Golden Entertainment Inc (GDEN) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Golden Entertainment first-quarter 2025 earnings conference call. (Operator Instructions) Now I'd like to turn the conference over to James Adams, the company's Vice President of Corporate Finance and Treasurer. Please go ahead, sir.

女士們、先生們，午安。感謝您的支持。歡迎參加 Golden Entertainment 2025 年第一季財報電話會議。（操作員指示）現在我想將會議交給公司財務副總裁兼財務主管詹姆斯·亞當斯。先生，請繼續。

Thank you very much, operator, and good afternoon, everyone. On the call today is Blake Sartini, the company's Founder, Chairman and Chief Executive Officer; and Charles Protell, the company's President and Chief Financial Officer.

非常感謝接線員，大家下午好。今天參加電話會議的有公司創辦人、董事長兼執行長 Blake Sartini 和公司總裁兼財務長 Charles Protell。

On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During the call, we will also discuss non-GAAP financial measures when talking about our performance. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website.

在本次電話會議中，我們將根據聯邦證券法的安全港條款做出前瞻性陳述。實際結果可能與這些聲明中預期的結果有重大差異。除非法律要求，否則我們不承擔因新資訊或其他原因更新這些聲明的義務。在電話會議中，我們還將在談論我們的績效時討論非公認會計準則財務指標。您可以在我們的新聞稿中找到 GAAP 財務指標的對帳表，該新聞稿可在我們的網站上找到。

We will start the call with Charles reviewing the details of the first quarter results and a business update. Following that, Blake and Charles will take your questions. With that, I'll turn the call over to Charles.

我們將與查爾斯開始電話會議，回顧第一季業績的詳細資訊和業務更新。接下來，布萊克和查爾斯將回答大家的提問。說完這些，我會把電話轉給查爾斯。

Thanks, James. Our first quarter year-over-year results were in line with our expectations and primarily impacted by not having last year's Super Bowl in Las Vegas which was mainly felt at the STRAT. Outside of the Super Bowl impact on the STRAT, our business in Q1 was healthy with EBITDA from our other casinos up year over year and EBITDA from our taverns stabilizing. As we look forward, April continues to demonstrate stable operating trends and May is off to a strong start. Currently, we are not seeing the dislocation in our business that seems to be reflected in our public valuation.

謝謝，詹姆斯。我們第一季的年比業績符合我們的預期，主要受到去年拉斯維加斯沒有舉辦超級盃的影響，而去年的超級盃主要在 STRAT 舉行。除了超級盃對 STRAT 的影響之外，我們第一季的業務表現良好，其他賭場的 EBITDA 同比增長，酒館的 EBITDA 保持穩定。展望未來，四月經營情勢持續維持穩定，五月開局良好。目前，我們的業務並未出現混亂，但這似乎反映在我們的公開估值中。

Now for some context on our property performance in the first quarter. The STRAT experienced declining occupancy and spend, primarily in February, resulting in a $3 million EBITDA headwind from last year's Super Bowl. Occupancy was down 5% for the quarter, but down 13% in February, which obviously led to lower Gaming, f&B and other revenues for the property. However, in April, our hotel revenue is up on both higher occupancy and rate, which is driving improved EBITDA heading into Q2. Looking forward through May, STRAT occupancy is pacing up 6% over last year at attractive rates and June is showing strength as well.

現在來介紹一下我們第一季的房地產表現。STRAT 的入住率和消費額下降，主要發生在 2 月份，導致去年超級盃賽事的 EBITDA 遭受 300 萬美元的損失。本季入住率下降了 5%，但 2 月份入住率下降了 13%，這顯然導致該酒店的博彩、餐飲和其他收入下降。然而，4 月份，我們的飯店收入因入住率和房價的提高而上漲，這推動了第二季 EBITDA 的提高。展望 5 月份，STRAT 的入住率將比去年同期上漲 6%，且價格頗具吸引力，6 月份的入住率也同樣強勁。

Currently, Q2 is looking better than last year for the property, but without direct convention bookings at the STRAT, we have limited visibility beyond the next few months. In Laughlin, we increased EBITDA by reducing expenses and focusing on more profitable concerts at our smaller entertainment venue. We also targeted weekend promotional activities for driving customers as well as continue to promote our midweek bingo for local guests, which allowed us to maintain our leading market share in Laughlin.

目前，第二季的業績表現比去年好，但由於 STRAT 缺乏直接的會議預訂，我們對未來幾個月的前景預測有限。在拉夫林，我們透過削減開支並專注於在較小的娛樂場所舉辦更有利可圖的音樂會來提高 EBITDA。我們還針對週末的促銷活動來吸引顧客，並繼續向當地客人推廣我們的周中賓果遊戲，這使我們在拉夫林保持了領先的市場份額。

For Nevada locals casinos, our revenue was flat to prior year, with EBITDA up 2% and largely driven by operational efficiencies across payroll and other expenses. We see consistent performance out of our locals casinos with EBITDA margins at 46% for the second straight quarter. We actually see increasing strength in our locals business in April. So this segment is off to a strong start in Q2.

