Hall of Fame Resort & Entertainment Co (HOFV) 2023 Q2 法說會逐字稿

Good morning. Welcome to the Hall of Fame Resorts & Entertainment Company's second-quarter 2023 earnings conference call. This conference call is being recorded and all participants are in listen-only mode. (Operator Instructions)

早上好。歡迎參加名人堂度假村及娛樂公司 2023 年第二季度收益電話會議。此電話會議正在錄音，所有參與者均處於僅聽模式。 （操作員說明）

I will now turn the conference over to Anne Graffice, Executive Vice President, Global Marketing and Public Affairs.

我現在將會議交給全球營銷和公共事務執行副總裁 Anne Graffice。

Good morning and thank you for joining us for our second-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 hofreco.com.

早上好，感謝您參加我們的 2023 年第二季度收益電話會議。我們最新的新聞稿、補充幻燈片和 10-Q 表格於昨天晚上盤後發布。這些文件可以在我們網站 hofreco.com 的投資者關係部分找到。

After this brief introduction, Michael Crawford, our President and CEO, will give an update on the company's strategy and 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.

在簡短的介紹之後，我們的總裁兼首席執行官邁克爾·克勞福德 (Michael Crawford) 將介紹公司戰略和前景的最新情況。隨後，首席財務官 Benjamin Lee 將提供本季度財務業績分析以及公司 2023 財年財務指引的最新信息。

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 you all to read the full disclosure concerning forward-looking statements in the earnings press release.

在今天的電話會議中，我們將做出前瞻性聲明，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內容。

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. These slides can be accessed on our website and will be archived there along with the replay of this call.

此外，請注意，公司使用非公認會計準則結果來內部評估業績，如新聞稿中詳述。我們發布了補充幻燈片，總結了季度業績。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。

It is now my pleasure to turn the call over to our President and CEO, Michael Crawford. Michael?

現在我很高興將電話轉給我們的總裁兼首席執行官邁克爾·克勞福德。邁克爾？

Thank you, Anne. Good morning, everyone. I hope everybody's having a great Friday. It is a really nice day here in Canton, Ohio. I thought before I would start in on the Q2 highlights and some of the results, which by the way, we were very pleased with and encouraged by, it would be -- I'd be remiss not to talk a little bit about Enshrinement Week here in Canton. It was an absolutely spectacular week. I think the community did an outstanding job coming together.

謝謝你，安妮。大家，早安。我希望每個人都有一個愉快的星期五。在俄亥俄州坎頓，這真是美好的一天。我想在開始介紹第二季度的亮點和一些結果之前，順便說一句，我們對此感到非常滿意並受到鼓舞，如果不談論一些關於入國周的事情，我將是失職的在廣州這裡。這絕對是精彩的一周。我認為社區團結起來做得非常出色。

We had hundreds of thousands of folks descend upon us over a four, five-day period of time. There are multiple things that go on here in the city and in the county, from balloon fests to parades to fashion shows. there is just a tremendous amount of support for this event. And why not? I mean, it's one of the best events in the world and one of the best events certainly in professional sports.

在四、五天的時間裡，有數十萬人湧向我們。從氣球節到遊行再到時裝秀，這座城市和縣里都會舉辦多種活動。這次活動得到了巨大的支持。那麼為何不？我的意思是，這是世界上最好的賽事之一，當然也是職業體育界最好的賽事之一。

We had over 100 previous Hall of Famers return. You can't imagine the excitement and commitment seeing that number of individuals, the greatness that returns here to Canton every single year to support the new [enshrinement].

我們有超過 100 名名人堂成員回歸。你無法想像看到這麼多人的興奮和承諾，以及每年回到廣州支持新的[安葬]的偉大。

And so for us, it was an opportunity. An opportunity to do several thing. First of all, an opportunity to showcase and operationalize Hall of Fame Village, and we did that very well. Play-Action Plaza with our thrill rides, and concession area, and outdoor amphitheater. Really was activated a lot of entertainment there. Different opportunities for our guests to partake in beverage and food.

所以對我們來說，這是一個機會。一個做幾件事的機會。首先，有機會展示和運營名人堂村，我們做得很好。 Play-Action 廣場設有驚險遊樂設施、特許區和室外露天劇場。那裡確實激活了很多娛樂活動。我們的客人有不同的機會享用飲料和食物。

And so it was really fun to see the thousands of guests up there, sort of pre-gaming, tailgating, and just enjoying the environment. We offered a brand-new First Down Fest. And so the whole theme used to do a fan festival. We took that over this year out in our ForeverLawn sports complex with so many different partners and sponsorships, really bringing that area to life and activating it as well.

