Hall of Fame Resort & Entertainment Co (HOFV) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Hall of Fame Resort & Entertainment Company's third-quarter 2022 earnings conference call. This conference is being recorded, and all participants are in listen-only mode. We will open the conference for questions and answers following the prepared remarks. I'll now be turning the call over with Anne Graffice, Executive Vice President, Public Affairs. Please go ahead, ma'am.

早上好，歡迎來到名人堂度假村和娛樂公司 2022 年第三季度收益電話會議。此會議正在錄製中，所有與會者都處於只聽模式。我們將在準備好的發言後開放會議進行問答。我現在將與公共事務執行副總裁 Anne Graffice 接聽電話。請繼續，女士。

Good morning, and thank you all for joining us for our third-quarter 2022 earnings conference call. Our latest press release, supplemental slides, and Form 10-Q were posted yesterday evening after market hours. These documents can be found in the Investor Relations section of our website at hosreco.com.

早上好，感謝大家加入我們的 2022 年第三季度收益電話會議。我們最新的新聞稿、補充幻燈片和 10-Q 表格於昨天晚上在市場收盤後發布。這些文件可以在我們網站 hosreco.com 的投資者關係部分找到。

After my brief introduction, Michael Crawford, our President and CEO, will give an overview of the quarter's results and an update on our fiscal year. Benjamin Lee, our Chief Financial Officer, will then provide analysis of the quarter's financial results and an update on the company's financial outlook.

在我的簡短介紹之後，我們的總裁兼首席執行官邁克爾克勞福德將概述本季度的業績和我們財政年度的最新情況。我們的首席財務官本傑明·李 (Benjamin Lee) 隨後將提供本季度財務業績的分析以及公司財務前景的最新信息。

During today's call, we will make forward-looking statements that reflect the company's current expectations about future plans and performance. These statements rely on assumptions and estimates, and actual results may differ materially due to risks and uncertainties. I encourage each of you to read the full disclosure concerning forward-looking statements in the earnings press release.

在今天的電話會議中，我們將做出前瞻性陳述，以反映公司當前對未來計劃和業績的預期。這些陳述依賴於假設和估計，實際結果可能因風險和不確定性而存在重大差異。我鼓勵你們每個人閱讀收益新聞稿中有關前瞻性陳述的完整披露。

Additionally, please note that the company uses non-GAAP results to evaluate performance internally as detailed in the press release. We have posted a supplementary slide deck summarizing the quarterly results. The slides can be accessed on our website and will be archived there along with the replay of this call. If you have additional questions, as always, after today, please contact me directly.

此外，請注意，公司使用非 GAAP 結果來評估內部績效，如新聞稿中所述。我們發布了一個總結季度業績的補充幻燈片。這些幻燈片可以在我們的網站上訪問，並將與本次電話會議的重播一起存檔。如果您在今天之後還有其他問題，請一如既往地直接與我聯繫。

It's now my pleasure to turn the call over to Michael Crawford.

現在我很高興將電話轉給邁克爾克勞福德。

Thank you, Anne. Good morning, everybody. I hope everyone is having a good week so far. I think you probably saw yesterday, if you have, in our Q3 earnings release. I thought it was fantastic. I really think what we're showing here is an ability to overcome a lot of adversity.

謝謝你，安妮。大家早上好。我希望到目前為止每個人都過得愉快。我想你昨天可能在我們的第三季度財報中看到了，如果你有的話。我認為這太棒了。我真的認為我們在這裡展示的是克服很多逆境的能力。

And I want to thank the team. I think the team has done an admirable job in the face of that adversity. We talked a little bit about some of the things that are happening. Obviously, we've come through COVID, although I know COVID is still around and something that's threatening people's health and safety; supply chain issues; labor challenges; things with inflation, although we saw inflation moderate a little bit last week. And so that's very encouraging.

我要感謝團隊。我認為團隊在逆境中的表現令人欽佩。我們談了一些正在發生的事情。顯然，我們已經度過了 COVID，儘管我知道 COVID 仍然存在並且威脅著人們的健康和安全；供應鏈問題；勞工挑戰；與通貨膨脹有關，儘管上週我們看到通貨膨脹有所緩和。所以這是非常令人鼓舞的。

We have had to overcome a lot of adversity. And yet, I think as you see the results quarter over quarter and you see the improvement and you see the execution of what was and what still continues to be our stated game plan, it's pretty inspiring. And I think investors and shareholders and partners should take great comfort in this team's ability to execute.

我們不得不克服很多逆境。然而，我認為當你看到一個季度一個季度的結果，你看到了改進，你看到了過去和現在仍然是我們既定遊戲計劃的執行，這是非常鼓舞人心的。我認為投資者、股東和合作夥伴應該對這個團隊的執行能力感到非常欣慰。

From a macro standpoint, we maintain focus on a couple of things: number one, consumer spending. And while consumer confidence seems to have gone down a little bit -- and I think folks are focused on inflation or recession. The reality is the consumer is still spending and they're talking with their wallets. And I think for a regional destination like the Village, virtual gaming opportunities, sports betting, those types of experiences are still very much in high demand.

從宏觀角度來看，我們繼續關注幾件事：第一，消費者支出。雖然消費者信心似乎有所下降，但我認為人們關注的是通貨膨脹或經濟衰退。現實情況是，消費者仍在消費，他們還在用錢包說話。而且我認為對於像購物村這樣的區域目的地，虛擬遊戲機會、體育博彩，這些類型的體驗仍然有很高的需求。

And when you look at some of the evidence of that, the RevPARs for hotels are back to 2019 levels. Business travelers are coming back. We're seeing that in our own hotel in a fairly significant way. Entertainment -- theme parks, they're having record highs in attendance. And people are spending money while they're in those parks.

當你查看其中的一些證據時，酒店的 RevPARs 回到了 2019 年的水平。商務旅客回來了。我們在我們自己的酒店中以相當重要的方式看到了這一點。娛樂——主題公園，遊客人數創歷史新高。人們在那些公園里花錢。

So experiences are incredibly important. And while you may defer buying a home in this environment or you may defer buying a more significant item in this environment due to interest rates, you still want to go out for meals. And you still want to be entertained and, I like to say, escape reality.

所以經驗非常重要。雖然您可能會在這種環境下推遲買房，或者由於利率原因您可能會推遲在這種環境下購買更重要的物品，但您仍然想出去吃飯。而你仍然想要娛樂，我想說，逃避現實。

Sports betting operators are also seeing, by the way, record highs, especially here in Ohio. As I watched some of the reporting over the last couple of months, it is incredibly encouraging to see that people are enhancing the way in which they engage with sport. And we're very much looking forward to the launch of our sports betting experiences, Jan 1.

順便說一句，體育博彩運營商也看到了歷史新高，尤其是在俄亥俄州。當我在過去幾個月裡看到一些報導時，看到人們正在改進他們參與體育運動的方式，我感到非常鼓舞。我們非常期待 1 月 1 日推出我們的體育博彩體驗。

So from a company point of view, I'd just like to highlight some of the more recent news and some of the key areas of focus that we have had. First and foremost, let's talk a little bit about financing. We have closed over [$180 million] worth of new financing this year alone. And this year is not finished, by the way. That is a big number for a company our size.

因此，從公司的角度來看，我只想強調一些最近的新聞和我們關注的一些關鍵領域。首先，讓我們談談融資。僅今年一年，我們就完成了價值超過 [1.8 億美元] 的新融資。順便說一句，今年還沒有結束。對於我們這種規模的公司來說，這是一個很大的數字。

And in the environment that we're in, I think people should say two things. Wow, the team really had the opportunity to execute. And two, they didn't do it haphazardly. They did it very pragmatically. And so what do I mean by that?

在我們所處的環境中，我認為人們應該說兩件事。哇，團隊真的有機會執行。第二，他們不是隨便做的。他們非常務實地做到了。那麼我的意思是什麼？

When we looked at the debt that we've added, we've added longer-term debt. We've added debt that is not as costly as you might imagine in this environment. So the average cost of the debt that we've added so far is [7.4%] from an interest rate point of view. I think that's a big win for us and our company. In Q3 alone, we did almost [$64 million] worth of new debt financing. And we also were very pragmatic around the use of our ATM, bringing in only $2.4 million.

當我們查看我們增加的債務時，我們增加了長期債務。在這種環境下，我們增加的債務並不像您想像的那麼昂貴。因此，從利率的角度來看，到目前為止我們增加的債務的平均成本是 [7.4%]。我認為這對我們和我們公司來說是一個巨大的勝利。僅在第三季度，我們就進行了價值近 [6400 萬美元] 的新債務融資。我們在 ATM 機的使用方面也非常務實，僅帶來了 240 萬美元的收入。

Now, one thing that I'd like everyone to remember -- because I hear a lot about this in questions. Isn't the company taking on too much debt? If you remember the call that we had almost a year ago, we were in the phase of bringing in equity. And so this company to date has raised over [$130 million] of equity, which has helped support the build of assets, the creation of environments, and experiences.

現在，我希望每個人都記住一件事——因為我在問題中聽到了很多關於它的信息。公司是不是負債太多了？如果您還記得我們將近一年前的電話會議，當時我們正處於引入股權的階段。因此，這家公司迄今為止已經籌集了超過 [1.3 億美元] 的股權，這有助於支持資產建設、環境創造和體驗。

We now are in a phase that we talked about at that time of needing to bring in the public and private financing to continue to build assets and build those experiences. So I don't think anyone should be concerned about the amount of debt we're taking. It's the debt that was needed and the debt that we stated we were going to target very early this year. And the team has had great success in doing that. longer-term. lower cost.

我們現在正處於我們當時談到的需要引入公共和私人融資以繼續建立資產和積累這些經驗的階段。所以我認為任何人都不應該擔心我們承擔的債務數額。這是我們需要的債務，也是我們今年早些時候聲明要瞄準的債務。該團隊在這方面取得了巨大成功。長期。更低的花費。

And so that is a big win for us, as I said. So the takeaway is we are all invested in the success of this company. When I say we, one of the biggest parts of what the recent transactions we announced were about was the largest shareholder we have, IRG.

