Caesars Entertainment Inc (CZR) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Caesars Entertainment, Inc. third-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加凱撒娛樂公司2025年第三季財報電話會議。（操作說明）

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

請注意，今天的會議正在錄影。現在我謹將會議交給今天的主講人，公司財務、資金和投資者關係高級副總裁布萊恩·阿格紐。請繼續。

Thank you, Shannon, and good afternoon to everyone on the call. Welcome to our conference call to discuss our third quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended September 30, 2025. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com.

謝謝香農，也祝福所有參加電話會議的朋友們下午好。歡迎參加我們的電話會議，我們將討論2025年第三季的收益。今天下午，我們發布新聞稿，公佈了截至 2025 年 9 月 30 日的財務業績。新聞稿副本可在我們網站 investor.caesars.com 的投資者關係部分查閱。

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

和往常一樣，今天和我一起參加電話會議的有：執行長 Tom Reeg；總裁兼營運長 Anthony Carano；財務長 Bret Yunker；凱撒體育與線上總裁 Eric Hession；以及投資者關係負責人 Charise Crumbley。

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

在將電話交給安東尼之前，我想提醒各位，在今天的電話會議中，我們可能會根據聯邦證券法的安全港條款做出一些前瞻性陳述，這些陳述可能實現，也可能不實現。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. Our Q3 investor presentation has been posted to our website. and our Form 10-Q has also been issued as well. We experienced hold volatility in our reported results. Management will discuss hold normalized results in our call today and a full reconciliation can be found in our earnings presentation posted on our website on slide 21.

請造訪我們投資者關係網站上的新聞稿，查看各項非GAAP財務指標與對應GAAP財務指標之間的差異對比。我們的第三季投資人簡報已發佈在公司網站上，10-Q 表格也已發布。我們公佈的業績出現了波動。管理階層將在今天的電話會議上討論維持正常化結果，完整的對帳資訊可在我們網站上發布的收益簡報第 21 頁中找到。

I will now turn the call over to Anthony.

現在我將把電話交給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. Our diversified portfolio delivered third quarter consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million. On a hold-normalized basis, the company reported $927 million in consolidated EBITDA. During the third quarter, our digital segment delivered strong volume growth in both sports and iCasino.

謝謝你，布萊恩，也祝所有參加電話會議的朋友們下午好。我們多元化的業務組合實現了第三季合併淨收入 29 億美元，調整後 EBITDA 為 8.84 億美元。以正常化基準計算，該公司公佈的合併 EBITDA 為 9.27 億美元。第三季度，我們的數位業務在體育和網路賭場方面均實現了強勁的交易量成長。

Adjusted EBITDA in our Digital segment was negatively impacted by NFL hold in September and faced a difficult comparison to last year, which included WSOP results. Our Las Vegas segment posted solid results in the face of softer market-wide visitation and adjusted for power table games hold. We are seeing sequential improvement in operating trends in Las Vegas as we enter the fourth quarter.

由於 9 月 NFL 停賽，我們數位業務部門的調整後 EBITDA 受到負面影響，並且與去年同期（包括 WSOP 賽事結果）相比面臨困難。儘管市場整體客流量疲軟，但我們的拉斯維加斯業務板塊仍取得了穩健的業績，並且已根據強力賭桌遊戲的持有量進行了調整。隨著我們進入第四季度，拉斯維加斯的營運趨勢正在逐步改善。

Regional revenues were up year-over-year, driven by strong returns in Danville and New Orleans and same-store net revenue growth resulting from continued strategic reinvestment in our Caesars Rewards customer database. Regional EBITDA grew 4% on a hold-normalized basis during the quarter.

區域收入較去年同期成長，這主要得益於丹維爾和新奧爾良的強勁回報，以及由於我們對凱撒獎勵客戶資料庫的持續策略性再投資而帶來的同店淨收入成長。本季區域 EBITDA 以正常化基準計算成長 4%。

Starting in our Las Vegas segment, we reported same-store adjusted EBITDA of $379 million and hold normalized EBITDA of $398 million. Segment results were driven by 92% occupancy versus 97% last year, and ADR decreased 5% as a result of citywide visitation weakness during the quarter. As we progress through the quarter, trends improved sequentially, with September delivering the strongest results of the quarter.

從拉斯維加斯分部開始，我們報告的同店調整後 EBITDA 為 3.79 億美元，正常化 EBITDA 為 3.98 億美元。業務板塊業績受入住率 92% 的推動，而去年同期為 97%；由於本季全市遊客數量疲軟，平均房價下降了 5%。隨著季度的推進，各項趨勢逐週改善，其中9月的業績是本季最強勁的。

During the quarter, the group room night mix was 13% and the segment is on track to deliver a record EBITDA year in 2025 due to our strong Q4 booking pace, where group mix should increase to 17%. Recent CapEx investments at the Flamingo in Las Vegas, including a brand-new pool experience, Pinky's by Lisa Vanderpump, Gordon Ramsey Burger and Havana 57 continued to exceed return expectations.

本季團體客房夜數佔比為 13%，由於第四季度強勁的預訂速度，該業務板塊預計將在 2025 年實現創紀錄的 EBITDA，屆時團體預訂佔比將增至 17%。拉斯維加斯弗拉明戈酒店近期進行的資本支出投資，包括全新的泳池體驗、Pinky's by Lisa Vanderpump、Gordon Ramsey Burger 和 Havana 57，持續超出預期回報。

We are excited about upcoming CapEx projects in Las Vegas, including a new Omnia Day Club by Tau at Caesars Palace, the rebrand of the Cromwell to the Vanderpump Hotel and the recently announced Project 10 by Luke Combs that will transform the vacant Margaritaville space at the Flamingo.

我們對拉斯維加斯即將啟動的資本支出項目感到興奮，其中包括凱撒宮的 Tau 集團旗下新 Omnia 日間俱樂部、克倫威爾酒店更名為范德普酒店，以及最近宣布的由盧克·庫姆斯主導的 Project 10 項目，該項目將改造弗拉明戈酒店空置的 Margaritaville 空間。

These exciting projects continue our commitment to reinvest in our assets while elevating our guest experiences. As we look to the fourth quarter in Las Vegas, we see trends improving sequentially, driven by positive leisure trends and a strong group and convention calendar.

這些令人振奮的項目延續了我們對資產再投資的承諾，同時提升了賓客體驗。展望拉斯維加斯第四季度，我們看到各項趨勢環比改善，這主要得益於積極的休閒旅遊趨勢以及強勁的團體和會展活動安排。

In our regional segment, we reported adjusted EBITDA of $506 million and hold normalized EBITDA of $517 million, driven by 6% net revenue growth. Early results from our strategic customer reinvestments are promising, driven by strong rated play trends in the quarter.

在我們的區域業務板塊，調整後的 EBITDA 為 5.06 億美元，經調整後的 EBITDA 為 5.17 億美元，淨收入成長 6%。受本季強勁的評級遊戲趨勢推動，我們對策略客戶再投資的初步結果令人鼓舞。

We will continue to refine our marketing approach as we remain focused on delivering strong returns on these investments. Margins improved sequentially this quarter, driven by better flow-through on these investments. New projects in Danville and New Orleans continue to generate strong returns, and we look forward to completing Phase 2 of the master plan currently underway at Caesars Republic Lake Tahoe in mid-2026.

我們將繼續改進行銷策略，同時繼續專注於為這些投資帶來豐厚的回報。本季利潤率環比提高，主要得益於這些投資的收益轉換率提高。丹維爾和新奧爾良的新項目持續帶來強勁的回報，我們期待在 2026 年年中完成目前正在凱撒共和國太浩湖進行的總體規劃的第二階段。

I want to thank all of our team members for their hard work through the first three quarters of 2025. Their dedication to exceptional guest service has been the driving force behind our accomplishments this year. With that, I will now turn the call over to [Eric] for some insights into the third quarter for our Digital segment.

