Hall of Fame Resort & Entertainment Co (HOFV) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Hall of Fame Resort & Entertainment Company's first quarter 2023 earnings conference call. This conference call is being recorded and all participants are in a listen-only mode. (Operator Instructions) I'll now turn the conference over to Anne Graffice, Executive Vice President, Global Marketing and Public Affairs.

早上好，歡迎來到名人堂度假村和娛樂公司 2023 年第一季度收益電話會議。此電話會議正在錄製中，所有參與者都處於只聽模式。 （操作員說明）我現在將會議轉交給全球營銷和公共事務執行副總裁 Anne Graffice。

Good morning from Canton and thank you for joining us for our first quarter 2023 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.

Canton 早上好，感謝您加入我們的 2023 年第一季度收益電話會議。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 this brief introduction, our President and CEO, Michael Crawford, will give an update on the company's outlook. Benjamin Lee, Chief Financial Officer, will then provide analysis of the quarter's financial results and an update on the company's FY23 financial guidance.

在這個簡短的介紹之後，我們的總裁兼首席執行官 Michael Crawford 將介紹公司前景的最新情況。隨後，首席財務官本傑明·李 (Benjamin Lee) 將提供本季度財務業績的分析以及公司 2023 財年財務指引的最新情況。

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 you all to read the full disclosure concerning forward-looking statements in the earnings press release. Additionally, please note the company uses non-GAAP results to evaluate performance internally as detailed in our press release. We have posted a supplementary slide deck summarizing quarterly results as well. These slides can be accessed on our website and will be archived there along with the replay of this call later this morning.

在今天的電話會議上，我們將做出前瞻性陳述，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。我鼓勵大家閱讀收益新聞稿中有關前瞻性陳述的完整披露。此外，請注意公司使用非 GAAP 結果在內部評估績效，詳見我們的新聞稿。我們還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，並將與今天上午晚些時候的電話重播一起存檔。

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

現在我很高興將電話轉給邁克爾克勞福德。邁克爾？

Thank you, and good morning to everybody. It's a really incredible day here at Canton, Ohio and we have a fantastic week ahead of us and I'll talk about that in just a few moments.

謝謝大家，早上好。在俄亥俄州坎頓，這真是令人難以置信的一天，我們將度過美妙的一周，我稍後會談到這一點。

If you looked at our first-quarter earnings, obviously you would have seen revenue growth year over year of 48%. And I give that the results have been fantastic, and I give the team the credit for those. What you would have also seen as expected, our operating expenses have increased to support the launch of things like new content in our media division, creating our Village destination, and really building our gaming business in general.

如果您查看我們第一季度的收益，顯然您會看到收入同比增長 48%。我認為結果非常好，我將這些歸功於團隊。正如您所預料的那樣，我們的運營費用有所增加，以支持在我們的媒體部門推出新內容、創建我們的 Village 目的地，以及真正建立我們的遊戲業務。

While the expenses were expected, we do remain focused on cost control and balancing the costs appropriately against our revenue growth. That's always going to be a goal of ours. I thought it would be important to take a step back and really put in context the Q1 2023 earnings and provide a little perspective.

雖然費用在意料之中，但我們仍然專注於成本控制，並根據我們的收入增長適當平衡成本。這將永遠是我們的目標。我認為重要的是退後一步，真正將 2023 年第一季度的收益放在背景中，並提供一些觀點。

Some of you may remember this, some of you may not, but we launched publicly as a SPAC merger in July of 2020, right in the middle of one of the worst health pandemics the world has ever experienced. The country and the world basically shut down for almost two years. That impacted supply chain, it has created inflationary conditions. And frankly, political turmoil have all continued, and we're experiencing these types of issues still today.

你們中有些人可能記得這一點，有些人可能不記得，但我們於 2020 年 7 月作為 SPAC 合併公開啟動，當時正值世界上經歷過的最嚴重的健康流行病之一。國家和世界基本上關閉了將近兩年。這影響了供應鏈，它創造了通貨膨脹條件。坦率地說，政治動盪仍在繼續，我們今天仍在經歷這些類型的問題。

So for a smaller start-up company, like the Hall of Fame Resort & Entertainment Company, we've continued to make difficult decisions to not only survive but to grow. By the way, add in there that our largest name sponsor in Johnson Controls, decided that at the point in time where construction had to slow down due to these significant milestones that they were going to put us in default and we were going to have to react to that, creating an issue for us from a revenue point of view and from a brand point of view.

因此，對於像名人堂度假村和娛樂公司這樣的小型初創公司，我們繼續做出艱難的決定，不僅要生存，還要發展。順便說一下，我們在 Johnson Controls 中最大的名稱讚助商決定在由於這些重要的里程碑而不得不放慢建設速度的時候，他們將讓我們違約，我們將不得不對此作出反應，從收入的角度和品牌的角度為我們創造一個問題。

So why is that all relevant to Q1 earnings? I think I could not be more proud of the team because it's demonstrating the ability to drive results in the face of adversity. And I think I've said this over and over again, we have been able to not only make tough decisions but continue to grow our business. This shows the commitment of all of our stakeholders in our community, from our largest shareholders, and all of the support that they're giving us through these difficult times. And you can full well imagine as we come out of these times -- and we will come out of these times, that support will only propel us to even bigger results and greater growth.

那麼為什麼這一切都與第一季度收益相關呢？我想我為這個團隊感到無比自豪，因為它展示了在逆境中取得成果的能力。我想我已經一遍又一遍地說過，我們不僅能夠做出艱難的決定，而且還能繼續發展我們的業務。這顯示了我們社區中所有利益相關者的承諾，來自我們最大的股東，以及他們在這些困難時期給予我們的所有支持。你完全可以想像，當我們走出這些時代——我們將走出這些時代，這種支持只會推動我們取得更大的成果和更大的增長。

Lastly, in the quarter, approximately one full year of operation as a company, we have grown revenue, we've shown strong attendance growth, and attendance growth during non-peak periods at the Village especially in Q1, we've increased events and programming, and we've really started to show the strategy can work by driving synergies between our business verticals.

最後，在本季度，作為一家公司運營了大約一整年，我們的收入有所增長，我們的出勤率增長強勁，而且在非高峰期，特別是在第一季度，我們增加了活動和編程，我們已經真正開始展示該戰略可以通過推動我們的垂直業務之間的協同作用來發揮作用。

I thought it would be relevant to share some key highlights from quarter one and starting with the Village. I think the Center For Performance was probably one of the most important assets that we could have added to flatten seasonality and to really drive revenue and attendance growth into Q1. And it did exactly that. Our traffic into Village was the highest it ever was in Q1. We hosted very unique indoor sporting and entertainment events from boxing matches to large-scale dinners to other significant private events.

我認為從第一季度開始分享一些重要亮點並從村莊開始是相關的。我認為 Center For Performance 可能是最重要的資產之一，我們可以添加它來平息季節性並真正推動收入和出勤率增長到第一季度。它確實做到了。我們進入 Village 的流量是第一季度最高的。我們舉辦了非常獨特的室內體育和娛樂活動，從拳擊比賽到大型晚宴，再到其他重要的私人活動。

And we also continued our use sports programming with league play and tournaments this just after officially opening in November of 2020. So the team was well ahead of programming already a few months after we opened this facility.

在 2020 年 11 月正式開放後，我們還繼續使用體育節目進行聯賽和錦標賽。因此，在我們開放該設施幾個月後，團隊就已經遠遠領先於節目製作。

At Tom Benson Hall of Fame Stadium, we also saw some significant announcements in Q1. And we became one of the official sites for the USFL to host two regular season teams here playing regular season games along with the playoffs and the championships, and it expanded our partnership with Fox. I remember Eric Shanks saying to me during our press conference, you guys made it very difficult for us not to come back and by the way, not to just come back, but to expand our presence in Canton, Ohio.

