Caesars Entertainment Inc (CZR) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Caesars Entertainment Inc. 2026 first-quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加凱撒娛樂公司（Caesars Entertainment Inc.）2026 年第一季財報電話會議。（接線員指示）敬請注意，今日會議將進行錄音。

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.

現在我想把會議交給今天的發言人——企業財務、資金與投資人關係資深副總裁 Brian Agnew。請開始。

Well, thank you, Daniel, and good afternoon to everyone on the call. Welcome to our conference call to discuss our first-quarter 2026 earnings.

好的，謝謝你，Daniel，也向所有參與電話會議的各位致上下午好。歡迎參加我們的電話會議，一同討論 2026 年第一季的財報表現。

This afternoon, we issued a press release announcing our financial results for the period ended March 31, 2026. A copy of the press release and our investor presentation are available in the Investor Relations section of our website at investor.caesars.com.

今天下午，我們已發布新聞稿，公布截至 2026 年 3 月 31 日期間的財務結果。新聞稿與投資人簡報可於我們網站 investor.caesars.com 的投資人關係（Investor Relations）專區取得。

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

如同往常，今天與我一同參與電話會議的有：我們的執行長 Tom Reeg；總裁兼營運長 Anthony Carano；財務長 Bret Yunker；凱撒體育與線上（Caesars Sports & Online）總裁 Eric Hession；以及投資人關係 Charise Crumbley。

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

在我把電話交給 Anthony 之前，我想提醒各位，在今天的電話會議中，我們可能會依據聯邦證券法的安全港條款（safe harbor）作出某些前瞻性陳述，而這些陳述可能會或可能不會實現。

Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. Please visit our press 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.

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（SEC）Regulation G 所定義的某些非 GAAP 財務衡量指標。請造訪我們投資人關係網站上所刊載的新聞稿，以取得各項非 GAAP 財務衡量指標與可比較之 GAAP 財務衡量指標之間差異的調節表。

And finally, Caesars Entertainment as a matter of policy does not comment on market rumors or speculation. We will not be answering any questions during Q&A today on this topic.

最後，凱撒娛樂依公司政策不評論市場傳聞或臆測。今天在問答環節中，我們不會就此主題回答任何問題。

Over to Anthony.

交給 Anthony。

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

謝謝你，Brian，也向所有參與電話會議的各位致上下午好。

Caesars delivered solid results for the first quarter of 2026 as consolidated net revenues of $2.9 billion increased $77 million or 3% year over year. Adjusted EBITDAR of $887 million improved by $3 million over the prior year. Highlights for the quarter include continued sequential improvements in operating trends in Las Vegas, revenue and EBITDAR growth in the regional segment after excluding the impact of the Super Bowl in New Orleans last year and record Q1 revenues and EBITDA in our Digital segment.

凱撒在 2026 年第一季交出穩健成果：合併淨營收 29 億美元，年增 7,700 萬美元（或 3%）。調整後 EBITDAR 為 8.87 億美元，較去年增加 300 萬美元。本季亮點包括：拉斯維加斯營運趨勢持續逐季改善；在排除去年紐奧良超級盃影響後，區域市場事業群的營收與 EBITDAR 成長；以及我們數位事業群創下第一季營收與 EBITDA 的歷史新高。

Starting in Las Vegas. The company delivered adjusted EBITDAR of $426 million versus $433 million last year. on flat revenues. We experienced a significant sequential improvement in the hospitality vertical in Q1 with occupancy of 95.3% in the quarter and year-over-year ADR growth of 1%. This marks a dramatic improvement versus the second half of 2025.

先從拉斯維加斯談起。公司調整後 EBITDAR 為 4.26 億美元，去年同期為 4.33 億美元；在營收持平的情況下。我們在第一季的旅宿（hospitality）垂直領域出現顯著的逐季改善，本季入住率為 95.3%，平均每日房價（ADR）年增 1%。相較於 2025 年下半年，這是大幅改善。

Occupancy and rate trends benefited from a strong group and convention lineup with group occupied room during the quarter. While leisure trends were still down on a year-over-year basis versus the second half of 2025. We remain focused on elevating our product offerings in Los Vac.

入住率與房價趨勢受惠於強勁的團體與會展檔期，本季團體入住房間數表現亮眼。雖然休閒旅遊趨勢在年比基礎上仍較弱，相較於 2025 年下半年。我們仍專注於提升我們在 Los Vac 的產品供給。

Our newly renovated villas at Caesars Palace guest room product and casino floor remodels continue to generate excellent feedback from our guests. Looking ahead, I'm excited for the opening of the Omnia day club at Talison May 15. The full remodel of the Augustus Tower at Ceasars Palace for completion by early 2027 and the opening of Category 10 by Luke Combs later this year.

我們在凱撒宮（Caesars Palace）全新翻修的別墅、客房產品以及賭場樓層改裝，持續獲得賓客極佳回饋。展望未來，我很期待 Omnia 日間俱樂部於 5 月 15 日在 Talison 開幕；凱撒宮 Augustus Tower 的全面翻修預計於 2027 年初完成；以及 Luke Combs 的 Category 10 於今年稍晚開幕。

For the remainder of 2026, we continue to forecast sequential improvement in Las Vegas operating trends driven by group and convention mix and stabilizing leisure trends.

在 2026 年剩餘期間，我們仍預期拉斯維加斯營運趨勢將逐季改善，動能來自團體與會展組合，以及休閒需求趨於穩定。

Moving to our regional segment. The company reported net revenues of $1.4 billion, a 3% increase year over year and adjusted EBITDAR of $435 million, down $5 million from the prior year. The regional segment delivered improved EBITDAR results versus last year after excluding the benefit of the Super Bowl New Orleans last year. Our targeted marketing reinvestment strategy within our regional segment continues to deliver positive results, driving increases in rate play in Q1.

接著看我們的區域市場事業群。公司淨營收為 14 億美元，年增 3%；調整後 EBITDAR 為 4.35 億美元，較去年減少 500 萬美元。在排除去年紐奧良超級盃帶來的效益後，區域市場事業群的 EBITDAR 較去年呈現改善。我們在區域市場事業群推動的精準行銷再投資策略持續帶來正面成果，推動第一季的投注率（rate play）提升。

On March 3, we closed on the acquisition of Caesars Windsor. Results of Ceasars Windsor are now included in our regional segment. Additionally, on April 9, we opened our newest managed property, Harris Oklahoma, which expands Ceasars Rewards to a new market. As we look ahead to 2026 in our regional segment, we expect to benefit from a group mix in Arena, the inclusion of Caesars Windsor, the completion of our $200 million Taco Master Plan renovation this month, hosting of select property events around the World Cup and continued return on investment on recent strategic marketing reinvestment.

3 月 3 日，我們完成 Caesars Windsor 的收購交割。Caesars Windsor 的業績現已納入我們的區域市場事業群。此外，4 月 9 日，我們開幕了最新的受託管理物業 Harris Oklahoma，將 Caesars Rewards 擴展至新市場。展望 2026 年的區域市場事業群，我們預期將受惠於 Arena 的團體組合、納入 Caesars Windsor、於本月完成 2 億美元的 Taco Master Plan 翻新工程、在世界盃期間於部分物業舉辦活動，以及近期策略性行銷再投資所帶來的持續投資報酬。

With the completion of our Tahoe Master Plan scheduled in June 2026, we will have successfully completed all major large planned regional CapEx projects since the completion of the merger back in 2020. in total, we have invested over $3 billion in CapEx into our regional portfolio over the last five years. Our regional portfolio is positioned to benefit from these investments moving forward.

隨著我們的 Tahoe Master Plan 預計於 2026 年 6 月完成，我們將成功完成自 2020 年合併完成以來所有主要的大型區域資本支出（CapEx）計畫。總計而言，過去五年我們已在區域投資組合投入超過 30 億美元的資本支出。我們的區域投資組合未來將可受惠於這些投資。

I want to thank all of our team members for their hard work this quarter. Their dedication to exceptional guest service continues to be the driving force behind our company's achievements.

