Caesars Entertainment Inc (CZR) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Caesars Entertainment, Inc., 2025 second-quarter earnings call. (Operator Instructions) Please be advised that this conference is being recorded.

您好，感謝您的支持。歡迎參加凱撒娛樂公司 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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, Kevin, and good afternoon to everyone on the call. Welcome to our conference call to discuss our second-quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended June 30, 2025. Copy of the press release is available on the Investor Relations section of our website at investor.caesars.com.

謝謝你，凱文，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 年第二季的收益。今天下午，我們發布了一份新聞稿，宣布了截至 2025 年 6 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。

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, 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長安東尼·卡拉諾 (Anthony Carano)、我們的財務長布雷特·雲克 (Bret Yunker)、凱撒體育和線上遊戲總裁埃里克·赫森 (Eric Hession) 以及投資者關係部門的查麗絲·克魯姆利 (Chariseumbley)。

Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements under Safe Harbor federal securities laws, and these statements may or may not come true. Also during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G.

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 G 條例定義的某些非公認會計準則財務指標。

Please visit our press release is located on our Investor Relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure. Also, I just wanted to make mention, our Q2 investor presentation has been posted to our website. And I did just look in our 10-Q has now been posted as well.

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。另外，我想提一下，我們的第二季投資人簡報已發佈到我們的網站上。我剛剛看到我們的 10-Q 也已經發布了。

I'm going to pass the call over to Anthony.

我要把電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. We delivered second-quarter consolidated net revenues of $2.9 billion and adjusted EBITDA of $955 million. During the second quarter, our Digital segment delivered its best quarter ever, producing $80 million of adjusted EBITDA, and our digital momentum continues to build towards the financial goals we originally laid out in 2021.

謝謝你，布萊恩，祝電話裡的各位下午好。我們第二季的合併淨收入為 29 億美元，調整後 EBITDA 為 9.55 億美元。在第二季度，我們的數位部門取得了有史以來最好的季度業績，實現了 8000 萬美元的調整後 EBITDA，我們的數位勢頭繼續朝著我們最初在 2021 年制定的財務目標邁進。

Our Las Vegas segment posted solid results in the face of softer market demand in our hospitality vertical, but we remain encouraged by forward group pace in Q4 and the first half of '26. Regional revenues were up year over year, driven by the addition of two new properties and same-store GGR growth resulting from strategic reinvestment in our Caesars Rewards customer database.

儘管酒店業的市場需求疲軟，但我們在拉斯維加斯的業務仍取得了穩健的業績，但我們對第四季度和 2026 年上半年集團的前進步伐感到鼓舞。區域收入年增，這得益於兩家新酒店的加入以及對凱撒獎勵客戶資料庫的策略性再投資帶來的同店博彩總收入增長。

Starting in our Las Vegas segment, we reported same-store adjusted EBITDA of $469 million. Results were driven by 97% occupancy versus 99% last year and essentially flat rates. Our gaming vertical faced a difficult comparison to last year, which drove lower year-over-year table games volume and hold.

從拉斯維加斯分部開始，我們報告的同店調整後 EBITDA 為 4.69 億美元。業績表現得益於入住率 97%（去年為 99%）以及基本持平的房價。與去年相比，我們的遊戲垂直領域面臨嚴峻的挑戰，這導致桌上遊戲的數量和持有量比去年同期下降。

During the quarter, the group room night mix was 15%, and the segment is on track to deliver a record EBITDA year in '25 due to our strong Q4 booking pace. Recent CapEx investments at Flamingo in Las Vegas, including a brand-new pool experience, Pinky's by Lisa Vanderpump, Gordon Ramsay Burger, and Havana 57 are generating strong returns.

本季度，團體客房夜數佔比為 15%，由於第四季度預訂速度強勁，該部門預計在 25 年實現創紀錄的 EBITDA。拉斯維加斯 Flamingo 酒店近期的資本支出包括全新的泳池體驗、Lisa Vanderpump 的 Pinky's、Gordon Ramsay Burger 和 Havana 57，都獲得了豐厚的回報。

During the second quarter and into July, World Series of Poker hosted another very successful event and remains the largest poker tournament in the world with over $500 million in prices.

在第二季和七月份，世界撲克大賽又舉辦了一場非常成功的賽事，並且仍然是世界上最大的撲克錦標賽，獎金超過 5 億美元。

Turning to our Regional segment. We reported adjusted EBITDA of $439 million. Tom will add additional insights during his remarks, but our Regional segment was negatively impacted by several one-time items during the quarter. Excluding these negative one-time items, Q2 adjusted EBITDA would have been flat year-over-year.

轉向我們的區域部分。我們報告的調整後EBITDA為4.39億美元。湯姆將在他的演講中補充更多見解，但我們的區域部門在本季度受到了幾項一次性事項的負面影響。除去這些一次性負面項目，第二季調整後的 EBITDA 將與去年同期持平。

During the quarter, Danville and New Orleans generated strong returns, and we have strategically reinvested in our Caesars Rewards database, which drove higher gaming revenues during the period. Early results from our strategic customer reinvestments are promising, driven by strong rated play trends in the quarter. We will continue to refine our marketing approach as we remain focused on harvesting strong returns on these investments.

在本季度，丹維爾和新奧爾良獲得了強勁的回報，我們對凱撒獎勵資料庫進行了策略性再投資，這推動了本期間博彩收入的成長。受本季強勁評級趨勢的推動，我們的策略客戶再投資的早期結果令人鼓舞。我們將繼續改進我們的行銷方法，同時繼續專注於從這些投資中獲得豐厚的回報。

In addition to our strategic customer reinvestment, we have made additional investments in new slot capital that is driving higher year-over-year gaming revenues. On July 1, we rebranded Harvey Lake Tahoe to Caesars Republic Lake Tahoe. We received encouraging guest feedback during the opening weekend and during Celebrity Golf regarding the new elevated property amenities.

除了對策略性客戶進行再投資外，我們還對新老虎機資本進行了額外投資，從而推動了博彩收入的逐年增長。7 月 1 日，我們將 Harvey Lake Tahoe 更名為 Caesars Republic Lake Tahoe。在開幕週末和名人高爾夫活動期間，我們收到了客人對新升級的飯店設施的正面回饋。

Lake Tahoe experienced significant construction disruption during the second quarter as a result of rooms being offline. We'll start construction of Phase 2 in Tahoe in the fall and complete the project by the summer of 2026.

由於客房處於離線狀態，太浩湖在第二季遭遇了嚴重的施工中斷。我們將於秋季在太浩湖開始第二階段的建設，並於 2026 年夏季完成該項目。

I want to thank all of our team members for their hard work during this first half of 2025. The hard work, resilience, and unwavering dedication to exceptional guest service have been the driving force behind our accomplishments this year.

我要感謝我們所有團隊成員在 2025 年上半年的辛勤工作。辛勤工作、堅韌不拔的精神以及對卓越客戶服務的不懈追求是我們今年成就的驅動力。

With that, I'll now turn the call over to Eric for some insights in Digital.

有了這些，我現在將電話轉給 Eric，請他談談數字方面的一些見解。

Thanks, Anthony. During the second quarter, Caesars Digital delivered net revenues of $343 million, up 24% versus the prior year and set an all-time quarterly adjusted EBITDA record of $80 million, up 100% to last year. On an LTM basis, Caesars Digital has delivered approximately $200 million of adjusted EBITDA. Our results in the quarter keep us firmly on track to achieve the financial targets we laid out in 2021.

謝謝，安東尼。第二季度，凱撒數字的淨收入為 3.43 億美元，比上年增長 24%，季度調整後 EBITDA 創下 8,000 萬美元的歷史新高，比去年增長 100%。以 LTM 計算，Caesars Digital 已實現約 2 億美元的調整後 EBITDA。本季度的業績使我們堅定地朝著實現 2021 年制定的財務目標的方向前進。

Q2 results were driven by growth in sports and casino with net revenues increasing 28% and 51% year over year, respectively. Adjusted EBITDA margins grew by 880 basis points to 23.3%.

第二季業績受到體育和賭場業務成長的推動，淨收入分別年增 28% 和 51%。調整後的 EBITDA 利潤率成長 880 個基點，達到 23.3%。

In our sports book, we continue to achieve strong year-over-year performance. Hold increased 170 basis points to a record 8.9%, and Handle was roughly flat versus the prior-year period. Total parlay mix improved by approximately 280 basis points year over year, and we saw growth in average life per parlay and a higher cash out mix versus the prior year as well.