在湯姆·本森名人堂體育場，我們還在第一季度看到了一些重要公告。我們成為 USFL 的官方網站之一，在這裡舉辦兩支常規賽球隊，以及季后賽和錦標賽，這擴大了我們與 Fox 的合作關係。我記得埃里克·尚克斯在我們的新聞發布會上對我說，你們讓我們很難不回來，順便說一句，不僅僅是回來，而是擴大我們在俄亥俄州坎頓的存在。

So that was a big tribute to our team and the way in which we execute and I could not have been more pleased to have USFL here. And I think they're showing how having that type of event programming drive synergies through every facet of our business: food and beverage, hotel stays, private events. They were out renting our fields for training, field rental for the stadium, concessions. And then obviously media, with Fox being our key partner with significant numbers of nationally televised events this year and already doing extremely well in terms of viewership.

所以這是對我們團隊和我們執行方式的巨大讚揚，我對 USFL 在這裡感到非常高興。我認為他們正在展示這種類型的活動計劃如何通過我們業務的各個方面推動協同效應：食品和飲料、酒店住宿、私人活動。他們租用我們的場地進行訓練，為體育場租用場地，讓步。然後是媒體，Fox 是我們的主要合作夥伴，今年有大量全國電視轉播的活動，並且在收視率方面已經做得非常好。

Play-Action Plaza, we completed our Red Zone giant wheel attraction, which is now operational and adding to our overall guest experience and extending length of stay. We increased event revenue from Q1 of 2022 to Q1 of 2023 by almost 1,400%, staggering results, largely attributable to having indoor capacity, but also public and private event growth as well. USFL playing or training here in Q1, hosting meetings, gearing up for the season as an example, along with things like significant other private events in more climate-controlled space in a very unique setting. I think it has really enabled our sales team to get after it in a very big way.

Play-Action Plaza，我們完成了我們的紅區巨輪景點，現已投入運營，增加了我們的整體賓客體驗並延長了逗留時間。從 2022 年第一季度到 2023 年第一季度，我們的活動收入增加了近 1,400%，這是驚人的結果，這主要歸功於室內容量，以及公共和私人活動的增長。 USFL 在第一季度在這裡打球或訓練、舉辦會議、為賽季做準備，以及在一個非常獨特的環境中，在更受氣候控制的空間中舉辦重要的其他私人活動。我認為它確實使我們的銷售團隊能夠以非常大的方式追求它。

We have continued to grow in every facet of our business with respect to the village. And we've brought in new partners, we've created new events. And just this morning, you would have seen I hope the announcement of a brand-new ride attraction called Spike It, where we can give guests the sensation of being in the end zone, having just scored, and doing the dance with the player spiking device. It's a ritual that we see almost every time that athlete in professional football gets into the end zone. And so this will be our third ride attraction. I think we're adding the right amount of capacity to really create Play-Action Plaza as a wow and a destination for people in and of itself.

我們在與村莊相關的業務的各個方面都在不斷發展。我們引進了新的合作夥伴，我們創造了新的活動。就在今天早上，我希望你會看到一個名為 Spike It 的全新遊樂設施的宣布，我們可以讓客人感受到在終點區、剛剛得分並與球員一起跳舞的感覺設備。幾乎每次職業足球運動員進入達陣區時，我們都會看到這種儀式。因此，這將是我們的第三個遊樂設施。我認為我們正在增加適當數量的容量，以真正將 Play-Action Plaza 打造成為人們驚嘆的目的地。

Our media group in one short year was able to produce one of the most significant products for us yet, in the Perfect 10 documentary. It was sponsored by Prudential. It was launched and aired on Fox, prime time, Saturday night prior to the Super Bowl. And it had an amazing viewership. It was the largest viewership, the most popular sports documentary on Fox in three years since the Brady Heist. And most importantly, it allowed us to showcase our media team and their capabilities around the quality of content that we can develop.

我們的媒體集團在短短一年內就為我們製作了迄今為止最重要的產品之一，即 Perfect 10 紀錄片。它是由保誠贊助的。它在超級碗之前的周六晚上在福克斯黃金時段播出。它有一個驚人的收視率。這是自布雷迪大劫案以來三年來收視率最高、最受歡迎的福克斯體育紀錄片。最重要的是，它讓我們能夠展示我們的媒體團隊以及他們在我們可以開發的內容質量方面的能力。

From that, we have had numerous more opportunities to sign new partnership deals with high-profile retired athletes that have production companies that are really interested in doing new and innovative content with us. And we'll talk more about those in the future. We continue to launch and build our Become-A-Villager NFT digital collectible program, and we sold out of our highest level of those passes.

從那以後，我們有更多的機會與知名退役運動員簽訂新的合作協議，這些運動員的製作公司對與我們合作製作新的和創新的內容非常感興趣。我們將在未來更多地討論這些。我們繼續啟動和構建我們的“成為村民”NFT 數字收藏品計劃，並且我們的最高級別通行證已售罄。

And if you watched over the course of this last quarter, we are adding really unique experiences, memorabilia, chances to have VIP, access to events. And so the opportunity here to be a heavy digital collectible, but to also be a part of the company's ecosystem. I think it's going to be very highly demanded and it showed already with our highest level of entitlement being sold out almost immediately.

如果您觀看了上個季度的整個過程，我們將添加真正獨特的體驗、紀念品、獲得 VIP 的機會和參加活動的機會。因此，這裡有機會成為重要的數字收藏品，同時也成為公司生態系統的一部分。我認為它的需求量會非常高，它已經顯示出我們最高級別的權利幾乎立即售罄。

We announced a new distribution partnership with Brinx Television for The GOAT Code, leveraging access to exclusive IP and the access to the greatest ever played professional football. We're developing a new type of short-form content that really shows the scientific, tangible, and intangibles on how these greatest athletes achieved the milestones that they have, both on and off the field. And I think this short-form content is going to be really well received. We're talking about three-minute increments here that give guests the opportunity and viewers the opportunity to learn what it was like and what these athletes did to perform at the highest level.

我們宣布與 Brinx Television 就 GOAT Code 建立新的分銷合作夥伴關係，利用獨家 IP 和有史以來最偉大的職業足球的訪問權。我們正在開發一種新型的短格式內容，真正展示這些最偉大的運動員如何在場內和場外實現他們所擁有的里程碑的科學、有形和無形的內容。而且我認為這種簡短的內容會很受歡迎。我們在這裡談論三分鐘的增量，讓客人和觀眾有機會了解當時的情況以及這些運動員在最高水平上的表現。

And then lastly, we wrapped up our first season of our newly developed broadcast Football Heaven, 6.5 million impressions. Athletes like Warren Moon, Steve Young, big contributor sports analysts like Chris Berman appeared on the show. And again, the team did extremely well in partnership with the Pro Football Hall of Fame. Our analysts and our guests were all incredibly pleased with the outcome.

最後，我們結束了我們新開發的廣播 Football Heaven 的第一季，有 650 萬次展示。沃倫·穆恩 (Warren Moon)、史蒂夫·楊 (Steve Young) 等運動員以及克里斯·伯曼 (Chris Berman) 等貢獻巨大的體育分析師都出現在節目中。再一次，球隊與職業橄欖球名人堂的合作表現非常出色。我們的分析師和客人都對結果非常滿意。

Our gaming division launched our online sports betting partnership with Betr. I think we're revolutionizing the new micro betting experiences in Ohio. The results are actually in line and in some cases, exceeding our expectations as a company. And if you recall, we did take an ownership stake in Betr. And so as they progress with their business growth in states like Massachusetts or other states, obtaining sports betting licenses, we as a company will benefit from that long-term growth as well.

我們的遊戲部門與 Betr 建立了在線體育博彩合作夥伴關係。我認為我們正在徹底改變俄亥俄州的新微博體驗。結果實際上是一致的，在某些情況下，超出了我們作為一家公司的預期。如果您還記得的話，我們確實持有 Betr 的所有權股份。因此，隨著他們在馬薩諸塞州或其他州等州的業務增長取得進展，獲得體育博彩許可證，我們作為一家公司也將從這種長期增長中受益。

We launched e-gaming tournaments here on campus. E-gaming tournaments, bringing concessions, revenue, ticket revenue; some cases, hotel revenue. A cross pollination. But most importantly, proving out the fact that we could satisfy a very sophisticated e-gaming clientele and offer a unique product and experience and venue for them to come and enjoy.

