Caesars Entertainment Inc (CZR) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Caesars Entertainment Inc. 2024 fourth-quarter and full year earnings conference call.

歡迎參加凱撒娛樂公司 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人，公司財務、財務和投資者關係高級副總裁 Brian Agnew。請繼續。

Thank you, Tania, and good afternoon to everyone on the call.

謝謝你，塔妮亞，祝電話中的各位下午好。

Welcome to our conference call to discuss our fourth quarter and full year 2024 earnings.

歡迎參加我們的電話會議，討論我們的 2024 年第四季和全年收益。

This afternoon, we issued a press release announcing the financial results for the period ended December 31, 2024. As usual, a copy of the press release is available in the Investor Relations section of our website at investor.caesars.com.

今天下午，我們發布了一份新聞稿，宣布了截至 2024 年 12 月 31 日的財務表現。像往常一樣，您可以在我們網站 investor.caesars.com 的投資者關係部分找到新聞稿的副本。

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.

今天與我一起參加電話會議的還有我們的執行長湯姆·里格 (Tom Reeg)；我們的總裁兼首席營運官 Anthony Carano； Bret Yunker，我們的財務長；凱撒體育和線上遊戲總裁 Eric Hession；以及投資者關係部的 Charise Crumbley。

Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements under Safe Harbor federal securities laws, and these statements may or may not come true. Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Reg G. Please visit our press release located in our Investor Relations section of our 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陳述，這些陳述可能會或可能不會實現。此外，在今天的電話會議中，公司可能會討論美國證券交易委員會 Reg G 定義的某些非 GAAP 財務指標。請造訪我們網站投資者關係部分的新聞稿，以了解每個非 GAAP 財務指標與可比較 GAAP 財務指標之間的差異。

I will now turn the call over to Anthony.

現在我將電話轉給安東尼。

Thank you, Brian, and good evening to everyone on the call.

謝謝你，布萊恩，祝電話裡的朋友們晚上好。

During our fourth quarter, regional performance improved sequentially as we opened our Caesars New Orleans expansion in October and Caesars, Virginia in December. In Las Vegas, we posted roughly flat year over year results despite a tough comparison versus last year's inaugural Las Vegas Grand Prix F1 race.

在第四季度，隨著我們於 10 月開設新奧爾良凱撒酒店擴建項目以及於 12 月開設弗吉尼亞凱撒酒店，區域業績環比改善。在拉斯維加斯，儘管與去年首屆拉斯維加斯 F1 大獎賽相比，我們的成績與去年基本持平。

Excluding customer-friendly outcomes in our digital segment in October and December, consolidated EBITDAR in Q4 would have been flat year over year.

如果不計入 10 月和 12 月數位部門的客戶友善成果，第四季的合併 EBITDAR 將與去年同期持平。

For the full year of 2024, the company delivered consolidated same-store results of $11.2 billion in net revenues and $3.7 billion in EBITDAR , delivering an EBITDAR margin of 33.2%.

2024 年全年，該公司的合併同店業績為淨收入 112 億美元，EBITDAR 為 37 億美元，EBITDAR 利潤率為 33.2%。

Moving to our segments and starting with Las Vegas. Same-store net revenues during Q4 were $1.1 billion, and adjusted to EBITDAR, it was $478 million, down 1% versus last year. We were pleased with results in Las Vegas, especially when compared against the inaugural F1 race held in 2023.

轉到我們的細分市場並從拉斯維加斯開始。第四季同店淨收入為 11 億美元，經 EBITDAR 調整後為 4.78 億美元，較去年同期下降 1%。我們對拉斯維加斯的成績感到滿意，尤其是與 2023 年舉行的首屆 F1 比賽相比。

Margins in Las Vegas were 44.4%, in line with expectations. Occupancy for the full quarter was 96%, down slightly to last year against F1 comp. Our group business delivered another great performance, representing 16% of occupied room nights.

拉斯維加斯的利潤率為 44.4%，符合預期。本季入住率為 96%，與去年同期的 F1 飯店入住率相比略有下降。我們的團體業務再次表現出色，佔入住間夜量的 16%。

And recent investments in our Las Vegas room product and gaming offerings have delivered some of the strongest returns in our Las Vegas portfolio's history, driven by strong cash ADRs and increased gross gaming revenues.

最近，我們在拉斯維加斯客房產品和博彩產品方面的投資獲得了拉斯維加斯投資組合歷史上最強勁的回報，這得益於強勁的現金 ADR 和不斷增長的博彩總收入。

Turning to our regional segment in Q4. Net revenues declined 1% and adjusted to EBITDAR declined 5%, and improvement sequentially in the rate of EBITDAR decline versus the second and third quarters in '24. During the quarter, we finished a complete remodel of Caesars, New Orleans on October 22 and opened the permanent facility in Danville, Virginia on December 17.

轉向我們第四季度的區域部分。淨收入下降 1%，經調整後的 EBITDAR 下降 5%，與 24 年第二季和第三季相比，EBITDAR 下降率較上季改善。本季度，我們於 10 月 22 日完成了新奧爾良凱撒酒店的全面改造，並於 12 月 17 日在弗吉尼亞州丹維爾開設了永久設施。

Results in our regional segment were driven by continued competitive pressures in certain markets offset partially by contributions of the two new facilities we opened later in the quarter, with both new properties exhibiting strong early results.

我們區域部門的業績受到某些市場持續競爭壓力的推動，但本季後期我們開設的兩家新設施的貢獻部分抵消了這一影響，這兩家新設施均表現出強勁的早期業績。

We are excited to capture a full year of results from both New Orleans and Danville in 2025. 2024 was the conclusion of an intensive capital investment cycle that began at the close of merger in July of 2020. We completed several large CapEx projects that will have meaningful contributions in 2025 and beyond, and we are cycling through competitive pressures in our regional segment that are becoming less negative.

我們很高興能夠在 2025 年取得新奧爾良和丹維爾全年的表現。 2024 年是自 2020 年 7 月合併結束以來開始的密集資本投資週期的結束。我們完成了幾個大型資本支出項目，這些項目將在 2025 年及以後產生重大貢獻，而且我們正在經歷區域細分市場競爭壓力的循環，而這些壓力正在逐漸減弱。

Our investments in our property portfolio are evident, and our properties have never looked better. We expect that the returns on our investments and continued strength in both brick and mortar properties and Caesars Digital will produce a dramatic increase in free cash flow in 2025 and 2026.

我們對房地產投資組合的投資是顯而易見的，而且我們的房產看起來從未如此好過。我們預計，我們的投資回報以及實體房地產和凱撒數字的持續強勁成長將在 2025 年和 2026 年帶來自由現金流的大幅成長。

Finally, I want to thank our team members for continuing to execute at the highest level and delivering on our commitment to exceptional family style service.

最後，我要感謝我們的團隊成員繼續以最高水準執行並履行我們對卓越家庭式服務的承諾。

With that, I'll now turn the call over to Eric for some detail on our Caesars Digital segment.

有了這些，我現在將電話轉給 Eric，以了解有關我們凱撒數位部門的一些詳細資訊。

Thanks, Anthony.

謝謝，安東尼。

2024 delivered all-time records in net revenue, EBITDA, and cash flow within our digital segment. Total net revenue was $1.2 billion, up 20% year over year, and adjusted to EBITDA was $117 million versus $38 million a year ago.

2024 年，我們的數位部門的淨收入、EBITDA 和現金流創下了歷史新高。總淨收入為 12 億美元，年增 20%，調整後的 EBITDA 為 1.17 億美元，而去年同期為 3,800 萬美元。

For the quarter, we generated net revenue of $303 million and $20 million of adjusted EBITDA. Absent low hold in Q4, our digital segment would have generated approximately $370 million of net revenues and approximately $60 million worth of EBITDA.

本季度，我們的淨收入為 3.03 億美元，調整後 EBITDA 為 2,000 萬美元。如果沒有第四季的低持有量，我們的數位部門將產生約 3.7 億美元的淨收入和約 6,000 萬美元的 EBITDA。

Turning to segment results. iGaming delivered exceptionally strong performance all year, culminating with 65% net revenue growth during Q4. Our iGaming franchise continues to deliver industry-leading net revenue growth driven by our improved product offerings within the Caesars Palace online app and our new Horseshoe app, which is now available in all the jurisdictions in which we operate.

轉向細分結果。 iGaming 全年表現異常強勁，第四季淨收入成長 65%。我們的 iGaming 特許經營權繼續實現業界領先的淨收入成長，這得益於我們在凱撒宮線上應用程式和新 Horseshoe 應用程式中改進的產品，這些應用程式現已在我們經營的所有司法管轄區內推出。

In January, we announced the launch of our first branded online Caesars Casino live dealer studio in Pennsylvania, and we plan to roll out similar branded studios in New Jersey and Michigan later in the first half.

今年 1 月，我們宣佈在賓州推出首家品牌線上凱撒賭場真人荷官工作室，並計劃在上半年晚些時候在新澤西州和密西根州推出類似的品牌工作室。

We also announced a partnership with Bragg Gaming to develop Caesars own slot and table content that will help differentiate our offering versus peers.

我們也宣布與 Bragg Gaming 合作開發凱撒自己的老虎機和桌遊內容，這將有助於我們提供的產品與同行產品區分開來。

Turning to sports betting during Q4. Net revenue declined during the quarter as a result of customer friendly outcomes in October and December. In addition, our overall volume declined slightly as we limited activity and reinvestment in unprofitable customer segments.

