Full House Resorts Inc (FLL) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Full House Resorts first-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Full House Resorts 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Mr. Adam Campbell, Corporate Controller. Thank you, sir. You may begin.

現在我很榮幸介紹本次會議主持人——公司財務控制長 Adam Campbell 先生。謝謝您，先生。您可以開始了。

Thank you, and good afternoon, everyone. Welcome to our first-quarter earnings call.

謝謝，各位下午好。歡迎參加我們的第一季財報電話會議。

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. I would also like to remind you that the company's actual results could differ materially from 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.

一如既往，在開始之前提醒各位，今天的電話會議可能包含前瞻性陳述，我們係依據聯邦證券法的安全港條款所作。此外也提醒各位，公司實際結果可能與這些前瞻性陳述中所預期的結果有重大差異。請參閱今日新聞稿中「前瞻性陳述」標題下對可能影響我們業績之風險的討論。

Also, we may reference to non-GAAP measures such as adjusted EBITDA. For a reconciliation of these measures, please see our website as well as various press releases that we issue.

另外，我們可能會提及非 GAAP 指標，例如調整後 EBITDA。關於這些指標的調節表，請參閱我們的網站以及我們發布的各項新聞稿。

Lastly, 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.

最後，我們也在 fullhouseresorts.com 直播本次電話會議，您可在該網站找到今日的財報新聞稿以及我們所有向 SEC 提交的文件。

And with that said, we're ready to go, Lewis.

那麼，我們準備開始了，Lewis。

Good afternoon, everyone. I will be quick with our prepared remarks today since I know there's another call that's about to start. We had a solid first quarter. Revenues were $74.4 million in the first quarter of 2026, which compares to $75.1 million in last year's first quarter. Within this, American Place was up about 7%.

各位下午好。由於我知道稍後還有另一場電話會議即將開始，我今天的準備稿會簡短一些。我們第一季表現穩健。2026 年第一季營收為 7,440 萬美元，對比去年第一季的 7,510 萬美元。其中，American Place 約成長 7%。

Also, keep in mind that last year's number included $1.3 million of revenue from Stockman's, which we sold in April of 2025. So on an apples-to-apples basis, revenues grew by 0.9% in the first quarter. Adjusted EBITDA in the first quarter of 2026 rose to $13.2 million. That's almost 15% higher than our adjusted EBITDA in last year's first quarter, which was $11.5 million. We had growth at almost all of our properties, American Place, Chamonix and Bronco Billy's, Silver Slipper and Rising Star all had large percentage increases in EBITDA.

另外請記得，去年的數字包含了 Stockman's 的 130 萬美元營收；我們已於 2025 年 4 月出售該資產。因此在可比基礎（同口徑）下，第一季營收成長 0.9%。2026 年第一季調整後 EBITDA 上升至 1,320 萬美元，較去年第一季的 1,150 萬美元幾乎高出 15%。我們幾乎所有物業都實現成長；American Place、Chamonix 與 Bronco Billy's、Silver Slipper 以及 Rising Star 的 EBITDA 皆有大幅百分比增長。

At Grand Lodge, which is our smallest property, we continue to be impacted by refurbishment work that when it's done, should meaningfully upgrade the overall experience. And regarding our sports skins last year, we had an additional active skin last year. So the decline in 2026 reflects that fact. At American Place, our temporary casino continues to show significant growth. Revenues increased by 7% to $31.8 million in the first quarter of 2026.

至於我們規模最小的物業 Grand Lodge，仍持續受到整修工程影響；工程完成後，應可顯著提升整體體驗。另就我們去年的體育「skins」而言，去年我們多了一個額外的活躍 skin，因此 2026 年的下滑反映了這一點。在 American Place，我們的臨時賭場持續展現顯著成長。2026 年第一季營收成長 7% 至 3,180 萬美元。

Adjusted property EBITDA rose 8% to $8.3 million. In the first quarter of 2026, our table games hold was 1.2 percentage points lower than in last year's first quarter. For April 2026, the state's gaming revenues just came out. We had a very good April, which you probably already saw yesterday, with total gaming revenues up almost 6% versus April of 2025. Our table hold percentage was off again in April 2026.

調整後物業 EBITDA 成長 8% 至 830 萬美元。2026 年第一季，我們的桌上遊戲 hold（留存率）較去年第一季低 1.2 個百分點。至於 2026 年 4 月，州政府的博彩營收數據剛公布。我們 4 月表現非常好，您可能昨天已看到，總博彩營收較 2025 年 4 月成長將近 6%。我們在 2026 年 4 月的桌上遊戲 hold 百分比再次偏低。

If we held as expected, our total gaming revenues would have been up almost 16% versus April of last year. Turning to Chamonix and Bronco Billy's. Our revenues were down slightly to $11.3 million from $11.6 million. Revenues were affected by several things. First, the Bronco Billy's casino was pretty torn up in January and February as we replaced carpets and installed new ceilings.

如果 hold 符合預期，我們的總博彩營收本可較去年 4 月成長將近 16%。接著談 Chamonix 與 Bronco Billy's。我們的營收由 1,160 萬美元小幅下降至 1,130 萬美元。營收受到幾項因素影響。第一，Bronco Billy's 賭場在 1 月與 2 月因更換地毯並安裝新天花板而大幅施工。

The Bronco Billy's side now feels quite complementary to the Chamonix experience. Second, the unseasonably warm weather resulted in less cash business in the quarter. Two of Cripple Creek's biggest events both occur in the winter, Ice Fest and Ice Castles. They're both great experiences, and each one brings more than 100,000 people to town, but warm weather hindered those experiences and adversely affected city visitation. Third, we had some unprofitable promotional activity in the prior year period.

目前 Bronco Billy's 這一側的氛圍已與 Chamonix 的體驗相當互補。第二，反常偏暖的天氣使本季現金客（cash business）減少。Cripple Creek 兩個最大活動都在冬季舉行：Ice Fest 與 Ice Castles。兩者都是很棒的體驗，每個活動都能為城鎮帶來超過 10 萬人次，但暖冬削弱了活動體驗，並對城市來訪人數造成不利影響。第三，我們在去年同期有一些不具獲利性的促銷活動。

We have an entirely new management team that joined us beginning in April of last year, and they are working to make sure that our marketing spend is much more efficient. We had a good quarter in Colorado despite those factors. In last year's first quarter, adjusted property EBITDA was minus $2.3 million. In this year's first quarter, it was minus $1.3 million, an improvement of 42%. It's a seasonal market strongly favoring the upcoming summer months.

我們自去年 4 月起加入了一支全新的管理團隊，他們正致力確保我們的行銷支出更有效率。儘管有上述因素，科羅拉多業務本季仍表現不錯。去年第一季，調整後物業 EBITDA 為負 230 萬美元；今年第一季為負 130 萬美元，改善 42%。這是一個季節性市場，接下來的夏季月份明顯更有利。

With the new property team, we've spent a lot of time focusing not just on efficiency and costs, but also on our overall marketing efforts. That analysis continues to show a huge opportunity for us that awareness and penetration into Colorado Springs remains extremely low. As guests visit us for the first time, they realize that we didn't build a commodity product of more slot machines. They realized that we created a very unique experience. We often compare Chamonix to Monarch and Black Hawk as both have similar levels of quality and are targeting a similar type of guest.

