Full House Resorts Inc (FLL) 2025 Q3 法說會逐字稿

Greetings. Welcome to Full House Resorts. Third quarter 2025 earnings call. At this time, all participants are in a listed only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. Please note this conference is being recorded.

問候。歡迎來到富豪度假村。2025年第三季財報電話會議。目前，所有參與者均處於僅列出模式。正式演講結束後將進行問答環節。會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。請注意，本次會議正在錄影。

I will now turn the conference over to Adam Campbell, corporate controller.

現在我將把會議交給公司財務總監亞當·坎貝爾。

Thank you. May I begin?

謝謝。我可以開始嗎？

Thank you. Good afternoon everyone. Welcome to our 3rd 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 provision of federal security laws.

謝謝。各位下午好。歡迎參加我們的第三季財報電話會議。像往常一樣，在開始之前，我們提醒各位，今天的電話會議可能包含前瞻性聲明，這些聲明是我們根據聯邦證券法的安全港條款作出的。

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.

我還要提醒各位，公司的實際業績可能與這些前瞻性聲明中預期的業績有重大差異。請參閱今天發布的新聞稿中「前瞻性聲明」部分，以了解可能影響我們業績的風險討論。

Also, we may make reference to non-GAAP. Measures such as adjusted EBITDA for a reconciliation of these measures, please see our website as well as the various press releases that we issue. Lastly, we are also broadcasting this conference call at fullhouseresorts.com where you can find today's earnings release as well as all of our SEC filing.

此外，我們可能會提及非GAAP準則。有關調整後 EBITDA 等指標的調節，請參閱我們的網站以及我們發布的各種新聞稿。最後，我們也在 fullhouseresorts.com 上直播了本次電話會議，您可以在那裡找到今天的收益報告以及我們所有的美國證券交易委員會文件。

Said, we're ready to go.

他說，我們準備出發了。

Lewis.

劉易斯。

Thank you, Adam. We had a very strong quarter. Revenues rose to $78 million from $75.7 million in last year's third quarter. Keep in mind that last year's financials include $1.5 million of revenue from Stockmans, which was sold in April of this year, so revenue growth on an apples to apples basis was 5%. Adjusted EBITDA rose 26% to $14.8 million.

謝謝你，亞當。我們本季業績非常出色。營收從去年第三季的 7,570 萬美元增至 7,800 萬美元。請記住，去年的財務數據包括 Stockmans 的 150 萬美元收入，該公司已於今年 4 月出售，因此以同等條件計算，收入成長率為 5%。調整後 EBITDA 成長 26% 至 1,480 萬美元。

That number would have been closer to $15.2 million except for several unusual items. Our strong growth in the quarter was led by American Place in Illinois and Chamonix in Colorado, both of which are still in the ramp-up phases and should continue to see their profits grow.

如果不是因為一些特殊項目，這個數字應該接近 1520 萬美元。本季強勁成長主要得益於伊利諾州的 American Place 和科羅拉多州的 Chamonix，這兩家公司目前仍處於擴張階段，利潤應該會繼續成長。

Specifically at American Place, our temporary casino continues to fire on all cylinders. We had record revenue and record profitability at a Revenues there increased by 14% to $32 million in the third quarter. Adjusted property EBITDA rose 16% to $9 million. We continue to have large numbers of guests discover American plays for the first time, and that's helped our database grow to more than 115,000 people.

具體來說，位於美國廣場的臨時賭場繼續火力全開。我們在第三季度實現了創紀錄的收入和創紀錄的獲利能力。該季度的營收成長了 14%，達到 3,200 萬美元。調整後的物業 EBITDA 成長 16% 至 900 萬美元。我們不斷有大量觀眾第一次接觸美國戲劇，這使得我們的資料庫成長到超過 115,000 人。

The pace of new database signups really hasn't slowed down in recent memory, which is great to see. That broadening awareness should continue to propel our temporary American Place facility to new levels of profitability in 2026.

近來新資料庫註冊用戶的成長速度並沒有放緩，令人欣喜。這種不斷擴大的認知應該會繼續推動我們的臨時美國廣場設施在 2026 年實現新的獲利水準。

We have long said that the temporary American place should be able to achieve $50 million of run rate EBITDA and that it's much larger permanent facility.

我們一直認為，這個臨時的美國工廠應該能夠實現 5,000 萬美元的 EBITDA 營運收入，並且比其永久工廠規模更大。

Earn double that amount, or $100 million. Our conviction in those figures remains as high as ever.

賺到兩倍的金額，也就是 1 億美元。我們依然像以往一樣堅信這些數據。

Regarding the permanent American Place facility, we continue to make progress. We recently received unanimous site approval from the Waukegan City Council. Behind the scenes, we also continue to refine the project, resulting in a reduction of the project's total budget down from $325 million to $302 million excluding capitalized interest.

關於美國廣場永久設施的建設，我們持續取得進展。我們最近獲得了沃基根市議會的一致批准。在幕後，我們也繼續改進該項目，最終將項目總預算從 3.25 億美元減少到 3.02 億美元（不包括資本化利息）。

Our permanent casino project is an exciting one, with total square footage more than doubling, the number of slots increasing by about 40%, and the number of table games increasing by about 90%. It's the closest casino to more than $1 million people, sandwiched between two of the major north-south traffic arteries in northern Chicagoland. To put that in perspective, the equivalent would be like if the Las Vegas locals market only had two casinos and think about how much those two casinos would earn.

我們的永久性賭場項目令人興奮，總面積增加了一倍多，老虎機數量增加了約 40%，賭桌遊戲數量增加了約 90%。它是距離超過 100 萬人最近的賭場，位於芝加哥北部地區兩條主要的南北交通幹道之間。舉例來說，這就好比拉斯維加斯當地市場只有兩家賭場，想想這兩家賭場能賺多少錢。

Within Lake County alone, American Place will be the only full-service casino to more than 700,000 people, and Lake County is one of the wealthiest counties in the entire country, so we have great demographics. Our permanent American Place project is a phenomenal opportunity that should earn a very high ROI and so we look forward to when we can begin its construction.

光是在萊克縣，美國廣場就將成為唯一一家服務超過 70 萬人口的全方位服務賭場，而萊克縣是全國最富裕的縣之一，因此我們擁有非常好的人口結構。我們的永久性美國廣場計畫是一個絕佳的機會，應該能帶來非常高的投資報酬率，因此我們期待著開始建造的那一天。

Tangentially related, we've seen some uninformed opinions recently about the potential for a new casino in Kenosha, Wisconsin.

與此略有相關的是，我們最近看到了一些關於在威斯康辛州基諾沙市新建賭場的可能性的未經證實的觀點。

To be clear, these efforts go back some 30 years to the 1990s. The principal opponent is the large Native American casino in downtown Milwaukee, which would be much closer to it than us.

需要說明的是，這些努力可以追溯到大約 30 年前的 20 世紀 90 年代。主要競爭對手是位於密爾瓦基市中心的大型印第安人賭場，它距離我們比我們近得多。

That project is far from certain, with several hurdles. It still requires federal approval as well as state approval, and we believe there will likely be lengthy legal challenges to the project along the way. Beyond that, the project, which has gotten significantly smaller over the years and at this Point we believe is sized for the local Kenosha market still needs to be built.

該項目遠未確定，面臨諸多障礙。該項目仍需獲得聯邦政府和州政府的批准，我們認為該項目在此過程中可能會面臨漫長的法律挑戰。除此之外，該計畫雖然多年來規模已大幅縮小，目前我們認為其規模已適合基諾沙當地市場，但仍需建造。

Even assuming full approvals today, the project still has several years before it would ever open. The reality is, assuming it ever receives all of the necessary approvals, it is likely many years down the line.

即使假設今天所有審批都獲得通過，該項目距離正式開放仍需數年時間。事實上，即便它最終獲得所有必要的批准，也可能還需要很多年的時間。

More importantly, the vast majority of our guests at American Place aren't coming from Wisconsin. They're coming from immediately around our site. Our target markets follow the population density around us. That's to the south, going towards O'Hare Airport, to the east, going towards the lake, and certainly going to the west where there is no nearby full service casino. As you head up north to the Wisconsin.

更重要的是，我們美國廣場的絕大多數客人並非來自威斯康辛州。它們來自我們網站附近。我們的目標市場取決於我們周圍的人口密度。往南走，朝著奧黑爾機場方向；往東走，朝著湖的方向；當然，往西走，那裡附近沒有提供全方位服務的賭場。當你一路向北前往威斯康辛州。

Population density thins out until you hit Milwaukee. And so as a result, most of our guests aren't coming from the Wisconsin area. They're typically coming from locations that would require passing by our casino before they ever reach Kenosha. Our geography in a very wealthy county is an extremely large benefit. When you have proximity and quality on your side, as we will with our permanent American Place casino, you win that competitive battle nearly every time.

人口密度逐漸降低，直到到達密爾瓦基為止。因此，我們的大部分客人並非來自威斯康辛州地區。他們通常來自一些地方，在這些地方，他們必須先經過我們的賭場才能到達基諾沙。我們身處一個非常富裕的縣，這是一個極大的優勢。當您擁有地理位置和品質優勢時，就像我們擁有永久性的美國廣場賭場一樣，您幾乎每次都能贏得這場競爭。

Turning to Chamonix, we made great strides under our still new management team, which began arriving in April. Revenues rose by more than 7%.

來到霞慕尼，我們在新管理團隊的帶領下取得了長足的進步，該團隊於四月開始陸續抵達。收入增長超過7%。

Adjusted property EBITDA rose by $2.8 million from last year's third quarter, rising to $2.1 million from minus $0.7 million last year.

經調整的物業 EBITDA 比去年第三季成長了 280 萬美元，從去年的 -70 萬美元增加到 210 萬美元。

Table games business is starting to thrive. Table game revenues were up 53% versus last year's third quarter and up 296% versus the third quarter of 2023. Helping drive that growth is our highest tier of rated players. Slot revenues were up 6% and 161% over those same time periods.

桌上遊戲業務開始蓬勃發展。與去年第三季相比，桌上遊戲收入成長了 53%，與 2023 年第三季相比成長了 296%。推動這一成長的是我們最高級別的球員。同期老虎機營收分別成長了 6% 和 161%。

Our marketing programs also continue to improve as we use more targeted ways to advertise and improve the way we test various promotions for their effectiveness. We also have a large ballroom that we can use for entertainment, a new amenity to Cripple Creek, and we continue to discover what types of entertainment works best in attracting our ideal guest.

我們的行銷方案也不斷改進，我們採用更有針對性的廣告方式，並改進測試各種促銷活動效果的方法。我們還有一個大型宴會廳，可以用來舉辦娛樂活動，這是克里普爾克里克的一項新設施，我們也在不斷探索哪些類型的娛樂活動最能吸引我們的理想客人。

Those efforts are helping us achieve new property records, including a new property record that we hit in September for slot coin in in a single day.

這些努力幫助我們創造了新的房產記錄，包括我們在 9 月創下的單日老虎機硬幣收入新記錄。

Our high frequency guests are coming more often. In the month of September, the number of visits from high frequency guests were up more than 33% from the prior year. Slot revenues from those high frequency guests more than doubled. Red slot play as a whole was up 4.5%. The database also showing decent growth. In a typical month, we're adding about 3,000 new customers into our database.

我們的高頻客人來得越來越頻繁了。9 月份，高頻訪客的造訪次數比去年同期增加了 33% 以上。這些高頻顧客的老虎機收入翻了一番還多。紅色老虎機整體投注金額成長了 4.5%。資料庫也呈現出良好的成長動能。通常情況下，我們每個月都會在資料庫中新增約 3000 名客戶。

Chamonix is a property that Colorado players are slowly discovering and are returning to enjoy.