第四季轉向體育博彩。由於 10 月和 12 月的客戶滿意度不佳，本季淨收入有所下降。此外，由於我們限制了無利可圖的客戶群的活動和再投資，我們的整體銷售量略有下降。

Our parlay, SGP, and cash out percentages achieved all-time records during the quarter, and absent the sport-friendly outcomes to customers, would have resulted in record hold percentage. The increases in these types of wagers, along with our improved customer user experience, support our belief that we will achieve in excess of 10% hold over time.

本季度，我們的累積投注、SGP 和現金支出百分比均創下了歷史新高，如果沒有對客戶有利的體育結果，我們的持有百分比將創下歷史新高。這些類型的賭注的增加，加上我們改善的客戶用戶體驗，支持了我們的信念，即隨著時間的推移，我們將實現超過 10% 的持有率。

As we look to 2025, we're excited to complete the rollout of our proprietary player account management system, which will lead to a single wallet across all of our sports jurisdictions. Continued improvements in technology, structural hold, and customer experience will drive another strong year of revenue and EBITDA of growth in 2025 and keep us on track for a $500 million EBITDA goal.

展望 2025 年，我們很高興能夠完成專有玩家帳戶管理系統的推出，這將使我們所有的體育管轄區都使用同一個錢包。技術、結構維持和客戶體驗的持續改善將推動 2025 年營收和 EBITDA 再次強勁成長，並使我們朝著 5 億美元的 EBITDA 目標邁進。

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

我現在將電話轉給布雷特，請他針對資產負債表發表一些評論。

Thanks, Eric

謝謝，艾瑞克

.We had a productive fourth quarter utilizing non-core asset sale proceeds from WSOP and LINQ Promenade to repay $500 million in debt and repurchase additional stock. During calendar year 2024, we acquired 5.1 million shares for $190 million at an average price of $37 per share.

我們第四季業績豐碩，利用 WSOP 和 LINQ Promenade 的非核心資產出售收益償還了 5 億美元的債務並回購了更多股票。在 2024 日曆年，我們以每股 37 美元的平均價格收購了 510 萬股，總價值 1.9 億美元。

Our 2024 debt refinancings have positioned the company to take advantage of a lower cost of debt, driving significant interest expense savings in 2025. We also extended our nearest maturity out to 2027.

我們 2024 年的債務再融資使公司能夠利用較低的債務成本，從而在 2025 年節省大量利息支出。我們也將最近的到期日延長至 2027 年。

Over to Tom.

交給湯姆。

Thanks, Bret. Thanks everybody for joining.

謝謝，布雷特。感謝大家的加入。

I'll fill in some detail on fourth quarter, full year '25, and since we're almost two months into the first quarter, I'll give you some color on what we've been seeing during this quarter as well. As Anthony spoke to, fourth quarter in Vegas, we were proud of our performance versus last year's inaugural F1.

我將詳細介紹 2025 年第四季和全年的情況，而且由於第一季已經過去了兩個月，我也會向您介紹本季的情況。正如安東尼在拉斯維加斯第四節所說的那樣，我們對自己與去年首屆 F1 比賽相比的表現感到自豪。

You could see we were roughly flat. Our volume indicators also flat, meet. Revenue -- cash room revenue for us was down less than 1% for the quarter despite the lack of the F1 business. F&B revenue similarly down a little less than 1%.

你可以看到我們大致處於平穩狀態。我們的成交量指標也持平，滿足。收入－儘管缺乏 F1 業務，但本季我們的現金房收入下降不到 1%。餐飲收入同樣下降了不到 1%。

And our volume indicators in gaming were up slot coin in was an all-time record for us in Las Vegas. Table win was up year over year helped slightly by a little bit better hold. If you look at regional, recall that regional has $500 million or so of trailing EBITDA out of our $1.9 billion that's in the middle of facing new competitive threats in those markets with about $200 million of properties that have tailwinds behind them.

我們的博彩交易量指標上漲，創下了拉斯維加斯的歷史最高紀錄。由於保持力略有提高，桌面贏利同比略有增加。如果你看一下區域情況，回想一下，在我們 19 億美元的 EBITDA 中，區域有 5 億美元左右的滯後 EBITDA，而這些市場正面臨著新的競爭威脅，而大約 2 億美元的資產背後有順風。

In the fourth quarter, you can see that even with just about 10 weeks of New Orleans and 2 weeks of Virginia, our year over year performance in regional is down about 5% as we talked about on the last quarterly call. We talked about the headwinds versus the tailwinds.

在第四季度，您可以看到，即使新奧爾良只有大約 10 週，維吉尼亞州只有 2 週，我們在區域內的同比表現也下降了約 5%，正如我們在上次季度電話會議上討論的那樣。我們討論了逆風與順風。

What I tell you is, since that call in October, we've been pleasantly surprised that the competitive impacts that we were anticipating have not been as severe as we anticipated. And the performance of our newly opened properties has been stronger than expected.

我想告訴你們的是，自從十月份的那次電話會議以來，我們驚訝地發現，我們預期的競爭影響並沒有我們預期的那麼嚴重。我們新開幕酒店的業績也超出了預期。

So that I'd expect regional instead of being a down slightly to flat here in EBITDA should be flat on the left side of the range and up slightly on the right.

因此，我預計區域 EBITDA 不會略微下降或持平，而是在範圍左側持平，右側略微上升。

So pleased with that, Eric talked about digital, the momentum, we're up 64% in iCasino in the quarter, and that's on top of a full quarter of Caesars Palace online last year where I think we were up 50% something. So we're stacking quarters on top of each other now. I feel very good about that. Everybody knows about the sports outcomes that are out -- that were unfavorable in the fourth quarter. We can see our structural hold efforts continuing to bear fruit.

對此我非常高興，埃里克談到了數位化和發展勢頭，本季度我們的 iCasino 增長了 64%，而去年凱撒宮在線整個季度的增長則超過了這一水平，我認為當時我們的增長幅度達到了 50% 左右。所以我們現在把硬幣堆疊在一起。我對此感覺非常好。每個人都知道第四節的體育比賽結果並不理想。我們可以看到，我們的結構性維持努力正在繼續取得成果。

We're off to a good start in the first quarter though. I'll get into a little more detail as we go.

不過，我們第一季的開局不錯。我將會更詳細地介紹我們接下來要討論的內容。

In terms of '25, I spoke to you about regional, expect flat to slightly up in EBITDA across that vertical. In terms of first quarter, we're kind of right on top of last year recall that we lose a day with the leap year last year between now and the end of the quarter.

就 25 年而言，我與您討論了區域問題，預計該垂直領域的 EBITDA 將持平或略有上升。就第一季而言，我們與去年同期相比有所提高，但從現在到第一季末，由於去年是閏年，所以我們少了一天。

Frankly, that could be the difference between we're flat or we're down a couple million bucks, but it's -- our regional business continues to improve. We are now attacking properties that have opened. Our typical operating philosophy is for the first quarter or two, we don't try to spend into trial.

坦白說，這可能是我們持平或損失數百萬美元的區別，但事實是——我們的區域業務正在持續改善。我們現在正在攻擊已經開業的房產。我們的典型營運理念是，在第一季或第二季度，我們不會嘗試投入資金進行試驗。

But once our customers have had the trial period, we're in fighting and we're increasing investment in battleground markets, and I'd encourage you to look at properties letter, earnings state monthly revenue reports out of Iowa, out of Indianapolis that show what's happening with share and revenue as we fight for those markets following competitive openings.

但是，一旦我們的客戶經歷了試用期，我們就會投入戰鬥，並增加對戰場市場的投資，我鼓勵您查看來自愛荷華州和印第安納波利斯的房產信函、收益州月度收入報告，這些報告顯示了我們在競爭激烈的市場中爭奪份額和收入的情況。

If you think about regionals going forward, Virginia has been beyond our wildest expectations in terms of performance. Typically, when you double capacity, gaming capacity, your revenues don't keep up with that pace. There's some delusion because you're adding so much product.

如果你考慮未來地區賽事的發展，那麼維吉尼亞的表現已經超出了我們最大膽的預期。通常，當你將容量、遊戲容量增加一倍時，你的收入就跟不上這個速度。由於您添加了太多產品，因此會產生一些錯覺。

Virginia has kept pace. We've effectively doubled revenue. After doubling capacity, margins are obviously not quite as strong as they are in the tent where they were over 60%, but we're well into the mid-40s in terms of EBITDA margin. So that's driving strong results.

維吉尼亞州也緊跟步伐。我們的收入實際上翻了一番。產能翻倍後，利潤率顯然不如之前 60% 以上的水平，但 EBITDA 利潤率已達到 40% 左右。因此，這將帶來強勁的業績。

New Orleans had a spectacular Super Bowl. It had a very good fourth quarter. January was difficult. Recall that the terrorist event in New Orleans, four blocks from our site. It was December 31. We had a citywide convention that canceled shortly after that, and then you had the first measurable snow in the city of New Orleans since 1895. So we've had about 3.5 months now of performance, almost 4 months in New Orleans, but it's been a roller coaster given what's happened.

新奧爾良舉辦了一場精彩絕倫的超級盃比賽。第四季表現非常好。一月很難熬。回想一下，距離我們地點四個街區的新奧爾良發生了恐怖事件。那是 12 月 31 日。我們曾經舉行過一次全市範圍的會議，但會議不久後就取消了，然後新奧爾良市就迎來了自 1895 年以來的第一場可測量的降雪。所以，我們現在已經有大約 3.5 個月的演出了，在新奧爾良已經快 4 個月了，但考慮到所發生的事情，這就像坐過山車一樣。

We're super proud of the property that we've built. We've been able to show it to our best customers, during the Taylor Swift show shortly after opening. And then the Super Bowl, it's been very well received. The numbers are very strong, excluding the noise around the terror and weather.