對於內華達州當地賭場而言，我們的收入與去年持平，EBITDA 成長 2%，這主要得益於薪資和其他費用的營運效率提高。我們看到當地賭場表現穩定，EBITDA 利潤率連續第二季達到 46%。事實上，我們看到四月份本地業務的實力不斷增強。因此，該領域在第二​​季開局強勁。

In our taverns, revenue and EBITDA were down slightly year over year, but on a sequential basis, EBITDA continued to increase over Q4 as we achieved improved performance from our newest taverns and lowered operating expenses. We have seen an uptick in promotional activity in the tavern market from smaller private operators, which we do not view as sustainable but it may have some impact on Q2 performance for our taverns as we maintain a more disciplined reinvestment strategy.

在我們的酒館中，營收和 EBITDA 同比略有下降，但按環比計算，由於我們最新酒館的業績有所提高並且營運費用有所降低，EBITDA 在第四季度繼續增長。我們看到小型私人業者在酒館市場的促銷活動增加，我們認為這種活動不可持續，但由於我們保持更嚴謹的再投資策略，這可能會對我們酒館第二季的業績產生一定影響。

Moving on to our capital structure. We ended the quarter with just over $400 million of debt outstanding, $50 million of cash and $225 million of remaining availability under our revolving credit facility. Our low net leverage at 2.4x EBITDA and liquidity profile will enable us to withstand any potential impact to our business from the macro environment and allow us to continue to reinvest in our own assets, pay dividends and opportunistically acquire more of our own stock.

繼續討論我們的資本結構。本季結束時，我們的未償債務略高於 4 億美元，現金為 5,000 萬美元，循環信貸額度下剩餘可用資金為 2.25 億美元。我們的淨槓桿率較低（2.4 倍 EBITDA）且流動性狀況良好，這將使我們能夠承受宏觀環境對我們業務的任何潛在影響，並使我們能夠繼續對自有資產進行再投資、支付股息並適時收購更多自有股票。

In Q1, we had a short open window to buy stock, but still used $7.6 million of our buyback authorization to repurchase 274,000 shares. Since the start of 2024, we have repurchased 3.2 million shares totaling almost $100 million and paid out $35 million in dividends. We have $92 million remaining on our current buyback authorization, which we will use opportunistically throughout the year. We have evaluated the limited M&A opportunities currently in the market and given the dislocation in our share price, there is no better use for our capital than repurchasing our own equity at these levels. Our business has remained resilient and is improving despite an uncertain macroeconomic environment.

在第一季度，我們有短暫的時間來購買股票，但仍使用了 760 萬美元的回購授權來回購 274,000 股。自 2024 年初以來，我們已回購 320 萬股，總額近 1 億美元，並支付了 3,500 萬美元的股息。我們目前的回購授權還剩餘 9,200 萬美元，我們將在全年適時使用。我們評估了目前市場上有限的併購機會，考慮到我們股價的混亂，沒有比在當前水準回購我們自己的股權更好的資本利用方式了。儘管宏觀經濟環境不確定，我們的業務仍保持韌性並不斷改善。

Having a focused portfolio of branded taverns, casinos with owned real estate and low leverage, positions us well to withstand any potential short-term fluctuations in consumer demand and to benefit from the favorable long-term economic trends in Nevada. That concludes our prepared remarks. Blake and I are now available for questions.

擁有品牌酒館、自有房地產和低槓桿的賭場等重點投資組合，使我們能夠很好地抵禦消費者需求的任何潛在短期波動，並從內華達州有利的長期經濟趨勢中受益。我們的準備好的演講到此結束。布萊克和我現在可以回答問題了。

(Operator Instructions) Barry Jonas, Truist Securities.

（操作員指示） Barry Jonas，Truist Securities。

I wanted to want to start with the STRAT. I appreciate some of the comments in the opening remarks. Can you maybe just give a little color now about what the booking window is, how it's been trending as of late and also maybe talk about what your OTA mix is now and how you're sort of moving towards that targeted 50% mix?

我想從 STRAT 開始。我很欣賞開場白中的一些評論。您能否稍微介紹一下預訂窗口的情況、最近的趨勢，以及您目前的 OTA 組合情況以及您如何朝著 50% 的目標組合邁進？

Yes. So as Charles mentioned in his prepared comments, we don't have much - without our traditional banquet space, our window is probably much shorter than others. For April, May, it looks very, very good. looks very strong, pacing on a trending basis better than Q1. It's hard for us to predict really outside of June.

是的。因此，正如查爾斯在他準備好的評論中提到的那樣，我們沒有太多空間 - 沒有我們傳統的宴會空間，我們的窗口可能比其他人短得多。對於四月和五月來說，情況看起來非常非常好，看起來非常強勁，趨勢比第一季更好。我們很難預測六月之後的情況。

I think Charles mentioned June was looking strong also. But I think in addition, I think it's important to point out, we're seeing casino revenues and operational margins also trend in the right direction at the STRAT. So overall, the property is trending well. And outside of the next 90 days, it's hard for us really to provide any solid guidance.