霞慕尼是科羅拉多州的玩家們正在慢慢發現並再次光顧的度假勝地。

Regarding our group business, that's starting to pick up steam too. We have a verbal agreement for, Group in the state. We're in the process of inking it now, so we won't give you the name of it quite yet. They hold an annual event every year around this time, and so, this would be for next year's conference.

至於我們集團的業務，也開始步入正軌了。我們已就該州的某個團體達成口頭協議。我們正在敲定稿件，所以暫時還不能透露它的名字。他們每年這個時候都會舉辦年度活動，所以，這應該是明年會議的籌備工作。

In their ideal scenario, that group would take up 1,200 room nights over three days. For every single room in our hotel plus spill over into the rest of the city. The guarantee will be for a smaller figure than that, but it's still a very important group for us to host. The group is made up of important political and business leaders from throughout the region, and we're of course thrilled to welcome them in a year.

在理想情況下，該團體將在三天內佔用 1200 個房晚。我們飯店的每個房間，以及城市其他地方，都受到了影響。保證金額會比這個數字小一些，但對我們來說，接待這個團體仍然非常重要。該團體由來自該地區的重要政治和商業領袖組成，我們當然非常高興在一年後歡迎他們的到來。

Our ideal group size is smaller than that, between 100 and 150 attendees. Within 500 miles of us, we estimate there are up to 4,000 conferences that fit that profile. We are starting small with our expectations, targeting 25 events of that size next year. Over the next 3 years, we think we can have a pretty full group business of about 55 events per year, or about 1 per week.

我們理想的團體規模要小一些，在 100 到 150 人之間。我們估計，在我們方圓 500 英里內，有多達 4,000 個會議符合這項條件。我們目前的預期比較保守，目標是明年舉辦 25 場這種規模的活動。在接下來的 3 年裡，我們認為我們可以擁有相當充實的團體業務，每年舉辦約 55 場活動，也就是每週約 1 場。

On the cost side, we meaningfully improved efficiency in the building. We reduced the average number of FTEs from 373 in the first quarter of this year to 325 during the third quarter. That's a reduction of 13% despite being in the busier summer season in the third quarter. We have targeted additional areas for efficiency and expect to see those benefits in the upcoming winter season.

在成本方面，我們顯著提高了建築物的效率。我們將今年第一季的平均全職員工人數從 373 人減少到第三季的 325 人。儘管正值第三季夏季旺季，銷售額仍下降了 13%。我們已確定了其他提高效率的領域，並期望在即將到來的冬季看到這些好處。

Ultimately, our greatest opportunity, Under penetrated Colorado Springs market. We estimate that between 12% and 15% of Colorado Springs residents visited us or any casino at all in Cripple Creek in the last year. That is an extremely low number.

最終，我們最大的機會在於Under成功打入了科羅拉多斯普林斯市場。我們估計，去年有 12% 到 15% 的科羅拉多斯普林斯居民造訪過我們賭場或克里普爾克里克的任何一家賭場。這是一個極低的數字。

In the last year we had about 51,000 unique guests at our own property. That is a number that can easily double.

去年，我們自己的飯店接待了約 51,000 位獨立客人。這個數字很容易翻倍。

A pleasant surprise to us is the number of guests coming from the Denver market. 30% of our guests in the last year are coming from the Denver area. When we originally underwrote the investment in Chamonix, we focused largely on the $1 million people that live in Colorado Springs, Pueblo, and Canyon City.

令我們驚訝的是，來自丹佛市場的客人數量很多。去年，我們30%的客人都來自丹佛地區。最初我們對 Chamonix 進行投資時，主要關注的是居住在科羅拉多斯普林斯、普韋布洛和峽谷城的 100 萬美元人群。

We viewed Denver largely as gravy. The reality is that County in South Denver is as close or closer to us than Black Hawk. It's one of the fastest growing counties in the state. It's quite wealthy with median household incomes of about $145,000 and it has 400,000 people. With Douglas County, our feeder market is effectively 40% larger than what we underwrote to.

我們把丹佛基本上看作是錦上添花。事實上，南丹佛的縣城離我們很近，甚至比黑鷹鎮離我們更近。它是該州發展速度最快的縣之一。該地相當富裕，家庭收入中位數約 14.5 萬美元，人口為 40 萬。道格拉斯縣的實際飼料市場規模比我們預期的要大 40%。

15% of our guests aren't coming from Colorado Springs or Denver at all. They're coming from places like Texas, which has nonstop flights.

我們有 15% 的客人根本不是來自科羅拉多斯普林斯或丹佛。他們來自像德克薩斯州這樣有直飛航班的地方。

And it's viewed as a The Texas heat. Chamonix is the 13th project that we've worked on in our careers, and every single one has exceeded the run rate EBIT does that we promised investors. Casino ramps are always difficult to predict. Casino run rates tend to not be. We believe that Chamonix will continue our streak of successful projects.

它被視為德克薩斯州的熱浪。霞慕尼是我們職業生涯中參與的第 13 個項目，每個項目的息稅前利潤率都超過了我們向投資者承諾的水平。賭場坡道總是難以預測。賭場的運作率往往並非如此。我們相信，霞慕尼計畫將延續我們以往的成功計畫記錄。

It's only been fully open for about a year, and we're beginning to make great strides. The green shoots are pretty abundant.

它全面開放至今只有大約一年時間，我們開始取得長足進步。綠色的嫩芽長得喜人。

Looking at the other properties, Rising Star and Silver Slipper were essentially flat on a combined basis. Grand Lodge, which is a pretty small part of the company at this point, was affected by renovation disruption at the Hyatt Lake Tahoe that houses our casino.

從其他物業來看，Rising Star 和 Silver Slipper 兩家物業的整體表現基本上都持平。Grand Lodge 目前在公司中佔比很小，但由於我們賭場所在的太浩湖凱悅酒店正在進行翻新工程，Grand Lodge 也受到了影響。

And then on the balance sheet side we had about 40. Of liquidity at the end of the quarter. At this point there's extremely little CapEx for us until we start construction on our permanent American Place casino.

然後，在資產負債表方面，我們有大約 40 家公司。季度末的流動性。目前，在我們開始建造永久性美國廣場賭場之前，我們的資本支出非常少。

Our Illinois operations alone pay for the interest expense and our current debt, and of course those Illinois operations continue to ramp. I went through a lot, Dan, you want to add anything else there? No, I think.

光是伊利諾州的業務就能支付利息支出和我們目前的債務，而且伊利諾州的業務還在不斷擴大。丹，我經歷了很多，你還有什麼要補充的嗎？不，我想是這樣。

You covered it pretty well. Let's take questions. All right.

你解釋得很清楚。讓我們來回答問題。好的。

Let's do Q&A.

我們來做問答環節。

Thank you. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys.

謝謝。如果您有任何疑問，請按下電話鍵盤上的 1。確認音表示您的線路已進入排隊佇列。如果您想從佇列中移除您的問題，可以按 2。對於使用揚聲器裝置的參與者，可能需要在按鍵前拿起聽筒。

David Bain, Texas Capital Securities.

David Bain，德州資本證券。

Awesome, thanks guys. Good quarter. Hi. And I know you mentioned, Lewis and in the press release, you all mentioned, 15% of the Colorado households visited Cripple Creek last year, kind of wondering what the number should be in a normal scenario as the primary.

太棒了，謝謝各位。本季表現不錯。你好。我知道你提到了，Lewis，你們在新聞稿中也提到，去年科羅拉多州有 15% 的家庭去過克里普爾克里克，我想知道在正常情況下，作為主要原因，這個數字應該是多少。

Feeder and given the distance what that math would look like if you were to get there I mean if we get a 30%, looking at the mix that that Louis mentioned is that like you know they're 60% up in revenue or is there anything that you can give us there? I know there's a lot of variables but trying to big picture that comment.

Feeder，考慮到距離，如果能到達那裡，計算結果會是什麼樣的？我的意思是，如果我們能達到 30%，看看 Louis 提到的組合，例如你知道，他們的收入成長了 60%，或者你能給我們一些資訊嗎？我知道有很多變量，但我試圖從整體上理解這個評論。

Yeah, well, there's a lot of things. I mean, we know the gaming per capita, which is another way to get to it, is about half of what it should be for that sort of market, so that would suggest it should be 30%, but even that is on the low side.

是啊，有很多事情。我的意思是，我們知道人均遊戲普及率（這是另一種衡量標準）大約只有該類型市場應有普及率的一半，所以這表明普及率應該是 30%，但即使是 30% 也偏低。

Harrah's used to provide an annual data book every year that had a lot of data and in there they said about a third of Americans aren't interested in gambling because they were math majors in high school or something, right? And but 2/3 do view gaming as a normal entertainment venue.

哈拉斯賭場過去每年都會提供一本年度數據手冊，其中包含大量數據，手冊中提到大約三分之一的美國人對賭博不感興趣，因為他們高中時是數學專業的學生之類的，對吧？但有 2/3 的人將遊戲視為一種正常的娛樂。

So, if you take that as the outside number that you know maybe 2/3 of people would visit once a year, certainly half is a possibility. I mean if I look at Las Vegas and say what percentage of the people here walk through a casino over the course of a year, it's got to be 95%, right? So.

所以，如果你把這個數字當作一個外在數字，你知道可能有 2/3 的人每年會來一次，那麼一半的人肯定也是有可能的。我的意思是，如果我看看拉斯維加斯，問問這裡一年中有多少人會去賭場，那肯定有 95% 的人會去，對吧？所以。

And, but it's, I know that that number's low, I'm going to do some work and TRY to back into what it is at the Silver Slipper, for example, like what percentage of Slidell visits, we could probably get there. We get to that number because. We're a significant chunk of the market.

但是，我知道這個數字很低，我會做一些工作，嘗試反推銀拖鞋酒店的情況，例如，斯萊德爾的遊客中，我們大概能達到多少百分比。我們得出這個數字的原因是：我們佔據了相當大的市場份額。

We know how many unique people we have. We know how many times they come per year, and using that as a proxy for the market, we end up with actually less than 15%. You get about 12 or 13% of the adults in Colorado Springs are visiting Cripple Creek over the course of a year.

我們知道我們擁有多少獨一無二的人才。我們知道他們每年來多少次，以此作為市場的參考，結果發現實際來的人不到 15%。大約有 12% 或 13% 的科羅拉多斯普林斯成年人在一年內會去克里普爾克里克玩。

Some people are going to Blackhawk. Some people are flying to Las Vegas. So when you say what percentage of adults are actually gambling, it's probably in the high 10s.

有些人要去黑鷹鎮。有些人正飛往拉斯維加斯。所以，如果你問成年人中實際參與賭博的比例是多少，那可能接近百分之十。

So, right, and just as a quick follow-up to that one, the flow through on additional revenue at this point.

好的，接下來我想快速補充一下，目前來看，額外收入的到位情況如何。

Everything's open, so we, everything is open. We don't have any amenities not yet opened, and in fact we're going the opposite way. We, we've sharply curtailed unemployment, not unemployment, overtime, which is Louis forgot to mention, but overtime is down pretty dramatically from what it used to be and.

一切都開放了，所以我們，一切都開放了。我們沒有任何尚未開放的設施，事實上，我們正​​在朝著相反的方向發展。我們已經大幅減少了失業人數，不是失業人數，而是加班人數，路易斯忘了提這一點，但是加班人數比以前大幅下降了。

And so we're focusing on ways to be more efficient with the payroll and TRY to right size the payroll for the revenues we have, not the revenues we think we will have, but at the same time we're growing revenues, so. I think our expense structure is going down going into the offseason.