我要感謝所有團隊成員在本季的辛勤付出。他們對卓越賓客服務的投入，持續成為推動公司成就的核心動力。

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

接下來，我把電話交給 Eric，請他分享我們數位事業群第一季表現的一些觀察。

Thanks, Anthony. Caesars Digital delivered record first-quarter net revenue and adjusted EBITDA of $374 million and $69 million, respectively. Flow-through during the quarter was strong at just over 66% and EBITDA margins expanded 566 basis points to 18.4%. Our results were driven by the following underlying KPIs during the quarter. On the sports side, net revenue was up 9%.

謝謝你，Anthony。Caesars Digital 在第一季創下淨營收與調整後 EBITDA 的歷史新高，分別為 3.74 億美元與 6,900 萬美元。本季流量轉換（flow-through）表現強勁，略高於 66%，EBITDA 利潤率擴張 566 個基點至 18.4%。我們的成果主要由本季以下關鍵 KPI 所驅動。在體育博彩方面，淨營收年增 9%。

Total volume declined 3% with mobile sports volume declining 1% with the declines more than offset by hold, which increased 100 basis points to 8.3%. In addition, parlay mix, average like per parlay and cash out mix all increased versus the prior year period.

總投注量下滑 3%，其中行動端體育投注量下滑 1%；但下滑幅度被更高的 hold 所抵銷，hold 上升 100 個基點至 8.3%。此外，串關（parlay）組合、每筆串關平均投注額，以及提前兌現（cash out）組合，均較去年同期提升。

In iCasino, we delivered 18% net revenue growth driven by strength in volume and average monthly active users. We continue to elevate our product offering during the quarter to include new in-house games, improved bonusing capability and incented cross-play with brick-and-mortar through our remote exclusive product launches and customer events.

在 iCasino 方面，我們實現淨營收年增 18%，主要受惠於投注量與平均每月活躍用戶數的強勁表現。我們在本季持續提升產品供給，包括推出新的自研遊戲、改善加碼（bonusing）能力，並透過遠端獨家產品上線與客戶活動，強化與實體據點的激勵式交叉遊玩（cross-play）。

Overall, in Q1, our total monthly unique players increased approximately 2% to 512,000 and average revenue per monthly player was up 15% to $219.

整體而言，第一季我們每月不重複玩家總數約增加 2% 至 512,000 人，每月每位玩家平均營收年增 15% 至 219 美元。

From a tech perspective, we continue to convert new jurisdictions to our universal wallet and proprietary player account management system, which is now live in 27 jurisdictions and should be live in all jurisdictions by the end of April this year. As we look ahead, I'm pleased with the significant progress on the technology side of the business is driving net revenue growth in both sports and iCasino.

從技術面來看，我們持續將新司法管轄區轉換至通用錢包（universal wallet）與自有玩家帳戶管理系統；該系統目前已在 27 個司法管轄區上線，並應可在今年 4 月底前於所有司法管轄區上線。展望未來，我對技術面取得的重大進展感到滿意，這正推動體育博彩與 iCasino 兩端的淨營收成長。

The continuous progress we're making is showing up in our consolidated digital top line results. The revenue growth, combined with our efficient customer acquisition spend and our focus on operational excellence drive solid flow-through to EBITDA. We continue to see a business capable of achieving 20% top line revenue growth with 50% flow-through to EBITDA, which keeps us on track to achieve our long-term financial goals.

我們持續取得的進展，已反映在合併口徑的數位營收表現上。營收成長結合我們高效率的客戶取得支出，以及對營運卓越的專注，帶動 EBITDA 的穩健流量轉換。我們持續看到此業務具備達成營收年增 20% 且 50% 流量轉換至 EBITDA 的能力，使我們維持在達成長期財務目標的軌道上。

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

接下來我把電話交給 Brett，請他就資產負債表提供一些評論。

Thanks, Eric. As Anthony mentioned, on March 3, we acquired the operations of Caesars Windsor for USD 54 million and entered into a 20-year operating agreement with the Ontario Lottery and Gaming Corporation. We are excited to add Caesars Windsor to our regional portfolio.

謝謝你，Eric。如 Anthony 所提，3 月 3 日我們以 5,400 萬美元收購 Caesars Windsor 的營運，並與安大略省彩券與博彩公司（Ontario Lottery and Gaming Corporation）簽訂 20 年期營運協議。我們很高興將 Caesars Windsor 納入我們的區域投資組合。

Our first-quarter consolidated results demonstrated the stability of our Las Vegas and regional segments and the continued growth in digital. We expect to deliver strong free cash flow in 2026 during the balance of the year as a result of continued operating momentum, lower cash interest expense and lower CapEx.

我們第一季的合併結果展現了拉斯維加斯與區域市場事業群的穩定性，以及數位業務的持續成長。由於營運動能延續、現金利息費用降低以及資本支出下降，我們預期 2026 年在今年剩餘期間將帶來強勁的自由現金流。

Over to Todd.

交給 Todd。

Thanks, Brett, and thanks, everybody, for joining. Happy with the start to the year, strong quarter for us. Vegas is obviously in a much healthier spot than it was kind of middle of last year. Starting the summer, still a tale of a very, very strong market when big events and groups are in town and softness when that isn't the case. I'd tell you, the ConAg week here was spectacular across the market have talked to our peers that saw the same.

謝謝你，Brett，也謝謝各位參與。我們對今年的開局感到滿意，這一季對我們而言表現強勁。拉斯維加斯顯然比去年年中時健康得多。進入夏季，仍然呈現一個很明顯的情況：當大型活動與團體在城裡時，市場非常、非常強；而在沒有這些因素時則會偏弱。我可以告訴各位，這裡的 ConAg 週在整個市場都非常精彩；我們也與同業交流過，他們看到的情況也一樣。

That's really a spectacular event and those types of groups, the entire city gets to participate. So we love those weeks, and we want to find more of them, we're working with the LVCVA to find more prospects that look like that.

那真的是一個非常精彩的活動，而那類型的團體能讓整座城市都一起受惠。所以我們很喜歡那樣的週期，也希望能找到更多；我們正與拉斯維加斯會展與觀光局（LVCVA）合作，尋找更多看起來類似的潛在客群。

As we look into second quarter, when I told -- when we met on our last earnings call, I told you I'd expect second quarter to be up slightly year over year. I'd tell you, April was a little softer than we anticipated, largely because we didn't hold like we did last year. So I'd say we'll still likely be just short of last year, but again, much healthier than it's been.

展望第二季，當我在上一次財報電話會議上告訴各位時，我說我預期第二季年對年會小幅成長。我也要跟各位說，4 月比我們預期稍微疲弱一些，主要是因為我們不像去年那樣「撐住」。所以我會說，我們仍可能略低於去年，但同樣地，狀況比過去健康得多。

And then we cycle into comps versus last summer as everybody remembers that was a tough summer in Vegas. Vegas is the FIT business continues to improve. Our bookings feel good. It just feels like a healthier market than it did say, 10 months ago for us. So we feel good there.

接著我們會進入與去年夏天的可比基期，大家都記得那是拉斯維加斯很艱難的一個夏天。拉斯維加斯的 FIT（散客）業務持續改善。我們的預訂感覺不錯。對我們而言，市場感覺比例如 10 個月前健康得多。所以我們對那邊的表現感到樂觀。

Regionals, if you recall, last year, we had the Super Bowl in New Orleans. That was a little over $10 million of incremental EBITDA that obviously didn't repeat with Super Bowl, not in one of our regional markets. But absent that, Regionals had a growing quarter, are off to a very strong start in April. So we feel good about regionals, the rest of the year.

區域市場方面，如果各位還記得，去年我們在紐奧良遇到超級盃。那帶來了超過 1,000 萬美元的增量 EBITDA，顯然今年不會重演，因為超級盃不在我們的任何一個區域市場。不過撇除這點，區域市場那一季仍是成長的一季，4 月也有非常強勁的開局。因此我們對區域市場今年剩餘時間的表現感到樂觀。

As Anthony said, our Tahoe redevelopment will be complete by the beginning of the third quarter. It's less disruptive than it was last year right now. We have the largest group of bowlers. Recall, that's a three-year cycle with this year being the largest. So group business sets up well in region. We feel very good about Regional.

如 Anthony 所說，我們的太浩湖（Tahoe）改造工程將在第三季初完成。相較去年，目前的干擾程度小很多。我們迎來了規模最大的保齡球團體。回想一下，這是三年一個循環，而今年是規模最大的一年。因此區域市場的團體業務布局良好。我們對區域市場非常有信心。

Eric talked about digital highlights, pleased with that quarter. I know others have pointed to prediction markets as an impact on customer acquisition costs. Recall that the bulk of our customer acquisition comes from our Caesars Rewards database. That's a particular advantage now. We're not swimming in those same pools that where production markets are making acquisition costs higher.