正如我所說，這對我們來說是一個巨大的勝利。所以要說的是，我們都為這家公司的成功投資。當我說我們時，我們最近宣布的交易中最大的部分之一是我們擁有的最大股東 IRG。

Now, IRG not only is the largest shareholder from a stock point of view, but they have lent money to the company. They have stood behind loans to the company. As a younger startup company, you need that sort of support from a more established entity. They have now continued with that support, providing a $28 million senior loan facility for our hotel on-site that we will start construction in the spring. And they've also provided a construction guarantee for our waterpark -- a completion guarantee, I should say.

現在，IRG不僅從股票的角度來看是最大的股東，而且他們還向公司借錢。他們支持向公司提供貸款。作為一家年輕的初創公司，您需要來自更成熟的實體的那種支持。他們現在繼續提供這種支持，為我們將於春季開始建設的現場酒店提供 2800 萬美元的高級貸款設施。他們還為我們的水上樂園提供了施工保證——我應該說是完工保證。

What that effectively means is if we weren't successful in raising the money that we needed to build the waterpark, IRG will provide the funding source that's needed to complete it. It's a guarantee. The waterpark is now guaranteed. The hotel now has the senior lending that it needs to continue with construction. So again, the takeaway is the largest shareholder here has had significant commitment to this project and to his company and continues to do that.

這實際上意味著，如果我們未能成功籌集到建造水上樂園所需的資金，IRG 將提供完成它所需的資金來源。這是一個保證。水上樂園現已有保障。酒店現在擁有繼續建設所需的高級貸款。因此，再次強調，這裡的最大股東對該項目及其公司做出了重大承諾，並將繼續這樣做。

One last point I want to raise: when you talk about taking a presidency and when you talk about the community support that's needed to do that, the city, the county, a lot of leadership in this community with community foundations have also stood behind the company and provided low-cost, longer-term debt financing that was needed at a time for infrastructure. And infrastructure is the stuff that banks don't like to finance because they view it as non-revenue-bearing stuff. And so that kind of support from a community, everyone is going all in on the success here. This is not an option to fail from the perspectives of our largest shareholder and our community. So we are incredibly appreciative of that and excited about that level of support.

我想提出的最後一點：當你談到擔任總統職位時，當你談到這樣做所需的社區支持時，市、縣，這個社區中有社區基金會的許多領導層也支持公司並提供了當時基礎設施所需的低成本、長期債務融資。基礎設施是銀行不喜歡融資的東西，因為他們認為它是不產生收入的東西。因此，來自社區的這種支持，每個人都在這裡取得成功。從我們最大的股東和社區的角度來看，這不是失敗的選擇。因此，我們非常感謝這一點，並對這種水平的支持感到興奮。

Let me talk now about the topic that I know everyone gets worked up about, the reverse stock split. And so I've gotten many notes and many points of feedback about how horrible it is to consider a reverse stock split. Let me say a few things.

現在讓我談談我知道每個人都為之興奮的話題，反向股票分割。因此，我收到了很多關於考慮反向股票分割是多麼可怕的筆記和反饋。讓我說幾件事。

Number one, the perception of a reverse stock split is one thing. The reality of what it does is very much different. A reverse stock split is a tool that, if needed, allows us to maintain our listing on the NASDAQ. I think everyone would agree that it's much better to have access to liquidity. It's much better for our shareholders to have the ability to actually trade the shares that they're holding today. And it's much better for us as a company to be at the right valuation from a stock price point of view.

第一，對反向股票分割的看法是一回事。它所做的事情的現實是非常不同的。反向股票分割是一種工具，如果需要，它可以讓我們維持在納斯達克的上市。我想每個人都會同意獲得流動性要好得多。對我們的股東來說，能夠實際交易他們今天持有的股票要好得多。作為一家公司，從股價的角度來看，估值正確對我們來說要好得多。

And today, we're not. We're not at the right valuation at $0.60 or $0.70. The company has much, much greater value than what the stock prices reflect. We are at the mercy of the indices themselves. We're at the mercy of the inflationary environment, consumer sentiment. But at the same time, you see execution and you see assets being created both physically and virtually. And the revenue that's now starting to be generated quarter over quarter, year over year shows the ability for growth and the business plan that we've put in place.

而今天，我們不是。我們的估值不正確，為 0.60 美元或 0.70 美元。公司的價值遠遠超過股票價格所反映的價值。我們受指數本身的擺佈。我們受通貨膨脹環境和消費者情緒的支配。但與此同時，您會看到執行情況，並且會看到在物理和虛擬環境中創建的資產。現在開始逐季、逐年產生的收入顯示了增長的能力和我們已經制定的業務計劃。

So let me just give everyone a couple of things to consider here. Number one, if you haven't followed, we did file an extension with NASDAQ for 180-day extension -- an extension request for the 180-day extension. We don't have a ruling on that. We won't have a ruling on that until later this month, but we are confident that we meet all the criteria for that extension. And we'll continue to work very closely with NASDAQ on the same thing.

所以讓我在這裡給每個人一些要考慮的事情。第一，如果你還沒有關注，我們確實向納斯達克提交了 180 天延期的延期——180 天延期的延期請求。我們對此沒有裁決。我們要到本月晚些時候才會對此作出裁決，但我們相信我們符合延期的所有標準。我們將繼續在同一件事上與納斯達克密切合作。

We then had a special shareholder meeting because we can't just do this on behalf of the company from a management point of view. We got to align with the shareholders. The shareholders voted in favor of that reverse stock split. And so it gives us the tools that we need to have confidence that if we need to do something, we can maintain our listing status.

然後我們召開了特別股東大會，因為從管理的角度來看，我們不能只代表公司來做這件事。我們必須與股東保持一致。股東投票贊成反向股票分割。因此，它為我們提供了我們需要的工具，讓我們有信心，如果我們需要做某事，我們可以維持我們的列表狀態。

And I won't go back through the positives of that, but I will just say everyone needs to understand. We are aligned in this, collectively, together. I hold shares in this company. Management hold shares in this company. The Board hold shares in this company. No one has sold a single share. I'm going to repeat that.

我不會回過頭來談論它的積極意義，但我只想說每個人都需要理解。我們在這方面是一致的，集體地，在一起。我持有這家公司的股份。管理層持有該公司股份。董事會持有本公司股份。沒有人賣出過一股。我要重複一遍。

No one has sold a single share. I'm going to repeat that. No one has sold a single share in this company. And in fact, people have added shares in this company because of the belief of where we're at, because of the execution, and because of the valuation. We think there is a lot of upside in '23. I believe we'll show that.

沒有人賣出過一股。我要重複一遍。沒有人出售過這家公司的任何股份。事實上，由於對我們所處位置的信念、執行力和估值，人們已經增持了這家公司的股份。我們認為 23 年有很多上升空間。我相信我們會證明這一點。

JCI mediation is the next big topic that I'd like to talk about. And I know that there has been some time that has passed since the last update we provided. I have with me in the room our General Counsel, Tara Charnes. And so I'll ask her to give just a few brief updates on this as well.

JCI 調解是我想談的下一個重要話題。我知道自我們提供的上次更新以來已經過去了一段時間。我們的總法律顧問 Tara Charnes 和我一起在房間裡。因此，我也會請她就此做一些簡短的更新。

But here's what I would say. We've taken the step of mediation. I think the outcome of that is yet to be determined. But the good news is Johnson Controls and Hall of Fame Resort & Entertainment Company have come together at the table, and there is a sense that both sides are looking for a resolution. Tara, would you?

但這就是我要說的。我們已經採取了調解步驟。我認為其結果尚未確定。但好消息是，江森自控和名人堂度假村及娛樂公司已經走到了一起，雙方都在尋求解決方案。塔拉，你願意嗎？

Yeah. Thanks, Mike. I think that that is a good summary. As we've previously stated and, again, in our recent filings, there is an ongoing disagreement between our company and JCI relating to the Naming Rights Agreement as well as the TAAS Agreement. And the parties have agreed to proceed with the dispute resolution that's provided for in the Naming Rights Agreement. And that included the first step, mediation with a neutral third-party mediator.

是的。謝謝，邁克。我認為這是一個很好的總結。正如我們之前和最近提交的文件中所述，我們公司與 JCI 之間就冠名權協議和 TAAS 協議一直存在分歧。雙方已同意按照命名權協議中規定的爭議解決方式進行。這包括第一步，與中立的第三方調解員進行調解。

We have commenced that process. Discussions are ongoing. And if for any reason, the mediation should prove to be unsuccessful, then either party may then refer the dispute to binding arbitration in the state of Ohio.

我們已經開始了這個過程。討論正在進行中。如果出於任何原因調解不成功，則任何一方都可以將爭議提交俄亥俄州具有約束力的仲裁。

So thank you, Tara, for that. So we're looking forward to -- we've presented a proposal to resolve this. I think we will continue to work through the mediation process. We are prepared to go to binding arbitration. Our hope is we don't get to that point. But as I said, and I'll repeat, the good news is both sides seem to have a desire to resolve this from a productive and positive outcome point of view.

謝謝你，塔拉，為此。所以我們很期待——我們已經提出了解決這個問題的提案。我認為我們將繼續通過調解過程開展工作。我們準備進行有約束力的仲裁。我們希望我們不會走到那一步。但正如我所說，我會重複一遍，好消息是雙方似乎都希望從富有成效和積極的結果的角度來解決這個問題。

The last thing I'll talk about before I start to go through some of the more specifics by our business units is the construction update. And I think the reality in the construction environment -- and everyone is facing this. With inflation, things are slowing. In fact, things are getting canceled. We are not.

在我開始討論我們業務部門的一些更具體的細節之前，我要談的最後一件事是建設更新。我認為建築環境中的現實——每個人都面臨著這一點。隨著通貨膨脹，事情正在放緩。事實上，事情正在被取消。我們不是。

And we hope to benefit from other projects around the world, not just in the United States, and, certainly, not just in Ohio, slowing down or stopping. And when I say benefit, I don't mean because of those projects not having success. I really just mean because that should free up some of the supply chain constraints around critical construction elements. And that's what we've been facing all year long.