我要感謝我們所有團隊成員在 2025 年前三個季度所付出的辛勤努力。他們對卓越客戶服務的執著追求是我們今年成就的動力。接下來，我會把電話交給[Eric]，請他談談我們數位業務部門第三季的情況。

Thanks, Anthony. During the third quarter, Caesars Digital delivered net revenue of $311 million, adjusted EBITDA of $28 million and hold-normalized adjusted EBITDA of $40 million. Recall that last year, in Q3 2024, we benefited from approximately $8 million of net revenue and EBITDA contribution from the World Series of Poker, the World Series of Poker was sold in Q3 of last year. And so now we fully annualize the impact of the sale on our EBITDA comparisons. In addition to the effect of the poor hold and the loss of the World Series of Poker revenues impact on flow-through.

謝謝你，安東尼。第三季度，凱撒數位業務實現淨收入 3.11 億美元，調整後 EBITDA 為 2,800 萬美元，正常化調整後 EBITDA 為 4,000 萬美元。回想一下，去年第三季（2024 年），我們從世界撲克大賽中獲得了約 800 萬美元的淨收入和 EBITDA 貢獻，而世界撲克大賽已於去年第三季出售。因此，現在我們將此次出售對 EBITDA 比較的影響完全按年計算。除了糟糕的持牌表現和世界撲克大賽收入損失對流通的影響之外，還有其他因素。

We had a number of other headwinds this quarter that included incremental state taxes, higher acquisition marketing spend and some bad debt. As we previously noted, there will be volatility across quarters. but we're on track to exceed our 50% target flow-through for the year.

本季我們還面臨其他一些不利因素，包括州稅增加、客戶獲取行銷支出增加以及一些壞帳。正如我們之前提到的，各季度之間會有波動，但我們預計將超過全年50%的目標轉換率。

Our core KPIs remained strong during the quarter. Specifically in sports, total parlay mix improved approximately 210 basis points year-over-year and we saw growth in average legs per parlay and a higher cash out mix versus the prior year period.

本季我們的核心KPI保持強勁。具體來說，在體育賽事方面，總串關投注比例同比提高了約 210 個基點，我們看到每串關的平均投注場次有所增長，並且兌現比例也比上年同期有所提高。

In addition, we realized volume growth of 6%, a notable sequential improvement, which was unfortunately more than offset by the negative sports outcomes our industry experienced in September. In eye Casino, we delivered 29% net revenue growth driven by continued strength in volume and average monthly active users.

此外，我們的銷量成長了 6%，這是一個顯著的環比增長，但不幸的是，這一增長被我們行業在 9 月遭遇的負面體育賽事結果所抵消。在 eye Casino，我們實現了 29% 的淨收入成長，這主要得益於交易量和平均每月活躍用戶的持續強勁成長。

We continue to evaluate -- or elevate our product offering during the two quarters to include new in-house games, improved bonusing capabilities and elevated live dealer product. We look forward to a redesigned Horseshoe online casino update in Q4.

在接下來的兩個季度裡，我們將繼續評估或提升我們的產品，包括推出新的內部遊戲、改進的獎勵機制和升級的真人荷官產品。我們期待 Horseshoe 線上賭場在第四季度進行重新設計更新。

Overall, in Q3, our total monthly unique payers increased 15% to 460,000, from a tech perspective, we continue to convert new jurisdictions to our universal digital wallet and proprietary player account management system, which is now live in 22 states.

整體而言，第三季我們的每月獨立付費用戶總數成長了 15%，達到 46 萬人。從技術角度來看，我們繼續將新的司法管轄區轉換為我們的通用數位錢包和專有玩家帳戶管理系統，該系統目前已在 22 個州上線。

The enhancement gives our customers a significant upgrade to their wagering experience. Pending regulatory approval, we plan for the Missouri State sports betting launch December of this year to be the first state where we offer a shared wallet experience to our customers from day one.

這項改進將顯著提升我們客戶的投注體驗。待監管部門批准後，我們計劃於今年 12 月在密蘇裡州推出體育博彩服務，這將是我們第一個從一開始就為客戶提供共享錢包體驗的州。

We continue to expect a complete rollout of our universe of wallet product on our proprietary TAM by early 2026. As we head into Q4 and 2026, I'm pleased with the significant progress on the technology side of the business is driving strong volumes in both sports and iCasino.

我們仍然預計到 2026 年初，我們將全面推出我們專有 TAM 上的錢包產品系列。隨著我們進入第四季度和 2026 年，我對公司在技術方面取得的重大進展感到滿意，這些進展正在推動體育博彩和 iCasino 業務的強勁增長。

The continued progress in all areas is showing up in our top line results and our focus on spending efficiency will drive solid flow-through to EBITDA. We continue to see a business capable of driving 20% top line growth with 50% flow through to EBITDA, which keeps us on track to achieve our long-term goals. I'll now pass the call over to Bret for comments on the balance sheet.

各領域的持續進步已體現在我們的營收業績中，我們對支出效率的關注將為 EBITDA 帶來穩健的成長。我們持續看到公司有能力實現 20% 的營收成長，並將 50% 的利潤轉化為 EBITDA，這將使我們朝著實現長期目標的方向穩步前進。現在我將把電話轉給布雷特，請他對資產負債表發表評論。

Thanks, Eric. In addition to redeeming $546 million of senior notes during the quarter, we repurchased $100 million of stock, including October activity. We've now repurchased close to $400 million of stock since mid '24, shrinking our share base by 6%.

謝謝你，埃里克。除了在本季贖回 5.46 億美元的優先票據外，我們還回購了 1 億美元的股票，其中包括 10 月的回購活動。自 2024 年年中以來，我們已經回購了近 4 億美元的股票，使我們的股本減少了 6%。

Our balance sheet remains in great shape with our nearest maturity in 2028, and a floating rate debt mix that will continue to benefit from interest rate cuts. Our weighted average cost of debt currently sits at just over 6%. We expect to continue using our strong and growing free cash flow to both reduce debt and opportunistically repurchase stock. Turning it over to Tom.

我們的資產負債表狀況依然良好，最近的到期債務是 2028 年，我們採用浮動利率債務組合，這將繼續受益於降息。我們目前的加權平均債務成本略高於 6%。我們預計將繼續利用強勁且不斷增長的自由現金流來減少債務並擇機回購股票。交給湯姆了。

Thanks, Bret. To jump into a little more detail. We told you on the last call that Vegas was going to be a soft summer. It was a soft summer. Our ADR was down a little over 6% occupancy percentage -- our occupancy was down about 5 percentage points.

謝謝你，布雷特。讓我們更詳細地探討一下。我們在上次電話會議中告訴過你，拉斯維加斯今年夏天會比較冷清。這是一個溫和的夏天。我們的平均房價入住率下降了 6% 多一點——我們的入住率下降了約 5 個百分點。

So that's about 90,000 room nights for us that flows through all of the nongaming pieces of the business. On the gaming side, volumes held in pretty well. slot handle was down only 2%, even though we had 90,000 less room nights. I hate talking about hold, but this is a quarter where you can't get away without talking about hold. Hold was down almost 600 basis points in Vegas in the quarter.

所以，我們所有非博彩業務加起來大約有 9 萬個房間夜。博彩方面，交易量維持得相當不錯。儘管客房入住晚數減少了9萬晚，但老虎機投注額僅下降了2%。我討厭談論持倉，但在這個季度，你無法避免談論持倉。本季度，拉斯維加斯的Hold指數下跌了近600個基點。

On a year-over-year basis, it impacted us a little over $30 million. And it's -- and there were another 10 -- a little over $10 million of onetime items that benefited us last year that don't repeat the largest of those being cancellation of the sponsorship contract on the Planet Hollywood live theater in Vegas.