Eric 談到數位業務的亮點，我們對該季度表現感到滿意。我知道也有人指出預測市場（prediction markets）會影響客戶取得成本。請記得，我們大部分的客戶取得都來自 Caesars Rewards 資料庫。這在當下是一項特別的優勢。我們並沒有在那些預測市場推高取得成本的同一個池子裡競爭。

So you can see in our numbers, we had a very strong quarter, and we're off to a good start in second quarter as well. Also remember that we have some significant partnership expenses that roll off in '26. The bulk of those benefits will flow to us in the third and fourth quarter of this year and then into the first quarter of '27. So digital looks very strong.

所以你可以從我們的數字看到，我們有一個非常強勁的季度，第二季的開局也不錯。另外也請記得，我們有一些重大的合作夥伴費用會在 2026 年到期。這些效益的大部分將在今年第三、第四季反映到我們身上，並延續到 2027 年第一季。因此數位業務看起來非常強勁。

We're still on the path that we laid out a long time ago toward $500 million or more of EBITDA. With the completion of our capital cycle, we're in a free cash flow harvesting stage now. You've seen our capital expenditures come down we have been balanced between buying back stock and paying down debt.

我們仍走在很久以前所提出的路徑上，朝向 5 億美元或以上的 EBITDA 目標前進。隨著我們的資本支出週期完成，我們現在進入自由現金流收割階段。你們已經看到我們的資本支出下降；我們在庫藏股回購與償還債務之間維持平衡。

You'll see in the first quarter, we didn't buy back stock. First quarter for us is a heavy cash outflow quarter with our bonus payments, interest payments and then in this year's quarter, we spent the $50 million plus to buy out the Windsor contract. So you should expect, as we move forward through the year through our having free cash flow quarters, second through fourth then we'd be back to a balance between debt paydown and stock repurchase.

你們會在第一季看到，我們沒有回購股票。對我們而言，第一季是現金流出較大的季度，因為有獎金支付、利息支付；另外在今年這一季，我們還花了 5,000 萬美元以上買斷 Windsor 合約。因此你們可以預期，隨著今年往後推進、進入自由現金流為正的季度（第二季到第四季），我們將回到在償債與股票回購之間的平衡配置。

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

接下來我把時間交給提問。

(Operator Instructions) Dan Politzer, JPMorgan.

（接線員指示）Dan Politzer，摩根大通。

First, I wanted to talk about Las Vegas a bit. Tom, you said the market feels a bolter than maybe 10 months ago. Can you maybe talk about what specifically you're seeing? Is there signs of stabilization in that leisure category, mid weekend, high and low end just kind of parse out the market a bit in more detail?

首先我想談談拉斯維加斯。Tom，你說市場感覺比大約 10 個月前更「有力」。你能否談談你具體看到的是什麼？休閒（leisure）類別是否有穩定的跡象？例如平日/週末、中高端與低端等，能否更細緻地拆解一下市場？

Yes, I'd say leisure market has continued to get healthier from the kind of the lows of last summer. We'd expect to see typical -- back to typical Vegas seasonality as we get into the hot months. But that leisure customer does feel a little bit firmer than it did kind of each quarter since third quarter of last year.

是的，我會說休閒市場從去年夏天的低點以來持續變得更健康。隨著進入炎熱月份，我們預期會回到典型的拉斯維加斯季節性。不過，這類休閒客群確實比去年第三季以來每一季的感受都更為穩健一些。

As I said, it's a tale of weekends, weeks when the market has significant group events, significant sporting events, significant attractions, those are exceedingly strong, and we still do have weeks that are software weeks in April that were soft, where we just didn't have a great calendar in the market. But group business this year should be another record for us on top of last year's record. We're excited in May, the State Farm Conference comes back. for us, that will be a nice lift for us.

如我所說，這是一個「週末」的故事：當市場有大型團體活動、重大體育賽事、重要吸引力活動的那些週次，表現極其強勁；而我們在 4 月也仍有一些較疲弱的週次，當時市場行事曆不夠理想。但今年我們的團體業務應該會再創新高，並在去年創紀錄的基礎上再往上。5 月我們很期待 State Farm Conference 回歸；對我們而言，這會帶來不錯的提振。

And we feel better each quarter about how Vegas is performing. And I think the quarters of there's a downdraft that we're trying to catch up to our in the rearview mirror. I think it should be pretty stable going forward.

而且我們每一季都對拉斯維加斯的表現更有信心。我認為我們之前試圖追趕的那股下行氣流已經在後視鏡裡了。我覺得往後應該會相當穩定。

And in terms of high end versus low end, I think it's -- as I've said before, I think Center Strip in general, has held up the best. Either end of the strip has held up less well. High-end has held up better than low end but Center Strip has kind of trumped high end versus low and we don't have a big bifurcation between, say, Caesars Palace and Heras in terms of performance, it's all fairly uniform for us.

至於高端與低端，我認為——如我之前所說——一般而言，中段大道（Center Strip）的支撐力最好。大道兩端的表現相對較弱。高端比低端更能撐住，但中段大道的表現某種程度上又勝過單純的高端/低端之分。就我們而言，例如 Caesars Palace 與 Harrah’s 的表現並沒有很大的分化；整體相當一致。

Got it. And then more of a kind of high level one. Certainly you said you're going to be back in the market on share repurchases in the coming quarters. As you guys think high level philosophically about the value of the equity, can you just remind me or remind us of how you think about the proposition there? What do you think public equity investors are missing or overlooking as it comes to the stock valuation as you think about going back into the open market?

了解。接著是一個更高層次的問題。你們提到未來幾季會回到市場進行股票回購。從理念上來看，當你們評估股權價值時，可否提醒我/提醒大家你們如何看待這個命題？當你們考慮回到公開市場時，你認為公開股權投資人對於股價估值有哪些忽略或低估之處？

I mean, we're looking at the returns we can get through buying our stock. There's obviously a free cash flow yield associated with that. Paying down debt, we are still more levered than we would -- then would be our preference. So there's continuing an active desire to delever.

我的意思是，我們會看回購自家股票能帶來的報酬，這顯然對應到一個自由現金流殖利率。另一方面，償還債務方面，我們的槓桿仍高於我們——高於我們偏好的水準，所以我們仍持續有積極去槓桿的意願。

And then we have returns on growth capital projects. And as free cash flow comes in, we design which is the most attractive use of that cash flow. And as has been the case in the last year or so, the answer has typically been some mix of share repurchase and debt repayment, and that's what we'd expect going forward.

此外，我們也會評估成長型資本專案的報酬。當自由現金流進來時，我們會判斷哪一種用途最具吸引力。過去一年左右的情況也是如此，答案通常是股票回購與償債的某種組合，而我們預期未來也會如此。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Hello, everybody. Maybe starting with regional, Tom, I was wondering if you could give us some comments on that customer and how they're sort of faring in this environment with slightly higher gas prices. Obviously, we have stimulus that started coming in better. But the March data industry-wide did seem to slow and now there are some calendar issues just Sort of how do those sort of puts and takes sort of net out for you guys and what you're seeing on the ground?

各位好。也許先從區域市場開始，Tom，我想請你評論一下那邊的客戶，在目前環境下（汽油價格略高）他們的狀況如何。顯然，刺激金開始發放後情況有所改善。但從全產業來看，3 月數據似乎放緩，現在也有一些行事曆因素。對你們而言，這些利多與利空如何相互抵銷？你們在第一線看到的是什麼？

I would say the consumer in general, but particularly the regional consumer has been remarkably resilient through the noise that we've seen in the last couple of months. Regional business in general feels firm, we feel very good about what we're seeing there and what we see going forward. We do have some idiosyncratic stuff in Northern Nevada, in particular. That's a tailwind for us. But across the board, regionals feel pretty good for us.