我們對自己建造的房產感到非常自豪。在開幕後不久的泰勒絲 (Taylor Swift) 演唱會上，我們向我們最好的客戶展示了它。然後是超級碗，受到了熱烈歡迎。除去恐怖攻擊和天氣因素的影響，這些數字非常強勁。

So we feel very good about where those two properties in particular are heading into '25 and through the first couple of months. In Vegas, if you think about '25 -- I'm sorry. To finish on regional, by the end of '25, the sole remaining competitive opening of any substance that we have not faced is the second PENN, Chicago area move from their current site to the new land-based site.

因此，我們對這兩處房產在 2025 年以及未來幾個月的發展前景感到非常樂觀。在拉斯維加斯，如果你想到 25 年——我很抱歉。為了完成區域性任務，到 25 年底，我們尚未遇到的唯一剩餘的實質競爭機會是第二個 PENN，芝加哥地區從其當前站點遷移到新的陸基站點。

The bulk of what impacted us in '24 will be well over 12 months behind us, and there's very little coming behind that. So as I've said, we're more sanguine on '25 and regional '26 should be even better as competitive threats abate and New Orleans and Virginia continue to grow following those investments.

2024 年對我們影響最大的事件已經過去 12 個多月了，而在這之後，影響將會非常小。因此，正如我所說的，我們對 25 年更加樂觀，隨著競爭威脅的減弱以及新奧爾良和維吉尼亞在這些投資之後繼續增長，26 年地區前景應該會更好。

In Las Vegas, obviously, we had the Super Bowl last year and our peers have commented on headwinds relative to not having Super Bowl this year. If you recall last year, we were outside on the negative side our normal range of holds. So we held very poorly at the tables, In this quarter, we're back into our normal range, although not heroic. We're still at the left side of that range for the first two months, but the recovery back to normal hold should just about offset the loss of the Super Bowl room revenue.

顯然，去年我們在拉斯維加斯舉辦了超級碗，而我們的同行也對今年沒有舉辦超級碗所帶來的不利因素發表了評論。如果你還記得去年，我們的持股處於正常範圍的負值範圍之外。因此我們在牌桌上的表現很差，在本季度，我們回到了正常範圍，儘管不是英雄般的。前兩個月我們仍然處於該範圍的左側，但恢復正常水平應該可以抵消超級碗客房收入的損失。

So depending on how March comes in, we should be about flat in the first quarter, which I think is different from what you're hearing elsewhere in town. And group business will increase this year over last year. Group increases significantly again in '26 with CON/AGG, Citywide and the State Farm conference that's specific to Caesars early in '26.

因此，根據三月份的情況，第一季的情況應該會持平，我認為這與您在城裡其他地方聽到的情況不同。今年集團業務將比去年有所成長。26 年，隨著 CON/AGG、Citywide 和 State Farm 會議（26 年初專門針對凱撒）的召開，集團規模再次大幅擴大。

Recall that that State Farm, group is big enough. It comes every three years. It's big enough that the -- final event three years ago -- two years ago now what was a sold out Garth Brooks conference sort of at Allegiant Stadium. So that's an awfully big group that's Caesars specific.

回想一下，State Farm 集團已經夠大了。每三年一次。它的規模足夠大，三年前的最後一場活動——兩年前在 Allegiant 體育場舉行的 Garth Brooks 會議門票全部售罄。所以這是凱撒特有的一個非常大的群體。

So '25 and '26 set up very well for us in Las Vegas. In digital, digital has had a exceedingly strong first quarter for us. If you look at iGaming for us, January was up 64% in net revenue keeping in mind that first quarter last year was up 54%.

因此，25 年和 26 年對我們在拉斯維加斯來說是一個非常好的開始。在數位領域，第一季我們的數位業務表現非常強勁。如果你看一下 iGaming，你會發現 1 月的淨收入成長了 64%，而去年第一季的淨收入成長了 54%。

February is tracking to the same number, but again, we'll have one last day. So I'd expect February to end up somewhere in the 50s in terms of growth rate. Cash flow continues to increase. I'd expect you're going to start seeing the best quarters that we've ever posted to date shortly.

二月的數字相同，但我們將迎來最後一天。因此我預計 2 月的成長率將在 50% 左右。現金流持續增加。我希望您很快就會看到我們迄今為止發布的最好的季度。

And all of our targets remain the same. Recall that we laid out our targets before we even launched Caesars Sports that we could reach $500 million of EBITDA. We're well on that path.

我們所有的目標都保持不變。回想一下，我們在推出凱撒體育之前就已經設定了目標，即實現 5 億美元的 EBITDA。我們已在這條道路上順利前進。

The remaining piece at the end of '25 will be the roll off of some big partnership contracts in the beginning of '26. And then I'd expect that we'd be at our targets and recall those targets have not moved since those were just numbers on a spreadsheet almost four years ago at this point.

25 年底剩下的工作將是 26 年初一些大型合作合約的簽訂。然後我預期我們會達到我們的目標，並且回想一下這些目標從未改變，因為那時它們還只是近四年前電子表格上的數字。

So the combination of that, Anthony talked about how our capital expense has come down significantly. We should have in the neighborhood of between among Interest expense, lease expense, total capital expenditures, and cash taxes in '25, our outflows will be around $3 billion.

因此，安東尼談到了綜合這些因素，我們的資本支出如何大幅下降。在 25 年，我們的利息支出、租賃支出、總資本支出和現金稅的支出約為 30 億美元左右。

So you can take whatever your EBITDA estimate and subtract that, and that's our free cash flow number. We did start to buy back stock in '24. You should expect that our majority with free cash flow remains paying down debt.

因此，您可以取 EBITDA 估計值並減去該值，這就是我們的自由現金流數字。我們確實在 24 年開始回購股票。您應該預料到，我們大多數擁有自由現金流的人仍在償還債務。

we want to continue to reduce leverage as we have since we closed the transaction in July of 2020, but now we have share buybacks as a (technical difficulty)

我們希望繼續降低槓桿率，就像我們在 2020 年 7 月完成交易以來所做的那樣，但現在我們透過股票回購來（技術難度）

And with that, I'll throw it back to the operator for Q&A.

說完這些，我將把它交還給操作員進行問答。

(Operator Instructions)

（操作員指示）

Carlo Santarelli, an analyst.

分析師卡洛桑塔雷利 (Carlo Santarelli)。

Tom, Anthony, Bret, you guys -- Tom, you just laid out kind of rough guidance for '25 for both Vegas and the regionals. And obviously, if you look at Las Vegas in 2024 and you look at the regionals in 2024, I think regional labor expenses were down almost 1% year over year.

湯姆、安東尼、布雷特，你們——湯姆，你們剛剛為 25 年拉斯維加斯和地區賽制定了粗略的指導。顯然，如果你看看 2024 年的拉斯維加斯和 2024 年的地區，我認為地區勞動成本比去年同期下降了近 1%。

Same-store Las Vegas looks like it was up, but certainly, not as much as some of the contract hit and stuff from the labor union negotiations. Within the context of how you're thinking about 2025, how do you kind of foresee the expense side for both Las Vegas and the regionals?

拉斯維加斯的同店銷售額似乎有所上漲，但肯定沒有受到合約衝擊和工會談判等因素的影響那麼大。在您對 2025 年的思考背景下，您如何預測拉斯維加斯和地區賽事的支出？

Yeah. Carlo, it's Anthony. Team did a fantastic job fading that $50 million increase this year. It's a smaller increase in the contract for 2025 in Las Vegas. There's also a smaller increase in Atlantic City union contract in 2025 as well. That coupled with our operators who do an amazing job on the efficiency side, I think we'll be in a very good position on expenses in '25.

是的。卡洛，我是安東尼。今年，團隊出色地完成了 5,000 萬美元增幅的任務。這是拉斯維加斯 2025 年合約中較小幅度的增幅。2025 年大西洋城工會合約的增幅也較小。再加上我們的操作員在效率方面做得非常出色，我認為我們在 25 年的支出方面將處於非常有利的地位。

And keep in mind that $50 million of labor, Carlo in Vegas, we had -- I wish I knew the number off the top of my head, call it a dozen or more F&B outlets and bars that were open in '24 that were not open in '23. So that is obviously increased expense.

請記住，卡洛在拉斯維加斯的勞動力成本為 5000 萬美元——我希望我能立即知道這個數字，例如 1924 年開業但在 1923 年沒有開業的十幾家餐飲店和酒吧。所以這顯然會增加開支。

So Anthony and Sean and the team did a fantastic job of managing costs while increasing our offerings to our customers.

因此，安東尼、肖恩和團隊在管理成本的同時，也增加了我們提供給客戶的服務，做得非常好。

And then if I could one follow up. Obviously, it's hard to look at peer valuations and kind of identify your hybrid owned leased mix and where the respective pieces of that mix are trading. But I don't think it's overly hard to look at kind of a comparable valuation and identify that the credit for the digital segment is hard to kind of distinguish.

然後我可以跟進一下。顯然，很難透過查看同業估值來識別混合自有租賃組合以及該組合中各個部分的交易情況。但我並不認為透過類似的估值就能看出數位領域的信用很難區分。

I know, clearly, the space could foresee some -- there could be some activity in 2025, 2026. How are you guys thinking about ways to monetize and/or unlock some of the value that's presumably within the digital segment and maybe not reflected in the stock?

我知道，很明顯，這個領域可以預見一些——2025 年、2026 年可能會有一些活動。你們是如何思考如何將數位領域中但可能未反映在股票中的部分價值貨幣化和/或釋放這些價值的？

Yeah. Carlo, we see the same thing that you see. To me, the hardest part is building the business that has the value that we can talk about in this way and we laid out that plan in the middle of '21 in terms of where we anticipated getting. And we -- now it's right on the horizon and we recognize that a digital business trading at our blended brick and mortar multiple 7 times or 8 times that there's dollars left on the table.