在我們的體育博彩方面，我們繼續取得強勁的同比業績。Hold 率增加 170 個基點，達到創紀錄的 8.9%，Handle 率與去年同期基本持平。總串聯投注組合較上年同期提高了約 280 個基點，並且我們看到每筆串聯投注的平均壽命有所增長，現金支出組合也比上年同期有所提高。

From a tech perspective, we announced the launch of our universal digital wallet and proprietary player account management system in Nevada earlier this month. That enhancement gives our customers a significant upgrade to their wagering experience within the state and now across 19 jurisdictions. We expect to complete the rollout across all of our jurisdictions by early 2026.

從技術角度來看，我們本月初宣佈在內華達州推出通用數位錢包和專有玩家帳戶管理系統。這項改進將顯著提升我們客戶在該州以及現在 19 個司法管轄區內的投注體驗。我們預計到 2026 年初將在所有轄區內完成推廣。

In iCasino, we saw continued strength again in volume, hold, and average MAUs, which combined to grow net revenues an impressive 51%. We continue to elevate our product offering during the quarter to include new bonus capabilities, the launch of a Caesars branded lives gaming studio in Michigan, and the introduction of our remote real live slot studio on the property floor of Tropicana Atlantic City.

在 iCasino，我們再次看到交易量、持有量和平均 MAU 的持續強勁增長，這些因素共同推動淨收入增長了令人印象深刻的 51%。我們本季持續提升我們的產品供應，包括新的獎勵功能、在密西根州推出凱撒品牌現場遊戲工作室，以及在 Tropicana Atlantic City 的物業樓層推出我們的遠端真實現場老虎機工作室。

Our in-house development studio continues to make progress with two proprietary games now in market, a third planned for launch in early August, and our first slot game on target for the middle of September. The games have all been well received by our customers.

我們的內部開發工作室繼續取得進展，目前已有兩款專有遊戲上市，第三款遊戲計劃於 8 月初推出，而我們的第一款老虎機遊戲計劃於 9 月中旬推出。這些遊戲都受到了我們客戶的一致好評。

As we head into the back half of 2025, I'm becoming more and more optimistic as I see how customers are reacting to the improvements we have made in our application. The continuous progress made in all areas is showing up in our top line results and our focus on spending efficiency is driving solid flow-through to EBITDA.

隨著我們進入 2025 年下半年，當我看到客戶對我們在應用程式中所做的改進的反應時，我變得越來越樂觀。各個領域所取得的持續進步都體現在我們的營業收入上，而我們對支出效率的關注也推動了 EBITDA 的穩定成長。

I will now pass the call over to Bret for some comments on the balance sheet.

我現在將把電話轉給布雷特，請他針對資產負債表發表一些評論。

Thanks, Eric. Q3 is off to a great start on the balance sheet front, as we fully redeemed our most expensive debt earlier this month using a mix of asset sale proceeds and our revolver. Annual free cash flow savings from the redemption will exceed $40 million, and we continue to be optimistic about further interest expense reductions through rate decreases and/or debt reduction.

謝謝，埃里克。第三季在資產負債表方面取得了良好的開端，因為我們在本月初使用資產出售收益和循環信貸額度完全償還了最昂貴的債務。贖回帶來的年度自由現金流節省將超過 4000 萬美元，我們繼續對透過降低利率和/或減少債務進一步降低利息支出持樂觀態度。

Our relationship bank facility is our next maturity in 2028, and our nearest capital markets maturity is in 2029. On the tax side, the BBB brought us good news in the form of increased interest and depreciation expense deductions that move our pro forma estimate for cash taxes as a percentage of EBITDA down from 5% to 3% to 4%, which you'll see reflected in our investor presentation.

我們的關係銀行貸款將於 2028 年到期，而我們最近的資本市場到期日是 2029 年。在稅收方面，BBB 給我們帶來了好消息，即增加利息和折舊費用扣除額，這使我們對現金稅佔 EBITDA 百分比的形式估計從 5% 降至 3% 至 4%，您將在我們的投資者報告中看到這一點。

I'll turn it over to Tom.

我將把它交給湯姆。

Thanks, Brett. Thanks, everybody, for joining. To unpack the quarter by segment. Vegas for us was, as Anthony talked about, softer than last year. We started with a strong April, May, and June started to decline booking window, contracted booking window in Vegas is about as short as I've seen it at this point.

謝謝，布雷特。謝謝大家的參與。按季度細分。正如安東尼所說，對我們來說，拉斯維加斯比去年弱一些。我們從四月的強勁勢頭開始，五月和六月的預訂窗口開始下降，拉斯維加斯的合約預訂窗口大約是我目前見過的最短的。

And we saw -- we had in our own portfolio, Anthony talked about, high end that we are missing in gaming. Recall, we had both Adele and Garth Brooks in last year's second quarter, didn't have them this year, missed out on some high-end trips that tend to resurface at other points during the year.

我們看到——正如安東尼所說，我們自己的產品組合中存在著我們在遊戲領域所缺少的高端產品。回想一下，去年第二季度我們有阿黛爾和加思布魯克斯，但今年沒有，錯過了一些往往會在一年中的其他時間重新出現的高端旅行。

But Vegas started leaking as a market kind of end of May that leak accelerated into June. I'd expect third quarter to be soft, but in the last three weeks or so as we monitor forward bookings, bookings have stabilized. And as we look to fourth quarter, first quarter, and second quarter -- fourth quarter of this year, first and second quarter of '26, very strong group calendar for us. So we think this is a temporary phenomenon in Vegas. But make no mistake, the summer is soft in Vegas. I would expect something in the third quarter that looks like the second quarter on a comparative basis.

但拉斯維加斯從五月底開始出現市場洩漏，這種洩漏在六月加速。我預計第三季的銷售會比較疲軟，但在過去三週左右的時間裡，當我們監控預訂情況時，發現預訂情況已經穩定下來。展望第四季、第一季和第二季——今年第四季、26 年第一季和第二季度，我們的集團日程安排非常緊湊。所以我們認為這只是拉斯維加斯的暫時現象。但毫無疑問，拉斯維加斯的夏天很平靜。我預計第三季的情況與第二季相比會比較類似。

Regionals. We talk about one-time impacts. We had about $30 million worth, the biggest of which was construction at Lake Tahoe, Caesars Republic, the former, Harvey's, we lost between that [and bowling and reading] Reno, we lost almost 50,000 room nights versus last year.

地區賽。我們談論的是一次性影響。我們損失了大約 3000 萬美元，其中最大的一筆是太浩湖、凱撒共和國（前者，哈維酒店）的建設，我們在裡諾（以及保齡球和閱讀）之間損失了資金，與去年相比，我們損失了近 50,000 個房間。

We reopened the first phase of Caesars Republic before July 1, and it has performed -- we've been very pleased with the performance, the strength in that performance. There's a second phase that happens this off-season that will not be nearly as disruptive as the first phase, was that -- that casino was effectively closed for the second quarter.

我們在 7 月 1 日之前重新開放了凱撒共和國的第一階段，並且它的表現——我們對它的表現、表現的強度感到非常滿意。這個淡季將會出現第二階段，但其破壞性遠不及第一階段，那就是賭場在第二季實際上已經關閉。

We also lost a couple of weeks in metropolis due to flooding and had some -- a significant lawsuit settlement in Baltimore, almost $2 million. Those were the chief culprits that were in the $30 million of one-time events. As we look at it -- as it was happening, we looked at these as one-time events. As we get into third quarter in July, we can see that without those occurring in July, regional, both revenue and EBITDA, are up for July. So even inclusive of what happened in the second quarter with the one-time items, we remain comfortable that regional for the full year will be flat to up in EBITDA.

由於洪水，我們在大都市也損失了幾週的時間，並且在巴爾的摩達成了一項重大的訴訟和解，金額接近 200 萬美元。這些都是造成 3000 萬美元一次性事件的罪魁禍首。當我們看待它時——當它發生時，我們將其視為一次性事件。隨著我們進入 7 月第三季度，我們可以看到，除去 7 月發生的這些事情，7 月的區域收入和 EBITDA 均有所增長。因此，即使包括第二季度發生的一次性項目，我們仍然相信全年區域 EBITDA 將持平或上升。

I've had a number of conversations with many of you during the quarter about revenues. We've told you in the past that GGR, monthly performance is not necessarily indicative of what's happening under the hood. If you'll recall, we talked on prior calls about how in competitive markets, in particular, as we way back into new battlegrounds with new competitors, we market into those areas, increase the marketing, and you saw some of that flow through flow to GGR, some of you thought that was a harbinger of significant strength in regional. It's really reflecting what we're doing from a promotional standpoint.