我認為查爾斯也提到瓊看起來勢頭強勁。但我認為此外，我認為有必要指出的是，我們看到賭場收入和營運利潤率在 STRAT 也朝著正確的方向發展。因此總體而言，該房產的走勢良好。而在接下來的 90 天之外，我們很難提供任何可靠的指導。

Yes. And I'd also just add to that, I mean different than others, because as Blake said, we don't have that group space, our booking window has always been relatively short compared to some of our peers. So we'll typically see 25% to 30% of the occupancy materialize within a 7-day period. And that's been fairly consistent for us. So we haven't seen a lot of change in terms of the shortening booking window from our perspective. But again, we've always been shorter than others.

是的。我還要補充一點，我的意思是與其他人不同，因為正如布萊克所說，我們沒有那個團體空間，與我們的一些同行相比，我們的預訂窗口一直相對較短。因此，我們通常會看到 7 天內入住率達到 25% 到 30%。這對我們來說一直相當一致。因此，從我們的角度來看，預訂窗口縮短方面並沒有太大變化。但話說回來，我們總是比其他人矮。

On your second part of the question on the OTA percentage, I think we're running approximately 65% now. and it's trending downward as well. We are doing a much better job through our casino marketing programs and direct bookings and producing a lot more personal information for people checking in, putting systems in place that allow us to speak with them directly, which had been a bit spotty in the past. So we are trending at 65%, give or take right now trending in the right direction. We're very bullish on [us] being able to get to that 50% level.

關於您問題的第二部分，關於 OTA 百分比，我認為我們現在的運行比例約為 65%，並且呈下降趨勢。我們透過賭場行銷計劃和直接預訂做得更好，為入住的客人提供了更多的個人訊息，建立了允許我們直接與他們交談的系統，這在過去有點不穩定。因此，我們的趨勢是 65%，目前正朝著正確的方向發展。我們非常有信心能夠達到 50% 的水平。

Got it. And then if I could sneak one more in. I think as well the comments about share repurchases taking priority in the current environment makes a lot of sense. But can you maybe expand more on the M&A environment, both on the buy side as well as sell side of what you've discussed before? Just curious how much the macro is impacting those discussions or opportunities?

知道了。然後如果我能再偷偷溜進去一個。我還認為，關於在當前環境下優先考慮股票回購的評論非常有道理。但是，您能否進一步闡述您之前討論過的買方和賣方的併購環境？只是好奇宏觀因素對這些討論或機會有多大影響？

Well, yes, I think the short answer is quite a bit. I mean, when you have this much value dislocation in a short period of time, you're resetting expectations and you're uncertain about what the future looks like. So that obviously puts a damper on just strategic M&A discussions.

嗯，是的，我認為簡短的回答是相當多。我的意思是，當你在短時間內出現如此大的價值錯位時，你就會重新設定期望，並且不確定未來會是什麼樣子。這顯然對策略性併購討論產生了阻礙。

And from a financing perspective, I think certainly us and others headed into this year, anticipating interest rates to be lower than where they are at this point in time. So we'll see how that plays out over the course of the year, but that obviously has a direct impact on the ability to pay and ability to finance transactions.

從融資角度來看，我認為我們和其他國家預計今年的利率將低於目前的水平。因此，我們將觀察這一情況在今年如何發展，但這顯然會直接影響支付能力和融資交易能力。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Charles, I wanted to go back to your commentary about the tavern business and smaller operators. By definition, a smaller operator or to shouldn't make that much of a difference. So there must be, I'm guessing, more of a trend among the smaller guys? And is it true than that other larger operators are not participating in the competition? A little more [meat] on that would be helpful.

查爾斯，我想回到你關於酒館業務和小型經營者的評論。根據定義，較小的操作員不應該造成那麼大的差異。所以我猜想，小公司中一定有更多的這種趨勢？其他大型業者是否確實沒有參與競爭？對此再多一點[實質內容]將會很有幫助。

Yes. I mean, keep it -- we're the largest operator of taverns in Nevada. Most of that is in Southern Nevada and Las Vegas. If you think about restricted licenses that we operate, there's probably around 400 or so in Southern Nevada. And again, we're the largest, but we're a smaller portion of that.

是的。我的意思是，保持它——我們是內華達州最大的酒館經營者。其中大部分位於內華達州南部和拉斯維加斯。如果您考慮我們經營的限制性許可證，那麼南內華達州大概有 400 個左右。再說一次，我們是最大的，但我們只佔其中的一小部分。

So what we see, and we've lost some visibility on this once we divested the route that serviced these locations, and we see increased promotional activity, not so much necessarily at chain-store locations, but on competing bar type locations from private operators. And what we've seen in the past over many years is in that mode, you were really just chasing more dollars over the same customer wallet.

所以我們看到，一旦我們剝離了服務這些地點的路線，我們對此就失去了一些了解，我們看到促銷活動有所增加，不一定是在連鎖店地點，而是在來自私人運營商的競爭酒吧類型地點。而我們在過去多年間所看到的是，在這種模式下，你其實只是為了從同一個客戶的錢包裡榨取更多的錢。

And so I think that we haven't seen that behavior in the casinos and in the local casinos. I think there's probably a little bit more sophistication there and a little bit more experience. I think the turnover in ownership with smaller private tavern operators is a lot more frequent than what you see in casinos, and it's a lot less institutionalized in terms of ownership and sophistication.