我會說整體消費者，尤其是區域市場的消費者，在過去幾個月我們看到的各種雜音之下，展現出驚人的韌性。整體區域業務感覺穩健，我們對目前所見以及未來走勢都很有信心。我們在北內華達（Northern Nevada）確實有一些較具特殊性的因素，對我們是順風。但整體而言，區域市場對我們來說感覺相當不錯。

Okay. Great. And then maybe for Eric, you said, Eric, that the digital is still capable of doing 20% top line. You guys reported in top line, the low teens in the first quarter. but you gain share and sort of beat the industry on the iGaming side. So how do you get back to that 20% overall net revenue in the current environment?

好的，很好。接著可能問 Eric：你說數位業務仍有能力做到 20% 的營收成長。你們第一季的營收成長是低十位數（low teens），但你們在 iGaming 端市占提升、表現也優於產業。那在目前環境下，你們要如何回到整體淨營收 20% 的成長？

Yes. I think the first quarter, our sports volumes being down 1% lower than we would expect for the long term. I think it's just annualizing some of the effects from last year with the Super Bowl being in New Orleans, and the teams may be being not as exciting for people for the Super Bowl caused some of that. And then in addition, the high hold increases offset some of the handle growth.

是的。我認為第一季我們的體育博彩交易量（sports volumes）年減 1%，比我們長期預期略低。我覺得這只是把去年一些影響因素年化：例如超級盃在紐奧良，以及可能參賽隊伍對觀眾而言沒那麼有吸引力，導致部分影響。此外，較高的 hold（莊家贏率）上升也抵銷了部分投注額（handle）成長。

But I think if you have mid-single-digit handle growth and then the iCasino side continuing to grow like it is, that's how we can get to that 20% range. As you saw, we grew much faster than the 50% from a flow-through perspective. So some months and quarters will have a flow-through that's going to be higher like we did this quarter. And we don't need to get that 20% revenue growth to get the bottom line growth that we're targeting.

但我認為，如果投注額有中個位數成長（mid-single-digit），再加上 iCasino 端持續如目前這樣成長，我們就能回到 20% 左右的區間。如你所見，從流入利潤（flow-through）的角度，我們成長速度遠快於 50%。因此某些月份與季度的 flow-through 會更高，就像本季一樣。而且我們不需要達到 20% 的營收成長，也能達到我們所鎖定的獲利成長。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

Just going back to Vegas for a second. There was a lot of talk last year about bringing value back to Vegas, and we've seen one of your peers bring out these all-inclusive packages and whatnot to kind of stimulate that leisure consumer. I'm curious where you are in that kind of process of any kind of pricing changes or how you think about that in terms of bringing back the leisure consumer more in the remainder of the year?

回到拉斯維加斯的話題一下。去年有很多討論是要把「價值」帶回拉斯維加斯，我們也看到你們的一些同業推出了這些全包式套裝方案等等，某種程度上是為了刺激休閒旅客的需求。我想了解你們在這方面的進度如何——不論是任何定價調整，或是你們如何看待在今年剩餘時間把休閒客群帶回來？

Yes. The team is doing a great job here in Vegas looking at all of our properties and welcoming guests at every price point, we've got the all you can eat drink at a number of our properties on the east side. We've taken a look at price up and down all of our properties. And I think we're in a pretty good spot to attract every guest to Las Vegas.

是的。我們在拉斯維加斯的團隊做得非常好，檢視我們所有的物業，並在各個價格帶都歡迎賓客；我們在東側的多個物業也提供「吃到飽、喝到飽」的方案。我們也檢視了旗下各物業的價格上調與下調。我認為我們目前處在一個相當好的位置，能吸引各類型的旅客來拉斯維加斯。

And Lizzie, keep in mind, I know that narrative has been out there quite a while. We were over 95% occupancy this quarter. So we feel very good about where we are in terms of price value.

另外，Lizzie，也請記得，我知道這個敘事已經流傳一段時間了。我們本季的住房率超過 95%。所以就價格與價值的定位而言，我們對目前的狀況感到非常有信心。

Got it. Got it. And then just on the regional side, you're kind of lapping some one timers in 2Q and you've got some of these renovations you mentioned, Matahu and whatnot kind of coming online. Any way to think about that, at least sizing some of these impacts from these renovations that you've been doing and how much that can benefit the remainder of the year?

了解。了解。接著談區域市場這邊，你們在第二季會遇到一些一次性因素的比較基期，另外你提到的一些整修案，像是 Matahu 之類的也會陸續上線。你能否談談該如何看待這些因素——至少在量化你們這些整修帶來的影響，以及它們能在今年剩餘時間帶來多少助益？

Yes, I'd rather not get that granular on a per property basis, but I would say I'd expect regional to be a healthy grower through the year and second quarter is off to a good start.

是的，我寧可不要細到逐一物業的層級來談，但我會說，我預期區域市場在今年會是健康的成長動能，而第二季目前開局也不錯。

Barry Jonas, Truist.

Barry Jonas，Truist。

I just wanted to dig into that all-inclusive package a little bit more. You recently started out at some of your lower-end properties, I guess what are your expectations there? Should we think of it as sort of a breakeven proposition, but hopefully, you'll get upside from gaming? Just curious to dig in on that a little more.

我想再深入問一下全包式套裝方案。你們最近在一些較低端的物業開始推出，我想問你們對此的預期是什麼？我們是否應該把它視為大致打平的方案，但希望能從博彩收入帶來上行？只是想更深入了解一下。

Yes. We're not pricing anything to break even, Barry. We're looking to be profitable in everything that we do. We know what each room in the portfolio, all 20,000 of them, we would expect when you're filled, how much that generates in revenue regardless of what they paid to get in the door.

是的。我們不會把任何產品定價成只能打平，Barry。我們做的每一件事都希望能獲利。我們知道投資組合裡每一間客房——總共 20,000 間——在滿房時我們預期能產生多少營收，而這與客人為了進門所支付的價格無關。

So you should think of this as when you're in your software periods where there's not significant group lift that this is a way to bring in people profitably, you shouldn't view them as a loss leader or even a breakeven proposition for us.

所以你應該把這視為：在淡季、沒有顯著團體客帶動的期間，這是一種能以獲利方式把人帶進來的方法；你不應把它看成是虧本引流，甚至也不是打平的方案。

Great. That's helpful. And then just for a follow-up. Curious if there's been any progress made in looking for some sort of solution to the VICI lease coverage issues you've talked about in the past?

很好，這很有幫助。接著追問一下：你們過去談過 VICI 租約覆蓋率的問題，想請問在尋找某種解決方案方面，有沒有任何進展？

Yes. I appreciate the question. As I said last quarter, I don't want to be providing a blow-by-blow every 90 days about talks that may or may not be happening between us and VICI. Everybody is well aware of where that lease sits. And when the two of us have something to report, I'll come back to you. I'm not going to -- I'm not going to keep updating every quarter, but I understand and appreciate the question. Barry.

是的，謝謝你的問題。正如我上季所說，我不想每 90 天就對我們與 VICI 之間可能正在、也可能沒有在進行的討論做逐條更新。大家都很清楚那份租約目前的狀況。等到我們雙方有可以對外報告的內容時，我會再回來跟你說。我不會——我不會每一季都持續更新，但我理解也感謝你的提問，Barry。

David Katz, Jefferies.

David Katz，Jefferies。

Sorry, just got myself unmuted. You've talked about this a little bit, but I wanted to just go out in a slightly different angle. Within the regional gaming, it's obvious the opportunities you have, where you deployed some capital. there have been a handful of properties that have seen some competition. How have you evolved and deployed your strategies to compete specifically in those markets where there's been some head-on competition?

抱歉，我剛剛才把自己解除靜音。你們已經稍微談到一些，但我想從另一個角度問。在區域博彩業務方面，你們投入資本的地方顯然有機會；同時也有少數物業面臨一些競爭。對於那些出現正面競爭的市場，你們的策略是如何演進並加以部署，以便在那些市場中競爭？

Yes. We start with service, David, providing the best service in the industry. We've got Caesars Rewards, which we think is our largest acquisition and retention tool. And then as we've spoken to over the past few quarters, we've tweaked our marketing reinvestment, especially at competitive properties to become more competitive.

是的，David，我們從服務開始，提供業界最好的服務。我們有 Caesars Rewards，我們認為這是我們最大的獲客與留客工具。然後如同過去幾季我們提到的，我們也調整了行銷再投資，特別是在競爭激烈的物業上，以提升競爭力。

We've ramped that down quarter by quarter over the past four quarters and to get more efficient. But the teams have done a fantastic job in our competitive markets. retaining our customers, delivering excellent service and giving them reasons to come visit a Caesars property versus one of the new competitors.