我們在校園裡發起了電子遊戲錦標賽。電子遊戲錦標賽，帶來優惠、收入、門票收入；在某些情況下，酒店收入。異花授粉。但最重要的是，證明我們可以滿足非常成熟的電子遊戲客戶，並提供獨特的產品和體驗以及讓他們前來享受的場所。

And we also received a significant commitment in Q1 from a very large-scale fantasy league to host their league draft here on campus at the village. And what that speaks to is when you create an environment of excellence and an environment where multifaceted experiences, these types of weeds, these types of partners will seek you out. And that's exactly what happened here. So I'm proud of what the gaming division is doing and Rob Borm, after a few short months of being in his role, is already starting to achieve.

我們還在第一季度收到了一個非常大規模的夢幻聯盟的重要承諾，將在村莊的校園內舉辦他們的聯盟選秀。這就是說，當你創造一個卓越的環境和一個多方面體驗的環境時，這些類型的雜草，這些類型的合作夥伴會尋找你。這正是這裡發生的事情。所以我為遊戲部門所做的事情感到自豪，而 Rob Borm 在擔任他的職位短短幾個月後，已經開始取得成就。

Now let me turn to a couple of topics that I know are probably very relevant. And while all of these updates are a tribute to the team's hard work, and I do mean the team work's incredibly hard every single day of the week. And again, I want to thank the team for all of the great results in Q1. We are committed to executing our game plan still at a very high level and we're focused on the challenges that we're facing.

現在讓我談談幾個我知道可能非常相關的話題。雖然所有這些更新都是對團隊辛勤工作的讚揚，但我的意思是團隊工作一周中的每一天都非常努力。再次，我要感謝團隊在第一季度取得的所有出色成績。我們致力於在非常高的水平上執行我們的遊戲計劃，並且我們專注於我們面臨的挑戰。

As I think about it, we have five key priorities that we have to deal with, and we deal with on a daily basis and have to continue to grow our capabilities around. The first is balancing expenses with revenue growth. We've learned a lot about our business. I can tell you after operating and developing assets like this all over the world, it takes three to five years to really stabilize the business so that you can get through multiple cycles of events, multiple cycles of seasons, to understand how to operate efficiently. And we're already doing that. And the landscape is changing for our company fairly rapidly. But we have to continue to focus on expense containment and profitability.

正如我所想的那樣，我們有五個關鍵的優先事項需要處理，我們每天都在處理，並且必須繼續增強我們的能力。首先是平衡支出與收入增長。我們學到了很多關於我們業務的知識。我可以告訴你，在世界各地運營和開發這樣的資產之後，需要三到五年的時間才能真正穩定業務，這樣你才能通過事件的多個週期，季節的多個週期，了解如何高效運營。我們已經在這樣做了。我們公司的格局正在迅速變化。但我們必須繼續關注費用控制和盈利能力。

Like any new operational company would, we made a difficult decision just over the last couple of weeks to reallocate resources. We reduced staffing in some areas, and we increased staffing in other areas. And why we did that was we saw opportunity for revenue growth. And so we are being strategic and dynamic around how we're placing human capital, the right human capital, in places to realize those cost efficiencies, but also to realize the progress that we've talked about and the progress that we need.

就像任何新的運營公司一樣，我們在過去幾週做出了一個艱難的決定，重新分配資源。我們減少了一些領域的人員配置，並增加了其他領域的人員配置。我們之所以這樣做，是因為我們看到了收入增長的機會。因此，我們正在圍繞我們如何將人力資本，正確的人力資本放置在實現這些成本效率的地方進行戰略性和動態性，同時也實現我們已經討論過的進步和我們需要的進步。

The second big focus is restructuring our balance sheet and specifically, some of our debt instruments. While a large portion of our debt is of the right profile, meaning longer-term, appropriate-interest-rate type of debt. And recall, we have both public and private debt. And so we've taken advantage of many different programs here in the state TIF financing, PACE financing, TDD bonding, things that are unique to our destination. We have had the ability to balance the type of debt we're taking. But the reality is we also have some very costly debt.

第二大重點是重組我們的資產負債表，特別是我們的一些債務工具。雖然我們的很大一部分債務是正確的，這意味著長期、適當利率的債務類型。回想一下，我們既有公共債務也有私人債務。因此，我們在州內利用了 TIF 融資、PACE 融資、TDD 綁定等許多不同的項目，這些都是我們目的地所獨有的。我們有能力平衡我們所承擔的債務類型。但現實是我們也有一些非常昂貴的債務。

And so we're working right now. We're in discussions with lenders and our largest shareholder, IRG, Industrial Realty Group, to see if we can come up with options to rebalance some of that more costly debt and to ensure we continue to optimize our debt and equity needs. And so as we have updates on those efforts, we will provide appropriate transparency on an ongoing basis, but a very important point for us to sustain ourselves in the long term.

所以我們現在正在工作。我們正在與貸方和我們的最大股東 IRG，Industrial Realty Group 進行討論，看看我們是否可以提出重新平衡一些成本更高的債務的選擇，並確保我們繼續優化我們的債務和股權需求。因此，當我們了解這些努力的最新情況時，我們將持續提供適當的透明度，但這對我們長期維持自己來說是非常重要的一點。

The third point is identifying significant deals and partners in all of our business verticals that align with our vision and further our strategy of growth and execution and creating unique experiences. Most importantly, partners that we can bring into our Center for Excellence, and we have signed some new agreements there. Our fan engagement zone; I've talked about new tenants. We're getting ready to open Brew Kettle and Topgolf in the next week. You'll start to see announcements around being able to book for Topgolf reservations. And Brew Kettle is a fantastic new food and beverage experience that I'm excited for our guests to enjoy.

第三點是確定我們所有垂直業務中符合我們願景的重要交易和合作夥伴，並進一步推進我們的增長和執行戰略，並創造獨特的體驗。最重要的是，我們可以將合作夥伴帶入我們的卓越中心，我們已經在那裡簽署了一些新協議。我們的粉絲互動區；我已經談到了新租戶。我們準備在下週開放 Brew Kettle 和 Topgolf。您將開始看到有關可以預訂 Topgolf 預訂的公告。 Brew Kettle 是一種奇妙的全新餐飲體驗，我很高興我們的客人能夠享受到它。

And we've also talked about new distribution and production partnerships in media, new gaming partnerships in e-sports and fantasy sports for our gaming division. The point here is we want the right partners. We're not looking to sign quick partnership deals that may not end the best for us or for them. And we're also not interested in signing partnership deals that don't further enhance our capabilities as a company.

我們還討論了我們遊戲部門在媒體領域的新發行和製作合作夥伴關係、電子競技和夢幻體育領域的新遊戲合作夥伴關係。這裡的重點是我們需要合適的合作夥伴。我們不打算簽署可能不會為我們或他們帶來最好結果的快速合作協議。我們也沒有興趣簽署不能進一步增強我們公司能力的合作協議。

Now, I know some of you have talked about and wondered about our retail sports partner, Rush Street Interactive. The update I have for you is after several months of working together, Rush and we decided not to pursue the partnership together. We had different versions and different vision of what a retail sportsbook experience could be at a destination-based asset like the Hall of Fame Village. And so while Richard Schwartz and his team are doing a fantastic job at what they do, and I'm very proud of our team, again, I would say not the right partnership at our time for either of us. And so we now continue to look for and are already in discussions with potential partners to backfill in our retail sportsbook.

現在，我知道你們中的一些人已經談到並想知道我們的零售體育合作夥伴 Rush Street Interactive。我為您提供的最新消息是經過幾個月的合作後，Rush 和我們決定不再繼續合作。我們對零售體育博彩體驗在名人堂村等目的地資產中的體驗有不同的版本和不同的看法。因此，儘管 Richard Schwartz 和他的團隊在他們所做的事情上做得非常出色，而且我為我們的團隊感到非常自豪，但我要說的是，在我們這個時代，這對我們倆來說都不是正確的合作夥伴關係。因此，我們現在繼續尋找並已經在與潛在合作夥伴進行討論，以補充我們的零售體育博彩。

By the way, one other thing to note, we are also in discussions with food and beverage partners as a part of that overall experience. And so we will continue to champion that effort. But again, we want the right partner to help us further our mission and to expand the destination and the experiences that we're going to have here.

