Full House Resorts Inc (FLL) 2023 Q3 法說會逐字稿

Greetings and welcome to the Full House Resorts third quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Lewis Fanger, Chief Financial Officer of Full House Resorts. Please go ahead.

您好，歡迎參加滿屋度假村第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹主持人劉易斯·範格 (Lewis Fanger)，他是滿屋度假村 (Full House Resorts) 的財務長。請繼續。

Thank you, and good afternoon, everyone. Welcome to our third quarter earnings call. As always, before we begin, we remind you that today's conference call may contain forward-looking statements that we're making under the safe harbor provisions of federal security laws.

謝謝大家，大家下午好。歡迎參加我們的第三季財報電話會議。像往常一樣，在我們開始之前，我們提醒您，今天的電話會議可能包含我們根據聯邦安全法的安全港條款所做的前瞻性聲明。

I would also like to remind you that the company's actual results could differ materially from the anticipated results in these forward-looking statements. Please see today's press release under the caption forward-looking statements for the discussion of risks that may affect our results. Also, we may make reference to non-GAAP measures such as adjusted EBITDA.

我還想提醒您，公司的實際結果可能與這些前瞻性陳述中的預期結果有重大差異。請參閱今天的新聞稿，標題為“前瞻性聲明”，以了解可能影響我們業績的風險的討論。此外，我們可能會參考非公認會計準則衡量標準，例如調整後的 EBITDA。

For a reconciliation of those measures, please see our website as well as the various press releases that we issued. We're also broadcasting this conference call at fullhouseresorts.com, where you can find today's earnings release as well as all of our SEC filings.

有關這些措施的協調，請參閱我們的網站以及我們發布的各種新聞稿。我們也在 fullhouseresorts.com 上直播本次電話會議，您可以在其中找到今天的收益發布以及我們向 SEC 提交的所有文件。

And then lastly, we do have some slides that we uploaded as well for you. If you go to investors.fullhouseresorts.com in the middle of the page, you'll see a bandwidth links, click on company Info and then presentations. And you'll see a link to the third-quarter slides that will reference here.

最後，我們也為您上傳了一些投影片。如果您訪問頁面中間的 Investors.fullhouseresorts.com，您將看到頻寬鏈接，單擊公司信息，然後單擊演示文稿。您將看到一個指向此處引用的第三季幻燈片的連結。

So, with all that said, we'll get to your questions relatively quickly today because I know MGM is on deck in about 30 minutes. So, but with all that said, we had a very strong third-quarter revenues increased 73% to $71.5 million. That rise was helped out by the temporary, which opened back in February of this year, and it continues to ramp up.

話雖如此，我們今天會相對快速地回答您的問題，因為我知道米高梅將在大約 30 分鐘內到達。話雖如此，我們的第三季營收非常強勁，成長了 73%，達到 7,150 萬美元。這一增長得益於今年 2 月開放的臨時措施的幫助，並且仍在繼續上升。

Compared to the second quarter of this year, the temporary showed pretty meaningful sequential improvement. Revenues at the temporary improved about 18% from $20 million in the second quarter of 2023, to almost $24 million in this third quarter. Adjusted property EBITDA rose 64% from $4.1 million to $6.8 million.

與今年第二季相比，暫時顯示出相當有意義的環比改善。臨時收入從 2023 年第二季的 2,000 萬美元增至第三季的近 2,400 萬美元，成長約 18%。調整後的房地產 EBITDA 成長 64%，從 410 萬美元增至 680 萬美元。

[Circa] did open their on-site sportsbook at the temporary in the third quarter. But really the meaningful addition that we're waiting for is the high-end restaurants, which is on-site and going through its final paces. The hiring process has already begun, and we expect to have that opened at the end of this year.

[Circa]確實在第三季暫時開放了現場體育博彩。但真正我們正在等待的有意義的補充是高端餐廳，它們位於現場並正在進行最後的準備工作。招募流程已經開始，我們預計今年底開放。

Elsewhere at the company, we had $5.8 million of accelerated revenues from the termination of two of our sports wagering agreements even adjusting for that, though, we had a good quarter that exceeded consensus flipping forward in the slides to slide 5, you can see our usual renderings of Chamonix.

在公司的其他地方，我們從兩項體育博彩協議的終止中獲得了580 萬美元的加速收入，即使對此進行了調整，但我們的季度表現良好，超出了共識，在幻燈片5 中，您可以看到我們的霞慕尼的常見效果圖。

We're very excited for this opening a, if the history of gaming, then you know that the business model that has worked time and again, as defined in underpenetrated gaming market without any differentiated product. And we think we found that in Cripple Creek. In our case, we have roughly 1 million people in the broader Colorado Springs area.

我們對這個開放感到非常興奮，如果在遊戲的歷史上，那麼你知道這種商業模式一次又一次地發揮作用，正如在滲透不足的遊戲市場中定義的那樣，沒有任何差異化產品。我們認為我們在克里普爾溪發現了這一點。在我們的例子中，更廣泛的科羅拉多斯普林斯地區大約有 100 萬人。

And the gaming spend per capita is about $170 per person per year. For casinos that are within an hour of their feeder markets, you tend to see a per capita number that is double or even higher than that versus what you see currently in Cripple Creek Casinos.

人均遊戲支出約為每年每人170美元。對於距離支線市場不到一小時的賭場，您往往會看到人均人數是目前 Cripple Creek 賭場的兩倍甚至更高。

The national average, which includes many states where casinos are convenient like Hawaii and Alaska and Utah is two-thirds higher than, what we already see out of Cripple Creek as well. And so, that stat alone is what gets us very excited for upcoming opening. But on top of all that we've built the destination that really is unlike any other casino in the state, let alone in Cripple Creek.

全國平均（包括夏威夷、阿拉斯加和猶他州等許多賭場便利的州）比我們已經在克里普爾溪看到的水平高出三分之二。因此，僅此一項統計數據就讓我們對即將開業感到非常興奮。但最重要的是，我們建造的目的地確實不同於州內的任何其他賭場，更不用說在 Cripple Creek 了。

It is just beautiful on the inside. We think it will offer a compelling reason for Colorado residents to experience and in many cases, Cripple Creek two for the very first time, and then they continue to visit again and again.

它的內部很漂亮。我們認為，這將為科羅拉多州居民提供令人信服的理由來體驗，在許多情況下，克里普爾溪兩次是第一次，然後他們將繼續一次又一次地訪問。

On slide 6, just a quick reminder of what we're building, it's a quarter of $1 billion project. It's a beautiful new casino. There's a hotel with the first four-star product in the market. We have a great Steakhouse called N9NE prime, which is being run by the people behind various downtown prime at Circa and nine Steakhouse in Las Vegas, there will be a rooftop pool, spa and integrative parking garage, it will be pretty grand.

在第 6 張投影片上，我們快速提醒了我們正在建造的內容，這是一個耗資 10 億美元的項目的四分之一。這是一個美麗的新賭場。有一家酒店擁有市場上第一家四星級產品。我們有一家很棒的牛排館，叫做N9NE prime，由Circa 的各個市中心prime 和拉斯維加斯的九號牛排館後面的人經營，會有一個屋頂游泳池、水療中心和綜合停車場，會相當宏偉。

Our opening date remains December 26, which is just seven weeks away. We did create a funny ad campaign, it meant to generate excitement in the area will also give a quick sneak peek into the building. And at the very bottom of that slide, you'll see a YouTube link, which you can click on to get to the 62nd ad on TV in Colorado. We'll break it up in the shorter 15 seconds spots, but will also air the full thing digitally.

我們的開幕日期仍為 12 月 26 日，距離此僅剩七週時間。我們確實製作了一個有趣的廣告活動，它的目的是在該地區引起興奮，同時也能讓人們快速一睹這棟建築的風采。在該幻燈片的最底部，您會看到一個 YouTube 鏈接，點擊該鏈接即可觀看科羅拉多州電視上的第 62 個廣告。我們將在較短的 15 秒片段中進行分解，但也會以數位方式播出完整內容。

Slide 7, you can see the Valley arrival experience in the middle is the valet drop-off with the hotel rooms just above on the left of that page of the jewelry store and then in the front of the building and also to the right will be casino space.