我們希望從世界各地的其他項目中受益，不僅僅是在美國，當然，不僅僅是在俄亥俄州，放緩或停止。當我說收益時，我並不是說因為那些項目沒有成功。我的意思真的只是因為這應該會釋放一些圍繞關鍵建築元素的供應鏈限制。這就是我們一整年都面臨的問題。

We've been very creative. I give a lot of credit to our construction and our project management teams. But we are also being very prudent about timing of construction. Because we don't want to overpay for something versus the loss of revenue by having a slight delay. So the waterpark and the hotel are the remaining two assets to be built for Phase II.

我們一直很有創意。我非常感謝我們的建設和項目管理團隊。但我們對建設時間也非常謹慎。因為我們不想因為稍有延遲而多付一些錢而不是收入損失。所以水上樂園和酒店是二期剩下的兩項建設資產。

As I said, the waterpark will break ground this week, which is great news. And we have line of sight on all funding, as we've said publicly, for that particular asset. And we will be closing on additional funding over the next couple of months for that. The hotel, we've decided to pause until next spring.

正如我所說，水上樂園將於本週破土動工，這是個好消息。正如我們公開表示的那樣，我們對特定資產的所有資金都有看法。為此，我們將在接下來的幾個月內關閉額外資金。酒店，我們決定暫停到明年春天。

The hotel is a less construction period of time. And so we have more time to watch the commodities markets come down, hopefully, as other projects are delayed or canceled and items start to free up and supply chain constraints start to free up as well. So we will break ground on the hotel sometime late spring as we come out of winter. And then we anticipate both of those assets opening in '24.

酒店建設時間較少。因此，我們有更多時間觀察大宗商品市場下跌，希望隨著其他項目被推遲或取消，物品開始釋放，供應鏈限制也開始釋放。所以我們將在晚春的某個時候在我們離開冬天時在酒店破土動工。然後我們預計這兩項資產將在 24 年開放。

The last thing I'd say is the fact that we have completed assets in Phase II right now has been very important. But we're working closely with a lot of our third-party partners. And so you may recall some of the experiences that will be contained in areas like our fan engagement zone are really unique and different third-party brands like Topgolf and Brew Kettle and SMOOSH Cookies and Shula's and others.

我要說的最後一件事是，我們現在已經完成了第二階段的資產這一事實非常重要。但我們正在與許多第三方合作夥伴密切合作。因此，您可能還記得我們的粉絲互動區等區域中包含的一些體驗確實非常獨特，並且有不同的第三方品牌，如 Topgolf 和 Brew Kettle 以及 SMOOSH Cookies 和 Shula's 等。

And in fact, we just signed a great deal with Donald Driver to bring his Driven Elite fitness program here, which is really innovative and speaks to what we need on property, which is an ability to help create athletes on and off the field and help them further their goals, both mentally and physically. And so we're excited about those operating parties and operating participants opening. And in fact, you should start to see some of those openings very early in '23 with the continuation throughout that entire year.

事實上，我們剛剛與 Donald Driver 簽署了一項重要協議，將他的 Driven Elite 健身計劃帶到這裡，這非常具有創新性，並且說明了我們在財產上需要什麼，這是一種幫助培養場內外運動員的能力，並幫助他們在精神上和身體上都進一步實現了自己的目標。因此，我們對那些運營方和運營參與者的開放感到興奮。事實上，你應該在 23 年初就開始看到其中一些職位空缺，並持續到整年。

From a business unit point of view, the Village has had a lot of success this year. We've built great assets. But recently, we've continued to talk about how do we position the Village as the destination. We were able to host the Ohio governor here, Governor Mike DeWine and Senator Kirk Schuring a few weeks ago. I can tell you that they were both amazed by the progress that's been made.

從業務部門的角度來看，Village 今年取得了很大的成功。我們建立了巨大的資產。但最近，我們繼續討論如何將村莊定位為目的地。幾週前，我們在這裡接待了俄亥俄州州長邁克·德溫州長和參議員柯克·舒林。我可以告訴你，他們都對所取得的進步感到驚訝。

And there was a lot of positive energy around how the state and community could continue to support what we're doing. That kind of support is irreplaceable. And so we're very appreciative of the opportunity to meet with both of them and other community leaders to talk about where things are going.

關於國家和社區如何繼續支持我們正在做的事情，有很多積極的能量。這種支持是無可替代的。因此，我們非常感謝有機會與他們和其他社區領袖會面，討論事情的進展。

Our stadium, we hosted record number of events in Q3 at Tom Benson Hall of Fame Stadium. Record revenue for that quarter as well. I think you're going to see those types of events continuing to grow throughout the year in Q4.

在我們的體育場，我們在湯姆·本森名人堂體育場舉辦了第三季度創紀錄的賽事。該季度的收入也創紀錄。我認為您會在第四季度看到這些類型的事件在全年持續增長。

We have the Ohio high school football championships for the state of Ohio being hosted here. And we're also going to be launching a brand new winter holiday festival called the Winter Blitz, with more to come on that. But a really unique offering an opportunity for our community and others visiting to have an enjoying experience throughout the holiday.

我們在這裡舉辦了俄亥俄州的俄亥俄州高中橄欖球錦標賽。我們還將推出一個名為“冬季閃電戰”的全新冬季節日，還有更多內容即將推出。但真正獨特的是，為我們的社區和其他來訪者提供了一個在整個假期享受愉快體驗的機會。

Center for Performance, our brand new dome destination, we hosted our first events there during enshrinement. And we've hosted multiple since then: big wrestling tournament, other sporting events. The Center for Performance is now filled on a daily basis. And this is an amazing new asset, as we've talked about, that gives us that year-round capacity that is very much needed.

性能中心，我們全新的圓頂目的地，我們在供奉期間舉辦了我們的第一場活動。從那時起，我們舉辦了多次：大型摔跤比賽、其他體育賽事。績效中心現在每天都滿滿噹噹。正如我們所討論的，這是一項了不起的新資產，它為我們提供了非常需要的全年產能。

The fan engagement zone, Build-a-Bear is open. We will be opening Schula's with a soft opening late December. Brew Kettle and Topgolf will be opening hopefully in late December, early January as well. And then you'll see others, SMOOSH Cookies, Visit Canton, and others being opened over the course of Q1, Q2, Q3of next year. And we're really looking forward to bringing that asset to life and driving revenue and experiences for the destination.

粉絲互動區 Build-a-Bear 現已開放。我們將在 12 月下旬試營業 Schula's。 Brew Kettle 和 Topgolf 有望在 12 月底和 1 月初開業。然後你會看到其他人，SMOOSH Cookies，Visit Canton 和其他人在明年第一季度、第二季度、第三季度期間開放。我們真的很期待將這項資產帶入生活並推動目的地的收入和體驗。

Play-Action Plaza, we kicked off that entire area with enshrinement and the NFL pre-season game that occurred here on property. I thought it was incredibly well received. We have one attraction open. We will have another attraction open, the Red Zone, our giant wheel, here in another week, I believe, is what the construction timeline is saying. And then we're going to start to add a lot more outdoor programming and ambiance for the holidays as well.

Play-Action Plaza，我們以供奉和在財產上舉行的 NFL 季前賽拉開了整個區域的序幕。我認為它非常受歡迎。我們有一個景點開放。我們將有另一個景點開放，紅區，我們的巨輪，再過一周，我相信，這就是施工時間表所說的。然後我們將開始為假期添加更多戶外節目和氛圍。

And then lastly, our DoubleTree Hotel downtown, occupancy and ADRs are up year over year. The hotel remains in the top 5% of customer service. Business travelers, by the way, are coming back on a very steady pace now, which is great for us, that Monday through Thursday business. And it really does continue to prove our synergy model, where we host large-scale events, where we have sporting tournaments.

最後，我們的市中心逸林酒店、入住率和 ADR 逐年上升。酒店保持在客戶服務的前 5%。順便說一句，商務旅客現在正以非常穩定的速度回歸，這對我們週一至週四的業務來說非常好。它確實繼續證明我們的協同模型，我們舉辦大型活動，我們舉辦體育比賽。

And people just coming in town to visit the destination or the Pro Football Hall of Fame, they're staying at our hotel, which is driving revenue and, frankly, driving revenue growth. And amazingly enough, that synergy model has allowed this asset to become operating profitable within one year of coming out of COVID, which is fantastic.

人們只是來鎮上參觀目的地或職業足球名人堂，他們住在我們的酒店，這推動了收入，坦率地說，推動了收入增長。令人驚訝的是，這種協同模式使這項資產在擺脫 COVID 後一年內就實現了運營盈利，這太棒了。

So the team there has done an excellent job. We've positioned us the right way, and we have the asset that will allow that synergy to occur. We also have had that hotel become the official hotel for the Pro Football Hall of Fame and continued to grow the Hall of Fame business there as well.

所以那裡的團隊做得很好。我們以正確的方式定位我們，並且我們擁有可以實現協同作用的資產。我們還讓該酒店成為職業橄欖球名人堂的官方酒店，並繼續在那裡發展名人堂業務。

From a media perspective, lots of new deals being done, some to be announced in the near term. But as I talked about very early on in our company's launch, media takes up to three years from the time you create something, you develop it, you produce it, and then you distribute it. We're now seeing media content all through those phases.

從媒體的角度來看，許多新交易正在進行中，其中一些將在短期內宣布。但正如我在公司成立之初所說的那樣，媒體從你創造、開發、製作到發行需要長達三年的時間。我們現在在所有這些階段都看到了媒體內容。

And so as we said, we sold the rights to The Perfect 10 to Fox. You'll see that Super Bowl week on Fox, which is fantastic national television there. A lot of revenue opportunity for us this week, launching Football Heaven podcast. This is a really unique video podcast that will include special guests, Hall of Famers, and I think will really tell stories that are very different and unique. It shows our access to exclusive content can help us in creating one-of-a-kind media content.