所以我認為我們還沒有在賭場和當地賭場看到這種行為。我認為那裡可能更成熟一些，經驗也更豐富一些。我認為小型私人酒館經營者的所有權變更比賭場中的要頻繁得多，而且在所有權和複雜程度方面製度化程度要低得多。

So those are people chasing business. We've seen it before in the past. We think we're going to stick with our strategy. And we've already, by the way, we've seen that mitigate a bit as we get into April and May. But you -- there's really no way for us to govern what other people aren't doing in the market as we were somewhat able to at least provide some guidance when we own the route to others on best practices for tavern marketing.

所以這些人都在追逐生意。我們以前就見過這種情況。我們認為我們將堅持我們的策略。順便說一句，進入四月和五月，我們已經看到這種情況有所緩解。但是你——我們真的沒有辦法去控制市場上其他人不會做的事情，因為當我們擁有為其他人提供酒館行銷最佳實踐的路線時，我們至少能夠提供一些指導。

Yes. I might just add. It's a good question. You're right. Typically, these smaller operators, one or two would not impact our 72 or 73 chain franchise.

是的。我可能只是補充一下。這是個好問題。你說得對。通常情況下，這些規模較小的業者（一兩家）不會影響我們的 72 或 73 家連鎖店。

In the past, I have seen that these marketing trends are typically not sustainable even for the smaller guys. To Charles' point, the short-term chase dollars, but back to Charles' prepared comments with our disciplined approach, we're now three quarters in a row of EBITDA trend upward.

過去，我發現這些行銷趨勢通常即使對於規模較小的公司來說也是不可持續的。正如查爾斯所說，短期追逐美元，但回到查爾斯準備好的評論，憑藉我們嚴謹的態度，我們現在已經連續三個季度呈現 EBITDA 上升趨勢。

We've gotten our arms around and I think we can get a little more detail if you're interested on our newer taverns that are now that are now performing significantly better than our prior call. So we are confident our size and our disciplined approach will overcome these short-term trends that some of these independent operators may be trying, but we know are not sustainable.

我們已經了解了情況，如果您對我們現在的新酒館感興趣的話，我想我們可以了解更多細節，這些酒館現在的表現比我們之前的電話要好得多。因此，我們相信，我們的規模和嚴謹的方法將克服一些獨立營運商可能正在嘗試的短期趨勢，但我們知道這些趨勢是不可持續的。

Understood. And if I can just go a little further from your unique purview, given that you have that tavern business, is there anything we can point to or discuss with respect to how consumers are behaving and across the valley over the last, call it, 65 days or so.

明白了。如果我可以從您獨特的視角稍微深入一點，考慮到您有酒館生意，我們是否可以指出或討論一下過去 65 天左右消費者在山谷中的行為情況。

Yes. I think as we define our taverns as hyperlocal, if you will. Other than 401(k) exposure, our demographic in the taverns really is not invested in the market, so to speak, from a broader perspective. They are more in tune with commodity prices, mortgage rates, wealth effect of equity in their homes. And so it's been, as I mentioned in the past, the most resilient part of our business, in the last 65 days, and particularly since Liberation Day or when the turmoil began in the market.

是的。我認為，如果您願意的話，我們可以將酒館定義為超本地化的。從更廣泛的角度來看，除了 401（k）計劃的風險敞口外，我們酒館裡的顧客實際上並沒有對市場進行投資。他們更關注商品價格、抵押貸款利率、房屋淨值的財富效應。正如我過去提到的那樣，這是我們業務中最具彈性的部分，在過去的 65 天裡，特別是自解放日或市場開始動盪以來。

For the most part, our customers have seen right through that as they're not really exposed to the broader market. We are seeing trends, as we mentioned in our prior calls of similar amounts of gaming days but less gaming investments, so to speak. So there has been a pullback a little bit in terms of people coming in as frequently, but maybe not spending as much. But generally speaking, to your question, I don't believe the broader market has a long-term impact on our tavern customer.

大多數情況下，我們的客戶已經看透了這一點，因為他們並沒有真正接觸到更廣泛的市場。我們看到了一種趨勢，正如我們在之前的電話會議中提到的那樣，遊戲天數相似，但遊戲投資減少了。因此，就人們來訪的頻率而言，情況有所下降，但消費金額可能也沒有那麼多。但總的來說，對於您的問題，我不認為大盤會對我們的酒館顧客產生長期影響。

Chad Beynon, Macquarie Group.

麥格理集團的 Chad Beynon。

Blake, Charles. I wanted to revisit the point, Charles, you were making about the M&A search and the decision to buy back stock. So just on that, I know you talked a lot about this last quarter or maybe even the quarter prior. But since you did a comprehensive search, is this something that you would maybe revisit throughout the year? Or are you just kind of keeping the lines open.

布萊克，查爾斯。查爾斯，我想重新討論你關於併購搜尋和回購股票的決定。就這一點而言，我知道您就上個季度甚至上個季度的情況談了很多。但是既然您進行了全面的搜索，那麼您是否可能會在全年重新審視這一點？或者你只是保持線路暢通。

What would -- what do you think would bring more portfolios or assets to the market? Do you think it's fairly static right now? Or this is something that could change as we progress through the year.