因此，我們正專注於提高工資發放效率，並努力使工資規模與我們現有的收入相匹配，而不是與我們認為將會獲得的收入相匹配，但同時，我們也在努力增加收入。我認為進入休賽期後，我們的開支結構將會下降。

And I think it will continue, and our revenues are continuing to grow, but we're trying to size the payroll for what we have and then continue to grow the revenues and You know those two factors will result in improvements in profitability obviously and frankly we have very easy comparisons in the 4th and 1st quarters, but I think I almost don't even want to look at the historic numbers. I want to get to you know comfortable profitability in 2026 and then build from there.

我認為這種情況還會持續下去，我們的收入也在持續成長，但我們正在努力控制現有規模的薪資支出，並繼續提高收入。你知道，這兩個因素顯然會帶來獲利能力的提升。坦白說，第四季和第一季的比較非常容易，但我甚至不想去看歷史數據。我希望在 2026 年實現可觀的獲利，然後以此為基礎發展。

Yeah, the, and you probably know this, David, but when you think about the flow through, there's obviously gaming taxes, it's a graduated tax rate there, so figure low to mid 10s, and then, there's some marketing reinvestment in the players, but, maybe some incremental labor depending on whether it's slots or tables, but outside of that it's pretty meaningful flow through. I mean you're talking, you're easily, you could easily be talking 70-80%.

是的，大衛，你可能也知道這一點，但當你考慮資金流向時，顯然會有博彩稅，那裡的稅率是累進的，所以估計在 10% 到 15% 之間，然後，還有一些針對玩家的營銷再投資，但可能還有一些額外的勞動力成本，這取決於它是老虎機還是賭桌，但除此之外，資金相當可觀。我的意思是，你說話的語氣很容易就能達到 70-80%。

And I will say this is in this industry you tend to have pretty high turnover and in that market it's higher than normal because it's such an isolated town in the mountains and a situation like this that's actually helpful because we don't necessarily have to lay off people who are relying on the job.

我想說的是，在這個行業，人員流動率往往很高，而在這個市場，人員流動率比正常情況更高，因為這是一個位於山區的偏遠小鎮，這種情況實際上也有好處，因為我們不一定非要解僱那些依賴這份工作的人。

Isn't pulling their weight, of course we'll lay them off, but we're able to reduce the payroll by just not replacing people who leave and that's a lot of what we've been doing so.

如果員工不盡職盡責，我們當然會解僱他們，但我們可以透過不填補離職人員的空缺來減少薪資支出，這也是我們一直以來所做的。

Awesome. And then, my final question on, in order to stay on track for the August 27th American Place Permanent, I believe you alluded to, you'd like to complete financing by one cube next year at the latest. Does that timing change the phasing? Versus, closing something this quarter, and if you end up needing an extension for Illinois, I think most at least would agree that you'll get it, but how does that process technically work and get message back to investors?

驚人的。最後，我的最後一個問題是，為了確保 8 月 27 日美國廣場永久專案按計劃進行，我相信您也提到過，您希望最遲明年完成一個立方體的融資。這種時間調整會改變相位嗎？相反，如果本季度完成某些交易，而你最終需要伊利諾伊州的延期，我認為大多數人至少會同意你會獲得延期，但從技術上講，這個過程是如何運作的，以及如何將信息反饋給投資者呢？

Well, I mean we've been talking with our principal bondholders and other potential investors and sources of capital to TRY to figure out the best way to do it and obviously you know legally, ethically and otherwise, we represent the shareholders and we want to figure out the most effective way to finance it.

嗯，我的意思是，我們一直在與主要債券持有人和其他潛在投資者和資金來源溝通，試圖找出最佳的融資方式。顯然，您也知道，從法律、道德和其他方面來說，我們代表股東的利益，我們希望找到最有效的融資方式。

To the benefit of the shareholders, of course we also want to be fair to bondholders and everyone else, but to be clear, there is not a deadline of having this open by August of 2027. The deadline is how long we can operate the temporary, and so we're not going to run into, pay.

當然，為了股東的利益，我們也希望公平對待債券持有人和其他所有人，但需要明確的是，並沒有在 2027 年 8 月之前開放的最後期限。截止日期是指我們可以運作臨時設施的時長，這樣我們就不會遇到資金問題。

User rates in order to meet that deadline. If you had to, you'll end up paying the employees for a month or two without working, but you won't have to. We pay over $25 million a year. State gaming taxes. We employ over 500 people.

為了滿足截止日期，用戶費率將會提高。如果你必須這樣做，你最終可能需要支付員工一兩個月的工資，即使他們沒有工作，但你完全不必這樣做。我們每年支付超過2500萬美元。州博彩稅。我們僱用了500多名員工。

We already did get an extension once. The process to get an extension is it has to go through the legislature. We could do that in the first quarter. We could do that a year from now in the 1st quarter. The reason they have that.

我們之前已經申請過一次延期了。獲得延期的程序必須經過立法機關。我們第一季就能做到。我們可以等到一年後的第一季再做這件事。他們擁有那東西的原因。

Law there, the way they structured it is, I call it the Jacks Cleveland, where they had proposed a big permanent. And the temporary was in an old department store, and 1,520 years later the temporary is still in an old department store, so they want to hold their feet to the fire to make sure we're actually going to build the permanent, and we fully intend to build the permanent.

那裡的法律，他們的結構方式，我稱之為“傑克·克利夫蘭”，他們曾提出一項重大的永久性措施。臨時建築設在一家舊百貨商店裡，1520 年過去了，臨時建築仍然設在一家舊百貨商店裡，所以他們想給我們施加壓力，確保我們真的會建造永久建築，而我們也完全打算建造永久建築。

In fact, last week I went to Wind Creek and I went to the New Hollywood and A notch better than either of those and they're nice by the way and they're both doing quite well, but we have a very fanciful building we committed to invest a total of $500 million.

事實上，上週我去了風溪賭場酒店，還去了新好萊塢賭場酒店，它比那兩個都好一些。順便說一句，它們都很不錯，而且經營狀況也相當不錯。但是，我們有一個非常宏偉的建築，我們承諾總共投資 5 億美元。

We've put $170 million into the temporary and with the $302 million. Costs of the permanent plus capitalized interest we've satisfy the $500 million dollar requirement but you know so we fully intend to build the permanent be nice if we could be open by August 2027, but if we're not, it's okay we will get an extension and we will be open when we're open. You you're right about it if we can get the money in the next few months we can be open by gust.

我們已經投入了 1.7 億美元用於臨時用途，加上 3.02 億美元。永久性設施的成本加上資本化利息，我們已經滿足了 5 億美元的要求，但是你知道，我們完全打算建造永久性設施，如果能在 2027 年 8 月開業當然很好，但如果不能，也沒關係，我們會申請延期，到時候我們就會開業。你說得對，如果我們能在接下來的幾個月裡籌到資金，我們就可以開業了。

And there's no high rise, there's no base, It's a, well, it's a complex building. It's not that, and, but if the financial markets aren't cooperating, we might be a little late, and it's not the end of the world, so.

它既不是高樓，也不是地下室，而是一棟複雜的建築。並非如此，但是，如果金融市場不配合，我們可能會稍微晚一些，但這也不是世界末日，所以。

Very helpful. Well, nice quarter again.

很有幫助。嗯，又是一個不錯的季度。

Thank you.

謝謝。

Thank you, David.

謝謝你，大衛。

Jordan Bender, Citizens Capital Markets and Advisory

Jordan Bender，Citizens Capital Markets and Advisory

Hey everyone, thanks for the question and maybe to just continue on the prior conversation. If I look at your bonds and kind of how they're trading right now, it's telling us something. Have you kind of thought any differently or can you maybe just update us?

大家好，感謝大家的提問，或許我們可以繼續之前的討論。如果我看一下你們的債券以及它們目前的交易情況，這能告訴我們一些資訊。你有沒有想過其他辦法？還是能不能給我們更新一下狀況？

You're thinking in terms of if you had to go look for financing, potentially using a re, there's been a couple of transactions. Actions in the last, couple of weeks, just, if those look any more favorable than they have historically, or I think maybe land leases could be on the table or historically have been on the table as well. Is there any change to how you're thinking about potentially financing the permanent at all?

你考慮的是，如果你需要去找融資，可能會使用房地產，已經發生過幾筆交易了。過去兩週的行動，如果看起來比歷史上更有利的話，我認為土地租賃或許可以提上日程，或者說，土地租賃在歷史上也曾是提上日程的選項。您在考慮如何為永久性專案籌集資金方面是否有任何改變？

Well, two issues in terms of bonds, we're pretty sure somebody shorted the bonds. We know there's at least one analyst who is bad mouthing us every chance he gets, and that was the reason for Lewis focusing on Kenosha. And that Kenosha deal has been around for decades and it's not getting any more traction now than it was then.

嗯，債券方面有兩個問題，我們相當肯定有人做空了這些債券。我們知道至少有一位分析師抓住一切機會詆毀我們，這也是劉易斯專注於基諾沙比賽的原因。而基諾沙協議已經存在幾十年了，現在卻並沒有比以前獲得更多進展。

Those two Indian tribes are from central Wisconsin. They've been fighting for centuries, and that's far from done.

這兩個印第安部落都來自威斯康辛州中部。他們已經打了幾個世紀仗，而且這場戰爭還遠遠沒有結束。

But it has very little impact on us, but a sell side analyst talking about it has an impact on the bonds in the short-term, and it's kind of ridiculous.

但這對我們影響甚微，但賣方分析師談論此事卻會對債券短期產生影響，這有點荒謬。

And when you really look at the trading price of the bonds, it's on a fairly small volume, so I'm not sure that that is representative of anything.

當你真正觀察債券的交易價格時，你會發現它的交易量相當小，所以我不太確定這是否有任何代表性。

But yeah, we would rather the bonds be trading better. That would make this whole thing better and now at the same time we have we have and are looking at land leases. We have and are looking at res, something that we found in the last.

不過，我們當然希望債券交易情況會更好。那樣做會讓整件事情變得更好，同時，我們正在考慮土地租賃事宜。我們已經有了，並且正在研究資源，這是我們在上一次研究中發現的。

Months and years the competition amongst the BRL is making them more competitive than it was before.

經過數月甚至數年的競爭，巴西橄欖球聯賽（BRL）的競爭程度比以前更高了。

It's still our preference to go to the bond market. We tend to keep things pretty simple, and that keeps it pretty simple, but we do look at everything and it's getting more attractive. I looked at the Blake Sartini thing this morning and I'm a little bit jealous. I wouldn't be having this earnings call if we take the company private.

我們仍然更傾向於進入債券市場。我們傾向於保持事情的簡單性，這也確實簡單，但我們確實會審視所有方面，而且它變得越來越有吸引力。我今天早上看了Blake Sartini的事，我有點嫉妒他。如果我們把公司私有化，我就不會召開這場財報電話會議了。

Pretty brilliant. I'm looking forward to seeing what the details are, but in effect he's one of the few companies that still owns the real estate, as are we, and he's selling the real estate to RI, becoming an opco, and then he's got a financial commitment from a big bank to pay a cash part, and then he goes private. Boy, that sounds nice.

太棒了。我很期待看到具體細節，但實際上，他是少數幾家仍然擁有這些房地產的公司之一（我們也是），他正在將房地產出售給RI，成為一家營運公司，然後他從一家大銀行獲得了支付部分現金的財務承諾，之後他將私有化。哇，聽起來真不錯。

I don't know if we can get there, but boy, that sounds nice. So we look at everything and by the way, we have no active look at going private. I don't want to unnerve everybody, but when I saw the news this morning, preparing for this earnings call with all of you and all the tough questions you're going to ask about Kenosha, I thought I'm a little jealous of Blake Sartini at the moment. So anyway, we look at everything.