本季我與你們中的許多人就收入問題進行了多次交談。我們過去曾告訴過您，GGR、月度表現不一定能反映出幕後發生的情況。如果你還記得的話，我們在之前的電話會議上談到了在競爭激烈的市場中，特別是當我們回到有新競爭對手的新戰場時，我們如何向這些地區進行營銷，增加營銷，並且你會看到其中一些流量流向了 GGR，你們中的一些人認為這是區域實力顯著增強的預兆。這確實反映了我們從促銷角度所做的事情。

Those promotions, you roll them out, you decide which ones are working, which ones aren't, and you pull back the ones that aren't working, that doesn't always neatly fit in the 90-day quarters that we're reporting. So if you look at regional on a full-year basis, you should assume that we were investing in the second quarter. We're bearing the fruits of that as we get into third quarter, which is why EBITDA is increasing, but we are pruning programs that were designed to generate volume but may have done so unprofitably.

你推出這些促銷活動，然後決定哪些有效，哪些無效，並撤回那些無效的促銷活動，這並不總是恰好適合我們報告的 90 天季度。因此，如果您從全年角度來看區域情況，您應該假設我們在第二季度進行投資。進入第三季度，我們正在收穫成果，這就是 EBITDA 增加的原因，但我們正在削減那些旨在產生銷售但可能無利可圖的計劃。

Our rated gaming trends -- our rated gaming (inaudible) up 8.5% and in the quarter, which is the best performance we've had in three years. But I would tell you, part of that is artificial based on what we were doing marketing to customers, but it is considerably stronger than it's been in the last couple of years, which bodes well for particularly the regional space over the next year or two.

我們的評級遊戲趨勢——我們的評級遊戲（聽不清楚）在本季上漲了 8.5%，這是我們三年來的最佳表現。但我想告訴你，這部分是基於我們針對客戶進行的行銷而產生的，但它比過去幾年強勁得多，這對未來一兩年的區域市場來說是個好兆頭。

Digital had a fantastic quarter. As you know, we laid out financial milestones in this quarter of 2021 before we launched Caesars Sports. We remain on track to deliver $0.5 billion-plus of EBITDA in '26. The momentum in Digital is extraordinary, both from a volume and an EBITDA perspective. We're now increasing Handle year over year, Eric talked about how -- what you saw over the last four quarters was our ability to refine our marketing targeted to customers that led to a reduction in Handle. We've now -- we anniversaried that during the quarter, Handle grew, Handle growing in July on the sports side, mid-single digits.

數位業務本季表現十分出色。如你所知，在推出凱撒體育之前，我們在 2021 年本季制定了財務里程碑。我們仍有望在 26 年實現 5 億美元以上的 EBITDA。無論從數量或 EBITDA 角度來看，數位化的發展勢頭都非常強勁。我們現在的 Handle 正在逐年增加，Eric 談到了——在過去四個季度中，您看到的是我們能夠改進針對客戶的行銷，從而減少 Handle。我們現在已經慶祝了本季的周年紀念日，體育方面的 Handle 在 7 月實現了中等個位數的成長。

The Casino, we continue to grow in iCasino about 2x the rate of our peers, extraordinarily pleased with the way that is coming together.

在賭場方面，我們在 iCasino 的成長速度是同業的 2 倍，我們對目前的進展感到非常滿意。

If you look at versus the prior-year quarter, the $40 million we did in the prior year had about $8 million worth of World Series of Poker EBITDA that we sold. So the true comp is versus $32 million of EBITDA last year, we did $80 million. There's another $8 million of that World Series headwind in the third quarter EBITDA number, but we would expect to top the fully loaded number by a significant amount.

如果與去年同期相比，我們去年的 4000 萬美元收入中，大約有 800 萬美元是我們出售的世界撲克系列賽 EBITDA。因此，與去年 3,200 萬美元的 EBITDA 相比，我們的實際利潤為 8,000 萬美元。第三季的 EBITDA 數字中還有另外 800 萬美元的世界大賽逆風，但我們預計該數字將比滿載數字高出許多。

If you look at -- we've talked about partnership expenses rolling off. If you look at now through the end of '27, we've got north of $70 million worth of partnership expenses that we are dragging in our business right now that will roll off by the end of '27, and more than half of those will be gone in the first four months of '26, and all of that flows straight to EBITDA. So that business is ramping quickly toward that $500 million number. We certainly expect that, that's not an end game for us that we're going to continue growing well past that as we move forward.

如果你看一下——我們已經討論過合作費用的減少。如果你看一下現在到 27 年底的情況，我們現在在業務中拖累的合作費用價值已超過 7,000 萬美元，這些費用將在 27 年底前結清，其中一半以上將在 26 年前四個月內消失，所有這些都將直接流入 EBITDA。因此，該業務正迅速向 5 億美元邁進。我們當然期望這一點，這對我們來說不是一個終點，隨著我們繼續前進，我們將繼續發展。

Bret touched on the tax bills impacts on us. If you think about that in a dollar amount, the reduction in cash taxes this year should offset the EBITDA shortfall in Vegas for second and third quarter so that free cash flow is not materially impacted in '25. And '26 and '27, you should be thinking of something like $80 million to $100 million less in cash taxes than what we were anticipating before the bill was passed.

布雷特談到了稅收法案對我們的影響。如果以美元金額來考慮，今年現金稅的減少應該可以抵消拉斯維加斯第二季度和第三季度的 EBITDA 缺口，從而不會對 25 年的自由現金流產生重大影響。而 26 年和 27 年，你應該想到的現金稅將比我們在法案通過之前預期的少 8,000 萬到 1 億美元。

So in short, we are -- we've battened down the hatches in Vegas for a soft summer. We see a strong fourth quarter, first quarter, and second quarter. On the other side of that, as we look at the group calendar that's coming into town, regional remains on track for flat to a little bit of growth this year and growth in '26 and Digital continues its strong growth and momentum.

簡而言之，我們已經在拉斯維加斯做好了準備，迎接一個輕鬆的夏天。我們預計第四季、第一季和第二季將表現強勁。另一方面，當我們查看即將到來的團體日程表時，區域業務今年仍將保持平穩或略有增長，26 年也將保持增長，而數位業務將繼續保持強勁的成長勢頭。

And with that, I'll open it up to questions.

現在，我將開始回答大家的提問。

(Operator Instructions) Dan Politzer, JPMorgan.

（操作員指令）Dan Politzer，摩根大通。

Hey. Good afternoon, everyone. Thanks for taking my questions. First one on Las Vegas. Tom, you mentioned you've seen a little bit of stabilization in the past few weeks. Can you maybe kind of unpack that? And as you think about that path to growth in the fourth quarter and first quarter and the first half of next year, is there something tangible that we can lock on to just given that group calendar or are there any kind of specifics you could put around that?

嘿。大家下午好。感謝您回答我的問題。第一個是在拉斯維加斯。湯姆，你提到過去幾週情況有所穩定。您能解釋一下嗎？當您考慮第四季度、第一季和明年上半年的成長路徑時，我們是否可以僅根據集團日程安排鎖定一些切實可行的目標，或者您能否提供一些具體細節？

Yeah. So what we see pretty clearly, the next 90 days forecasted cash occupancy. We were down 27,000 room nights in the second quarter. And what we saw was every week as those forecasts came out, each of the next three months would show a decline week over week in forecasted cash revenue. That kind of started middle of May, accelerated into middle of June. And kind of in July, what we're seeing is that those 90-day numbers next three months are stable.

是的。因此，我們可以非常清楚地看到未來 90 天的預測現金佔用率。我們第二季的客房數量減少了 27,000 間夜晚。我們看到的是，每週預測出來後，接下來的三個月裡，預測現金收入都會逐週下降。這種情況從五月中旬開始，一直持續到六月中旬。而在七月份，我們看到的是接下來三個月的 90 天數據是穩定的。

You're basically looking at the same forecast. You were looking at a week ago. So I'm not suggesting that this is some huge bullish turn. It was a -- it was as if your tire had a leak and you've patched it at this point.

您基本上看到的是相同的預測。你正在看的是一週前的事。所以我並不是說這是一個巨大的看漲轉折。這就像是──你的輪胎漏氣了，而你此時已經修補好了。

And if you look into fourth quarter, first quarter, second quarter, we project a record group year in Vegas in 2025 for us. At the end of third quarter, on a year-over-year basis, our group business will be down year over year.