您認為什麼會為市場帶來更多的投資組合或資產？您認為現在情況比較穩定嗎？或者說，隨著時間的推移，這種情況可能會改變。

Yes. Thanks, Chad. Look, I think we're in a wait-and-see type of moment for the market, particularly around M&A. I think if you look at assets that have been marketed recently, single assets, opcos, subscale single assets or larger type of opcos. Those have been in the opportunities that have been presented in one way shape in a shape or form.

是的。謝謝，乍得。看，我認為我們正處於市場觀望階段，特別是在併購方面。我認為，如果你看一下最近行銷的資產，單一資產、經營公司、子規模單一資產或更大類型的營運公司。這些都是以某種方式、某種形式呈現的機會。

I think with relatively high price expectations in relation to the quality of those assets and the opportunities that they present. So when you put that in the backdrop against buying EBITDA for wholly owned gaming assets that we know in markets that we like at 7x EBITDA or less that obviously leads to -- we should just be buying our own business with excess capital. Does that change over time? Maybe. But I don't see that in the near term. I think there's still going to be potential dislocation.

我認為，相對於這些資產的品質和它們所帶來的機會，價格預期相對較高。因此，當你將其置於以 7 倍 EBITDA 或更低的價格購買我們所了解的我們看好的市場中的全資遊戲資產的背景下時，這顯然會導致——我們應該用多餘的資本購買我們自己的企業。這會隨著時間而改變嗎？或許。但我認為短期內不會出現這種情況。我認為仍然可能出現混亂。

And so we've been a big buyer of our stock at prices that are higher than we're trading at right now. We're going to be a buyer of our stock at these levels. For more larger scale M&A, I mean, again, I think you're going to have to wait and see how things play out on the macro side. And within the sector, I still believe the sector should be consolidating. I think that opportunities may present themselves in the future that are attractive to us and good fits for us, but there's nothing out there that's worth in our mind, changing strategy from repurchasing our own stock as a focus, investing in our own assets, showing off the operations and distributing capital to shareholders in the form of dividends.

因此，我們一直以高於當前交易價格的價格大量購買我們的股票。我們將以這樣的價格水準購買我們的股票。對於更大規模的併購，我的意思是，我認為你必須等待，看看宏觀的情況如何發展。我仍然相信該行業應該進行整合。我認為未來可能會出現對我們有吸引力的、適合我們的機會，但沒有什麼值得我們考慮，改變戰略，從以回購自己的股票為重點，到投資自己的資產，展示運營，並以股息的形式向股東分配資本。

Okay. That makes a lot of sense. And then back on the STRAT, I guess a two-parter here. One, can you talk about exposure to Canada or any other market where we're seeing weakness in terms of inbound enplanements. And then secondly, any update just in terms of how citywide in events at the Sphere, Allegheny, et cetera, look beyond the period that you talked about in your near-term window.

好的。這很有道理。然後回到 STRAT，我想這裡有兩個部分。首先，您能否談談加拿大或其他入境旅客數量疲軟的市場的情況？其次，關於球體、阿勒格尼等城市範圍內的活動，有任何更新嗎？這些更新是否超出了您所說的近期窗口期？

Yes, Chad, in regards to Canada, STRAT is really not exposed to a material amount of international business, primarily flying and driving, Southern California, Arizona and so on. So I would say it's immaterial to discuss what we would may be feeling at the STRAT from that perspective. Citywide seemed to be booking pretty well. Obviously, as you know, when the city fills up, we do better. But Charles, do you have --

是的，查德，就加拿大而言，STRAT 確實沒有接觸到大量的國際業務，主要是飛行和駕駛、南加州、亞利桑那州等。因此我想說，從這個角度討論我們在 STRAT 上的感受並不重要。Citywide 的預訂情況似乎相當不錯。顯然，正如你所知，當城市人滿為患時，我們會做得更好。但是查爾斯，你有嗎？--

Yes. No. It just goes back, Chad, to the same visibility question. So anything that's coming in, if you look at things like EDC and May, like that is big for us given our location relative to where that is held. Those things, we're looking great.

是的。不。查德，這又回到了同樣的可見性問題。因此，如果你關注 EDC 和 May 之類的活動，你會發現，考慮到我們的位置以及舉辦地點，任何即將發生的事情對我們來說都很重要。這些事情，我們看起來都很棒。

We just don't have that visibility to get past June, we may only -- we'll have less than maybe 10% on the books for the property as you get into July. So again, tougher for us to sell. But if you look in the near term, and we're looking at May and we're looking at June.

我們只是無法預見 6 月之後的情況，到 7 月時，帳面上的房產餘額可能只有不到 10%。因此，我們的銷售變得更加困難。但如果你看短期，我們會看到五月和六月。

Like I said, we're up 6 points in occupancy in May year over year. June strong for us as well on a relative basis to last year. But we'll see. I mean, obviously, things are changing pretty quickly in the market. But for right now, our business feels very solid to improving as we head into Q2.