在新的物業團隊帶領下，我們投入大量時間，不僅聚焦效率與成本，也聚焦整體行銷工作。分析結果持續顯示我們有巨大的機會：在科羅拉多泉（Colorado Springs）的知名度與滲透率仍然非常低。當客人首次造訪時，他們會發現我們打造的不是「更多吃角子機」的同質化產品，而是一個非常獨特的體驗。我們常將 Chamonix 與 Monarch 及 Black Hawk 作比較，因為它們在品質水準相近，且鎖定相似類型的客群。

The total Black Hawk gaming market, not including the neighboring casino town of Central City, was about $875 million over the last 12 months. Monarch has 1/3 of the hotel product in Black Hawk, so it's reasonable to think that they have at least 1/3 of the gaming revenue. The reality is they could be higher than that given they're skewed toward a higher-end guest. Using those numbers as a basis, our slot win per day at Chamonix and Bronco Billy's was about 1/4 of Monarch slot win per day. Our table win per day was about 16% of Monarch.

過去 12 個月 Black Hawk 的整體博彩市場（不含鄰近的賭城 Central City）約為 8.75 億美元。Monarch 擁有 Black Hawk 約三分之一的飯店供給，因此合理推估其至少取得三分之一的博彩收入。實際上，由於其客群偏向高端，比例可能更高。以此為基礎，我們在 Chamonix 與 Bronco Billy's 的每日每台吃角子機贏額（slot win per day）約為 Monarch 的四分之一；我們的每日桌上遊戲贏額（table win per day）約為 Monarch 的 16%。

Therein lies the opportunity. The numbers that Monarch is generating aren't unusual for an underserved gaming market. If we can improve our win per day figures, so they are just 45% of Monarch, and we will have earned a very good return on our investment in Chamonix. Part of that improvement will involve ramping our hotel occupancy from 41% today to the 80-plus percent that Monarch achieves. And so the marketing team is laser-focused on awareness.

這正是機會所在。Monarch 所創造的數字，對於一個供給不足的博彩市場而言並不罕見。若我們能提升每日贏額，使其達到 Monarch 的 45%，我們就能在 Chamonix 的投資上取得非常好的報酬。這項改善的一部分將涉及把飯店入住率從目前的 41% 拉升至 Monarch 所達到的 80% 以上。因此，行銷團隊正高度聚焦於提升知名度。

There are about 1 million people in the broader Colorado Springs area. There are another 400,000 people that live in the southern suburbs of Denver. That's about 1.4 million people for our 300 guestrooms and 700 gaming positions. Within that geographic spread, there are several specific ZIP codes that can meaningfully move the needle, and those ZIP codes are receiving a lot of our attention in a new digital campaign that we're rolling out. Preliminarily, April had good numbers with an estimated 9% increase in net slot win and a 20% increase in net table win.

科羅拉多泉更大都會區約有 100 萬人口；丹佛南部郊區另有約 40 萬人口。也就是約 140 萬人口，對應我們 300 間客房與 700 個博彩位置。在這個地理範圍內，有幾個特定郵遞區號（ZIP codes）能顯著帶動業績，而這些郵遞區號正是我們新一波數位行銷活動重點投放的區域。初步來看，4 月數據不錯，估計淨吃角子機贏額增加 9%，淨桌上遊戲贏額增加 20%。

On the balance sheet side, we had about $41 million of liquidity at the end of the quarter, including the undrawn portion of our revolver. The summer season tends to be our strong season. That, combined with the lack of any major construction spend right now, should benefit overall cash flow in the near term. We've been very transparent about our efforts to fund the permanent American Place casino as well as refinance our existing debt. If you recall, we mentioned on our last earnings call that we've been working with a funding source that is prepared to fully fund construction of the permanent American Place casino.

在資產負債表方面，本季末我們約有 4,100 萬美元的流動性，包括循環信貸（revolver）中尚未動用的額度。夏季通常是我們的旺季；再加上目前沒有任何重大建設支出，短期內應有利於整體現金流。我們一直非常透明地說明我們為永久性 American Place 賭場籌資以及為現有債務再融資的努力。若您記得，我們在上次財報電話會議提到，我們一直與一個資金來源合作，對方已準備好全額提供永久性 American Place 賭場的建設資金。

We have funded -- we have funded the gaming license, land, slot machines, temporary casino, assembly of the workforce, the mailing list, all at a total investment today of about $170 million. The new financing will provide the approximately $300 million needed to move into the permanent facility. That solution requires a lot of legal paperwork, which the team is diligently making its way through. We continue to feel very good about that solution and look forward to giving you more details once we can, potentially in the next few weeks. We are confident enough on that financing that we expect to commence construction within the next few weeks.

我們已出資——我們已出資取得博彩執照、土地、吃角子機、臨時賭場、組建人力團隊、郵寄名單等，截至目前總投資約 1.7 億美元。新的融資將提供約 3 億美元，以推進我們進入永久性設施。該方案需要大量法律文件，團隊正勤勉地逐一處理。我們對此方案仍感到非常樂觀，並期待在可行時提供更多細節，可能就在未來幾週內。我們對該融資的把握程度足以讓我們預期在未來幾週內開始動工。

The early stages of construction take time, but not much capital. By starting now, we hope to open the permanent American Place about 2 years from now. Our earthmoving drawings were approved a couple of weeks ago by the City of Waukegan, and we are working to obtain the other government approvals needed to begin construction. We have put together a good construction team that is well versed in building regional as well as destination casinos. They include Power Construction, which is currently building the new Hollywood Casino in Aurora, Illinois.

施工的早期階段需要時間，但不需要太多資本。透過現在就開始，我們希望大約 2 年後能開幕永久性的 American Place。我們的土方工程圖說在幾週前已獲沃基根市（City of Waukegan）核准，目前正努力取得開始施工所需的其他政府核准。我們已組建一支優秀的施工團隊，對於興建區域型以及目的地型賭場都相當熟悉。其中包括 Power Construction，目前正在伊利諾伊州奧羅拉（Aurora）興建新的 Hollywood Casino。

They're one of the largest builders in the Chicagoland area. We have W.A. Richardson Builders, who will act in an oversight role. They're one of the largest construction firms here in Las Vegas and have great experience developing casinos from their days at Mandalay Resort Group, including the Grand Victoria casino in Elgin, Illinois. They also recently built the Fontainebleau and Durango resorts here in Las Vegas.

他們是芝加哥都會區（Chicagoland）規模最大的建築商之一。我們也有 W.A. Richardson Builders，將擔任監督角色。他們是拉斯維加斯這裡最大的營造公司之一，並且從 Mandalay Resort Group 時期起就累積了豐富的賭場開發經驗，包括伊利諾伊州埃爾金（Elgin）的 Grand Victoria 賭場。他們最近也在拉斯維加斯興建了 Fontainebleau 與 Durango 度假村。

And then we have WATG as architects. Their team has a long list of hospitality projects under their belts, including the Venetian in Las Vegas and the Hard Rock in Rockford, Illinois. Lastly, we're currently allowed to operate our temporary casino until August of 2027. In conjunction with our anticipated financing, a bill was introduced into the Illinois legislature to extend that date by 18 months. That would ensure a smooth transition from the temporary to the permanent, including continuation of the approximately $30 million per year in gaming and other state taxes that we currently pay.