如果你看一下第四季、第一季和第二季度，我們預計 2025 年將是我們在拉斯維加斯創下歷史新高的一年。第三季末，與去年同期相比，我們集團業務將出現年減。

We knew that was going to be the case, but we have an extremely robust fourth quarter group calendar. First quarter, you add [con ag] to the citywide convention calendar, we have another robust group. And then in the second -- early second quarter, we get State Farm, which is a substantial conference that is Caesars specific and recurs once every three years or every three years, that's in the '26 number.

我們知道情況會是這樣，但我們的第四季小組日程安排非常緊湊。第一季度，您將 [con ag] 添加到全市會議日曆中，我們又擁有了另一個強大的團體。然後在第二季初，我們得到了 State Farm，這是一個重要的會議，專門針對凱撒，每三年或每三年舉行一次，這是 26 個數字。

And so if you think about -- as you're in the summer, you're leisure-dominated. So leisure is soft or has been softer. When you get that strong group calendar that allows -- that gives you leverage in rate, and that's -- you've seen that for quite some time.

所以如果你想想──因為正值夏天，所以你的時間以休閒為主。因此休閒是軟性的，或者已經變得更加軟性了。當你獲得強大的團體日程表時，它會讓你在利率方面獲得優勢，而且你已經看到這種情況很長一段時間了。

Historically, it's really get out of the group light third quarter and into the group heavier fourth quarter, first quarter, second quarter when we have significant business books. But 25% should be a group room night record for us and '26 should be another one.

從歷史上看，當我們有大量商業帳簿時，我們真正走出集團業務較輕的第三季度，進入集團業務較重的第四季度、第一季和第二季。但 25% 應該是我們的團體客房晚數記錄，而 26% 應該是另一個記錄。

Got it. And just to clarify, your comment on third quarter Las Vegas being a comparative basis versus the second quarter. Should we interpret that as third-quarter EBITDA down high singles or somewhere in that range?

知道了。需要澄清的是，您對第三季拉斯維加斯的評論是與第二季進行比較的。我們是否應該將其解讀為第三季 EBITDA 下降幅度較大或在該範圍內？

Yeah.

是的。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning -- or sorry, good afternoon, good evening, everybody. Thanks for taking my question. So curious, Tom, on the promotional stuff that you guys talked about. When you think about that effort, maybe talk about what you -- I mean, you can only give me so much, but what you're doing differently now versus prior promotional campaigns or efforts that you've done if there's any sort of omnichannel bend to it? And as well as sort of the hub-and-spoke model that we know you well for historically, is that something that -- it's sort of coincided with the Las Vegas slowdown. I'm just wondering if there's sort of like a system-wide effort that you can -- you're tying that into sort of help everything.

大家早安——或者抱歉，下午好，晚上好。感謝您回答我的問題。湯姆，我很好奇你們談論的促銷內容。當您考慮這種努力時，也許可以談談您——我的意思是，您只能給我這麼多，但是與以前的促銷活動或努力相比，您現在所做的事情有什麼不同，是否有任何全渠道的傾向？以及我們歷史上所熟知的那種中心輻射模型，這是否與拉斯維加斯的經濟放緩有些相吻合。我只是想知道您是否可以採取某種全系統的努力——將其與幫助一切結合起來。

Yeah. So we're working with our marketing and our analytics team to really dive into our database, which is our engine of growth. And we're looking for targeted opportunities to drive profitable revenues, and with 52 properties around the country, we can really test and learn and take the ones that are working in some parts of the country and take those throughout the entire country and then continue to get more efficient as we continue down this road.

是的。因此，我們正在與我們的行銷和分析團隊合作，深入研究我們的資料庫，這是我們的成長引擎。我們正在尋找有針對性的機會來推動盈利收入，透過在全國範圍內擁有 52 處房產，我們可以真正地進行測試和學習，並將在全國某些地區運作良好的業務推廣到全國各地，然後在繼續沿著這條路走下去的過程中不斷提高效率。

In addition, we're really leaning on our database to fill rooms in Las Vegas. We're opening up more of the segments and working with our host across the country to drive people here to Las Vegas.

此外，我們確實依靠我們的資料庫來填補拉斯維加斯的房間。我們正在開放更多的環節，並與全國各地的主辦單位合作，吸引人們前往拉斯維加斯。

Yeah. So Brandt, what you're seeing is in -- this started as a response to the competitive openings in regional that impacted us last year going back into drawing your new battle ground markets and marketing to those customers, and it's really just how rich is the offer that you're giving them and what's the response to that. And does it flow profitably at the same time with what's going on in leisure demand in Vegas as Anthony says, you're opening your casino database to lower segments of customers, to fill your room. So they're getting a better offer.

是的。所以布蘭特，你所看到的是——這開始是對區域競爭開放的回應，去年這些開放影響了我們，讓我們重新吸引新的戰場市場並向這些客戶進行營銷，而這實際上只是你給他們提供的報價有多豐富，以及對此的回應是什麼。正如安東尼所說，它是否能與拉斯維加斯休閒需求同時產生利潤，你正在向較低層次的客戶開放你的賭場資料庫，以填滿你的房間。所以他們得到了更好的報價。

And then at the same time, we're wrapping digital and brick-and-mortar in more -- every quarter. And it's the combination of that, and that provides a lot of data for us, but it's not immediate, right? So you're making marketing decisions, you're sending those out there, those go out through mail and email, and then you're going to see what the response is. And there's some that flow well across the enterprise. There's some that work in certain markets. There are some that don't work across the enterprise, and there's some that don't work in certain markets, and that's the tweaking that we started doing kind of late in second quarter and into July that we're bearing the fruits of.

同時，我們每季都會加大數位和實體業務的推廣力度。正是這些因素的結合，為我們提供了大量數據，但這並不是即時的，對嗎？因此，您要製定行銷決策，然後透過電子郵件和電子郵件將這些決策發送出去，然後看看反應如何。其中一些在整個企業中運作良好。有些在特定市場有效。有些方法並不適用於整個企業，有些方法並不適用於特定的市場，而這些就是我們在第二季末和 7 月開始進行的調整，並且已經取得了成果。

But like I said, this doesn't necessarily fit into the quarter -- the distinct quarter that we report. You've got a little bit of kind of roll out in second quarter and very little of the paring back, and now you've got July, you're driving back to what's profitable.

但就像我說的，這並不一定適合我們報告的季度。您在第二季度有了一些拓展，但削減的幅度很小，現在到了 7 月份，您的盈利能力又回到了原來的水平。

At the same time, we increased our slot spend in '25 in the CapEx numbers that we've provided for you, and we've deployed those machines in a lot of markets. We're seeing returns from those as well. We're always tweaking leased units and how much they're driving. And I would say, generally speaking, leased units have been climbing a bit portfolio-wide.

同時，我們在向您提供的資本支出數字中增加了 25 年的老虎機支出，並且我們已經在許多市場部署了這些機器。我們也看到了這些的回報。我們總是在調整租賃車輛及其行駛里程。我想說，總體而言，整個投資組合中的租賃單位數量一直在略有攀升。

So all of that's going on at once, and your analytics group is measuring what's working, what's not working, and that's kind of what we've done as we've -- typically, as we bought companies as you pull back what's not working and you lean into what is. So it is a lot of test and control.

所以所有這些都是同時發生的，你的分析小組正在衡量哪些有效，哪些無效，這就是我們所做的事情——通常，當我們收購公司時，你會撤回那些無效的東西，並傾向於那些有效的東西。因此這需要大量的測試和控制。

Okay. That's really helpful. Thank you. And then another one. Tom, if you could just give us some thoughts on what you think is going on in Vegas right now with the summer leisure demand? How much of -- I mean, we all know it's a seasonally slow period. How much of it is weather, how much of it is a hangover from tariffs? Is there anything structural, whereby Las Vegas has been flying high and perhaps there's some fatigue on pricing and maybe the value proposition isn't quite as good as it was in the past. What do you think?

好的。這真的很有幫助。謝謝。然後又一個。湯姆，您能否談談您認為目前拉斯維加斯的夏季休閒需求情況如何？多少——我的意思是，我們都知道這是一個季節性的淡季。其中有多少是天氣原因，有多少是關稅的後遺症？是否存在某種結構性因素，即拉斯維加斯的快速發展，可能在定價方面出現了一些疲勞，價值主張可能不如過去那麼好。你怎麼認為？

That's a tough one. It's tough to put your finger on that. We had seen -- we talked with our peers had seen anecdotally that the ends of the strip, call it the north and south end of the strip, started to weaken maybe March and April, and we really hadn't seen anything. And you're looking at -- again, for us, you're looking at a quarter where you're 99% occupied, 27,000 room nights for us is going to flow through non-gaming for us. The gaming piece of where we were light versus last year was all high end at Caesars Palace, so gaming has held in our portfolio center strip non highest end very well and that high end, as I said, is really a timing issue based on when our entertainment acts were here. But losing 27,000 room nights, you're losing that cash room revenue, you're losing some F&B revenue.

