Caesars Entertainment Inc (CZR) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Caesars Entertainment first-quarter 2025 earnings call. (Operator instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加凱撒娛樂 2025 年第一季財報電話會議。（操作員指示）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, Liz, and good afternoon to everyone on the call. Welcome to our conference call to discuss our first-quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended March 30, 2025. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com, along with the supplementary earnings presentation that management will reference during their comments today on the call.

謝謝你，莉茲，祝電話裡的各位下午好。歡迎參加我們的電話會議，討論我們 2025 年第一季的收益。今天下午，我們發布了一份新聞稿，宣布了截至 2025 年 3 月 30 日的財務表現。新聞稿副本可在我們網站 investor.caesars.com 的投資者關係部分找到，同時還可找到管理層在今天的電話會議上發表評論時參考的補充收益報告。

Joining me on the call today are Tom Reeg, our CEO; Anthony Carano, our President and Chief Operating Officer; Bret Yunker, our Chief Financial Officer; Eric Hession, President, Caesar Sports and Online Gaming; and Charise Crumbley, 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；以及投資者關係部門的 Charise Crumbley。

Before I turn the call over to Anthony, I would like to remind you that during today's conference call we may make certain forward-looking statements under Safe Harbor federal securities laws, and these statements may or may not come true.

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。

Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. Please visit our press releases located on our Investor Relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure.

此外，在今天的電話會議中，公司可能會討論美國證券交易委員會 G 條例定義的某些非 GAAP 財務指標。請造訪我們投資者關係網站上的新聞稿，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。

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

說完這些，我會把電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. We had a good start to 2025 as first-quarter consolidated net revenues of $2.8 billion increased 2% and total adjusted EBITDA of $884 million increased 4% year over year.

謝謝你，布萊恩，祝電話裡的各位下午好。2025 年我們有一個良好的開端，第一季合併淨收入 28 億美元，年增 2%，調整後 EBITDA 總額 8.84 億美元，年增 4%。

Despite a tough comparison in Las Vegas against the Super Bowl last year and weather disruptions regionally, combined with one less operating day this year compared to last year, our results reflect stable trends within the brick-and-mortar segments and continued strong growth in digital despite poor hold during March Madness.

儘管與去年的超級盃相比，拉斯維加斯的比賽顯得有些艱難，而且區域性天氣幹擾也較多，再加上今年的營業日比去年少了一天，但我們的業績反映出實體店領域的趨勢穩定，數位業務繼續保持強勁增長，儘管在瘋狂三月期間表現不佳。

Starting Las Vegas. Same-store adjusted EBITDAR of $433 million was essentially flat versus the prior year and was the third-best Q1 Las Vegas performance on record. During the quarter, our Las Vegas team did an excellent job navigating through a tough Super Bowl comparison to deliver exceptional results.

從拉斯維加斯開始。同店調整後息稅折舊攤銷前利潤 (EBITDAR) 為 4.33 億美元，與去年基本持平，是拉斯維加斯有史以來第一季第三好的業績。在本季度，我們的拉斯維加斯團隊在艱難的超級盃比賽中表現出色，取得了優異的成績。

Occupancy and cash ADR were both down slightly. Slots and ETG volumes grew year over year. Convention room nights were 20% of our mix, and the form convention center delivered a Q1 EBITDA record. Same-store operating expenses were down 3% year over year, a testament to the strong operating discipline of our teams in Las Vegas.

入住率和現金平均房價均略為下降。老虎機和 ETG 交易量逐年增加。會議室過夜數占我們總營業額的 20%，而該會議中心創造了第一季 EBITDA 記錄。同店營運費用年減 3%，證明了我們拉斯維加斯團隊強大的營運紀律。

Las Vegas EBITDA margins were 43.2%, up 50 basis points year over year. New capital projects in Las Vegas continue to drive better-than-expected returns, especially recent hotel remodels, like the Versailles and Coliseum Towers and F&B projects at both the Flamingo and Planet Hollywood.

拉斯維加斯的 EBITDA 利潤率為 43.2%，較去年同期成長 50 個基點。拉斯維加斯的新資本項目繼續帶來超出預期的回報，尤其是最近的酒店改造，如凡爾賽宮和體育館塔樓以及火烈鳥和好萊塢星球的餐飲項目。

While we recognize the tremendous uncertainty surrounding the economic impact of potential policy change in the US, we remain encouraged regarding the forward outlook of Las Vegas. We continue to experience solid occupancy trends driven by both leisure and the group and convention customer.

儘管我們認識到美國潛在政策變化對經濟的影響存在巨大的不確定性，但我們對拉斯維加斯的未來前景仍然充滿信心。我們繼續感受到由休閒、團體和會議客戶推動的穩固的入住率趨勢。

Now, turning to our Regional segment. We delivered $440 million of adjusted EBITDAR for the quarter, up 2% versus last year. The Regional segment experienced a significant improvement in trend versus the last three quarters of '24 driven by stable same-store trends and the contribution from New Orleans and Danville for a full quarter, all despite the negative effect on the quarter from weather disruptions across the portfolio and the extra day last year. The New Orleans and Danville projects completed our elevated CapEx cycle over the last few years. Both properties are off to a great start, and we look forward to harvesting this cash flow for years to come.

現在，轉向我們的區域部分。本季我們的調整後息稅折舊攤銷前利潤 (EBITDAR) 為 4.4 億美元，較去年同期成長 2%。儘管整個投資組合的天氣幹擾和去年的額外一天為該季度帶來了負面影響，但區域部門的趨勢與 2024 年最後三個季度相比有了顯著改善，這得益於穩定的同店趨勢以及新奧爾良和丹維爾整個季度的貢獻。新奧爾良和丹維爾計畫在過去幾年完成了我們提升的資本支出週期。這兩個資產的起步都很好，我們期待在未來幾年收穫這筆現金流。

We are committed to providing the best experience to our guests as evidenced by the significant amount of CapEx invested into our properties over the last four years. I want to thank all of our team members for their hard work so far in 2025. Our strong results reflect their dedication to delivering exceptional guest service.

我們致力於為客人提供最佳體驗，過去四年來我們在酒店物業上投入的大量資本支出就證明了這一點。我要感謝我們所有團隊成員在 2025 年迄今為止的辛勤工作。我們的出色業績體現了他們致力於提供卓越的客戶服務。

With that, I will now turn the call over to Eric for some insights on the first-quarter performance in our Digital segment.

現在，我將把電話轉給 Eric，請他談談我們數位部門第一季業績的一些見解。

Thanks, Anthony. Caesars Digital delivered net revenue of $335 million, up $53 million or 19% year over year and $43 million of adjusted EBITDA, up $38 million year over year. Our flow-through rate was well in excess of our annual 50% target due to cost controls that we implemented in labor, marketing, and overall reinvestment levels. Results in the quarter were driven by growth in both verticals with sports betting net revenue increasing 9% and iCasino net revenue growing 53% year over year. On a hold-adjusted basis, we estimate that our digital segment would have grown revenues by roughly $88 million or 31% year over year and EBITDA by approximately $60 million.

謝謝，安東尼。凱撒數字的淨收入為 3.35 億美元，比去年同期增長 5,300 萬美元（19%），調整後 EBITDA 為 4,300 萬美元，比去年同期增長 3,800 萬美元。由於我們在勞動力、行銷和整體再投資水準上實施了成本控制，我們的流通率遠遠超過了 50% 的年度目標。本季業績受到兩個垂直領域的成長推動，體育博彩淨收入年增 9%，iCasino 淨收入年增 53%。在保持調整的基礎上，我們估計我們的數位部門的營收將比去年同期成長約 8,800 萬美元或 31%，EBITDA 將成長約 6,000 萬美元。

In sports, net revenue growth was driven by a combination of higher year over year hold and lower promotional activity. We were able to achieve the higher hold despite the well-publicized customer-friendly basketball outcomes due to our increasing Parlay mix, which was up 260 basis points versus last year.

在體育領域，淨收入的成長是由同比持有量增加和促銷活動減少共同推動的。儘管廣為人知的籃球比賽結果對客戶十分有利，但我們仍能取得更高的收益，這要歸功於我們不斷增加的 Parlay 組合，與去年相比，該組合上漲了 260 個基點。

Our sports betting customers are responding favorably to our continual product enhancements, particularly within the Parlay and cash-out categories. We have an exciting road map planned for the remainder of the year. In iGaming, we posted another record quarter with net gaming revenue up 53% year over year, driven by 28% volume growth, higher hold percentages, and lower reinvestment.