是的。卡洛，我們看到的和你看到的一樣。對我來說，最困難的部分是建立具有我們可以談論的價值的業務，並且我們在 21 年中期制定了我們預期實現的目標的計劃。而我們 — — 現在它就在眼前，我們認識到，數位業務的交易量是我們混合實體店的 7 倍或 8 倍，桌上還有剩餘的美元。

Operationally, it makes the most sense to keep everything together as one. But when the dichotomy is such that it's been and is today, you've known us for a long time. We look to drive as much shareholder value as we can.

從操作上來說，將所有東西放在一起是最合理的。但當這種二分法一直存在並且今天仍然存在時，你已經認識我們很久了。我們希望盡可能提高股東價值。

This is why it's important for us to own everything in the business, the entire tech stack, not have partners. Have our own PAM which we're in the middle of rolling out, but it's a natural time to start to think about should you be doing something else strategically that allows investors a path to investing in that business on a pure play basis.

這就是為什麼對我們來說擁有業務中的一切、整個技術堆疊而不是合作夥伴如此重要。我們有自己的 PAM，並且正在推廣中，但現在自然而然地應該開始思考是否應該在策略上採取其他行動，讓投資者能夠以純粹的方式投資該業務。

And if the market dynamics remain the same and the business continues to grow as it has, you should expect that we would look at any and all avenues in terms of how we can drive the most value to our shareholders.

如果市場動態保持不變，業務繼續成長，那麼您應該預料到，我們會考慮一切途徑來為股東創造最大價值。

(Operator Instructions)

（操作員指示）

And that message came from Carlo Santarelli, Deutsche Bank.

消息來自德意志銀行的卡洛‧桑塔雷利 (Carlo Santarelli)。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

I do want to just double click on the discussion about stock buybacks for the moment and how we think about that rolling forward. And frankly, balancing it with leverage reduction along the way.

我確實想雙擊有關當前股票回購的討論以及我們如何看待這一進程。坦白說，在過程中要透過降低槓桿來平衡這一過程。

Sure. We have talked since the merger that we want to get our lease adjusted leverage toward 4 times and that remains our number one priority where you have seen us start to buy back stock has been in, asset sale transactions where we were trading assets out at significant premiums to our -- in current trading multiple and current leverage multiple.

當然。自合併以來，我們一直在談論，我們希望將租賃調整後的槓桿率提高到 4 倍，這仍然是我們的首要任務，您已經看到我們開始回購股票，進行資產出售交易，以遠高於我們當前交易倍數和當前槓桿倍數的溢價出售資產。

You shouldn't expect to do -- see us do any share buybacks that are leveraging and really nothing that's close to that. You should expect that if you're looking at something in the neighborhood of $1 billion of free cash flow in '25, the vast majority of that would go toward debt paynow.

你不應該期望——看看我們做的任何利用槓桿的股票回購，實際上沒有任何事情接近這一點。您應該預料到，如果您預計 25 年的自由現金流約為 10 億美元，那麼其中絕大部分將用於償還債務。

And is there along the way, I know it's been a discussion in past quarters, but do you sort of have any updated thoughts in terms of the asset base of the company where there may be things that could be worth looking at selling?

我知道在過去的幾個季度中我們已經討論過這個問題，但是您是否對公司的資產基礎有什麼最新的想法，其中可能有一些值得考慮出售的東西？

Yeah. David, you've heard me say many times we're a public company. Everything's for sale every day. The -- no M&A is an easy lift, but the easiest lift non-core assets were printed in 2024. We still own some assets that we would consider non-core non operating casinos. But have for some -- in some form or fashion are harder to monetize quickly but we're in active dialogue kind of around this stuff all the time.

是的。大衛，你已經聽我說過很多次了，我們是一家上市公司。每天都有各種商品出售。沒有併購是一件容易的事，但最容易的提升是非核心資產在 2024 年印刷。我們仍然擁有一些我們認為是非核心非營運賭場的資產。但對某些人來說——以某種形式或方式，很難快速實現貨幣化，但我們一直在就這些問題進行積極的對話。

I would say since the fourth quarter, we've seen an increase in incoming calls in terms of somebody saying, hey, what about this asset? What about that asset? I wouldn't tell you that that's transitioned into any particular trades that I think are imminent or even highly likely.

我想說，自第四季以來，我們看到打來的電話數量增加，有人問，嘿，這個資產怎麼樣？那項資產怎麼樣？我不會告訴你這已經轉變為任何我認為即將發生或極有可能發生的特定交易。

But that's after a couple of years where nobody was making calls at all. So that's a step in the right direction. We are not married to any of our assets, any of our markets if we can drive value through sale transactions, we'll look at those as well.

但那是在幾年之後，根本沒有人打電話了。這是朝著正確方向邁出的一步。我們不會拘泥於任何資產、任何市場，如果我們能夠透過銷售交易來推動價值，我們也會考慮這些。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

So Tom, on Las Vegas, you guys gave some helpful stats on the convention calendar and strength you're seeing in those bookings. I'm wondering if you could look at the bigger picture for Las Vegas. I know you guys -- you talked about 1Q.

湯姆，關於拉斯維加斯，你們提供了一些關於會議日程和預訂情況的有用統計數據。我想知道您是否可以從更大角度看待拉斯維加斯。我知道你們——你們談到了第一季。

But for the full year, what are the puts and takes in terms of the 2Q to 4Q scene growth in that market in EBITDA?

但就全年而言，該市場第二季至第四季的 EBITDA 成長前景如何？

It's really going to be driven by Increased yield out of our room product. That's part of the building of group business or the increase in group business. We'll replace lower value business. We've got a number of projects that are coming online at or have recently come online.

這實際上將由我們客房產品收益的提升所推動。這是集團業務建設或集團業務成長的一部分。我們將取代價值較低的業務。我們有許多項目即將上線或最近已經上線。

We opened Gordon Ramsay's Burger and Pinky's at Flamingo activating the strip frontage at Flamingo for the first time since we've owned Caesars. We opened Caramella's at Planet Hollywood. There's a number of food and beverage product that's come online.

我們在 Flamingo 開設了 Gordon Ramsay's Burger 和 Pinky's 餐廳，這是我們收購凱撒酒店以來首次在 Flamingo 開設門面餐廳。我們在好萊塢星球餐廳開了​​ Caramella's。有許多食品和飲料產品已經上線。

We've still got returns from our hotel projects. We have an anniversary. The opening of the balcony rooms at Versailles. So we feel very good about what '25 looks like. And then as I said, '26 is a major group year on top of '25.

我們仍然從酒店項目獲得回報。我們有一個週年紀念日。凡爾賽宮陽台房的開放。因此，我們對 25 年的前景感到非常滿意。正如我所說，26 年是 25 年基礎上的一個重要的團體年。

We also just opened a beautiful new high limit slot area at Caesars Palace. The previous high limit space hadn't been touched in about 25 years. The response has been tremendous out of that room. And in addition to that, we opened a new high limit pit area. That's adjacent to the high limit slot. Again, that came out beautiful and has had great response from our customers in there as well.

我們也剛在凱撒宮開設了一個漂亮的新高限額老虎機區。之前的高限空間大約有 25 年沒有被觸及過。房間裡的反應非常熱烈。除此之外，我們也開闢了一個新的高限制維修區。它與高限槽相鄰。再次，結果非常出色，並且得到了我們客戶的積極回應。

And then just to follow up maybe for Eric. The iGaming results continue to be very impressive. I'm sure you're looking for another big year in terms of iGaming top line. When you look at your KPIs and your drivers of that top line growth, are you thinking more about direct casino activation from your database or cross cell from OSB hold structural hold it continues to creep up. I know that's a function of your mix, but maybe you could flesh out some of the things that are that are that are driving that that growth and and and help us think about how it evolve in 2025.

然後也許只是為了跟進埃里克。iGaming 的成果繼續令人印象深刻。我確信您期待 iGaming 營收再創輝煌。當您查看您的 KPI 和收入成長的驅動因素時，您是否更多地考慮從您的資料庫直接激活賭場，還是從 OSB 保持結構保持的跨單元激活，它會繼續攀升。我知道這是你的組合功能，但也許你可以充實一些推動這種成長的因素，並幫助我們思考它在 2025 年將如何發展。

Sure, I believe we said previously and perhaps if not about 30% to 35% of our eye casino business comes from the sports book side of the side and the balance is being made up of the Caesars Palace online. App and then the newly introduced Horseshoe app.

當然，我相信我們之前說過，也許我們眼中的賭場業務的 30% 到 35% 來自於體育博彩業務，其餘部分則來自凱撒宮線上業務。應用程序，然後是新推出的 Horseshoe 應用程式。

If you think back a year and a half, neither of those apps existed and so largely, the majority of the growth is coming from Caesars Palace online app and then now the horseshoe. And so the customers that we're acquiring from there, some of them are Caesars Pala, Caesars Caesars Rewards customers, but the majority of the customers that we acquire are coming from other avenues such as the affiliates or Facebook and Google advertising and so forth.

如果你回想一下一年半以前，這兩個應用程式都不存在，因此，大部分增長都來自凱撒宮的線上應用程序，現在是馬蹄鐵。因此，我們從那裡獲得的客戶中，有些是 Caesars Pala、Caesars Caesars Rewards 的客戶，但我們獲得的大多數客戶來自其他管道，例如附屬公司或 Facebook 和 Google 廣告等。

The difference is that the customers that we get. That do participate in brick and mortar are worth many times more than customers that only participate with us either in brick and mortar or online and so when we think about a lot of the potential growth that we have, it's having customers experience both products and then being more loyal and sticking with us for a longer period of time and consolidating their spend both on the property level and on the online level with us.