與上年同期相比，這給我們造成了略高於 3000 萬美元的影響。還有另外 10 項——去年為我們帶來收益的一次性項目略超過 1000 萬美元，這些項目不會重複發生，其中最大的一項是取消了拉斯維加斯好萊塢星球現場劇院的贊助合約。

The quarter got better throughout. So July was the worst month of the quarter. August got better, September got better. What we told you when we talked to you in the beginning of the quarter was it would be soft. We would expect recovery in the fourth quarter, that is what we are seeing.

本季整體情況有所改善。所以7月份是本季最糟糕的一個月。八月情況好轉，九月情況也越來越好轉。本季初我們跟你談的時候就說過，情況會比較輕鬆。我們預計第四季會出現復甦，而我們也看到了這種復甦的跡象。

Our cash room revenue forecast for the quarter is down just slightly cash room revenues in the third quarter were down a little over 11%. So that's considerable improvement. A lot of that is the group calendar that Anthony referenced.

我們對本季現金室收入的預測略有下降，第三季現金室收入下降了略超過 11%。所以這是一個相當大的進步。其中許多內容都與安東尼提到的團隊行程有關。

We have some Caesars-specific groups that benefit us, not necessarily the entire market. We had the Oracle conference that was in 3Q last year and was in early October this year. And then we have BravoCon coming up as the quarter continues.

我們有一些凱撒專屬的客戶群體，這些群體對我們有利，但不一定對整個市場有利。去年第三季我們舉辦了Oracle大會，今年10月初又舉辦了一次。隨著本季的進行，接下來還有 BravoCon 大會。

F1 for us is looking considerably better than it did last year than it performed last year, not as good as year one, but up from last year. The headwind for the remainder of the year is New Year's Eve is middle of the week this year, which is not particularly helpful calendar-wise.

對我們來說，F1 的表現比去年好得多，雖然不如第一年好，但比去年有所進步。今年剩餘時間面臨的不利因素是，今年的新年夜是周中，這在日曆上不太有利。

But other than that, we see Vegas coming back strongly. I know that's a big question has been a big question. Again, what we laid out in July of soft summer recovery in the fourth quarter, continued recovery in the first quarter is still what we see today.

但除此之外，我們認為拉斯維加斯將會強勁復甦。我知道這是一個大問題，一直以來都是個大問題。再次強調，我們在 7 月預測的第四季夏季溫和復甦，以及第一季持續復甦，仍然是我們今天所看到的。

Group should be, as Anthony said, a record in '25 versus '24. That's largely on the strength of the fourth quarter, and then first quarter should be a new all-time record ahead of '25 -- I'm sorry, '26 should be a full-time -- a new record for the full year ahead of '25 largely on strength in the first quarter of the year. So it was a difficult summer.

正如安東尼所說，該隊在 2025 年的成績應該會比 2024 年創下紀錄。這主要得益於第四季度的強勁表現，而第一季應該會創下新的歷史紀錄，然後 2025 年——抱歉，應該是 2026 年——全年會創下新的紀錄，這主要得益於第一季度的強勁表現。所以，那是一個艱難的夏天。

There is definitely -- has been softness in leisure demand for Las Vegas in the summer months, particularly in properties that I would view as price takers those that are -- as you go down the customer spectrum or you move out from the center of the strip demand for those were soft.

拉斯維加斯夏季的休閒需求確實有所疲軟，尤其是一些我認為是價格接受者的酒店——隨著顧客群的減少或遠離拉斯維加斯大道中心地帶，這些酒店的需求也變得疲軟。

Premium has held up better, but it's the return of group business in the fourth quarter and first quarter that allows rate compression that brings us back to a much healthier-looking market as we look at this quarter and into '26.

保費表現較好，但第四季和第一季團體業務的回歸使得費率壓縮成為可能，這讓我們在展望本季和 2026 年時，看到一個更健康的市場。

For regionals, we talked about how last quarter we've embarked on increase in marketing reinvestment starting in properties that were competitively impacted and moving beyond that as we saw what was working as the quarters go by. I think I've said this to you a number of times, you'll see us refine that take out what's not working expand what is to more markets.

對於區域性企業，我們討論了上個季度我們如何開始增加行銷再投資，首先從受到競爭影響的物業入手，然後隨著季度的推移，根據我們觀察到的成效逐步擴大投資範圍。我想我已經跟你說過很多次了，你會看到我們不斷改進，剔除無效的部分，並將有效的部分推廣到更多市場。

We have a lot of test and control out all of the time. And you can see better flow-through. You would have seen even better flow-through if we had held both brick-and-mortar and Vegas hold percentage was the lowest that it's been in over three years, and that's particularly unusual in regional, regional is pretty -- is pretty stable.

我們一直都有大量的測試和控制措施。而且可以看到更好的流通效果。如果我們同時持有實體店和拉斯維加斯的股份，你會看到更好的流通情況。拉斯維加斯的持股比例是三年多來的最低水平，這在區域性市場中尤其不尋常，區域性市場相當穩定。

But what we're seeing in regional is the flow-through of the marketing is improving. You should expect that to continue to grow -- to continue going forward and demand in regional is pretty solid. Like we have no complaints about what we're seeing in regional.

但我們在區域層級看到的是，行銷的滲透效果正在改善。預計這種成長勢頭將會持續下去，而且區域需求相當強勁。我們對目前在區域內看到的情況沒有任何不滿。

In Digital, obviously, we've got the sports outcomes that have been -- there's been a lot of conversation about those both here and elsewhere, so I won't belabor those. We're happy with where we are margin-wise, happy to see us growing handle iGaming continues to perform quite well. So all of our goals remain in front of us in terms of what we've laid out for digital and fully expect that we'll get there. So we feel good about that story as well.

在數位領域，顯然，我們已經看到了體育賽事的結果——無論是在這裡還是其他地方，都有很多關於這些結果的討論，所以我就不再贅述了。我們對目前的利潤率感到滿意，很高興看到我們的業務成長，iGaming 的表現也持續相當不錯。因此，我們所有在數位化方面所設定的目標仍然擺在我們面前，我們完全相信我們能夠實現這些目標。所以我們也對這個故事感到滿意。

And then in terms of free cash flow, you should expect that we'll remain balanced in using our free cash flow between paying down debt and repurchasing our stock. At current levels, our stock is attractive to us. You should expect us to be active as we go through the remainder of the year. And with that, I'll open it up to questions.

至於自由現金流方面，您可以預期我們將保持自由現金流在償還債務和回購股票之間的平衡使用。以目前的價位來看，我們的股票對我們來說很有吸引力。預計我們在今年剩餘的時間都會保持活躍。接下來，我將開放提問環節。

(Operator Instructions)

（操作說明）

Brandt Montour, Barclays

布蘭特·蒙圖爾，巴克萊銀行

Hi, good afternoon, everybody, and thanks for taking my question. So Tom and team, I want to start with Las Vegas. And I want to just sort of dig into some of the comments that you made, Tom, specifically around leisure demand.

大家好，下午好，感謝各位回答我的問題。湯姆和團隊，我想先從拉斯維加斯開始。湯姆，我想深入探討你之前發表的一些評論，特別是關於休閒需求的觀點。

And I heard positive leisure recovery, but I also heard that the group fill-in is most of the sequential improvement that you are looking for or seeing into the fourth quarter. And so maybe you could highlight some other metrics in terms of how we should think about is sort of very near-term sequential leisure recovery, whether that's bookings, four weeks out, occupancy, et cetera, or anything else that might be helpful there.

我聽說休閒活動有所恢復，但我也聽說，在第四季度，你所期待或看到的連續改善主要體現在群體填補方面。因此，或許您可以重點介紹一些其他指標，以便我們思考近期休閒旅遊的連續復甦情況，例如預訂量、未來四周的預訂量、入住率等等，或其他任何可能有所幫助的指標。

Yeah. So when we talked to you last quarter, we're looking at the same forward booking calendar that we can see. Now looking at that point, it looked particularly soft, which is why we told you we were expecting a soft summer that came in when you adjust for hold about where we anticipated it would be. As we sit -- and if you think about sequentially and the quarter that you're in. Because it's the third quarter, it's a leisure-dominated quarter.