所以看到成千上萬的客人在那裡，有點遊戲前，尾隨，只是享受環境真的很有趣。我們舉辦了全新的 First Down Fest。所以整個主題用來做粉絲節。今年，我們在 ForeverLawn 體育中心與眾多不同的合作夥伴和讚助商一起實現了這一目標，真正使該區域煥發活力並激活它。

And our Fan Engagement Zone. We've had over this past quarter and ongoing, we've had new tenants open, new experiences. And our guests really enjoyed the opportunity to have dinner at Shula's, play Topgolf , experience new product that's getting ready to open. Certainly, our cookie ice cream concept with Isaac Bruce was a smash hit. There were lines for these locations all weekend long.

還有我們的粉絲參與區。在過去的這個季度和持續的時間裡，我們有新的租戶開放，新的體驗。我們的客人非常高興有機會在 Shula's 吃晚飯、玩頂級高爾夫、體驗即將開業的新產品。當然，我們與艾薩克·布魯斯合作的餅乾冰淇淋概念非常受歡迎。整個週末，這些地點都排著長隊。

And for me, it was just gratifying seeing a lot of hard work from the team actually being activated and come to life. Our partnership with Hall of Fame could not be stronger. We continue to do things together. I think that's going to help both of us in the long run, become even more important to the sport of professional football and the activation around what we can do here in Canton, Ohio.

對我來說，看到團隊的大量辛勤工作實際上被激活並付諸實踐，我感到很高興。我們與名人堂的合作關係再牢固不過了。我們繼續一起做事。我認為從長遠來看，這對我們雙方都有幫助，對職業足球運動以及我們在俄亥俄州坎頓的活動變得更加重要。

The other thing that was really interesting for me and completely unsolicited, during the game, during enshrinement, nationally televised events, you have world-class broadcasters like Mike Tirico and Chris Collingsworth and others talking about now how this village is actually coming to life and how interesting and exciting it was for them to see it become a destination, to become a place to vacation. And that kind of promotion, that kind of brand and destination acknowledgement for us is invaluable.

另一件對我來說真正有趣的事情是完全不請自來的，在比賽期間，在入聖儀式期間，在全國電視轉播的活動期間，你有像邁克·蒂里科（Mike Tirico）和克里斯·科林斯沃思（Chris Collingsworth）這樣的世界級廣播員和其他人正在談論這個村莊現在是如何真正變得生機勃勃的，看到它成為一個目的地，成為一個度假勝地，對他們來說是多麼有趣和令人興奮。這種促銷、這種品牌和目的地認可對我們來說是無價的。

The other thing that was great for us was the Cleveland Browns were playing in the game. And growing up in Ohio myself, it was exciting to see. It was a really good game. We had a few issues in the stadium that were quickly corrected by our team. I was very proud of the fact that the reaction was almost immediate. Sometimes those things happen. No maintenance difficulties, just some technical things there.

另一件對我們來說很棒的事情是克利夫蘭布朗隊正在參加比賽。我自己在俄亥俄州長大，看到這一點很令人興奮。這真是一場精彩的比賽。我們在體育場裡遇到了一些問題，我們的團隊很快就糾正了。我感到非常自豪的是，反應幾乎是立即的。有時這些事情會發生。沒有維護困難，只是有一些技術問題。

But the fan experience was really one of a kind. And during the game specifically, the acknowledgement of how our company is growing and the experiences we're creating are really having an impact on people's lives. And that's the greatest satisfaction for us.

但粉絲的體驗確實是獨一無二的。特別是在遊戲過程中，我們認識到我們公司的發展方式以及我們正在創造的體驗確實對人們的生活產生了影響。這就是我們最大的滿足。

It was a record-setting weekend, both in terms of attendance and also in terms of revenue across many different events, enshrinement, our Concert for Legends, and certainly the football game sold out in a matter of 30 minutes and the Browns were victorious. So that made a lot of people from Cleveland very, very happy.

這是一個創紀錄的周末，無論是在出席人數方面，還是在許多不同活動的收入方面，入聖儀式，我們的傳奇音樂會，當然還有足球比賽，門票在30 分鐘內售完，布朗隊取得了勝利。這讓很多克利夫蘭人非常非常高興。

For us, the brand was one thing, but the marketing opportunity was another. And having what I refer to as the Hall of Fame Highway, the highway between the Rock and Roll Hall of Fame and the Professional Football Hall of Fame, just full of people coming to Canton, seeing everything that we're doing, all of the experiences coming to life. And hearing and talking to many of them saying, wow, this is really special.

對我們來說，品牌是一回事，但營銷機會是另一回事。擁有我所說的名人堂高速公路，搖滾名人堂和職業橄欖球名人堂之間的高速公路，擠滿了來到坎頓的人，看到我們正在做的一切，所有的體驗變得栩栩如生。聽到並與他們中的許多人交談說，哇，這真的很特別。

It's in our area. It's in our neck of the woods. We now know more about this and we're excited about coming back. That is exactly the type of marketing and branding that we were looking to have.