正如我們所說，我們將 The Perfect 10 的版權賣給了 Fox。你會在 Fox 上看到超級碗週，這是那裡很棒的國家電視台。本週推出 Football Heaven 播客給我們帶來了很多收入機會。這是一個非常獨特的視頻播客，將包括特邀嘉賓、名人堂成員，我認為它會真正講述非常不同和獨特的故事。它表明我們對獨家內容的訪問可以幫助我們創建獨一無二的媒體內容。

When we look at the NFT space, we're still very optimistic about what we can do there. We are going to be announcing, over the next week or two, a unique opportunity for fans to actually own some type of pass that isn't NFT that allows for experiences, unique experiences, exclusive experiences. And you'll have the opportunity to buy in at different levels. And so we think this does take NFTs to the next generation for us and encompasses our business along with making it a digital collectible and something that is usable by the guests coming in.

當我們審視 NFT 領域時，我們仍然對我們可以在那裡做什麼感到非常樂觀。我們將在接下來的一兩週內宣布一個獨特的機會，讓粉絲們真正擁有某種非 NFT 的通行證，允許體驗，獨特的體驗，獨家體驗。您將有機會購買不同級別的產品。因此，我們認為這確實將 NFT 帶入了我們的下一代，並涵蓋了我們的業務，同時使它成為一種數字收藏品和可供進來的客人使用的東西。

And so it just really speaks to the breadth of what our media group can and has already done. And we're excited about where '23 is going to go there with multiple new development deals in the pipeline.

因此，它確實說明了我們媒體集團能夠和已經完成的工作的廣度。我們對 23 年的發展方向感到興奮，因為多項新的開發交易正在籌備中。

Gaming, of course you know, we launched our second season of the Hall of Fantasy League. We launched a pay-for-play service in Legends Locker Room. This is a space where you can go and get the most updated information about your fantasy team and all the players that are there.

遊戲，你當然知道，我們推出了幻想聯盟大廳的第二季。我們在 Legends Locker Room 中推出了付費遊戲服務。在這裡，您可以獲取有關您的夢幻球隊和所有球員的最新信息。

You don't have to go to multiple different websites and try to aggregate this on your own. We felt like this was a really important tool for the success of fantasy players. And again, our fantasy experience is very unique and different in that you can back teams or you can now select your own teams and compete against experts in the industry. And so that's done very well.

您不必訪問多個不同的網站並嘗試自行匯總。我們覺得這是幻想玩家成功的一個非常重要的工具。再一次，我們的奇幻體驗非常獨特和不同，因為您可以支持團隊，或者您現在可以選擇自己的團隊並與業內專家競爭。所以這做得很好。

Sports betting, we've talked about. I couldn't be more excited about our two partners there, Rush Street Interactive and Betr. I think Betr is going to change the face of mobile sports betting now and forever with mobile betting. I can tell you that I have that app. I use the app. You're not legally allowed to bet currency right now, but they've got a coin-based betting platform.

體育博彩，我們已經談過了。我對我們在那裡的兩個合作夥伴 Rush Street Interactive 和 Betr 感到無比興奮。我認為 Betr 將通過移動博彩改變現在和永遠的移動體育博彩面貌。我可以告訴你，我有那個應用程序。我使用該應用程序。現在法律不允許您下注貨幣，但他們有一個基於硬幣的下注平台。

It is absolutely what we always talk about, engaging to the nth degree, being able to bet on the next step at, the next run, the next play, the outcome of a series. To me, it allows the sport to continue, in a way, and enhances the way in which I engage with the sport that was never there before.

這絕對是我們一直在談論的話題，參與到第 n 度，能夠押注下一步、下一輪、下一場比賽、系列賽的結果。對我來說，它允許這項運動在某種程度上繼續下去，並增強了我參與這項運動的方式，這是以前從未有過的。

I have had the opportunity on several occasions to meet with the Betr team. I know Jake Paul himself is very interested and focused on Ohio. And we look forward to announcing some activations in the near future that may or may not include Jake. And so I'll leave that to your imaginations.

我曾多次有機會與 Betr 團隊會面。我知道 Jake Paul 本人對俄亥俄州非常感興趣並非常關注。我們期待在不久的將來宣布一些可能包括也可能不包括 Jake 的活動。所以我會把它留給你的想像力。

We are now also hosting e-sports tournaments. E-sports will become a bigger part of what we do. Virtual gaming, we're building on-site virtual gaming as well. And so in '23, our plan is to launch that in an even bigger way and host large-scale fantasy events here as well. We've already hosted fantasy events in our stadium at our hotel in fantasy -- we think we have a unique environment to host multiple different types of fantasy experiences.

我們現在也舉辦電子競技比賽。電子競技將成為我們工作的重要組成部分。虛擬遊戲，我們也在構建現場虛擬遊戲。因此，在 23 年，我們的計劃是以更大的方式推出它，並在這裡舉辦大型奇幻活動。我們已經在幻想酒店的體育場舉辦過幻想活動——我們認為我們擁有一個獨特的環境來舉辦多種不同類型的幻想體驗。

Lastly, partnerships and sponsorships. We are clearly trying to maximize each and every category we want this to be a win-win for both sides. We've employed a company called Allied Sports. They're working with us to bring in sponsor partners in our media division, our gaming division, and, of course, here at the Village as well. And so we're being very thoughtful about the types of partners that we're bringing in and the timing of those partners in order to maximize the revenue each category has to offer and also to maximize the brand partnerships and the uplift that both sides can experience there.

最後，夥伴關係和讚助。我們顯然正在努力最大化我們希望這對雙方來說都是雙贏的每一個類別。我們僱用了一家名為 Allied Sports 的公司。他們正在與我們合作，在我們的媒體部門、我們的遊戲部門，當然還有這裡的購物村中引入贊助商合作夥伴。因此，我們對我們引入的合作夥伴類型以及這些合作夥伴的時機進行了非常周到的考慮，以便最大限度地提高每個類別必須提供的收入，並最大限度地提高品牌合作夥伴關係和雙方的提升在那裡體驗。

We talked about JCI. I'm confident JCI will continue -- Johnson Controls will continue to develop. They've been a good partner in the past. I anticipate the opportunity for us to settle this and move forward and look forward to continuing to grow our sponsorships in a very big way in 2023. And we've got multiple conversations going on to that effect right now.

我們談到了 JCI。我相信 JCI 會繼續下去——江森自控會繼續發展。他們過去一直是很好的合作夥伴。我預計我們有機會解決這個問題並向前邁進，並期待在 2023 年繼續大幅增加我們的讚助。我們現在已經就此進行了多次對話。

Let me pause there. And I'll turn it over to Ben to take us through the financials from Q3.

讓我暫停一下。我會把它交給本，讓我們了解第三季度的財務狀況。

Thanks, Mike, and good morning, everyone. Moving on to financial results and as Anne mentioned earlier, we filed our third quarter 2022 form 10-Q post market yesterday. That document is available on the SEC website as well as our Investor Relations site.

謝謝，邁克，大家早上好。繼續財務業績，正如安妮之前提到的，我們昨天提交了 2022 年第三季度 10-Q 上市後表格。該文件可在 SEC 網站和我們的投資者關係網站上找到。

Third quarter total revenue was $8.7 million, which represents an increase of 149% from the same period in the prior year and an increase of 223% on the linked quarter. Revenue growth was primarily driven by higher event revenue at Tom Benson Hall of Fame Stadium and significant increases in operating revenue at our DoubleTree hotel. While sponsorship revenue was down from the prior year due to the previously disclosed dispute with Johnson Controls, revenue growth and diversification have improved.

第三季度總收入為 870 萬美元，比去年同期增長 149%，環比增長 223%。收入增長的主要原因是湯姆·本森名人堂體育場的活動收入增加以及我們的逸林酒店營業收入顯著增加。由於此前披露的與江森自控的糾紛，贊助收入較上年有所下降，但收入增長和多元化有所改善。

Third quarter adjusted EBITDA was minus $7.4 million. The company posted a net loss of $11.1 million, partially offset by the change in the fair value of our warrant liabilities, which increased by $1.8 million. Under US GAAP, the fair value of these liabilities will decline and income will improve the company's stock price declines. The company would experienced the opposite effect when their stock price was higher. While this line item in the financial statements will vary based on the company's stock price, it does not impact our cash flow from operations, cash and cash equivalents, or liquidity for all prior and future periods.

第三季度調整後的 EBITDA 為負 740 萬美元。公司公佈的淨虧損為 1110 萬美元，部分被我們認股權證負債的公允價值變動所抵消，後者增加了 180 萬美元。根據美國公認會計原則，這些負債的公允價值將下降，收益將改善公司股價的跌幅。當股價較高時，公司會產生相反的效果。雖然財務報表中的這一項目會根據公司的股票價格而變化，但它不會影響我們的運營現金流、現金和現金等價物，或所有前期和未來期間的流動性。

Moving to the balance sheet, we finished the quarter with a cash balance of approximately $33 million compared to $18 million at the end of the second quarter. Both values are inclusive of our restricted cash balances. The company's primary use of cash continues to be driven by construction expenditures with approximately [$31 million] spent during the third quarter. This cash usage was offset by proceeds obtained from various financing instruments during the quarter.

轉向資產負債表，我們在本季度末的現金餘額約為 3300 萬美元，而第二季度末為 1800 萬美元。這兩個值都包括我們的受限現金餘額。公司現金的主要使用繼續受到建築支出的推動，第三季度支出約為 [3100 萬美元]。這一現金使用量被本季度從各種融資工具獲得的收益所抵消。

Our net debt balance increased to $181 million (sic - see Form 10-Q, "$164 million") compared to $123 million at the end of the second quarter. The increase in notes payable was primarily due to principal amounts related to a $33.4 million PACE loan related to Tom Benson Hall of Fame Stadium and [$12.5 million] raised from the city of Canton, Stark County, and Stark County Community Foundations. These dollars will be used to fund destination infrastructure and site work, both areas that traditional lenders do not typically provide financing for. The financial support provided by the local community reflects our common goal of driving significant economic impact into the area.