在過去四個季度，我們逐季把那部分拉下來，以提高效率。但我們在競爭市場的團隊做得非常出色：留住客戶、提供卓越服務，並給客人理由來造訪 Caesars 的物業，而不是去新的競爭對手那裡。

Understood. I know the mantra is sort of ramping down capital. But are there any singles and doubles type projects that may be out there in the regions to think about in the future? And how might we reflect those?

了解。我知道你們的口號大概是逐步降低資本支出。但在區域市場未來是否還有一些「小步快跑」類型的專案可以期待？我們應該如何在模型中反映？

Yes, David, we're over $3 billion of capital in the last five years into the regional markets, the bulk of that into the properties that generate 80%-plus of our regional EBITDA. So if there's a thought that there's deferred capital out there in our portfolio that doesn't reflect what you see on the ground and what you see in the investments that we've made in the last five years.

是的，David，過去五年我們在區域市場投入了超過 30 億美元的資本，其中大部分投入在那些貢獻我們區域 EBITDA 80% 以上的物業。所以如果有人認為我們的投資組合裡存在大量遞延資本支出，這與你在現場看到的狀況、以及我們過去五年所做的投資並不相符。

There is no big group of projects around the corner. This is normal capital cycle stuff as you come off a large capital expenditure program that's as broad-based as ours was. It's natural that you then spend some time harvesting that cash flow and then deciding what your next wave would be, but that's a couple of years away at a minimum at this point.

目前沒有一大批專案就在轉角等著。這只是正常的資本循環：當你完成像我們這樣廣泛的大型資本支出計畫後，很自然會花一段時間去收割現金流，然後再決定下一波要做什麼；但就目前而言，那至少還要再過幾年。

John DeCree, CBRE Capital Advisors.

John DeCree，CBRE Capital Advisors。

I wanted to ask a question about Caesars Rewards, I think earlier in the call, you mentioned it's one of your primary customer acquisition channels for your online business. I think it was relative to sports, but I assume the same for iCasino. Tom or Eric, can you tell us kind of where you are in terms of the penetration of that database as we think about kind of the growth targets going forward? Is there a lot more customer activation head? Is it more about just getting greater monetization from customers in the database, if you could elaborate, that would be helpful.

我想問一個關於 Caesars Rewards 的問題。我記得在電話會議前面你提到，它是你們線上業務的主要獲客管道之一。我想那是相對於體育博彩而言，但我假設 iCasino 也是一樣。Tom 或 Eric，你們能否談談：就未來成長目標來看，這個資料庫的滲透率目前到什麼程度？是否還有很多客戶啟動（activation）的空間？還是更偏向於從資料庫中的客戶取得更高的變現（monetization）？如果能多說一些會很有幫助。

Yes, I would say that we continue to get better, but there's still a gigantic opportunity in converting customers in our database that are primarily brick and mortar with us. and play digitally elsewhere and bringing them into the fold. When we first launched our app on the sports side and frankly, on the iCasino side before Caesars Palace online, the experience lagged our peers.

是的，我會說我們持續在變得更好，但把我們資料庫中主要是線下（實體）客戶、卻在其他平台進行數位遊戲的客人轉換過來，仍然有巨大的機會。當我們最初推出體育博彩 App，以及坦白說在 Caesars Palace Online 上線之前的 iCasino 產品時，我們的體驗確實落後於同業。

That's no longer the case. So it's going to those customers to get another look. And what we find is brick-and-mortar customer that shows up in digital for us increases their brick-and-mortar spend with us. I don't think that's because they gamble more. I think it's because we're consolidating wallet share. That's true of across the Caesars Rewards database.

現在已經不是那樣了。所以我們要回到那些客戶那裡，讓他們再看一次。我們發現：原本是線下客戶、後來也在我們的數位平台出現的客人，他們在我們線下的消費也會增加。我不認為那是因為他們賭得更多；我認為是因為我們在整合他們的錢包份額（wallet share）。這在整個 Caesars Rewards 資料庫中都成立。

The more places we touch you, whether that's physical and digital, whether that's multiple properties within a marketer that's multiple properties across market, the more times we touch you, the more valuable you become as a customer for us. So that's a system-wide focus and effort.

我們觸及你的地方越多——不論是實體或數位、不論是在單一市場的多個物業，或跨市場的多個物業——我們觸及你的次數越多，你對我們而言就越有價值。因此這是全系統層級的重點與努力方向。

You'll see us in Vegas starting to talk to customers about the Caesars campus and all the things that you can do, you'll check into our property, and we'll be giving you information that shows all the places you can use your Caesars Rewards outside of the building that you're staying in. So we're leaning into that. We're doing more in digital, and it continues to get better, but that's an enormous opportunity for our digital business as we move forward and certainly as new states come online.

你會看到我們在拉斯維加斯開始向客戶介紹 Caesars 校園（campus）以及你能做的所有事情；你入住我們的物業時，我們會提供資訊，告訴你在你所住的那棟建築之外，還有哪些地方可以使用你的 Caesars Rewards。所以我們正在加大力道。我們在數位端也做得更多，而且持續變得更好；這對我們未來的數位業務而言是巨大的機會，尤其是當新的州陸續開放時。

That's helpful. My follow-up would be right down the same path. You've talked about paying down debt, buying back stock, but at least once a year I ask you about M&A. You obviously -- I think Windsor was a unique situation, but are there markets where you would expand your reach, Canada, US regionals where it would make sense to grow our rewards database. Is there still enough synergy? Have you contemplated or think about M&A at this point at all in terms of expanding the network?

這很有幫助。我的追問會沿著同一條路徑。你們談過償還債務、回購股票，但我至少每年會問你們一次併購（M&A）。你們顯然——我認為 Windsor 是一個特殊案例——但是否有一些市場你們會擴大觸角，例如加拿大、或美國區域市場，從而擴大你們的 rewards 資料庫？協同效益是否仍然足夠？你們目前是否有考慮或思考透過併購來擴張網路？

Yes. And John, as you know, we're always willing to look. I would say that purchasing an asset or a portfolio of assets in the near term for us is unlikely given the yield that we can find in our own stock, which there's far more certainty in that number than what you'd model in an acquisition. So unlikely we'd be a significant buyer going forward. But as you know, that can change depending on the opportunity that's in front of you.

是的，John，如你所知，我們一直願意看。我會說，短期內我們不太可能去收購單一資產或一組資產組合，因為我們在自家股票上能找到的報酬率更具吸引力，而且那個數字的不確定性遠低於你在併購案中所能建模的結果。所以未來我們不太可能成為重要的買方。但如你所知，這也可能會因為眼前出現的機會而改變。

Steve Wieczynski, Stifel.

Steve Wieczynski，Stifel。

So Tom, as you think about the rest of the year in Vegas, obviously, comps are going to get easier in the back half and your comments that the FIT bookings look solid or I mean, obviously, you're pretty encouraging at this point.

所以，Tom，當你思考拉斯維加斯今年剩下的時間時，很明顯下半年在 comps（招待/回饋）方面會更容易一些，而且你也提到 FIT（散客）訂房看起來很穩健；我的意思是，就目前來看，你的態度顯然相當正向。

But I guess the question is around with the FIT business still probably booking more close in at this point, how do you weigh those solid bookings now versus, let's say, let's say, gas fuel prices stay relatively elevated for an extended period of time and what that can mean in terms of driving traffic or even while its spend is folks or Vegas. I guess maybe help us think about the sensitivity that you've seen there in the past?

但我想問題在於，考量到 FIT 業務目前可能仍偏向更臨近出發日才下訂，你如何權衡現在看到的這些穩健訂房，與例如汽油燃料價格在較長一段時間內維持相對高檔、這可能對自駕客流量造成的影響，甚至對旅客在拉斯維加斯的消費所代表的意義？也許可以幫我們回顧一下，你們過去看到的敏感度大概是怎樣？

So I would say correlation between gas prices and spend in our portfolio is not particularly high. Where our average customer, it typically is at a level of income and worth that, that doesn't become a significant factor in their decision.