投影片 7，您可以看到中間的 Valley 到達體驗是代客下客處，酒店房間就在珠寶店該頁面左側的上方，然後在建築物的前面，右側將是賭場空間.

Slide 8 is a sneak peek at our table games pit. By the way, these photos were taken about a week and a half ago, but they're already pretty stale. But nonetheless, in this photo, you can see the chandeliers being installed. Slide 9 is just me and us trying to shop the casino a little bit without ruining the surprise for you, but you can see some of the ceiling detail here. It really is very different than what you'll see anywhere else in the market today.

幻燈片 8 是我們桌遊坑的一瞥。順便說一句，這些照片是大約一個半星期前拍攝的，但它們已經很陳舊了。但儘管如此，在這張照片中，您可以看到正在安裝的枝形吊燈。第 9 張投影片只是我和我們試圖在賭場購物一點，但不會破壞給您帶來的驚喜，但您可以在這裡看到一些天花板細節。它確實與您在當今市場上其他地方看到的非常不同。

Slide 10 is the view from our ballroom. The chandeliers are now installed. The carpets done that we've got them covered for protection of up until opening day. This is where we've been scoring and testing all of our slot machines, all of which, by the way, have arrived on site slot bases are a few days away from being installed and will follow that very shortly by the slot machines themselves in their actual locations throughout the casino.

投影片 10 是我們宴會廳的景色。枝形吊燈現已安裝完畢。地毯已完成，我們已將其覆蓋以保護直至開放日。這是我們對所有老虎機進行評分和測試的地方，順便說一下，所有這些老虎機都已抵達現場老虎機底座，距離安裝還有幾天，很快老虎機本身就會在他們在整個賭場的實際位置。

Slides 11 and 12 are photos that we showed you last time, just giving you a sneak peek at peek at some of the room product. Those are being shut off one by one as our furniture gets installed. And then, slide 13 shows some of the beautiful nature views that you get from many of our guestrooms.

幻燈片 11 和 12 是我們上次向您展示的照片，只是讓您先睹為快一些房間產品。隨著我們的家具安裝完畢，這些設施將一一關閉。然後，投影片 13 展示了您從我們的許多客房都能欣賞到的一些美麗的自然景觀。

Outside of that, a quick look at liquidity. Our liquidity remains in a good spot. At the end of the quarter, we had $84 million of cash, including $58 million of cash that by design as a reserve to complete Chamonix. Normal cage cash tends to have around $10 million or a little bit more, something that most people don't think about is our sports games and how those are prepaid.

除此之外，快速瀏覽一下流動性。我們的流動性仍然處於良好狀態。截至本季末，我們擁有 8,400 萬美元的現金，其中包括 5,800 萬美元的現金，旨在作為完成霞慕尼的儲備。正常的籠子現金往往有1000萬美元左右或更多，大多數人沒有想到的是我們的體育比賽以及這些比賽是如何預付的。

And so in this fourth quarter, we're due to receive about $10 million in cash related to our skins. That includes $3.6 million already received in October from the terminated sports agreements. And then there's another $5 million due from Circa in December, which is prepayment for their mobile operations in Illinois for all of 2024.

因此，在第四季度，我們將收到大約 1000 萬美元與我們的皮膚相關的現金。其中包括 10 月已從終止的體育協議中收到的 360 萬美元。 Circa 將於 12 月支付另外 500 萬美元，這是其 2024 年全年在伊利諾伊州行動業務的預付款。

We also have $13 million available under our credit facility, all of which is available for us to draw, and that provides us even more cushion as we prepare for what's going to be a pretty big momentous opening for this company at the end of December.

我們的信貸安排下還有 1300 萬美元的可用資金，所有這些都可供我們提取，這為我們為 12 月底這家公司將迎來的重大開業做準備提供了更多緩衝。

So, with all that said, Dan and I miss anything (multiple speakers)

所以，儘管如此，丹和我想念任何東西（多個發言者）

We'll had some questions, We'll stay here as long as possible, but we are trying to make it easy for people to go to the MGM call because we know many of you will want to do that. So, but it was a great quarter. I have to talk about it for two hours, but so we're happy to take questions.

我們會提出一些問題，我們會盡可能長時間地留在這裡，但我們正在努力讓人們輕鬆參加米高梅電話會議，因為我們知道你們中的許多人都想這樣做。所以，但這是一個很棒的季度。我必須談論兩個小時，但我們很樂意回答問題。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Ryan Sigdahl, Craig-Hallum Capital Group. Please go ahead.

瑞安‧西格達爾 (Ryan Sigdahl)，克雷格-哈勒姆資本集團。請繼續。

Hey, good afternoon, guys. [Chris], if you could break down Waukegan a little bit more nice sequential revenue growth and margin uplift, but we're really seeing the efficiencies flow through. And then any directional help for Q4 relative to Q3 based on what you've seen thus far in the quarter?

嘿，下午好，夥計們。 [克里斯]，如果你能將沃基根的連續收入成長和利潤率提升分解得更好一些，但我們確實看到了效率的提高。然後，根據您在本季迄今所看到的情況，第四季相對於第三季有什麼方向性幫助嗎？

Let me take it, just as we started this call, the numbers came out from Illinois for October, and we haven't been open before, October is normally seasonally a little weaker than September and in fact, I think it was down about $3 million from September to October. And of course, Bally's opened and did about eight. They did a little bit, and we did they have a lot more people around them.

讓我接受一下，就在我們開始這次電話會議時，伊利諾伊州公佈了10 月份的數據，而且我們以前沒有營業過，從季節性角度來看，10 月份通常比9 月份要弱一些，事實上，我認為下降了約3 美元9月至10月期間為100萬元。當然，Bally 開業了大約八家。他們做了一點，我們也做了，他們周圍有更多的人。

And we're off a little bit from September to October, not very much. We were still $7.3 million. And I think part of that seasonality, part of it's also we had a pretty big advertising campaign, when we first opened that had kind of petered out and we have another one about to start, which is kind of emphasizes the excitement of the inside of the tent.

從九月到十月我們會有一點休息，但不是很多。我們仍然是 730 萬美元。我認為部分是季節性的，部分是我們有一個相當大的廣告活動，當我們第一次開業時，它已經逐漸消失，我們還有另一個即將開始，這有點強調了內部的興奮。帳篷。

So yeah, I think it's a fourth quarter this is not a highly seasonal market and we have some like Tahoe that is highly seasonal. But I think the fourth quarter might be a little weaker than the third quarter in terms of revenues. Now, will say it does the new advertising campaign build revenues. I hope it does, it's part of the reason we're doing it.

所以，是的，我認為這是第四季度，這不是一個季節性很強的市場，我們有一些像塔霍這樣的季節性很強的市場。但我認為第四季的營收可能會比第三季弱一些。現在，我會說新的廣告活動確實創造了收入。我希望如此，這也是我們這樣做的部分原因。

We continue to build our mailing list, which helps our slot play. We're trying to get our Steakhouse opened. It's probably going to be late in the quarter, but we're trying to get it open. We know that's pretty important, especially for your table game play and high rollers. And hopefully it's opened late in December and helps us drive New Year's Eve. New Year's Eve is really important in December, which then makes it important for the quarter. But the property continues to mature and it's doing just fine. So

我們繼續建立我們的郵件列表，這有助於我們玩老虎機。我們正在努力讓我們的牛排館開業。它可能會在本季末出現，但我們正在努力讓它開放。我們知道這非常重要，特別是對於您的桌上遊戲和豪賭客而言。希望它能在 12 月底開業並幫助我們度過除夕夜。 12 月的除夕夜非常重要，這也使得它對於本季也很重要。但該物業仍在不斷成熟，並且表現良好。所以

Continuing on the trend of outperformance, moving to the West segment, it had been revenue down each Q1, Q2 EBITDA had been roughly zero in each of those quarters with the construction of Bronco Billy's and this quarter showed a nice improvement on revenue and on the bottom line, I guess, can you comment on what's specifically going on which properties within that segment are doing better?