接著我們聘請 WATG 擔任建築師。他們團隊在旅宿業專案方面經驗豐富，包括拉斯維加斯的 Venetian，以及伊利諾伊州羅克福德（Rockford）的 Hard Rock。最後，我們目前獲准營運臨時賭場至 2027 年 8 月。配合我們預期的融資安排，伊利諾伊州議會已提出法案，將該日期延長 18 個月。這將確保從臨時場館順利過渡到永久場館，包括延續我們目前每年約 3,000 萬美元的博彩及其他州稅繳納。

Typically, items like this in the legislature are voted on late in the session, which ends on May 31. That's everything I had, Dan, what I missed?

通常，像這類議會事項會在會期後段表決，而本會期於 5 月 31 日結束。以上就是我這邊的內容，Dan，我漏了什麼嗎？

I think you got it. We'll go to questions. All right. We'll find out from the public. What we missed.

我想你都講到了。我們進入提問環節。好，我們來聽聽外界的問題，看看我們漏了什麼。

(Operator Instructions) Jordan Bender, Citizens Bank.

（接線員指示）Citizens Bank 的 Jordan Bender。

Maybe not the quarter that you wanted necessarily in Colorado, but on the expense, that continues to look better. I see my math gets me to expenses down about 10% in the quarter. How much more do you guys think you have left to take out if we don't get any material revenue uplift from here?

科羅拉多這一季可能不是你們理想中的表現，但在費用端看起來持續改善。我算了一下，季度費用大約下降了 10%。如果接下來沒有任何實質的營收提升，你們認為還能再削減多少？

Well, there's a lot of blocking and tackling that's happened, and we'll continue to control the cost. But there's stuff like we have an outsourced housekeeping service, which they only clean like 9 rooms a day, and we end up paying for that. Down at the Silver Slipper, we clean 14 rooms a day. So we're looking to bring that in-house, and we have to hire about 30 housekeepers to do that. Our laundry service, we think we can get more efficient.

嗯，我們已經做了很多基本功的改善，而且會持續控管成本。不過也有一些項目，例如我們外包的客房清潔服務，他們一天只清 9 間房，但我們仍需為此付費；在 Silver Slipper，我們一天能清 14 間房。所以我們在評估把這部分改為自營，為此需要聘用大約 30 位房務人員。我們的洗衣服務也認為可以做得更有效率。

We hired an AGM in the first quarter who has a background in hospitality and food and beverage, and he was in a similar role at the Ameristar in Council Bluffs and before that, the Ameristar in East Chicago. And a real good guy, and he'll -- and he's working on that sort of thing. We also hired a Finance Director in the first quarter. And frankly, we are getting much better reports, reporting out of it, and that's helpful. But to really get to where we want to be, we need to improve the revenues.

我們在第一季聘請了一位副總經理（AGM），他有旅宿與餐飲背景，曾在 Council Bluffs 的 Ameristar 擔任類似職務，在那之前也在 East Chicago 的 Ameristar。人很不錯，他會著手推動這類改善。我們第一季也聘請了財務總監。坦白說，我們拿到的報表與輸出品質好很多，這很有幫助。但要真正達到我們想要的水準，還是需要提升營收。

And we've got a lot of new marketing people working on that, and it's much more sophisticated than it was a year ago. And it's a constant process to try to make the marketing spend more efficient and targeted, like Lewis mentioned, digitally approaching certain ZIP codes. I mean that's a more efficient way to do it and so on. So there's a lot of different aspects to this. One of the other things we're looking at doing, of course, the business there is very -- like most casinos slanted towards the weekend.

我們也有很多新的行銷人員在推動這件事，行銷手法比一年前成熟得多。這是一個持續的流程，要讓行銷支出更有效率、更精準，例如 Lewis 提到的，以數位方式鎖定特定郵遞區號（ZIP codes）。我的意思是，這樣做更有效率，等等。所以這裡面有很多不同面向。我們另外也在評估的一件事是，當地的生意非常——像多數賭場一樣——偏向週末。

And so you're trying to hire people in a somewhat difficult place to hire them up in the mountains. So we're looking at going out and offering people like a $5 an hour premium if somebody only wants to work on weekends. And the kind of the back story on that is if somebody is willing to go on their payroll working only, say, Friday and Saturday, they will not qualify for the health plan because it's less than 32 hours a week. And the health plan cost us more than $5 an hour per employee. And so you might find somebody who's already gainfully employed or maybe they're retired non-Medicare, but they kind of like the idea of being a barista in our coffee place on Saturday morning it gets them out of the house.

因此你要在山區這種相對難招人的地方聘用員工。我們在考慮對只願意在週末上班的人提供每小時 5 美元的加給。背後的邏輯是：如果有人願意加入我們的薪資名冊，但只上例如週五與週六，他每週工時會少於 32 小時，因此不符合健康保險方案資格；而健康保險對我們而言每位員工的成本超過每小時 5 美元。所以你可能會找到已經有正職工作的人，或是已退休但尚未符合 Medicare 的人，他們可能喜歡週六早上在我們咖啡店當咖啡師，讓自己出門走走。

We'd love to have that employee. And so we're looking at all sorts of ways to be more thoughtful and efficient and effective. And it doesn't happen overnight, but it is happening. And frankly, the April numbers are pretty encouraging because I kind of feel like we've got our footing on the marketing stuff, and we're starting to show really strong numbers. And April was a good month.

我們很希望有這樣的員工。因此我們正在用各種方式，讓營運更周全、更有效率、更有效果。這不會一夕之間發生，但確實正在發生。坦白說，4 月的數字相當令人鼓舞，因為我覺得我們在行銷方面已經站穩腳步，開始展現非常強勁的數據。4 月是個好月份。

The first part of May looks pretty good so far. And hopefully, we just continue to build on that going into the summer. So we are controlling costs. But ultimately, it's about growing the revenues.

5 月前半段目前看起來也不錯。希望我們能在進入夏季時持續累積動能。所以我們確實在控管成本，但最終關鍵還是要把營收做大。

And those incremental revenues, that you probably heard me say this before. At this point, the cost structure is pretty fully baked. And so the flow-through from those incremental revenues is going to be -- should be pretty steep.

而那些增量營收——你可能聽我以前說過——在目前這個階段，成本結構基本上已經定型。因此，增量營收的利潤流入（flow-through）會——應該會相當可觀。

We did -- we had a Mexican restaurant that was called Baha Bill that went closed for a while, and we revamped it. We promoted from within a new food and beverage manager who's a very talented chef, and he did a phenomenal job on new menus and recipes and so on. I'd argue we probably have the best Mexican restaurant in Colorado at this point. And we renamed it Don Juan, which is kind of a fun name. And we also tied it into the elevator to get to it.