我會說，汽油價格與我們投資組合中的消費之間的相關性並不特別高。我們的平均客戶通常處於某個收入與資產水準，使得這不會成為他們決策中的重要因素。

Obviously, as you can certainly get to a level or extended a period of time where that may change. But really, as long as real estate values in the employment picture are solid, our business has typically performed pretty well, and I'd expect that to continue to be the case.

當然，如果汽油價格高到某個程度，或維持在高檔的時間拉得很長，情況確實可能改變。但基本上，只要房地產價值與就業情勢穩健，我們的業務通常表現都相當不錯，我也預期未來仍會如此。

Okay. Got you. And then sticking with Vegas, Tom, you talked about the 95% occupancy rate in Vegas this past quarter. Is there any way to help us think about how much of that 95% was incentivized, meaning did you guys have to promote more or do any more discounting in order to get that level of occupancy?

好的，了解。那接著談拉斯維加斯，Tom，你提到本季拉斯維加斯的住房率達到 95%。有沒有辦法幫我們理解一下，這 95% 裡面有多少是靠激勵措施達成的？也就是說，你們是否必須做更多促銷或更多折扣，才能達到這樣的住房率？

No, there was no meaningful shift in casino rooms. The shift you would have seen was more group business first quarter this year than last year, which crowded out some OTA business.

沒有，賭場客房方面沒有任何有意義的變化。你會看到的變化是，今年第一季的團體業務比去年更多，因而擠壓了一些 OTA（線上旅行社）業務。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，摩根士丹利。

One more on Vegas. Just given all the talk about attracting more big conventions like ConAg, it seemed like there was a window coming out of the pandemic where seemed like Vegas was taking share from other markets given The Sphere, Allegiant expanded convention centers.

再問一個關於拉斯維加斯的問題。鑑於大家一直在談吸引更多大型會展（例如 ConAg），感覺在疫情之後曾有一段窗口期，拉斯維加斯似乎因為 The Sphere、Allegiant 擴建的會展中心等因素，從其他市場手中取得了市占。

So what are you hearing from meeting planners or the convention community on what the competitive environment for that business looks like? And what really moves the needle to get some of these to come to Vegas?

那你從會議策劃者或會展社群那邊聽到的情況是，這塊業務的競爭環境現在看起來如何？以及到底是什麼因素真正能促成這些活動選擇來拉斯維加斯？

Yes, there is a lot that goes into that. I'd tell you, for the types of conferences that we're talking about, it's super, super competitive. And that's been the case for -- regardless of the pandemic before or after we're talking about very lucrative conferences. There's no more -- everybody is kind of on the same footing as they were prior. There's really no jurisdiction anymore that's not recovered and competitive the way they were in the past.

是的，這裡面牽涉很多因素。我會告訴你，對於我們正在談的這類會議而言，競爭非常、非常激烈。而且不論疫情前或疫情後，情況一直都是如此——我們談的是非常有利可圖的會議。現在已經沒有那種——大家基本上又回到疫情前同樣的競爭起跑線。幾乎沒有任何一個司法管轄區還沒復甦、或不像過去那樣具備競爭力。

So we, as a market, provide a very compelling, particularly in the group side. This is what gets lost in that value discussion. On the group side, we provide a very compelling value trade. This is a very easy city to get around for your group. There's an unusually broad spectrum of attractions in the market, entertainment, restaurants, shopping, golf that all feed into that.

因此，我們作為一個市場，能提供非常有吸引力的條件，特別是在團體端。這也是在價值討論中常被忽略的部分：在團體端，我們提供非常有說服力的價值交換。對團體來說，這是一座非常容易移動的城市。市場上的吸引力光譜也異常廣泛——娛樂、餐廳、購物、高爾夫——這些都會相互加乘。

And then there's political elements that come in, in some of these things. There's just a lot of different levers, and it's unique for each group. But for us, what we want and what we want the market to focus on is those events like ConAg that lift all boats and are not necessarily the highest profile, you're not going to be in a magazine because you got a great trade show or a conference versus some of the more high-profile stuff we've done.

另外，某些案子還會牽涉政治層面的因素。總之有很多不同的槓桿，而且每個團體都不一樣。但對我們而言，我們希望、也希望市場聚焦的是像 ConAg 這種能「水漲船高」的活動，它們未必是最高曝光度的——你不會因為拿下一個很棒的展會或會議就登上雜誌——相較於我們做過的一些更高調的活動。

But those -- the meat and potatoes of that group business is really what drives the whole city. And I'm sure I know you talk to everyone in town, ConAg Week, there was not an unhappy operator in this time. And the more weeks we can fill like that during the year. These are -- this is elephant hunting as a market that you're going after. But if you can find even another one or two or three, it moves the needle for everybody. And so that's what we're hoping we can deliver as time goes by.

但那些——團體業務的「基本盤」才是真正驅動整座城市的力量。我相信你也跟城裡每個人都聊過，ConAg 週那段時間，沒有一家業者是不開心的。而一年之中我們能多填滿幾個那樣的週期——這對市場而言就像是在獵大象，你鎖定的是非常大的目標；但只要能再找到一個、兩個或三個，就能讓所有人都明顯受益。所以這就是我們希望隨著時間推進能交付的成果。

Got it. And so just to clarify, it sounds it's less about really changing anything, CapEx or pricing, something like that, it's about telling the story?

了解。那我確認一下，聽起來重點比較不是去改變什麼——例如資本支出（CapEx）或定價之類——而是把故事講好？

That's right.

沒錯。

And then maybe 1 unrelated follow-up on digital regarding the higher customer acquisition costs. It seems like we entered a window where there's not as many new states and handling ups have been slower in OSB. So with that in mind, should we be thinking about the higher customer acquisition cost impact is really more about replacing churn on the existing base? Or are you still finding opportunities to acquire customers?

另外再追問一個不相關的數位問題，關於較高的客戶取得成本。看起來我們進入了一個窗口期：新州不多，而且 OSB（線上體育博彩）的 handle（投注額）成長也比較慢。在這樣的背景下，我們是否應該把較高的客戶取得成本影響，主要理解為是在替換既有客群的流失（churn）？還是你們仍然能找到取得新客的機會？

We find opportunities to acquire customers, the chief opportunity for us, as we talked about is our database. But as you know, we've been 1/3 to 1/2 of the promo intensity of our peers. And our share has been fairly sticky. It's been growing in eye Casino.

我們仍然能找到取得客戶的機會；對我們而言，最大的機會如同我們談過的，是我們的資料庫。但如你所知，我們的促銷強度大約只有同業的 1/3 到 1/2，而我們的市占相當黏著（sticky）。我們在 iCasino（線上賭場）方面的市占一直在成長。

What that tells me is we have lower acquisition cost and lower churn than our peers, and that's been a significant benefit to us, particularly recently, as you've seen others start to talk about customer acquisition costs, ours have been pretty steady.

這告訴我，我們的取得成本更低、流失率也比同業低；這對我們是很大的優勢，尤其是最近你看到其他公司開始談客戶取得成本時，我們的成本一直相當穩定。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

Maybe to start while we were talking digital for a minute, going back to Eric. Just curious on a little bit more color around the iGaming trends you're seeing. Obviously, it's an important growth driver for you. The NGR side sounds super encouraging. Just digging in a little bit more, when we looked at some of the market-wide handle growth and then even kind of net of hold a little bit on the GGR side, feel like we saw that slow a bit in Q1.

或許先從數位再聊一下，回到 Eric。想請你多補充一些你看到的 iGaming 趨勢。這顯然是你們重要的成長驅動因素。NGR（淨博彩收入）那邊聽起來非常令人鼓舞。不過再深入一點，當我們看整體市場的 handle 成長，甚至在 GGR（總博彩收入）端把 hold（贏率）因素稍微調整後，感覺第一季有放慢一些。

I think a lot of it might have had to do with just slower OSB trends in cross-sell, but just wondering if you could unpack a little bit about what you saw in the market? And specifically, are you seeing some competition pick up in states like Michigan as well?

我想其中不少可能與 OSB 趨勢較慢、交叉銷售（cross-sell）放緩有關，但想請你拆解一下你在市場上看到的是什麼？另外，像密西根這樣的州，你是否也看到競爭在升溫？

Yes. I would say there hasn't been a huge change, Shaun, in any direction either way. Our handle was up 20% year over year. It might be down a little bit from the prior years, but also we're talking about a much larger scale. So as that happens, you're going to see the percentages decline to some degree, particularly because we haven't had any new states open in any -- in recent times here.