我不知道我們能不能去那裡，但是，哇，聽起來真不錯。所以我們會考慮所有因素，順便說一句，我們目前沒有積極考慮私有化。我不想讓大家感到不安，但是今天早上看到新聞，準備和大家一起參加這次財報電話會議，還要回答你們關於基諾沙事件的所有棘手問題時，我當時有點嫉妒布萊克·薩蒂尼。總之，我們會考慮所有面向。

Yeah, I look, I think there's, there, there's certainly an eagerness, from some of the sources that you mentioned, Jordan, and, I think that those are two of several options that are in front of us, and so stay tuned.

是的，我看，我認為，從你提到的某些消息來源來看，確實存在一種渴望，喬丹，而且，我認為這是擺在我們面前的幾個選擇中的兩個，所以請繼續關注。

Ultimately want to do something that's cost effective, but we, we've got a pretty big menu of potential items in front of us.

我們最終想做一些成本效益高的事情，但是我們面前有很多潛在的項目可供選擇。

Great, thank you.

太好了，謝謝。

One of the other things I'd add is I think our second quarter, which wasn't a good quarter, we weren't happy with it either, unnerved a lot of people, and it caused us to really start blocking and tackling on just simple things like what's the payroll, what's the cost of goods sold, what's the little things like. Our cost of goods sold in Colorado was inordinately high.

我還要補充一點，我認為我們的第二季業績不佳，我們自己也不滿意，這讓很多人感到不安，也促使我們開始認真處理一些簡單的事情，例如工資總額、銷售成本等等。我們在科羅拉多州的銷售成本異常高。

We created a warehouse space where the more expensive alcohol and so on are kept under lock and key and so on. So there's a lot of stuff we're doing that is really just blocking and tackling casino operating management and you're seeing those results in this quarter.

我們創造了一個倉庫空間，將更昂貴的酒類等物品上鎖存放。所以，我們做了很多事情，實際上都是為了解決賭場營運管理的問題，而你們在本季已經看到了這些成果。

And you'll continue to see it in future quarters and I think that will get people more comfortable like on a trailing 12 month basis, Colorado lost money on a prospective 12 month basis, Colorado will make money and that changes the leverage profile quite a bit and although it's a little people look at it and say well you know on a trailing 12 month basis compared to The amount of debt you're going to have, and I said guys we are somewhat of a development company.

在接下來的幾個季度裡，你還會繼續看到這種情況，我認為這會讓人們更加安心，例如過去 12 個月，科羅拉多州虧損了，但未來 12 個月科羅拉多州將會盈利，這將大大改變槓桿狀況。雖然變化不大，但人們會說，你知道，過去 12 個月的業績與你將要承擔的債務相比如何？我說，夥計們，我們某種程度上是一家開發公司。

You really have to look at what we will be when we open Americanlace because otherwise you're ignoring the use of proceeds of the new debt, but the conversation gets easier when you have better earnings and we're pretty happy with the earnings we just reported.

你真的需要看看我們開設 Americanlace 時會是什麼樣子，否則你就忽略了新債務收益的用途，但當你的收益更好時，談話就會變得容易得多，我們對剛剛公佈的收益相當滿意。

Great, thank you. Lewis, I just want to follow-up. You said there is maybe several one-time unusual items in the quarter. Is there anything, major that call out there and, or I guess there was just truly one time and won't, kind of happen again looking forward?

太好了，謝謝。路易斯，我只是想跟進一下。你說過本季可能會出現一些一次性的特殊商品。有沒有什麼重大事件需要重視，或者說，是不是真的只發生過一次，以後不會再發生了？

Well, the biggest part of it is, you, we highlighted the last call as well as we changed over the Chamonix management team pretty meaningfully and so, between headhunters bringing in new people, relocation, that sort of stuff.

嗯，其中最重要的部分是，我們重點介紹了上次的招聘，以及我們對霞慕尼管理團隊進行的相當有意義的調整，因此，獵人頭公司引進了新人，搬遷等等。

That was a, that was probably half of the number that I, half of the delta on the call and then we had some and severance pay, yeah, and we had some additional smaller stuff, at the properties, but the big thing is really kind of change in leadership at Chamonix.

那大概是我通話中提到的金額的一半，一半的差額，然後我們還有一些遣散費，是的，還有一些其他的小事，在酒店方面，但最重要的是霞慕尼的領導層發生了變化。

But, like our new marketing director there I think is 2 months into the job, so still relatively new, there's still a lot of good to come there.

但是，就像我們新上任的市場總監一樣，我認為他上任才兩個月，還比較新，未來還有很多發展空間。

Great, thank you very much.

太好了，非常感謝。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Hey, good afternoon. I want to say on Chamani, so new general manager, a lot of new personnel you just mentioned. It seems like a lot of the focus has been on call it operational improvements, cost efficiencies, the cost side of the business. I'm curious if you, how you feel about the people, the infrastructure, just where things are at, from the fixed cost side of the business, where the focus can potentially shift more to, revenue growth initiatives there.

嘿，下午好。我想說查馬尼，也就是新任總經理，還有你剛才提到的許多新進員工。似乎許多關注點都集中在營運改善、成本效益以及業務成本方面。我很好奇你對公司的人員、基礎設施以及目前的情況有何感想，特別是從固定成本來看，公司的重點可能會更多地轉移到收入成長計劃上。

The focus on both controlling costs and building revenues, but the building of revenues takes time, right? So to build the revenues, it's like hire smart marketing people or changing advertising agency, for example, modify.

既要控製成本，又要增加收入，但是增加收入需要時間，對吧？所以，為了增加收入，例如聘請優秀的行銷人員或更換廣告公司，進行一些調整。

How you're approaching people, do more digital, less and so on, be more focused and that will pay off over time, but we've done a lot of that.

你與人溝通的方式，多做數位化，少做傳統方式等等，要更加專注，隨著時間的推移，這些都會有回報，但我們已經做了很多這樣的事情。

We we've hired more casino hosts. We've gone our sales and marketing team has gone from 0.5% to 3.

我們僱用了更多賭場接待員。我們的銷售和行銷團隊的人員配備比例已從 0.5% 提高到了 3%。

People and so they will bring in benefits in future quarters, whereas right size in the payroll is something that you can do very quickly but I don't want you to be left with we will not get to where we expect to get to with i just cutting costs. We know we have to grow revenues. We are focused on both.

員工，因此他們將在未來幾季帶來收益，而調整薪資規模可以很快做到，但我不想讓你們最終發現，僅僅削減成本無法達到我們預期的目標。我們知道必須增加收入。我們兩者都關注。

It's just the cost cutting has more immediate benefits.

只不過削減成本能帶來更直接的好處。

And just maybe on the marketing, etc. But you mentioned conference pipeline, you mentioned one potentially next you're kind of building that, but do you have the personnel infrastructure, I guess what really goes into building a conference business, as you look forward? Is it the people? Is it relationships? Is it just boots on the ground, takes time, but can you walk through exactly what you guys are doing and why you have confidence you can grow that besides just kind of putting a radius around with the number of conferences?

或許在行銷等方面也是如此。你提到了會議籌備，提到了你正在建造的下一個會議項目，但你是否具備人員基礎設施？我想，展望未來，建構一個會議業務真正需要哪些條件？是人的問題嗎？是人際關係嗎？是不是只需要實地考察，需要時間？除了舉辦會議的數量之外，你們能否詳細說明一下你們正在做什麼，以及為什麼你們有信心能夠成長壯大？

Yeah, there are a lot of different levers. The most important one is getting more day trip people from Colorado Springs. I mean the market is a little bit like Atlantic City where every casino in Atlantic City has a hotel because they have to by regulations.

是的，有很多不同的控制桿。最重要的一點是吸引更多來自科羅拉多斯普林斯的遊客進行一日遊。我的意思是，這個市場有點像大西洋城，大西洋城的每個賭場都配有酒店，因為法規要求他們這樣做。

And they do their best to fill those hotels and they do a pretty good job of it, but the day trip people from Philadelphia always outnumber it, and so the day trip business is the vast majority of their revenue, and the same will be true with us. We have a million people at the foot of the hill, and that's important.

他們盡力讓酒店住滿，而且他們也做得相當不錯，但是來自費城的當日往返遊客總是比酒店遊客多得多，因此當日往返旅遊的收入佔了他們收入的絕大部分，我們的情況也是如此。山腳下有上百萬人口，這很重要。

And for example, there's a very Simple little thing, but it could be important when we do, and we've been doing focus groups and people say, well, the drive isn't that long, it's a little bit scary because you're along this road that has a cliff on it.

例如，有一件非常簡單的小事，但當我們做這件事的時候，它可能很重要。我們一直在進行焦點小組討論，人們說，嗯，開車的時間並不長，但有點嚇人，因為你沿著一條有懸崖的路行駛。

Well, there's a back door that we've always known about, and a little stretch of it had not been paved until about a year or two ago, and now it's paved. And you drive up to divide and instead of turning left to divide, you go straight 1.5 mile and you go left and it's a wide, nicely paved two lane road that goes up a valley and comes in the back door of Cripple Creek, not the back door, it's the other.

我們一直都知道有一條後門，其中一小段路直到一兩年前才鋪好，現在已經鋪好了。你開車到分水嶺，不要左轉，而是直行 1.5 英里，然後左轉，這是一條寬闊、鋪得很好的雙車道公路，沿著山谷向上延伸，到達克里普爾溪的後門，不是後門，而是另一個門。

Right. And, whereas the way that, Kind of follows a note, Was carved into the side of the hill, so it weaves in and out of the hill, and if you're, when you're driving away from Cripple Creek, you're hugging the hill, not so bad.

正確的。而且，這條路沿著山坡蜿蜒而行，就像一個音符，當你開車離開克里普爾溪時，你緊貼著山坡，感覺還不錯。

When you're driving towards Cripple Creek, the road drops off on the right side and it's a little bit, I I’m used to driving in the mountains so it's never bothered me much, but by comparison, Lewis is not, and when I showed him the other way, he now goes up the back way and then he'll come down the other way.

當你開車前往克里普爾溪時，道路右側會突然下沉，而且有點陡峭。我習慣在山區開車，所以這對我來說沒什麼影響，但相較之下，路易斯就不習慣了。當我給他指示另一條路時，他現在會走後路上去，然後再從另一條路下來。

If you Google it, they are almost exactly the same time and the same mileage, and so we're getting the road signs changed. You also have better cell service if you take the fluorescent valley route, and so it's both routes very pretty, but there's a little detail.

如果你用谷歌搜尋一下，你會發現它們的耗時和里程幾乎完全相同，所以我們正在要求更改路標。如果你走螢光谷路線，手機訊號也會更好，所以兩條路線都很美，但有一個小細節。

The Golden Nugget property, their whole strategy seems to have been to The first one as you come into town and they're kind of removed from everyone else and they're up on a hill and as you come down, you see them first and then you drive three blocks by them to get to everyone else, and sometimes that strategy works, sometimes it doesn't.

金塊賭場的整個策略似乎是，當你進城時，它與其他賭場隔開，建在山上，當你下山時，你會首先看到它，然後你要開車經過它三個街區才能到達其他賭場，有時這種策略奏效，有時則不然。

The em Resort had that same strategy in Las Vegas is get people before they get to the strip. Well guess what, people still want to go to the strip and you have a little bit of that in Cripple Creek. But boy, if you come in the other way, we're the first casino you come to, not the Golden Nugget. They're the last one you get to, right? And it's like, wow, so we're actually changing it on our website to say, hey, take the more pleasant back road, especially.

em Resort 在拉斯維加斯也採用了同樣的策略，在人們到達拉斯維加斯大道之前就吸引他們。你猜怎麼著，人們仍然想去商業街，而克里普爾克里克也有一些這樣的景象。但是，如果你從另一個方向過來，我們才是你遇到的第一家賭場，而不是金塊賭場。它們是你最後才能見到的，對吧？真是太棒了，所以我們真的要修改網站上的說明，說，嘿，尤其要選擇更舒適的小路。

The weather is not good. It's a much more pleasant drive and it's even kind of interesting. One evening I was driving and I almost hit a llama. I thought it was a deer at first, and then I realized, oh, there's a llama farm, and so one of the llamas had gotten out of the llama farm.