我們之前有一家墨西哥餐廳叫 Baha Bill，停業了一段時間，後來我們重新改造。我們內部拔擢了一位新的餐飲經理，他是一位非常有才華的主廚，在新菜單、食譜等方面做得非常出色。我認為就目前而言，我們可能擁有科羅拉多最好的墨西哥餐廳。我們把它改名為 Don Juan，這名字挺有趣。我們也把它和電梯動線做了連結，方便前往。

And so we did that. We're going to start offering a brunch on Saturdays and Sundays in 980 Prime, which is a wonderful venue for a brunch. So -- and -- but we're doing it in ways where we know on Fridays and on Saturdays and Sundays, there's demand for that brunch. And we're not doing it every day of the week, so.

所以我們做了這些。我們也將在 980 Prime 於週六與週日開始提供早午餐（brunch），那是一個非常適合早午餐的場地。不過——我們是用我們知道在週五、週六與週日確實有需求的方式來做。我們不會一週七天都提供，所以。

Great. And on the follow-up, good to hear in Waukegan and that's going to get going here in the next couple of weeks. Just curious your view on the casino and the proposal up in Kenosha and kind of where that stands and kind of how you guys underwrite that property in relation to yours.

很好。追問一下，聽到沃基根那邊進展順利很不錯，而且接下來幾週就會啟動。想請教你對基諾沙（Kenosha）那邊賭場與提案的看法，目前進度如何，以及你們在評估（underwrite）那個案子時，會如何相對於你們自己的案子來看？

First off, our customers primarily come from Lake County. And to the extent they come from outside of Lake County, it tilts towards the south. If you drive north from us to Kenosha, there's some farmland out there. So there's kind of a gap. They would have a much bigger impact on the Potawatomi in Downtown Minneapolis than they would -- or Downtown Milwaukee than they would to us.

首先，我們的客戶主要來自萊克郡（Lake County）。即便有部分客戶來自萊克郡以外，也更偏向南邊。如果從我們這裡往北開到基諾沙，中間有一些農地，所以存在一段空檔。他們對明尼阿波利斯市中心的 Potawatomi 的影響會大得多——或者說對密爾瓦基市中心（Downtown Milwaukee）的影響會更大——相較之下，對我們的影響不大。

And that tribe is pretty powerful. So I think -- which brings up the second question, do they ever get there? They've been working on this for 20 years. This is not an Indian tribe from Kenosha. This is an Indian tribe of Ho-Chink, we have a small casino, a couple of hundred miles away from that in the middle of Wisconsin.

而那個部族相當有影響力。所以我想——這也帶出第二個問題：他們真的能走到那一步嗎？他們為此努力了 20 年。這不是來自基諾沙的印第安部族。這是 Ho-Chink 的印第安部族，他們在威斯康辛州中部、距離那裡幾百英里的地方有一間小型賭場。

So they're trying to create a whole new piece of land and reservation trust that is strictly for commercial purposes to really cut into the Potawatomi business. So it's more of a tribal war than it is for us. And I don't think it would have much impact on us. And I think if they get there, it's going to take them a long time. Like if everything went smoothly for them, it'd be a few years before they got open.

所以他們試圖創造一塊全新的土地與保留地信託（reservation trust），而且純粹是為了商業目的，目的是大幅切入 Potawatomi 的生意。這更像是部族之間的競爭，而不是針對我們。我不認為這會對我們造成太大影響。而且我認為就算他們真的能推進，也會花很長時間。即使一切都很順利，可能也要好幾年後才會開幕。

And even when they did get open, I don't think it has much impact on us. My first guess is they never get there because what they're trying to do is not easy, where you're not -- it's one thing if you're a poor Indian tribe trying to get a casino on your reservation, you're somebody that deserves empathy, if you will. This is not a poor Indian tribe trying to get a casino on their reservation. This is reservation shopping and trying to get a casino in a commercially better spot than where their existing casino is. I think they have 2 or 3 up in the middle of Wisconsin.

即使他們真的開起來了，我也不認為對我們有太大影響。我第一個猜測是他們根本到不了那一步，因為他們想做的事並不容易。你知道——如果你是一個貧困的印第安部落，想在保留地上開一間賭場，那是一回事，你會覺得值得同情。但這不是一個貧困的印第安部落想在保留地上開賭場。這是在「挑保留地」並試圖把賭場開在比他們現有賭場更具商業價值的位置。我想他們在威斯康辛州中部那邊已經有兩三家了。

And so it takes a lot of different regulatory approvals and state approvals, and there are a long ways from having it.

所以這需要很多不同的監管核准與州政府核准，而且距離真正拿到還差得很遠。

Yes. I will tell you that the legal hurdles preventing that are still -- it's still a very, very long list.

是的。我可以告訴你，阻止那件事的法律障礙仍然——仍然是一張非常、非常長的清單。

You know where this really gets us news. There is an analyst out there who is negative on us, and he brings us up every time. And it's like if you didn't have this, he'd have something else. And I heard yesterday that he was telling -- I remember 6 months ago, he was telling everybody to invest in the Affinity bonds instead of us. And it was with great pleasure to tell you that Affinity is shutting everything down they have on prem.

你知道這件事真正帶給我們的「新聞」是什麼。有一位分析師對我們看法偏負面，他每次都會把這件事拿出來講。就好像即使沒有這件事，他也會找別的理由。我昨天聽說——我記得 6 個月前，他還在跟大家說要投資 Affinity 的債券而不是我們。我很高興地告訴你，Affinity 正在把他們所有的現場（on prem）業務全部關掉。

So he's got some mud on his face, and that mud is getting thicker by the day.

所以他現在有點下不了台，而且那層「泥巴」每天都越糊越厚。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

On the financing for American Place, good to hear the progress. I should hear something in the next couple of weeks is fantastic. On the last call, Q4 call, Dan, you referred to it as acceptable terms. Lewis, you referred to it as attractive terms. Curious if you could give an update on anything on how it's trending at the moment.

關於 American Place 的融資，很高興聽到進展。我在接下來幾週內應該會聽到消息，這很棒。在上一通電話、第四季電話會議上，Dan，你把它稱為「可接受的條件」。Lewis，你把它稱為「有吸引力的條件」。想請問你們能否更新一下，目前趨勢如何？

We're not a AAA credit. So we're not borrowing money at 5%, but it's also not 15%. We think we can get our existing debt refinanced and the incremental money and all be not a little bit higher than where our debt is today, but not much.

我們不是 AAA 信用評等。所以我們不會以 5% 的利率借到錢，但也不會是 15%。我們認為我們可以把現有債務再融資，加上新增資金，整體成本會比我們目前的債務水準略高一些，但不會高太多。

Yes. I was going to say I don't have anything to add other than what we said. I mean, I don't think -- knock on wood, I don't think you're going to have to wait too much longer. But we -- I will tell you that the amount of work that's happened behind the scenes has been extensive. And so we continue to push forward and certainly feel better about where we are today than we did that last earnings call.

是的。我想說我沒有什麼補充，除了我們之前講過的內容。我的意思是，我不覺得——敲敲木頭，我不覺得你還需要等太久。不過我可以告訴你，幕後已經做了大量工作。所以我們持續推進，且肯定覺得我們今天的位置比上次財報電話會議時更好。

Yes. And listen, it's understandable the firm on the other side of this doesn't want us to disclose their name or details until we have the final doc signed. And so we're working to try to do that. And that's understandable. And then that will be done.