我們的體育博彩客戶對我們持續的產品改進反應良好，特別是在 Parlay 和現金提取類別中。我們為今年剩餘時間制定了令人興奮的路線圖。在 iGaming 領域，我們又創下了季度紀錄，淨遊戲收入同比增長 53%，這得益於交易量增長 28%、持有比例提高以及再投資減少。

Customers continue to respond favorably to the product introductions in the game content and overall user interface. Caesars Palace Online, our highest net revenue-generating app also continues to have the fastest growth. Our newest app, the Horseshoe, is accelerating and already contributing approximately 7% of our segment net gaming revenue.

客戶對遊戲內容和整體使用者介面的產品介紹持續給予正面回饋。凱撒宮在線是我們淨收入最高的應用程序，並且繼續保持最快的增長速度。我們最新的應用程式 Horseshoe 正在加速發展，並已為我們部門淨遊戲收入貢獻了約 7%。

We recently introduced branded live dealer studios in Pennsylvania and New Jersey, both of which have been well received. Our in-house game studio is planning to launch a branded multihand blackjack game in the second quarter, which will be our first internally developed product.

我們最近在賓夕法尼亞州和新澤西州推出了品牌真人荷官工作室，兩者都獲得了好評。我們的內部遊戲工作室計劃在第二季推出品牌多手二十一點遊戲，這將是我們第一款內部開發的產品。

On the technology side, we remain focused on completing the rollout of our player account management system, which delivers a single wallet across state lines. To date, we've successfully integrated 16 states including entering the field trial for our William Hill app in Nevada and remain on track to be completed with the full rollout by the end of 2025.

在技​​術方面，我們仍然專注於完成玩家帳戶管理系統的推出，該系統可在州際之間提供單一錢包。迄今為止，我們已成功整合了 16 個州，包括在內華達州進行 William Hill 應用程式的現場試驗，並預計在 2025 年底全面推出。

In addition, this quarter, we integrated the horse racing app into the shared wallet for select states and we'll expand that integration throughout the remainder of the year. Our EBITDA for the trailing 12-month period is now in excess of $150 million.

此外，本季度，我們將賽馬應用程式整合到部分州的共享錢包中，並將在今年剩餘時間內擴大此一整合範圍。我們過去 12 個月的 EBITDA 現已超過 1.5 億美元。

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

我會將電話轉給布雷特，請他針對資產負債表發表一些評論。

Thanks, Eric. We're very excited to be at the end of our regional investment cycle. We expect 2025 full year CapEx to be roughly $600 million, excluding our Virginia joint venture with interest also moving down significantly to approximately $775 million. Our nearest maturity is the [18th and 8th] stub unsecured notes due 2027, which we expect to tackle in the near future.

謝謝，埃里克。我們非常高興我們的區域投資週期即將結束。我們預計 2025 年全年資本支出約為 6 億美元，不包括我們在維吉尼亞州的合資企業，利息也將大幅下降至約 7.75 億美元。我們最接近到期​​日的是 2027 年到期的 [18 號和 8 號] 無擔保存根票據，我們預計將在不久的將來解決。

Earlier this month, we repurchased $100 million of our stock at an average price of $23.84. We will look to continue our track record of debt reduction alongside opportunistic share repurchases as the year unfolds from here.

本月初，我們以平均 23.84 美元的價格回購了價值 1 億美元的股票。隨著時間的推移，我們將繼續保持削減債務的勢頭，同時把握機會回購股票。

Over to Tom.

交給湯姆。

Thanks, Bret. Thanks, everybody, for joining. I'm very pleased with how the quarter came in for us consistent with what we had been telling you on our fourth-quarter call, Vegas was facing a very difficult comp versus Super Ball last year. Recall that we had poor hold below our normal range in the first quarter of last year. We got back into our range, albeit just to the left side of that range. We were still about 200 basis points below normal. So on volume and activity, Vegas would have been up year over year, we ended up flat.

謝謝，布雷特。謝謝大家的參與。我對本季的業績感到非常滿意，這與我們在第四季度電話會議上告訴大家的情況一致，去年拉斯維加斯與超級棒球的競爭非常激烈。回想一下，去年第一季我們的業績未能維持在正常範圍以下。我們回到了我們的範圍，儘管只是在範圍的左側。我們仍比正常水準低約 200 個基點。因此，就交易量和活動而言，拉斯維加斯的交易量會逐年上升，而我們則持平。

Regional, we were anticipating a pickup in weather coming into this year's first quarter. Last year's first quarter was difficult as it turns out this year's first quarter was even more difficult. And in the case of New Orleans, added a terrorist event in the middle -- or in the beginning of the quarter. So we had a lot of headwinds against still delivered growth.

就地區而言，我們預計今年第一季天氣將會好轉。去年第一季很艱難，今年第一季更加艱難。就新奧爾良而言，在本季中期或初又發生了一起恐怖事件。因此，我們在實現成長的過程中遇到了許多阻力。

As I talked about on our last earnings call and since the growth in terms of -- that was added with Caesars, New Orleans and Danville, Virginia more than offsets the continued competitive impact across markets like Chicago and Council Bluffs in Indianapolis, and we're very pleased with where we sit.

正如我在上次財報電話會議上談到的那樣，自從凱撒、新奧爾良和弗吉尼亞丹維爾的加入以來，業績的增長足以抵消芝加哥和印第安納波利斯康瑟爾布拉夫斯等市場持續的競爭影響，我們對目前的狀況感到非常滿意。

To highlight one particular property that kind of illustrates the extremes of what happened in the quarter. New Orleans, the terrorist event on New Year's Eve and then snowstorms in New Orleans had us put up a little over $2 million of EBITDA in January, which is well below any forecast that we would have ever been working off of.

重點突出一個特定的屬性，它可以說明本季發生的極端情況。新奧爾良、新年前夕的恐怖事件以及隨後的新奧爾良暴風雪導致我們 1 月份的 EBITDA 略高於 200 萬美元，這遠低於我們曾經預測的任何數字。

February did almost $19 million of EBITDA, obviously helped by the Super Bowl. And so we get to March and that's kind of our first look in '25 as to what our normalized run rate with no particular weather or Super Bowl impact, and we did over $16 million of EBITDA in March. So feel very good about pacing there and in regionals generally.

2 月的 EBITDA 接近 1900 萬美元，這顯然受到了超級盃的推動。到了三月份，這是我們在 25 年第一次看到在沒有特殊天氣或超級碗影響的情況下我們的正常運行率，我們在三月份的 EBITDA 超過了 1600 萬美元。因此，我對在那裡以及在地區比賽中的步調總體感覺很好。

In Digital, obviously, Eric has talked about the March Madness sports outcomes, and we were not immune, still posted very strong growth year over year.

在數位領域，艾瑞克顯然已經談到了瘋狂三月體育賽事的結果，我們不能倖免，仍然實現了同比非常強勁的成長。

iCasino continues to be a stellar performer. Our 53% net revenue growth in iCasino is on top of last year's first quarter when we also grew over 50%. So now stacking quarters like that on top of each other is particularly gratifying for us.

iCasino 繼續表現出色。iCasino 的淨收入成長了 53%，高於去年第一季 50% 以上的增幅。所以現在，將這樣的硬幣堆疊在一起對我們來說是特別有成就感的。

If you look at what's going on in April, just starting in Digital. Again, we're comping to a quarter where iCasino growth was 50% in the second quarter of last year. Through the first 27 days of April, iGaming revenue for us is up almost 70%. So accelerating from where we were in first quarter, feeling very, very good about where we are with Eric and Matt and the team there.

如果你看看四月發生的事情，你會發現數位領域才剛開始。再次，我們將其與去年第二季度 iCasino 成長率 50% 進行比較。截至 4 月的前 27 天，我們的 iGaming 營收成長了近 70%。因此，從第一季開始，我們就在加速發展，對 Eric、Matt 和團隊的現狀感到非常非常滿意。

And we've talked about -- we expect Vegas to grow a little bit this year. Regionals to be flat to slightly up in digital to post strong growth. Obviously, we talked about that before all of the tariff news in our fourth-quarter call, there is no change in terms of what we're expecting in the business. We still do not see any of the consumer softness that investors seem to be worried about.