這是一個艱難的問題。很難確切地說出這一點。我們已經看到——我們與同行交談時了解到，該地帶的兩端，也就是該地帶的南北兩端，可能在三月和四月開始減弱，但我們實際上沒有看到任何東西。而且你正在看——再說一次，對於我們來說，你正在看一個季度，你的入住率為 99%，我們的 27,000 個客房晚數將通過非博彩業務流出。與去年相比，我們的博彩業務較少，但凱撒宮的博彩業務都是高端業務，因此博彩業務在我們的投資組合中心地帶非高端業務中保持了良好的地位，而正如我所說，高端業務實際上是一個時機問題，取決於我們的娛樂活動何時在這裡進行。但損失 27,000 個客房晚數，你就損失了現金客房收入，也損失了部分餐飲收入。

Our team did a great job of keeping operating expenses in check, keeping our margins in check, but that the period of softness when we are leisure-dominated has extended into this quarter. And I look at this as -- I've been around Vegas a very long time as a lot of you have been, this is kind of normal seasonality that we haven't seen in a while here. It's nothing that leaves me concerned about the customers.

我們的團隊在控制營運費用和利潤率方面做得很好，但以休閒為主的疲軟期已經延續到本季。我認為——我和你們很多人一樣，已經在拉斯維加斯待了很長時間了，這是一種正常的季節性現象，我們已經有一段時間沒有見過了。這並不是什麼讓我擔心顧客的事情。

But the only thing I could point to that is back to your comments is the international business, particularly Canadian, is softer. So if you look at our missing room nights this year, Canadians are a significant piece of that even though there are only 3% of the total, 3% or 4% of the total pie for us. But I don't really see anything particularly when we look at the business as a whole, Vegas, Regional, and Digital that suggests there's anything particularly concerning about the consumer. And as I said, we'd expect as groups fill in here, this looks very different end of the year and into early next.

但我唯一能指出的是，回到您的評論，國際業務，特別是加拿大業務，比較疲軟。因此，如果你看看我們今年丟失的房間晚數，你會發現加拿大人佔了很大一部分，儘管他們只占我們總數的 3%、3% 或 4%。但當我們從整體上看待業務、拉斯維加斯業務、區域業務和數位業務時，我並沒有發現任何特別值得消費者關注的事情。正如我所說的，我們預計，隨著各團體的加入，今年年底和明年年初的情況會有很大不同。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Afternoon, everyone. Thanks for taking my question. I just wanted to go back to digital, which seems to have -- has really accelerated. And I think what we've talked about in the past is getting to a run rate of $500 million by the fourth quarter. If you could help us just unpack that a little bit more and point to some of the key drivers for that. Can we what does a 2026 look like or are there new aspirational targets we can think about maybe discussing even in general terms?

大家下午好。感謝您回答我的問題。我只是想回到數位時代，這似乎已經——確實加速了。我認為我們過去談論的是到第四季實現 5 億美元的運行率。如果您能幫助我們進一步解釋這一點並指出其中的一些關鍵驅動因素。我們能否設想一下 2026 年會是什麼樣子，或者是否有一些新的理想目標可供我們考慮，甚至可以泛泛地討論一下？

So I'd say, David, as you get into football season, obviously, volatility of sports outcomes becomes paramount. But if you look at a typical second quarter versus fourth quarter, something like fourth quarter being 2x, second quarter is a reasonable expectation, which should obviously put us well above the run rate that you're talking about.

所以我想說，大衛，隨著足球賽季的到來，顯然，運動比賽結果的波動性變得至關重要。但如果你看一下典型的第二季度與第四季度，例如第四季度是 2 倍，那麼第二季度是一個合理的預期，這顯然應該會使我們的運行率遠高於你所說的。

We've had a strong July post a strong second quarter. So the momentum is continuing. I've talked about the partnership expenses that roll off. So for us, the much debated $500 million target looks like it's going to arrive right on the schedule that we put out there four years ago.

我們七月的業績表現強勁，第二季也表現強勁。因此，這種勢頭仍在持續。我已經談到了合作費用的減少。因此，對於我們來說，備受爭議的 5 億美元目標看起來將按照我們四年前製定的時間表實現。

And as you look forward and think about into '26, '27, '28, where you may have new iGaming jurisdictions, where I would expect our share of a new jurisdiction given our product and the momentum in that business would probably be something like 2x what our share is in the legacy markets. You can start to talk yourself into some pretty bullish outcomes in digital, and we see no indication that anything slowing down. For us, the rollout of single wallet in Nevada is a wonderful customer acquisition tool, if you recall before that. All the customers that would come to our properties in Nevada and open a Caesars Sports account, so they could bet while they were in Vegas would go home and have to open a separate account, which is obviously less than ideal.

當你展望並思考 26、27、28 年時，你可能會有新的 iGaming 管轄區，考慮到我們的產品和該業務的發展勢頭，我預計我們在新管轄區的份額可能是我們在傳統市場的份額的 2 倍左右。您可以開始相信數位領域會出現一些相當樂觀的結果，而且我們沒有看到任何放緩的跡象。對我們來說，如果你還記得的話，在內華達州推出單一錢包是一個很棒的客戶獲取工具。所有來到我們位於內華達州的場所並開設凱撒體育帳戶的顧客，這樣他們就可以在拉斯維加斯下注，但回家後必須開設一個單獨的帳戶，這顯然不太理想。

So we think from a customer acquisition standpoint outside of Nevada, that's going to be a powerful tool and add to the momentum that we've got going in this space. So I don't want to -- I've taken so much grief over the $500 million target that we're right on the precipice of, I'm hesitant to immediately put another target out there. But I'd say we're going to generate substantially more than $500 million of EBITDA from digital, if you're looking out a few years here.

因此，我們認為，從內華達州以外的客戶獲取角度來看，這將是一個強大的工具，並增強我們在這個領域的發展勢頭。所以我不想——我已經為我們即將達到的 5 億美元目標感到太悲痛了，我猶豫著是否要立即設定另一個目標。但我想說，如果展望幾年的話，我們將從數位領域創造超過 5 億美元的 EBITDA。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi, there. Thanks for taking the question. Going back to Vegas, you mentioned some of the investments that have been making great returns at Flamingo. I'm curious beyond what you've already kind of talked about if you think there's opportunity or need for any further incremental investment in other biggest properties?

你好呀。感謝您回答這個問題。回到拉斯維加斯，您提到了一些為 Flamingo 帶來豐厚回報的投資。除了您已經談論的內容之外，我很好奇您是否認為有機會或需要對其他最大的房地產進行進一步的增量投資？

Yeah. We've got just our room remodels that we have coming up. We've got a tower at Caesars Palace. We've got partnership with Tao on a day club, where they're contributing to capital for an amazing day club out front of Caesars Palace. We've got some more room remodels throughout the city but --

是的。我們即將對房間進行改造。我們在凱撒宮有一座塔。我們與 Tao 合作開設了一家日間俱樂部，他們為凱撒宮前面的一家令人驚嘆的日間俱樂部提供資金。我們在整個城市進行了一些房間改造，但是--

Vanderpump.

范德普。

Yes. And then Vanderpump Hotel at Cromwell kicks off design as we speak toward a model room there the other day, and it is definitely amazing. It will be a wonderful new hotel in a great location. Beyond that, the rest of our properties are in pretty in good shape right now, and we'll continue to keep them in good shape.

是的。前幾天，當我們談論克倫威爾范德普酒店 (Vanderpump Hotel) 的樣品屋時，它就開始了設計，這絕對令人驚嘆。這將是一家地理位置優越的全新酒店。除此之外，我們其餘的資產目前狀況都很好，我們將繼續保持它們的良好狀態。

Got it. And then going back to digital for a second. So there's a really nice uptick on the OSB hold this quarter, tracking pretty close to 9% at this point. Curious how you think about sustainability of this uptick? I know you mentioned variability of outcomes, but just in light of the long-term target that you have out there and whether there was any kind of one-time factors in this quarter?