是的。而且你聽，這可以理解，對方那家公司在我們把最終文件簽好之前，不希望我們披露他們的名稱或細節。所以我們正在努力把這件事完成。這是可以理解的。然後就會完成。

And look, on the positive side, I mean, the world has been such s*** show lately with everything going on in the Middle East and everything and the high-yield market is hung in there. It's been pretty stable through all this, which is somewhat remarkable. And that's encouraging.

而且你看，從正面來說，最近這個世界真的是一團糟，包含中東發生的一切等等，但高收益市場仍然撐住了。整體在這些事件中相當穩定，這某種程度上很了不起，也令人鼓舞。

The high-yield markets have held up. American Place has continued to display pretty strong numbers. Chamonix is starting to hit its stride. I mean there's a lot of good that's happening. So it's -- all in, I think we're sitting in a good spot.

高收益市場撐住了。American Place 持續展現相當強勁的數字。Chamonix 也開始進入狀態。我的意思是，有很多好事正在發生。所以——整體來看，我認為我們現在處在一個不錯的位置。

Good. Chamonix is a transition. So good to see kind of the scrappy nature of finding cost efficiencies across that entire property. But ultimately, to go from going from losing a couple of million in EBITDA to making a couple of million, but we kind of want to get to tens of millions, you probably have to really start to ramp the revenue as well. Have you had any, I guess, renewed thoughts around kind of how to drive that new customer to try the property and really start to build the base of business there on the revenue?

很好。Chamonix 正處於轉型期。所以很高興看到你們那種很拚、很靈活的特質，能在整個物業中找出成本效率。但最終，從 EBITDA 虧損幾百萬到賺幾百萬是一回事，但我們其實想做到幾千萬，你可能也必須真正開始拉升營收。你們是否有一些——我想說——新的想法，關於如何帶動新客戶來嘗試這個物業，並真正開始在營收端建立那裡的業務基礎？

Yes. We have a -- kind of on all cylinders here. I mean, we now have a 4-person sales force, and we're looking for another person who are just focused on meetings and conventions. And they are putting quite a bit on the books, but that stuff is ahead of time. So it really starts to bear fruit in 2027, 2028.

是的。我們——基本上各方面都在全力運轉。我的意思是，我們現在有一支 4 人的銷售團隊，並且正在再找一位人選，專注在會議與會展。他們已經把不少案子排進行程（on the books），但那類業務是提前預訂的，所以真正開始結果會在 2027、2028 年。

We have a new advertising agency. We have a Chief Marketing Officer here. We have a new Director of Marketing at the property. We have an advertising person here that we've added. So there's a lot of stuff, and we've subscribed to some third-party, what do I call, research firms, I guess, who are giving us much more detail on not only who our customers are, but who's out there.

我們有一家新的廣告代理商。我們這裡有一位行銷長（Chief Marketing Officer）。物業端也有新的行銷總監。我們這裡也新增了一位廣告人員。所以有很多事情在做，而且我們也訂閱了一些第三方——我該怎麼稱呼——研究機構吧，他們給我們更詳細的資料，不僅是我們的客戶是誰，還有外面潛在客群是誰。

So we're getting a lot more sophisticated in our targeting and how we go. And we started -- April was the first month where we say, okay, this is starting to bear fruit. And hopefully, we will continue to show good results every month going forward. And some months, you're going to have off win percentage or something, but I think we have a base to build on. And listen, we lost only a little bit of money through the worst part of the year seasonally.

所以我們在鎖定目標客群與推進方式上變得更成熟。我們從——4 月是第一個月份，我們覺得，好，這開始看到成果了。希望接下來每個月都能持續呈現好結果。有些月份你的贏率可能會偏離或有些因素，但我認為我們有一個可以建立的基礎。而且你聽，我們在一年中季節性最差的那段期間也只小幅虧損。

And so we will end up making money this year, not as much as we'd like, given our investment, but I think it forms a good base this year and then better results next year. We've also -- even on the other side, we've been working with the city of Cripple Creek to get them more focused on how to build it as a destination. If you pull up Telluride, Colorado, which, believe it or not, the population of Telluride is not that much more than Cripple Creek. And of course, they have a famous ski area, but they are 4.5 hours many metropolitan area, closest metropolitan area to Telluride is Albuquerque. They have like a festival every weekend all year long.

所以我們今年最終會賺錢，雖然以我們的投資規模來看，賺得不如我們希望的多，但我認為今年會形成一個不錯的基礎，明年會有更好的結果。另一方面，我們也一直在和 Cripple Creek 市政府合作，讓他們更聚焦於如何把這裡打造為一個目的地。如果你去看科羅拉多州的 Telluride，信不信由你，Telluride 的人口其實沒有比 Cripple Creek 多多少。當然，他們有著名的滑雪區，但他們距離大多數大都會區有 4.5 小時車程，離 Telluride 最近的大都會區是阿布奎基。他們幾乎全年每個週末都有一個節慶。

And everything from country music festival to film festival. Actually, the one that's kind of intriguing is they have a mushroom festival. In Colorado, what do they do at a mushroom festival, but they have one. And our single biggest weekend of the year is Ice Festival, where the city buys blocks of ice, puts spot on the street and people carve them with chainsaws and stuff. And I know it sounds kind of hokey, but it gives people the excuse to come up.

從鄉村音樂節到影展。其實有一個挺有意思的是，他們有蘑菇節。在科羅拉多，蘑菇節他們到底在做什麼——但他們就是有。而我們一年中最大的一個週末是冰雕節（Ice Festival），市政府會買冰塊，放在街上，大家用電鋸之類的工具雕刻。我知道聽起來有點土，但它給了人們一個上來的理由。

And so our biggest weekend of the year is in the middle of the winter when normally we are summer seasonal. And so we're now working with the city who's hired a new Director of Marketing to let's have more of these festivals. So let's have dream up everything. And so we just celebrated Cinco de Mayo. How do we do more of that?

所以我們一年中最大的週末是在隆冬時節，而我們通常是夏季旺季。現在我們正在和市政府合作，他們也聘請了一位新的行銷總監，來推動更多這類節慶。所以就讓我們把各種點子都想出來。我們剛慶祝完五月五日節（Cinco de Mayo）。我們要怎麼做得更多？

And so we're doing a lot of this, and the city is starting to get smarter about it. And because this little town has the potential of being a pretty significant destination for people from Colorado Springs and Denver. But you've got to get them up there, so.

所以我們正在做很多這些事情，而市政府也開始變得更聰明、更有策略。因為這個小鎮有潛力成為一個相當重要的目的地，吸引來自科羅拉多泉與丹佛的人。但你得把他們吸引上來，所以。

People do forget sometimes and not on them. A lot of you guys haven't been around as long as we have, not to make myself sound old. But I mean, if you go back to when Ameristar opened, Ameristar took over their property in Black Hawk back in 2006 or I should say -- I take it back a step. They launched and rebranded and expanded a much nicer Black Hawk casino in 2006. They opened up their hotel tower in 2009.