我們已經討論過了——我們預計拉斯維加斯今年會略有成長。區域數位業務將持平或略有上升，實現強勁成長。顯然，我們在第四季度電話會議中討論過所有關稅新聞之前，我們對業務的預期沒有變化。我們仍然沒有看到投資者擔心的消費疲軟現象。

Our forward bookings still look quite strong. Regionals are still coming in nicely and digital is continuing to post significant growth. So feel very good about that. We're effectively a third of the way through the year.

我們的預訂量看起來仍然相當強勁。區域業務依然表現良好，數位業務持續保持顯著成長。所以對此感覺非常好。今年我們已經過了三分之一的時間。

If you want to take the other side, obviously, we see the same macro picture you do in terms of what's going to happen with tariffs and consumer spending and inflation. If you are a bear on what's going to happen with the consumer, keep in mind, we have never had, in a prior downturn, a business segment that's growing like the digital segment is for us, if you look at where consensus is versus where we were last year, you would have to see a dramatic downturn in brick-and-mortar performance in the last eight months of the year for us to not be a significant grower of EBITDA this year.

如果你想站在另一個角度，顯然，我們在關稅、消費者支出和通貨膨脹方面將會發生什麼，我們看到的宏觀情況與你是一樣的。如果您對消費者市場的未來走勢感到悲觀，請記住，在以往的經濟衰退中，我們從未遇到過像數位業務這樣快速增長的業務部門，如果您將目前的共識與去年的情況進行比較，您就會發現，今年最後八個月實體店業績將大幅下滑，這說明我們今年的 EBITDA 不可能出現顯著增長。

I'd also touch on -- we are -- we've talked about how we're at a capital inflection point, capital spend inflection point. We've put up some slides on our investor website that I'd encourage you to take a look at in terms of where and how much we have spent. Now, we are in a free cash flow harvesting mode. You should still expect substantially all of our operating free cash flow to be used to pay down debt this year.

我還想談談——我們——我們已經討論了我們如何處於資本拐點、資本支出轉折點。我們在投資者網站上發布了一些幻燈片，我鼓勵您看一下我們在哪裡花了多少錢。現在，我們處於自由現金流收穫模式。您仍然應該預期我們今年的大部分經營自由現金流將用於償還債務。

Recall that we have the $250 million World Series of Poker note. We expect that, that will be monetized in the course of 2025. And those are the funds that we were using to buy back stock in April. We will continue to be opportunistic if we can buy our stock a 25% free cash flow yield you should expect that, that will be a piece of our free cash flow usage. But again, substantially all of operating free cash flow is we expect to use for debt pay down. That remains the case.

回想一下，我們有價值 2.5 億美元的世界撲克系列賽鈔票。我們預計，這將在 2025 年實現貨幣化。這些就是我們在四月用來回購股票的資金。如果我們能夠以 25% 的自由現金流收益率購買股票，我們將繼續抓住機會，您應該預期，這將是我們自由現金流使用的一部分。但同樣，我們預計幾乎所有的經營自由現金流都將用於償還債務。情況依然如此。

And with that, I'll throw it back to the operator for questions.

說完這些，我將其交還給操作員以回答問題。

(Operator Instructions) Carlos Santarelli, Deutsche Bank.

（操作員指令）Carlos Santarelli，德意志銀行。

Hey guys, thank you, Tom. Tom or Anthony, either one of you want to take this one, but it has to do with kind of Las Vegas, the outlook, what you're seeing in booking and maybe how you guys could give us a sense of what on the books today is kind of group related as we look through event and where else do you have comfort and visibility and I'm going to assume that kind of anything would turn up there. But my sense is April, May kind of and then the back half of the year, your group pace is pretty well firm at this point. And I just want to get a sense of the magnitude.

嘿夥計們，謝謝你，湯姆。湯姆或安東尼，你們中的任何一個人都想接受這個，但它與拉斯維加斯有關，與前景有關，與你們在預訂中看到的情況有關，也許你們可以讓我們在查看事件時了解今天的書籍中有哪些與團體相關的內容，以及在哪裡你們可以感到舒適和有可視性，我會假設任何事情都會出現在那裡。但我的感覺是，四月、五月以及下半年，你們的團隊步伐此時會相當穩固。我只是想了解一下其嚴重程度。

Yeah, that's right, Carlo. The group was about 20% of our first-quarter room base that's a little bit higher than the full-year number, but we would expect and that's consistent with what we were -- we thought coming into the year. We expect that for us, 2025 will be a record year in group with particular strength in the fourth quarter of the year. And that $26 million will be another record group year for us with particular strength in the first quarter of the year.

是的，卡洛，沒錯。該集團約占我們第一季客房總數的 20%，略高於全年數字，但這與我們預期的一致——我們對今年的情況有所預期。我們預計，2025 年將是集團創紀錄的一年，尤其第四季的業績將表現強勁。這 2,600 萬美元將是我們集團年度的另一個創紀錄的數字，尤其在今年第一季度，這一數字將更加強勁。

And if you look -- if you think about our forward bookings as is typical, we can see pretty well 90 days into the future and cash room revenue looking forward. Looks in line with last year's number for the second quarter. We are not operating any differently than we have over the last couple of years. If we were to start to see softness. We have levers that we can pull, obviously that you saw as we came out of the pandemic, where we were able to outperform peers in the market by tapping in to our database. We have that option in the case where the economy would soften, we could go deeper into our database, but I want to make clear, we're not having to do any of that at this point. And we're mindful of what happens in the broader economy and looking at the same things you're looking at.

如果你看一下——如果你按照通常的方式考慮我們的提前預訂，我們可以很好地預測未來 90 天的現金客房收入。看起來與去年第二季的數字一致。我們的營運方式與過去幾年沒有什麼不同。如果我們開始看到柔軟。我們可以利用各種手段，顯然，正如你們所看到的，當我們走出疫情時，我們能夠利用我們的資料庫，在市場上勝過同行。在經濟疲軟的情況下，我們有這個選擇，我們可以更深入地研究我們的資料庫，但我想明確一點，我們目前不必做任何這些事情。我們關注著更廣泛的經濟形勢，並關注您所關注的事情。

Great, thank you, Tom. And then if I could, Eric, last year, I just wanted to kind of clarify something from a reporting perspective. Last year, in the 2Q, there was a seemingly sized kind of other revenue piece outside of the iCasino and sports betting business. Could you kind of talk about what that was? And my guess is that will create a little bit of a headwind in the 2Q this year for segment reported net revenue and perhaps EBITDA. But I just want to kind of better understand what that was and the magnitude of it.

太好了，謝謝你，湯姆。然後，艾瑞克，如果可以的話，去年我只是想從報道的角度澄清一些事情。去年第二季度，除了 iCasino 和體育博彩業務之外，似乎還有其他相當可觀的收入來源。你能講一下那是什麼嗎？我的猜測是，這會給今年第二季分部報告的淨收入和 EBITDA 帶來一點阻力。但我只是想更好地理解那是什麼以及它的嚴重性。

Yeah, that's absolutely right, Carlo. You saw it this quarter, it was around a $6 million headwind on the EBITDA side for us. Those -- that category is generally skin revenues as well as revenues that we received from World Series of Poker that can consist of royalty rights, hosting fees, et cetera. And so as you'd expect, the second quarter and the third quarter when the main event in Las Vegas spans the quarters, that were the peak periods for the World Series of Poker revenues and those are going to zero.

是的，完全正確，卡洛。您在本季度看到了這一點，這對我們的 EBITDA 造成了約 600 萬美元的不利影響。這些 — — 此類別通常是皮膚收入以及我們從世界撲克系列賽中獲得的收入，其中包括特許權使用費、主辦費等。因此，正如您所預料的那樣，第二季度和第三季度，當拉斯維加斯的主要賽事跨越幾個季度時，這是世界撲克系列賽收入的高峰期，而這些收入將降至零。

And then the skin revenues, as you'd imagine, with a number of the smaller operators and other providers exiting markets, the skins have deteriorated in terms of what we can command for the royalties there. And so you should expect to see fairly large declines in that segment in Q2 and Q3. And then Q4, it will be kind of back to normal.

然後是皮膚收入，正如你所想像的，隨著許多小型業者和其他供應商退出市場，皮膚在我們能收取的版稅方面已經下降。因此，您應該預計第二季和第三季該部分將出現相當大的下滑。然後到第四季度，一切就會恢復正常。

Great. Thank you, Eric.