繼續保持表現優異的趨勢，轉向西部市場，每個季度的收入都在下降，隨著 Bronco Billy's 的建設，每個季度的 EBITDA 幾乎為零，本季度的收入和營業額均出現了不錯的改善。我想，最重要的是，您能否評論一下該細分市場中哪些房產表現較好的具體情況？

Well, we part of what we have done at one point, we had renovated the middle part of the Bronco Billy's Casino. So, a year ago, like the heart of it was actually closed. It's been opened now since early this year if I recall correctly. So, it wasn't, it's still heavily disrupted, but a lot less disrupted than it was a year ago at this time.

嗯，我們曾經做過的一部分，我們翻新了野馬比利賭場的中間部分。所以，一年前，就像它的心臟實際上是關閉的。如果我沒記錯的話，從今年年初就開始營業了。所以，事實並非如此，它仍然受到嚴重干擾，但比一年前此時受到的干擾要少得多。

And but, that the interim results of Bronco Billy's are minor compared to what Chamonix is likely to do for that segment, I mean It's not unlike what Monarch did in Black Hawk. They bought the old Riviera and added well renovated that casino and added the hotel tower and tore down a parking garage, built the new parking garage, et cetera, they never actually closed their casino.

但是，與夏蒙尼可能在該細分市場中所做的事情相比，野馬比利的中期結果是次要的，我的意思是，這與君主在黑鷹中所做的沒有什麼不同。他們買下了老裡維埃拉，並對賭場進行了很好的翻修，增加了酒店塔樓，拆除了一個停車場，建造了新的停車場，等等，他們實際上從未關閉過賭場。

But the old Riviera didn't make much compared to what Monarch is making now. And it's kind of the same sort of thing we're doing and like them, we will open, but to be kind of a soft opening. We're not planning a grand opening party on December 26 or anything like that because, frankly, we're scrambling to get open and now and we're hiring people now.

但與君主現在的收入相比，老裡維埃拉的收入並不算多。這與我們正在做的事情是一樣的，就像他們一樣，我們會開放，但會是試營運。我們不打算在 12 月 26 日舉辦盛大的開幕派對或類似的活動，因為坦白說，我們正在爭先恐後地開業，而且現在我們正在招募人員。

We, of course, have already have 250 employees. We're trying to pick up another 100 and we won't have everything open on December 26, that we will have 300 guestrooms, all the guestrooms will have all the casino, will have the high-end restaurant, will have the parking garage, will have the surface customer life. There's an Italian restaurant that won't be ready for several months after this, the spa will not be ready.

當然，我們已經擁有 250 名員工。我們正在努力爭取另外 100 家，我們不會在 12 月 26 日一切都開放，我們將有 300 間客房，所有客房將有所有賭場，將有高端餐廳，將有停車場，就會有表面的客戶生活。有一家義大利餐廳在這之後的幾個月內都不會準備好，水療中心也不會準備好。

There's like Speakeasy bar that will not be ready, both for Speakeasy, so nobody will know it's there anyway. And in any end up in a situation like all the key drivers that will make the successful, we'll be ready by December 26. So, you wouldn't want me to wait two months until the spas done, I mean will go ahead and open and so, will open on December 26.

就像 Speakeasy 酒吧一樣，Speakeasy 酒吧還沒準備好，所以沒人會知道它的存在。不管怎樣，在像所有成功的關鍵驅動因素一樣的情況下，我們將在 12 月 26 日之前做好準備。所以，你不會希望我等兩個月直到水療完成，我的意思是會繼續並開放等等，將於12月26日開放。

And then as quickly as we can finish the other stuff and that other stuff like the finishing work in this spa. So, it's not anything that would be disruptive to a customer's experience. And so, we're excited about being open. And then we'll have a grand opening party in the spring, which is very much the same as Monarch did.

然後我們盡快完成其他事情以及其他事情，例如水療中心的收尾工作。因此，這不會破壞客戶的體驗。因此，我們對開放感到興奮。然後我們將在春天舉辦一場盛大的開幕派對，這與 Monarch 的做法非常相似。

And I know Durango station postpone their opening, but I think they figured, they couldn't get the publicity they wanted with the Formula 1 in town. And I think that may have been a factor of that as well. So, we're a little different. We're much more similar to Monarch. We're going to get the doors opened, get some revenue coming in and then build from there.

我知道杜蘭戈車站推遲了開業，但我認為他們認為，他們無法透過一級方程式賽車在城裡獲得他們想要的宣傳。我認為這也可能是其中的一個因素。所以，我們有點不一樣。我們和君主更相似。我們將打開大門，獲得一些收入，然後從那裡開始建造。

And apologies if this isn't what you're asking to, Ryan, but if you're looking sequentially from 2Q to this third quarter, Grand Lodge actually benefited pretty nicely what you had in the second quarter of this year was a lot of, you had a very bad winter to be quite honest and a lot of snow and that snow lingered for the longest time.

瑞安，如果這不是您所要求的，我很抱歉，但如果您從第二季度到第三季度依次查看，Grand Lodge 實際上受益匪淺，您在今年第二季度獲得了很多說實話，你度過了一個非常糟糕的冬天，下了很多雪，而且雪持續的時間最長。

So, usually what would happen in our second quarter around memorial weekend is the locals would come back and start gambling again and this year because there was so much snow that was sitting around they didn't come back in the second quarter, that didn't really come back until July 4, weekend. And so, sequentially, we got a pretty nice bump from Grand Lodge just having the locals back in town.

因此，通常在第二季度紀念週末附近發生的情況是當地人會回來並再次開始賭博，而今年因為周圍積雪太多，他們在第二季度沒有回來，這並沒有」直到7 月4 日週末才能真正回來。因此，接下來，我們從 Grand Lodge 那裡得到了一個相當不錯的提升，只是讓當地人回到城裡。

Great. I'll turn it over to others.

偉大的。我會把它轉給其他人。

Thanks guys.

多謝你們。

Chad Beynon, Macquarie. Please go ahead.

查德貝農，麥格理。請繼續。

Good afternoon, guys, nice quarter.

下午好，夥計們，美好的季度。

Thank you.

謝謝。

Wanted to start just kind of honing in on some of the OpEx items. It's obviously been a topic on other operator calls this quarter. Just in terms of labor utilities, some different contracts, understanding that probably most of your cost on the labor side are going to be coming at temporary.

我想開始磨練一些營運支出項目。這顯然是本季其他業者電話中的一個話題。就勞動力公用事業而言，一些不同的合同，了解您在勞動力方面的大部分成本可能都是暫時的。

And then Chamonix (inaudible) you were kind enough to break out the Midwest and South and it looks like margins were down a little bit, probably roughly in line with revenues. But can you just talk about kind of where we are on the inflation journey on the expense side, if you feel like things are under control, if you're going to see additional creep in the back half of '23 and beyond, or if things are kind of status quo there? Thanks.

然後夏蒙尼（聽不清楚）你很友善地突破了中西部和南部，看起來利潤率下降了一點，可能與收入大致一致。但是，您能否談談我們在支出方面的通貨膨脹之旅中所處的位置，如果您覺得事情已得到控制，如果您將在 23 年後半段及以後看到額外的蠕變，或者如果事情的現狀又是怎麼樣的呢？謝謝。

Well, obviously, at the Chamonix, we have to hire people and we're in an isolated location up in the mountains. And so, in some job categories we have to pay up to attract people. On the other hand, the tip positions if you visit the town, it's pretty obvious. We're going to be the center of action and if you're a tipped employee, you're going to make more money with us than you are anywhere else in town.