知道了。然後再回到數字狀態一秒鐘。因此本季 OSB 持有量出現了大幅上漲，目前已接近 9%。好奇您如何看待這種上漲的可持續性？我知道您提到了結果的多變性，但僅僅考慮到您的長期目標，以及本季是否存在任何一次性因素？

Yeah, sure. So we definitely had favorable sporting outcomes this quarter. I would say that the actual hold surpassed our theoretical hold from sportsbook perspective. That said, I wouldn't change our target, long-term target of getting to 10% hold at this point. We are really optimistic.

是的，當然。因此，本季我們的體育成績肯定是不錯的。我想說，從體育博彩的角度來看，實際持有量超過了我們的理論持有量。話雖如此，我不會改變我們的目標，目前達到 10% 的長期目標。我們確實非常樂觀。

I mentioned how our parlay percentage continues to rise. Our same game parlay percentage is rising and our cash out percentage is rising. All three of those contribute significantly towards increased hold. So there is very much an upward trend in our structural hold. But that said, achieving the almost 9% hold, this quarter was inflated by good sports outcomes.

我提到了我們的累積投注百分比如何持續上升。我們的同場比賽累積投注百分比正在上升，我們的現金支出百分比也在上升。這三者都對增強持股做出了顯著貢獻。因此，我們的結構性持有量呈現大幅上升趨勢。但儘管如此，本季仍實現了近 9% 的成長，這得益於良好的體育成果。

Now, I would say though, as we head into football, football tends to have a higher parlay mix just in general. And so we do anticipate surpassing that 9% later in the year. But I think there's some natural effects just associated with the sporting outcome that's going to drive that as well.

現在，我想說的是，當我們進入足球領域時，足球總體上傾向於具有更高的累積投注組合。因此我們確實預計今年稍後這一比例將超過 9%。但我認為，與體育比賽結果相關的一些自然效應也會推動這一點。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Good afternoon. Thanks for taking our question. Can you just talk about what you are seeing from an OpEx and labor standpoint in Las Vegas and regionals and how we should think about that moving forward?

午安.感謝您回答我們的問題。您能否從營運支出和勞動力的角度談談您對拉斯維加斯和地區的看法，以及我們應該如何看待未來的發展？

Yeah. So we've got union contract increases in Vegas that you've seen us lean into expenses so that our expenses were flat even though we have increased labor -- increased union rates. Nothing to speak of in Digital that's -- I'm sorry, in Regional that's worth mentioning. We're kind of inflation type increases across the board, not nearly as impactful as the last couple of years on the whole.

是的。因此，我們在拉斯維加斯增加了工會合同，您會看到我們傾向於支出，這樣即使我們增加了勞動力 - 增加了工會費率，我們的支出也保持平穩。在數位領域沒什麼好說的——對不起，在區域領域值得一提。我們正經歷著全面通膨，但總體而言，其影響並不像過去幾年那麼大。

Okay. Great. Thanks. And then just wanted to follow up on what you were seeing in New Orleans. I believe you noted a $60 million EBITDA run rate per month coming out of the 1Q. Is that still the case?

好的。偉大的。謝謝。然後只是想跟進你在新奧爾良看到的情況。我相信您已經注意到第一季每月的 EBITDA 運行率為 6000 萬美元。現在還是這樣嗎？

New Orleans had another very strong quarter and has picked up the pace in July, and Danville continues to perform extraordinarily well also. So the additions to the portfolio are driving very strong results in Regional.

新奧爾良又度過了一個非常強勁的季度，並在 7 月加快了步伐，丹維爾也繼續表現出色。因此，投資組合的增加將推動區域績效的強勁成長。

Steven Wieczynski, Stifel.

史蒂文·維茨辛斯基（Steven Wieczynski），Stifel。

Hey, guys. Good afternoon. So Tom, I'm wondering if we can start with the regionals. I'm trying to square this up a little bit. So stick with me here, sec. So there were $30 million of headwinds. If we go back, we add those in, the flow-through still would have been a little bit lower year-over-year.

嘿，大家好。午安.那麼湯姆，我想知道我們是否可以從地區賽開始。我正在嘗試稍微理清一下這個問題。所以請繼續聽我說，秘書。因此，存在 3000 萬美元的阻力。如果我們回顧一下，將這些因素加進去，那麼流通量比去年同期仍然會略低一些。

Then there's this uptick in spending across the database, which seems like that was kind of heavily weighted towards the second quarter. So I guess what I'm trying to figure out is what those regional margins would have looked like on a -- more on a like-for-like basis, meaning up down, flattish. And I'm guessing moving forward, those margins should now accelerate a little bit more given the bulk of that heavy spending across the database is essentially finished.

然後，整個資料庫的支出出現了上升趨勢，這似乎在很大程度上是第二季的支出。所以我想弄清楚的是，這些地區利潤率在同類基礎上會是什麼樣子——更多的是同比，即上升、下降、持平。而且我猜測，鑑於資料庫的大部分巨額支出基本上已經完成，這些利潤率現在應該會進一步加速成長。

Yeah. I'd say, obviously, if you were not doing the marketing that we were doing, margins would have been higher than they were. And as we pull back on the unprofitable marketing that as we call profitable from unprofitable, those margins should improve from here. So that's accurate.

是的。我想說，顯然，如果您不做我們正在做的行銷，利潤率會比現在更高。當我們撤出無利可圖的行銷（即從無利可圖到獲利）時，這些利潤率應該會從現在開始提高。所以這是準確的。

Okay, got you. Second question, Tom, going to Vegas. As you think about that FIT cohort, it sounds like you think that customer base has stabilized, yet it's still early on and fully understanding that booking window is compressed. But I guess my question is, did you guys essentially do anything to stabilize that customer, meaning did you get more aggressive on whether it's promotions or room discounting or anything like that? Just trying to understand that a little bit more.

好的，明白了。第二個問題，湯姆，要去拉斯維加斯嗎？當您考慮 FIT 群體時，聽起來您認為客戶群已經穩定下來，但這還為時過早，並且完全理解預訂窗口被壓縮了。但我想我的問題是，你們有沒有採取任何措施來穩定客戶，也就是說，你們在促銷、客房折扣或類似方面是否採取了更積極的措施？只是想進一步了解。

No. What I'm describing is a cash room revenue number. Most of our rooms in Vegas are cash. And so what stabilized was forward cash room expectations, which had been leaking for a better part of 1.5 months that stabilized beginning of July for us.

不。我所描述的是現金室收入數字。我們在拉斯維加斯的大多數房間都是現金支付。因此，穩定的是遠期現金空間預期，該預期在過去 1.5 個月的大部分時間裡一直在下滑，直到 7 月初才趨於穩定。

Okay. Perfect. Thanks, Tom. Appreciate it.

好的。完美的。謝謝，湯姆。非常感謝。

Barry Jonas, Truist.

巴里·喬納斯，Truist。

Hey, guys. You're coming off your initial meeting in New York City with the CAC. How do you feel your chances are in that race?

嘿，大家好。您剛剛在紐約市與 CAC 舉行了首次會議。您覺得自己在那場比賽中獲勝的幾率有多大？

Yeah. We're proud of the submission that we have put forward. We've got a strong partnership with a lot of local support. We are mindful that Manhattan may be an underdog for a license. If there is a casino awarded in Manhattan, we are confident we would be the winner.

是的。我們對於我們提出的意見感到自豪。我們與當地企業建立了牢固的合作關係，並獲得了許多支持。我們注意到曼哈頓在獲得許可證方面可能處於劣勢。如果曼哈頓有一家賭場獲獎，我們有信心我們會是贏家。

Got it. And then just as a follow-up, a lot of good color on digital and outlook there. I'm just curious if any updated thoughts on the spin, maybe timing or puts and takes from your perspective?

知道了。然後作為後續，數字和前景上有很多好的色彩。我只是好奇，從您的角度來看，對於旋轉、時間或投入和產出，您是否有什麼最新的想法？

Yeah. We have talked about job one is to deliver on the numbers that we've laid out. We've -- we're well on our way to that. There is internal plumbing that needs to happen to be in position to separate that fits well with kind of when we hit our numbers for our initial targets, and we'll take a look at what we think of value at that point, whether it's -- we're getting it reflected, but we would absolutely pursue a separation if we believe that it would drive significant value to our shareholders, and we think we'll be in position where we're at our targets at some point in the first half of '26. So that's what you should be thinking about in terms of timeframe.

是的。我們已經討論過，首要任務是實現我們所製定的數字。我們已經──正在朝著這個目標前進。當我們達到最初目標的數字時，需要進行內部管道分離，以便很好地適應分離，我們會看看我們對當時價值的看法，無論它是否 - 我們正在反映它，但如果我們相信分離會為我們的股東帶來巨大的價值，我們絕對會追求分離，我們認為我們將在 26 年上半年的某個時候達到我們的目標。所以這就是你在時間框架上應該考慮的事情。

John Decree, CBRE.