有時候大家會忘記——也不是他們的錯。你們很多人沒有像我們一樣在這行待那麼久，不是要把自己說得很老。但我的意思是，如果你回頭看 Ameristar 開幕的時候，Ameristar 在 2006 年接手了他們在 Black Hawk 的物業，或者我應該說——我再往前一步。他們在 2006 年推出、重新品牌化並擴建了一家更高檔的 Black Hawk 賭場。他們在 2009 年開了他們的飯店塔樓。

It was a multiyear.

這是一個跨越多年的案子。

It's a failed Hyatt casino what they took over.

他們接手的是一家經營失敗的凱悅（Hyatt）賭場。

100%. Yes. And if you compare their revenues from 2005 to 2010 over those 5 years, the growth in gaming revenues was -- the CAGR, the 5-year CAGR was like 24%. It's phenomenal. But what people forget is they were the ones that kind of reinvented that market and said, look, guys, there is actually something nice in Colorado to go and gamble at.

100%。是的。而且如果你比較他們從 2005 年到 2010 年這 5 年的營收，博彩營收的成長——年複合成長率（CAGR），5 年 CAGR 大概是 24%。非常驚人。但大家忘了的是，他們其實算是重新定義了那個市場，並且說：各位，其實科羅拉多有個很不錯的地方可以去賭。

And what Monarch has benefited from was that 20 years ago, someone changed the mentality in Denver and said, guys, there's something nice. And so when Monarch opened, he already had people accustomed to a nicer building walking through -- walking up and down the streets of Black Hawk. We didn't have that. We're only starting to get that. And when we look at the penetration, when I say it's massively low, like some of the ZIP codes that I mentioned, we have like 8% penetration.

而 Monarch 受惠的是，20 年前有人改變了丹佛的心態，告訴大家：各位，有個很棒的地方。所以當 Monarch 開幕時，他已經有一群人習慣於走進更好的建築——在 Black Hawk 的街上走來走去。我們沒有那樣的基礎。我們才剛開始建立。而當我們看滲透率時，我說它非常低的意思是，像我提到的某些郵遞區號，我們的滲透率只有大概 8%。

There's no reason why it should be that low. And so why are we focusing the digital effort, that's exactly the reason why. We're not talking about finding hundreds of thousands of new people. We're talking about finding 20,000 new people to bring into the building on a regular basis. That's what moves the needle to a very good investment.

沒有理由會這麼低。所以我們為什麼要把數位化的努力放在這裡？原因正是如此。我們不是在談要找到幾十萬名新客人。我們是在談找到 2 萬名新客人，讓他們能夠定期走進場館。這才是能讓投資產生顯著效果的關鍵。

So stay tuned. I feel very, very good. We feel very good about where the marketing sits right now. The marketing team, as Dan mentioned, we brought in a new Director of Marketing, but we brought in a new ad agency as well. They started late in the fourth quarter.

所以敬請期待。我感覺非常、非常好。我們對目前行銷的狀態也非常有信心。正如 Dan 提到的，我們引進了一位新的行銷總監，同時也換了一家新的廣告代理商。他們是在第四季末才開始。

It took them a few months to get kind of their hands around things. So their true efforts didn't really launch until March. There's a lot there, but we're showing very, very good signs in April. May is off to a good start. And again, look at the punt penetration stats and the win per day stats that I mentioned earlier in the call.

他們花了幾個月才算把狀況摸清楚，所以真正的行動其實要到 3 月才正式啟動。內容很多，但我們在 4 月看到非常、非常好的跡象。5 月開局也不錯。再者，請看我在電話會議前面提到的客群滲透率統計，以及每日贏額（win per day）的數據。

I think it's harder to think that we can't achieve those than we can.

我認為，要相信我們做不到，反而比相信我們做得到更難。

Actually, the -- sometimes we're so used to the numbers. The American Gaming Association has a survey that shows that 30% of American adults visited a casino within the past 12 months. Now that's the U.S. average, 30%. And Colorado Springs is less than 1/3 of that.

其實——有時候我們太習慣這些數字了。美國博彩協會（American Gaming Association）有一份調查顯示，過去 12 個月內有 30% 的美國成年人去過賭場。這是全美平均值，30%。而科羅拉多泉（Colorado Springs）還不到這個數字的 1/3。

Very good. Dan, well, you never fail to have me learn something new in Mushroom Festival is what -- well done. I look forward to a 24% CAGR over the next 5 years, Lewis.

很好。Dan，你總是能讓我學到新東西——蘑菇節（Mushroom Festival）就是其中之一——做得好。我期待未來 5 年能有 24% 的 CAGR，Lewis。

John DeCree, CBRE.

John DeCree，CBRE。

This is Max Marsh on for John. Still clearly in the early innings of GGR penetration in Colorado Springs, but is there any difference in what you guys are seeing on the database side? Any insight into the database sign-up trends would be helpful.

我是代替 John 的 Max Marsh。科羅拉多泉的 GGR（博彩總收入）滲透率顯然仍在非常早期階段，但你們在資料庫端看到的情況有任何不同嗎？如果能分享一些資料庫註冊趨勢的洞見會很有幫助。

Yes. I mean the database trends are good. If you look in the month of April, as an example, new sign-ups were up 12%, rated visits up 19%. Win per rated visit is up like 14%. So short answer is that the trends are good.

有的。我的意思是，資料庫趨勢不錯。以 4 月為例，新註冊人數年增 12%，計入評等的到訪（rated visits）年增 19%。每次評等到訪的贏額（win per rated visit）大概年增 14%。所以簡短回答是：趨勢是好的。

We continue to grow the database pretty meaningfully, but we're also bringing in a higher volume or higher rated guests into the door, so.

我們持續相當顯著地擴大資料庫，同時也帶進更多、或評等更高的客人進場，所以。

So by the way, I'm kind of smiling here because he's reading that off a daily operating report. We hired a new Finance Director from outside of the casino business. He got a lot of experience in the hotel business. And he's gotten it organized pretty fast. And a year ago, we wouldn't have had those April numbers by this point in May.

順帶一提，我在這裡有點在笑，因為他是從每日營運報表上直接念出來的。我們從賭場產業外部聘了一位新的財務總監。他在飯店業累積了很多經驗，而且很快就把流程整理好了。若是在一年前，到 5 月的這個時間點，我們可能還拿不到那些 4 月的數字。

And if we had them, they were probably not reliable. And now we're getting them on a daily basis, and they are quite reliable. And that's one of the first steps in getting this thing going well, so.

就算拿得到，也很可能不可靠。現在我們每天都能拿到，而且相當可靠。這是讓這件事運作順利的第一步之一，所以。

Great. And could you give us a little bit more detail about what's driving the growth at Silver Slipper? I know we have a new management team there as well. Is that coming from better OpEx management? Or could there be some broader tailwinds there?

很好。那你能否再多談一些 Silver Slipper 成長的驅動因素？我知道那邊也有新的管理團隊。這是來自更好的營運費用（OpEx）管理嗎？還是有一些更廣泛的順風因素？

A little bit of both.

兩者都有一點。

Yes. I was going to say it's probably a little more on the OpEx side versus the revenue side, but it's a little bit of both. On the OpEx side, look, we just have a new GM there. She's not a surprise looking at things differently than the prior GM and is finding more efficient ways to do some of what we're doing. So I think a big part of it has been on the marketing side and just trying to be smarter about the marketing dollars that go out the door.