是的。所以，上個季度我們和你們談話時，我們看到的還是同樣的預訂日曆。現在看來，當時的天氣狀況特別溫和，所以我們才告訴你們，我們預計今年夏天天氣會比較溫和，而實際情況也確實如此，考慮到天氣狀況基本上符合我們的預期。當我們坐著的時候——如果你按順序想想你所在的季度。因為現在是第三季度，所以這是一個以休閒娛樂為主的季度。

There's not a lot of group business in Vegas when the weather is particularly hot relative to other quarters. And that leisure customer continued to get better during the quarter. July was the worst, August built on that. And then September, October has continued, but that leisure customer is still softer on a year-over-year basis.

當拉斯維加斯的天氣相對於其他地區來說特別炎熱時，團體業務並不多。而且，休閒娛樂客戶在本季持續成長。7 月情況最糟，8 月情況更糟。9 月和 10 月的情況依然如此，但休閒遊客的數量與去年同期相比仍然偏低。

The difference is what you get in group activity allows us to compress rate much better than we were able to in the third quarter, and you don't have nearly the amount of miss in occupied rooms. We have 90,000 in the third quarter, about 500 basis points of occupancy. Our occupancy looks better and our rate looks better than it did third quarter.

差別在於，小組活動使我們能夠比第三季更好地壓縮入住率，而且入住房間的空房率也大大降低。第三季入住率達 9 萬，約 500 個基點。我們的入住率和房價都比第三季有所提升。

Great, thanks for that. And maybe moving over to regional. You guys put up a hold adjusted regional number that did show growth, and you had told the market that you were promoting more last quarter and perhaps rolling out promos to less -- more impacted -- more nonsupply-impacted markets.

太好了，謝謝。或許還會晉升到區域賽。你們公佈了經調整後的區域業績數據，顯示確實實現了成長。你們曾告訴市場，上個季度你們加大了推廣力度，並可能將促銷活動推廣到受影響較小、供應不受影響的市場。

But it looks like that hasn't started yet or you're getting pretty good returns on those tactics. And so I guess the question is, -- are you -- is this the type of flow-through that we can expect from this program, whether it's supply impacted or nonsupply impacted markets as you sort of move through the evolution of those new programs.

但看起來這種情況還沒開始發生，或者說這些策略已經取得了相當不錯的成效。所以我想問的是，——這是否是我們能夠從該計劃中預期到的那種影響，無論是在受供應影響的市場還是不受供應影響的市場，隨著這些新計劃的演變，這種影響都會出現。

Yes, Brandt, that's a great question. And we would expect as the quarters go by, we become more efficient in that marketing you're dialing back more that's not working and expanding what does. And I want to be clear, there was a sense that we were getting into some sort of promo war I heard that from a lot of investors. The way we look at it in most of our -- in all of our markets, Caesars Rewards is the most impactful customer program that there is among any operator.

是的，布蘭特，這是一個很好的問題。我們預計隨著季度的推移，我們在行銷方面會變得更加高效，減少無效的行銷活動，並擴大有效的行銷活動。我想澄清一點，很多投資人都感覺到我們之間似乎要陷入某種宣傳戰。在我們大多數市場——或者在我們所有的市場中，凱撒娛樂獎勵計劃都是所有營運商中最有影響力的客戶計劃。

In many of our markets, we have a property as well that is better than others. So that's higher quality. So if you think about the way marketing works, you may lean on those advantages a little bit and say, I'm not going to be as generous in my give back as others, and you're still going to perform quite well.

在我們許多市場中，我們也有一些房產比其他房產更好。所以品質更高。所以，如果你思考一下行銷的運作方式，你可能會稍微利用這些優勢，然後說，我不會像其他人那樣慷慨地回饋社會，但你仍然會取得相當不錯的業績。

I think that, that gap got to be a little larger than we needed it to be in properties that were not competitively impacted. So I would think of what we're doing is kind of taking up that slack, not entering into a promotional war.

我認為，在那些未受競爭影響的房產中，這種差距可能比我們需要的要大一些。所以我認為我們正在做的，是填補這個空白，而不是捲入一場宣傳大戰。

And we're not seeing significant response from competitors that suggest that this is going to keep going higher. What I'd expect you'd see going forward is what you saw this quarter where the flow-through from that revenue growth continues to look better as the quarters move on.

而且我們也沒有看到競爭對手做出明顯的反應，這表明價格不會繼續上漲。我預期未來幾季的情況會和本季類似，營收成長帶來的效益會隨著季度的推進而持續好轉。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

Hey, good afternoon, everyone. Thanks for taking my questions. I just want to go back to Vegas in that leisure customer. I mean, it sounds like things are getting a little bit better, just group is obviously helping in terms of compression. But I mean, how do you kind of look to stimulate that leisure customer?

大家好，下午好。謝謝您回答我的問題。我只想以休閒顧客的身份重返拉斯維加斯。我的意思是，聽起來情況正在好轉一些，顯然團隊在壓縮方面起到了幫助作用。但我的意思是，你該如何吸引休閒消費者呢？

Do you think that there are structural issues in Las Vegas that need to be addressed in terms of pricing. And then it sounds like in terms of fourth quarter, things have gotten better. So I don't know if there's any way to kind of frame kind of that bouncing off of the third quarter in terms of some kind of broad estimates

你認為拉斯維加斯的定價機制是否有需要解決的結構性問題？聽起來，第四季的情況有所改善。所以我不知道有沒有辦法用一些大致的估計來概括第三季的反彈情況。

Yeah. So on the pricing question, we price hundreds, thousands of items across Vegas every day from obviously rooms and restaurants to ATM fees to everything that you purchased in Vegas. And we're constantly adjusting them. What was interesting -- there's a few things that are interesting to me in that conversation.

是的。所以關於定價問題，我們每天在拉斯維加斯對成百上千種商品進行定價，從酒店客房和餐廳到 ATM 取款手續費，再到你在拉斯維加斯購買的所有商品。我們一直在不斷調整它們。有趣的是──那次談話中有幾件事讓我覺得很有趣。

And I don't discount that. There are areas in our business and in Las Vegas that got -- might have gotten over their skis pricing-wise. But to put it in context, we're in a quarter where while we're talking about pricing and degradation of demand. Our occupancy percentage was over 90% in the quarter. It's stronger as we move into fourth quarter.

我並不否認這一點。我們行業和拉斯維加斯的一些地區在定價方面可能已經走得太遠了。但要放在具體的背景下來看，我們正處於一個季度，在這個季度裡，我們正在討論價格和需求下降的問題。本季入住率超過 90%。進入第四節後，情況會更加嚴峻。

But most interestingly, while those stories were out there, most days that you read those stories, you could have gotten a room in Vegas for $29 plus a resort fee on the Strip. So there's a there's a value trade -- and what's great about Vegas is there's something for everybody.

但最有趣的是，當這些故事流傳開來的時候，大多數時候，你可以在拉斯維加斯大道上花 29 美元加上度假村費用訂到一間房間。所以這裡存在著價值交換——拉斯維加斯最棒的地方在於，每個人都能在這裡找到自己喜歡的東西。

Sean McBurney, our Regional President out here, who does such a fantastic job. He uses the example of -- you can come see Paul McCartney and pay $500-plus a ticket, the same weekend that you're going to see -- you can see Donny Osmond for $60. So there's something that every price point.

我們這裡的區域總裁肖恩·麥克伯尼（Sean McBurney）工作非常出色。他舉例說——你可以去看保羅麥卡尼的演唱會，一張票要花 500 多美元，而同一個週末，你也可以去看唐尼奧斯蒙德的演唱會，票價只要 60 美元。所以每個價位都有適合你的產品。

And keep in mind, in a quarter where we're -- it was undeniably soft versus last year, and we're glad to see it coming back in the fourth quarter. It doesn't take a lot to turn that back the other way. You're talking about 5 percentage points of occupancy got us to a 10% decline in adjusted EBITDA, you don't need much to swing back the other way to where you're right back to where you were before.