天氣不好。這段路開起來愉快多了，甚至還挺有趣的。有一天晚上我開車時差點撞到一隻羊駝。我一開始以為是隻鹿，後來才意識到，哦，原來那裡有個羊駝養殖場，原來是一隻羊駝從養殖場裡跑出來了。

So, in terms of building that day trip business from Colorado Springs, it's a lot of that and saying, hey, this is a nice, pleasant drive, it's a nice place to go, come up and see it, experience it. That's the most important lever to push now that the conventional meeting space lever is also.

所以，就發展科羅拉多斯普林斯一日遊業務而言，很多時候都是這樣，比如告訴大家，嘿，這是一段美好的駕車之旅，這是一個值得一去的好地方，快來看看，體驗一下吧。如果傳統的會議空間槓桿也同樣重要，那麼這就是現在最需要推動的槓桿。

Because that helps fill midweek. I mean we fill up on weekends. It's midweek we need to fill up, and we built very nice meeting room space, the nicest of any casino in the state. A Maristar has pretty good meeting room space.

因為這樣可以填補周中的空檔。我的意思是，我們週末總是爆滿。現在是周中，我們需要盡快填滿房間，我們建造了非常漂亮的會議室空間，是全州所有賭場中最好的。Maristar 的會議室空間相當不錯。

Monarch does not, and nobody else in Cripple Creek has anything anywhere close to what we, and so we've hired 3 people who are experienced in this, and they are reaching out and they know how to do it, and but meetings are booked months and years in advance. So like right now we're inking this deal Lewis referenced for 1 year from now and it's actually kind of a citywide.

Monarch 沒有這樣的服務，克里普爾克里克也沒有其他任何類似我們這樣的服務，所以我們聘請了 3 位有相關經驗的人員，他們正在積極聯繫客戶，他們知道該怎麼做，但是會議的預約已經提前數月甚至數年就安排好了。所以，就像現在，我們正在簽署劉易斯提到的那份為期一年的協議，而且它實際上是一項全市範圍的協議。

Convention, but we're most of the room, so it's really us and some spillover, but there's a lot of these, and they are already starting to put stuff on the books, but this takes time and H1stly, we should have been doing this three years ago, but we're doing it now and better late than never, and it will build over time.

雖然是慣例，但我們佔了房間的大部分空間，所以基本上就是我們和一些溢出的人，但這類活動很多，他們已經開始著手安排了，但這需要時間，而且說實話，我們三年前就應該開始做這件事了，但我們現在才開始做，亡羊補牢，為時未晚，而且它會隨著時間的推移而發展壯大。

But if you look at say monarch Who is a milepos we look at because I think we've built a pretty similar place and they're a little bigger than us. They have 500 rooms, we have 300 rooms, but the casinos are about the same size and so on and they're doing they're doing north of $300 million a year in revenue, which is 6 times what we're doing, 5 times what we're doing and.

但如果你看看 Monarch，它是一家里程碑式的公司，我們之所以關注它，是因為我認為我們建立了一個非常相似的地方，而他們的規模比我們略大一些。他們有 500 個房間，我們有 300 個房間，但賭場的規模差不多，等等，他們的年收入超過 3 億美元，是我們的 6 倍，我們的 5 倍。

But if you assume that all 500 of their rooms are filled every night and they get $500 in the casino in each occupied room, then their revenue is still 75% from day trip business and I think the same will be true with us. So it's important to fill the rooms midweek. It's one of the important levers. The day trip business is an important lever.

但假設他們每晚的 500 間客房全部住滿，並且每間入住的客房在賭場能獲得 500 美元，那麼他們的收入仍然有 75% 來自一日遊業務，我認為我們的情況也是如此。所以，在周中填滿房間很重要。這是重要的槓桿之一。一日遊業務是一個重要的槓桿。

The high-end business, very important lever to figure out who the high rollers are from different places and some blocking and tackling.

高端業務，非常重要的一個槓桿，可以找出來自不同地方的大款，並進行一些阻撓和攔截。

15% of our play is coming from the town of Pueblo, which is about 200,000 people and it's kind of, that's kind of interesting.

我們 15% 的遊戲都來自普韋布洛鎮，該鎮約有 20 萬人口，這有點……挺有意思的。

It's south of Colorado Springs. It's a pretty good penetration, so now we're looking to have a host who is dedicated. Pueblo and we will host cocktail parties in Pueblo for our customers to find out who their friends are because often friends of high rollers are also high rollers and so you find these little nuggets that just takes time.

它位於科羅拉多斯普林斯以南。滲透率相當不錯，所以現在我們正在尋找一位專業的主機商。我們將在普韋布洛舉辦雞尾酒會，讓我們的客戶有機會了解他們的朋友是誰，因為豪客的朋友往往也是豪客，所以你會發現這些小寶藏，而這需要時間。

The Colorado State Fair is in Pueblo.

科羅拉多州博覽會在普韋布洛舉行。

Next year at the Colorado State Fair, we will have a booth passing out.

明年科羅拉多州博覽會上，我們將設立一個展位進行派發。

Hats and pre play, whatever it is to TRY to get people to come and visit us and so it's learning and modifying and, Blocking and tackling and if we can keep expenses flat to down and revenues growing 5 to 10% a quarter, we will get to be pretty significantly profitable pretty quickly.

帽子和賽前準備，不管是什麼，都是為了吸引人們來參觀我們，所以我們需要學習和改進，需要不斷努力，如果我們能夠保持支出不變甚至下降，並且收入每個季度增長 5% 到 10%，我們很快就能實現相當可觀的盈利。

Thanks guys. Good luck.

謝謝各位。祝你好運。

Chad Beynon, Macquarie

查德貝農，麥格理

Hi, good afternoon, Lewis and Dan, thanks for taking my question. Want to ask about Indiana. There was a gaming market study recently, kind of going back to the age-old question that you and the team have talked about in terms of is the state of Indiana maximizing, or, properly, offering casinos in the right locations.

嗨，下午好，Lewis 和 Dan，謝謝你們回答我的問題。想問印第安納州的情況。最近有一項博彩市場研究，某種程度上回到了你和團隊討論過的那個由來已久的問題，即印第安納州是否最大限度地利用了賭場，或者說，是否在合適的地點提供了賭場。

And I know, you've always talked about improving the value of that asset. So can you talk about if, the parties that be on the other side are maybe a little bit more receptive at this time to potentially, moving an asset to a higher population area and if you guys could still potentially have exposure to that opportunity.

我知道，你一直在談論如何提升這項資產的價值。那麼，您能否談談，對方目前是否更願意將資產轉移到人口更密集的地區，以及您是否仍有機會參與其中？

Thank you.

謝謝。

Yeah, it takes a state law, so you have to go through the legislature and get the governor to sign off on it.

是的，這需要州法律，所以你必須通過立法機構，並獲得州長的批准。

When Indiana legalized 30 years ago, it intentionally put the casinos around the borders to TRY to draw revenue from Illinois, Ohio, and Kentucky.

30 年前印第安納州將賭博合法化時，故意將賭場建在邊界附近，試圖從伊利諾伊州、俄亥俄州和肯塔基州獲取收入。

And Illinois, Ohio, and Kentucky now all have their own casinos, and so the original locations are not the best locations in terms of maximizing the jobs or the tax revenues for the state.

伊利諾伊州、俄亥俄州和肯塔基州現在都有了自己的賭場，因此最初的選址在最大程度地為州創造就業機會或增加稅收方面並不是最佳選擇。

And so they do have that precedent. They allowed two river boats on Lake Michigan to relocate.

所以他們確實有這樣的先例。他們允許密西根湖上的兩艘河船遷址。

One is the Hard Rock Casino just off the freeway in Gary, and it's the number one casino in the state now, doing $25 million to $30 million a month. And the second one is in Terre Haute, and it's doing very well in southwestern Indiana.

其中一家是位於加里市高速公路旁的硬石賭場，它現在是該州最大的賭場，每月營業額達 2500 萬至 3000 萬美元。第二個位於特雷霍特，在印第安納州西南部發展得非常好。

So the legislature approved a gaming study.

因此，立法機構批准了一項博彩業研究。

Undertaken under the gaming commission to investigate what would be the impact on the state tax revenues as well as on the horse tracks and the existing casinos of allowing a casino to move to any two locations, one of the two best locations.

博彩委員會進行了一項調查，旨在研究允許賭場遷至兩個最佳地點之一，將對州稅、賽馬場和現有賭場產生何種影響。

Not surprisingly, number one is in Indianapolis. I mean half the population of Indiana is in Indianapolis, which is in the middle of the state and has no casino. Now, Caesars has a racetrack 30 miles northeast of it and another 135 miles southeast of it, and Terre Haute is 50 miles to the west of it.

不出所料，排名第一的是印第安納波利斯。我的意思是，印第安納州一半的人口住在印第安納波利斯，而印第安納波利斯位於州中部，卻沒有賭場。現在，凱撒城東北方向 30 英里處有一個賽馬場，東南方向 135 英里處又有一個賽馬場，而特雷霍特則位於其西面 50 英里處。

And so a casino in Indianapolis would have some impact on those, but the state still comes out way ahead. And then the other location I noticed is Fort Wayne and kind of specifically northwest of Fort Wayne, and up there you'd have, there isn't any casino in Fort Wayne.

因此，在印第安納波利斯開設賭場會對當地經濟產生一定影響，但該州最終仍會從中受益匪淺。然後我注意到另一個地點是韋恩堡，更確切地說是韋恩堡的西北部，那裡沒有賭場。

That's the second largest city in the state. The MSA is 600,000 people if I remember correctly, and You might have some impact on the tribal casino in Battle Creek that ironically this company created 12 years ago, and there's another tribal casino up that way.

那是該州第二大城市。如果我沒記錯的話，MSA 的人口是 60 萬，你可能會對巴特爾克里克的部落賭場產生一些影響，諷刺的是，這家賭場是這家公司 12 年前創建的，而且那邊還有另一家部落賭場。

It might have some impact on it, but most of the revenue would come from increased gambling by people in Fort Wayne. And so that study is out and it's available and we have the lowest revenue producing casino in the state by a wide mark.

這可能會產生一些影響，但大部分收入將來自韋恩堡居民賭博活動的增加。所以這項研究已經出爐，結果顯示，我們擁有全州收入最低的賭場，而且差距相當大。

There is actually a special tax tier for low revenue casinos, and I think we're the only casino in it at the moment.

實際上，低收入賭場適用特殊的稅收等級，而且我認為目前只有我們賭場適用這個等級。

And so in terms of who could move, we would be the most beneficial to the state because we'd go from a very low tax rate to a more normal tax rate in a different location.

因此，就誰可以搬遷而言，我們對該州來說是最有利的，因為我們將從非常低的稅率搬到另一個地方的更正常的稅率。

So ironically we actually have the support of the community we're in. Because we pay, as I recall, about a million dollars a year in taxes to Rising Sun, and we've told them that we would pay them 2x if we're allowed to relocate.

諷刺的是，我們實際上得到了所在社區的支持。我記得我們每年向 Rising Sun 公司繳納大約一百萬美元的稅款，我們已經告訴他們​​，如果我們被允許搬遷，我們將支付雙倍的稅款。

And the same with our employees. We've said if we're allowed to relocate and they choose not to relocate with us, we would pay them one year's severance and so we wanted to make sure that we weren't fighting opposition from the community we're in. In fact, I think the community we're in understands the situation and would welcome it.