順便說一下，還有一件事需要注意，我們也在與餐飲合作夥伴進行討論，作為整體體驗的一部分。因此，我們將繼續支持這一努力。但同樣，我們希望合適的合作夥伴幫助我們進一步完成我們的使命，並擴大我們將在這裡擁有的目的地和體驗。

Fourth point is continuing to develop Phase 2 assets of the village to be on time and on budget. We are laser focused on this. You've seen the progress we're making on the waterpark. Weather is helping us, believe it or not. I'm encouraged by the progress that Realty and the team is making, and our team is making and the construction oversight and project management. We look forward to breaking ground on the hotel in the very near term. And also, we've championed and undertaken work around our Phase 3 master plan.

第四點是繼續按時按預算開發該村的二期資產。我們非常專注於此。您已經看到我們在水上樂園取得的進展。信不信由你，天氣正在幫助我們。我對 Realty 和團隊正在取得的進展以及我們的團隊正在取得的進展以及施工監督和項目管理感到鼓舞。我們期待酒店在近期破土動工。此外，我們還支持並圍繞我們的第三階段總體規劃開展工作。

Now one of the things I want to make clear, Phase 2, it was critical for us to develop a set of assets all at the same time that would create a destination. And I think we're doing that very successfully. Phase 1 of development was some big assets that were great at hosting events. Phase 2, you could play, you could stay, you could dine, you could be entertained. And so this is really something that we felt strongly we needed to do all at one time.

現在我想澄清的一件事是，第 2 階段，對我們來說，同時開發一組資產來創建目的地至關重要。我認為我們做得非常成功。開發的第一階段是一些非常適合舉辦活動的大型資產。第二階段，可以遊玩，可以住宿，可以用餐，可以娛樂。因此，這確實是我們強烈認為需要同時完成的事情。

Phase 3 is about enhancing and furthering and being responsive to the evolution of our destination. We will not build Phase 3 all at one time. And in fact, we'll be very strategic around the timing as our company grows, as our revenue grows, and our capabilities grow. We will add assets that will enhance the guest experience, increase length of stay and also increase profitability. So our goal is not to continue to take on extreme amounts of debt or have to go out and do large equity raises to build all of Phase 3 at the same time, it's to be strategic around how we grow the destination after we have the destination in place.

第 3 階段是關於加強和推進以及響應我們目的地的演變。我們不會一次性建設 Phase 3。事實上，隨著公司的發展、收入的增長和能力的增長，我們將在時機上非常有戰略意義。我們將增加資產以提升賓客體驗、延長入住時間並提高盈利能力。因此，我們的目標不是繼續承擔大量債務，也不是必須出去進行大量股權融資以同時建設所有第 3 階段，而是圍繞我們在擁有目的地後如何發展目的地進行戰略性規劃到位。

And then lastly, and probably most importantly, we have to continue to create unique experiences for our guests to enjoy. This also allows us to drive synergy opportunities from one business unit to the other two. When you create great product that is highly demanded, business results will come. And I believe we're doing just that.

最後，也許也是最重要的一點，我們必須繼續為我們的客人創造獨特的體驗。這也使我們能夠推動從一個業務部門到其他兩個業務部門的協同機會。當您創造出需求量很大的優質產品時，業務成果就會到來。我相信我們正在這樣做。

So now let me turn it over to Ben Lee. I want to have Ben give you a chance as our CFO to provide a more detailed financial overview, and then I'll come back and talk about some of the things that we're focused on in the upcoming months and the rest of this year.

現在讓我把它交給 Ben Lee。我想讓 Ben 給你一個機會，作為我們的首席財務官，提供更詳細的財務概覽，然後我會回來談談我們在接下來的幾個月和今年剩餘時間里關注的一些事情.

Thanks, Mike, and good morning, everyone. Moving on to financial results, and as Anne mentioned earlier, we filed our first quarter of fiscal 2023 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。接下來是財務業績，正如安妮之前提到的，我們昨天提交了 2023 財年第一季度 10-Q 上市後報表。該文件可在 SEC 網站和我們的投資者關係網站上獲取。

First-quarter total revenue was $3.1 million, which represents an increase of 48% from the same period in the prior year. First quarter revenue growth was primarily driven by higher event and rental revenue at the Hall of Fame Village, increased operating revenue at our DoubleTree Hotel, and contribution from our media vertical.

第一季度總收入為 310 萬美元，比去年同期增長 48%。第一季度收入增長的主要原因是名人堂村的活動和租金收入增加、逸林酒店營業收入增加以及垂直媒體的貢獻。

First quarter adjusted EBITDA was minus $12 million compared to minus $6.7 million in the same period last year. While our expense base has increased as we brought new destination assets online over the year, the majority of the increase in Q1 operating expenses was the result of several non-recurring items, including start-up costs for our new restaurant, the Don Shula's American Kitchen; film costs associated with our media production of Perfect 10; and recognition timing of certain compensation-related expenses. As Mike mentioned during his remarks, the company made organizational changes during the second quarter to improve operating efficiency and to enhance future profitability.

第一季度調整後的 EBITDA 為負 1200 萬美元，而去年同期為負 670 萬美元。雖然我們的費用基數隨著我們在一年中將新的目的地資產上線而有所增加，但第一季度運營費用的增加主要是由於一些非經常性項目，包括我們新餐廳 Don Shula's American 的啟動成本廚房;與我們的 Perfect 10 媒體製作相關的電影成本；某些薪酬相關費用的確認時間。正如邁克在講話中提到的那樣，公司在第二季度進行了組織變革，以提高運營效率並增強未來的盈利能力。

Company posted a net loss of $19.6 million during the quarter, which included an increase in the fair value of our warrant liabilities of $238,000. Under US GAAP, the fair value of these liabilities will increase, and income will decline when the company's stock price (technical difficulty).

公司公佈本季度淨虧損 1,960 萬美元，其中包括我們認股權證負債的公允價值增加 238,000 美元。根據美國公認會計原則，這些負債的公允價值會隨著公司股價的上漲而增加，而收益會下降（技術難度）。

Moving to the balance sheet, we finished the quarter with cash and liquid investment balance of approximately $47 million compared to $50 million at the end of the year. Both values are inclusive of our restricted cash balances and investments held to maturity. With a larger cash balance, we've been investing excess funds and short-term treasuries due to attractive yields and to better match timing of cash outflows.

轉到資產負債表，我們在本季度末的現金和流動投資餘額約為 4700 萬美元，而年底為 5000 萬美元。這兩個價值都包括我們的受限現金餘額和持有至到期的投資。由於現金餘額較大，我們一直在投資過剩資金和短期國債，因為收益率具有吸引力，並且可以更好地匹配現金流出的時間。

Company's uses of cash was attributed to operating activities already highlighted and construction expenditures, which totaled approximately $9.7 million during the first quarter. This cash usage was offset by proceeds obtained from various financing instruments during the quarter. Our net debt balance increased to $192 million compared to $171 million at the end of the year. The increase in notes payable during the quarter was primarily due to increased principal amounts related to a tax increment financing transaction that was completed in February. We have also received proceeds related to our Series A preferred, our EB-5 program that was reinstated in late 2022 and will continue throughout the remainder of this year.

公司的現金使用歸因於已經強調的經營活動和建設支出，第一季度總計約 970 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。我們的淨債務餘額從年底的 1.71 億美元增至 1.92 億美元。本季度應付票據的增加主要是由於與 2 月份完成的增稅融資交易相關的本金增加。我們還收到了與我們的 A 系列優先項目相關的收益，我們的 EB-5 計劃於 2022 年底恢復，並將在今年剩餘時間繼續進行。

There are several additional financing transactions currently in process related to the waterpark and on-campus hotel, as well as those necessary to refinance and optimize the capital stack for the DoubleTree Hotel. Recent macro trends and credit conditions have resulted in significant tightening in the lending markets. However, the support from our largest shareholder, IRG, and our ability to source capital with the support of local, municipal, and state funding programs has allowed us to continue towards closing later this year.