是的。我會說，Shaun，整體並沒有出現很大的變化，無論是往好或往壞。我們的 handle 年增 20%。相較前幾年可能稍微低一點，但同時我們現在的規模也大得多；當規模變大時，成長百分比自然會在某種程度上下滑，尤其是因為最近一段時間沒有任何新州開放。

But in terms of additional competition, there have been a few new entrants just as companies have exited the market and others have taken their place. But I again would say that everything has generally been pretty consistent, we've been keeping our reinvestment levels relatively constant.

至於新增競爭者，確實有一些新進者出現，主要是因為有公司退出市場、其他公司補位。但我仍會說整體狀況大致一致；我們也一直把再投資（reinvestment）水準維持在相對固定的程度。

And to Tom's point, our acquisition costs for the casino side have been kind of flat to down a little bit. And so we're kind of happy with how things are going.

而且呼應 Tom 的觀點，我們在賭場端的取得成本大致持平，甚至略有下降，所以我們對目前的進展算是滿意。

Super. And then high level, Tom, earlier on, you made an interesting comment about you're not seeing as much if I caught it right, you're not seeing as much bifurcation between maybe high and low properties in the portfolio as maybe sort of location on the strip.

很好。再來一個高層次問題，Tom，你先前提到一個有意思的觀察：如果我沒聽錯，你說你沒有看到那麼明顯的分化（bifurcation），例如投資組合中高端與低端物業之間的差異，或是像在大道（Strip）上不同地段的差異。

And just sort of wondering if you could kind of expand on that as it relates to -- as we start to see some changes out there, maybe the opening of hard rock towards the latter end of next year, how do you expect that to play? Will that shift any of the center of gravity, one way or the other? Just how do you expect it to impact the Caesars portfolio?

想請你延伸談談這點——當外部環境開始出現一些變化，例如明年下半年 Hard Rock 開幕，你預期會怎麼發展？它會不會改變某種「重心」，往某個方向移動？你預期它會如何影響 Caesars 的投資組合？

Yes. So Shaun, I expect that to be a mixed bag for us. Given what they're building and the level of investment that's going in there, I think it's pretty clear that they're going to target the highest end of the market. And so while you've seen our regional CapEx cycle kind of move into a harvest phase, we've shifted capital toward Vegas and we shift our Vegas capital towards Caesars Palace and Paris, which are two that get high-end business.

是的。Shaun，我預期對我們而言會是好壞參半。以他們正在興建的內容與投入的投資規模來看，很明顯他們會鎖定市場最頂端的客群。因此，雖然你看到我們的區域型 CapEx 週期某種程度上進入收成期（harvest phase），我們已把資本轉向拉斯維加斯，並把拉斯維加斯的資本配置轉向 Caesars Palace 與 Paris——這兩個物業都能承接高端業務。

Mirage coming offline for us was we can see things like the High Roller, The Zip Line, the shows on the east side of the Strip have struggled a bit without those 3,000 rooms online. So that will be a benefit to us when you have almost 4,000 rooms with the Guitar tower feeding, obviously, we're the closest neighbor on most sides of the what Hard Rock is doing.

對我們而言，Mirage 下線後，我們確實看到像 High Roller、Zip Line，以及大道東側的表演，在少了那 3,000 間客房供給後表現有些吃力。所以當 Guitar tower 帶來接近 4,000 間客房供給時，對我們會是利多；而且很明顯，我們在多個方向上都是 Hard Rock 計畫的最近鄰。

So I think we'll have a benefit there. But we're anticipating that the high end will get even more competitive. The entertainment space, we'll get more competitive, I'd expect the cost of the biggest acts will go up. So we'd expect them to be impactful.

所以我認為我們會在那方面受益。但我們也預期高端市場的競爭會更加激烈。娛樂市場也會更競爭，我預期頂級藝人的成本會上升。因此我們預期他們會帶來顯著影響。

But I'd also say, given the location and what they're building we're a little more optimistic that you'll get some of the -- what you and I saw back in the day where a new property opens and expands the market visitation goes up. It's not just cutting up the pet pie a little smaller. I think they can grow the pie a bit. So we're excited about what they're building and the fact that we're immediately adjacent to it, both on the East side and at Caesars Palace.

但我也會說，考量到地點以及他們正在興建的內容，我們稍微更樂觀一些，認為你會看到一些——就像你我當年看到的那樣：新物業開幕會擴大市場、帶動到訪人次上升。這不只是把同一塊寵物派切得更小一點。我認為他們能把派做大一些。所以我們對他們正在打造的項目感到興奮，也對我們在東側以及在 Caesars Palace 與其緊鄰這一點感到興奮。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

Maybe to follow up on the last question. Tom, you kind of just talked about maybe how hard rock is going to impact like you and the market, but specifically like around kind of the playbook into next year, like should we anticipate that you guys to adjust pricing or change kind of the promotional strategy in the months kind of leading into that opening?

也許跟進上一個問題。Tom，你剛剛談到 Hard Rock 可能會如何影響你們以及整體市場，但更具體地說，關於明年的作戰手冊——我們是否應該預期你們會在開幕前幾個月調整定價或改變促銷策略？

Yes. We'll have a full strategy to combat their opening. But Vegas is a totally different animal than regional. Vegas is a 95% cash business versus -- and you're generating profit from every vertical, whereas regionals are gaming centric and a lot of your nongaming is comp-based business.

是的。我們會有一套完整策略來應對他們的開幕。但拉斯維加斯跟區域市場完全是不同的動物。拉斯維加斯是 95% 的現金業務——而且你是從每個垂直業務都在產生利潤；相較之下，區域市場以博彩為核心，且你很多非博彩收入是以招待（comp）為主的業務。

So keeping your properties full is paramount. So we'll have a strategy to combat that opening, but realize this is a 2% in capacity in terms of rooms. So this is not a huge -- it's not a seismic event from an occupancy perspective. So it's really just keeping your best customers in your system and minimizing the loss of your most profitable custom.

因此，讓物業維持滿房至關重要。我們會有策略來應對那次開幕，但也要認清，從客房供給來看這只是 2% 的容量增加。所以這不是一個很大的——從入住率角度看並不是地震式事件。重點其實是把你最好的客戶留在你的系統裡，並把最賺錢客戶的流失降到最低。

And continuing to elevate the product as Anthony talked about, full remodel of the Augustus Tower and all the new capital investments that are going into Caesars and Palace ahead of the hard rock opening, that's really the key strategy going forward as we prepare for their open.

同時也會持續提升產品，如 Anthony 所提到的，Augustus Tower 的全面翻新，以及在 Hard Rock 開幕前投入到 Caesars 與 Palace 的所有新資本投資，這才是我們在準備他們開幕時往前走的關鍵策略。

Great. And then switching to more broadly. I think you have two union contracts coming up in the next several months. Anything to call out there in terms of either getting those done or extended and any impact maybe we should expect aside from that?

很好。接著更廣泛地問一下。我想你們在接下來幾個月有兩份工會合約要到期。就完成或延長這些合約而言，有沒有什麼需要特別指出的？以及除了這些之外，我們是否應該預期任何影響？

Nothing to talk about at this point. New Jersey comes up this summer, Vegas is not till '28.

目前沒有什麼可談的。新澤西是今年夏天到期，拉斯維加斯要到 2028 年。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Eric, I wanted to ask about the Alberta launch. Anything that you can share around that. I know it's a smaller population, but some good cities in there with big hockey fans that have probably been come into the market? How heavy are you guys thinking about leaning in there? And anything on a database that you already have ahead of the iGaming launch in July?

Eric，我想問一下阿爾伯塔（Alberta）的上線。你能分享些什麼嗎？我知道人口較少，但那裡有一些不錯的城市，還有很多冰球迷，可能一直在進入市場？你們打算投入多大力度？以及在 7 月 iGaming 上線前，你們是否已經有一些既有資料庫可用？

Yes. I would agree with kind of everything you said. It's a good opportunity. They actually have a fairly high average wealth per person it is on the smaller side in terms of the size of the province. But that said, it's both sports and casino. So we're very optimistic that it will be a great market. We're I would say, in terms of our performance in Ontario, it's kind of kind of middle down the road.