我們的員工也是如此。我們已經說過，如果我們獲準搬遷，而他們選擇不和我們一起搬遷，我們將支付他們一年的遣散費，所以我們想確保我們不會遭到所在社區的反對。事實上，我認為我們所在的社區能夠理解這種情況，並且會對此表示歡迎。

Great, Dan.

太好了，丹。

Thank you, very comprehensive. And then, Lewis, you talked about the 16% growth in the quarter at the temp, so that puts trailing 12 months EBITDA for the property, a little over $32 million. You talked about growing this to $50 million fund rate. Is that just kind of running the revenue at the same rate you're running right now, getting the flow through, or are there any other.

謝謝，非常全面。然後，Lewis，你提到該季度臨時增長率為 16%，因此該物業過去 12 個月的 EBITDA 略高於 3200 萬美元。你曾提到要將基金規模擴大到 5,000 萬美元。是指維持目前的收入成長速度，讓資金流動正常進行，還是還有其他方法？

Strategies that you'd be willing to share in terms of getting closer to that $50 million, run rate.

您願意分享哪些策略來幫助球隊更接近 5000 萬美元的年收入目標？

Thanks.

謝謝。

Yeah, no, you're thinking of it the right way. It's just the continued natural ramp. We're not going to hit 50 million.

沒錯，你的想法是對的。這只是自然坡度的延續。我們達不到5000萬。

Well, maybe we will. I'm not expecting us to hit $50 million in 2026 for what it's worth, but I do think we have a good shot to be in the 40s next year. And I think by the time you get ready to open the permanent casino, the expectation is hopefully on a looking forward basis. In the tent, we can be run rating somewhere close to that $50 million mark.

或許我們會。就其價值而言，我並不指望我們在 2026 年達到 5000 萬美元，但我確實認為我們明年很有可能達到 4000 萬美元。我認為，等到你們準備開設永久賭場的時候，大家的期望應該都是充滿期待的。在帳篷裡，我們可以運行評級接近 5000 萬美元大關。

So, that's the thinking. If you look at. Look, the database growth hasn't slowed down, as I mentioned. Revenue growth, we continue to grow revenues pretty meaningfully. September was a little bit of an anomaly, but I fully expect us to see very good and continuing growth as we go up from here.

這就是我的想法。如果你仔細觀察。正如我之前提到的，資料庫的成長速度並沒有放緩。在營收成長方面，我們的營收持續保持顯著成長。九月份的情況有點反常，但我完全相信，從現在開始，我們將看到非常好的持續成長。

And the sheer fact is when we run around that market locally, people still don't know that. There is a casino in Waukegan and the number of people that discover that casino on a daily basis is very high, and that's ultimately great news for us.

而事實是，當我們走訪當地市場時，人們仍然不知道這一點。沃基根有一家賭場，每天都有很多人發現這家賭場，這最終對我們來說是個好消息。

We, we've got a, if you think back to when that, when they talked about opening new casinos in that market, all the local news media focused on the downtown casino, not in Waukegan. And so it's when we opened, I think the natural assumption from a New casino when downtown finally opened. And that's okay. But it means that the awareness is still kind of growing as it would do in a normal ramp. We.

我們，我們有一個，如果你回想一下，當他們談到在該市場開設新賭場時，所有當地新聞媒體都關注市中心的賭場，而不是沃基根的賭場。所以，當我們開業的時候，我認為市中心新賭場開業後，人們自然而然地會這麼認為。這樣也沒關係。但這意味著人們的意識仍在以某種方式增長，就像在正常的成長過程中一樣。我們。

We also added a poker room in August. Lewis mentioned that September was a bit of an anomaly. Recognized September this year did not have Labor Day weekend, whereas last year it had a good chunk of the weekend. So, But otherwise that property has been up in revenues and EBITDA every single quarter since it opened 2.5 years ago, and you know trailing 12 months might be 32, but the run rate today is clearly in the 35, 36, it was $9 million in the quarter.

我們在八月還增設了撲克室。路易斯提到九月的情況有點反常。今年九月沒有勞動節週末，而去年九月則包含了大部分的勞動節週末。但除此之外，該物業自 2.5 年前開業以來，每個季度的收入和 EBITDA 都在增長，你知道，過去 12 個月的平均值可能是 32，但目前的運行率顯然在 35、36 左右，本季度為 900 萬美元。

It's not a very seasonal market, and so I think the run rate today is higher than 32, and we'll probably hit something with a 4 on the front of it in 2026 and we'll be. At a run rate of 50 by the time we get to August of 2027, I guess is what Louis was saying. Yeah.

這是一個季節性不太強的市場，所以我認為今天的運行率高於 32，我們可能會在 2026 年達到以 4 開頭的水平，而我們將是。我想路易斯的意思是，到 2027 年 8 月，我們的運行率將達到 50。是的。

So.

所以。

Thank you both. Appreciate it guys.

謝謝你們兩位。謝謝各位。

Colin Mansfield, CBRE Group.

科林‧曼斯菲爾德，世邦魏理仕集團。

Hey guys, thanks for taking my questions. Wanted to drill in a little bit on the table game strategy up at Chamonix, and maybe help us bridge a little bit, the nice numbers that you gave us earlier and what you're seeing, in terms of, table revenue growth with sort of what the state data is telling us because it seems like you guys are growing share. Just based on, kind of what the data is telling us and what you guys, are reporting. So maybe what's working there and, maybe what's the status on the go-forward strategy here for the table games.

各位好，感謝你們回答我的問題。我想稍微深入探討一下霞慕尼的桌遊策略，或許還能幫我們把你們之前給我們的漂亮數據，以及你們看到的桌面遊戲收入增長情況，和州政府的數據告訴我們的情況稍微聯繫起來，因為看起來你們的市場份額正在增長。僅根據數據告訴我們的資訊以及你們的報告。所以，或許該了解哪些方面做得不錯，以及桌上遊戲的未來發展策略現況如何。

We have the prettiest table games pit in the state and of course the 300 guest rooms kind of help feed into that and so much so that Century who was across the street from us has thrown in the towel and closed their table games, which also helped us.

我們擁有全州最漂亮的桌遊區，當然，300 間客房也對此有所幫助，以至於街對面的 Century 賭場都放棄了，關閉了他們的桌遊區，這也幫了我們很大的忙。

The other night we had.

那天晚上我們…

I guess about 3 weeks ago we had an entertainment event and our table games were just bustling, and I walked up the street to the Brass Ass, which is Triple Crown's table games, just to see if any of that was spilling over, and there were a few very lonely looking players up there, so I think we've sucked up a lot of the table game business. And then the Golden Nuggets is our principal competitor for table games, and they do a good job where they are.

大概三週前，我們舉辦了一場娛樂活動，我們的桌遊生意非常熱門。我走到街對面的 Brass Ass（Triple Crown 旗下的桌遊店），​​想看看有沒有生意延續過來，結果發現那裡有幾個看起來很孤單的玩家。所以我覺得我們已經搶走了不少桌遊生意。此外，金塊賭場是我們桌上遊戲的主要競爭對手，他們在現有領域做得很好。

There's a few things. There's a pretty big place called the Double Eagle, privately owned.

有幾件事。有一個叫「雙鷹」的相當大的地方，是私人擁有的。

I think the second of the two owners passed away. The thing's in probate, and it's a fair chunk of capacity and pretty dead looking place. And so when you look at the market more and more, we're kind of the dominant.

我認為第二位業主已經過世了。那地方正在辦理遺產認證，而且佔據了相當大的空間，看起來相當荒涼。所以當你仔細觀察市場時，你會發現我們基本上佔據了主導地位。

And I think that will continue and the Golden Nugget is a good competitor, well-run property, and Triple Crown is a well-run company and the other ones are pretty small and pretty not very meaningful, and so I think. We will continue to gain share and I think we will grow the market. I mean the Cripple Creek is most of the growth in the state's revenues this year and we're most of that, but I think it's a little bit masked perhaps by Double eagle being soft, if you will. In other words, it's kind of the they're.

我認為這種情況還會繼續下去，金塊賭場是一個不錯的競爭對手，經營良好，三冠賭場也是一家經營良好的公司，而其他賭場規模都比較小，意義不大，所以我認為。我們將繼續擴大市場份額，我認為我們將擴大市場。我的意思是，克里普爾克里克賭場貢獻了今年州財政收入增長的大部分，而我們賭場也貢獻了其中的大部分，但我認為，如果說雙鷹賭場表現疲軟的話，這可能掩蓋了克里普爾克里克賭場的貢獻。換句話說，它有點像“他們是”。

I don't know quite where they're going, but they're not doing much marketing or much of anything, and so that is causing us to gain share eventually. Double Eagle probably gets bought by somebody who fixes it up and. And that would actually be good for the market, and good for us.

我不太清楚他們的發展方向，但他們似乎沒有做太多行銷或其他方面的努力，所以最終導致我們獲得了市場份額。雙鷹手槍可能會被某個人買走，然後進行修繕。這其實對市場有好處，對我們也有利。

I mean, they have 170 guest rooms, but they're the second largest hotel in town, 1, 158 guest rooms, I think, and, but they're sorely in need of refurbishment and that will happen someday in a 5 year time horizon, so.

我的意思是，他們有 170 間客房，但他們是鎮上第二大的酒店，有 1158 間客房，我想，而且，他們急需翻新，這在 5 年的時間範圍內總有一天會發生，所以。

We've got, I mean if you look at the table games business for us, it's still only about 11% of total gaming revenues. A year ago this third quarter of last year it was sitting around 8%. So we've grown that table games business some. I think that table games business can be. Double what it is today for what it's worth, I think, part of it is we're putting in new games, so I think we have the only mini Bach pit in town still at this point.

我的意思是，如果你看一下我們的桌上遊戲業務，它仍然只佔遊戲總收入的 11% 左右。一年前的第三季度，這個數字大約在 8% 左右。所以我們的桌遊業務有所成長。我認為桌上遊戲產業可以發展壯大。就其價值而言，我認為，部分原因是我們正在引入新遊戲，所以我認為目前我們仍然擁有城裡唯一的迷你巴赫音樂廳。

We introduced Bach to the first park road table in town, and we're the only ones with it.

我們把巴哈介紹給了鎮上第一張公園路桌子，而且我們是唯一擁有這張桌子的。

We did just put in one of the.

我們剛剛安裝了其中一個。

Electronic It used to be and now it's owned by Inner block.

電子公司以前是，現在由 Inner block 所有。

We put it in just a few weeks ago and it looks and feels like a crap table, but I think legally it's a slot machine, so that might destroy the numbers a little, but it allows you to run a crap game with just one person or even no person, and it's a pretty popular game. You see it in the stations, casinos here in Las Vegas.

我們幾週前才把它裝上去，它看起來和感覺起來都像一張擲骰子賭桌，但我認為從法律上講它是一台老虎機，所以這可能會稍微影響數字，但它允許你只用一個人甚至沒有人來玩擲骰子遊戲，而且這是一種非常受歡迎的遊戲。在拉斯維加斯的車站和賭場裡都能看到它。

And we also added table games in Bronco Billy’s that's only open on weekends but with a little lower table limit, so we have quite a bit of table capacity now and I think we'll continue to grow that. I mean our table game business is still a fraction of what they do at Monarch or Star or the lived, so we have a lot of growth to go.

此外，我們還在 Bronco Billyâ 的場所增加了桌遊，該場所僅在周末開放，但桌數限制略低，因此我們現在有相當大的桌位容量，我認為我們會繼續增加桌位容量。我的意思是，我們的桌上遊戲業務與 Monarch、Star 或 The Lived 等公司相比仍然只是很小的一部分，所以我們還有很大的成長空間。

So.