不同之處在於我們獲得的客戶。那些參與實體店的客戶比那些只參與實體店或線上的客戶價值高出很多倍，因此，當我們考慮我們擁有的許多潛在增長時，我們的目標是讓客戶體驗這兩種產品，然後更加忠誠，在更長的時間內堅持使用我們的產品，並整合他們在實體店和線上層面的支出。

And so specific KPIs that we look at are, the number of customers that we've acquired, the cost to acquire those, and then we look at, of course, our daily actives and then the volume that we have. And as you've noted, the hold has started to improve, which we think will continue and so if we're able to drive the volume up in all the different businesses that we have as well as the hold, then that'll translate into great gaming revenue.

因此，我們關注的特定 KPI 是，我們獲得的客戶數量、獲得這些客戶的成本，然後我們當然會關注我們的每日活躍用戶以及我們擁有的交易量。正如您所說，持有量已經開始改善，我們認為這種情況將會持續下去，因此，如果我們能夠提高我們所有不同業務的銷量以及持有量，那麼這將轉化為巨大的遊戲收入。

And then as you've also seen, we've been very disciplined with our reinvestment levels both on sportsbook and on the casino side and so that flows through to net revenue and then the other costs as well we maintain those or reduce them and that'll allow us to get the flow through that we've guided to before of around 50% or slightly above that.

然後，正如您所看到的，我們對體育博彩和賭場方面的再投資水準非常嚴格，因此這些資金會流入淨收入，然後其他成本也會保持不變或減少，這將使我們能夠獲得先前指導的約 50％ 或略高於該水準的流量。

Dan Politzer, Wells Fargo.

富國銀行的 Dan Politzer。

First, taxes, across both digital as well as brick and mortar have been and been very topical year-to-date. I was hoping maybe Tom, if you could kind of just give us a lay of the land of the landscape, from a regulatory standpoint and how you're thinking about that risk, and maybe kind of, I don't know, give some context this year versus prior years if you feel like this is, an increasing area of focus or just kind of the headline cycle we're in.

首先，無論是數位領域還是實體領域，稅務問題今年以來一直是人們關注的焦點。我希望湯姆，你能否從監管的角度向我們介紹一下形勢，以及你如何看待這種風險，並且，如果你覺得這是一個日益受到關注的領域，或者只是我們所處的頭條新聞週期，那麼請提供一些今年與前幾年的背景信息。

I think it's a headline cycle we're in it's a function of where state budgets are, versus where they've been the last couple of years, and I think that you're. I know that whatever the headline of the day is grabs attention if you look at past.

我認為我們正處於一個頭條週期，它取決於國家預算的現狀，與過去幾年的預算情況相比，我認為你是。我知道，如果你回顧過去，那麼當天的頭條新聞就會引起人們的注意。

History in gaming, you're at, you're likely to see a mixed bag of activity, you've seen states that have increased sports betting taxes, you've seen Illinois put a casino or a slot machine on every street corner, but you've also seen states legalized OSB state states legalized eye casino and I casino, this is going to be.

縱觀博彩業的歷史，您可能會看到各種各樣的活動，您已經看到一些州提高了體育博彩稅，您已經看到伊利諾伊州在每個街角都設立了賭場或老虎機，但您也看到一些州將 OSB 合法化，一些州將賭場合法化，而 I 賭場也將如此。

If you're looking out three to five years of states is gone, the surest way to raise the most revenue is to legalize eye casinos. So I think the opportunities are going to present themselves and yeah, there will be, you'll be you'll see negatives as well. You'll see, Baltimore appears, I'm sorry, Maryland appears.

如果您展望未來三到五年，那麼籌集最多收入的最可靠方法就是使賭場合法化。所以我認為機會會出現，當然也會有負面的東西。你會看到，巴爾的摩出現了，對不起，馬裡蘭出現了。

Determined to raise more money out of gaming through additional taxes and we'll adjust to that but we think that states looking for more tax revenue from our sector is likely over a, if you're looking beyond, next month or the following month. It is likely to lead to more casino jurisdictions and that's an area where we're growing share or we're growing revenue about twice as fast as our peers and as you know we started from very little business in that area when we took over William Hill and very little in the way of employees and product. So we're quite keen to see what would a new i gaming jurisdiction casino jurisdiction look like for us.

我們決心透過增加稅收從博彩業籌集更多資金，我們會對此進行調整，但我們認為，各州尋求從我們的行業獲得更多稅收收入可能會持續一段時間，如果你著眼於未來，那麼下個月或下個月。這可能會導致更多的賭場管轄區，而這正是我們份額增長或收入增長速度比同行快兩倍的領域，正如你所知，當我們接管威廉希爾時，我們在該地區的業務起步非常小，員工和產品也非常少。因此，我們非常渴望了解新的 i 遊戲管轄區賭場管轄區對我們來說是什麼樣的。

So I know that what gets the tension is, all of this is negative. Somebody's saying they want more tax revenue from gaming the way you've seen it evidence itself over time is expansion of gaming which would be good for us.

所以我知道造成緊張的原因是，這一切都是負面的。有人說他們希望從博彩業獲得更多的稅收，正如你所看到的，隨著時間的推移，博彩業的擴張對我們有利。

And then just to follow up on I gaming specifically, the hold really seems like it's picked up. I mean, it, my math is right. It is probably around 4% in the fourth quarter. I mean, I guess what's been driving that and, if that level, is that sustainable, can that move higher, and is it is function of customers or or slot mix versus tables or any additional detail you could share that would be great.

然後，僅就 I Gaming 的具體情況進行跟進，情況似乎確實有所改善。我的意思是，我的數學是正確的。第四季大概在4%左右。我的意思是，我猜是什麼推動了這一趨勢，如果這一水平是可持續的，是否可以走高，以及它是客戶的功能還是老虎機組合與賭桌的功能，或者您可以分享的任何其他細節，那就太好了。

Yeah, it has moved up. I'm not sure it's as high as you quoted. I think probably more around 3, 3.5 or 3.6 for the fourth quarter, but certainly, our goal is to get the hold into the force. I don't think that's an impossibility at all.

是的，它已經上升了。我不確定它是否如你所說的那麼高。我認為第四節的得分可能在 3、3.5 或 3.6 左右，但毫無疑問，我們的目標是保持優勢。我認為這根本不是不可能的。

We're able to continually improve the product working with the vendors on the slot side. As I mentioned, we also have our studio that's going to produce some product. That will be of higher hold and then we also have side bets and other activities that we're able to offer people on the table game side including the live dealer with different game rules that will allow us to creep that that hold up but you know when you're talking about $11 billion or $12 billion or $14 billion worth of volume, modest hold increases really translate into significant gaming revenues.

我們能夠與插槽方面的供應商合作不斷改進產品。正如我所提到的，我們也有自己的工作室來生產一些產品。那將具有更高的持有量，然後我們還可以進行邊注和其他活動，我們可以在桌面遊戲方面為人們提供這些活動，包括具有不同遊戲規則的真人荷官，這將使我們能夠逐漸提高持有量，但是你知道，當你談論 110 億美元或 120 億美元或 140 億美元的交易量時，適度的持有量會轉化為預期的遊戲會轉化為可觀的遊戲會。

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

So Tom, I want to go back to your comments about regionals now being flat to up slightly versus I think you said slightly down to flat. So just wondering if you can fill us in a little bit more about why you've kind of made that that change.

所以湯姆，我想回到你關於地區性收入現在持平或略有上升的評論，而我認為你說的是略有下降或持平。所以我只是想問您是否可以向我們稍微解釋一下您做出這項改變的原因。

I know you you gave a little bit of a comment in your prepared remarks, but why you've kind of made that change in your outlook for regionals given we're only two months into the year? At this point, it seems like there's always something that pops up in terms of headwinds for regionals, weather or stuff like that.

我知道您在準備好的發言中發表了一些評論，但考慮到今年才剛剛過去兩個月，您為什麼對地區賽的展望做出這樣的改變呢？此時，似乎總是會出現一些不利於地區比賽、天氣或諸如此類的事情。

So just wondering if your new outlook for regionals maybe incorporates any of those potential headwinds to give yourself, a little bit of a cushion here.

所以我只是想知道，你對地區賽的新展望是否可能包含了任何潛在的不利因素，從而給你自己一點緩衝。

Yeah. Steve, as you know I'm telling you what I know as I sit here today and I know more than I did four months ago when we were back here before, in terms of how our properties are going to respond to competition, how our efforts to claw back in battlegrounds is going to bear fruit. And the returns that we're going to get from New Orleans and Virginia.

是的。史蒂夫，正如你所知，今天我坐在這裡告訴你我所知道的事情，我比四個月前我們回到這裡時知道的更多，關於我們的房產將如何應對競爭，我們在戰場上奪回的努力將如何取得成果。以及我們將從新奧爾良和維吉尼亞州獲得的回報。

And line all those up. Every one of those is better in terms of where my thoughts were end of October when we released third quarter. So it's really a function of that, we had a poor weather quarter last year, first quarter, and the hope was that would be a boon for regional this year.

並將所有這些排成一行。就我十月底發布第三季財報時的想法而言，所有這些都變得更好了。所以這確實是一個因素，去年第一季我們的天氣狀況不佳，我們希望這會為今年的地區帶來好處。

And I think as Boyd told you and we'd agree with whether really hasn't been any. Any better, particularly this year's first quarter it's been about the same and yet you know we're still seeing that business perform better and if you look at council bluffs and you look at Indianapolis.