偉大的。謝謝你，埃里克。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good evening, everybody. Thanks for taking my question. I don't know if this could be quantified, Tom, but you called out, weather last year, weather this year in Regionals, and then you have the one-day impact from leap year, are you able to sort of give us a net impact number this year over last year just so we can kind of get a sense of how much better Regionals would have been aside from those headwinds and tailwinds?

大家晚上好。感謝您回答我的問題。湯姆，我不知道這是否可以量化，但你提到了去年的天氣，今年地區賽的天氣，然後還有閏年的一天的影響，你能給我們一個今年相對於去年的淨影響數字嗎，這樣我們就可以大致了解一下，除了那些逆風和順風之外，地區賽會好多少？

I would say it would have been in excess of $10 million when you add all of those up, leap year in Vegas was another $6 million.

我想說，如果把這些加起來，總數會超過 1000 萬美元，拉斯維加斯的閏年又花了 600 萬美元。

Okay, that's really helpful. And then over in Las Vegas, impressive margin performance year over year. I was hoping and you kind of touched on this in the prepared remarks. If you could just unpack where you're finding those cost savings if there's anything onetime in there? And how should we think about those things as we roll through the rest of the year, if there are going to be additional sort of tailwinds on the cost side?

好的，這確實很有幫助。而在拉斯維加斯，利潤率表現逐年令人印象深刻。我希望您在準備好的發言中提到了這一點。如果您能簡單地解釋一下您在哪裡找到了這些成本節省，其中是否有一次性的東西？如果成本方面還會出現其他順風因素，那麼在今年剩餘時間裡，我們該如何看待這些事情？

Yeah. I'd just say the team does an outstanding job looking at every vertical, every piece of the business, whether it's in our labor efficiencies, whether it's in our food and beverage outlets, whether it's on price or product negotiations with our vendors. The team does an outstanding job in this market and across the country and driving efficiencies wherever we can while maintaining exceptional guest experience.

是的。我想說的是，團隊在專注於業務的每個垂直領域、每個部分方面都做得非常出色，無論是在我們的勞動效率方面，還是在我們的食品和飲料店方面，還是在與供應商進行價格或產品談判方面。該團隊在這個市場和全國各地都表現出色，在盡可能提高效率的同時保持了卓越的客戶體驗。

And keep in mind, Brandt, we were heavy rotation in terms of F&B additions really over the last four to six quarters. And as you get to where you're anniversary-ing as you open up typically at higher staffing, lower margins than you are a year later, and some of it is that as well.

請記住，布蘭特，在過去的四到六個季度裡，我們在餐飲方面的增加確實非常頻繁。當你迎來週年紀念時，你的開業人員通常會增多，利潤率會比一年後更低，這也是其中的一部分。

Okay, great. Thanks. Helpful guys.

好的，太好了。謝謝。很有幫助的傢伙。

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

Yeah, hey guys, good afternoon. So Tom, you might get angry if I asked this question, but I'm going to -- you talked about how you haven't seen any changes in customer behaviors, but I'm going to try to ask a question anyway and then you can tell me no. But if we think about your database, I would assume your higher-end players are holding up pretty well. But if we think about that lower end customer, non-rated play customer, have you seen any changes in their behaviors or a slowing of your database customers on the lower tiers, any changes in non-gaming spend in regional markets? Just trying to cover all of those bases to make sure we aren't missing anything.

是的，嘿，大家下午好。所以湯姆，如果我問這個問題，你可能會生氣，但是我要——你說過你沒有看到客戶行為有任何變化，但無論如何我都會嘗試問一個問題，然後你可以告訴我沒有。但如果我們考慮您的資料庫，我會認為您的高端玩家表現相當不錯。但是，如果我們考慮一下低端客戶、非評級遊戲客戶，您是否看到他們的行為有任何變化，或者較低級別的資料庫客戶數量有所放緩，區域市場的非遊戲支出有任何變化嗎？只是試圖覆蓋所有這些基礎以確保我們不會遺漏任何東西。

Yeah. No, I understand where you're coming from. There's nowhere I can parse it where it's a different story. I would tell you, as we've talked about before, since the stimulus checks rolled through the system, unrated play has been softer than rated play. But if you look at in April, rated play across the enterprise for us is up mid-single digits, unrated play is a little softer. So it's a pretty good story.

是的。不，我明白你的意思。我無法從任何地方解析它，因為它是一個不同的故事。我想告訴你，正如我們之前談到的，自從刺激計劃支票在系統中推出以來，未評級的比賽比評級的比賽要溫和。但如果你看一下四月份的情況，我們整個企業的評級遊戲上漲了中等個位數，而未評級遊戲則稍微疲軟一些。所以這是一個非常好的故事。

I think that we all live in a world where what's happening in the stock market and on CNBC is the kind of the echo chamber we live in. I think that the bulk of our customers, the bulk of US consumers are not stock owners. What they see right now is gas prices are lower, people on CNBC are frightened, rich people are losing money. That is not a terrible combination for them.

我認為，我們都生活在這樣一個世界：股票市場和 CNBC 上發生的事情就像是我們生活的回音室。我認為我們的大多數客戶、大多數美國消費者都不是股票所有者。他們現在看到的是油價下跌，CNBC 上的人感到恐懼，富人正在虧損。對他們來說，這並不是一個糟糕的組合。

Now, if we get to later in the year and you get to -- you're seeing real impacts macroeconomically, obviously, we would not be immune to that. But our customers feel good. I was talking to Anthony before we started. I feel better about the way the business is going right now than I did at any point in '24 and I felt pretty good in '24. Now I'm not foolish. I know that, that can change given what's happening on a macro basis, but we are not directly impacted by tariffs at large -- hardly at all.

現在，如果到了今年晚些時候，你會看到宏觀經濟受到真正的影響，顯然，我們無法倖免。但我們的客戶感覺很好。我們開始之前我和安東尼談過。我對現在業務的進展感覺比 24 年的任何時候都要好，而且 24 年我感覺非常好。現在我不再傻了。我知道，根據宏觀形勢的變化，這種情況可能會發生變化，但總體而言，我們並沒有受到關稅的直接影響——幾乎沒有。

Obviously, we have managed COGS through a pretty brutal inflation environment over the past 3.5 years. So we feel very good, and we're watching the broader macro shifts the same way that you are. We just can't see it in our business yet.

顯然，在過去的三年半里，我們在相當殘酷的通膨環境下管理了銷貨成本。所以我們感覺非常好，我們和你們一樣關注著更廣泛的宏觀變化。我們只是還沒有在我們的業務中看到它。

And Tom, all those comments are through like real time through April, meaning regional --

湯姆，所有這些評論都是透過四月份的即時數據進行的，也就是說，--

Yeah, I have numbers through today's Tuesday, I've got numbers through Sunday.

是的，我有截至今天（週二）的數據，也有截至週日的數據。

Okay, fair enough. And then one more question, if I could, Tom. I think if I remember correctly, you guys still own about 60% of your real estate in Vegas, and I think it's like 50% in your regional markets. So I guess my question is if there was some kind of change in the macroenvironment that really starts to impact you. Is that something that you guys could leverage in order to keep your balance sheet in a pretty leverage-neutral position versus having that debt ratio move or leverage ratio move higher? Hopefully, that makes sense.

好吧，夠公平。還有一個問題，如果可以的話，湯姆。如果我沒記錯的話，你們在拉斯維加斯仍然擁有大約 60% 的房地產，而且我認為在你們的區域市場中，你們擁有的房地產份額大約為 50%。所以我想我的問題是宏觀環境是否發生了某種變化並真正開始對你產生影響。你們可以利用這一點來保持資產負債表處於相當中性的槓桿率，而不是讓負債比率或槓桿比率上升嗎？希望這是有意義的。

Sort of it makes sense. So we have a piece of our business that at consensus is growing $200 million and something million year over year in EBITDA, which we're certainly comfortable with. I don't anticipate that business will be impacted much at all. So you're talking about really brick-and-mortar business. And you and I have been through enough of these call it, normal business cycle recessions versus a GFC.

這有點道理。因此，我們的部分業務預計 EBITDA 將年增 2 億美元左右，我們對此感到滿意。我預計業務不會受到太大影響。所以您談論的是真正的實體業務。你和我都經歷過足夠多的這種所謂的正常商業週期衰退與全球金融危機。

And what you get is you get some softness in destination markets and you get some substitution into local markets and with digital growing next to that and our free cash flow position dramatically improved in terms of where capital spending was, I feel very, very good about balance sheet now going forward into an economic a period of economic softness, I really like how we're positioned.