目前還有幾項與水上樂園和校內酒店相關的額外融資交易，以及為逸林酒店再融資和優化資本堆棧所必需的融資交易。最近的宏觀趨勢和信貸狀況導致貸款市場顯著收緊。然而，我們最大股東 IRG 的支持，以及我們在地方、市政和州資助計劃支持下籌集資金的能力，使我們能夠在今年晚些時候繼續關閉。

It's important to highlight two key points: first, the company's ability to execute and raise capital in an ever-changing and difficult macro environment; and two, our intense focus on taking on the right kind of debt and optimizing the capital stack for each asset. We will continue to restructure and optimize our overall capital structure in a way that positions the company for future growth.

需要強調兩個關鍵點：第一，公司在不斷變化和困難的宏觀環境中的執行和融資能力；第二，我們非常注重承擔正確的債務類型並優化每項資產的資本結構。我們將繼續重組和優化我們的整體資本結構，使公司能夠為未來的增長做好準備。

Moving to guidance, at this time, we are reiterating our forecast of 2023 revenue growth in excess of 75% when compared to 2022. We are revising our adjusted EBITDA estimate as we now expect a loss in the mid to high teens in millions of dollars.

轉向指導，此時，我們重申我們對 2023 年收入增長超過 75% 的預測，與 2022 年相比。我們正在修改調整後的 EBITDA 估計，因為我們現在預計損失數百萬美元。 .

In closing, the company is mindful of the current economic environment and will remain intensely focused on driving profitability through synergistic and diversified revenue streams and disciplined cost management while making strategic investments to support our continued growth. We will continue to analyze and optimize our capital structure to deliver long-term value to all shareholders. And finally, as you've come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead.

最後，公司牢記當前的經濟環境，並將繼續專注於通過協同和多元化的收入來源和嚴格的成本管理來提高盈利能力，同時進行戰略投資以支持我們的持續增長。我們將繼續分析和優化我們的資本結構，為所有股東創造長期價值。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。

Operator, we would now like to open the line for any question.

接線員，我們現在想為任何問題打開線路。

(Operator Instructions) David Marsh, Singular Research.

（操作員說明）David Marsh，Singular Research。

Hi, good morning, guys. Thanks for taking the questions. Wanted to start on the top line. Did you all realize revenue from the Perfect 10 in the first quarter? And if so, where did that hit the revenue line?

嗨，早上好，伙計們。感謝您提出問題。想從頂線開始。 Perfect 10第一季度的收入你們都實現了嗎？如果是這樣，那對收入線有何影響？

We did. Yeah, David. That did hit in the first quarter and that's up in the events line item on the income statement.

我們做到了。是的，大衛。這在第一季度確實受到了影響，而且在損益表的事件項目中有所增加。

David, I was just going to comment. One thing to note, though, we are in discussions with Fox now around how do we continue to build the profile of this asset, and will Fox want to own the asset, continue to have it on its distribution channel. When you build these types of media content, there's always a first window, a second window, a third window. And so we are now actively pursuing the final -- or I shouldn't say the final, the continued distribution strategy and revenue opportunities associated with the Perfect 10. This was just the initial launch.

大衛，我只是想發表評論。不過需要注意的一件事是，我們現在正在與 Fox 討論如何繼續建立該資產的形象，以及 Fox 是否希望擁有該資產，繼續將其置於其分銷渠道中。當您構建這些類型的媒體內容時，總會有第一個窗口、第二個窗口、第三個窗口。因此，我們現在正在積極追求最終——或者我不應該說最終，與 Perfect 10 相關的持續分銷戰略和收入機會。這只是最初的發布。

That's helpful, Michael. Thank you. Also just with regard to the gaming vertical, was there any meaningful revenue derived from the online sports betting during the first quarter? And if so, where did that hit the income statement?

這很有幫助，邁克爾。謝謝。同樣就垂直遊戲而言，第一季度在線體育博彩是否有任何有意義的收入？如果是這樣，那對損益表有何影響？

Yeah, David. That also has events in the income statement. Just with the startup of Betr here through the first quarter, we've not seen what you would consider anything material in our income statement. That being said, as Mike alluded to in his earlier comments, certainly on par with what they wanted to do as a start-up and what we expect to experience from here on out, we'll continue to track in terms of growth aligning with what they originally presented to us in their pro forma as we signed that deal with them.

是的，大衛。這在損益表中也有事件。僅在第一季度 Betr 在這裡啟動，我們還沒有看到您認為我們的損益表中有任何實質性內容。話雖這麼說，正如邁克在他之前的評論中提到的那樣，當然與他們作為一家初創公司想要做的事情以及我們期望從現在開始體驗的事情相提並論，我們將繼續跟踪增長與當我們與他們簽署協議時，他們最初以備考形式向我們展示的內容。

So I think positive things to come. But in the first quarter, you won't see really anything material in the income statement related to that.

所以我認為積極的事情即將到來。但在第一季度，你不會在損益表中看到任何與此相關的實質性內容。

And the only thing I'd add is, this is a deal that as a good partner, we allowed for the progression of revenue to grow over a 10-year deal. Net to us is roughly $8 million guarantee with a percentage of the bad and then also a percentage of ownership in the company. So you'll see over the years that there will be a progression in revenue generated from Betr as the experience takes hold, as the ecosystem starts to be adopted more, and as the guaranteed revenue starts to increase along with sponsorship revenue attached to that.

我唯一要補充的是，這是一筆交易，作為一個好的合作夥伴，我們允許收入在 10 年的交易中增長。對我們來說淨額是大約 800 萬美元的擔保，其中包括一定比例的不良資產，然後還有一定比例的公司所有權。因此，多年來你會看到，隨著經驗的積累，隨著生態系統開始被更多地採用，隨著保證收入開始增加以及與之相關的讚助收入，Betr 產生的收入將會有所增加。

We're excited about where we're going, and we wanted to be respectful. We're in the same position. And so we wanted to be respectful of the fact, give them a chance to launch and be successful while at the same time, recognizing revenue, first year, second year, and then growing it beyond.

我們對我們要去的地方感到興奮，我們希望受到尊重。我們處於相同的位置。因此，我們希望尊重這一事實，讓他們有機會啟動並取得成功，同時確認第一年、第二年的收入，然後繼續增長。

That's a great segue. You mentioned sponsorship revenue as part of that commentary. Could you just give us an update with regard to sponsorship revenue and the whole JCI situation and how the progress is going with backfilling that sponsor?

這是一個偉大的segue。你在評論中提到了贊助收入。您能否向我們提供有關贊助收入和整個 JCI 情況的最新信息，以及回填該贊助商的進展情況如何？

Yes, sure. I'll start with JCI. So you may have read in our filing, we have agreed upon a three-panel arbiter panel -- sorry, and that will be conducted in Ohio on an expedited fashion, and believe it or not, October of this year is an expedited fashion. That's currently what we're targeting. There was a scenario that would take this into next year. And I think our legal team led by Tara Charnes as General Counsel did an excellent job of explaining how this should work. And we are prepared with all of our diligence to go to arbitration quickly. We feel like we have a strong case here.

是的，當然。我將從 JCI 開始。所以你可能已經在我們的文件中讀到，我們已經同意一個由三人組成的仲裁小組——抱歉，這將在俄亥俄州以加急方式進行，不管你信不信，今年 10 月是加急方式。這就是我們目前的目標。有一種情況會將其帶到明年。我認為我們的法律團隊由總法律顧問塔拉·查恩斯 (Tara Charnes) 領導，在解釋這應該如何運作方面做得非常出色。我們已盡全力準備好盡快進行仲裁。我們覺得我們在這裡有一個強有力的案例。

And so we're looking forward to having this sometime in Q4 around October, hopefully, being completed. I can't guarantee an outcome, of course, but we're continuing to champion that effort.

因此，我們期待在 10 月左右的第 4 季度某個時候完成這項工作，希望能夠完成。當然，我不能保證結果，但我們會繼續支持這一努力。

In terms of a backfill, I don't think our strategy is to backfill Johnson Controls as the name sponsor for the entirety of the building. I think our strategy is to take components of the village and look for key title sponsors, Center For Performance, Waterpark, Play-Action Plaza, just as we've done with the sports complex and ForeverLawn; just as we've done with our stadium, Tom Benson. I think there is greater opportunity and less risk in terms of a single sponsor having all of the assets under their brand.

