through on the incremental revenue for certainly next year. And then as we head into '26, we get additional roll off of some of the marketing. So I would expect it to continue at that level as well.

正如我所提到的，我認為在最後一次電話會議中，我預計它會出現一點反彈。有時會低一點，有時高一點，但我們仍然認為 50% 對於明年增量收入的流入來說是一個合理的預期。然後，當我們進入 26 年時，我們會進一步減少一些行銷活動。所以我預計它也將繼續保持在這個水平。

Okay, perfect. And then on the regional side, if you're able to somehow split out or separate the competition, weather, et cetera, from just normal consumer business. Did you see any more deterioration in that lowest tier in the unrated part of the business in your regional segment in Q3?

好的，完美。然後在區域方面，如果你能夠以某種方式將競爭、天氣等與正常的消費者業務分開或分開。您是否發現第三季度您的區域部門中未評級業務部分的最低層出現了進一步惡化？

No, I wouldn't say we saw more deterioration. There is a segment of the customer base that's been challenged by where pricing has gone in recent history, and that remains the case. I don't see anything alarming in the regional business, I think most of what we're seeing is competitive impact from -- you're talking about substantial properties that have opened in multiple markets and once we lapped the opening of the temporary in Virginia, we've lacked tailwinds behind us and that started to change last week with New Orleans.

不，我不會說我們看到了更多的惡化。有一部分客戶群受到近期定價變動的挑戰，而且情況仍然如此。我在區域業務中沒有看到任何令人擔憂的事情，我認為我們看到的大部分都是競爭影響——你談論的是在多個市場開業的大量房產，一旦我們在臨時開放的時間結束後，維吉尼亞州，我們身後缺乏順風，上週新奧爾良的情況開始改變。

Thanks Tom. Appreciate it guys.

謝謝湯姆。很欣賞你們。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good afternoon, everyone. You've given a lot of good info on the online segment. But as we think through -- in broad strokes that 30% online revenue growth that you've talked about in the last couple of quarters, can you maybe help us understand how much of that is coming from just pure player growth versus maybe expanding your ARPU?

大家下午好。您在線上部分提供了很多有用的信息。但當我們仔細思考時，您在過去幾個季度中談到了 30% 的線上收入成長，您能否幫助我們了解其中有多少來自於純粹的玩家成長，而不是來自於擴大您的營收？

And then the second part of that is, how much dry powder do you think you have left in the omnichannel that's going to help you grow iGaming revenue next year and in '26?

第二部分是，你認為你在全通路還剩下多少乾粉，可以幫助你在明年和 26 年增加 iGaming 收入？

Yes. I think you have to look at the two kind of lines separately, the casino and the sports book. The casino business is growing users and daily actives at a very rapid pace. So Tom referenced, we measure things in month-over-month performance and our users continue to grow, our actives continue to grow, the volume continues to grow. And then as we're seeing the hold ticks up a bit. So that business is very consistent and very strong.

是的。我認為你必須分別看待兩種路線：賭場和體育博彩。賭場業務正在以非常快的速度成長用戶和日常活動。 Tom 提到，我們以逐月表現來衡量，我們的用戶持續成長，我們的活躍度持續成長，交易量持續成長。然後我們看到保留時間增加。因此，該業務非常穩定且非常強勁。

On the sports side, it's a little bit different. As you've seen, the volumes are somewhat flat right now. That's due to some reductions in very high-end wagers that we were getting last year that didn't translate into profitability. And then through the segmented marketing that I talked about as well, we're seeing some lower end unprofitable customers not returning.

在體育方面，情況有些不同。正如您所看到的，目前的成交量有些持平。這是因為我們去年獲得的非常高端的賭注有所減少，但並未轉化為盈利能力。然後透過我也談到的細分行銷，我們看到一些低端無利可圖的客戶沒有回來。

And so what we are seeing though is many more bets per user, the average bet size is coming down, as you'd expect. And as a result, the volumes are flat or so, but they're being more than made up by the improvement in the hold percentage. So from our standpoint, they're very different behaviors. The average worth of the customer on the sports side is going up significantly as the volume stays the same and the hold improves.

因此，我們看到的是，每個用戶的投注量增加了很多，平均投注金額正在下降，正如您所期望的那樣。因此，成交量基本上持平，但持有率的提高足以彌補這一不足。因此，從我們的角度來看，它們的行為非常不同。由於數量不變且保留率提高，體育方面客戶的平均價值顯著上升。

Great. And then just on the follow-up. In the regional segment, if I look at your hotel revenue, is it fair to assume that some of that underperformance is just New Orleans and we should expect you to recoup that next year?