是的。我同意你說的幾乎所有點。這是個很好的機會。那裡的人均平均財富其實相當高；就省份規模而言確實偏小。但即便如此，它同時涵蓋體育與賭場。所以我們非常樂觀，認為這會是一個很棒的市場。就我們在安大略（Ontario）的表現而言，我會說大概是中段偏下。

And so here, when we launch our app is significantly improved from when it was when we launched Ontario. And so we'll be putting a much more comprehensive launch plan together that will really go after the sports as well as the casino market and we'll launch with the Horse and Caesars Palace brand. So it will be a much more significant plan.

而這次我們上線時的 App，相較於我們在安大略上線時已經有顯著改善。因此我們會制定一個更全面的上線計畫，會同時強攻體育以及賭場市場；並且我們會以 Horse 和 Caesars Palace 品牌上線。所以這會是一個更具規模的計畫。

In terms of having a database already seeded in the market, it's not all that significant. There's just not a huge amount of travel between the different the United States and Canada from that province. And then in addition, there are some restrictions in terms of how the data can be transferred because it is out of the country or in the country, depending on which way you're looking.

至於是否已在該市場預先建立資料庫，其實並不算顯著。因為從那個省份到美國與加拿大其他地區之間的旅行量並不大。此外，資料跨境或在境內移轉也有一些限制，取決於你從哪個角度看。

Got you. And then, Tom or Anthony, going back to the regional markets, revenues have been stable for several quarters, but margins have declined in the first quarter year over year. Obviously, the Super Bowl was a major headwind, so maybe you would have been closer to growing margins.

了解。接著，Tom 或 Anthony，回到區域市場，營收已經連續幾個季度保持穩定，但第一季的利潤率年對年下滑。顯然超級盃是一個主要逆風，所以也許原本你們會更接近利潤率成長。

But are we at the point where all things considered that we know right now that margins could start to improve if revenues are growing in this low single-digit range that we saw in the first quarter?

但綜合目前我們所知道的一切，我們是否已經到了這樣的階段：如果營收像第一季那樣以低個位數成長，利潤率就可能開始改善？

Yes.

是的。

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

Just getting back to the kind of use of cash, is there a leverage ratio that you guys target that once you achieve that kind of all the cash flows will be used towards buyback? Or not all, but the significant portion of it.

回到現金使用的問題，你們是否有一個目標槓桿比率，一旦達到之後，所有現金流就會用於回購？或者不是全部，但會有相當大一部分用於回購。

I would say it's always going to be a decision as the cash flow comes in. There's not a magic number where all of a sudden, it's going to be all share buyback. But we want our leverage to be sub-5x on a lease-adjusted basis.

我會說，這永遠會是隨著現金流進來而做出的決策。沒有一個神奇數字，到了那個點就突然全部變成股票回購。但我們希望在租賃調整後（lease-adjusted）的基礎上，槓桿低於 5 倍。

Okay. And then just on the iGaming side of things. It looked like we were pretty close in Virginia. Any thoughts around just which states out there you guys feel pretty good about that might be coming into the system in the next couple of years?

好的。那再問 iGaming 方面。看起來我們在維吉尼亞（Virginia）已經很接近了。你對於哪些州在未來幾年可能會納入體系、你們感覺比較有把握，有什麼想法嗎？

Very hard to handicap, Trey. It's I wish it were the case that it were kind of incremental, like a football drive where you get to mid-field one year and then field go arrange the next year and then it's done the year after that, it's more like a car accident that happens in your vicinity. This stuff comes together very quickly as states get under stress budget-wise and look to are looking for revenue.

很難判斷，Trey。要是事情能像橄欖球推進那樣循序漸進就好了：某一年推到中場，下一年進到射門範圍，然後再下一年就完成；但實際上更像是你附近發生的一場車禍。當各州在預算上承受壓力、開始尋找收入來源時，這些事情會非常快速地湊在一起。

The Virginia situation went from wasn't really on our radar as a possibility to a week later seemed high probability and then ended up not happening. Illinois, prior to their per wager tax a couple of days earlier, we were told they're going to legalize iGaming on Saturday night, and it was not even on the radar at the time as a real possibility. So it's very difficult to predict.

維吉尼亞的情況是：一開始根本不在我們雷達上，覺得不太可能；一週後看起來機率很高；最後卻沒有發生。伊利諾伊（Illinois）也是，在他們推出按注稅（per wager tax）的前幾天，我們還被告知他們會在週六晚上把 iGaming 合法化，而當時這甚至不在雷達上、也不被視為真正的可能性。所以非常難以預測。

What's easy to predict is state budgets are tight and getting tighter and states are going to be looking for avenues to raise revenue. And historically, gaming has been a place to do that. And if you look over the last couple of years, that's really only catalyzed in a way that was a headwind for us. It was tax increases or per bat taxes.

容易預測的是，各州預算很緊，而且會越來越緊；各州會尋找提高收入的途徑。歷史上，博彩一直是其中一個方式。而如果你看過去幾年，真正被催化出來的，反而多半是對我們不利的因素——例如加稅或按注稅。

And the reality is those don't raise enough versus what they're trying -- the holes they're trying to plug what really moves the needle is legalizing OSB or iGaming. So I think if you're looking over kind of an intermediate time frame. I'm highly confident there'll be more jurisdictions available to us. I just hesitate to predict which ones those would be.

而現實是，這些相較於他們想要——想要填補的缺口——並不足以帶來足夠收入；真正能顯著帶動的是讓 OSB 或 iGaming 合法化。所以如果你看的是一個中期時間範圍，我非常有信心會有更多司法管轄區對我們開放；我只是對於要預測會是哪一些州比較保留。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

I know it's a smaller piece of the business, but the other lines to entertain, was there anything to call out there this quarter or -- throughout the year?

我知道這在業務中占比較小，但其他項目（other lines），像是娛樂（entertainment），這一季或——整年來看，有沒有什麼需要特別指出的？

Sorry, Dan. It sounds like someone is hitting you with a fire hose in the middle of the question. We missed most of it.

抱歉，Dan。聽起來好像有人在你提問的時候用消防水管在噴你。我們大部分都沒聽清楚。

Sorry, I took my headphones out. So I know it's a smaller piece of the business, but the other lines, so entertainment and retail performed well versus last year. Was there anything to call out there this quarter? Or is that an area where you can continue to improve on throughout the year?

抱歉，我把耳機拿下來了。所以我知道這在業務中占比較小，但其他項目，也就是娛樂和零售，相較去年表現不錯。這一季有沒有什麼需要特別指出的？或者這是否是一個你們在今年可以持續改善的領域？

The only thing I could think of is our show our entertainment calendar in Vegas is more robust than it was last year, and that will continue throughout '26. We've got more shows both in the Coliseum and in Planet Hollywood.

我唯一想到的是，我們在拉斯維加斯的演出／娛樂行事曆比去年更強，而且這會一路延續到 2026 年。我們在 Coliseum 和 Planet Hollywood 都有更多演出。

Okay. Great. And then just as a follow-up, table game drop was down in both segments. Is that just a different mix of customers coming to the casinos? Or is it more tactical on your part with maybe less offerings, higher minimums? Any color there would be helpful.

好的，很好。那再追問一下，兩個分部的桌上遊戲 drop 都下降了。這只是因為來賭場的客戶組合不同？還是你們在策略上更偏戰術性，例如提供更少的項目、提高最低下注？如果能提供一些說明會很有幫助。

It's typically timing based in Vegas. In regionals, it's going to be heavily skewed by Super Bowl. There was a ton of high-end business in New Orleans last first quarter, which didn't repeat since the game wasn't there. There's nothing particularly -- there's nothing in our strategy or in consumer behavior other than timing of trips that would explain that.

在拉斯維加斯通常是時點因素。在區域市場，則會受到超級盃的強烈影響。去年第一季在紐奧良有大量高端業務，但因為比賽今年不在那裡，所以沒有重演。除此之外，無論是我們的策略或消費者行為，都沒有什麼特別的因素可以解釋，主要就是出行時間點的差異。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Tom Reeg, CEO, for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回給執行長 Tom Reeg 作結語。

All right. Thanks, everybody. We'll talk to you after next quarter.

好。謝謝各位。我們下個季度後再聊。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。