請記住，本季度我們——與去年相比無疑比較疲軟，我們很高興看到它在第四季度有所回升。要扭轉這種局面並不需要太多努力。你說入住率下降 5 個百分點就導致調整後 EBITDA 下降 10%，那麼只需要一點點變化就能讓情況急轉直下，回到以前的水平。

So -- and one more point. We're talking about a quarter where we did about $400 million of adjusted EBITDA in the third quarter, so the summer in Vegas. That quarter typically premerger was $300 million to $320 million of EBITDA. So this is still a very strong market. It offers something for every price point.

所以——還有一點。我們說的是第三季度，我們調整後的 EBITDA 約為 4 億美元，也就是拉斯維加斯的那個夏天。合併前該季度的 EBITDA 通常為 3 億美元至 3.2 億美元。所以這仍然是一個非常強勁的市場。它能滿足各種價位的需求。

I'm sure when you're pricing thousands of things every day as we are and our peers are, it's going to be easy to find things where you say, look at how much this bottle of water costs. But the value proposition in Vegas stacks up versus just about anywhere that you could want to travel and what you can do in -- while you're in town is the breadth of what's available, you cannot line that up with any city in the world. So we feel fantastic about Vegas fundamentally. And we think it won't be very long until that's a story where we'll be talking about. Remember when -- remember the summer when we talked about $25 bottle of water and -- that's not what was driving activity.

我相信，當我們和我們的同行每天都要對成千上萬種商品進行定價時，很容易就會發現一些商品，比如你會說：“看看這瓶水要多少錢。”但拉斯維加斯的性價比幾乎可以媲美任何你想去的地方，而且你在城裡能做的事情之多，是世界上任何一個城市都無法比擬的。所以，從根本上來說，我們對拉斯維加斯的感覺非常好。我們認為，不久之後，我們就會開始談論這件事了。還記得嗎？還記得那個夏天，我們討論的是 25 美元一瓶的水，但這並不是推動市場活動的原因。

Right. Okay. That's really helpful detail. just pivoting to Regionals, this is more of a high-level one. But obviously, in terms of that more promotional strategy, and I get it's kind of more short-term oriented, but how did you kind of think through that versus maybe the puts and takes of putting more capital into the ground at some of these properties to improve the amenities if there would have been a return on that as opposed to just being more promotional?

正確的。好的。這個細節真的很有幫助。接下來我們來談談區域賽，這方面的內容更偏向高水準。但顯然，就這種更注重促銷的策略而言，我知道它更側重於短期效益，但你是如何權衡利弊的呢？例如，如果把更多資金投入這些房產的基礎建設中，改善配套設施，如果這樣做能帶來回報，而不是僅僅進行更多的促銷活動？

Yeah. I mean we since the merger, we have invested $3.1 billion in just our regional assets, $2.8 billion of that is in the 16 properties that generate 75% of our regional EBITDA. So the properties that have been less touched by capital, and all of them have been touched are those that are pretty small, may not have hotel.

是的。我的意思是，自合併以來，我們僅在區域資產上就投資了 31 億美元，其中 28 億美元投資於 16 個物業，這些物業貢獻了我們區域 EBITDA 的 75%。因此，那些受資本影響較小的房產（所有受資本影響的房產都是規模較小的房產，可能沒有飯店）。

I think the -- if you look at the regional capital investment across us and our peers, we've outpaced everybody in the last five years. And we're really in -- let's harvest those investments and let's give people a reason to come and see them.

我認為——如果你看看我們和同行之間的區域資本投資，你會發現我們在過去五年裡已經超越了所有人。我們真的要全力以赴——讓我們收穫這些投資，並給人們一個來參觀的理由。

You spend the capital. Keep in mind, these are properties that are in somebody's neighborhood. They pass it or they pass the billboard every day for 10, 15, 25 years. If you put the money that we put into these properties, over the past five years, the customer is not going to automatically know it, unless you stimulate a visit, get them into the property, and that's what we see is as we reactivate customers that didn't know the money that was put in New Orleans being a great example.

你花掉了資金。請記住，這些房產位於某人的社區內。他們每天都會經過它，或者說每天都會經過廣告牌，持續 10 年、15 年、25 年。如果你把過去五年我們投入這些房產的資金，客戶不會自動知道，除非你促使他們參觀，讓他們入住這些房產。我們看到，當我們重新啟動那些不知道我們投入了這麼多資金的客戶時，新奧爾良就是一個很好的例子。

You start to see organic momentum build because you're showing customers a property that's different than they remember. And so that investment has been made. This is the -- this is the message of, hey, come and see us and see what we've done. And what we see out of that is organic follow through. And like I said, this doesn't -- this doesn't happen neatly in 90-day periods.

因為你向客戶展示了一處與他們記憶中不同的房產，所以你開始看到自然成長勢頭。因此，這項投資已經完成。這就是——這就是我們想傳達的訊息：嘿，來看看我們，看看我們都做了什麼。而我們從中看到的是自然而然的後續行動。就像我說的，這件事不會——這件事不會在90天的周期內順利發生。

This stuff happens over a longer period of time, but we are particularly encouraged by the trends that we're seeing that suggests that what we're doing is working and driving more aggregate cash flow, which is the goal of this whole enterprise. That's

這類事情需要較長時間才能發生，但我們特別受到目前趨勢的鼓舞，這些趨勢表明我們正在做的事情是有效的，並推動了更多的總現金流，而這正是我們整個企業的目標。那是

Got it. That's great context. Shannon, for Q&A, we've got a lot of people in the queue. Can we just have everybody ask one question and then circle back if possible.

知道了。這提供了很好的背景資訊。香農，問答環節前面排了很多人。我們能不能讓每個人問一個問題，然後盡可能輪流回答？

Steven Pizzella, Deutsche Bank.

史蒂文‧皮澤拉，德意志銀行。

Hey, good afternoon, and thanks for taking my question. Just wanted to ask on the regional performance. From the state level data, it looked like trends decelled a little bit in September from July and August levels. Did you see that in your business, and then how do you think about the fourth quarter from a cost perspective for Regionals given we saw an acceleration of the data starting in October of last year.

嗨，下午好，謝謝你回答我的問題。想問一下區域賽的表現。從州級數據來看，9 月的趨勢似乎比 7 月和 8 月的水平略有放緩。您在業務中是否也看到了這種情況？考慮到我們從去年 10 月開始看到資料加速成長，您如何看待區域業務第四季的成本？

So the September question, recall that last year, Labor Day Sunday was in September and this year, it was in August. So that's one of the biggest weekends of the summer, and that's a significant calendar shift. So I would look at August numbers and September numbers together. The only market I can think of that saw a significant shift in demand in September was Atlantic City. The rest of the countries performed kind of as you'd expect.

所以，關於九月份的問題，請記住，去年勞動節星期日是在九月份，而今年是在八月。所以這是夏季最重要的周末之一，也是日曆上的一個重大變化。所以我會把八月的數據和九月的數據放在一起看。我能想到的唯一一個在9月需求有顯著變化的市場是大西洋城。其他國家的表現基本上符合預期。

Cost side, I don't have anything in particular to call out on the regional side, what you -- in terms of driving incremental margin, that will be a function of as we refine our marketing as we move through the quarters, you should expect flow-through and margin to increase.

成本方面，我沒有特別要指出的地方；至於區域方面，就提高利潤率而言，隨著我們逐步改善行銷策略，利潤率和傳遞效應將會提高。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hi there, thanks for taking the question. I guess big picture, longer term or for next year, specifically for Vegas. There's a lot of moving pieces. You've got the capital investments you mentioned, some good guys from conferences, but also maybe one or two comments leaving the system, macro TBD, high level, I know it's early, but just curious how you're thinking about how those kind of puts and takes play out to Vegas next year.