我認為，正如博伊德告訴你的那樣，我們會同意是否真的沒有任何問題。情況沒有好轉，特別是今年第一季度，情況大致相同，但你知道我們仍然看到業務表現更好，如果你看看康瑟爾布拉夫斯和印第安納波利斯。

And see us starting to claw back in areas where we're now fighting for that customer after we've gone through the trial period that bodes well for other markets that are in similar situations. So it's really just four months has elapsed. You learn a lot in four months and a lot of assumptions that I was making in October have proven to be too conservative, and this is where I sit today.

經過試用期之後，我們開始在那些我們正在爭取客戶的領域重新獲得勝利，這對於處於類似情況的其他市場來說是一個好兆頭。所以其實只是過了四個月。四個月的時間你會學到很多東西，而我在十月做出的很多假設都被證明過於保守，這就是我今天的處境。

And then if we kind of stay on the regional side of things, I mean, I guess, you would probably characterize regionals as being pretty stable at this point. I don't want to put words in your mouth, but can you give us any color around, and I don't know if you've said this in your prepare marks, but any color around unrated play. And maybe how that has fared recently, and then maybe some, have you seen any spend pattern changes across your database tiers, just, trying to figure out that low rated, that low tier rated player if you've seen any softness there or it's been pretty stable.

然後，如果我們繼續關注區域方面的情況，我想，您可能會認為該區域目前相當穩定。我不想把話塞到你的嘴裡，但是你能給我們一些顏色嗎，我不知道你是否在準備標記中說過這個，但是任何未評級遊戲的顏色。也許最近情況如何，然後也許有些，你有沒有看到資料庫層的支出模式發生變化，只是想弄清楚那個低評級，那個低評級的玩家，你是否看到那裡有任何疲軟或一直很穩定。

I would say pretty stable unrated has actually gotten a little better for us recently. Now that's, after a number of quarters of softness post the stimulus checks, but at worst it's stabilized. It actually appears to be getting better. I see the same things that you see from our other consumer facing brethren in terms of concern about segments of the of the consumer or particular areas, what I would tell you is.

我想說，最近相當穩定的未評級情況實際上對我們來說已經有所改善。目前，在刺激計畫出台後的幾個季度裡，經濟一直處於疲軟狀態，但在最壞的情況下，經濟也已經穩定下來。事實上，情況似乎正在好轉。就對消費者細分市場或特定領域的關注而言，我看到了與我們其他面向消費者的同行相同的情況，我想告訴您的是。

Our customer is pretty solid and stable across both regional and Vegas. Now we We don't have a ton of visibility, we've got 90 days into Vegas that looks strong regional. You really don't have a lot of forward visibility, but the tone seems fairly firm for us and got a little better post-election. I think that was really just a function of.

我們的客戶在地區和拉斯維加斯都相當可靠和穩定。現在，我們還沒有太多的可見性，我們只有 90 天的時間進入拉斯維加斯，看起來該地區的勢頭強勁。你確實沒有太多的前瞻性，但對我們來說，基調似乎相當堅定，並且在選舉後有所改善。我認為這實際上只是一個功能。

You stop seeing ad advertisements about how horrible everything was at every commercial break. I don't think that's a particular com comment on the outcome just getting past that seem to be good for our customer and we've seen that over the last four months.

你不再會在每次廣告時段看到有關一切有多糟糕的廣告。我不認為這是對結果的特別評論，只是過去的結果似乎對我們的客戶有利，而且我們在過去的四個月中已經看到了這一點。

Barry Jonas, Truist.

巴里·喬納斯，Truist。

Wanted to follow up on the state tax increase question for digital, especially with Jersey just announcing something a few hours ago. Do you see that as a potential risk in the near term to hitting your $500 million target, or are there offsets you and the wider industry can quickly pivot to?

想要跟進有關數字州稅增加的問題，特別是澤西島幾個小時前剛剛宣布了一些消息。您是否認為這會在短期內對您實現 5 億美元目標構成潛在風險，還​​是您和整個行業可以迅速採取彌補措施？

Well, Barry, I'd say give me more than a couple hours on New Jersey, in terms of what we'd anticipate but we are well on the path to our targets, it does that move the can something move the date a month or two, sure, but there's no there's no doubt in the room that we are getting to where we've been telling you for four years and also that that's not the end of it that we're going to continue to grow.

好吧，巴里，我想說，請給我幾個小時的時間談論新澤西的情況，就我們的預期而言，但我們正在順利實現目標，這確實會將日期推遲一兩個月，當然，但毫無疑問，我們正在實現四年來一直告訴你們的目標，而且這還不是我們將繼續發展的終點。

I see the estimates for our digital brethren out there and I have no reason to believe that there's anything wrong with those estimates, but I tell you, if they're going to hit the numbers that you and your peers have out for them, we're going to do a hell of a lot more than $500 million of EBITDA out of digital.

我看到了外界對我們數位產業兄弟的估計，我沒有理由相信這些估計有什麼問題，但我告訴你，如果他們要達到你和你的同行為他們設定的數字，我們將從數位產業獲得遠遠超過 5 億美元的 EBITDA。

And then just to follow up for Vegas, can you talk a little bit about how the Versailles tower is is doing and maybe or talk about any other opportunities for kind of high ROI investment in Vegas beyond that?

然後，為了跟進拉斯維加斯的情況，您能否談談凡爾賽大廈的現狀，或者除此之外，還談談在拉斯維加斯進行高投資回報率投資的其他機會？

Yeah, the Versailles tower continues to improve. Cash ADR up to $67 this year, so up 61%. We're seeing similar results in other hotel towers that we've remodeled Caesars Palace, Colosseum Tower, and Octavia Towers, both up 20% and 29% was out of the capital we're putting into our room product.

是的，凡爾賽塔正在不斷改進。今年現金 ADR 上漲至 67 美元，上漲 61%。我們在改造的其他飯店大樓中也看到了類似的結果，例如凱撒宮、羅馬競技場塔和奧克塔維亞塔，它們的收益分別增長了 20% 和 29%，而這些收益都來自於我們投入客房產品的資金。

Other projects that we recently deployed Pinky's at Flamingo and Gordon Ramsay's Burgers. Tom spoke to Carmella's all great assets, and then we're getting ready to open a brand new pool at Flamingo. That'll be one of the nicest resort pools on the Strip, so the return from that should be exceptional as well.

我們最近部署的其他項目包括 Flamingo 的 Pinky's 和 Gordon Ramsay's Burgers。湯姆談到了卡梅拉的所有優點，然後我們準備在 Flamingo 開設一個全新的游泳池。這將是拉斯維加斯大道上最漂亮的度假泳池之一，因此其回報也應該非常可觀。

John Decree, CBRE.

世邦魏理仕的約翰·德克里。

I wanted to ask in the quarter on the sports betting handle, it goes down double digits year over year and I'm curious if you give us some color on that, is that kind of customer mix that you're seeing or is there, related to the big hold swing? Not sure if you have some additional color.

我想問一下本季度體育博彩業務的銷售額是否同比下降了兩位數，我很好奇您是否能給我們提供一些詳細信息，您看到的這種客戶組合是否與大幅波動有關？不確定您是否有一些額外的顏色。

Yeah, it's really related to two different things.

是的，這確實與兩件不同的事情有關。

One is if you think back to last year we'd commented on how we had introduced our marketing tool that allowed us to do segmented marketing in the middle of the year. Prior to that we had been unable to have different offers go out to different segments.

一是，如果你回想去年，我們曾評論過我們如何推出行銷工具，使我們能夠在年中開展細分行銷。在此之前，我們無法向不同的細分市場提供不同的優惠。

And so as a result we were overinvesting in a lot of the lower end segments which made them unprofitable. And so we've changed that dynamic and really pulled back on the reinvestment to that segment, making it flip to a positive contributor. However, as you'd expect, the volume fell fairly significantly in that group. And then the other segment is kind of the very high end customer.

因此，我們在許多低端領域進行了過度投資，導致它們無利可圖。因此，我們改變了這種動態，並真正減少了對該部分的再投資，使其成為積極的貢獻者。然而，正如您所預料的，該組的交易量下降相當明顯。另一部分是高端客戶。

A lot of it's over the counter at the retail books, and those customers we've also cut the reinvestment level too for those that have been particularly sharp and low hold, and we've reduced the limits in some of the cases as.

許多都是在零售帳簿上進行櫃檯交易的，對於那些特別敏銳和低持有量的客戶，我們也降低了再投資水平，並且在某些情況下，我們已經降低了限額。

Well. And when is that anniversary?

出色地。那週年紀念日是什麼時候？

Yeah, it should anniversary beginning in the second quarter.

是的，週年紀念日應該從第二季開始。

Tommy, do jumped right to my second question, my follow-up. So, maybe I'll throw one into Las Vegas or broadly if you have comments or Anthony on the slot play, I guess particularly Saul in Las Vegas, some of your peers said the same thing.

湯米，請直接回答我的第二個問題，也就是我的後續問題。因此，也許我會把一個扔到拉斯維加斯，或者廣泛地，如果你對老虎機遊戲有任何評論或安東尼，我想特別是拉斯維加斯的索爾，你的一些同行也說了同樣的話。

Also noting high limit slot rooms in new areas that have done well. Is there something that that's kind of budding with the slot customer that it's playing higher? Are they kind of new customers or was it, a bit more of a 4Q phenomena that we're seeing, but it seems like, there's a little bit of a trend of of high limit slot players that are playing more or coming back. So curious if you have any thoughts on that, and that's it for me.