在回填方面，我不認為我們的策略是回填江森自控作為整個建築的名稱讚助商。我認為我們的策略是利用村莊的組成部分並尋找主要的冠名贊助商、表演中心、水上樂園、Play-Action Plaza，就像我們對體育場館和 ForeverLawn 所做的那樣；就像我們對我們的體育場所做的那樣，Tom Benson。我認為單一贊助商擁有其品牌下的所有資產會帶來更大的機會和更小的風險。

And frankly creating brand confusion in some instances. I may have told you or Joe, when I got this job, I had several colleagues -- former colleagues reach out and say, oh, gosh, you're working for Johnson Controls because at that time, it was the Johnson Controls Hall of Fame Village. And so we worked hard to reorient Hall of Fame Village powered by Johnson Controls.

坦率地說，在某些情況下會造成品牌混淆。我可能已經告訴過你或喬，當我得到這份工作時，我有幾個同事——以前的同事伸出手來說，哦，天哪，你在為江森自控工作，因為當時，這是江森自控的大廳名利村。因此，我們努力重新定位由江森自控提供支持的名人堂村。

Nevertheless, we're working to identify new sponsors in key categories. I think you're seeing in Q1, we made very good progress on signing new sponsors, both for events and non-event sponsors, meaning longer-term sponsors, category sponsors. And we're looking forward to announcing here in the very near term, a key category that we're -- the team has been working on in terms of a new sponsorship deal, a multiyear deal that I think will be very compelling.

儘管如此，我們正在努力尋找關鍵類別的新贊助商。我想你在第一季度看到，我們在簽約新贊助商方面取得了很好的進展，包括活動和非活動贊助商，也就是長期贊助商、類別贊助商。我們期待在不久的將來在這裡宣布一個關鍵類別——團隊一直在努力達成一項新的讚助協議，我認為這是一項非常有吸引力的多年期協議。

So we have an internal team. We have external consultants that are helping us champion sponsorship efforts. But I would just remind everybody, as we're facing difficult times -- big companies, small companies, medium companies are facing difficult times and so spending on sponsorships on a whole has declined over these last couple of years. I do see it coming back in the future and I do see us benefiting from that.

所以我們有一個內部團隊。我們有外部顧問幫助我們支持贊助工作。但我只想提醒大家，因為我們正面臨困難時期——大公司、小公司、中型公司都面臨困難時期，因此在過去幾年中，贊助支出總體上有所下降。我確實看到它在未來回歸，我確實看到我們從中受益。

That's really helpful, Michael. Thank you. And just lastly for me and then I'll get back in the queue. If you just give us a little bit more detail with regard to the on-site sportsbook in terms of -- now that you're not partnering with Rush Street, I mean, what does that do as far as timing goes? When do you think that you may be able to launch the on-site? And how quickly do you think that you can find a new partner? It sounds like you've already made some progress in discussions there.

這真的很有幫助，邁克爾。謝謝。最後是我，然後我會回到隊列中。如果你只是給我們更多關於現場體育博彩的細節——既然你沒有與 Rush Street 合作，我的意思是，就時間而言，這有什麼作用？您認為什麼時候可以啟動現場？你認為你能多快找到一個新的合作夥伴？聽起來你們在那裡的討論已經取得了一些進展。

Yeah, I would say a couple of things. Number one, there is a settling out of retail sportsbook. If you look at the revenue generated over the last three months, clearly digital is where and mobile is where the bulk of revenue coming from -- sports betting is coming from. And I think the physical location is both brand building and also creating an experience that is unique for guests to enjoy.

是的，我會說幾件事。第一，零售體育博彩業已解決。如果你看看過去三個月產生的收入，顯然數字是其中大部分收入來自移動設備 - 體育博彩來自。而且我認為物理位置既是品牌建設，也是為客人創造獨特的體驗。

As it related to -- look a very good company. These guys know what they're doing. They run businesses extremely well in other locations. I think this was probably their first destination-based asset, meaning outside of like a standalone casino or a standalone experience like a racetrack or something along those lines.

因為它與 - 看起來是一家非常好的公司有關。這些傢伙知道他們在做什麼。他們在其他地方經營業務非常好。我認為這可能是他們的第一個基於目的地的資產，意思是在像獨立賭場或像賽馬場這樣的獨立體驗之外。

For us, it's important that everything integrates, and everything works together. And so we can't have one experience monopolizing the messaging or the parking or the operational oversight. And I think that's where we had points of difference with Rush. And so we talked all of those through very amicably and very professionally, and both came to the conclusion that neither was ready to create an experience that would suit the other's needs.

對我們來說，重要的是一切都集成在一起，一切都在一起工作。因此，我們不能擁有壟斷消息傳遞、停車或運營監督的經驗。我認為這就是我們與 Rush 的不同之處。所以我們非常友好和非常專業地討論了所有這些，並且雙方都得出結論，雙方都沒有準備好創造適合對方需求的體驗。

We have immediately -- we had a consultant still do that is helping us look for the right fit partner. There was a lot of learnings from Rush that we now are taking into new partnership discussions. And I also think there is learnings from other partners or other gaming companies, I should say, that are doing business with sports franchises or other casinos that could benefit us. We're a year-round destination. We're not a sports franchise that has nine home games or 40 home games and then a few concerts here and there. And so we have the ability to go out and really market a sports betting partnership.

我們立即 - 我們有一位顧問仍然在幫助我們尋找合適的合作夥伴。我們從 Rush 那裡學到了很多東西，現在我們正在討論新的合作夥伴關係。而且我還認為，我應該說，其他合作夥伴或其他遊戲公司可以從與體育特許經營權或其他可能使我們受益的賭場開展業務中吸取教訓。我們是全年的目的地。我們不是一個擁有 9 場主場比賽或 40 場主場比賽，然後到處開幾場音樂會的體育球隊。因此，我們有能力走出去並真正推銷體育博彩合作夥伴關係。

We have not stopped those conversations. We have actually finished the construction of the core and shell of the asset. We have engaged in some food and beverage conversations to complement the sportsbook in that location. So we're working to piece together the right experiences in that box because that box is a fantastic location here at the village, and I think it's going to be very appealing.

我們沒有停止這些對話。我們實際上已經完成了資產的核心和外殼的構建。我們進行了一些食品和飲料對話，以補充該地點的體育博彩。所以我們正在努力在那個盒子裡拼湊出正確的體驗，因為那個盒子在村子裡是一個很棒的位置，我認為它會非常有吸引力。

In terms of timeframe, I can't really give you a timeframe. All I can tell you is we want to make sure we have the right partner. And to do that, we're being very diligent around discussions. Again, I give our General Counsel, Tara Charnes, a lot of credit. She's been in contact with the Ohio Casino Control Commission. They're very supportive. They understand what we're trying to achieve. And so we're working hard to backfill that experience and one that we think will really help create and enhance the guest visits as they come to the village.

就時間框架而言，我真的不能給你一個時間框架。我只能告訴你的是，我們想確保我們有合適的合作夥伴。為此，我們在討論中非常勤奮。我再次高度讚揚我們的總法律顧問 Tara Charnes。她一直在與俄亥俄州賭場控制委員會聯繫。他們非常支持。他們了解我們正在努力實現的目標。因此，我們正在努力補充這種體驗，我們認為這種體驗將真正有助於創造和加強來訪者的訪問。

Michael Diana, Maxim Group.

馬克西姆集團的邁克爾戴安娜。

Okay, thank you. So Mike, today, you talked about having the right partners. I know in in the past, you've also talked about the right timing for adding those partners. Maybe you could comment some about the big national like beverage partners. Coke, Budweiser, or something like that, when do you think the timing might be right for those?

好的謝謝。所以邁克，今天，你談到了擁有合適的合作夥伴。我知道在過去，您也談到了添加這些合作夥伴的正確時機。或許您可以評論一下像飲料合作夥伴這樣的大型國家。可口可樂、百威或類似的東西，你認為什麼時候適合這些？

Well, Michael, you are very insightful guy. We are deep in discussions with both Coke and Pepsi at this time. We do believe that a multiyear deal with both of them. And when I say multiyear, I'm not talking about 10 years. But a multiyear deal that gives us a chance to continue to expand our media presence, our gaming presence, and of course, the village. We want to maximize, but we want to also be fair to the partner and we also want to be fair to ourselves because I think this company is going to offer ability to enhance and showcase product for a carbonated beverage company like a Coke or a Pepsi in ways that are unique and different.