而你所得到的是，目的地市場有一些疲軟，而本地市場有一些替代，隨著數位化的增長，我們的自由現金流狀況在資本支出方面得到了顯著改善，我對現在的資產負債表感到非常非常滿意，進入經濟疲軟期，我真的很喜歡我們的定位。

Okay perfect. Thanks, Tom. I appreciate it.

好的，完美。謝謝，湯姆。我很感激。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, evening. Thanks for taking my questions. So I wanted to just talk about the digital side and the split between iGaming and sports betting and how you're thinking about those two progressing forward as we get toward this end of the year? Sports betting has been, I guess, a bit more of a challenge, whereas iGaming has maybe been a bit more natural. Help me characterize that.

大家好，晚上好。感謝您回答我的問題。所以我想談談數位化方面以及 iGaming 和體育博彩之間的分歧，以及您如何看待這兩者在今年年底前的發展？我認為，體育博彩更具挑戰性，而 iGaming 可能更自然一些。幫我描述一下。

Well, I'd say we do more EBITDA in sports betting than we do in iGaming. As we sit here today, we do on a per state basis, iGaming looks great. There's not a lot of jurisdictions right now. So I kind of -- sports betting is going to generate hundreds of millions of EBITDA for us in the next 18 months.

嗯，我想說我們在體育博彩中的 EBITDA 比在 iGaming 中的要高。今天，當我們坐在這裡時，我們以每個州為基礎，iGaming 看起來很棒。目前管轄範圍並不多。所以我認為——體育博彩將在未來 18 個月內為我們創造數億美元的 EBITDA。

If you're looking through end of '26 as will iGaming, if you want to talk about my own views, I think that the -- what we're seeing in terms of state moves on tax rates in sports betting, is kind of symptomatic of states that are now on their own. They have to commit spending the American rescue plan funds from the federal government by the end of last year.

如果您像 iGaming 一樣關注 26 年底的情況，如果您想談談我自己的觀點，我認為——就各州對體育博彩稅率的變動而言，我們看到的這些變化在某種程度上表明各州現在已經獨立了。他們必須承諾在去年年底前動用聯邦政府提供的美國救援計畫資金。

So for all intents and purposes, that money is gone and they're on their own. So I don't -- I'm not surprised at all that they start to look to gaming. So I think that's going to put us in a cycle of iGaming legislation in '26 and '27 is going to start to look more appealing to some jurisdictions that are looking to plug holes.

所以無論從哪一方面來說，這些錢都沒了，他們只能靠自己了。所以我並不感到驚訝，他們開始關注遊戲。因此，我認為這將使我們進入 26 年和 27 年 iGaming 立法的周期，對於一些希望填補漏洞的司法管轄區來說，這將開始變得更具吸引力。

I think that in terms of the business, the volatility that you have seen in sports outcomes the last two quarters shouldn't be surprising. We compare -- we talk about hold percentages with the precision that we do in the brick-and-mortar business. But the reality is in sports, there's 270-something NFL games, there's less than 100 games in the NCAA tournament. You're dealing with small sample sizes, you're dealing with correlated outcomes as you get into Parlay betting. So the volatility of hold in sports betting is going to remain.

我認為，就業務而言，過去兩個季度體育賽事結果的波動並不令人意外。我們進行比較－我們討論持有百分比，其精確度與實體業務相當。但現實情況是，在體育界，NFL 有 270 多場比賽，而 NCAA 錦標賽只有不到 100 場比賽。當您進行 Parlay 投注時，您要處理的是小樣本，您要處理的是相關結果。因此，體育博彩的波動性仍將持續存在。

Now, we've seen two quarters in a row where that worked against us as a sector. You're going to have quarters where that works for us. But I think over time, the steadiness of the hold and the growth in the iCasino piece is going to become increasingly appealing to investors, and that fits very well with where our strengths lie in terms of -- I don't want to -- I said in the beginning, we're doing very well in sports betting we'll generate hundreds of millions of EBITDA, but iGaming is an even better area for us in our database. So I agree with that premise. And I think we're heading to a period of time with state budgets and with where investors are going to go where that's going to be a popular place to be.

現在，我們已經連續兩個季度看到這種情況對我們這個行業不利。您將擁有適合我們的地方。但我認為，隨著時間的推移，iCasino 部分的穩定持有和增長將越來越吸引投資者，這與我們的優勢非常契合——我不想——我在一開始就說過，我們在體育博彩方面做得很好，我們將產生數億美元的 EBITDA，但 iGaming 在我們的數據庫中對我們來說是一個更好的領域。所以我同意這個前提。我認為，我們正進入一個國家預算和投資者都願意去的地方都受歡迎時期。

Understood. Appreciate that. And if I may follow up quickly. I just want to confirm one other dynamic because I know we've talked about Las Vegas a little bit. Just confirming that as we progressed into the second quarter, specifically April so far, that Las Vegas trends are moving in a positive direction.

明白了。非常感謝。我是否可以快速跟進。我只是想確認另一個動態，因為我知道我們已經談論過一點拉斯維加斯了。只是確認，隨著我們進入第二季度，特別是到目前為止的四月份，拉斯維加斯的趨勢正在朝著積極的方向發展。

Yeah. April looks like the first quarter across the board, every segment.

是的。從各方面來看，四月看起來都與第一季類似。

Perfect. Thank you.

完美的。謝謝。

Barry Jonas, Truist.

巴里·喬納斯，Truist。

Hey guys. Tom, any updated thoughts you can share on spinning digital sounds like operating trends are extremely strong, but not sure how market conditions are factoring in right now? Thanks.

嘿，大家好。湯姆，您能否分享一些關於旋轉數字聽起來營運趨勢非常強勁的最新想法，但不確定目前的市場狀況如何？謝謝。

Yeah. As I said on the last call, our job is to deliver the numbers that we have laid -- that we laid out starting in '21. We're well on that path. The goals are in our windshield now as we approach them. And we'll see where we're at when we get there in terms of are we getting value for what we've created. And if the answer is we've hit our goals, and we're moving through them, and we're just not seeing it in the equity.

是的。正如我在上次電話會議上所說的那樣，我們的工作是實現我們已經設定的數字——從 21 年開始設定的數字。我們已在這條道路上順利前進。當我們接近目標時，目標就在我們眼前。當我們到達那裡時，我們會看看我們所創造的東西是否有價值。如果答案是我們已經達到了目標，並且正在努力實現目標，但我們只是沒有在公平中看到它。

Again, I'll tell you, we will look at any and all options to create value for shareholders. But we are mindful that the first thing we need to do is continue to deliver the numbers on the path that we have.

我再次告訴你們，我們將考慮一切能為股東創造價值的選擇。但我們牢記，我們需要做的第一件事就是繼續按照我們現有的路徑實現目標。

Got it. And then just a follow-up. I'm curious to get your thoughts on like [kalshi, polymarkets] of the world and how maybe the contract prediction business is impacting your sports betting business? And is it something that you would consider adding as a product? Thanks.

知道了。然後只是後續行動。我很好奇您對 [kalshi、polymarkets] 等世界的看法，以及合約預測業務如何影響您的體育博彩業務？您是否考慮將其添加為產品？謝謝。

So we don't. There's zero impact so far in that business for us. You are -- your opinion is as good as mine in terms of what's going to happen. If there are ways to drive more EBITDA through our business that open up through legislation or regulation, you should assume that we're going to look to how we can take advantage of those opportunities to the greatest extent possible for our shareholders.

所以我們不這麼做。到目前為止，這項業務對我們的影響為零。您—對於將要發生的事情，您的意見和我的一樣好。如果有辦法透過立法或監管來提高我們業務的 EBITDA，那麼您應該認為我們將研究如何為股東最大限度地利用這些機會。

Got it. Thank you, Tom.

知道了。謝謝你，湯姆。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good afternoon, everyone. Thanks for taking my question. A couple for Eric, if I could. So Eric, I think the big debate in the online sphere is really about handle growth, especially on the OSB side. And just would love to start with your observations there in terms of kind of what you see of overall levels. Obviously, I think idiosyncratically, you're reprioritizing maybe that business a little bit your own handle growth down. But I'm more interested at the level do you think you're seeing a broader slowdown in kind of core trend as you look or evaluate the business? Or how are you kind of framing the organic growth in the -- on the OSB side? That would be helpful.