是的。我本來想說，可能在 OpEx 端的貢獻比營收端更大一些，但確實兩者都有。就 OpEx 而言，你看，我們那邊剛換了一位新的總經理（GM）。她用不同於前任 GM 的角度來看事情，並找到更有效率的方式來做我們正在做的一些事。所以我認為很大一部分也在行銷端，主要是想更聰明地使用行銷預算，把錢花在刀口上。

Spend -- it's an example I've used with a few of you, so you may have heard it. But as an example, we used to have a weekly Seniors Day where we would give you a breakfast buffet for $0.99. And what we found out was that a nearby senior center was bringing people in for their weekly free or close to free breakfast. And when we ran the numbers as to how many of those people were actually in the database and gambling in the casino, the answer was very, very few. And so it's just taking a fresh look at different marketing ideas and making sure that the return is there.

支出——這是我跟你們其中幾位用過的例子，所以你可能聽過。舉例來說，我們以前每週有個「長者日」，早餐自助餐只要 0.99 美元。我們後來發現，附近的一家老人中心會把人帶來吃每週一次的免費或幾乎免費的早餐。當我們去算這些人當中有多少真的在資料庫裡、並且在賭場裡博彩，答案是非常、非常少。所以這就是用新的角度重新檢視不同的行銷點子，並確保投資報酬率（return）確實存在。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

This is Sam on for Chad. Switching over to Waukegan. Now that you guys have made more progress towards the permanent construction of that property, any updated thoughts on the earnings power of that property? I know in the past, $90 million EBITDA was put out there. Any update or color on the time line to get to that point and what's needed to get to that level?

我是代替 Chad 的 Sam。切換到 Waukegan。現在你們在該物業的永久性建設方面已經有更多進展，對那個物業的獲利能力（earnings power）有沒有更新的看法？我知道過去曾提到 9,000 萬美元的 EBITDA。能否更新一下達到那個水準的時間表，以及需要哪些條件才能到那個等級？

Even the temporary continues to progress. I mean the run rate today is in the ballpark of $40 million per year of EBITDA, which is -- if you start thinking about -- we've kind of indicated that it takes about $300 million to build the permanent and that the cost of that money is probably a little higher than our existing bonds, but use 10% for a big round number, right? 10% on $300 million is $30 million a year. Well, the permanent casino is twice the size of the temporary in terms of square footage. It has more restaurants, it's a much better street appeal, much better decor.

即便是臨時場館也仍在持續進展。我的意思是，目前的年化 EBITDA run rate 大約在 4,000 萬美元左右。這——如果你開始思考——我們之前大致表示，建永久場館大概要 3 億美元，而這筆資金的成本可能會比我們現有債券高一些，但用 10% 當作一個整數的概算，對吧？3 億美元的 10% 是每年 3,000 萬美元。嗯，永久賭場在建築面積上是臨時場館的兩倍。它有更多餐廳，臨街吸引力更強，裝潢也好得多。

In terms of slots and tables, it's not quite double, but it's up significantly. And so we expect the permanent to do much more business than the temporary. And there are a lot of examples like the Hard Rock in Rockford, which also went from a temporary to a permanent and their revenues doubled. You see it in the Hollywood in Joliette that moved from an old boat to a permanent building. You see it in New Orleans with Treasure Chest, what's South Carolina?

就角子機和賭桌而言，雖然不到完全翻倍，但會顯著增加。因此我們預期永久場館的業務量會遠高於臨時場館。有很多例子，例如 Rockford 的 Hard Rock，也是從臨時轉為永久，他們的營收翻倍。你也可以在 Joliette 的 Hollywood 看到，從舊的船上搬到永久建築。你也在紐奧良看到 Treasure Chest，南卡羅來納州是哪個？

No, Virginia, there's one. There's a few around that where people went from temporary to permanent. And in every case, it has shown a big increase in revenues and profitability. So we do think it gets to $100 million. You said $90 million.

不，是維吉尼亞州，有一個。周邊還有幾個案例，都是從臨時轉為永久。每一個案例都顯示營收與獲利能力大幅提升。所以我們確實認為它會到 1 億美元。你剛說的是 9,000 萬美元。

I actually think it's $100 million. It doesn't happen overnight. It might take 3 years or something. So if it takes us 2 years to build, it gets open 2 years from now, then 5 years from now, it's doing $100 million.

我其實認為是 1 億美元。但不會一蹴可幾，可能需要 3 年左右。所以如果我們花 2 年建造，兩年後開幕，那麼 5 年後它就能做到 1 億美元。

We see it. It doesn't happen overnight, although all the examples we just threw out, if it happen overnight. But nonetheless, we assume that it does not happen over.

我們看得到這個趨勢。它不會一夜之間發生，雖然我們剛剛丟出的那些例子，看起來都是一夜之間就發生了。但不管怎樣，我們假設它不會在一夜之間完成。

Well, I think even in the temporary continues to grow. At some point, you start to -- I mean, our win per slot machine per day is pretty high in the temporary casino. So at some point, you start to kind of max out on weekends. And -- but I think we'll continue to show growth even when we build the permanent and then you'll have a step to a new plateau in the permanent and then it will grow from there.

嗯，我認為即使在臨時場館也仍在持續成長。在某個時間點，你會開始——我的意思是，我們臨時賭場每台老虎機每日的贏額相當高。所以到了某個時候，週末的產能會有點接近上限。然後——但我認為即使我們興建永久場館，我們仍會持續展現成長；等永久場館建好後，你會看到業績躍升到一個新的平台期，之後再從那裡繼續成長。

Appreciate that. And then switching over to your guys' sports games. Wondering on the outlook for those, if you guys see upside or downside to the current run rate EBITDA related to those sports contracts over the next few years?

了解，謝謝。接著切換到你們的體育博彩業務。想請教對那部分的展望：未來幾年就這些體育合約相關的 EBITDA 目前的運行水準（run rate），你們覺得有上行或下行的可能嗎？

At this point, we only have 2 -- the one in Indian -- in that industry, we used to have agreements with Wynn and Churchill downs and some markets. But DraftKings and FanDuel and to a lesser extent, MGM have moved in and so dominated the market that a lot of these other guys have pulled away. So we have one, which is markets in Indiana. They paid us in advance because for a while, they had not been paying us. And so we said, well, if you want to extend the contract, fine, but you got to pay us in advance.

目前我們只有 2 個——在那個產業裡，我們以前在一些市場跟 Wynn、Churchill Downs 等有合作協議。但 DraftKings 和 FanDuel，以及在較小程度上 MGM 已經進場並主導市場，導致很多其他業者都退出了。所以我們有一個是在印第安納的市場。他們先預付給我們，因為有一段時間他們沒有付我們款項。所以我們說，好，如果你想延長合約，可以，但你必須預付。

So the accountants will let us book it all at once, but we already have the money. So we're going to get that income over time for 3 years.

所以會計師允許我們一次性入帳，但我們其實已經拿到錢了。因此這筆收入我們會在 3 年期間內逐步認列。

7 years, 7 years.