所以。

Great. Yeah, I appreciate the call on that. Thanks, guys. And then, maybe for my follow-up if we can stay on Chamani for a second, and Louis, if you can indulge me because I know you said, estimating ramps is difficult, but, now that you guys, feel like there's probably a good fully baked cost structure in it at Chaman with a lot of the changes that Brandon and the team have enacted.

偉大的。是的，我很感激你的來電。謝謝各位。然後，或許我可以再跟進一下，如果我們能再談談 Chamani 的情況，Louis，如果你不介意的話，因為我知道你說過，估算坡道成本很困難，但是，既然你們覺得在 Brandon 和他的團隊實施了很多改變之後，Chamani 的成本結構可能已經相當完善了。

What should we expect in terms of EBITDA over the next few quarters knowing that we are kind of going into the seasonally slower period and a lot of the good flow through that you guys, can expect will really probably shine, during the big, busier season as we get through the winter, but, maybe help us think through, what we should be looking for from an EBITDA trajectory there, over the next few quarters.

考慮到我們即將進入季節性淡季，而且大家可以期待的許多良好業績可能會在冬季到來後的旺季中真正顯現出來，那麼在接下來的幾個季度裡，我們應該對 EBITDA 抱有怎樣的預期呢？這或許能幫助我們思考一下，在接下來的幾個季度裡，我們應該關注 EBITDA 的發展軌跡。

Better strong year over year growth and better results, but I, I'm hesitant to put a number on it. We're doing the best we can to grow revenues and control costs and confident that it will be comfortably profitable in 2026, but it's going to take us, I think our total investment, including acquiring Bronco Billy’s , is approaching $300 million, and for us to get a reasonable return, and that's going to take us 3 years, 234 years, but then I think you know you don't build these things for.

年比成長強勁，業績也有所提升，但我不敢妄下斷言。我們正在盡最大努力增加收入和控製成本，並有信心在 2026 年實現可觀的盈利，但我認為，包括收購 Bronco Billy 在內的總投資接近 3 億美元，我們需要 3 年，或者 234 年的時間才能獲得合理的回報，但我想你知道，你建造這些東西不是為了這個。

Three years. I mean, it, it'll be a strong asset for the next 25 years, but.

三年。我的意思是，它將在未來25年內成為一項強大的資產，但是。

Yeah, I was going to say what Dan said. So look, it's, given how difficult those ramps are, and given that we still have a new team there, that continues to season by the day, including a bunch of new hires in the last two months, I won't give you a number, but to be extreme, well, I, I'll flip it around on you a different way on a trailing 12 month basis in the building. EBITDA was minus$4.8 million. If I think what's lost on people sometimes is that if you can flip that negative 4.8 to plus. 10 plus 15 plus $20 million in the nearer term, that's a, $15million to $25 million swing in total EBITDA.

對，我正想說丹說的話。所以你看，考慮到那些坡道有多麼困難，而且我們那裡仍然有一支新團隊，每天都在不斷磨合，包括過去兩個月里新招的一批人，我不會給你一個具體的數字，但是極端地說，好吧，我會從另一個角度，以過去 12 個月為基準，來談談這棟樓的情況。EBITDA為負480萬美元。我認為人們有時忽略的一點是，如果你能在短期內將負 4.8 億美元扭轉為正 1000 萬美元、正 1500 萬美元，再加上正 2000 萬美元，那麼總 EBITDA 就能實現 1500 萬美元到 2500 萬美元的轉變。

That's not a small move. And so even though, yeah, so it's a long-winded way of saying even smaller numbers have an outsized delta effect in terms of overall growth. So keep that in mind as well. But look, we are extremely optimistic on that project and I do think we'll see some pretty nice numbers in 2026.

這可不是小動作。所以，即使，是的，這是一種冗長的說法，意思是說，即使是較小的數字，在整體成長方面也會產生巨大的增量效應。所以也要記住這一點。但是，我們對這個項目非常樂觀，我認為到 2026 年我們會看到一些相當不錯的成績。

Yeah, even in given direction of the property, we don't go to them and say look this is the number we need you to meet. It's like we need you to make progress, grow the revenues, control the cost, and we'll get there, because if you say, oh, we want you to, make.

是的，即使我們指明了房產的方向，我們也不會去跟他們說，看，這是我們需要你們見面的號碼。這就好比我們需要你取得進步，增加收入，控製成本，我們就能實現目標，因為如果你說，哦，我們希望你去做。

$15 million or $20 million right away you probably could by closing valet parking, by closing the spa, and just clamping down on all costs, but you'd be giving up the opportunity to making $30 million or $40 million someday.

你或許可以透過關閉代客泊車、關閉水療中心以及嚴格控制所有成本，立即獲得 1500 萬或 2000 萬美元，但你也將放棄將來賺取 3000 萬或 4000 萬美元的機會。

There's still a lot of costs we incur to TRY to get to a higher place and so it's The strategy is to keep making progress and exactly what that falls out to as long as we're up year over year comfortably.

我們為了達到更高的目標仍然需要付出很多代價，所以我們的策略是持續進步，只要我們每年都能穩定成長，最終結果如何就無所謂了。

And we're making progress.

我們正在取得進展。

I will say this, Colin, we had a, we had a, an investor that wanted to see the property on a weekend recently, and so we were there on a Saturday, and he walked in the door and he said, I've heard all sorts of things like, oh my gosh, the road is difficult. He took the back way.

科林，我必須說，最近有個投資者想在周末看看這處房產，所以我們週六去了那裡，他走進門說，我聽說了各種各樣的事情，比如，哦，我的天哪，這條路很難走。他走了後路。

He's like, this road is easy. But then he walked in the door and he said, I, I've heard that. Built a place that's too nice. You can't get a good customer in here and he said this is exactly the kind of customer you want in here.

他就像在說，這條路很容易。但隨後他走進門說：“我，我聽說過這件事。”建了一個太好了的地方。你在這裡找不到好顧客，但他卻說這正是你想要的那種顧客。

And by the way, the place is bustling and I think what people forget sometimes is what happens when these casinos ramp is you start by building the business for that Friday, Saturday, you slowly expand that into Sunday, you expand it into Thursdays and. Eventually you have you have you have the database to effectively fill that whole week.

順便說一句，這裡非常熱鬧，我認為人們有時會忘記，這些賭場在擴張時，首先要為週五、週六的生意做準備，然後慢慢地擴展到週日，再擴展到週四，以此類推。最終，你將擁有足夠的資料庫，可以有效地填滿整整一周的日程。

We have not yet filled the whole week, but man oh man, we've made great progress in getting there and a year from now we'll be talking about even more progress and 2 years from now it'll be even better so stay tuned, but it is we're feeling very good about where we sit right now.

我們還沒有安排好整週的計劃，但是，天哪，我們在實現目標的道路上取得了巨大的進步，一年後我們會討論取得更大的進展，兩年後情況會更好，敬請期待。但我們對目前的狀況感到非常滿意。

Awesome. Thanks for all the caller, guys. Appreciate it.

驚人的。謝謝各位來電者。謝謝。

You probably have time for maybe two questions, Dana, if we, if we're quick.

達娜，如果我們動作快的話，你可能還有時間問你兩個問題。

John DeCree, CBRE Capital Advisors.

John DeCree，世邦魏理仕資本顧問公司。

Hey guys, just one for me, talked a lot about Chay and Waukegan, but you've made some management changes not that long ago at Silver Slipper, and, Dan, I think I recall, you were kind of hoping for some improvements there. I think maybe hopefully you could dot Trough last year. So you just give us an update on kind of what you're seeing at Silver Slipper and how progress is going there.

嘿，各位，我只想問一個問題。之前我們聊了很多關於 Chay 和 Waukegan 的事情，但不久前 Silver Slipper 的管理層也進行了一些變動，Dan，我記得你當時好像希望那裡的情況能有所改善。我想或許去年你可以把 Trough 點亮。所以，請您向我們介紹一下您在銀拖鞋礦區看到的情況以及那裡的進展。

Silver slippers making progress.

銀拖鞋進展順利。

The numbers get a little distorted because there was some inefficient marketing. We were giving away buffets and rooms to people who don't gamble enough, and so we've cut that back, so it's not showing the revenue growth, but it's had decent trends in profitability and I think that you know we're pretty happy with that rising star was a little more challenged. We said the two were about flat and the one was carrying the other a little bit, and but listen.

由於存在一些效率低的行銷手段，數據略有失真。我們之前會向賭博金額不夠高的人贈送自助餐和房間，所以我們已經減少了這方面的投入，因此收入增長並不明顯，但盈利能力呈現不錯的趨勢，我想我們對此相當滿意。這顆冉冉升起的新星面臨一些挑戰。我們說這兩個人差不多都平躺著，其中一個稍微托著另一個，但聽我說。

The silver slipper, can grow. From below $15 million to above $15 million a year in EBITDA. It's not going to suddenly jump to 30, but again, blocking and tackling and doing basic stuff.

銀拖鞋，會生長。EBITDA 從低於 1500 萬美元到高於 1500 萬美元/年。分數不會突然跳到 30，但還是要練習阻擋、擒抱和做一些基本動作。

Rising sun is more complicated. It's a difficult market, very competitive. We have a big footprint there, and the fact that we are looking to relocate it makes.

日出的情況就比較複雜了。這是一個競爭非常激烈的艱難市場。我們在那裡的業務規模很大，而我們正在考慮搬遷的事實也說明了這一點。

People, question it, so it's a challenged place to run, but it has a loyal clientele and it's making progress too and, we have our, we have our niche and it does okay, and then. At Tahoe, the owner, Larry Ellison, who acquired the Hyatt a couple of years ago, has started a refurbishment, and the first thing they did was rip down everything along the beach, which was about A dozen or 15 high-end villas that were right along the beach and the largest restaurant in the entire Hyatt chain and their meeting room space.

人們對此表示質疑，所以經營起來確實充滿挑戰，但它擁有忠實的客戶群，並且也在不斷進步，我們有自己的市場定位，而且經營狀況還不錯，然後。在太浩湖，業主拉里·埃里森幾年前收購了凱悅酒店，並開始了翻新工程。他們做的第一件事就是拆除海灘沿線的所有建築，其中包括大約十幾棟或十五棟位於海灘邊的高檔別墅、凱悅連鎖酒店最大的餐廳以及他們的會議室空間。

And we're in the high rise that's across the street, but without easy beach access and without those villa suites, there were gamblers who we would normally invite up in the summer and would want to stay in those. Suites and they're not as prone to come when those suites aren't available and so that affected us a bit in the quarter.

我們住在街對面的高層公寓裡，但是由於沒有方便的海灘通道，也沒有那些別墅套房，我們夏天通常會邀請一些賭客過來，他們就想住在那些套房裡。套房預訂量較少​​，而且當套房不可用時，客人也不太願意入住，因此這在一定程度上影響了我們本季度的業績。

It's not a very meaningful part of the company at this point, but he is replacing them with new suites and a new restaurant and I think it's going to be way nicer than it even was. It was already nice, but the location is. Spectacular. Now there's going to be a spectacular building mirroring the location and that should be good for us in the long-term.

目前它對公司來說並不是一個很重要的部分，但他正在用新的套房和新的餐廳來取代它們，我認為它會比以前好得多。房子本身就不錯，但地理位置更棒。精彩絕倫。現在這裡將建成一座與周圍環境相呼應的壯觀建築，從長遠來看，這應該對我們有利。

Dan. We had a good silver slipper October.