嗯，顯然，在夏蒙尼，我們必須僱用人員，而且我們位於山上一個偏僻的地方。因此，在某些工作類別中，我們必須支付高薪才能吸引人才。另一方面，如果你參觀這個城鎮，小費的位置是非常明顯的。我們將成為行動的中心，如果您是一名有小費的員工，您將在我們這裡賺到比鎮上其他任何地方都多的錢。

So, I think there will be okay. If talking about like normal inflationary pressure, six months ago, I was getting a lot of pushback and it was kind of like the press would say inflation year over year was up 7% and so it seemed like every employee wanted a 7% raise. And I point out that our revenues are most properties were not up 7%.

所以，我想不會有事的。如果像正常的通膨壓力一樣談論，六個月前，我受到了很多阻力，有點像媒體說通膨年增 7%，所以似乎每個員工都希望加薪 7%。我指出，我們大多數物業的收入都沒有成長 7%。

And that in the inflation index, there are things like cost of houses or cost of a new car. And if you didn't buy a new car, if you didn't buy a new house, your cost of living didn't change. And you push back, I think now that you've had lower at least press articles of lesser inflation and things like that. A little bit of that pressure is gone away.

在通貨膨脹指數中，有諸如房屋成本或新車成本之類的內容。如果你不買新車，如果你不買新房子，你的生活成本就不會改變。你反駁道，我認為現在你至少已經發表了有關通貨膨脹率較低的新聞文章以及類似的內容。那種壓力一點點就消失了。

The last employment statistic actually showed unemployment up a little bit now. Colorado Springs is still a very tight labor market, but one of the things we're doing in Colorado Springs that takes a lot of the pressure off us, is we've taking a page from the Hyatt Tahoe outsources their housekeeping to a third party, a number hotels are doing that these days. And so, we've chosen to do the same thing will the company that is going to do.

最新的就業統計數據實際上顯示失業率現在略有上升。科羅拉多斯普林斯的勞動力市場仍然非常緊張，但我們在科羅拉多斯普林斯所做的一件事減輕了我們很大的壓力，那就是我們效仿太浩凱悅酒店將家事服務外包給第三方，現在很多飯店都在這樣做。因此，我們選擇對即將做的公司做同樣的事情。

Our housekeeping does the housekeeping for the hospital in Woodland Park which is the second largest employer in the county. And they also do the housekeeping for the five hospitals done in Colorado Springs. And so Woodland Park is 18 miles from us and then it in turn is about 20 miles from Colorado Springs. So, it's easy for them to transfer housekeepers from Woodland Park to us to our property and then replace them with people from Colorado Springs.

我們的家事服務為伍德蘭帕克的醫院提供家事服務，該醫院是該縣第二大雇主。他們也為科羅拉多斯普林斯的五家醫院提供內務管理服務。因此，伍德蘭公園距離我們 18 英里，距離科羅拉多斯普林斯約 20 英里。因此，他們很容易將伍德蘭公園的管家轉移到我們的物業，然後用來自科羅拉多斯普林斯的人取代他們。

And so they can move people around. They've got already got a workforce and so on. And when we after negotiating with them, we looked at what we would pay them by the hour and what it was going to cost us by the hour. It was kind of a wash, and they have more resources than we do to move people around and supervise people and so on.

這樣他們就可以讓人們到處走動。他們已經有了勞動力等等。當我們與他們談判後，我們考慮了按小時支付給他們的費用以及按小時計算的成本。這是一種洗禮，他們比我們有更多的資源來調動人員和監督人員等等。

So, that's about a third of the employees we need to hire were resolved with that contract. And so, we're that helps us a lot. Then about a third of the other employees are tipped employees, and that's going to be relatively easy. And then the last part we're working on. So, I think we'll be okay. I have been working and we continue to hire people.

因此，我們需要雇用的員工中約有三分之一是透過該合約解決的。所以，這對我們有很大幫助。然後大約三分之一的其他員工是收取小費的員工，這將相對容易。然後是我們正在研究的最後一部分。所以，我想我們會沒事的。我一直在工作，我們還在繼續招募人員。

It's a little more of a challenge there because every employee down of the dishwasher has to go through gaming licensing and somebody who might be applying for a dishwashing job. That's a pretty big hurdle when they can go to the Amazon warehouse next door and not have to fill out a 30-page form. We've been working through that. And we have a pretty stable employee base now, but it's been a little bit of a struggle.

那裡的挑戰更大一些，因為洗碗機下面的每個員工都必須獲得遊戲許可，並且可能會有人申請洗碗工作。當他們可以前往隔壁的亞馬遜倉庫而不必填寫 30 頁的表格時，這是一個相當大的障礙。我們一直在努力解決這個問題。我們現在擁有相當穩定的員工基礎，但也遇到了一些困難。

Anyway that's the bottom line. We get asked all the time. We see signs of a recession. Sometimes I think there might be, but particularly in Mississippi, which is where the economy seems to be a little weak and then all of sudden we'll have a good weekend and then say, well, no, maybe there isn't a recession and then people ask are you feeling inflation and it's like well on the revenue side.

無論如何，這是底線。我們總是被問到。我們看到了經濟衰退的跡象。有時我認為可能會有，但特別是在密西西比州，那裡的經濟似乎有點疲軟，然後突然我們會度過一個愉快的周末，然後說，好吧，不，也許沒有經濟衰退然後人們會問你是否感受到通貨膨脹，收入方面的狀況是否良好。

Now Irish revenues are growing 7% at the older properties. And I think, yeah, it's one of those things when the presses builds to talk about inflation and everybody starts looking for a raise and with the press or just shut up about it, maybe we wouldn't have as much inflation.

現在，愛爾蘭老地產的收入成長了 7%。我認為，是的，當媒體開始談論通貨膨脹並且每個人都開始尋求加薪時，這就是其中之一，而媒體或只是閉嘴，也許我們不會有那麼嚴重的通貨膨脹。

And some of you may know, we made in an earlier life I lived in Brazil and the Brazilian government at one point had to admit that they like, that was because the S�o Paulo newspaper did the analysis of a bunch of prices from one year to the next. And they concluded that inflation was 100% when the government was saying was 70%. I mean the inflation rates were nuts and the Minister of Finance of Brazil said, well, actually as a tool of combating inflation, we understate what inflation is doing

你們中的一些人可能知道，我們早年住在巴西，巴西政府一度不得不承認他們喜歡，那是因為聖保羅報紙對來自一個國家的一系列價格進行了分析到下一年。他們的結論是，當政府所說的通貨膨脹率是 70% 時，通膨率卻是 100%。我的意思是，通膨率太瘋狂了，巴西財政部長說，實際上，作為對抗通膨的工具，我們低估了通膨的影響

(laughter) thank you for that, yeah.

（笑聲）謝謝你，是的。

And then Dan, a lot of times when we're talking to investors, it's always the what's next after so many Louis, you kind of laid out the spend per head in the market and the opportunity there. And I think everyone's onboard with the returns that could come out of this.

然後丹，很多時候當我們與投資者交談時，總是在這麼多路易斯之後接下來會發生什麼，你列出了市場上的人均支出以及那裡的機會。我認為每個人都同意由此帶來的回報。

But after that's open, you'll have two new properties, one property down in the stack south. That's a good cash cow, the sports businesses and then a few other smaller properties. But just in terms of the three year portfolio or how you're thinking about what to do with the cash, whether it's paid down, the debt, buy back stock at these levels or look to grow the business, can you kind of give us a little peek into '24, '25, kind of the what's next after you open up Chamonix, right after Christmas?

但開放後，您將擁有兩處新房產，其中一處房產位於堆疊南部。這是一個很好的搖錢樹，還有體育企業和其他一些較小的產業。但就三年投資組合而言，或者您如何考慮如何處理現金，無論是還清、債務、回購這些水平的股票還是尋求發展業務，您能給我們一些建議嗎？稍微回顧一下“24”、 “25”，聖誕節過後，打開霞慕尼之後，接下來會發生什麼？

So we get Chamonix open and it'll take a while to mature, just like it's taking American place little while I mean, and just as it did [Bellagio Leverish] and so on. I mean, these things, the second year is almost always better than the first and third years better than the second, usually that happens kind of mature.