大家好，下午好。感謝您回答我的問題。如果可以的話，給 Eric 一些。所以 Eric，我認為線上領域最大的爭論實際上是關於處理成長，特別是在 OSB 方面。我很想從您對整體層次的觀察開始。顯然，我認為，從特殊性上講，你也許會重新調整業務的優先順序，從而降低你自己的業務成長速度。但我更感興趣的是，當您觀察或評估業務時，您是否認為看到了核心趨勢更廣泛的放緩？或者您如何建立 OSB 方面的有機成長？那將會很有幫助。

Yeah. Sure, Shaun. As we've mentioned the kind of prior couple of quarters, we've reduced our reinvestment levels at the extremely low end customer where we were unprofitable. And then we've reduced also at the extremely high end of the database. And that's where you're seeing the general declines in volume in aggregate across our business.

是的。當然，肖恩。正如我們之前提到的，在前幾個季度中，我們降低了對無利可圖的極低端客戶的再投資水準。然後，我們也減少了資料庫的極高端。這就是我們所看到的我們整個業務總量普遍下降的原因。

If you look at the other segments of the business, which are kind of in the middle where you've got somewhat more recreational players, some fairly large players, but not astronomically high wagers. That business is solid. It's growing.

如果你看一下該業務的其他部分，你會發現它們處於中間位置，其中有更多的休閒玩家，一些相當大的玩家，但賭注並不是天文數字。那項生意很穩健。它正在成長。

It's -- in our case, it's growing high-single digits, low-double digits, depending on which segments and which states you're looking at. So I would characterize it as very solid at this point. We're -- there's just a lot of noise out there, which I think is what a lot of people are seeing.

在我們的案例中，它的成長率從高個位數到低兩位數不等，這取決於你關注的是哪個部分和哪個州。因此，我認為目前它非常可靠。我們——外面有很多噪音，我認為這是很多人都看到的。

For example, North Carolina launch, we're lapping that. You've got some other events happening. You'll have the Olympics annualization this summer. So there are some different things that are going on. But broadly speaking, I think it's still solid. Maybe it's not at the 30% level that we were seeing as you had just continually new states opening.

例如，北卡羅來納州的發射，我們正在進行。還有一些其他事件正在發生。今年夏天將舉辦年度奧運。因此，有一些不同的事情正在發生。但從總體上來說，我認為它仍然是可靠的。也許它還沒有達到我們所看到的 30% 的水平，因為不斷有新的州開放。

But from our perspective, it's still a solid growth business. And at the same time, you'll see our hold slowly creep up as we get the Parley mix higher. And so you do get a compounding effect with higher volume growth and higher hold growth.

但從我們的角度來看，這仍然是一個穩健成長的業務。同時，隨著 Parley 混合比例的提高，您會看到我們的控制力慢慢上升。因此，您確實會獲得更高的銷售成長和更高的持有量成長的複合效應。

Yes, Shaun, I'd just say -- this should be what you're expecting when there are not new states, you should expect -- I'm talking industry-wide. So handle growth should decline when there are not new states, I think investors should want operators to become more -- to become better and more efficient at marketing to the right customers, and that's ultimately going to lead to the profitability numbers that I see out there in reports.

是的，肖恩，我只想說——當沒有新的狀態時，這應該是你所期望的，你應該期望——我指的是整個行業。因此，當沒有新州時，處理量成長應該會下降，我認為投資者應該希望營運商能夠更好、更有效地向合適的客戶進行行銷，這最終將導致我在報告中看到的獲利數字。

I don't see a scenario where you can hit those numbers with handle growth where it was in promo, where it was. That has to rationalize and you're seeing that happen, and part of the effect of that is unprofitable customers are not going to be placing bets, and you're going to see handle growth not quite as spectacular as when there were a bunch of new states.

我不認為有哪種情況能夠讓你透過促銷時的處理量成長達到這些數字。這必須合理化，而且你正在看到這種情況發生，其部分影響是無利可圖的客戶將不會下注，你會看到處理量增長並不像出現許多新州時那麼驚人。

I don't see anything happening that should be unexpected. Regardless of -- I understand that different investors invest for different reasons and like super high growth rates in terms of driving profitability of this business as an industry, this should be what you expect to happen.

我沒有看到任何意料之外的事發生。無論如何——我明白不同的投資者出於不同的原因進行投資，並且喜歡超高的成長率來推動該行業盈利能力，這應該是您所期望發生的事情。

Thank you very much.

非常感謝。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi, everyone. One question on digital to start. So I think in the prepared remarks, you mentioned that April iCasino was up maybe 70% on top of 50% last year. I just wanted to confirm if that was GGR. And then if you could speak to that a little bit. What are you driving the acceleration in April specifically? And if you expect that trajectory to continue for 2Q if there was something kind of onetime against the comp?

大家好。首先問一個關於數字的問題。所以我認為在準備好的評論中，您提到 4 月 iCasino 可能比去年的 50% 上漲了 70%。我只是想確認那是否是 GGR。然後可以稍微談一下這個嗎？四月推動加速的具體因素是什麼？如果您預計這種軌跡將在第二季度繼續下去，並且如果出現某種一次性不利於競爭對手的情況，該怎麼辦？

That's MGR, John. I really don't care what GGR is. And in terms of what's driving it, it's the same, Eric can talk about what we're doing in iGaming that's moving it.

那是 MGR，約翰。我真的不關心 GGR 是什麼。至於推動它的因素，是一樣的，埃里克可以談談我們在 iGaming 領域所做的事情。

Yeah. It's similar to prior quarters where we continue to enhance the app. We're very excited about launching our first in-house design game. What we found is that the branded and exclusive content really drives action from our customers in addition to having a better cost profile. And so as we roll out these internally designed games, we'll expect to see that.

是的。這與前幾個季度類似，我們繼續增強該應用程式。我們非常高興推出我們的第一款內部設計遊戲。我們發現，除了具有更好的成本狀況外，品牌和獨家內容確實能推動客戶的行動。因此，當我們推出這些內部設計的遊戲時，我們希望看到這一點。

As I mentioned, the Caesars Palace app continues to be our fastest grower and our largest app. The Horseshoe app is accelerating now, which is nice to see. And so it's just basic blocking and tackling.

正如我所提到的，凱撒宮應用程式仍然是我們成長最快的應用程序，也是我們最大的應用程式。Horseshoe 應用程式現在正在加速發展，這令人欣喜。這只是基本的阻擋和鏟球。

We are improving our CRM capabilities. We've mentioned this for the last few quarters with respect to having [OptiMove] in there that as we continue to push more campaigns through OptiMove allows us to do better and better segmentation and then have less leakage in terms of reinvestment into segments where we're not getting a return.

我們正在提高我們的 CRM 功能。在過去的幾個季度中，我們就 [OptiMove] 的使用提到這一點，隨著我們繼續透過 OptiMove 推動更多的活動，我們可以進行越來越好的細分，從而減少對那些我們沒有獲得回報的細分市場的再投資方面的損失。

And so when Tom mentions the NGR growth, and you could see it in our numbers from this quarter, our GGR growth wasn't as high as our NGR growth because we're actually reducing our promo expense as we're growing at those high levels. So it's a virtuous circle that we're currently in. And there's no reason to believe that the 50% growth trend for the year doesn't continue.

因此，當湯姆提到 NGR 成長時，您可以從本季的數據中看到，我們的 GGR 成長不如 NGR 成長高，因為在維持高成長的同時，我們實際上正在減少促銷費用。因此，我們目前處於一個良性循環之中。並且沒有理由相信今年 50% 的成長趨勢不會持續下去。

Thanks, Eric. I appreciate that. And Tom, maybe one on Las Vegas. You've given us a lot of color about what you're seeing, but maybe specifically customer segment, international travel. There's been some numbers and a lot of talk about decrease in international demand to the US broadly, whether it's political or stronger dollars. So could you help us understand how much exposure you have, I guess, in Las Vegas or destination marks, if it's relevant in some of your regional destinations, but how much exposure to international customers, either room nights or EBITDA, whatever you can provide that you have? And if you've seen anything, any slowdown at all in that business for you?