好吧，邁克爾，你是個很有洞察力的人。目前，我們正在與可口可樂和百事可樂進行深入討論。我們確實相信與他們雙方達成多年協議。當我說多年時，我不是在談論 10 年。但一項多年期協議讓我們有機會繼續擴大我們的媒體影響力、遊戲影響力，當然還有村莊。我們想要最大化，但我們也想對合作夥伴公平，我們也想對自己公平，因為我認為這家公司將提供能力來增強和展示可口可樂或百事可樂等碳酸飲料公司的產品以獨特和不同的方式。

So I would look forward to us finalizing that category in the very near term and a deal that allows us -- a runway to grow, but then allows us a runway or a off-ramp to take stock of how we've grown and to make sure that we have an ability to continue to maximize that category on a go-forward basis.

因此，我期待我們在近期內完成該類別，並期待達成一項允許我們——一條增長的跑道，但隨後允許我們一條跑道或出口匝道來評估我們如何成長和確保我們有能力在前進的基礎上繼續最大化該類別。

Okay, great. Thanks. Also, a big part of the story here is synergies and some of your biggest draws, if you will, synergistic assets are yet to be built or in the process of being Delta -- hotel, the waterpark. Maybe you could give us some timeline as to how extensive you think the ramp is going to be once we get those other synergistic assets fill?

好的，太好了。謝謝。此外，這裡故事的很大一部分是協同效應和一些最大的吸引力，如果你願意的話，協同資產尚未建成或正在成為三角洲——酒店、水上樂園。也許你可以給我們一些時間表，說明一旦我們獲得其他協同資產，你認為斜坡會有多廣泛？

Well, I think the waterpark will be almost immediate. I do believe, within the first year of operation, that waterpark is going to be a compelling experience that will be packaged with multiple other visit opportunities, a visit to the Pro Football Hall of Fame, or ride package where they ride attractions, food and beverage, a hotel stay. So I think that when and we'll work hard. We brought in a very experienced consultant that used to do a lot of work for Great Wolf Lodge, and she's already proving our value every single day.

好吧，我認為水上樂園幾乎是立竿見影的。我確實相信，在運營的第一年內，水上樂園將成為一種引人入勝的體驗，它將與其他多個參觀機會打包在一起，參觀職業足球名人堂，或者他們乘坐景點、食物和飲料，酒店住宿。所以我認為到時候我們會努力工作。我們聘請了一位經驗豐富的顧問，她曾為 Great Wolf Lodge 做過很多工作，她每天都在證明我們的價值。

But I would say, Mike, when you think about -- I'll use USFL as an example. When we talk about synergies, they are one of the best examples and we have multiples of these. They came in, media immediately has an uplift because we're showing nationally televised events. 17, I think, roughly of them here or close to that over the year, and that's with playoffs and championship and other things. That's significant for brand building for our media group.

但我會說，邁克，當你考慮時——我將以 USFL 為例。當我們談論協同效應時，它們是最好的例子之一，我們有很多這樣的例子。他們進來了，媒體立即受到鼓舞，因為我們正在展示全國電視轉播的活動。 17，我認為，他們在這一年中大致在這里或接近這個數字，那是季后賽和冠軍以及其他事情。這對我們媒體集團的品牌建設意義重大。

Then you think about all of the meetings that they have in our spaces, all the food and beverage that they require, the hotel stays; the visiting teams staying in our hotels, renting our fields for practice, the overall renting of Tom Benson Hall of Fame Stadium; concessions; as tickets are sold, we get a percentage of the ticket fee; merchandise. So here is -- and driving attendance into our Pro Football Hall of Fame; visitors coming out, riding rides before, after; maybe having some concessions before as well.

然後你想想他們在我們的空間舉行的所有會議，他們需要的所有食物和飲料，酒店住宿；客隊入住我們的酒店，租用我們的場地進行訓練，整體租用湯姆本森名人堂球場；優惠；門票售出後，我們將獲得一定比例的門票費用；商品。所以這裡是 - 並推動出席我們的職業橄欖球名人堂；遊人出門，前後騎馬；也許之前也有一些讓步。

Here's a great example of a multi-prong synergistic approach to driving revenue in almost every facet of our business. And we have Kevin Hart coming here this weekend. We have a very large lacrosse men's tournament coming here this week. And each time those things happen, the synergy gets driven through all of our business units. And honestly, we're still learning on how to maximize the opportunity and to gain a greater share of the guest wallet and have them provide them opportunities for extended length of stay and more experience for them to enjoy.

這是一個多管齊下的協同方法在我們業務的幾乎每個方面推動收入的一個很好的例子。凱文哈特這個週末要來這裡。本週我們將舉辦一場非常大型的男子長曲棍球錦標賽。每次發生這些事情時，我們所有的業務部門都會產生協同效應。老實說，我們仍在學習如何最大限度地利用機會並獲得更多的客人錢包份額，並讓他們為他們提供延長住宿時間和更多體驗的機會。

So this model is not new. I mean, many companies use it. But fortunately for us, we have three different business verticals that allow us to take content and IP and sort of flow it through and gain not only brand building opportunity, but revenue growth opportunity as well.

所以這個模型並不新鮮。我的意思是，許多公司都在使用它。但對我們來說幸運的是，我們擁有三個不同的業務垂直領域，這使我們能夠獲取內容和 IP 並在某種程度上讓它們流通，不僅獲得品牌建設機會，還獲得收入增長機會。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Michael Crawford for closing remarks.

謝謝。目前沒有其他問題。我想把發言權轉回邁克爾克勞福德的閉幕詞。

Thank you.

謝謝。

So I'd just like to leave with a couple of key takeaways. We've had to make a lot of difficult decisions over the past couple of years. We've really been an operational company in all of our divisions for over a year, given the shutdown of the world. And we survived and we continued to grow our capabilities, we've continued to grow our revenue.

所以我想留下幾個關鍵點。在過去的幾年裡，我們不得不做出很多艱難的決定。考慮到世界停擺，我們所有部門實際上已經成為一家運營公司一年多了。我們活了下來，我們繼續發展我們的能力，我們繼續增加我們的收入。

We've had to make decisions that were popular. We conducted a reverse stock split. Our stock was under an extreme pressure. The value of having our shareholders have access to trade in the markets was important to us. I realize some folks think that that was a bad decision. We still believe it was the absolute right decision to say to send the message that we are going to protect your rights to trade your stock freely. We did not do a big equity offering right after we did this reverse stock split. We've had an at-the-market offering out there for multiple years and we've barely used it. And in fact, in the last year, I think we've done a couple of thousand dollars' worth of testing in the market to see if we wanted to use it, we haven't.

我們不得不做出受歡迎的決定。我們進行了反向股票分割。我們的股票承受著極大的壓力。讓我們的股東能夠在市場上進行交易的價值對我們來說很重要。我知道有些人認為這是一個錯誤的決定。我們仍然認為，發送我們將保護您自由交易股票的權利的信息是絕對正確的決定。在進行反向股票拆分後，我們並沒有立即進行大規模的股票發行。多年來，我們一直在市場上提供產品，但我們幾乎沒有使用過它。事實上，在去年，我認為我們已經在市場上進行了價值幾千美元的測試，看看我們是否想使用它，但我們沒有。

And so our commitment is to make the right decisions at the right time for our shareholders. These are not always going to be popular. But I'll say this, when you look at our company and you look at our board and you look at our largest shareholders and you look at the executive management team, not one single share of our company stock has been traded or sold by that group other than to cover tax obligations.

因此，我們的承諾是在正確的時間為我們的股東做出正確的決定。這些並不總是會受歡迎。但我要說的是，當你看看我們的公司，看看我們的董事會，看看我們的最大股東，再看看執行管理團隊，我們公司的股票沒有一股被交易或出售除納稅義務外的集團。

And that's an important distinction. We believe so deeply in our growth, in our trajectory that this team, this Board, our largest shareholders have said we are standing behind you. The same with our community. Our community or had been providing loan instruments, regulatory changes, allowing us to become a designated outdoor recreation area; a TDD, Tourism Development District; offering TIF support, offering PACE support, bonding support.