偉大的。然後就是後續行動。在區域部分，如果我看看你們的酒店收入，是否可以公平地假設其中一些表現不佳的只是新奧爾良，我們應該期望你們明年能收回這些收入？

Yes.

是的。

Thank you very much.

非常感謝。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫，第一資本證券。

Hello, everyone. Thank you for taking my questions. You all mentioned that tailwinds related to the renovations at the Las Vegas and New Orleans properties, and peers have had some success with renovation projects as well. Are there any other renovation growth projects that you all are eyeing within the casino portfolio?

大家好。感謝您回答我的問題。你們都提到了與拉斯維加斯和新奧爾良物業的翻修有關的順風車，同行在翻修項目上也取得了一些成功。你們在賭場投資組合中還有其他翻新成長項目嗎？

The most substantial one that we have ongoing is Harvey's Lake Tahoe. That's a multiyear $160 million project that's already begun. We opened the Wolf restaurant with Lisa Vanderpump up there this summer, we're redoing the entire casino floor. We're doing a room tower, we're doing the suites across the street kind of leaning into that property being on Lake Tahoe. You can't replicate that what we've got there given its location on the lake and where regulations are now. So that's a substantial EBITDA producer for us that we see significant return on that investment. That's the biggest one.

我們正在進行的最重要的一項是哈維的太浩湖。這是一個耗資 1.6 億美元的多年項目，現已啟動。今年夏天，我們和麗莎范德龐普 (Lisa Vanderpump) 一起在那裡開設了 Wolf 餐廳，我們正在重做整個賭場樓層。我們正在建造一座客房塔樓，我們正在建造街對面的套房，有點靠近太浩湖的房產。考慮到它在湖上的位置以及現在的法規，你無法複製我們在那裡的情況。因此，這對我們來說是一個重要的 EBITDA 生產者，我們看到了這項投資的可觀回報。這是最大的一個。

There's always across the street from Caesars at Flamingo, we've got the Vanderpump's Pinky's opens in a couple of weeks as does Gordon Ramsay burger, The Strip. Within Caesars, we'll have opened our high-limit slot area and completely redesigned in a couple of weeks, another high limit table area will open before the end of the year. So we're always doing projects that will move the needle for us, but they're far less substantial than from a dollar spend standpoint than what we've had in the last 4 years since we closed.

凱撒餐廳(Caesars) 街對面總是有火烈鳥(Flamingo) 餐廳，幾週後范德龐普(Vanderpump) 的Pinky's 餐廳也將開業，拉斯維加斯大道(The Strip) 的戈登拉姆齊漢堡(Gordon Ramsay Burger) 也將開業。在凱撒，我們將在幾週內開放高限額老虎機區域並完全重新設計，另一個高限額牌桌區域將在今年年底前開放。因此，我們一直在做一些能夠為我們帶來推動的項目，但從美元支出的角度來看，這些項目遠沒有我們關閉以來的過去 4 年裡的規模。

Great. Yeah. No, that's really helpful color there. And then just quick on the Las Vegas segment. Slot handle was stronger than we expected, but table game drop was softer. Can you just talk about -- was there anything you saw this quarter? Was it a different mix of players coming into the properties or just kind of a different betting behavior? Thank you.

偉大的。是的。不，那是非常有用的顏色。然後快速前往拉斯維加斯部分。老虎機手把比我們預期的要強，但桌上遊戲的掉落要軟一些。能談談本季您看到了什麼嗎？是不同的玩家組合進入酒店還是只是不同的投注行為？謝謝。

It was a handful of large players that move their trips versus -- it showed up last year, last quarter and showed up at different times this year. And last year, we beat them.

這是少數幾家大型企業改變了他們的旅行計劃——去年、上個季度和今年的不同時間都出現過。去年，我們擊敗了他們。

Great. Thank you.

偉大的。謝謝。

Thank you. I'll now hand the call back over to CEO, Tom Reeg for any closing remarks.

謝謝。現在，我將把電話轉回給執行長 Tom Reeg，讓其結束語。

All right, Andrew. Thanks, everybody. Happy holidays. Our next call is February. We'll see you then.

好吧，安德魯。謝謝大家。節日快樂。我們的下一次電話會議是二月。我們到時候見。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝您的參與。今天的節目到此結束，您現在可以斷開連線了。