您好，感謝您回答這個問題。我想是從大局出發，長遠角度或明年來看，特別是針對拉斯維加斯的情況。牽涉的環節很多。您提到了一些資本投資，也提到了一些來自會議的優秀人士，但可能也有一兩條評論會離開系統，宏觀層面待定，我知道現在還早，但我只是好奇您如何看待這些買賣交易明年在拉斯維加斯會如何發展。

Yeah. The big question, Lizzie, is the consumer, is this leisure demand -- are we going to see it continue to improve and recover? Or do we stall at some point that's shy of where we were before. That's a difficult question to answer. That's a macroeconomic question.

是的。莉齊，最大的問題是消費者，這種休閒需求——我們會看到它繼續改善和復甦嗎？或者我們會停滯在某個地方，未能達到我們之前的高度。這是一個很難回答的問題。這是一個宏觀經濟問題。

I know that the mix will be better for us, in particular, recall that we have the State Farm conference early in the second quarter, which is a particularly large conference for us to drive significant EBITDA and then you've got the market-wide stuff that's well understood.

我知道這樣的組合對我們來說會更好，特別是，別忘了我們在第二季初有 State Farm 會議，這是一個對我們來說非常重要的會議，可以推動 EBITDA 大幅成長，然後還有大家都很了解的市場整體情況。

But the -- we're now, what, four months into this step-down in leisure demand for Vegas, and we're -- while we're better than we were in July, we're still not back to where we were on a year-over-year basis. So that will be the question in '26 in my mind is how quick does that recover.

但是——拉斯維加斯休閒需求下滑已經持續了四個月了，雖然比七月的情況要好，但與去年同期相比，我們仍然沒有恢復到之前的水平。所以，在我看來，2026 年的問題就是，這種情況能以多快的速度恢復。

David Katz, Jefferies.

David Katz，傑富瑞集團。

I just wanted to double back on digital, if I may, for the fourth quarter. I know that the sequential cadence can be tricky where there is some preseason spending in 3Q. I recall a comment, Tom, that indicated the fourth quarter should be super strong. We're still focused on kind of that run rate of $500 million by the fourth quarter. If you could just update us there, please?

如果可以的話，我想在第四季重新重視數位化。我知道，在第三季進行一些季前賽支出的情況下，順序節奏可能會比較棘手。湯姆，我記得有人說過，第四季應該會非常強勁。我們仍專注於在第四季實現 5 億美元的營收目標。你能不能在那邊更新一下狀況？

Yeah. The big swing factor there, David, is game outcomes. Obviously, we had a fourth quarter -- or third quarter that wasn't great. We're 4 of 13 weekends into the fourth quarter. That was -- outcomes have not gotten substantially better.

是的。大衛，關鍵在於比賽結果。顯然，我們第四季——或者說第三季——表現不佳。第四季已經過了13個週末中的4個。也就是說，結果並沒有顯著改善。

So we are hold for the first 4 weekends was above last year's hold, but below our budgeted hold. So that will have an impact on where the fourth quarter comes in. But this -- the -- as you have seen sports outcomes are particularly volatile. So I wouldn't take 4 of 13, whether it's positive or negative as determinative at this point, but that's where we stand as we sit here today.

因此，前四個週末的持股量高於去年同期，但低於我們的預算。所以這將對第四季的業績產生影響。但是，正如你所看到的，體育比賽的結果尤其不穩定。所以，我不會把 13 場比賽中的 4 場作為決定性的因素，無論是正數還是負數，但這就是我們今天所處的局面。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Hi, everyone. Maybe, Eric, I wanted to circle back to your prepared remarks. I think you were kind of dissecting the quarter a little bit and had mentioned, if I heard it correctly, some higher acquisition marketing spend in the quarter. If I heard that correctly, I'm wondering if you could elaborate a little bit, was that kind of expected or unexpected? And was that more customers than you thought getting on board? Just curious if you could give us a little bit more color there.

大家好。艾瑞克，或許我想再談談你準備好的演講稿。我認為你當時對本季的情況進行了一些分析，如果我沒聽錯的話，你還提到本季在客戶獲取行銷方面的支出有所增加。如果我沒聽錯的話，您能否再詳細說明一下，這種情況是意料之中的還是意料之外的？實際加入的客戶數量比你預想的要多嗎？我只是好奇您能否再詳細解釋一下。

Sure. Yeah, it wasn't kind of unexpected. It was spend that as we went through the quarter, we steadily increased heading into football and heading into a strong acquisition period for the iCasino side. We acquired a lot more customers during the period as a result of that spend. We believe that over time, those -- that spend will come to fruition with the lifetime values of the customers.

當然。是的，這倒也不算太出乎意料。隨著季度的推進，我們在足球賽季開始前穩步增加了支出，同時也為iCasino方面進入了一個強勁的收購期。由於這筆支出，我們在此期間獲得了更多的客戶。我們相信，隨著時間的推移，這些支出將轉化為客戶的終身價值。

However, in the period in which we spent it, it shows up as a drag. And so because on a year-over-year basis, -- we did increase the spending. I wanted to call that out as one of the reasons why the flow-through was challenged in the quarter.

然而，在我們實際度過的這段時間裡，它卻顯得很拖沓。因此，從同比來看，我們的支出確實增加了。我想指出這是本季業績下滑受到挑戰的原因之一。

Steven Wieczynski, Stifel.

Steven Wieczynski，Stifel。

Yeah, hey guys, good afternoon. So Tom, why don't I go back to the regional reinvestment and ask that question maybe a little bit differently. But it's one of the questions we get a lot from investors is the fact that when you were at Eldorado and you were out buying things like [capri] , I mean you were kind of known as the kind of the king of cutting promotions and basically getting your peers to kind of do the same thing and I understand that was kind of a smart business decision.

嗨，大家好，下午好。那麼湯姆，我不如回到區域再投資的話題，換個角度再問這個問題吧。但投資人經常問我們的一個問題是，當你還在 Eldorado 時，你四處收購像 [capri] 這樣的品牌，我的意思是，你當時被認為是削減晉升的王者，基本上讓你的同事也這樣做，我理解這是一個明智的商業決策。

Now you're somewhat kind of pivoting away from that, and you mentioned a lot of that decision is tied to total rewards and the power of that platform. So I know you said that hasn't started a promotional war yet, but just trying to get a little bit more color as to what gives you the confidence that doesn't eventually happen?

現在你似乎在某種程度上偏離了那個方向，你也提到，這個決定很大程度上與總回報和平台的實力有關。我知道你說過這還沒有引發宣傳戰，但我只是想更詳細地了解一下，是什麼讓你如此自信，認為這種情況最終不會發生？

Well, I mean we see it down to the granular customer level what the customer responding to what -- whether they're not responding to -- the point I was trying to make is, in most markets, there's going to be a gap between what we're spending and what our peers are spending, but we're going to be spending less. That gap in hindsight may have gotten too wide.

我的意思是，我們可以看到，在細粒度的客戶層面，客戶對什麼做出反應——或者他們是否沒有反應——我想表達的觀點是，在大多數市場中，我們的支出與同行的支出之間會存在差距，但我們的支出會更少。事後看來，這種認知上的差距可能太大了。

And so -- what you're seeing is recovery in that, not one up in ship. And when you change that, it's like when you make an investment, the customer notices that you're making an effort to win their business and all of the reasons that they came to the property before into the rewards program are -- make them sticky when you get them back.

所以——你看到的是復甦，而不是船上的某個人。當你改變這一點時，就像你進行投資一樣，客戶會注意到你正在努力贏得他們的生意，而他們之前來這裡的所有原因都加入了獎勵計劃——這樣當他們再次光顧時，就會更加忠誠。

So this is this evolves every day. You're competing in these markets all the time. I would say the level of discipline throughout the business is far better than it was before we started this, and we're not seeing anything that suggests that this needs to keep climbing higher and higher.