謝謝，埃里克。我很感激。湯姆，也許有一個在拉斯維加斯。您向我們詳細介紹了您所看到的情況，特別是客戶群和國際旅行。有一些數據和大量討論表明，國際上對美國的需求總體上正在下降，無論是出於政治原因還是美元走強。那麼，您能否幫助我們了解您在拉斯維加斯或目的地標誌的曝光率有多高（如果它與您的某些區域目的地相關），但對國際客戶的曝光率有多少，無論是客房晚數還是 EBITDA，無論您能提供什麼？您是否發現任何跡象，表明您的業務有任何放緩跡象？

So we're primarily a domestic business. We have some international high-end play that has continued no change in that cohort for us. Canada for us is something like 3% or 4% of Las Vegas. We have certainly seen a reduction in Canadian visitation, but have been able to -- again, we're 97%, 98% occupancy business. So at that level, you were turning away others, we've been able to replace that business. But that's the only one that I'd call out that's been visible to us. We see the rhetoric elsewhere, but it's Canadians that have been visible.

所以我們主要經營國內業務。我們有一些國際高端遊戲，對我們來說，這個群體並沒有任何變化。對我們來說，加拿大大約相當於拉斯維加斯的 3% 或 4%。我們確實看到加拿大遊客人數有所減少，但我們能夠——再次，我們的入住率達到 97% 至 98%。因此，在那個層面上，你拒絕了其他人，而我們已經能夠取代那項業務。但這是我唯一能叫出來的、我們能看見的。我們在其他地方也看過這樣的言論，但加拿大人表現得最為明顯。

Understood. I appreciate that. Thanks, Tom.

明白了。我很感激。謝謝，湯姆。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Good Afternoon. Thanks for taking my question. Wanted to ask about regional margins, a little bit of noise, positive noise with Danville and New Orleans benefiting revenues and EBITDA in Q1, year-over-year margins were about flat, so that would kind of imply that the same-store margin on the rest of the portfolio was down. Wondering if you could help us with that bridge.

午安.感謝您回答我的問題。想問一下區域利潤率，有一些噪音，丹維爾和新奧爾良在第一季度受益於收入和 EBITDA 的積極噪音，同比利潤率基本持平，所以這有點暗示其餘投資組合的同店利潤率下降了。想知道您是否能幫助我們建造那座橋。

And then more importantly, as we look forward, Tom, I know you gave a rough outlook for Regionals, but could we actually see margins ramp up as Danville and New Orleans continue to ramp here? Thank you.

然後更重要的是，當我們展望未來時，湯姆，我知道你對地區賽給出了粗略的展望，但隨著丹維爾和新奧爾良繼續在這裡擴張，我們真的能看到利潤率上升嗎？謝謝。

Yeah. So what you're describing as you parse margins is what I've talked about for a couple of quarters now that the addition of Danville and New Orleans is offsetting competitive pressures in a number of our properties that see it both from a revenue and margin perspective and the net result is we're growing the segment.

是的。因此，您在分析利潤率時所描述的就是我幾個季度以來一直在談論的，即丹維爾和新奧爾良的加入抵消了我們許多物業的競爭壓力，從收入和利潤率的角度來看，最終結果是我們正在擴大這一細分市場。

Virginia margins have held up significantly better than we were anticipating when we moved from the temporary to the permanent. But as you anniversary more of the competitive impacts in the regional assets, I would expect both overall EBITDA improves and margins improve.

當我們從臨時轉為永久時，維吉尼亞州的利潤率比我們預期的要好得多。但隨著區域資產的競爭影響不斷增加，我預計整體 EBITDA 和利潤率都會提高。

And the -- if you think about by the end of this year, we'll be faced with one more Penn Illinois move. I can't recall if it's Aurora or Joliet that happens in early '26. But all of the competition we've been talking about will be in our rearview mirror and most of it will have been anniversaried. So we think regional continues to get better from here.

如果您想想今年年底，我們將面臨賓州伊利諾大學的另一個搬遷。我不記得 1926 年初發生的是奧羅拉 (Aurora) 事件還是喬利埃特 (Joliet) 事件。但我們談論的所有競爭都將成為過去，而且大多數競爭都將成為週年紀念。因此我們認為區域情勢今後會持續好轉。

Okay, thank you. And then with the buyback, how should we think about how opportunistic or how active you are in the market. You talked about the WSOP node and just the cash that's available, we can see your CapEx guide make an assumption for cage cash, but how much more flexibility do you have this year on the buyback?

好的，謝謝。然後，透過回購，我們應該如何考慮你在市場上的投機性或活躍程度。您談到了 WSOP 節點和可用現金，我們可以看到您的資本支出指南對現金做出了假設，但今年您在回購方面有多少彈性？

I would say if in -- if the stock dislocates as it did in early April, you should expect us to remain active throughout '25.

我想說的是，如果股票像 4 月初那樣出現混亂，那麼你應該預期我們會在整個 25 年保持活躍。

Great. Thank you very much.

偉大的。非常感謝。

Jordan Bender, Citizens JMP.

喬丹·本德 (Jordan Bender)，公民 JMP。

Good afternoon, everyone. Tom, I appreciate the color on the outlook and the levers if we do see consumer weakness in the prepared remarks. But if we can isolate Las Vegas, I don't want to hold you to a number, but how should we think about negative operating leverage and the cost levers you have to pull there in the event that we do go into some sort of downturn.

大家下午好。湯姆，如果我們在準備好的評論中確實看到消費者疲軟，我很欣賞前景和槓桿的色彩。但如果我們可以孤立拉斯維加斯，我不想讓你承擔一個數字，但如果我們確實陷入某種衰退，我們應該如何考慮負營運槓桿和你必須在那裡拉動的成本槓桿。

Yeah. We've got the lever in terms of filling our rooms that I've discussed. We've operated now through COVID, this portfolio. And so we know that in a particularly higher economic condition, there's you can be aggressive with hours of operation days open of nongaming pieces that help you to manage that. But keep in mind, in Vegas, these are giant buildings. So they operate their best and at their best margins when they're full or close to full. And so that's the key piece for us how do we manage that if and when demand softens, which again, we have not seen to date.

是的。正如我所討論的，我們已經掌握了填補房間空缺的手段。我們現在已經透過 COVID 來運作這個投資組合。因此，我們知道，在特別高的經濟條件下，您可以積極利用非博彩部分的營業時間來幫助您管理這一點。但請記住，在拉斯維加斯，這些都是巨大的建築。因此，當它們滿載或接近滿載時，它們就能以最佳狀態運行，並獲得最佳利潤。因此，這對我們來說是關鍵問題：當需求疲軟時，我們該如何應對，而這種情況我們迄今為止還沒有看到。

Okay. And Eric, on my follow-up, if my math is correct, structural hold in the last several quarters has been in the low 8s. So taking that, can you kind of bridge us from a timing standpoint of when we can get from low 8% hold to your 10% long-term target.

好的。艾瑞克，如果我的計算正確的話，那麼過去幾個季度的結構性維持率一直處於 8% 的低點。那麼，您能否從時間角度為我們指明方向，說明何時我們可以從 8% 的低持有率達到 10% 的長期目標。

Yeah. It's tough to say with a huge amount of precision because it really requires us to make some changes on the tech and the trading side. And the reason I say that is, for example, right now, we can't do player prop cash outs on our app. We have the ability to price it and we launched it, but we have a bottleneck with one aspect of our tech stack. And so we're removing that bottleneck.

是的。很難非常精確地做出判斷，因為這確實需要我們在技術和交易方面做出一些改變。我這樣說的原因是，例如，目前，我們無法在我們的應用程式上進行玩家道具兌現。我們有能力定價並推出它，但我們的技術堆疊在某個方面存在瓶頸。所以我們正在消除這個瓶頸。

And later in a few months, we'll not -- we'll be able to re-enable the SGP cash outs -- player profit cash out, sorry. And so that will as a result, improve our hold because it will allow us to offer more cash out at a higher margin. And so there are a number of those things on our list.

幾個月後，我們將無法重新啟用 SGP 提領功能——玩家利潤提領功能，抱歉。因此，這將提高我們的控制力，因為它將使我們能夠以更高的利潤率提供更多的現金。我們的清單上有很多這樣的事情。

I would estimate that we would get to that 10% hold probably at the back part of next year. I think given the road map that we have and the execution time lines that it takes to push all these things through. That's probably a reasonable time line. But we're obviously trying to get there as quickly as possible. And it will also depend on customer behavior. We do find that more and more customers are enjoying put making the SGPs and the player prop wagers. And so as long as that continues to trend in the right direction, it could be sooner than that.