擔。我們度過了一個不錯的「銀拖鞋十月」。

We started the quarter well there, so we'll see if it continues. But to Dan's point, I, I'm expecting, knock on wood, some EB growth there in the 4th quarter. So good news. It's doing what we expect it to do.

本季開局不錯，讓我們看看能否維持下去。但正如丹所說，我，我期待（但願如此），第四季EB會有一些成長。好消息。它正在按照我們預期的方式運行。

We've hired some. Good new members of the team. We have a new head of table games who's introducing some things that are creative and good, and we have a new food and beverage manager who we hired from Treasure Chest who's very competent and doing well. So it is a new team forming together and I think it will have good results in the future, but this is a cash cow for us.

我們已經招了一些人。團隊裡有了很棒的新成員。我們新聘了一位桌上遊戲主管，他引入了一些很有創意且不錯的項目；我們還從 Treasure Chest 聘請了一位新的餐飲經理，他非常能幹，工作表現出色。所以這是一個正在組建的新團隊，我認為它未來會取得好成績，但對我們來說，這是一棵搖錢樹。

Ricardo Chinchilla, Deutsche Bank.

里卡多·欽奇利亞，德意志銀行。

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

各位好，非常感謝你們回答我的問題。

I was hoping if you could give us a little bit of a sense of how the seasonality of the market is going to impact the ramp up. I know that you guys have made, very important progress on the cost cuttings inside. So, what should we expect, for the 4th quarter and maybe in the 1st quarter given, that the market is very seasonal.

我希望您能為我們簡單介紹一下市場季節性變化將如何影響產能爬坡。我知道你們在內部成本削減方面取得了非常重要的進展。那麼，考慮到市場具有很強的季節性，我們應該對第四季以及可能的第一季抱持怎樣的預期呢？

Last year we lost money in both the 4th quarter and 1st quarter.

去年第四季和第一季我們都虧損了。

My hope is to not lose money in those quarters this year.

我希望今年那幾季不要虧損。

Now the 3rd quarter is always going to be the season's strongest quarter.

通常來說，第三節比賽都是賽季中最強的一節。

$2.1 million in this quarter but you know next summer it should be much stronger than that and I would expect longer-term, the third quarter would always be 40 or 50% of the earnings in the year.

本季營收為 210 萬美元，但你知道，明年夏天應該會比這強勁得多，而且我預計從長遠來看，第三季的收入總是會佔全年收入的 40% 或 50%。

And the year over year comparisons will be easy.

而且，與前一年相比也很容易進行。

We are cutting the costs going into the offseason. Our revenues in November will not be what they were in July, and so our costs can't be either, nor do they need to be. I mean you staff your restaurants and your table games in particular, based on the amounts of play, and so there's a natural tendency to have less people in the winter than there is in the summer.

我們正在休賽期削減成本。我們11月份的收入不會像7月那樣，所以我們的成本也不能像7月那樣，也沒有必要那樣。我的意思是，餐廳和桌遊區的員工配備是根據客流量來定的，所以冬天的人自然比夏天少。

In case it helps you, the fourth quarter of last year, which is an extremely easy comp, EBITDA was $3.4 million bucks, you should look for meaningful improvement off of that. The first quarter of 2025, EBITDA was 2.3. That was under the old management team, and you should expect improvement from that as well.

如果這對您有幫助的話，去年第四季度（這是一個非常容易比較的季度）的 EBITDA 為 340 萬美元，您應該期待在此基礎上有實質性的改善。2025 年第一季度，EBITDA 為 2.3。這是在原管理團隊的領導下所取得的成績，預計之後也會有所改善。

Yeah, look, I'm trying to make it profitable in those quarters, and I don't think it's going to make a lot of money in those quarters, but we'd like it to stay in the black, and that sets a foundation for a good 2026.

是的，你看，我正在努力讓它在那幾個季度盈利，我不認為它會在那幾個季度賺很多錢，但我們希望它保持盈利，這將為2026年奠定良好的基礎。

Perfect, thank you so much. If I might squeeze one last one, and this wouldn't.

太好了，非常感謝。如果我能再擠出最後一個，那肯定不行。

Be the very last one.

做最後一個。

Very last one, I apologize.

最後一個問題，我深感抱歉。

Can you just share, and I know that you guys already talked about Kenosha, but do you guys, given your knowledge in the industry, do you guys think that, an approval of the process is even likely at this point? And given that, do you anticipate that the project would even keep its original size given all the issues that the tribe had with, the approval of the compact, any comment, would be very appreciated.

可以分享一下嗎？我知道你們之前已經討論過基諾沙的情況，但以你們對行業的了解，你們認為目前這個階段，該流程獲得批准的可能性有多大？有鑑於此，考慮到部落在批准協議時遇到的所有問題，您是否預期該計畫還能維持原有的規模？任何評論都將不勝感激。

Thank you.

謝謝。

Look, at any given time there's always somebody trying to develop a casino somewhere, right? And if you just look at, and it seems like everybody who ever had a Native American in their family historically is trying to put a casino somewhere.

你看，任何時候總會有人想在某個地方開發賭場，對吧？如果你仔細觀察，你會發現，歷史上所有家族中有美洲原住民血統的人似乎都試圖在某個地方開設賭場。

Most of those don't happen.

大多數情況下，這些事情都不會發生。

There's a lot of hurdles in this, you have to get the Bureau of Indian Affairs to bless the concept. The tribe actually doesn't live there. The tribe lives 200 miles north of there where they have a small casino up near Green Bay.

這其中有許多障礙，你必須獲得印地安事務局的認可。實際上，那個部落並不居住在那裡。該部落居住在距離那裡以北 200 英里的地方，他們在綠灣附近有一個小型賭場。

And the tribe itself didn't want to spend all the money you need on the lobbyists and so on, so they got the Seminoles involved and the Seminoles involved are in a lot of different places as kind of a management company, and so they're trying to figure out how to get through the Bureau of Indian Affairs.

部落本身不想把所有需要的錢都花在遊說者等等上面，所以他們讓塞米諾爾人參與進來，而塞米諾爾人作為一家管理公司，在許多不同的地方活動，所以他們正在努力弄清楚如何通過印第安事務局。

Under the Trump administration, the Bureau of Indian Affairs has been much less friendly towards tribal gaming than it was under Biden, and I think under Biden, the Secretary of the Interior was a member of an Indian tribe in New Mexico, and they approved all sorts of things and much more difficult to do under the Trump administration. I think Trump himself is not very fond of tribal casinos. He had to compete with them.

在川普政府時期，印地安事務局對部落博弈業的態度遠不如拜登時期友善。我認為，在拜登時期，內政部長是新墨西哥州一個印第安部落的成員，他們批准了各種各樣的事情，而這些事情在川普政府時期則困難得多。我認為川普本人並不太喜歡部落賭場。他不得不和他們競爭。

I used to hate the fact that we had to compete with them because they pay less in taxes, but now they're often the highest bidder when there's a casino for sale. So the palms get sold to the San Manuel Tribe, the Mirage gets sold to the Seminole Tribe, San.

我以前很討厭我們必須和他們競爭，因為他們繳稅少，但現在當有賭場出售時，他們往往是出價最高的人。所以棕櫚樹賣給了聖曼努埃爾部落，海市蜃樓賣給了塞米諾爾部落，聖。

Of the Poarch Creek tribe.

波奇克里克部落的成員。

Compounding wealth tax free and often they're willing to pay the highest price so now I'm looking at it and saying well you know we're not looking to sell the company today but if we were someday.

財富複利增長免稅，而且他們通常願意支付最高的價格，所以現在我看著它說，你知道，我們今天不打算出售公司，但如果有一天我們想賣的話。

Li est bidder would be an Indian trap, so, mixed, but on this, I think it's very difficult to get through Bureau of Indian Affairs. Then they have to go to the governor's office to get the governor to sign off on it. It's not at all clear that he would, and of course the Potawattammis are sitting there making $200 million a year from their casino in Milwaukee,

最糟糕的競標者可能會落入印第安人的圈套，所以情況比較複雜，但就這件事而言，我認為很難通過印第安事務局的審批。然後他們還得去州長辦公室，讓州長簽署批准。他是否會這麼做還完全不確定，當然，波塔瓦塔米家族每年從他們在密爾瓦基的賭場賺取2億美元。

So, they're Forces in the state, just to be clear, yeah, and so I think, they have lobbyists and lawyers and in fact we dealt with that. They held us up by a year with lawsuits and I think what they're likely to do to, I mean that Kenosha is almost a kind of an extended suburb of, Milwaukee and so they're going to fight that tooth and nail and so I think it's I would say it's actually unlikely to, If it does happen, it's years away.

所以，說清楚點，他們是這個州的勢力，是的，所以我認為，他們有遊說者和律師，事實上我們已經處理過這個問題了。他們透過訴訟拖延了我們一年，我認為他們可能會對基諾沙採取進一步行動，我的意思是，基諾沙幾乎是密爾瓦基的一個延伸郊區，所以他們會拼死抵抗，因此我認為，即使真的發生，也至少還要幾年時間。

And if it does happen, it's still not that meaningful to us because it's quite a quite a distance from us and so it's.

即使真的發生了，對我們來說也沒有什麼意義，因為它離我們很遠，所以就是這樣。

I'm going to take it a step further. I think inflation between now and the time that casino happens, if it were to happen, is more than overshadows what we would lose to that casino.

我還要更進一步。我認為，從現在到賭場開業（如果真的開業的話）期間的通貨膨脹，遠遠超過了我們在賭場會損失的金額。

But when somebody's looking to short the stock or short the bonds and create a negative story, they'll go find out that Joe Blow wants to put a casino in Libertyville, and they'll say, Hey, Joe Blow, he was Native American 35 years ago. He might get this sign, and they're not, and I think it's unlikely and So, There you go.

但當有人想做空股票或債券，製造負面消息時，他們會去查喬·布洛想在利伯蒂維爾建賭場，然後他們會說，嘿，喬·布洛，他35年前還是個美洲原住民呢。他或許能收到這個訊號，但他們沒有，我覺得不太可能，所以，就是這樣。

That will conclude our question-and-answer session. I would like to turn the floor back over to Louis for closing remarks.

我們的問答環節到此結束。現在我把發言權交還給路易斯，讓他做總結發言。

I would like.

我想。

I hate to leave it on that note because Kenosha really is insignificant to our future.

我很遺憾要這樣結束，因為基諾沙對我們的未來來說真的微不足道。

We just had a good quarter. I think it's forming a base that we have easy comparisons going forward.

我們剛剛度過了一個不錯的季度。我認為這為我們今後進行比較奠定了基礎。

Future good quarters and we're building a base and we continue to look for the right ways to finance the permanent casino, but our backs are not to the wall. When we can find the stars that align in a way that makes sense, then we will move ahead and hopefully that's in the near future, but if it takes a little bit longer, that's okay too.

未來幾季前景良好，我們正在打基礎，並繼續尋找合適的融資方式來建造永久性賭場，但我們還沒有走投無路。當我們找到各種有利條件以合理的方式排列時，我們就會繼續前進，希望這一天在不久的將來到來，但如果需要更長時間，也沒關係。

And, At the end of the day we're here trying to build long-term shareholder value. It's astounding to me that our stock is as low as it is, but this too will pass. I remember in the middle of the pandemic our stock was down less than $1 and it turned out to be a great buying opportunity.

歸根究底，我們在這裡是為了創造長期的股東價值。令我震驚的是，我們的股票價格竟然這麼低，但這也會過去的。我記得在疫情期間，我們的股票下跌不到 1 美元，結果證明這是一個絕佳的買入機會。

So I kind of feel like we're going to be fine and more than fine.

所以我感覺我們一定會沒事的，而且會好得多。

And I'll leave it at that.

我就說到這裡吧。

Thank you, everyone.

謝謝大家。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。