正如我所說，我們 5 月的入住率比去年同期上升了 6 個百分點。與去年相比，我們六月的業績表現同樣強勁。但我們會看到。我的意思是，顯然，市場狀況變化得相當快。但就目前而言，隨著進入第二季度，我們的業務感覺非常穩固並不斷改善。

A couple of other quick data points, Chad. This may not be a great segue, but at the STRAT. We just signed a nationally recognized food beverage concept that should open in the STRAT sometime during the fourth quarter or first of next year, which is a positive given in the context of controlling our own destiny there.

還有其他幾個快速數據點，查德。這可能不是一個很好的過渡，但是在 STRAT。我們剛剛簽署了一個全國認可的食品飲料概念，該概念將於第四季度或明年年初在 STRAT 開業，這對於我們掌握自己的命運來說是一個積極的信號。

And we're beginning to receive rev share from Atomic Golf that continues to ramp next to us. We've begun receiving quarterly checks on a rev share, which is pretty significant this year. So the property in the context of what we can control, we feel very good about going forward.

而我們開始從 Atomic Golf 獲得收入份額，並且其收入份額在我們旁邊持續增加。我們已經開始收到季度收入分成支票，這在今年非常重要。因此，在我們能夠控制的範圍內，我們對未來的發展感到非常樂觀。

Zachary Silverberg, Wells Fargo.

富國銀行的紮卡里·西爾弗伯格。

And just one on the local segment. You guys saw some strong margins, 46% for the second straight quarter, increasing strength in April. Can you talk about the operational efficiencies there? And are there any other levers to pull moving forward where we could potentially see margins stable or potentially growing moving forward?

本地部分只有一個。你們的利潤率非常高，連續第二個季度達到 46%，4 月的利潤率進一步增強。您能談談那裡的營運效率嗎？還有什麼其他的槓桿可以推動我們前進，從而使我們有可能看到利潤率穩定或有可能成長嗎？

Yes. I think from a local perspective, we've really done a great job rightsizing labor within these properties, particularly on the food and beverage outlets, streamlining menus, and getting some efficiencies in the hotel, quite frankly, we've made some capital investments there. I'd say, also, we've experienced declining costs on the utility side that has been contributing to margins. So we feel pretty good about where that is. And look, the spend from our guests has remained strong.

是的。我認為從當地的角度來看，我們在這些酒店內合理調整勞動力規模方面確實做得很好，特別是在餐飲店、精簡菜單和提高酒店效率方面，坦率地說，我們在那裡進行了一些資本投資。我想說的是，我們公用事業的成本也在下降，這對利潤率有所貢獻。因此，我們對此感到非常滿意。而且，我們的客人的消費依然保持強勁。

So our assets, our local assets, we only have two local casinos, but they're fairly significant within the portfolio, and they have a very loyal local following that plays there frequently. And we've seen very little impact from the macro conditions on that customer.

因此，我們的資產，我們的本地資產，我們只有兩家本地賭場，但它們在投資組合中相當重要，並且擁有非常忠誠的本地追隨者，他們經常在那裡玩。我們發現宏觀條件對該客戶的影響很小。

Got you. And maybe back to capital allocation. How are you guys thinking about CapEx spend, maybe either maintenance or potentially more growthy spend given the uncertain economic outlook and/or a potential increase in input costs?

明白了。也許又回到資本配置的問題。考慮到不確定的經濟前景和/或投入成本可能增加，你們如何考慮資本支出，可能是維護支出，也可能是成長支出？

Yes. I'd say, for us, we're pretty well insulated from any type of tariff exposure. From a procurement perspective, if you look at linens and those types of things, we've already kind of source that away from Asia and into India and Pakistan in terms of [that sourcing]. So we don't have a lot of exposure from a tariff perspective. On the CapEx side of things, maintenance CapEx, the portfolio runs around $30 million to $35 million as it sits right now today, we do have two taverns that we intend to open this year.

是的。我想說，對我們來說，我們幾乎不會受到任何類型的關稅影響。從採購角度來看，如果你看亞麻布和類似的東西，我們已經從亞洲採購到印度和巴基斯坦，[該採購]。因此，從關稅角度來看，我們的風險敞口並不大。在資本支出方面，維護資本支出，目前的投資組合約為 3,000 萬至 3,500 萬美元，我們確實打算今年開設兩家酒館。

It has previously been signed. And so we obviously intend to do that. We think they're in great locations. They'll be additive to the portfolio. And those are about $3 million each.

它之前已經簽署過。因此我們顯然打算這樣做。我們認為它們的位置非常好。它們將會對投資組合產生補充作用。每件價值約 300 萬美元。

But beyond that, we have no major investments that are planned. And again, that goes back to we think the best capital allocation at this point is in buying our own stock.

但除此之外，我們並沒有計劃進行任何重大投資。再說一遍，我們認為目前最好的資本配置是購買自己的股票。

Yes. I would just add in terms of growth, I mentioned the nationally recognized food and beverage concept, we are negotiating a lot of third-party investment in our facilities which allows us for growth type amenities without using our capital as well as we have, as you know, a lot of excess real estate surrounding all of our casinos. And we continue to dial in on potential synergistic uses with third parties for those pieces -- for those parcels as well.