我們的淨債務餘額從第二季度末的 1.23 億美元增至 1.81 億美元（原文如此 - 參見 10-Q 表格，“1.64 億美元”）。應付票據的增加主要是由於與湯姆本森名人堂體育場相關的 3340 萬美元 PACE 貸款以及從坎頓市、斯塔克縣和斯塔克縣社區基金會籌集的 [1250 萬美元] 相關的本金。這些美元將用於資助目的地基礎設施和現場工作，這兩個領域傳統貸方通常不會提供融資。當地社區提供的財政支持反映了我們推動對該地區產生重大經濟影響的共同目標。

I'd like to go a little bit deeper on the detail on financing as we've continued to make significant progress subsequent to quarter end. In October, the company closed on $7.5 million Tourism Development District financing through the state of Ohio's enterprise bond fund. As we've previously highlighted, we are in a Tourism Development District that allows for the collection of additional sales taxes in the district to support future development.

我想更深入地談談融資的細節，因為我們在季度末後繼續取得重大進展。 10 月，該公司通過俄亥俄州企業債券基金完成了 750 萬美元的旅遊開發區融資。正如我們之前強調的那樣，我們位於旅遊開發區，允許在該地區徵收額外的銷售稅以支持未來的發展。

Additionally, we closed on the final components of the capital stack for the fan engagement zone, along with $50 million in financing necessary to begin construction on the indoor waterpark, the marquis asset of our world-class destination. Similarly, we announced the restructuring of a portion of our balance sheet, extending maturities while securing lending commitments that will allow us to complete construction of all remaining Phase II destination assets.

此外，我們還完成了粉絲互動區資本堆棧的最終組成部分，以及開始建設室內水上樂園所需的 5000 萬美元融資，這是我們世界級目的地的侯爵資產。同樣，我們宣布重組部分資產負債表，延長期限，同時獲得貸款承諾，這將使我們能夠完成所有剩餘二期目的地資產的建設。

As you can see, we've been laser focused on building a capital structure that allows the company to reach its long-term financial goals. In total, this year, we've completed financing transactions of approximately $180 million as we align financing needs with construction schedules. Just as importantly, we've maintained a weighted average interest rate of 7.4% even as credit markets tighten, as evidenced by the rising interest rate environment.

如您所見，我們一直專注於建立資本結構，使公司能夠實現其長期財務目標。總的來說，今年我們完成了大約 1.8 億美元的融資交易，因為我們將融資需求與施工進度相結合。同樣重要的是，即使在信貸市場收緊的情況下，我們仍將加權平均利率維持在 7.4%，利率上升的環境就是明證。

Our ability to complete these transactions at favorable rates shows that our thoughtful and pragmatic approach is allowing us to position our balance sheet for future growth. Likewise, our ability to secure this critical financing is supported by our largest shareholder, Industrial Realty Group, and all of the active stakeholders throughout the local area and the state of Ohio. This continued support will help drive the long-term success of the company. For the rest of the fiscal year, we expect similar seasonal trends to last year for revenue and expenses.

我們以優惠的利率完成這些交易的能力表明，我們深思熟慮和務實的做法使我們能夠為未來的增長調整資產負債表。同樣，我們獲得這一關鍵融資的能力得到了我們最大股東 Industrial Realty Group 以及當地和俄亥俄州所有積極利益相關者的支持。這種持續的支持將有助於推動公司的長期成功。對於本財年的剩餘時間，我們預計收入和支出的季節性趨勢與去年類似。

Looking to guidance for next year, we are expecting fiscal 2023 revenue growth in excess of 75% when compared to 2022. Adjusted EBITDA is expected to improve by 60%, driven by our focus on monetizing existing and newly developed physical and virtual assets. The company is intensely focused on expense management and staying lean where possible, while, at the same time, balancing the need to invest to support our continued growth. We expect increased diversification of revenue and EBITDA across multiple streams with each one driving synergies to support the exciting ecosystem we're working so hard to build.

展望明年的指引，我們預計 2023 財年的收入與 2022 年相比增長超過 75%。調整後的 EBITDA 預計將增長 60%，這得益於我們專注於將現有和新開發的物理和虛擬資產貨幣化。公司高度重視費用管理並儘可能保持精益，同時平衡投資需求以支持我們的持續增長。我們預計收入和 EBITDA 將在多個流中更加多樣化，每個流都將產生協同效應，以支持我們正在努力構建的令人興奮的生態系統。

In closing, we remain committed to maintaining a balance sheet that provides financial flexibility through our growth phase to deliver long-term value to all of our shareholders. Finally, and as you've come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead.

最後，我們仍然致力於維持一個資產負債表，在我們的成長階段提供財務靈活性，為我們所有的股東創造長期價值。最後，正如您所期望的那樣，我們將在前進的過程中繼續向我們的股東提供透明和及時的更新。

Now let me turn it back to Mike who will provide some closing comments.

現在讓我把它轉回 Mike，他將提供一些結束評論。

Thank you, Ben, a great update. And really, when you look at the numbers in Q3 and you look at the growth year over year, you have to walk away very encouraged. And Ben's point about staying laser focused on costs is exactly spot on. When you think about growth for next year, revenue at a 75% projected level, EBITDA at a 60% projected level, you don't usually do that in a startup company environment.

謝謝你，本，一個偉大的更新。真的，當您查看第三季度的數字並查看同比增長時，您必須非常鼓舞地離開。 Ben 關於將激光集中在成本上的觀點完全正確。當你考慮明年的增長時，收入達到 75% 的預計水平，EBITDA 達到 60% 的預計水平，你通常不會在初創公司環境中這樣做。

You have to add resources. You have to construct. You have to invest in marketing and sales. We're doing all of that, but we're doing that with an eye towards being business savvy and pragmatic around matching expenses -- lowering expenses versus revenue growth.

你必須添加資源。你必須建造。你必須投資於營銷和銷售。我們正在做所有這些，但我們這樣做是為了在匹配費用方面變得精明和務實——降低費用而不是收入增長。

So what are the key takeaways for me for this quarter? Number one, we have the financing that we need to complete Phase II. That's what everybody's been waiting to hear. That's what I've been waiting to tell you. You have it. So that's a big takeaway. You should stand behind and feel very comfortable about it.

那麼本季度我的主要收穫是什麼？第一，我們有完成第二階段所需的資金。這是每個人都在等待聽到的。這就是我一直在等著告訴你的。你擁有了它。所以這是一個很大的收穫。你應該站在後面，對此感到很舒服。

You not only have the financing, you have project completion guarantees from our largest shareholder. You have community investing with low cost longer term loans, very committed to the success of this project. We've also worked, as been stated very hard, at realigning or restructuring almost our balance sheet, working with IRG to extend debt so that our debt profile matches our revenue profile, so that there is no issue about or worry about can we repay debt at the timing that it comes due.

你不僅有融資，還有我們最大股東的項目完工擔保。您通過低成本的長期貸款進行社區投資，非常致力於該項目的成功。我們也一直在努力調整或重組幾乎我們的資產負債表，與 IRG 合作延長債務，使我們的債務狀況與我們的收入狀況相匹配，這樣就沒有問題或擔心我們能否償還到期時的債務。

The shareholder support, the largest shareholder support, that we have gotten is unprecedented. And I would say, in gambling terms, going all in. They have committed that this cannot fail. We have committed, as a management company, that we will not let it fail and that we are excited about the growth. But we're excited even more about the future.

我們得到的股東支持，最大的股東支持，是前所未有的。我會說，用賭博的術語來說，就是全力以赴。他們承諾這不會失敗。作為一家管理公司，我們承諾不會讓它失敗，我們對增長感到興奮。但我們對未來更加興奮。

When I think about the Hall of Fame Village, revenue is now coming from multiple different areas. When I first started in '18, predominantly coming from sponsorship. Now, it's events and event growth. Now it's sporting tournaments directly created by us and revenues generated by rental of our assets, like our stadium, like our ForeverLawn Sports Complex, like our Center for Performance.

當我想到名人堂村時，收入現在來自多個不同的領域。當我在 18 年剛開始時，主要來自讚助。現在，它是事件和事件增長。現在是我們直接創建的體育賽事和通過租賃我們的資產產生的收入，比如我們的體育場，比如我們的 ForeverLawn 體育中心，比如我們的表演中心。

We now have full year-round revenue coming in for different types of events with an indoor asset. We have attractions that are going to generate and are already generating revenue. We have food and beverage that is generating revenue. We have our hotel that is now growing in profitability, generating great revenue. And we now have multiple tenant leases where we either have a base rent or a percentage of revenue coming in.

我們現在有全年的收入來自不同類型的室內資產活動。我們擁有即將產生並且已經產生收入的景點。我們的食品和飲料正在產生收入。我們的酒店現在的盈利能力正在增長，產生了可觀的收入。我們現在有多個租戶租約，我們要么有基本租金，要么有一定比例的收入。

That only gets stronger in '23. So the diversification of revenue from a Village point of view is very exciting. From a company point of view, it's even more exciting. I want to reemphasize, the conditional approval we received from the Ohio Casino Control Commission was paramount to the success of our sports betting efforts. The two partners we've selected are great at what they do.

這只會在 23 年變得更強大。因此，從村莊的角度來看，收入的多元化非常令人興奮。從公司的角度來看，這更令人興奮。我想再次強調，我們從俄亥俄州賭場控制委員會獲得的有條件批准對於我們體育博彩工作的成功至關重要。我們選擇的兩個合作夥伴都非常擅長他們的工作。

We think, as I said, Betr is going to revolutionize the way sports betting is done mobily with micro betting as the primary focus. And so we're encouraged in '23 by the revenue uplift that we'll see and the bottom-line contribution that sports betting will make and also the other pieces of our gaming industry as well, our gaming unit.

正如我所說，我們認為，Betr 將徹底改變體育博彩的移動方式，以微型博彩為主要焦點。因此，我們在 23 年看到的收入增長以及體育博彩將做出的底線貢獻以及我們遊戲行業的其他部分，我們的遊戲部門，都讓我們感到鼓舞。

Media is now starting to sell. We have a very robust pipeline of assets that we are either developing, signing deals with, or getting ready to sell for distribution. So I think '23 will be a breakout year for media. And we're creating exceptional experiences across all of our platforms. And I think when you create exceptional experiences, both physically and virtually, to host and entertain and, more importantly, engage audiences, you have to believe, I certainly do, that revenue growth and bottom-line contribution will start to exponentially grow.