所以這種情況每天都在改變。你一直都在這些市場中競爭。我認為，整個公司的紀律水平比我們開始這項工作之前要好得多，而且我們沒有看到任何跡象表明這種紀律水平需要繼續提高。

And you should be able -- you should start to -- or you can start to see that in the flow through as we go through the quarters that -- this quarter was better than last quarter, and you'd expect -- I would expect that to continue.

你應該能夠——你應該開始——或者你可以開始看到，隨著季度的推進，這個季度比上個季度要好，而且你會期望——我期望這種情況會繼續下去。

Barry Jonas, Truist

Barry Jonas，Truist

Hey guys, some of your competitors are looking at the predictive markets. What's your view there for Caesars Digital? And have you seen any impact as these markets are starting to make inroads into sports?

嘿，夥計們，你們的一些競爭對手正在關注預測市場。你對凱撒數位娛樂公司有何看法？隨著這些市場開始進入體育領域，您是否觀察到任何影響？

Yeah. To answer your second part first. So far, we haven't seen any impact. I suspect most of the volume that they're generating is coming from states that don't have legalized sports betting. And then there's probably some on the margin that is coming from the legalized states that we might not have been able to access anyway, like 18 to 21-year-old and that type of customer demographics. In terms of the overall plan, we're actively watching it.

是的。先回答你的第二個問題。目前為止，我們還沒有看到任何影響。我懷疑他們產生的交易量大部分來自那些體育博彩尚未合法化的州。此外，可能還有一些來自合法化州的邊緣群體，我們本來可能無法接觸到他們，例如 18 至 21 歲及類似的客戶群。就整體計劃而言，我們正在密切關注。

As we've said before, we can't be out on the lead on this one. We're going to monitor it, make sure that we're not left behind if there's regulatory clarity and that we have a good plan in place. or should that outcome happen.

正如我們之前所說，我們不能在這件事上落後。我們會密切關注事態發展，確保在監管政策明朗化後不會落後，並制定完善的應對方案，以防萬一出現這種情況。

But in terms of our current actions when there's still uncertainty, and I'm sure you've seen some of the letters from the regulatory agencies, our best approach at this point is to monitor it, put our plans in place, make sure that we're adequately resourced and be ready to move if there's a legalization definition in either direction.

但就我們目前仍存在不確定性的情況而言，我相信你們也看到了一些監管機構的來信，我們目前最好的做法是密切關注事態發展，制定計劃，確保我們擁有充足的資源，並做好準備，無論合法化定義朝著哪個方向發展，都要立即採取行動。

Yeah. We will not put any of our licenses at risk. We believe what's happening in prediction markets is sports gambling. If there is a -- if there's a path that develops where we can participate in a way that doesn't put licenses at risk, you should expect we would be -- we are preparing -- would be prepared to go down that path, but we're watching it the same as you want.

是的。我們絕不會拿我們的任何許可證冒險。我們認為預測市場中發生的就是體育賭博。如果——如果能找到一條我們可以參與且不會危及許可證的途徑，你應該會期待——我們正在準備——準備好走這條路，但我們和你一樣也在密切關注。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everybody, and thanks for taking my question. Tom or Eric, just wondering if we could get your thoughts or help on sort of both the seasonality of the digital segment as we kind of move into Q4 because it is a peak sport season. Obviously, you mentioned we appreciate there's some outcome headwinds, but just more broadly, how you'd expect that to trend?

大家好，下午好，感謝各位回答我的問題。Tom 或 Eric，我們想聽聽你們對數位行銷領域季節性變化的看法或幫助，因為我們即將進入第四季度，因為這是體育賽事的旺季。顯然，您提到我們意識到存在一些不利因素，但更廣泛地說，您預計這種趨勢會如何發展？

And then secondarily, if you could, Eric, given the lean-in on marketing, this kind of in this period, your thoughts around customer acquisition as we move into next year, especially as digital wallet is kind of up and running and just you feel really good about the product.

其次，艾瑞克，鑑於目前行銷的重點，你對明年客戶獲取方面有什麼看法？尤其是在數位錢包已經上線運行，你對這款產品感覺非常好的情況下。

So I'll -- let me take the seasonality question. Obviously, fourth quarter is your highest volumes given that it's football season and football dominates sports betting, the way that we account for our partnerships is that those -- that spend hits during a play.

那麼，我就來回答季節性問題吧。顯然，第四季是交易量最高的季度，因為這是足球賽季，而足球在體育博彩中佔據主導地位。我們對合作夥伴的統計方式是，那些——在比賽期間的投注額。

So if you think about some of our large contracts that will roll off in '26. The bulk of that expense hit in the fourth quarter. So it makes volatility it makes volatility in hold -- sports hold outcomes more impactful because you're carrying a bigger fixed cost than we're carrying in any other quarter of the year. But then I'll let Eric take the rest.

所以，想想我們一些將在 2026 年到期的大合約。大部分支出發生在第四季。因此，它使得體育賽事的波動性——尤其是比賽結果的波動性——影響更大，因為你承擔的固定成本比一年中任何其他季度都要高。但剩下的就交給艾瑞克吧。

Yeah. And then in terms of the marketing spend, I would expect it to go back to normal levels for Q4 versus prior year. So nothing -- no incremental acquisition spend along those lines versus kind of where we were trending prior to that.

是的。至於行銷支出方面，我預計第四季將恢復到與去年同期相比的正常水平。所以，沒有任何新增的獲客支出──與我們之前的趨勢相比，並沒有增加這方面的支出。

But to your point about heading into next year, I would say the vast majority of our marketing spend has traditionally been earmarked towards the direct channels like Facebook, Google, Snap, those types of things, and very more limited on the brand side.

但就你提到的明年而言，我想說，我們絕大多數的行銷支出歷來都用於 Facebook、Google、Snap 等直接管道，而品牌方面的投入則非常有限。

I think to your point, with the app in the shape that it is and with the shared wallet now being active in nearly every state and will be in the first quarter. There is an opportunity to do a little bit more of the top of funnel type advertising because the retention rates are going up and the customer response to the app is improving.

我覺得你說的沒錯，就目前應用程式的形態而言，共享錢包現在幾乎在每個州都已投入使用，並且將在第一季繼續投入使用。由於用戶留存率不斷提高，用戶對應用程式的回饋也在改善，因此有機會增加一些漏斗頂端類型的廣告投入。

So I would look at that mostly as a shift, though, not necessarily as incremental spend, but we'll evaluate it as we go through. And if we're getting really short paybacks on certain spend. We might increase it slightly, but I wouldn't anticipate anything major next year.

所以我認為這主要是一種轉變，而不是支出的增加，但我們會邊做邊評估。如果我們在某些​​支出上只能獲得非常短的回報期。我們可能會略微提高，但我預計明年不會有任何重大調整。

And it's -- Shaun, that's similar to what I just talked about in Regionals, right? And our we did our big brand campaign in '21 when sports betting kicked off, and our app was not as competitive as it needed to be versus our peers.

肖恩，這和我剛才在地區賽上講的內容很相似，對吧？我們在 2021 年體育博彩興起時開展了大型品牌推廣活動，但我們的應用程式與同行相比還不夠有競爭力。

We've done a lot of work in getting the app up to par, culminating with shared wallet, as you pointed out, we need to give that customer a reason to take a look again. And so that's kind of the top of funnel that Eric is referring to.

我們做了很多工作來完善應用程序，最終實現了共享錢包功能，正如您所指出的，我們需要給客戶一個再次使用該應用程式的理由。所以，這就是艾瑞克所指的漏斗頂部。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Hey, thank you. Two quick follow-ups on digital. Just given you've seen a lot of moving parts in the regulatory environment across brick-and-mortar and digital, what do you see as the key milestones you're watching for to get comfort on the prediction markets?