世邦魏理仕的約翰·德克里。

Hi, good afternoon, everyone. I wanted to ask a question about some of the asset-light opportunities that have come up. I think OLG and Windsor and then some extension of the Caesars Republic brand. And when we think about regionals kind of flat to up, it seems like some of these things might move the needle a little bit. So how much more opportunity is there for you to kind of continue to utilize the brand in that way?

大家好，下午好。我想問一個有關已經出現的一些輕資產機會的問題。我認為是 OLG 和溫莎，然後是凱撒共和國品牌的一些延伸。當我們考慮地區情況從平穩到上升時，似乎其中一些因素可能會產生一些影響。那麼，您還有多少機會以這種方式繼續利用該品牌？

Yeah. So John, we've got a couple of Indian management contracts that have raised their financing one in Oklahoma, one in Sonoma County, California, that we would expect when they're up and operating should be something on the order of $20 million of annual management fees between the two of them to Caesars.

是的。約翰，我們有幾個印度管理合同，他們已經籌集了資金，一個在俄克拉荷馬州，一個在加利福尼亞州索諾瑪縣，我們預計，當他們開始運營時，他們兩人應該每年向凱撒支付大約 2000 萬美元的管理費。

As you've noted, we bring in Windsor in the end of first quarter of '26. So that will remove EBITDA from the managed line, but it's replaced by regional EBITDA that is well in excess of what it was bringing in managed. So we have between all three of those, you're almost $50 million of incremental EBITDA that's flowing through asset-light deals for us, and we continue to pursue more both in the US and in some of the larger international markets as well. That's a bit of elephant hunting, where maybe something comes together more likely it doesn't, but we're active out there with our brand and our management expertise.

正如您所注意到的，我們在 26 年第一季末引入了溫莎。因此，這將從管理線中移除 EBITDA，但它會被區域 EBITDA 所取代，而區域 EBITDA 遠遠超過其管理帶來的 EBITDA。因此，在這三項交易中，我們透過輕資產交易獲得了近 5000 萬美元的增量 EBITDA，並且我們將繼續在美國和一些較大的國際市場中追求更多收益。這有點像獵象遊戲，有些事情可能會成功，也可能不會，但我們正在積極地利用我們的品牌和管理專業知識。

And Tom, just to clarify that incremental EBITDA kind of an asset-light capacity, it's high free cash flow conversion, right? There wouldn't be any expected --

湯姆，我只是想澄清一下，增量 EBITDA 是一種輕資產能力，即高自由現金流轉換，對嗎？不會有任何預期--

That's straight free cash flow.

這就是直接的自由現金流。

Got it. Thanks. If I could ask one about group room mix, big picture as we kind of look at the stability that 4Q, 1Q and 2Q present and [taking up Caesars-specific] event, what's the right group room mix? It's probably something you and Anthony team calibrate all the time, but is there an opportunity where you actively looking to kind of hunt for similar of those large events that can kind of really provide meaningful growth. I think all states is once every three years. So I was kind of wondering if there's a focus on getting more of those or if the group room mix is kind of where it needs to be.

知道了。謝謝。如果我可以問一個關於團體房間組合的問題，那麼從總體上看，當我們看一下 4Q、1Q 和 2Q 呈現的穩定性以及 [針對凱撒特定] 事件時，正確的團體房間組合是什麼？這可能是您和安東尼團隊一直在校準的事情，但是您是否有機會積極尋找類似的大型活動，以真正帶來有意義的成長。我認為所有州每三年一次。所以我有點想知道是否應該專注於獲得更多這樣的內容，或者團體房間組合是否達到了它需要的水平。

We love to increase our room mix. We have increased it since the merger, we should be well into the high-teens this year and next, but we are constantly looking for groups like State Farm that we can bring to Las Vegas and our group sales team led by Michael Massari does a fantastic job -- has done a fantastic job and continues in terms of building that business. But we're not stopping in the high-teens. We'd like to take that to 20 and beyond.

我們喜歡增加我們的房間組合。自合併以來，我們已經增加了銷售額，今年和明年我們的銷售額應該會達到 15% 左右，但我們一直在尋找像 State Farm 這樣的團體，可以帶到拉斯維加斯，而我們由邁克爾·馬薩裡 (Michael Massari) 領導的團體銷售團隊做得非常出色——在打造這項業務方面做得非常出色，並且將繼續努力。但我們不會止步於十幾歲。我們希望將這個數字擴大到 20 甚至更多。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi. Good afternoon, everyone, and thank you for taking my questions. Tom or whoever is the right person, just one in Las Vegas and then one sort of big picture strategy question. But to start with Las Vegas, if we just kind of do the balance, it seems like there are a lot of shifts that are also impacting Q4 group you've got the sort of the timing of the Jewish holidays, which I think has an impact here as well. Kind of when you line up all the pieces and you think about your own company level comps, can Q4 be up year over year? And is that sort of the baseline expectation that we should have?

你好。大家下午好，謝謝大家回答我的問題。湯姆或其他人都是合適的人選，只需一個在拉斯維加斯，然後提出一個宏觀戰略問題。但從拉斯維加斯開始，如果我們只是進行平衡，似乎有很多變化也會影響 Q4 集團，例如猶太節日的時間，我認為這也會產生影響。當您將所有因素都排列起來並考慮您自己公司層面的情況時，第四季度的業績能否同比增長？這是我們應該有的基本期望嗎？

Q4 can be up year over year for Caesars.

凱撒娛樂第四季的業績可能年增。

Perfect, thank you. And then big picture, just zooming out, the OpEx investment or sort of what you're doing on the promotional side is interesting. Kind of the test and learn piece. What we see across the industry is a lot more on the capital front, a lot of land-based conversions, some capital renovations, that sort of thing. So kind of as you start to turn page or think about 2026 and beyond, are there things in the portfolio you start to look at from the capital side and say, hey, maybe we ramp a little bit here. We look at these given some of the ROIs that have been delivered out there. Kind of how do you think about that maybe with some of the cash freed up by the Big Beautiful Bill?

非常好，謝謝。然後從大局來看，營運支出投資或您在促銷方面所做的事情很有趣。有點像是測驗和學習的部分。我們在整個行業中看到的是更多的是在資本方面，大量的土地轉換，一些資本翻新，諸如此類的事情。因此，當您開始翻頁或思考 2026 年及以後時，您是否會開始從資本角度審視投資組合中的某些東西，並說，嘿，也許我們可以在這裡稍微增加一點。我們根據已經實現的一些投資報酬率來看待這些問題。您如何看待《美麗大法案》釋放的部分現金？

Yeah, Shaun. If you think about our regional portfolio and the large drivers of EBITDA in there, the bulk of them have seen significant capital in the last -- certainly since the merger, if you think about Atlantic City and New Orleans and Danville, Virginia, Lake Charles, Indianapolis, now Tahoe, Reno, those are our biggest cash flow producers in Regional. All of those that I've named have had nine-figure investments in them in the last three-plus years.

是的，肖恩。如果您考慮我們的區域投資組合和其中 EBITDA 的主要驅動因素，那麼其中大部分在最近（當然自合併以來）都獲得了大量資本，如果您想到大西洋城、新奧爾良、弗吉尼亞丹維爾、查爾斯湖、印第安納波利斯，現在還有太浩湖、裡諾，這些都是我們區域最大的現金流生產者。我提到的所有這些公司在過去三年多的時間裡都進行了九位數的投資。

So there's not a there's not around the corner, another big capital cycle for Caesars. It's really harvesting what we've invested since the merger. There are pieces that we will add. You should expect that we will add hotel product to assets that don't have hotels that could be our money, but more likely, it's a partnership with a third-party developer. We've got -- we have a small amount of potential boat to land-based conversions available to us that are high return investments, but you're not talking about a burst of capital activity around the corner.

因此，凱撒娛樂公司即將迎來另一個大型資本週期。這確實是我們自合併以來所投入的回報。我們將添加一些部分。您應該預料到，我們將酒店產品添加到沒有酒店的資產中，這些資產可能是我們的資金，但更有可能的是，這是與第三方開發商的合作。我們有少量潛在的船舶到陸地的轉換，這些轉換是高回報的投資，但你所說的並不是即將出現的資本活動熱潮。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Tom and Bret, you guys spent about $100 million of share repurchases in April, and you mentioned that you'll continue to be opportunistic here. Can you just talk about why you decided to not spend any more in the quarter? Was that just the trends that you were seeing in the business and you wanted to make sure you had a handle on it?