媒體現在開始銷售。我們擁有非常強大的資產管道，我們正在開發、簽署交易或準備出售以供分銷。所以我認為 23 年將是媒體突破的一年。我們正在所有平台上創造卓越的體驗。而且我認為，當您在物理和虛擬環境中創造非凡的體驗來主持和娛樂，更重要的是吸引觀眾時，您必須相信，我當然相信，收入增長和底線貢獻將開始呈指數增長。

I've said I feel we're undervalued. We are undervalued. We will correct that in '23. Maintaining listing compliance is important, but we will be smart about how and what we do to do that. And so investors should take that as a net positive. And by the way, we're already thinking about Phase III and the planning of Phase III for the Village destination here.

我說過我覺得我們被低估了。我們被低估了。我們將在 23 年更正該錯誤。保持上市合規性很重要，但我們將明智地了解我們如何以及如何做到這一點。因此，投資者應將其視為淨利好。順便說一下，我們已經在考慮第三階段和這裡的村莊目的地的第三階段規劃。

So I want to thank the team. I want to thank our shareholders. I know '22 has been a bumpy road from a market point of view, from an inflation macro point of view. But this company continues to execute and show that it can grow in every way that we've talked about over the year and show that it can execute and obtain the financing. And the financing doesn't just come. People don't just give you money. It comes because of the belief in the strategy. And I think the execution by the team shows the strategy is a winner.

所以我要感謝團隊。我要感謝我們的股東。我知道從市場的角度，從通貨膨脹的宏觀角度來看，22 年都是一條崎嶇不平的道路。但是這家公司繼續執行並表明它可以在我們過去一年中討論的各種方式中增長，並表明它可以執行並獲得融資。融資不只是來了。人們不只是給你錢。它來自於對戰略的信念。我認為團隊的執行表明該策略是成功的。

I'll now stop there and open it up for any questions that folks attending the call may have.

我現在停在那裡並打開它以回答參加電話會議的人們可能提出的任何問題。

Thank you. I'll begin the question-and-answer session. (Operator Instructions)

謝謝。我將開始問答環節。 （操作員說明）

Jack Vander Aarde, Maxim Group.

Jack Vander Aarde，馬克西姆集團。

Okay, great. Good morning. Congrats on the continued momentum, strong execution. It's fortunate to see you guys continue to execute in this type of environment. It's so great to see. Michael, third-quarter results, revenue really upticked this quarter. Biggest driver of the revenue looks like it was the events. Can you remind us what the key drivers are of those events? And looking forward, what kinds of events are you excited about that are also big drivers of revenue?

好的，太好了。早上好。祝賀持續的勢頭，強大的執行力。很幸運看到你們繼續在這種環境中執行。很高興看到。邁克爾，第三季度的業績，本季度的收入確實有所上升。收入的最大推動力似乎是事件。您能否提醒我們這些事件的主要驅動因素是什麼？展望未來，您對哪些活動感到興奮，這些活動也是收入的重要推動力？

Yeah. Thanks, Jack. Good question, I appreciate it. Q3, obviously, is highlighted by our enshrinement event on property. We did, this year, takeover -- there is an event as a part of that enshrinement that the Hall of Fame has typically run called the Concert for Legends. We took over that concert this year with Journey. It was very well attended, very profitable for us as well.

是的。謝謝，傑克。好問題，我很感激。顯然，我們的財產供奉活動突出了第三季度。今年，我們確實接管了——作為紀念活動的一部分，名人堂通常會舉辦一場名為“傳奇音樂會”的活動。今年我們和 Journey 一起接手了那場音樂會。出席人數眾多，對我們也非常有利可圖。

And so that weekend represents from hotel stays to food and beverage, rental for our Center for Performance, other assets creating uplift for rides on our attractions or visits to Starbucks or other things that have been open. That's a big weekend for us. Outside of that, you had the USFL, which I hope everyone saw, nationally televised two weekends in a row, the playoffs and the championships being held here. Absolutely phenomenal event for us.

因此，那個週末代表了從酒店住宿到餐飲、我們績效中心的租金、其他資產，這些資產為我們的景點或參觀星巴克或其他已經開放的事物創造了提升。這對我們來說是一個重要的周末。除此之外，你還有 USFL，我希望每個人都能看到，連續兩個週末在全國電視轉播，季后賽和錦標賽在這裡舉行。對我們來說絕對是非凡的事件。

Our hotels were full for two weeks. Our restaurants were full for two weeks. The field rentals, the percentage of the ticket revenue that we got, the concession revenue that we get -- and so a lot of uplift by those events. But frankly, there is direct revenue and indirect benefit. The amount of national exposure that the Village; Canton, Ohio; and our company got by Fox providing that was in the millions of dollars of worth of what we refer to as earned media.

我們的旅館連續兩週客滿。我們的餐廳已經客滿了兩週。場地租金、我們獲得的門票收入百分比、我們獲得的特許權收入——以及這些活動帶來的巨大提升。但坦白說，有直接收益，也有間接收益。全國曝光量村；俄亥俄州坎頓；我們公司通過 Fox 獲得了數百萬美元的價值，我們稱之為免費媒體。

So we looked at that as a very big win. We had Women's Football Alliance championships again. We're diversifying the types of entertainment that we have. Dave Chappelle as a comedian was here, so a ton of differences in events. We also added sponsors. The hotel revenue is up as we talked about. And so we're diversifying where revenue is coming from. But a lot of Q3 was driven out of that event cycle.

所以我們認為這是一個非常大的勝利。我們再次獲得女子足球聯盟冠軍。我們正在使我們擁有的娛樂類型多樣化。作為喜劇演員的戴夫·查佩爾 (Dave Chappelle) 來過這裡，所以事件上有很多不同之處。我們還增加了贊助商。正如我們所說，酒店收入增加了。因此，我們正在使收入來源多樣化。但是很多第三季度都被趕出了那個事件週期。

What I can tell you going forward, we have now a much more robust plan around our event calendar. Maximizing all the assets, indoor and outdoor, from everything ranging from private events and weddings and conventions and meetings to large-scale football, non-football sporting events that will be hosted here or played here and some events that we're going to create ourselves that I won't talk about today. But that will generate even greater revenue opportunity for us. Of course, we'll always continue to balance the calendar.

我可以告訴你的是，我們現在有一個更強大的活動日曆計劃。最大限度地利用室內和室外的所有資產，從私人活動、婚禮、大會和會議到將在這裡舉辦或在這裡舉辦的大型足球、非足球體育賽事以及我們將要舉辦的一些活動我們自己，我今天不談。但這將為我們帶來更大的收入機會。當然，我們將始終繼續平衡日曆。

And I think our team is starting to do that now with assets, the expanded asset base, that we have. And then as we continue to grow events, sponsorships, obviously, grow right along with those. Sponsors get very excited about the number of events you have and the opportunity to showcase their product or service at those events. And so I think what we've done is set up a really unique venue that has a lot of adjacency in terms of assets, restaurants, experiences, indoor or outdoor gaming, those kinds of things that will attract even more events over the course of the next year and for years to come.

而且我認為我們的團隊現在開始使用我們擁有的資產，擴大的資產基礎來做到這一點。然後，隨著我們繼續發展活動，贊助顯然會隨之增長。贊助商對您舉辦的活動數量以及在這些活動中展示他們的產品或服務的機會感到非常興奮。所以我認為我們所做的是建立一個真正獨特的場地，在資產、餐廳、體驗、室內或室外遊戲方面有很多相鄰性，這些東西將在整個過程中吸引更多活動明年和未來幾年。

Got it. That's helpful. A lot of helpful color there, Michael, I appreciate that. And then your next question, just -- I also appreciate the color on Phase II and the construction burn now. It sounds like you expect the new hotel and the waterpark to both be open for business in 2024, which is great. Can you just share your perspective for us on the value of the waterpark and what it brings to the Village from a strategic perspective?

知道了。這很有幫助。邁克爾，那裡有很多有用的顏色，我很感激。然後你的下一個問題，只是 - 我也很欣賞第二階段的顏色和現在的建築燃燒。聽起來您希望新酒店和水上樂園都在 2024 年開業，這太棒了。您能否從戰略角度為我們分享一下您對水上樂園的價值及其為村莊帶來的影響的看法？

Absolutely. Well, look, we are in Ohio. And if you took a look outside the window today, it's pretty chilly and gloomy. And so I think the region itself -- I can't tell you the number of people come up to me and say, we have needed something like this for a very long time, a high-quality entertainment in a box sort of destination. And waterparks in Ohio are, frankly, quite profitable and well attended.

絕對地。好吧，看，我們在俄亥俄州。如果你今天看看窗外，它非常寒冷和陰沉。所以我認為該地區本身——我無法告訴你有多少人來找我說，我們很長一段時間以來都需要這樣的東西，一種高品質的娛樂場所。坦率地說，俄亥俄州的水上樂園利潤豐厚且遊客眾多。

You're talking about assets that generate usually between, I'll call it, 800,000 to 1.5 million attendees per year. And so for us, it's a strategic attendance driver. The revenue and EBITDA associated with that asset are very strong, maybe the strongest of any of the assets we're creating. The hotel allows for that stay-and-play kind of environment to occur. It already is happening with our downtown hotels just five, 10 minutes away.

你說的資產通常在每年 800,000 到 150 萬與會者之間產生，我稱之為。所以對我們來說，這是一個戰略性的出勤驅動因素。與該資產相關的收入和 EBITDA 非常強勁，可能是我們正在創造的所有資產中最強的。該酒店允許出現那種住宿和娛樂的環境。我們距離市中心的酒店僅 5、10 分鐘路程，這已經在發生。

And so when we built, and I've done this a lot in my past. When we built these two assets, now, you have a more complete collection of experiences between the Pro Football Hall of Fame, outdoor attractions, indoor gaming, sports betting, different big large-scale events, concerts, comedians, sporting events, and indoor waterpark. You can now really bundle a lot of these experiences together, sell them as packages.