我估計我們大概會在明年下半年達到 10% 的持有率。我認為，根據我們現有的路線圖和執行時間表，我們可以推動所有這些事情的完成。這可能是個合理的時間表。但我們顯然正在努力盡快實現這一目標。這也取決於客戶的行為。我們確實發現越來越多的客戶喜歡進行 SGP 和玩家道具投注。因此，只要繼續朝著正確的方向發展，這個目標可能會更快實現。

Great. Thanks, everyone.

偉大的。謝謝大家。

Daniel Guglielmo, Capital One.

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

Hi, everyone. Thank you for taking my questions. In Las Vegas for March and then any numbers you have for April, have there been any changes in the overall spend per customer versus last year? You mentioned that every day, domestic consumer is probably in a better spot and the news flow would indicate. So I'm just curious if you see people coming in and spending more in Vegas.

大家好。感謝您回答我的問題。拉斯維加斯三月份的數據以及四月份的數據與去年相比，每位顧客的整體支出有變化嗎？您提到，國內消費者的狀況可能每天都在好轉，新聞流也顯示了這一點。所以我只是好奇你是否看到人們來到拉斯維加斯並花更多的錢。

Yeah, Dan, we've not seen any change in consumer spending patterns in our business to date. I'm fully aware of what's happening on the broader stage. And if and when we see any impact from that, we will certainly communicate that.

是的，丹，到目前為止，我們還沒有看到我們業務中的消費者支出模式發生任何變化。我完全了解更廣闊舞台上正在發生的事情。如果我們看到任何影響，我們一定會傳達這一點。

Okay. That's helpful. Thank you. And then the expected CapEx spend for $25 million stayed pretty consistent with prior quarter. Are there anything -- is there anything around like the supply chain that you guys are watching, or is that all pretty buttoned up for the projects that you're working through this year?

好的。這很有幫助。謝謝。預計資本支出為 2500 萬美元，與上一季基本一致。你們在關注的供應鏈方面有什麼進展嗎？或者說，對於你們今年正在進行的專案來說，這些都已經安排好了？

Yeah, no impact to the CapEx guidance.

是的，對資本支出指導沒有影響。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

And this is, I guess, a question for maybe both Tom and Eric. Tom, you think you've said that the volatility in the sports betting hold and then therefore, EBITDA is kind of like a feature, not a bug. And so we should expect that to continue. But what are some of the things that you can do that you are doing to improve kind of the odd setting? And maybe should we anticipate that the upper and lower bound on that should narrow in the future?

我想，這可能是湯姆和艾瑞克都該問的問題。湯姆，你認為你說過體育博彩的波動性是存在的，因此 EBITDA 有點像一個特性，而不是一個缺陷。因此，我們應該期待這種情況繼續下去。但是您可以做哪些事情來改善這種奇怪的設定呢？我們或許應該預期未來這個上限和下限會縮小？

So I'd say within a season, no. But obviously, as the numbers get bigger, you're going to be more toward your true odds. But my point is when you make a blackjack better, we calculate holding blackjack or baccarat, that's over millions of outcomes and pretty certain.

所以我想說，在一個賽季內，不會。但顯然，隨著數字越來越大，你就會越來越接近真實的幾率。但我的觀點是，當你讓二十一點變得更好時，我們會計算持有二十一點或百家樂，這有數百萬種結果，而且相當確定。

When you're setting sports lines and we're all getting better at it, there is a human element in every piece from setting the line to the players know when the Commanders and Eagles play in the playoffs, they've already played each other twice. The players know that. The odds makers know that, the better so that all impacts the precision of those odds.

當你設置體育線路時，我們都做得越來越好，從設置線路到球員知道指揮官隊和老鷹隊何時在季後賽中比賽，每個部分都有人為因素，他們已經交手兩次了。球員們都知道這一點。賠率制定者知道，賠率越高越好，這會影響賠率的準確性。

And the fact is your customers, the general public bets favorites and they bet overs. And you cannot move the lines to the point where you're going to change that on a broader basis. And the things that we like about the business in terms of the Parlay percentage going up across the industry with us not being an exception is increasing hold. But as Parlay percentage goes up and the general public, bet's the favorites and the over when favorites and over congregate in terms of sports outcomes, that's going to be negative. And the reverse is going to be positive. That's not going to change.

事實是，您的客戶，也就是一般大眾，會押注熱門球隊，也會押注超過熱門球隊。而且你不能將這些界限移動到可以在更大範圍內改變的程度。我們喜歡這個業務的原因在於整個行業的 Parlay 百分比都在上升，我們也不例外，而且持有量也在增加。但是隨著 Parlay 百分比的上升以及普通公眾對熱門和熱門球隊的投注，當熱門和熱門球隊在體育比賽結果上聚集時，這將是負面的。反之則為正。這不會改變。

And the only thing I'd add to that, Stephen, is if you look at our first-quarter results, we did report cold improvement year over year despite the bad outcomes in the NCAA. And that's made up because we're doing a better job with tennis, with soccer with other sports like that. And so I do think you'll see the average hold continue to rise. But to Tom's point, you're going to continue as more and more people get parlayed to see volatility as well.

史蒂芬，我唯一要補充的是，如果你看一下我們第一季的業績，儘管 NCAA 的結果不佳，但我們確實報告了同比寒冷天氣的改善。這是因為我們在網球、足球和其他類似運動項目上都做得更好了。因此我確實認為你會看到平均持有量繼續上升。但正如湯姆所說，隨著越來越多的人開始關注波動性，這種情況還會持續下去。

Got it. Makes sense. And maybe one other follow-up just on omnichannel. I guess, maybe I missed this in some of the opening remarks, but are there any major initiatives that you have to try to bolster and not just digital separately or thinking about the brick-and-mortar sports betting, but thinking about it holistically from an omnichannel standpoint, is there any way that you think about the synergies that you get from the combined efforts today?

知道了。有道理。也許還有另一個關於全通路的後續行動。我想，也許我在開場白中遺漏了這一點，但是您是否必須嘗試支持任何重大舉措，而不僅僅是單獨考慮數字化或實體體育博彩，而是從全渠道的角度整體考慮，您是否考慮過今天的共同努力所帶來的協同效應？

Yeah. We got a great group of hosts and player development team members across the country that have been brick-and-mortar hosts for a while now, have great relationships with players.

是的。我們在全國各地擁有一群優秀的主持人和球員發展團隊成員，他們已經擔任實體主持人一段時間了，與球員有著良好的關係。

We have a program in place to incentivize them get sports and online casino customers into Caesars Rewards and on to our app. And we also have a great group of online hosts that do the same, but also get those online customers to come and use their rewards and experience the great assets that we have on the brick-and-mortar side of the Vegas of the business, whether it be in Vegas or elsewhere.

我們有一個計劃來激勵他們讓體育和線上賭場客戶加入凱撒獎勵計劃並加入我們的應用程式。我們還有一群優秀的線上主機供應商，他們做著同樣的事情，同時也讓那些線上客戶來使用他們的獎勵，並體驗我們在拉斯維加斯實體店擁有的優秀資產，無論是在拉斯維加斯還是其他地方。

We're also -- we have large events for very good players and whether it be Super Bowl or whether it be other events. Those are events that are now being attended by not only our best brick-and-mortar customers, but also our best digital customers as well.

我們也為優秀球員舉辦大型賽事，無論是超級盃或其他賽事。現在，不僅我們最好的實體客戶會參加這些活動，我們最好的數位客戶也會參加。

And you saw -- we put out an announcement a couple of weeks ago about a relationship that we did with AGS as an example because we do buy so many slot machines and buy them as a group. We're going to launch a product at the brick-and-mortar facilities and online at the same time. And that is a pretty unique component for our customers that we're able to offer.

你們看到了——我們幾週前發布了一則公告，介紹了我們與 AGS 建立的合作關係，因為我們確實購買了很多老虎機，而且是作為一個團體購買的。我們將同時在實體店和網路上推出一款產品。對於我們的客戶來說，這是一個我們能夠提供的非常獨特的組件。

Great, thank you.

太好了，謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Tom Reeg for closing remarks.

今天的問答環節到此結束。我想將電話轉回給湯姆·里格 (Tom Reeg) 來做最後發言。

Thanks, everybody. We'll talk to you in July when we release second quarter.

謝謝大家。我們將在 7 月發布第二季時與您交談。

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。