所以我們讓霞慕尼開放，它需要一段時間才能成熟，就像我的意思是，它在美國的地位不久，就像它[Bellagio Leverish]所做的那樣。我的意思是，這些事情，第二年幾乎總是比第一年好，第三年比第二年好，通常這種情況發生在成熟的時候。

And now at some point, the city of Waukegan and the State Gaming Commission will probably get that lawsuit resolved from the padawatomy tribe. And when they do then it's hard for us to go arrange financing for the permanent casino, when you have a lawsuit out there arguing that you should restart the licensing process.

現在，在某個時候，沃基根市和國家博彩委員會可能會解決帕達瓦托米部落的訴訟。當他們這樣做時，我們就很難為永久賭場安排融資，因為你有一場訴訟，認為你應該重新啟動許可程序。

It's kind of an absurd lawsuit, but it's out there. And when that's resolved, I would expect that, and it might be 1 year to 18 months. And when that happens by then, frankly, we're going to be one of the least leveraged casino companies out there. And hopefully the bond markets in better shape, and we will go raised money to build the permanent casino in what Keegan and our obligation is to invest.

這是一場荒謬的訴訟，但它確實存在。當這個問題得到解決時，我預計可能需要 1 年到 18 個月的時間。坦白說，當這種情況發生時，我們將成為槓桿率最低的賭場公司之一。希望債券市場狀況更好，我們將籌集資金建造永久性賭場，基岡和我們的義務就是投資。

I think the numbers about $325 million. Going forward, it was $500 million less what we've invested to date. So, and a lot of what we've invested to date is parking lots and land acquisition. So, that's really for the permanent and the license fee itself. So, and the permanent will be much a more obvious and nicer casino than the tent we're operating in now. So, we still have that ahead of us, it's a pretty big task. It's not immediate because the lawsuit has it has its kind of on hold for now.

我認為這個數字約為 3.25 億美元。展望未來，我們迄今的投資額將減少 5 億美元。因此，迄今為止我們投資的許多都是停車場和土地徵用。所以，這實際上是永久的和許可費本身。因此，永久賭場將比我們現在經營的帳篷更明顯、更好。所以，我們仍然面臨這個問題，這是一項相當艱鉅的任務。這不是立即的，因為訴訟目前處於擱置狀態。

We hope they resolve the lawsuit pretty quickly, but the courts are pretty backed up these days. So, in the meantime, we'll continue to grow the business and improve the balance sheet somewhere down the road. We do have the entitlements to build a hotel tower at the Silver Slipper and it would make sense to do it. We've just been a little busy with other stuff that we think has a higher ROI than that.

我們希望他們盡快解決訴訟，但這些天法院的支持力道很大。因此，同時，我們將繼續發展業務並改善資產負債表。我們確實有權在銀拖鞋建造一座酒店塔樓，這樣做是有意義的。我們只是有點忙於其他我們認為投資回報率更高的事情。

But at some point, if we're generating excess cash and looking for something to do, that's a growth opportunity that exists for us and in a three-year time frame. That's kind of what we have in mind.

但在某個時候，如果我們產生多餘的現金並尋找一些事情做，這對我們來說是一個在三年時間內存在的成長機會。這就是我們的想法。

Okay.

好的。

I mean, we don't see any other markets to go into. I think the markets we're in are pretty good, even Chamonix is designed to be able to be expanded at some point and we own a piece of land to do that on. But let's get it open first.

我的意思是，我們沒有看到任何其他市場可以進入。我認為我們所處的市場非常好，甚至連霞慕尼也被設計成能夠在某個時候擴張，而且我們擁有一塊土地可以做到這一點。但我們先把它打開。

Thank guys, appreciate it.

謝謝各位，感激不盡。

Thank you, Chad.

謝謝你，查德。

Jordan Bender, JMP Securities. Please go ahead.

喬丹·本德，JMP 證券。請繼續。

Great. Thanks for taking my question, it looks like reservations in Chamonix, the hotel did open the other day. I was wondering if you could just share maybe what you're seeing in terms of bookings, whether you want to talk about ADR and just given some of that demand, could that be kind of a forward leading indicator into some of the demand for that project?

偉大的。感謝您提出我的問題，看起來像是霞慕尼的預訂，酒店前幾天確實開業了。 I was wondering if you could just share maybe what you're seeing in terms of bookings, whether you want to talk about ADR and just given some of that demand, could that be kind of a forward leading indicator into some of the demand for that專案?

Well, we haven't publicized yet that in a big way that the reservations are open. And in fact, I was a little chagrined when I saw it because for the first several days, it really should be held for our casino customers. And so, we're fixing that, and we have a mailing list, there over a 100,000 names. Now some of those people are probably debt because it's been built over 25 years of Bronco Billy's is operated.

嗯，我們還沒有大張旗鼓地宣布開放預訂。事實上，當我看到它時，我有點懊惱，因為在最初的幾天裡，它確實應該為我們的賭場客戶舉辦。所以，我們正在解決這個問題，我們有一個郵件列表，其中有超過 100,000 個名字。現在，其中一些可能負債累累，因為 Bronco Billy's 的建成已經超過 25 年了。

But there's 20,000 regular people who are we see all the time. And of course, we want to make sure we accommodate them early on. And so, the bookings we have (inaudible) it's only been a few days, so I wouldn't expect it to be at all material. But people will want to see it. And the ad campaign is just starting to really cute a series of ads, and that will be pretty prominent in Colorado Springs and in Denver and that will build.

但我們一直都能看到 2 萬名普通人。當然，我們希望確保儘早容納他們。因此，我們的預訂（聽不清楚）才過去幾天，所以我不認為它會很重要。但人們會想看到它。廣告活動才剛開始，推出一系列非常可愛的廣告，這將在科羅拉多斯普林斯和丹佛非常引人注目，並且將繼續建立。

And it's not only 300 guestrooms on any given night is around 500 people in the property. We only have 800 slot machines, and we will continue to get a lot of day trip customers as well. And so, the revenue will be there. It will be there on December 26. I don't know the day after Christmas probably be pretty busy.

不僅每晚有 300 間客房，飯店內還有約 500 人入住。我們只有800台老虎機，我們也會繼續吸引許多一日遊的客戶。所以，收入就會在那裡。 12月26日就到了。我不知道聖誕節後的第二天可能會很忙。

I actually there's a side of me that hopes were not completely slammed because their employees are still been learning for building learning their jobs and you gradually build up. I mean and so, like stations is actually concerned, stations, casinos, they're good operators. They're going to open Durango stations. The first new local�s casino which opened here in a while.

事實上，我的另一面希望並沒有完全破滅，因為他們的員工仍在學習，以建立他們的工作，並且你逐漸建立起來。我的意思是，就像車站、賭場一樣，他們是很好的操作員。他們將開設杜蘭戈車站。當地第一家新賭場不久前在這裡開業。

And there's 2 million people live in this town. We all drive past Durango station, and they will be swamped with people, and they will be on the day they open. So, they said we want to make sure they have all their employees trained and everything else were 45 minutes up in the mountains. And I think people will find us. Remember when we opened [L'Auberge], which was two hours from Houston, I wondered whether people would show up with so many people show up in the first day that they would threaten to close down the freeway interchange, which was a mile from the property because the traffic was backing up under the freeway.