所以當我們建造時，我過去做過很多次。當我們建立這兩個資產時，現在，你在職業足球名人堂、戶外景點、室內游戲、體育博彩、不同的大型活動、音樂會、喜劇演員、體育賽事和室內之間有了更完整的體驗集合。水上樂園。你現在真的可以將這些體驗捆綁在一起，打包銷售。

It enhances the length of stay and the repeat visitation. When those things occur, the dollar value to the company goes up. The longer people stay, the more they play and spend and enjoy themselves, the more they come back and do the same thing. So it's a direct revenue driver that we are excited about in the tens of millions of dollars on an annual basis, both from revenue and EBITDA. But also, it's an indirect driver of attendance for all the other experiences, which will create a larger length of stay and a greater repeat visitation.

它增加了停留時間和重複訪問的時間。當這些事情發生時，公司的美元價值就會上升。人們停留的時間越長，他們玩得越多，花得越多，玩得越開心，他們回來做同樣的事情的次數就越多。因此，這是一個直接的收入驅動因素，我們對每年數千萬美元的收入和 EBITDA 感到興奮。而且，它是所有其他體驗的間接驅動因素，這將創造更長的停留時間和更多的重複訪問。

And honestly, coming from Ohio, I can tell you. People live for these kinds of experiences. There's six months out of the year where there's just not a whole lot to do. You either have to fly south or west to escape and get into entertainment experiences. So we're excited about the waterpark and the only football-themed water park in America.

老實說，來自俄亥俄州，我可以告訴你。人們為這些體驗而活。一年中有六個月沒有太多事情可做。您要么必須向南飛，要么向西飛，才能逃脫並享受娛樂體驗。所以我們對水上樂園和美國唯一的足球主題水上樂園感到興奮。

In fact, I just visited Disney this past week and walked with their waterpark operators. Such high-quality assets they have there, a fantastic company. And it was great to see a lot of what we're doing is in line with the very best out there in the industry. So more to come, but exciting to get the groundbreaking underway this week.

事實上，上週我剛剛參觀了迪士尼，並與他們的水上樂園經營者一起散步。他們擁有如此優質的資產，一家了不起的公司。很高興看到我們正在做的很多事情都符合業內最好的水平。未來還會有更多，但令人興奮的是本週開始動工。

Excellent. And then if I could just get a couple of more questions on one last topic. Congrats on securing the sports betting license from Ohio, the Ohio Casino Control Commission. Good things here. Just to clarify, are you still waiting for an official license? Or could you help us understand what else is left to do besides just waiting for Jan 1 to allow you got to start betting activities?

出色的。然後，如果我能就最後一個主題再問幾個問題。恭喜您獲得俄亥俄州賭場控制委員會頒發的體育博彩牌照。這裡有好東西。澄清一下，您還在等待官方許可嗎？或者您能否幫助我們了解除了等待 1 月 1 日讓您開始博彩活動之外還有什麼要做的？

And then also, do you have any initial expectations for your sports betting operations, whether it be number of wagers, number of bets placed, gross gaming revenue? I don't know. Whatever you could share there would be helpful. Thanks.

然後，您對體育博彩業務是否有任何初步預期，無論是投注數量、投注數量還是博彩總收入？我不知道。無論你能在那里分享什麼都會有所幫助。謝謝。

Yeah, not anything we can share today about the expectations. I think we have worked with our partners on pro formas for those things. I can tell you that I'm excited about the opportunity, but not prepared yet to share the expectations around numbers. We will be the only retail sports book in Stark County, which is a fairly big county in Ohio.

是的，我們今天無法分享關於期望的任何信息。我認為我們已經與我們的合作夥伴就這些事情進行了備考。我可以告訴你，我對這個機會感到很興奮，但還沒有準備好分享對數字的期望。我們將成為斯塔克縣唯一一家零售體育書籍，斯塔克縣是俄亥俄州一個相當大的縣。

And the immersive environment that we're going to create there -- we haven't talked about the food and beverage side of this experience yet. It's going to be really high quality and one of a kind. And I'll tell you, a brand that people are going to be excited about. I know I am.

我們將在那裡創造的沉浸式環境——我們還沒有談到這種體驗的食品和飲料方面。這將是真正的高質量和獨一無二的。我會告訴你，一個人們會為之興奮的品牌。我知道我是。

I think what you're going to see from a betting point of view is Ohio is very favorable towards this. And the rules and the taxiing and everything that has been set up is really exciting to the sports betting partners. One thing to note when you say congratulations on obtaining the licenses -- thank you very much for that. But I don't think our shareholders really understood that there were only a few at-large licenses to be obtained.

我認為從博彩的角度來看，你會看到俄亥俄州對此非常有利。規則和滑行以及已經設置的一切對體育博彩合作夥伴來說真的很令人興奮。當您對獲得許可證表示祝賀時要注意一件事——非常感謝。但我認為我們的股東並沒有真正理解只有少數普通用戶可以獲得許可。

In Ohio, the sports franchises, the sports tournaments were already guaranteed sports betting licenses. And so I think, in total, there was 25, roughly, that were available. We're the only one that I know of right now, outside of those guaranteed licenses, that was approved by the state of Ohio, which really goes to show you how impactful what we're doing in this community and in this state is. It's an economic driver not only for our company, but for our region. And I think the Ohio Casino Control Commission saw the value of that and wanted us to have those licenses.

在俄亥俄州，體育特許經營權、體育錦標賽已經獲得體育博彩牌照。所以我認為，總共大約有 25 個可用。我們是目前我所知道的唯一一個，除了那些有保證的許可證，它是由俄亥俄州批准的，這真的向你展示了我們在這個社區和這個州所做的事情有多大影響。它不僅是我們公司的經濟驅動力，也是我們地區的經濟驅動力。我認為俄亥俄州賭場控制委員會看到了它的價值，並希望我們獲得這些許可證。

Now to your question about conditional approval, yes, it's conditional approval. Because as you go through the process, you still have to meet the stipulations around the rules and you have to show the experience and the security of the experience and everything else. We have absolutely no concerns about that.

現在回答你關於有條件批准的問題，是的，這是有條件的批准。因為當你經歷這個過程時，你仍然必須滿足規則的規定，你必須展示經驗和經驗的安全性以及其他一切。我們對此完全沒有擔憂。

We're working very closely with our partners. You can imagine, from a mobile technology point of view, they want to make sure that guest data and information is very secure. So it's the -- you have the approval. It's just conditioned upon all of the things, the checklist items, that you have to have in place, just like launching any new business. And our partners are all over it. We're all over it. And so we expect come Jan 1, we're ready to go.

我們正在與合作夥伴密切合作。您可以想像，從移動技術的角度來看，他們希望確保客人數據和信息的安全。所以這是——你得到了批准。它只是以您必須具備的所有事物、清單項目為條件，就像開展任何新業務一樣。我們的合作夥伴無處不在。我們都結束了。所以我們預計 1 月 1 日到來，我們準備好了。

Yeah. I would just add to that, Mike, that RSI, our retail sports betting operator partner, has also received conditional approval at this point. And Betr is far down that track and continuing to work very closely with the commission to ensure its approval.

是的。邁克，我只想補充一點，我們的零售體育博彩運營商合作夥伴 RSI 目前也獲得了有條件的批准。而 Betr 在這條軌道上走得很遠，並繼續與委員會密切合作以確保其獲得批准。

Excellent. That's it. I really appreciate the color, guys. That's it from me. Thanks.

出色的。就是這樣。伙計們，我真的很欣賞這種顏色。我就是這樣。謝謝。

Thanks, Jack, and have a good day.

謝謝，傑克，祝你有美好的一天。

Thank you. (Operator Instructions) David Marsh, Singular Research.

謝謝。 （操作員說明）David Marsh，Singular Research。

Hi, good morning. Thanks for taking the questions. And again, congrats on the good momentum. Just one quick little housekeeping item on the sports betting side. It seemed pretty clear in the press release that the online sports betting would be ready to go Jan 1. Would the retail also be ready to go Jan 1?

早上好。感謝您提出問題。再次祝賀勢頭良好。在體育博彩方面只是一個快速的小家務項目。新聞稿中似乎很清楚，在線體育博彩將於 1 月 1 日開始。零售業是否也準備好在 1 月 1 日開始？

No. I mean, that's a great question. So here's how I would think about it. Retail will be ready to go in the context of engaging with guests and showing them the kind of experience that Rush will be able to offer and bringing them into their ecosystem, signing them up, offering opportunities for them once the retail sports book is open. We've just completed the core and shell of that building.

不，我的意思是，這是一個很好的問題。所以這就是我的想法。零售業將在與客人互動的背景下做好準備，向他們展示 Rush 能夠提供的那種體驗，並將他們帶入他們的生態系統，與他們簽約，並在零售體育博彩開放後為他們提供機會。我們剛剛完成了那棟建築的核心和外殼。

I anticipate the interior fit out to start in the very near term. I'm guessing it's going to be Q2 before it will be open, but we'll keep everyone apprised of that. And I know Rush and Hall of Fame Resort & Entertainment Company are incredibly focused on getting this open and having this experience live for people to enjoy as quickly as possible.

我預計內部裝修將在近期內開始。我猜它會在第二季度開放，但我們會讓每個人都知道這一點。而且我知道 Rush 和名人堂度假村及娛樂公司非常專注於讓這個開放並讓人們盡快享受這種體驗。

Okay. Thanks. And then just more of a process question around the JCI situation. Are there any hard timelines in terms of mediation completion and arbitration completion so that this thing doesn't drag out forever?

好的。謝謝。然後是關於 JCI 情況的更多流程問題。在調解完成和仲裁完成方面是否有硬性時間表，以便這件事不會一直拖下去？

Well, yeah, I think there are. Look, the reason why we went down the mediation path is so that we could have a third party. And by the way, our mediator, very experienced mediator, has done over 4,500 mediations, understands what we're dealing with. And look, when both sides have a desire to resolve something, it can get resolved.