嘿，謝謝。關於數位領域的兩個快速後續問題。鑑於您已經看到實體店和數位領域的監管環境有很多變化，您認為在預測市場中，您關注的關鍵里程碑是什麼？

Is it really just waiting until we get maybe all the way to the Supreme Court? Or are there other things that could happen between now and then? And then given the outsized wins on behalf of consumers, are you seeing any change in how much money is being kept in accounts that might be indicative of future wagers or strength further into the football season?

難道真的要一直等到最高法院嗎？或者，從現在到那時之間是否還會發生其他事情？鑑於消費者獲得了巨大的收益，您是否觀察到帳戶中的資金量發生了任何變化，這可能預示著未來足球賽季的投注或投注力度？

So I'll do the first one to have Eric do the second one. I wish there would be a point of clarity and certainty in the near term around prediction markets. It seems like the path this is going to go on will ultimately be decided at the court level, ultimately, the Supreme Court level.

所以我先做第一個，然後讓艾瑞克做第二個。我希望預測市場在短期內能更清晰明確。看來這件事最終會如何發展，最終將由法院層面，甚至是最高法院層級來決定。

And I'd expect that there's going to be rulings that go in both directions along the way. And ultimately, if something gets appealed up to the Supreme Court, there is a states' rights versus federal rights question here that's larger than just sports betting that might argue that the court takes it up relatively quickly.

我預計過程中會出現正反兩方面的裁決。最終，如果某個案件上訴到最高法院，這裡就涉及到州權與聯邦權的問題，這個問題比體育博彩本身要大得多，這可能會促使最高法院相對迅速地接受此案。

There's also the argument there's a lot of stuff bubbling up to the Supreme Court and maybe this gets pushed back further than we'd like. But we -- I would expect we're going to be in this cloudy period for quite some time.

還有一種說法是，目前有很多事情正在向最高法院醞釀，這可能會比我們希望的進一步推遲。但是，我預計我們將在這段陰霾時期持續相當長一段時間。

And then on the second part of the question, we -- after customers have a good weekend, we do see the balances higher. It doesn't necessarily persist all that much over time. They tend to either draw them down or recycle it throughout the week and into the next weekend.

至於問題的第二部分，我們發現，在客戶度過一個愉快的周末後，帳戶餘額確實會更高。隨著時間的推移，它不一定會一直持續下去。他們要么會把這些東西消耗掉，要么會在一周內甚至到下一個週末循環利用。

But there is definitely a loose correlation between the customer outcomes and the volume, as you'd expect when the hold goes down. But I would say that the outcomes of the customers in well as to their favor, our core volume growth was still much stronger than in prior periods. So that -- the entire result wasn't driven by the customer outcomes.

但正如你所預期的那樣，當訂單量下降時，客戶結果和訂單量之間肯定存在一定的相關性。但我認為，對於客戶而言，結果也是有利的，我們的核心銷售成長仍然比以往時期強勁得多。所以，最終結果並非由客戶回饋驅動。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Hi, good afternoon. Thanks for taking my question. During the quarter, I know the city ran a few ad campaigns, not sure if that stimulated demand. So A, I wanted to ask about that. And then secondly, is this something that you think we could be could continue to see throughout 2026 to just help the perception of value for some of those customers that have fallen away.

您好，下午好。謝謝您回答我的問題。我知道本季市政府進行了一些廣告宣傳活動，但不確定這是否刺激了需求。所以A，我想問這個問題。其次，您認為這種情況在 2026 年是否還能持續下去，以幫助一些流失的顧客重新認知到產品的價值？

Yes to both, Chad. So we participated in the sale that you're referring to. Our bookings picked up considerably during that sale. So it was effective and we know that LVCVA intends this to be an ongoing campaign. So you should expect this not to be one shot in terms of the messaging around value in Las Vegas.

是的，兩個問題都回答對了，查德。所以我們也參與了您提到的那次促銷活動。促銷期間，我們的預訂量大幅增加。所以這項活動是有效的，我們知道拉斯維加斯會展和旅遊局打算將這項活動持續下去。因此，你應該預料到，在拉斯維加斯，圍繞價值的宣傳不會是一蹴可幾的。

Jordan Bender, Citizens.

喬丹本德，市民。

Hey everyone, good afternoon. There's been some movement in the M&A market. Is your -- as you think about your leverage and your footprint in Las Vegas, I just want to check your temperature around potential asset sales in Las Vegas? And then also how you think about the Caesars Forum put-call agreement outstanding.

大家好，下午好。併購市場出現了一些動靜。您在考慮自身在拉斯維加斯的影響力和業務規模時，我只是想了解一下您對在拉斯維加斯潛在資產出售的看法？還有，您如何看待凱撒論壇未平倉的看跌-看漲期權協議？

The call option, the put-call option is you should expect that if that's exercised, it would be called by VICI. I'd anticipate that they'd be doing that towards the end of that period of time. And -- but I don't want to speak for them. We choose the rent, it would be -- we would choose the lowest rent then. We're able to choose.

買權，也就是看跌-買權，你應該預期如果該選擇權被行使，VICI 將會執行該選擇權。我預計他們會在那段時間的末尾這樣做。但是——但我不想代表他們發言。我們來選擇租金，我們會選擇最低的租金。我們有能力做出選擇。

In terms of M&A, we would -- we're never closed. So if there was something that made sense for us, I'd say we're open to talking about each and every asset but we are not actively involved in marketing a Vegas asset.

在併購方面，我們——我們永遠不會關閉大門。所以，如果有什麼對我們有意義的事情發生，我想說我們願意討論每一項資產，但我們目前並沒有積極參與拉斯維加斯資產的營銷。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

Hi everyone, thank you for taking my question. We've seen some OpEx pressure this quarter and last. And as you start budgeting for next year, are there certain expenses outside maybe the marketing that we've hit on that you all are going to spend more time thinking about for 2026.

大家好，感謝大家回答我的問題。本季和上季我們都看到了營運支出方面的一些壓力。在您開始為明年制定預算時，除了我們已經提到的行銷費用之外，還有哪些費用是您需要花更多時間考慮的 2026 年支出？

I mean, labor is always our biggest and we're constantly looking to optimize labor across the enterprise. We're well into the union contracts in both Vegas and Atlantic City. So you're kind of a manageable increases as we move forward. There's nothing that -- that stands out as you asked that question to me.

我的意思是，勞動力始終是我們最大的成本，我們一直在尋求優化整個企業的勞動力。我們在拉斯維加斯和大西洋城的工會合約都已正式生效。所以，隨著我們不斷推進，成長幅度基本上可以控制。你問我的這個問題，並沒有特別突出的地方。

But if you're looking at labor in the 10-Q, specifically in the regional segment, that's not exactly same store because you've got Danville New Orleans in there, and there were some onetime benefits in the prior year quarter. So it's not really a same-store number. if you're looking at that labor line in the queue.

但如果你查看 10-Q 中的勞動力數據，特別是區域細分市場的數據，那並不完全是同一家門市的情況，因為其中包含了丹維爾新奧爾良門市，而且上一季還有一些一次性收益。所以，如果你看的是排隊等候的那條人工成本線，那麼這並不是一個真正的同店數據。

Yeah. So Danville and New Orleans are both substantial integrated resorts that had Danville wasn't open in New Orleans was much smaller last year.

是的。所以丹維爾和新奧爾良都是規模相當大的綜合度假勝地，去年丹維爾還沒有開業，而新奧爾良的規模要小得多。

Thank you. And we've run out of time. I would now like to turn the call back over to Tom Reeg for closing remarks.

謝謝。時間已經不夠了。現在我謹將電話交還給湯姆·里格，請他作總結發言。

Thanks, everybody. We'll see you next time.

謝謝大家。我們下次再見。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。