這個鎮上居住著 200 萬人。我們都開車經過杜蘭戈車站，他們會擠滿人，而且他們會在他們開業的那天。所以，他們說我們要確保他們所有的員工都接受過培訓，其他的一切都在山上進行 45 分鐘。我認為人們會找到我們。記得當我們開業[L'Auberge] 時，距離休斯頓只有兩小時路程，我想知道人們是否會出現，因為第一天出現的人太多，以至於他們會威脅要關閉高速公路立交橋，該立交橋距離休士頓一英里。因為高速公路下的交通堵塞。

And so sometimes it builds slowly, sometimes it builds more quickly. I expect this to build somewhat slowly just because of where it is and because most people in Colorado Springs have been to Cripple Creek at some point in the past and if you went there before it looked kind of like if you've ever been to Virginia City, Nevada, so in like a little historic town with little [bitty] casinos and you go there and you look at it and our task is to tell them that, no, this isn't the Colorado.

所以有時它構建得很慢，有時它構建得更快。我預計這個建設會有點緩慢，因為它位於何處，而且因為科羅拉多斯普林斯的大多數人在過去的某個時候都去過克里普爾溪，如果你之前去過那裡，看起來有點像你曾經去過弗吉尼亞州內華達州的城市，就像一個歷史悠久的小鎮，有一些小[小]賭場，你去那裡看看，我們的任務是告訴他們，不，這不是科羅拉多州。

This isn't the Cripple Creek you knew this is a different Cripple Creek. This is a guy like when the Mirage opened in Las Vegas in 1989, all the marketing in Las Vegas up until that was cheap Buffets and cheap hotel rooms and lounge singers and the Mirage introduced a whole different type of casino and it changed the market and that's a little bit of what we're doing in Colorado Springs on a smaller scale.

這不是你所知道的跛子溪，這是一條不同的跛子溪。這就像1989 年幻影賭場在拉斯維加斯開業時那樣，在那之前拉斯維加斯的所有行銷都是廉價的自助餐、廉價的酒店房間和休息室歌手，幻影賭場引入了一種完全不同類型的賭場，它改變了市場，這只是我們在科羅拉多斯普林斯所做的小規模工作的一部分。

Yeah, our TV ads haven't yet started airing. That's literally happening this week, Jordan. So, it's a good question, but ask me again in a week or two is probably the better thing to tell you. I will tell you this though it is beautiful and I know I keep saying that whenever I meet with people, but when you walk into that building for the first time, it is your job will drop because it is truly a special place that is unlike anything else in that state.

是的，我們的電視廣告還沒開始播出。喬丹，這確實是本週發生的事情。所以，這是一個很好的問題，但一兩週後再問我可能是更好的告訴你的事情。我會告訴你這一點，雖然它很美麗，我知道我一直在說，每當我與人見面時，但是當你第一次走進那棟建築時，你的工作就會下降，因為它確實是一個特殊的地方，不像該狀態下的任何其他內容。

[quite as win] quality. And that's not surprising because the designers are people who worked on the wind product.

[相當勝利]品質。這並不奇怪，因為設計師是從事風力產品工作的人。

Yes, that's right.

恩，那就對了。

And so and the hotel itself has four seasons quality. It's and it's the designers. The design firm we used for the hotel is the same design firm that we used at the four seasons and St. Louis, who did the four seasons in [Jackson Knoll] who did a number of Montage properties, and that's the quality what it is. And to do that in Cripple Creek is a little stunning. There's some local people in town and think I'm nuts, but I think it will work because I've seen it work before Yeah, so.

因此，酒店本身俱有四個季節的品質。是的，也是設計師。我們為酒店使用的設計公司與我們在第四季和聖路易斯使用的設計公司是同一家設計公司，他們在[Jackson Knoll]中設計了第四季，他們設計了許多蒙太奇酒店，這就是它的質量。在克里普爾溪做到這一點有點令人驚嘆。鎮上有一些當地人認為我瘋了，但我認為它會起作用，因為我以前見過它起作用是的，所以。

Great. And then just kind of lead into my follow-up question here. I think the original benchmark for Colorado was about $50 million at the EBITDA. Is that still kind of the right way to think about the project return with where you guys sit now about a month and a half out?

偉大的。然後就引出了我的後續問題。我認為科羅拉多州最初的 EBITDA 基準約為 5000 萬美元。距離你們現在還有大約一個半月的時間，這仍然是考慮專案回報的正確方式嗎？

Yes, I think so. But don't expect us to do $6 million in January. I mean, it's takes a while to get there. I mean Monarch is doing north of $100 million. I think somebody talk someday, as I said, that to somebody who was a big shareholder, there's who said, no, no, they're doing like 120 now. And so, what's great news they are 500 rooms were 300 rooms and the casinos are much different in size.

是的，我想是這樣。但不要指望我們一月就能賺到 600 萬美元。我的意思是，需要一段時間才能到達那裡。我的意思是 Monarch 的營收超過 1 億美元。正如我所說，我認為有一天有人會對大股東說，不，不，他們現在的表現大約是 120。所以，好消息是，它們有 500 個房間，也有 300 個房間，而且賭場的大小有很大不同。

So, if we could do 50, I'd be pretty happy and that's less than half of what they're doing. And yeah, they're the principal competitor in our ads, quite clearly say we're the best casino in the state. They're pretty good to I mean, I think we're better because we have a better footprint, their footprint, they had to be very long and narrow, but the actual quality of the experience is pretty similar between the two of us and everyone else pales and the state.

所以，如果我們能做 50 個，我會很高興，而這還不到他們正在做的一半。是的，他們是我們廣告中的主要競爭對手，很清楚地表明我們是該州最好的賭場。他們非常好，我的意思是，我認為我們更好，因為我們有更好的足跡，他們的足跡，他們必須非常長和窄，但我們兩個之間的實際體驗品質非常相似其他人和國家都黯然失色。

And by the way, no comparison in Cripple Creek zero.

順便說一句，與 Cripple Creek 零相比沒有任何可比性。

(multiple speakers)

（多個發言者）

Yeah, the Ameristar's very successful. It's got no, they need to refurbish it. It's not a bad property. And the next best property is a pilot to break. It's got the Caesars name on it, but was built by Isle of Capri who used to jokingly refer to it as a pilot [debris]. And --

是的，美洲星非常成功。沒有，他們需要翻新它。這不是一個壞財產。下一個最好的財產是要打破的試點。它上面有凱撒的名字，但它是由卡布里島建造的，卡布里島曾經開玩笑地稱它為飛行員[碎片]。和 -

If you think about when we first bought that property, that was my gosh 2015, I think when we bought Bronco Billy's, and that's when we first started looking at the expansion. But since that time and certainly since we put a shovel in the ground there, the town of Colorado Springs has continued to grow pretty massively.

如果你想想我們第一次購買那處房產的時候，天哪，那是 2015 年，我想當我們購買 Bronco Billy's 的時候，那是我們第一次開始考慮擴張的時候。但從那時起，當然，自從我們在那裡放了一把鏟子以來，科羅拉多斯普林斯鎮繼續大幅發展。

We always talk about there being 1 million people in our broader feeder market. That's really Colorado Springs divide. What am I missing there on Woodland Park, Pueblo. But what it doesn't include is all of the suburbs to the south of Denver, so kind of Castle Rock and go into the south. And if you were to try and drive from Castle Rock to Black Hawk on a Friday or Saturday.

我們總是談論我們更廣泛的支線市場有 100 萬人。這確實是科羅拉多斯普林斯的分歧。我在普韋布洛的林地公園錯過了什麼。但它不包括丹佛南部的所有郊區，例如城堡石，然後進入南部。如果您想嘗試在周五或週六從城堡石開車前往黑鷹。

The traffic is so bad that, it will be quicker for you to make it to us instead. And so that whole area is above and beyond the million people that we talk about, and we will market to those people. So, I think there's room forI --

由於路況太差，您改為前往我們這裡會更快。因此，整個地區的人口數量超出了我們所說的一百萬人，我們將向這些人行銷。所以，我認為我還有空間——

We will grow the market, I mean, we talk about Colorado Springs being an underserved market. Denver itself is also an underserved market. And so, I don't think we'll have a negative impact on Monarch or Black Hawk at all. I think we will grow the market and, but it will happen overtime and 50 million. It is not an aggressive number on this property, just don't expect it to get there overnight.