嗯，是的，我想有。看，我們走調解道路的原因是為了讓我們有第三方。順便說一下，我們的調解員，非常有經驗的調解員，已經完成了 4,500 多次調解，了解我們正在處理的事情。你看，當雙方都有解決的願望時，它就可以解決。

The reason the whole reason for the dispute resolution mechanism that we had in our contract is if there is a difference of -- or a difference in perception around how the business has progressed or not progressed. And I think that's where we've been. There was -- publicly Johnson Controls who said they didn't feel as though we met our financial timelines.

我們在合同中採用爭議解決機制的全部原因是，對於業務進展或未進展的看法是否存在差異或差異。我認為這就是我們去過的地方。有 - 江森自控公開表示他們覺得我們沒有達到我們的財務時間表。

We absolutely do. We have all financing in place. Our contract allowed us to have a day-for-day extension while COVID was going on. And so we're working very professionally and amicably with them. But it is a very confidential process. What we've said publicly is basically what we can share.

我們絕對會。我們所有的融資都到位了。我們的合同允許我們在 COVID 期間有一天一天的延期。因此，我們非常專業和友好地與他們合作。但這是一個非常機密的過程。我們公開所說的基本上就是我們可以分享的。

As I said, though, I do anticipate getting a resolution around this. And I think both sides are going to work towards that. We've made a proposal. The mediator and Johnson Controls has that. We're expecting response in the very near term. And then, we'll go from there.

不過，正如我所說，我確實希望圍繞這個問題找到解決方案。我認為雙方都將為此努力。我們提出了一個建議。調解員和江森自控都有。我們期待在近期內做出回應。然後，我們將從那裡開始。

Yeah. David, I would just add to what Mike said. As I'm sure you can appreciate, the underpinnings of mediation is that it is a confidential process. So while the process plays out, we're somewhat limited in terms of what we can provide in terms of interim updates. But certainly, as a public company, at the appropriate time when more concrete updates to share, we will do so in that context.

是的。大衛，我想補充一下邁克所說的話。我相信你會理解，調解的基礎是它是一個保密的過程。因此，雖然這個過程已經結束，但我們在臨時更新方面可以提供的內容有所限制。但可以肯定的是，作為一家上市公司，在適當的時候分享更具體的更新，我們將在這種情況下這樣做。

Great. Thanks. But just to wrap that up, you guys are still a little bit held back, though, in terms of your ability to realize sponsorship revenue until this is resolved. Is that an accurate statement?

偉大的。謝謝。但總而言之，在解決這個問題之前，你們在實現贊助收入的能力方面仍然有點受阻。這是一個準確的說法嗎？

No. It's a good question, though, because it's one that helps us clarify for folks. We're actively pursuing sponsors in all categories. And part of the strategy has always been as the category presents itself and we can grow our business to really take full advantage of the category in terms of monetization, we will.

不，這是一個很好的問題，因為它可以幫助我們為人們澄清。我們正在積極尋求所有類別的讚助商。戰略的一部分一直是隨著類別的出現，我們可以發展我們的業務，在貨幣化方面真正充分利用該類別，我們會的。

As an example, this year we added ForeverLawn as a sponsor, a naming sponsor, of our sports complex: ForeverLawn Sports Complex. It was a 10-year, $5 million deal, which was a very big deal for us. We have other sponsors that are deep down the path of a conversation and opportunity to work with them.

例如，今年我們將 ForeverLawn 添加為我們體育場館的讚助商和冠名贊助商：ForeverLawn Sports Complex。這是一份為期 10 年、價值 500 萬美元的交易，這對我們來說意義重大。我們還有其他贊助商，他們正在深入對話並有機會與他們合作。

I think with Johnson Controls, they represent several categories of business for us. And so we still have the opportunity to look at sponsors that could be in those categories. And we are. As responsible stewards of business, we always need to do that and build a pipeline of potential partners in every category, even when you have existing partners.

我認為對於江森自控，它們代表了我們的幾類業務。因此，我們仍然有機會尋找可能屬於這些類別的讚助商。我們是。作為負責任的業務管理者，我們始終需要這樣做，並在每個類別中建立潛在合作夥伴管道，即使您已有合作夥伴。

And so we've continued to do that. I can't really comment on how it would work if we were to get a sponsor in similar categories as Johnson Controls. That would have to also be part of the mediation process. And we'd have to understand how that would work in the context of the existing agreement.

所以我們繼續這樣做。如果我們要獲得與江森自控類似類別的讚助商，我真的無法評論它會如何運作。這也必須成為調解過程的一部分。我們必須了解在現有協議的背景下這將如何運作。

Great. And then just lastly, I think in the last quarter call, you guys had guided a little bit more precisely to revenue in the $20 million range and EBITDA loss in the $20 million range for the year. The guidance is a little bit more opaque, and I understand just with market conditions and labor conditions and all of that. But is there any way that you guys could fine tune that a little bit or just reiterate or let us know what you said -- your thoughts are with regard to a comparison to the guidance in Q2?

偉大的。最後，我認為在上個季度的電話會議上，你們更準確地指導了當年 2000 萬美元範圍內的收入和 2000 萬美元範圍內的 EBITDA 虧損。該指南有點不透明，我只了解市場條件和勞動條件以及所有這些。但是你們有什麼辦法可以稍微調整一下，或者只是重申一下，或者讓我們知道你說了什麼——你的想法是關於與第二季度的指導進行比較的？

Yeah, Dave. This is Ben. Yeah, I can cover that one for you. So yeah, that's where we guided previously. We came off of that just a little bit because of seasonality here in 4Q. So we expected to have a couple of more events lined up for 4Q, coming off what you see as a very, very strong third quarter.

是的，戴夫。這是本。是的，我可以為你覆蓋那個。是的，這就是我們之前指導的地方。由於第四季度的季節性因素，我們稍微擺脫了這種情況。因此，我們預計第四季度還會有更多活動，您認為第三季度非常非常強勁。

So slightly below that, you'll see similar to an uptick in what we had in 4Q last year, which put us somewhere between 17 in high teens this year for full year. And then of course, as we look to next year, very strong growth in '23 versus '22.

所以略低於此，你會看到與我們去年第四季度的增長類似，這使我們今年全年處於 17 歲左右。當然，正如我們展望明年，23 年與 22 年相比增長非常強勁。

And the only thing I would add -- I think that's very well said. And you sort of said this, David. I think as we add new assets and as we start to diversify where revenue comes from, selling media, selling partnerships, creating bigger events, these things are coming on a more ad-hoc basis now.

我唯一要補充的是——我認為這說得很好。你有點這麼說，大衛。我認為，隨著我們增加新資產，隨著我們開始實現收入來源的多元化，銷售媒體、銷售合作夥伴關係、舉辦更大的活動，這些事情現在變得更加臨時。

As an example, our Center for Performance. We've now been approached by multiple outside entities to host bigger events in there that we couldn't have anticipated two weeks ago, even. So it's a very fluid and dynamic environment that we're facing.

例如，我們的績效中心。現在，多個外部實體已經聯繫我們，希望在那裡舉辦我們兩週前甚至無法預料的大型活動。因此，我們面臨的是一個非常流動和動態的環境。

I am encouraged though about inflation moderating. I am encouraged about the fact that consumers are still spending on experiences, even though they may be laying off the big ticket item purchases. And so for regional destinations and great experiences virtually in terms of gaming and in media, I think that there is going to be a net positive for us as we move throughout this year and into '23.

我對通貨膨脹放緩感到鼓舞。令我感到鼓舞的是，消費者仍在花錢購買體驗，儘管他們可能會停止購買大件商品。因此，對於遊戲和媒體方面的區域目的地和虛擬體驗，我認為隨著我們在今年進入 23 年，這將對我們產生淨積極影響。

Sounds great, guys. Thanks so much for taking the questions. And again, congrats on the great momentum and progress.

伙計們，聽起來不錯。非常感謝您提出問題。再次祝賀巨大的勢頭和進步。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. At this time, I'd now like to turn the floor back over to management for closing remarks.

謝謝。現在，我想把發言權交還給管理層，讓他們發表閉幕詞。

Thank you. We do have a few other questions that I am going to share with the group. The first being -- coming in saying -- or asking, rather, why are you using the ATM at current prices? Can you give a little bit more of an explanation surrounding that process?

謝謝。我們確實有一些其他問題，我將與小組分享。第一個是 - 進來說 - 或者問，更確切地說，你為什麼以當前價格使用 ATM？您能否圍繞該過程給出更多解釋？

Yeah. I'll just a couple of remarks, Ben. Then you should also comment on this. First of all, when you say using the ATM, let's be clear. A little over $2 million in the quarter, from our perspective, is not using the ATM. It is there to help with the equity that's needed to entice other forms of financing.

是的。本，我只想說兩句。那你也應該對此發表評論。首先，當你說使用 ATM 時，我們要弄清楚。從我們的角度來看，本季度有超過 200 萬美元沒有使用 ATM。它可以幫助吸引其他形式的融資所需的股權。

We did that on a very small scale, and we'll continue to do that if needed. Right now, we're trying to be pragmatic about engaging the ATM because of the pricing. But it is there as a vehicle to allow us to manage the business more strategically. And so while we used it, we used it minimally over the last quarter. Ben, if you want to add anything to that?

我們在非常小的範圍內做到了這一點，如果需要，我們將繼續這樣做。現在，由於價格原因，我們正在嘗試務實地使用 ATM。但它作為一種工具存在，使我們能夠更具戰略性地管理業務。因此，在我們使用它的同時，我們在上個季度使用它的次數最少。本，如果你想補充什麼？

Yeah. I'll just add. I mean, Mike hit it. When we have a depressed stock price like we do right now, we want to be really thoughtful of dilution, stay away from using the ATM where at all possible.

是的。我補充一下。我的意思是，邁克擊中了它。當我們的股價像現在這樣低迷時，我們要真正考慮稀釋，盡可能避免使用自動取款機。