這是一個重要的區別。我們對我們的成長、我們的軌跡深信不疑，以至於這個團隊、這個董事會、我們最大的股東都說我們支持你。我們的社區也一樣。我們的社區或一直在提供貸款工具，法規發生變化，使我們成為指定的戶外休閒區； a TDD，旅遊開發區；提供 TIF 支持，提供 PACE 支持，綁定支持。

All of these things are not just done lightly. They're done in support of our company because the business plan we've articulated is compelling and we're proving it out on a daily basis.

所有這些事情都不是隨便做的。他們這樣做是為了支持我們公司，因為我們制定的商業計劃很有說服力，而且我們每天都在證明這一點。

We are on track for record attendance at the village this year. That is a very significant step forward. We are launching a lot of new media content, driving revenue from our media division this year. We are signing multiple new partners -- distribution, production, tenants, operational partners. And by the way, we're continuing to look at those types of partners as enhancing our capabilities of executing our game plan, driving revenue growth and creating those exceptional experiences.

我們有望在今年創下該村的記錄。這是向前邁出的非常重要的一步。我們推出了許多新媒體內容，推動了我們媒體部門今年的收入。我們正在簽署多個新合作夥伴——分銷、生產、租戶、運營合作夥伴。順便說一句，我們將繼續關注這些類型的合作夥伴，以增強我們執行遊戲計劃、推動收入增長和創造這些非凡體驗的能力。

We have our own team, but we have an extended team that we rely upon as well. And our gaming division just continues to add new partnerships, new opportunities for engagement and building our brand as well in that division.

我們有自己的團隊，但我們也有一個我們依賴的擴展團隊。我們的遊戲部門只是繼續增加新的合作夥伴關係，新的參與機會以及在該部門建立我們的品牌。

We fully intend to address our balance sheet and improving our balance sheet. We made the decisions we needed to make and gained access to lending through largest shareholders and through other entities, private and public, during a very difficult time. Look, we are a start-up company. We have very little credit history and yet we were able to achieve the financing that has been needed to build the assets to create the experiences and to drive the revenue growth.

我們完全打算解決我們的資產負債表並改善我們的資產負債表。在非常困難的時期，我們做出了我們需要做出的決定，並通過最大股東和其他實體（私人和公共實體）獲得了貸款。看，我們是一家初創公司。我們的信用記錄很少，但我們能夠獲得構建資產、創造體驗和推動收入增長所需的融資。

I think it's also important to note, we are a young company. And so we have to create brand awareness. And I've asked Anne Graffice who heads up our public affairs and marketing team to really focus on branding, really focus on marketing. You can have great product; if you can't market and sell it, it's not going to benefit you as a company and as a shareholder.

我認為同樣重要的是要注意，我們是一家年輕的公司。因此，我們必須創造品牌知名度。我已經要求領導我們的公共事務和營銷團隊的 Anne Graffice 真正專注於品牌推廣，真正專注於營銷。你可以有很棒的產品；如果你不能推銷它，它不會讓你作為公司和股東受益。

We have to resolve the dispute with Johnson Controls. It's going to be in Ohio, three-arbitral panel, October timeframe at this point. And we feel like we will get resolution around that. And we have to drive revenue through our synergy model and we have to focus on aligning cost -- the cost base with the opportunities for growth and -- we want to have the right expectations so that we're not cutting too deeply and deteriorating the guest experience.

我們必須解決與江森自控的糾紛。這將在俄亥俄州舉行，由三個仲裁小組組成，此時時間為 10 月。我們覺得我們會解決這個問題。我們必須通過我們的協同模型來推動收入，我們必須專注於調整成本——成本基礎與增長機會——我們希望有正確的期望，這樣我們就不會削減得太深和惡化客人體驗。

It's hard to manage costs and expand at the same time, and so we're taking costs that aren't productive and we're reallocating those to locations that are more productive in allowing that growth in those experiences and in our operational capabilities, allowing us to operate at a very high level. That is an important primary key takeaway.

很難同時管理成本和擴展，因此我們正在承擔沒有生產力的成本，我們正在將這些成本重新分配到更有生產力的地點，以允許這些經驗和我們的運營能力的增長，允許我們要在非常高的水平上運作。這是一個重要的主鍵要點。

When you create exceptional product and experience that our unique, business results will come. I know everyone wants the stock price to shoot to the moon. I know people have that on their minds. But I want to remind folks, shareholders need to understand that this is a difficult environment and yet this team is executing, and we are showing transparency. We are being very honest where we're at, the challenges we're facing, and the goals that we have. I see growth. I've done this multiple times. The potential for this company to not only grow but to exceed our expectations is very, very big.

當您創造卓越的產品和體驗時，我們獨一無二的業務成果就會到來。我知道每個人都希望股價飛上月球。我知道人們有這樣的想法。但我想提醒大家，股東們需要明白，這是一個艱難的環境，但這個團隊正在執行，我們正在展示透明度。我們非常誠實，我們所處的位置、我們面臨的挑戰以及我們的目標。我看到了增長。我已經做過多次了。這家公司的潛力不僅會增長，而且會超出我們的預期，潛力非常非常大。

The team has executed in very difficult times. I think the Q1 results reflect that. I'm very optimistic that we have the right plan, but we are dynamic, and we are fluid, and we have the ability to pivot. Call inaudible, as they say in the game, as we see the opportunity to grow the company this year and beyond.

該團隊在非常困難的時期執行。我認為第一季度的結果反映了這一點。我對我們有正確的計劃感到非常樂觀，但我們充滿活力，我們是流動的，我們有能力進行調整。正如他們在遊戲中所說的那樣，呼叫聽不見，因為我們看到了今年及以後發展公司的機會。

I really just want to finish by thanking everybody. I know it's been difficult times, not only for our company, but for many companies. When you look across the landscape companies, our size are struggling everywhere. Big companies are trading at lower than 52-week lows and having difficult time accessing credit markets. Credit is tightening. We're moving from probably an inflationary environment into a recessionary environment. We are doing the right things and focusing on the things that will allow us to grow long term.

最後，我真的只想感謝大家。我知道這是一段艱難的時期，不僅對我們公司而言，對許多公司而言也是如此。縱觀景觀公司，我們的規模無處不在。大公司的交易價格低於 52 週低點，並且難以進入信貸市場。信貸正在收緊。我們正在從可能是通貨膨脹的環境轉變為衰退的環境。我們正在做正確的事情，專注於能讓我們長期發展的事情。

Thank you to our guests. Thank you to our Board. Thank you to the team. Thank you to our shareholders. We have exciting work to do here in Canton and beyond. And this week, it sort of personifies that. We have Kevin Hart coming Thursday night. He is going to put on a phenomenal show for those who are coming. Shula's has been sold out for weeks. We're preparing for the launch of two new experiences next week. We're packaging and bundling things together. We have that large scale lacrosse tournament that we're excited about. And many, many more big private events.

感謝我們的客人。感謝我們的董事會。感謝團隊。感謝我們的股東。我們在廣州及其他地區有激動人心的工作要做。而本週，它有點體現了這一點。星期四晚上我們有凱文哈特來。他將為那些即將到來的人表演一場非凡的表演。 Shula's 已售罄數週。我們正在為下週推出兩種新體驗做準備。我們正在將東西打包和捆綁在一起。我們有令我們興奮的大型長曲棍球錦標賽。還有很多很多大型私人活動。

And I'm looking forward to our team being able to talk about new partnerships, new events, and the growth of all of our business verticals, not only in the next quarter, but over the next year and the next several years.

我期待我們的團隊能夠談論新的合作夥伴關係、新事件以及我們所有垂直業務的增長，不僅在下一個季度，而且在明年和未來幾年。

Hope everyone has a great rest of the day. Thank you for tuning in and certainly appreciate your support. Thank you.

希望每個人都度過愉快的一天。感謝您收看，當然感謝您的支持。謝謝。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。