是的。我想補充一點，在成長方面，我提到了全國公認的食品和飲料概念，我們正在就我們的設施進行大量第三方投資進行談判，這使我們能夠在不使用資本的情況下獲得增長型設施，而且如你所知，我們所有的賭場周圍都有大量多餘的房地產。我們將繼續與第三方探討這些物品以及這些包裹的潛在協同用途。

Jordan Bender, Citizens JMP.

喬丹·本德 (Jordan Bender)，公民 JMP。

I know we're talking about some pretty short-term impacts. But in recent weeks, have you seen the driving traffic into Laughlin or STRAT improve just given the gas prices have moved lower or historically. Does that potentially point to a forward-looking tailwind?

我知道我們正在談論一些相當短期的影響。但最近幾週，您是否發現由於油價下跌或歷史性下跌，前往拉夫林或 STRAT 的交通狀況有所改善？這是否可能預示著向前看的順風？

Yes, I think it does. I mean, what it does, it really helps discretionary spending, right? So it's offsetting some of those other inflationary pressures, particularly in the local market. A big driver when you see gas prices come down a little bit. You'd see a little bit of that spend in the taverns as well.

是的，我認為是的。我的意思是，它確實有助於控制可自由支配的開支，對嗎？因此，它抵消了一些其他通膨壓力，特別是在當地市場。當你看到汽油價格略有下降時，這是一個很大的推動力。你也會在酒館裡看到一些這樣的消費。

From a Laughlin perspective, what's driving business there, more of the events that we put on, on the weekend. So us being able to have more frequent smaller events has been a more profitable exercise for us than having a lot of large-scale concerts, in the Laughlin Event Center. So we're leading market share down there right now. It's viewed as a more cost-effective entertainment destination than Vegas for a lot of people driving it for the Inland Empire. And so whether that tank of gas for them was $35 or $45, they're still going to come and see Jason Aldean or Alabama or whatever is going on down there in the market at that time.

從拉夫林的角度來看，推動那裡業務發展的是我們在周末舉辦的更多活動。因此，對我們來說，能夠更頻繁地舉辦小型活動比在拉夫林活動中心舉辦許多大型音樂會更有利可圖。因此，我們目前在該市場的份額處於領先地位。對於許多前往內陸帝國的遊客來說，這裡被視為比拉斯維加斯更具成本效益的娛樂目的地。因此，無論一箱汽油的價格是 35 美元還是 45 美元，他們仍然會來看 Jason Aldean 或 Alabama 或當時市場上正在發生的任何事情。

Great. And following up on the M&A discussion. It's been a few years of you guys just being a smaller-sized company after the divestitures of Distributed Gaming in Maryland. Now that you've settled in and run that business, do you feel that if you continue as an independent company, you would look to add more scale back to the business?

偉大的。並跟進併購討論。在馬裡蘭州的分散式遊戲業務被剝離之後，你們幾年來只是一家規模較小的公司。現在您已經安頓下來並經營該業務，您是否認為如果繼續作為獨立公司經營，您會尋求擴大業務規模嗎？

I think it all depends, right? It depends on value, quite frankly, in either direction of the M&A discussion. So I think, for us, we feel like we definitely have built a platform here over a long period of time that we could add assets to accretively from an operational perspective. We just need to find assets in the right value zone that you could add accretively to do that. And like I said, we've done a lot of work.

我認為這一切都取決於情況，對嗎？坦白說，無論併購談判的方向如何，這都取決於價值。因此，我認為，對我們來說，我們覺得我們肯定已經在這裡建立了一個平台，經過很長一段時間，我們可以從營運的角度來增加資產。我們只需要在正確的價值區域內找到可以增值的資產。正如我所說，我們已經做了很多工作。

We've talked a few quarters about looking at opportunities. And I think at this point in time, those are not out there that are attractive to us. So we are no longer looking at that. We are looking at buying our own stock and investing in the business as we move throughout this year.

我們已經討論了幾個季度尋找機會的問題。我認為目前為止，這些東西對我們來說還沒有什麼吸引力。所以我們不再關注這個了。我們正在考慮在今年購買自己的股票並投資於業務。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Charles, Blake. Maybe to ask the capital allocation question a little differently. Given where your stock is, how cheap it is and your commitment to buying back stock, and where the balance sheet is, have you considered perhaps leaning into the repurchase a little bit more, given your balance sheet capacity, I guess, i.e., use a little bit of leverage that you probably use for M&A anyway. But given how attractive your stock is. So your thoughts on maybe being more aggressive there, a tender or something to that effect and then a follow-up on the STRAT operations.

查爾斯，布萊克。也許可以稍微改變一下資本配置問題。考慮到您的股票所在位置、其價格便宜程度以及您回購股票的承諾，以及資產負債表的情況，考慮到您的資產負債表容量，您是否考慮過更多地傾向於回購，我想，也就是使用一點您可能用於併購的槓桿。但考慮到你的股票有多有吸引力。所以您的想法是，也許在那裡採取更積極的行動，進行招標或類似的事情，然後跟進 STRAT 行動。

Yes. I mean, look, I think we will be aggressive in buying the stock. We use liquidity to do that. We obviously have a lot of capacity on a revolver. You could see there's over $200 million of availability.