湯姆和布雷特，你們在四月花費了大約 1 億美元的股票回購，並且你們提到你們將繼續抓住機會。您能談談為什麼您決定在本季不再支出嗎？這是否只是您在業務中看到的趨勢並且您想確保自己能夠掌握它？

And then going forward, given that you spent $100 million in one month, if the stock remains depressed and now that you're past some of these CapEx needs, is that a potential number that you could hit again in certain months, or is there a bogey that we should think about from a quarterly basis?

然後展望未來，假設您在一個月內花費了 1 億美元，如果股票價格持續低迷，並且現在已經超出了部分資本支出需求，那麼您是否有可能在某些月份再次達到這個數字，或者是否存在我們應該從季度角度考慮的指標？

Yeah. I'd say this quarter, the focus was taking out the [8 and 8x], our highest coupon debt that's why you didn't see share repurchase during the quarter. I would tell you, you should expect a balance of share repurchase and debt repayment.

是的。我想說的是，本季的重點是消除[8 和 8 倍]我們的最高息票債務，這就是為什麼你在本季沒有看到股票回購。我想告訴你，你應該預期股票回購和債務償還之間的平衡。

But given what we see happening in digital in terms of scaling and momentum and where the shares are trading and the fact that we're likely to generate something on the order of 50% of our market cap and free cash flow over the next 2.5 years, I think our stock is looking particularly attractive. And I'd like to own more of it ahead of digital being -- digital value being recognized, whether that's within Caesars current equity or it's part of the separation transaction. So we like our stock, you should expect us to be a buyer.

但考慮到我們在數位領域的規模和發展勢頭以及股票交易情況，以及我們可能在未來 2.5 年內產生約 50% 的市值和自由現金流，我認為我們的股票看起來特別有吸引力。我希望在數位價值得到認可之前擁有更多，無論是在凱撒現有股權中還是作為分離交易的一部分。所以我們喜歡我們的股票，你應該期待我們成為買家。

Thanks, Tom. Eric, on the prediction markets, we've seen some digital companies at least speak about dipping their toe into that. Obviously, a lot of questions in terms of how the CFTC will categorize this, but any updated views on your end, how you see that?

謝謝，湯姆。艾瑞克，關於預測市場，我們已經看到一些數位公司至少談到要涉足該領域。顯然，關於 CFTC 將如何對此進行分類存在很多疑問，但您對此有何最新看法？您如何看待這個問題？

Yeah. I would say at this point, no updated views. We're actively watching the situation. And we'll make sure that we're not caught flat-footed on that. But yeah, the -- I think from the change from the last quarter, there really hasn't been anything material. A lot more people objecting to it, but really nothing has really moved through the court system at this point.

是的。我想說的是，目前還沒有更新的觀點。我們正在積極關注局勢。我們將確保我們不會在這方面措手不及。但是的，我認為從上個季度的變化來看，確實沒有任何實質的變化。越來越多的人對此表示反對，但目前司法系統還沒有任何實質進展。

Jordan Bender, Citizens.

喬丹·本德，公民。

Yeah. Hi, everyone. Good afternoon. Tom, you spoke to the earnings power and scale of the online business in out years. Curious if your eventual size and scale opens up any ambitions of expanding your footprint into international markets outside of North America?

是的。大家好。午安.湯姆，你談到了我們這些年來在線業務的盈利能力和規模。好奇您最終的規模和範圍是否會激發您將業務擴展到北美以外國際市場的雄心壯志？

We're always open to what will drive shareholder value. If we're looking at where do we spend our time and effort, there is not and international market that is anywhere close to the opportunity that's what is here domestically. So while I wouldn't shut the door, it would surprise me if we saw something internationally that looked anywhere close to the opportunity that we're prosecuting here.

我們始終對能夠推動股東價值的事物持開放態度。如果我們考慮將時間和精力投入到哪裡，那麼國際市場根本無法提供與國內市場相提並論的機會。因此，雖然我不會關閉大門，但如果我們在國際上看到任何與我們在這裡起訴的機會相近的事情，我會感到驚訝。

Yeah. If I'd just add, when you look through the list of projects that we have, and we're planning -- we're starting to plan midpoint next year, the road map is really robust and all of the projects that we have are great. The risk is relatively low in terms of the execution. And so we think that the risk/reward basis for where we put our resources is really high on the domestic side still.

是的。如果我只是想補充一下，當你查看我們擁有的項目清單時，我們正在計劃 - 我們開始計劃明年中期，路線圖非常穩健，我們擁有的所有項目都很棒。從執行角度來看，風險相對較低。因此，我們認為，我們在國內投入資源的風險/回報基礎仍然很高。

And you could see it this quarter when we grew 29% revenues, that's a great business and I just don't see it at this point looking internationally because of the full road map and just the opportunities we see in front of us for the existing business.

您可以看到，本季我們的收入成長了 29%，這是一項偉大的業務，但從國際角度來看，由於完整的路線圖以及我們現有業務面臨的機遇，我目前還沒有看到這一點。

Understood. And I want to follow up in New Orleans. I believe the first $75 million of gaming revenue or so wasn't subject to any incremental tax. So how much of that upside might be left? And how does that tie into EBITDA flat to up in totality for the whole year?

明白了。我想在新奧爾良繼續跟進。我相信前 7500 萬美元左右的博彩收入不需要繳納任何增量稅。那麼，這種上漲潛力還剩下多少呢？這與全年 EBITDA 總體持平或上漲有何關係？

There is still opportunity there. And obviously, the EBITDA growth in New Orleans is a piece of the entire regional puzzle and will help drive us to growth this year and next.

那裡仍有機會。顯然，新奧爾良的 EBITDA 成長是整個地區難題的一部分，並將幫助我們在今年和明年實現成長。

New Orleans for us is -- were tied to City of New Orleans. So group business, group recovery in the city is extremely important to our property there and momentum has been built into the Super Bowl continues to build. So we like the picture we see going forward in New Orleans.

對我們來說，新奧爾良與新奧爾良市息息相關。因此，集團業務、集團在城市的復甦對於我們在那裡的財產來說極為重要，而且超級盃的勢頭還在不斷增強。所以我們喜歡新奧爾良未來的發展前景。

Daniel Guglielmo, Capital One Securities.

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

Hi, everyone. Thanks for taking my question. Just one for me. Tom, last call, you had said that you're feeling better about the business this year versus any point last year. Do you still feel that way today? And is there something about the business this year that you don't think folks fully appreciate?

大家好。感謝您回答我的問題。對我來說只有一個。湯姆，最後說一下，你說過你對今年的生意感覺比去年任何時候都要好。今天你還有這種感覺嗎？您認為今年的業務中是否存在一些人們尚未充分認識到的事情？

I'd tell you, this is the -- the reason we put the company together is the diversification of the business and the way that, that business could complement -- each segment complements the other.

我想告訴你，這就是——我們組建公司的原因是為了實現業務的多樣化，以及業務可以相互補充的方式——每個部門都可以相互補充。

And right now, I'd tell you, as I've said, we expect a soft summer in Vegas. So I felt better about Vegas last year, but I feel great about Vegas after the third quarter, given what's going on in the group calendar.

現在，我想告訴你，正如我所說的，我們預計拉斯維加斯將迎來一個平靜的夏天。因此，去年我對拉斯維加斯的感覺更好，但考慮到小組日程安排，我對第三季後的拉斯維加斯感覺更好。

I feel the same confidence in Regional that we've been talking about for both this year and next. And my confidence in Digital, every 90 days, I talk on one of these calls, I'm more confident than I was 90 days ago. The momentum that we've got there is tremendous. And I think that's the piece that's underappreciated in terms of the momentum there. The fact how it's scaling and where it's headed. And I don't think we're going to have to wait much longer to be at the numbers that we laid out four years ago.

我對今年和明年的區域賽事抱持著同樣的信心。我對數位化的信心是，每隔 90 天，我都會參加一次這樣的電話會議，我比 90 天前更有信心。我們在那裡取得的進展勢頭十分強勁。我認為，就其發展勢頭而言，這一點被低估了。事實上，它的規模如何擴大以及它的發展方向如何。我認為我們不需要等太久就能達到四年前提出的數字。

Great, thank you.

太好了，謝謝。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Tom Reeg for any closing remarks.

我現在不想再問任何問題。我想將電話轉回給湯姆·里格 (Tom Reeg) 做最後發言。

Thanks, everybody. We will see you next time.

謝謝大家。我們下次再見。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接，享受美好的一天。