也要注意新區域中表現良好的高限額老虎機室。是否存在某種與老虎機客戶相關的新事物，使得老虎機客戶的玩法更加高級？他們是新客戶嗎？還是有點像我們看到的第四季現象？但似乎有高限額老虎機玩家玩得更多或回歸的趨勢。我很好奇你對此有什麼想法，對我來說就是這樣。

Yeah. We've been seeing the slot business grow for a couple of years now at our strip properties and growing higher at that at the high end of the database, obviously with the investment in the new Caesars Palace slot room, but I'd also say our hosts and our and Sean and the property teams are doing a phenomenal job at curating events around these slot customers and driving them to town, and it's really showing on the results of the last few quarters.

是的。幾年來，我們一直看到我們的賭場大道酒店的老虎機業務不斷增長，數據庫的高端業務增長速度更快，這顯然是由於對新凱撒宮老虎機廳的投資，但我還要說，我們的主持人、肖恩和酒店團隊在圍繞這些老虎機顧客策劃活動並吸引他們進城方面做得非常出色，這在過去幾個季度的業績中得到了充分體現。

And Anthony and the team have made some Dramatic changes in slot for layout and design when we close the transaction, the Caesars. A family of properties slot floors were not particularly well laid out, customer friendly, and we found in a number of properties we didn't have enough slot machines, so we're adding additional slots and not seeing any degradation and win per unit, and we think there's still opportunity there, particularly in Caesars Palace.

當我們完成交易時，安東尼和他的團隊對插槽的佈局和設計做出了一些重大改變，凱撒。一系列酒店的老虎機樓層佈局不是特別好，對顧客也不友好，我們發現在許多酒店中都沒有足夠的老虎機，所以我們增加了額外的老虎機，並沒有看到任何下降和每台機器的贏利，我們認為那裡仍然有機會，特別是在凱撒宮。

Is that Vegas specific or are there some opportunities in regionals as well?

這是拉斯維加斯獨有的嗎？還是在地區賽中也有一些機會？

There's opportunities in regional as well, you should see us. We're spending a little bit more on slat capital in 25, in our capital numbers that allow us to tackle some floors that we think were more dated, but what we're finding is.

地區性機會也很多，你應該看看我們。我們在 25 年的板條資本上花費了更多一點，我們的資本數字使我們能夠解決一些我們認為比較過時的地板問題，但我們發現的是。

You as you bring new product on the floor, you increase machine count you increase open table hours across the regional business you're seeing returns on that gaming revenue growing and you should expect us to continue to push that into '25.

當你將新產品推向市場，增加機器數量，增加整個區域業務的開放賭桌時間時，你會看到博彩收入的回報不斷增長，你應該期待我們繼續推動這一趨勢進入 25 年。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

A couple of follow ups on the digital side. As you think about the $500 million gold, do you need sports betting handle for OSP to hit that break even and then, on the monetization, is that $500 million target a fully loaded number comparable to public peers, or should we, how should we think about any incremental product technology or other kind of cost?

關於數字方面的一些後續行動。當您考慮 5 億美元的黃金時，您是否需要體育博彩手柄才能使 OSP 達到收支平衡，然後，在貨幣化方面，5 億美元目標是否是與公共同行相當的滿載數字，或者我們應該如何考慮任何增量產品技術或其他類型的成本？

I think about it apples to apples. I'm not following your second question. The first one.

我認為這是同類事物。我不明白你的第二個問題。第一個。

Steve, we would expect volume, as Eric talked about, once we get through the mix segmentation in the in the second quarter to start to grow again in the back half of the year for sports. Obviously you continue to see very strong volumes in the i gaming segment, but if you think about the components towards growth and marching improvements, Eric.

史蒂夫，正如埃里克所說的那樣，我們預計，一旦我們在第二季度完成混合細分，體育賽事的銷量將在下半年再次開始增長。顯然，你繼續看到 i 遊戲領域的銷量非常強勁，但如果你考慮成長和進步的因素，艾瑞克。

It will drive higher parlay mix so it's a lot of variables, but yes, to your specific question we would expect to see volumes on the sports side start to grow again in the back half of this year.

它將推動更高的聯注組合，因此有很多變量，但是是的，對於您的具體問題，我們預計體育方面的交易量將在今年下半年再次開始增長。

And just the second question just to repeat it and I was breaking up or it seemed like there was some background there but is the $500 million just a fully loaded EBITDA if you were to have that as a stand-alone business or there are incremental costs would have to be allocated?

第二個問題只是為了重複一下，我剛才分手了，或者似乎有一些背景，但是如果您將其作為獨立業務，那麼 5 億美元是否只是一個滿載的 EBITDA，或者是否必須分配增量成本？

That's where you, so yeah, there are if you were to separate the business. There would be some modest disynergies associated with that because it does digital does rely on our centralized functions as they sit here today, but if you're talking about something modest in terms of difference and a significant multiple discrepancy in terms of how the businesses are valued. I don't think that would be a determinative, piece of the puzzle, but it would be something you'd consider.

是的，如果您要分開業務的話，那就是這樣。這會產生一些適度的不協同效應，因為數位化確實依賴我們今天的集中功能，但如果你談論的是差異方面的適度現象，以及企業估值方面的顯著多重差異。我認為這不會成為決定性因素，但值得你考慮。

And and with the data with the customer go along with that, or would there be any sort of tie in to total rewards?

並且與客戶的數據也隨之變化，或是否會與總獎勵有任何關聯？

Well, considering we're just talking about what we would explore, I'd rather stay out of how you would functionally separate the businesses, but you're getting along the lines of how would you go about doing it? You've got a document the way the businesses interact, you have the digital business, a key piece of it, in terms of advantages is access to Caesar's rewards, so you shouldn't expect a transaction that we would pursue that would shut it out of that.

好吧，考慮到我們只是在談論我們將要探索的內容，我寧願不談論如何在功能上分離業務，但你會問你將如何做？您有一份記錄企業互動方式的文件，您有數位業務，其中一個關鍵部分，就優勢而言，就是獲得凱撒的獎勵，所以您不應該指望我們會進行的交易會將其排除在外。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

This is Sam on for Chad.

這是 Sam，代表 Chad 發言。

Based on your New York sports betting numbers in '25, it looks like the hold rate improved quite a bit relative to the rest of the market sequentially. So just wondering what were the main drivers and with better KPIs and single wallet. Any potential change to your player reinvestment strategy in certain states?

根據您 25 年的紐約體育博彩數據，看起來持有率相對於其他市場而言連續提高了不少。所以只是想知道主要的驅動因素是什麼以及更好的 KPI 和單一錢包。在某些州，您的球員再投資策略是否有可能改變？

Yeah. I do think our hold has closed the gap somewhat over the course of the year, particularly in New York. Obviously with the high tax rate, the reinvestment strategy is different in New York than in other states, and so it is a fact that we close the gap a bit more in New York.

是的。我確實認為，在過去一年中，我們的差距有所縮小，特別是在紐約。顯然，由於稅率較高，紐約的再投資策略與其他州不同，因此，事實上，紐約的差距縮小了一些。

But it's a combination of all of the factors that we talked about, we're getting more legs per wager on the parley side. We're getting a higher percentage of. We're getting a higher percentage of cash out and so all of those things contribute to the improved hold percentage that you're seeing.

但這是我們討論過的所有因素的綜合作用，我們在談判方面每次下注獲得的收益更多。我們獲得的百分比更高。我們獲得的現金比例更高，因此所有這些都有助於提高您所看到的持有比例。

I'd also say that the good news is that our competitors have even higher percentages on all of those than we do and so there's a, good road map there to close the gap even further, or at least if they continue to improve on hold then we will as well and and get to that 10% threshold. And then, what was your second question?

我還想說，好消息是我們的競爭對手在所有這些方面的百分比都比我們高，因此有一個很好的路線圖來進一步縮小差距，或者至少如果他們繼續改進，那麼我們也會這樣做，並達到 10% 的門檻。那麼，您的第二個問題是什麼？

If higher hold rates and KPIs could lead to a change in the reinvestment strategy for the broader online check in.

如果更高的持有率和 KPI 可能導致更廣泛的線上登記的再投資策略發生改變。

Yeah, we target a reinvestment as a percentage of the volume, so our, reinvestment level as a percentage of GGR is actually declined throughout the year and and compared to last year.

是的，我們的目標是將再投資金額作為一定比例，因此，與去年相比，我們的再投資水準佔博彩總收入的百分比實際上全年都在下降。

I don't anticipate us changing that reinvestment level, from a target perspective. It does vary based on certain tax changes and certain dynamics, but broadly speaking. It's not a competitive dynamic that would change that reinvestment decision. It's much more of a test and control, type, decision where we believe that we can make more money by, changing it to a certain segment of the.

從目標角度來看，我預期我們不會改變再投資水準。它確實會根據某些稅收變化和某些動態而變化，但從廣義上講。競爭動態不會改變再投資決策。這更多的是一種測試和控制類型的決策，我們相信透過將其改變到某個特定部分，我們可以賺更多的錢。

So I would anticipate that the reinvestment level as a percentage of the volume would remain constant, and it might change slightly between states or between segments, but not broadly speaking across the business.

因此，我預計再投資水準佔交易量的百分比將保持不變，並且可能在各州或各個部門之間略有變化，但總體而言不會在整個業務範圍內發生改變。

And that's really the key. We're getting much have gotten much better, continue to get much better on identifying our most valuable players and incentivizing them to continue to play with us. And spending less money on those that are not valuable to us but kind of give you empty handle which has been part of the the remarks to date.