7 年，7 年。

Oh my God, you're stretching that over 7 years.

我的天，你們要把它攤提 7 年。

That was the initial access fee.

那是最初的接入費（access fee）。

The other one is with Circa, who is a niche player. I mean their sportsbook here in Las Vegas is probably the biggest single sportsbook in the country, and they have a good forte with that. And in Illinois, you only get 1 license. We had 3 skins for our license in Indiana, and we also had 3 skins in Colorado. We only have 1 in Illinois.

另一個是跟 Circa 合作，他們算是利基型玩家。我的意思是，他們在拉斯維加斯的體育博彩廳可能是全美最大的單一體育博彩廳，而且他們在這方面很有專長。在伊利諾伊州，你只能拿到 1 張牌照。我們在印第安納的牌照有 3 個 skin，在科羅拉多也有 3 個 skin；但在伊利諾伊州我們只有 1 個。

And of course, the population of Illinois is much bigger. And so that is by far the most valuable skin, and that's with Circa, and I think they're doing okay. They know that business probably better than anybody, and they're good at it.

而且伊利諾伊州的人口當然大得多。所以那個 skin 是迄今最有價值的，而那就是跟 Circa 合作；我認為他們做得還不錯。他們可能比任何人都更懂那門生意，而且很擅長。

And we'll have a beautiful sportsbook, permanent sports book in our new facility, which I think they're quite excited for.

而且在我們新設施裡會有一個很漂亮的體育博彩廳——永久的體育博彩廳——我想他們對此相當興奮。

And we continue to look for people who want to get into the sports business. And quite frankly, at this point, there aren't a lot of new companies looking to get in and so dominated by DraftKings and FanDuel.

我們也持續尋找想進入體育博彩業務的合作方。坦白說，目前想新進入的公司不多，市場被 DraftKings 和 FanDuel 主導得很明顯。

Yes. I will say on the flip side, not that I expect this to happen anytime soon, but our agreements only include sports betting. They don't include anything for true online casinos. And so to the extent that, that were to ever happen, there is the potential for more upside as we monetize on that bit. That -- anyway, so.

是的。反過來說，我要補充一點：雖然我不預期短期內會發生，但我們的協議只涵蓋體育博彩，不包含真正的線上賭場（online casino）。因此如果未來真的發生那種情況，我們在那部分變現時就有可能帶來更多上行空間。總之——就這樣。

Actually, having said that, I've forgotten. In Tahoe, we had a tiny sportsbook that had been run for a long time by William Hill. And there's a guy who used to be CEO of William Hill, who started as a new company. His is name is?

其實，說到這裡我突然想起來。在太浩湖，我們有一個很小的體育博彩點，長期由 William Hill 經營。有一位以前當過 William Hill 執行長的人，後來成立了一家新公司。他叫什麼名字？

Boomers.

Boomers。

Boomers. And he came to us and made us an offer and he's paying us significantly more in rent than we were getting. It's still not a big number, but it's, what, 3x what it used to be.

Boomers。他來找我們提出一個方案，他付給我們的租金比我們原本拿到的高很多。雖然金額仍不大，但大概是以前的 3 倍吧。

2x, 2x I think.

2 倍，2 倍我想。

2x and he's promoting it much more than William Hill was. And so you do sometimes have new entrants. Now he's not online. He's just -- and then it's interesting in the sports betting companies, including DraftKings and FanDuel, are having to deal with the competition from the -- what do you call those Kalshi and --

2 倍，而且他推廣得比 William Hill 以前積極得多。所以有時候確實會有新進者。當然他不是做線上的，他只是——另外很有意思的是，體育博彩公司（包括 DraftKings 和 FanDuel）也必須面對來自——你怎麼稱呼那些 Kalshi 和——

Prediction markets.

預測市場。

Prediction markets, right? And so they have started branches where they're going into the prediction markets because under the auspices of being commodities trading firms, these companies are offering sports betting in places like Texas and California, where it's not been legal, and they're doing it without paying any state income taxes. Well, from DraftKings and FanDuel, that's like, well, if they could do it, why can't we do it? Well, Nevada came out and said, well, if you do, do that, then you can't operate in Nevada. So they both backed away from operating in Nevada.

預測市場，對吧？所以他們已經開始成立部門進軍預測市場，因為在「商品交易公司」的名義下，這些公司在德州、加州等體育博彩尚未合法的地方提供體育投注，而且不需要繳任何州的博彩稅。對 DraftKings 和 FanDuel 來說，這就像是：如果他們可以這樣做，為什麼我們不行？但內華達州出來說，如果你們那樣做，就不能在內華達州營運。所以他們兩家都退回來，不再在內華達州營運。

And that opened the opportunity for Boomers and who is not going to try to operate elsewhere.

而這就為 Boomers 創造了機會，因為他不打算去其他地方營運。

You said income taxes. I think, my gaming taxes.

你剛剛說的是所得稅。我想你是指博彩稅。

I meant gaming taxes.

我指的是博彩稅。

I don't know if they pay income or not. Yes.

我不知道他們是否繳所得稅。是的。

Yes. So there's a little turmoil there with -- and we'll see where it goes because from the gaming industry's perspective, the idea that somebody can start taking bets on the Super Bowl in Texas without any approval of the Texas legislature and the fact that in the Texas constitution, it forbids gambling, and it's very hard to change that in the constitution. But these people are offering Super Bowl bets in places like Texas and unregulated, untaxed. And not surprisingly, they're probably making pretty good money with it.

是的。所以那裡有一些動盪——我們再看看會怎麼發展。因為從博彩產業的角度來看，有人可以在德州直接開始接受超級盃投注，而不需要德州立法機關任何批准；而且德州憲法禁止賭博，要修改憲法非常困難。但這些人在德州等地提供超級盃投注，既不受監管、也不課稅。不意外地，他們可能因此賺了不少錢。

There are no further questions at this time. I would like to turn the floor back over to Full House Resorts CEO, Daniel Lee, for any closing remarks.

目前沒有其他提問。我想把時間交回 Full House Resorts 執行長 Daniel Lee，請他做結語。

Well, just we're making progress, making good progress. And I think it's going to be an exciting quarter because we're going to get under construction, we're going to get this financing done. And by the way, we don't take this lightly, but the starting construction will cost us a couple of million bucks. And you don't normally want to do that unless you're certain you have the money to finish. And we're confident enough that this financing is going to come through that we are going to start because otherwise, the opening date keeps lighting.

嗯，我們正在取得進展，而且進展良好。我認為這會是一個令人興奮的季度，因為我們將開始動工，我們也會把這筆融資完成。順帶一提，我們並不輕忽這件事，但開工會先花我們幾百萬美元。通常除非你確定有資金能把工程做完，否則你不會這麼做。我們對這筆融資能順利到位有足夠信心，所以我們會先開始，否則開幕日期就會一直往後延。

And the initial stages of construction are guys driving bulldozers around. It's not a lot of money. And so we're going to go ahead and start because we're pretty confident that it's all going to come together here. Thank you.

而施工初期就是一些人開著推土機作業，花不了太多錢。所以我們會先行啟動，因為我們相當有信心一切都會在這裡整合到位。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。