我們將擴大市場，我的意思是，我們談論科羅拉多斯普林斯是一個服務不足的市場。丹佛本身也是一個服務不足的市場。因此，我認為我們根本不會對君主或黑鷹產生負面影響。我認為我們將會擴大市場，但這會隨著時間的推移而發生，並且會增加 5000 萬。對於該房產來說，這並不是一個激進的數字，只是不要指望它會在一夜之間到達那裡。

Yeah. And sorry, my point was only that the feeder markets a lot bigger than what it was four years ago, when we started this whole process.

是的。抱歉，我的觀點只是支線市場比四年前我們開始整個過程要大得多。

We also eliminated table game limits.

我們也取消了桌上遊戲限制。

We did. That's right.

我們做到了。這是正確的。

A betting limits that we're bidding limits, are we up to half hour?

一個投注限額就是我們的競價限額，我們最多半小時嗎？

but we have a few more people in the queue, I'll share basis. Go ahead.

但我們隊列裡還有幾個人，我會分享基礎。前進。

John DeCree, CBRE. Please go ahead.

約翰‧德克里，世邦魏理仕。請繼續。

Hi, this is Max Marsh on for John DeCree. Congrats on the great quarter, guys. Looking at the strong results out of Waukegan, I'm curious if you have any updated view on elevated marketing in that environment, whether you're still sticking to that elevated marketing or maybe you're seeing the ROI here and giving you an opportunity to back off?

大家好，我是約翰·德克里的馬克斯·馬什。夥計們，恭喜這個偉大的季度。看看沃基根的強勁業績，我很好奇您是否對這種環境下的提升營銷有任何更新的看法，無論您是否仍然堅持提升營銷，或者也許您在這裡看到了投資回報率並為您提供了機會退縮？

Well I mean, we're still being pretty aggressive with the free play, we were a little quiet with the advertising in October. We're about to go back up. And a little bit of the experimentation is like does advertising drive business at this location, every market's a little different.

嗯，我的意思是，我們在免費遊戲方面仍然非常積極，在 10 月的廣告方面我們有點安靜。我們正要回去。一點點實驗就像廣告是否能推動這個地方的業務一樣，每個市場都有點不同。

And so we'll see, we're still learning we are still spending quite a twin, the free play and the reboot of the advertiser. And if you were to look at it on a quarterly basis, you wouldn't see it. But on behind the scenes, you know, we watch it week-to-week and then say well, what did we spend advertising this week?

所以我們會看到，我們仍在學習我們仍在花費相當多的錢，免費遊戲和廣告商的重啟。如果你按季度查看它，你就不會看到它。但在幕後，你知道，我們每週都會觀看，然後說，這週我們在廣告上花了什麼？

What were our revenues this week and you tried to figure out you do your targeted differently. The new ads have a little different look and feel to them, and we'll say as part of fine tuning,

我們本週的收入是多少，您試圖弄清楚您以不同的方式實現了目標。新廣告的外觀和感覺略有不同，我們會說作為微調的一部分，

you should expect more and more of that though throughout the fourth quarter, Max.

儘管整個第四季你應該期待越來越多的這種情況，馬克斯。

Okay, understood. Thank you. And then just one quick follow-up on the opening of the Circa sports book on any commentary on that and if you're maybe seeing some elevated play on heavy sports [Stavzor] and any additional color there would be great? Thanks.

好的，明白了。謝謝。然後，對 Circa 體育書籍的開篇進行快速跟進，了解對此的任何評論，如果您可能會看到一些重型體育運動 [Stavzor] 的高水平比賽以及任何其他顏色，那會很棒嗎？謝謝。

It's clearly a positive. It's not a big positive, but it does bring people into the property course from Circa point of view, most of their revenue comes from the app, which is because they can access everybody in the state of Illinois, you can be down in East St. Louis and placement with Circa and so the $5 million a year.

這顯然是積極的。這不是一個很大的積極因素，但從Circa 的角度來看，它確實讓人們進入了房地產課程，他們的大部分收入來自該應用程序，這是因為他們可以訪問伊利諾伊州的每個人，你可以在東街Louis和Circa的安置等等每年500萬美元。

Well, the percentage of revenue with a $4 million or $5 million a year is based on the statewide ability to operate sports betting and does it bring people into our property?

那麼，每年 400 萬美元或 500 萬美元的收入百分比取決於全州範圍內經營體育博彩的能力，它是否會吸引人們進入我們的房地產？

Yes, it does. But it's not a huge number. And that, by the way, that's true in Las Vegas as well. I mean, the sportsbooks have always been relatively modest amenity to the casino accepted circuit itself, who made a big deal out of it. And in our permanent casino in American place, we have a bigger sports book similar to what they have at Circa downtown.

是的，它確實。但這並不是一個龐大的數字。順便說一句，這在拉斯維加斯也是如此。我的意思是，對於賭場接受的巡迴賽本身來說，體育博彩一直是相對溫和的便利設施，而賭場卻從中大做文章。在我們位於美國的永久賭場中，我們有一個更大的體育博彩，類似於他們在 Circa 市中心的體育博彩。

Great. Appreciate it, guys. Congrats on a good quarter.

偉大的。非常感謝，夥計們。恭喜季度表現良好。

Thank you.

謝謝。

(multiple speakers) The Steak House will probably have a bigger impact because right now, we don't have a fine dining amenity and most truck, all of our competition does.

（多個發言者）牛排屋可能會產生更大的影響，因為現在我們沒有精緻的餐飲設施，而大多數卡車和我們所有的競爭對手都有。

Ricardo Chila, Deutsche Bank. Please go ahead.

里卡多·奇拉，德意志銀行。請繼續。

Hey, guys. Thank you so much for taking my question.

大家好。非常感謝您回答我的問題。

I was wondering if you could comment a little bit on your leveraging expectation for the business unit or what slight, let's say, the two year target for you guys, what you would feel comfortable with the balance sheet before moving to some of the other opportunities that you have talked to about in the call and that, could you provide strong returns on investment?

我想知道您是否可以評論一下您對業務部門的槓桿預期，或者說，您的兩年目標是什麼，在轉向其他一些機會之前您對資產負債表的感覺如何您在電話中談到了這一點，您能否提供豐厚的投資報酬率？

Well, it's actually hard look at our leverage because, as a kind of the way we've been developing this, we borrowed all the money up in advance to build both American place and Germany. And so now we're about to open all that. And so, if you were to look at trailing 12-month earnings compared to debt.

好吧，實際上很難審視我們的槓桿作用，因為作為我們開發這項計畫的一種方式，我們提前借了所有資金來建立美國和德國。現在我們即將開放這一切。因此，如果您將過去 12 個月的收益與債務進行比較。

It looks like we're over-levered. And if you look ahead and say, well, what are earnings likely to be in, say 2025 versus our leverage. We're probably under levered. And I think as we grow and our scale here, you won't see as big as swings on that. It's our obligation to build the permanent American place will not be as big as jobs because companies bigger as we did last time.

看來我們的槓桿過高了。如果你展望未來並說，好吧，2025 年的利潤可能是多少，與我們的槓桿率相比。我們可能槓桿不足。我認為，隨著我們的成長和規模的擴大，你不會看到那麼大的波動。我們有義務建立一個永久的美國地方，但不會像我們上次那樣，因為公司規模更大而產生就業機會那麼大。

I mean, when we went to be rebuilt, would it be about $500 million worth of stuff on the backs of casinos that were doing $40 million of EBIT. Now we're going to be doing I'm taking American place in Chamonix and comparing it to the traditional casinos. And if you look at now with Chamonix and the temporary and the other places and the sportsbooks and you look at building the permanent American place would be less levered.