這才是真正的關鍵。我們正在取得很大進步，並且在識別最有價值的球員和激勵他們繼續與我們一起比賽方面繼續取得進步。在那些對我們來說沒有價值但給你帶來空頭支票的東西上花更少的錢，這是迄今為止的評論的一部分。

So if you're thinking we would say okay now. Promo instead of being one in change of handle, it's going to three, that's not going to be what happens. But if you think you're going to invest more in your most valuable players and get a bigger share of their wallet, that's certainly part of the road map.

所以如果你這麼想的話我們現在就說可以。Promo 不再是一個，而是變成了三個，這不會發生。但如果你認為你將在最有價值的球員身上投入更多，並從他們的錢包中分得更大的一杯羹，那麼這肯定是路線圖的一部分。

And then just quickly on Vegas, wondering if you guys have seen any changes in international visitation trends in '25 just given stronger dollar and perhaps some political headlines headwinds.

然後快速談談拉斯維加斯，想知道你們是否看到 2025 年國際遊客趨勢發生了任何變化，因為美元走強，或許還有一些政治頭條的不利因素。

No. I mean, the political headwinds argument gets a lot of chatter on cable news networks that leaks into the investment community. You don't really see a lot of political statements being made by our guests. They want to come have a good time. They want to get away from, the political environment and so there's nothing to speak of in terms of change there.

不。我的意思是，有關政治逆風的爭論在有線新聞網絡上引起了很多討論，並洩漏到了投資界。你確實看不到我們的嘉賓發表很多政治言論。他們想來玩得開心。他們想要擺脫政治環境，因此那裡根本沒有改變可言。

Jordan Bender, Citizens.

喬丹·本德，公民。

One more on the tax changes I think we have a pretty good grasp on what happens when the sports betting tax rate increases just given that we've seen it before. So generally and not related to New Jersey, but are the levers to offset the tax increase the same for an Igaming business compared to a sports betting business, or is there anything in that i gaming business model do you think that will differ in terms of promos and marketing if adjusted?

關於稅收變化，我想我們很清楚當體育博彩稅率增加時會發生什麼，因為我們以前就見過這種情況。所以一般來說，與新澤西州無關，但與體育博彩業務相比，Igaming 業務抵消稅收增加的槓桿是否相同，或者您認為 Igaming 業務模式在調整後在促銷和營銷方面會有所不同嗎？

Short answer is it's the same. Tax rate is part of your calculation of return, and so if the tax is different, your, from our standpoint, we can only speak for us, the reinvestment rates will move.

簡短的回答是，是一樣的。稅率是計算報酬率的一部分，因此，如果稅率不同，從我們的角度來看，我們只能代表我們自己說，再投資率就會改變。

Easy enough, okay, and then Eric, maybe just following up on the right sizing of the online customer base. Does the changing customer mix change the flow through assumptions that you guys have provided around 50% at all?

很簡單，好的，然後 Eric，也許只是跟進線上客戶群的正確規模。根據你們提供的大約 50% 的假設，不斷變化的客戶結構是否會改變流量？

No, I don't believe it does because, the guidance that we've given on our flow through was in relation to net revenue down to EBITDA. And so the mix that we're doing and changes that we're making in terms of our reinvestment levels is above the net revenue line on the on the P&L.

不，我不認為會有這樣的情況，因為我們給出的流通量指引是與淨收入至 EBITDA 相關的。因此，我們在再投資水準方面所做的組合和所做的改變高於損益表上的淨收入線。

But you're basically replacing high volume very low hold customers with customers that are more apt to play parlays and more apt to play more legs of parlays. So it's a piece of how our structural hold is improving as well.

但你基本上是用更傾向於玩聯注投注且更傾向於玩更多聯注投注的客戶取代大量持有率很低的客戶。因此，這也是我們的結構控制不斷改善的一部分。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

You mentioned attacking properties in battleground markets, which is great. Can you lay out the different metrics you look at to judge the team's success there?

您提到攻擊戰場市場的房產，這很好。您能否列出用來判斷該團隊是否成功的不同指標？

Yeah, I mean, we're looking at what does you, you're looking at a lot of things in each market. You're looking at what is the relative strength of my property versus the competitive property. So to give you an example in co Bluffs, we have a highly developed two properties on the Iowa side that are seven minutes further away from Omaha.

是的，我的意思是，我們正在研究你所做的事情，你正在研究每個市場中的許多東西。您正在查看我的財產與競爭財產的相對實力。舉個例子，在科布拉夫斯，我們在愛荷華州一側有兩處高度開發的地產，距離奧馬哈有七分鐘的路程。

Than the commercial casinos that the tribes opened in Omaha, but they had financing constraints, so they didn't open properties that are physically competitive with ours. So we're going to be very aggressive in that market in terms of getting people back because you're not asking them to go very far, and you've got a superior product. You got a property like Indianapolis, where, had its own, an entire ring to itself.

比部落在奧馬哈開設的商業賭場要多，但他們受到融資限制，所以他們沒有開設與我們在實體上具有競爭力的賭場。因此，我們將在該市場上積極進取，爭取讓顧客回頭，因為你不需要他們走太遠，而且你擁有優質的產品。你擁有像印第安納波利斯這樣的財產，它有自己的、完整的環。

Fort Wayne opened and encroached on that a bit. But again, Fort Wayne is a more modest property in terms of what it is in terms of scale versus what we have in Indianapolis. So that's another one where we're going to go back toward them. It's not going to be just the middle.

韋恩堡開放了，並稍微侵占了那裡。但就規模而言，與印第安納波利斯相比，韋恩堡的規模更為適中。所以這是我們要回到他們身邊的另一個地方。這不會只是中間部分。

We're going to be getting back into markets where we think we can gain traction and what you're looking at is county by county, what's my investment in this county? What's that doing to share? Is it bearing fruit? And you can see it happening in Indianapolis and Council Bluffs, there's properties that are tougher where.

我們將重返我們認為可以獲得發展的市場，而你所關注的是一個又一個縣，我在這個縣的投資是多少？那是為了分享什麼？它有成果嗎？您可以看到這種情況發生在印第安納波利斯和康瑟爾布拉夫斯，那裡的情況更為嚴峻。

A competitive asset like Poarch Creek opened right in the feeder market for Hammond that was already facing. The move of hard rock into a better location on the interstate. So you've got a locational disadvantage and you have newer properties versus older property.

像 Poarch Creek 這樣的競爭性資產正好在 Hammond 的支線市場上打開，而 Hammond 當時已經面臨著這樣的困境。將硬石搬到州際公路上更好的位置。因此，你們在地理位置上處於劣勢，而且你們擁有較新的房產，而擁有較舊的房產。

That's a tougher hand to play in terms of how aggressive you get, but the fundamentals are the same. You're going to decide how aggressive do I get in the various. A counties and what are my returns as I do and you've seen our history, we have a very long history of not just feudally flushing money if it's not driving returns, but that's where we're, we are in the bulk of the assets that were impacted in '24 and the early results are such that we're more confident about '25.

從你採取的攻擊性角度來看，這一手牌更難打，但基本原理是一樣的。你將決定我在各種情況下會變得多麼積極。一個縣，我的回報是多少，正如我所做的那樣，你已經看到了我們的歷史，我們有著非常悠久的歷史，如果它不推動回報，我們就不會封建地沖刷金錢，但這就是我們所在的地方，我們的大部分資產在'24 年受到了影響，早期的結果使我們對'25 年更有信心。

As a quick follow up, you all provided the 2025, CapEx ranges in the K. Can you highlight any chunkier regional projects that are implied in the growth or maintenance lines there?

作為快速跟進，你們都提供了 K 中的 2025 年資本支出範圍。您能否重點介紹一下那裡的成長或維護線中隱含的任何較大的區域項目？

Yeah, we've got Tahoe, that's under construction as we speak. The first phase of this Tahoe project, if you recall, it's the Harvey's Tower, great location close to the lake. We are under construction on all. A public areas basically casino floor, valet lobby, one of the hotel towers, we should have that wrapped up in mid to late June, open for the busy summer season up there.

是的，我們有 Tahoe，它正在建設中。如果你還記得的話，太浩計畫的第一階段是哈維塔 (Harvey's Tower)，地理位置優越，靠近湖泊。我們正在全力建設。公共區域基本上包括賭場樓層、代客停車大廳和其中一座酒店大樓，我們應該在六月中旬至下旬完成這些工作，然後在那裡的繁忙夏季開放。

We'll take a break during the summer season, then come back and finish the second half of the casino convention space, and a few other areas, but Really transform that property, as I said, beautiful location, great destination market for all of our Caesar rewards members to go to.

我們將在夏季休息一段時間，然後回來完成賭場會議空間的後半部分和其他一些區域，但真正改變那個財產，正如我所說的，美麗的位置，所有凱撒獎勵會員的絕佳目的地市場。

So we'll really reposition our oldest property into a really very nice new property in Tahoe.

因此，我們將把我們最古老的房產重新定位為太浩湖一處非常漂亮的新房產。

And Dan, if you think about pacing of that, that's about $160 million total project. There was a little money spent on that in '24, the remainder is split between '25 and '26.

丹，如果你考慮進度，那麼整個計畫的成本大約是 1.6 億美元。'24 年花了一些錢，剩餘的錢在 '25 年和 '26 年之間分配。

And I'm showing no further questions. I would now like to turn the conference back to Tom Reeg for closing remarks.

我沒有其他問題。現在我想請湯姆·里格致閉幕詞。

Thanks, everybody. I appreciate your time and we'll speak to you pretty soon after first quarter.

謝謝大家。非常感謝您抽出時間，我們將在第一季結束後儘快與您聯繫。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。