是的。我的意思是，看，我認為我們會積極購買股票。我們利用流動性來做到這一點。顯然，我們在左輪手槍方面擁有很大的容量。您可以看到有超過 2 億美元的可用資金。

I do think tenders, and this is anecdotal and a bit personal opinion. I have not seen those work so well within the gaming space. I think that you get a better sustained not only support for the stock, but value for shareholders to the extent that you were buying back the shares over time. Now those could be meaningful buybacks per quarter. I mean you could see we bought back -- if we look over last year, we were buying at the clip of 1 million shares a quarter, which would make us effectively the largest shareholder of our own stock, right, as a company within those nine months.

我確實認為投標，這只是軼事，也有點個人觀點。我從未見過它們在遊戲領域發揮如此好的作用。我認為，隨著您隨著時間的推移回購股票，您不僅可以獲得對股票更好的持續支持，而且可以為股東創造價值。現在這些可能是每季有意義的回購。我的意思是，你可以看到我們回購了股票——如果我們回顧去年，我們每季買入 100 萬股，這實際上使我們成為我們公司在這 9 個月內最大的股票股東。

So I think that institutional, of course, that's not it. But I think that institutional, of course Mike. I think [that's not enough]. But I think that, that's how I see that rolling out. I would not expect immediacy of some tender.

所以我認為，當然，制度上不是這樣的。但我認為那個機構，當然是麥克。我認為[這還不夠]。但我認為，這就是我所看到的結果。我不會期望立即得到一些溫柔。

Now that said, that's given kind of where we're sitting right now, but there's some massive market dislocation, our business remains quite stable. And again, in our mind, the trends in our business are not reflective of our valuation and the recent gyrations in our stock. So if I can't see how it happened, but if we're moving lower, maybe we change our tune on that.

話雖如此，考慮到我們目前的處境，儘管存在一些嚴重的市場混亂，但我們的業務仍然相當穩定。而且，在我們看來，我們業務的趨勢並不能反映我們的估值和近期股票的波動。因此，如果我看不出事情是怎麼發生的，但如果我們正在走低，也許我們會改變我們的態度。

Fair enough. I appreciate that. I'd agree with the valuation as well. And so fundamentally, I wanted to ask about the STRAT and your ability to yield up hotel room rate there, pretty good occupancy in the 1Q outside of February, which is a tough comp. And then I think you said up in April at attractive rates.

很公平。我很感激。我也同意這個估價。因此，從根本上來說，我想問一下 STRAT 以及您在那裡提高酒店房價的能力，2 月份以外的第一季入住率相當高，這是一個艱難的比較。然後我認為您說過 4 月份利率會以有吸引力的速度上漲。

And so when you look forward, what's the key to driving higher room rate at the STRAT. Is that just getting occupancy back? Or do you need to price off of the Strip, so continue to see your peers further south on the Strip drive rate? And kind of what are your levers to pull to kind of get room rate back up?

那麼展望未來，推動 STRAT 飯店房價上漲的關鍵是什麼？這只是為了恢復入住率嗎？或者您需要根據拉斯維加斯大道進行定價，以便繼續查看拉斯維加斯大道南部同行的驅動率？那麼，您要採取什麼手段來讓房價回升呢？

I think it's a combination of a couple of things. I think, obviously, we have to have some tailwind from the city as the city -- as Charles mentioned, EDC and citywide promotions that we do tremendous helps significantly. As I mentioned in my earlier comments, we are internally doing a much better job of being able to gather information from our guests that allow us a more direct line for direct bookings and things like that. So we see our OTA trends going down. That in two ways is going to increase revenue.

我認為這是多種因素共同作用的結果。我認為，顯然，我們必須得到城市的一些推動，正如查爾斯所提到的，我們所進行的 EDC 和全市推廣活動有很大幫助。正如我在之前的評論中提到的，我們在內部做得更好，能夠從客人那裡收集信息，這讓我們能夠通過更直接的渠道進行直接預訂等。因此我們看到 OTA 趨勢正在下降。這會從兩個方面增加收入。

One, potentially in rate. Two, certainly in casino revenue. So that benefits the property either way, it really boils down to compression midweek. I mean midweek is really where -- weekends, we're solid. We're great.

一、潛在利率。二，肯定是賭場收入。因此，無論哪種方式，這都會對房產有利，最終歸結為周中壓縮。我的意思是，周中才是我們真正忙碌的時候——週末才是。我們很棒。

We yield rate significantly effectively on the weekends. But midweek, without a lot of citywide driven traffic, we, to your point, we take our lead off of kind of the South strip guys and where they're going with their rate. And with our newer casino, newer rooms, newer F&B, Atomic Golf, all the things we're building there service-wise, I think we're surpassing a lot of our peers on the service score side. The midweek is where we need focus and we need a little help from the city on that side.

我們在周末的收益率非常有效。但在周中，由於沒有太多的城市交通流量，我們，正如你所說，我們以南地帶的人為榜樣，看看他們的收費情況。而且，憑藉我們更新的賭場、更新的客房、更新的餐飲、Atomic Golf 以及我們正在建造的所有服務，我認為我們在服務評分方面已經超越了許多同行。周中是我們需要集中精力的時候，也需要來自城市那邊的一點幫助。

Ladies and gentlemen, as there are no further questions, that concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，由於沒有其他問題，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。