我的意思是，當我們進行重建時，那些息稅前利潤為 4000 萬美元的賭場會背負價值約 5 億美元的資金嗎？現在我們將在美國霞慕尼進行比較，並將其與傳統賭場進行比較。如果你看看現在的夏蒙尼、臨時的、其他地方和體育博彩，再看看建立永久的美國地方，槓桿率就會降低。

And that's, by the way, Lewis and I've been doing this a long time. And at Mirage Resorts, when I got there is probably pretty heavily levered. We had the Mirage than we were levered. We borrowed more money built, Treasure Island, it was successful, then we borrowed more money-built Bellagio and (inaudible) and they were successful.

順便說一句，劉易斯和我已經這樣做很久了。當我到達幻影度假村時，槓桿率可能相當高。我們擁有幻影而不是槓桿。我們借了更多的錢建造了金銀島，它成功了，然後我們借了更多的錢建造了貝拉吉奧（聽不清楚），他們成功了。

And along the way, we became an investment grade, it was that the industry's first investment grade company, but we grew our way into it. And at Pinnacle We did the same thing. I mean, the properties we inherited at Pinnacle, we were able to double their results just by being better managers. And then, we built the Bears and then we built the two properties in St. Louis and each time we'd borrow the money build something get good returns on investment and that would reduce the leverage.

一路走來，我們成為了投資級公司，這是業內第一家投資級公司，但我們一路成長。在 Pinnacle，我們也做了同樣的事情。我的意思是，我們在 Pinnacle 繼承的資產，僅僅透過成為更好的管理者，我們就能夠將其業績翻倍。然後，我們建造了熊隊，然後我們在聖路易斯建造了兩處房產，每次我們借錢建造一些東西都會獲得良好的投資回報，這會降低槓桿率。

And so, when we got to this company eight, nine years ago, I mean, it was pretty levered and we've already reduce the leverage. And when this stuff when Chamonix gets opened and so on, if you do it right, it's a win-win. In other words, shareholders are getting good returns.

因此，當我們八、九年前進入這家公司時，我的意思是，它的槓桿率相當高，而且我們已經降低了槓桿率。當霞慕尼的這些東西被打開等等時，如果你做得對，那就是雙贏。換句話說，股東正在獲得豐厚的回報。

Employees are getting good growth opportunities, but bondholders also do well because you end up getting upgraded, you end up calling the bonds before their maturity and nobody loses, and I kind of plan it that way. And legally, I guess a management and the Board is only obligated to shareholders. But in my mind, we have all these constituencies, and the lenders are certainly a big part of that. And we've always taken care. And every aspect,

員工獲得了良好的成長機會，但債券持有人也表現良好，因為你最終得到了升級，你最終在債券到期之前贖回了債券，沒有人損失，我就是這樣計劃的。從法律上講，我想管理階層和董事會只對股東承擔義務。但在我看來，我們擁有所有這些支持者，而貸款人無疑是其中的重要組成部分。我們一直都很小心。而每一個方面，

Yeah, I think a lot of people forget sometimes is we borrowed a big chunk of this debt to build two properties. One that's already opened in the Temporary and one that's about to open in seven weeks in Colorado. And when you pro forma and run rate for those properties, depending on your estimates, you're probably between 3 and 3.5 times gross levered.

是的，我想很多人有時會忘記，我們借了一大筆債務來建造兩處房產。一間已經在臨時醫院開業，另一間即將在七週後在科羅拉多州開業。當您對這些資產進行預估和運行率時，根據您的估計，您的總槓桿率可能在 3 到 3.5 倍之間。

So to Dan's point, it's actually a pretty manageable balance sheet. And so, and then we'll have cash flows at all that generates, that we can use to contribute towards funding the permanent casino in Waukegan there like will be likely being some sort of incremental slug of debt there, but it's a bit between now and then we've got a split rating between S&P and Moody's. I would expect the lower part of that equation to get upgrades.

因此，在丹看來，這其實是一個相當容易管理的資產負債表。因此，然後我們將擁有產生的現金流，我們可以用它來為沃基根的永久賭場提供資金，就像那裡可能會出現某種增量債務一樣，但現在還有些時間然後我們得到了標準普爾和穆迪之間的分裂評級。我希望等式的下半部能夠升級。

Just on the sheer fact that you've got interest expense, that's around $35 million a year and a company with pro forma for those two openings that's making, three, four times that amount. So, it's doing all the things that we intended.

僅就利息支出而言，每年約為 3500 萬美元，而一家公司為這兩個空缺職位提供的預計收入是這個數字的三、四倍。所以，它正在做我們想要做的所有事情。

Actually, it's interesting to look at the nine-month numbers. Our [EBDIT] for nine months exceeds our annual interest expense and our debt during those nine months included all the money needed to finish M&A. So, without Chamonix, earning anything and with American place just ramping up after opening in February, we still earned enough in the nine months to cover annual interest expense. So, I will obviously we have leverage, but in some ways, you look at how levered are we really were not all that leveraged.

事實上，看看這九個月的數字很有趣。我們九個月的 [EBDIT] 超過了我們的年度利息支出，而這九個月期間我們的債務包括完成併購所需的所有資金。因此，即使沒有霞慕尼，也沒有任何收入，而且美國市場在二月開業後剛剛增加，我們在這九個月裡的收入仍然足以支付年度利息費用。所以，我顯然我們有槓桿，但在某些方面，你看看槓桿有多大，我們實際上並沒有那麼槓桿。

If we get into it, it's essentially fake leverage sensitive for something that isn't yet in those trailing numbers yet. So, yeah.

如果我們深入研究它，它本質上是對那些尚未出現在這些追蹤數字中的東西敏感的假槓桿。嗯是的。

Got it. Thank you so much for taking my questions.

知道了。非常感謝您回答我的問題。

Thank you. Thank you.

謝謝。謝謝。

I think we have time for one last question. Yeah.

我想我們還有時間回答最後一個問題。是的。

Yeah.

是的。

Ryan Sigdahl, Craig-Hallum. Please go ahead.

瑞安·西格達爾，克雷格·哈勒姆。請繼續。

Hi, guys. Just quickly, what's which sports books you still have licenses for on your scans? And then what should we expect for Q4 from a licensing line revenue with the camp puts space with Circa and of two terminations?

嗨，大家好。請快速了解一下，您的掃描結果中還擁有哪些運動書籍的許可？然後，我們對第四季度的許可線收入有何預期，其中包括 Circa 和兩個終端的許可線收入？

Yeah. So, on a go forward basis, we have one skin in Illinois, one skin that's live in Indiana and two skins that are live in Colorado and the sum total of that is $8 million per year. What we have idle is we've got two skins idle in Indiana, one skin [idle] in Colorado.

是的。因此，從長遠來看，我們在伊利諾伊州擁有一款皮膚，在印第安納州擁有一款皮膚，在科羅拉多州擁有兩款皮膚，每年總收入為 800 萬美元。我們閒置的是印第安納州有兩張閒置的皮膚，科羅拉多州有一個閒置的皮膚。

Any onetime impacts in Q4, Lewis?

劉易斯，第四季有什麼一次性影響嗎？

No.

不。

Thank you.

謝謝。

Yep. Sorry, I know it gets a little confusing with all that movement there.

是的。抱歉，我知道那裡的所有運動會讓人有點困惑。

I would like to turn the floor over to Daniel Lee for closing comments.

我想請 Daniel Lee 發表總結意見。

I was going to say, Illinois one is far more important than the others and Circa knows that business better than anyone else. So, we're pretty happy with what they're doing. So, we don't know what the results are, but we know that they are very good at promoting a sportsbook and good at operating it and it's fun to watch.

我想說的是，伊利諾伊州的一個比其他的重要得多，而 Circa 比其他任何人都更了解這項業務。所以，我們對他們所做的事情非常滿意。所以，我們不知道結果如何，但我們知道他們很擅長推廣體育博彩，也很擅長經營它，而且看起來很有趣。

And on that, I'd like to thank everybody for your support, and we'll get Chamonix open and next time we'll be talking about how it's been doing. So, thank you very much.

就此而言，我要感謝大家的支持，我們將開放霞慕尼，下次我們將討論它的表現。所以，非常感謝。

Thank you guys.

感謝你們。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。