它在我們地區。它就在我們的樹林裡。我們現在對此有了更多了解，並且很高興能回來。這正是我們想要的營銷和品牌類型。

The last thing I'll say is we got to have the ability to be a bit more scientific this weekend as well in terms of really capturing how many people were on campus. And again, record-setting in terms of geotracking the number of people that came to campus here at the village, spent time here, and also enjoyed experiences and spent money here.

我要說的最後一件事是，這個週末我們必須有能力更加科學地了解校園裡有多少人。再次，在地理追踪方面，來到村莊校園、在這裡度過時光、在這裡享受體驗和花錢的人數創下了記錄。

And so the more of that that we can do, the more that we can get sophisticated around geotracking, understanding our audience, and then target marketing towards that audience, the better we're going to become at activating and growing our company.

因此，我們能做的越多，我們就越能在地理跟踪、了解我們的受眾、然後針對這些受眾進行針對性營銷方面變得更加複雜，我們就能更好地激活和發展我們的公司。

Let me turn to Q2 highlights, if I could. I would say a lot of different things have happened over this last quarter, things that we're very proud of. But the thing that I talk about a lot is just remaining focused on the five key priorities that I highlighted in Q1 on our earnings call at that point in time.

如果可以的話，讓我談談第二季度的亮點。我想說上個季度發生了很多不同的事情，我們對此感到非常自豪。但我經常談論的事情只是繼續關注我在第一季度財報電話會議上強調的五個關鍵優先事項。

The first was balancing expenses with revenue growth. And for us, it's important to recognize that we're still very much in the growth phase of our company in every asset, every media content, every gaming environment that we're developing. And so we're spending money to build these environments and experiences for our guests.

首先是平衡支出與收入增長。對於我們來說，重要的是要認識到，我們正在開發的每項資產、每項媒體內容、每項遊戲環境都仍處於公司的成長階段。因此，我們花錢為我們的客人打造這些環境和體驗。

But it's also important that we continue to focus on the cost control side of the business. You know, we're one year into operation. It was exactly a year ago during Enshrinement Week that we sort of opened up the village, if you will. Not all of the experiences were ready, but we were able to showcase a lot of assets that were there and ready to become operationalized.

但同樣重要的是，我們繼續關注業務的成本控制方面。你知道，我們已經運營一年了。就在一年前的入聖週期間，如果你願意的話，我們就開放了這個村莊。並非所有體驗都已準備就緒，但我們能夠展示大量已存在並準備好投入使用的資產。

And as you've seen, we have shown strong revenue growth over that period. In fact, you know, over 100%-plus revenue growth quarter over quarter, year over year. And that's attributed to the team and their efforts around activating, programming, and also asset development as well.

正如您所看到的，我們在此期間顯示出強勁的收入增長。事實上，您知道，季度環比、同比收入增長超過 100%。這要歸功於團隊以及他們在激活、編程和資產開發方面所做的努力。

The fact is Tom Benson Hall of Fame Stadium is now becoming home to many nationally televised and recognized events. We hosted USFL regular season here. We hosted playoff and championships here. We also hosted at the ForeverLawn Sports Complex, many large-scale youth and adult tournaments ranging from lacrosse to soccer to football to flag football. And that continues to be an important attendance driver for us. But we've also realized how to monetize that attendance in a much more synergistic way.

事實上，湯姆·本森名人堂體育場現已成為許多全國電視轉播和認可活動的舉辦地。我們在這裡舉辦了美國橄欖球聯盟常規賽。我們在這裡舉辦了季后賽和錦標賽。我們還在 ForeverLawn 體育中心舉辦了許多大型青少年和成人錦標賽，從長曲棍球到足球，從橄欖球到腰旗橄欖球。這仍然是我們重要的出席率驅動因素。但我們也意識到如何以更加協同的方式將出席人數貨幣化。

The other thing that we were able to do is, as I talked about last year, flatten seasonality. What that really means is instead of all of our attendance coming from May through, I'll call it November, with the opening of our Center for Performance, our indoor dome, we were able to attract many hundreds of thousands of folks from that non-peak period, I'll call it November through April, May.

正如我去年談到的，我們能夠做的另一件事是壓平季節性。這真正的意思是，隨著我們的表演中心、我們的室內圓頂的開放，我們不再是從5 月到11 月，而是從5 月到11 月，我們能夠吸引來自非國家地區的數十萬觀眾。 -高峰期，我將其稱為十一月到四月、五月。

And that was really important to us. It's important for two reasons. One, driving year-round attendance and revenue. Two, being able to offer partners and sponsors the reality of a destination that is activated year-round.

這對我們來說非常重要。這很重要有兩個原因。第一，推動全年遊客數量和收入。第二，能夠為合作夥伴和讚助商提供全年開放的目的地的現實。

And so we were really happy with the number of leagues, the number of events. We hosted not only sporting events but non-sporting events in there as well. And we continue to do that and activate that really important asset for us, which leads to a lot of great synergies as well.

所以我們對聯賽的數量和賽事的數量感到非常滿意。我們不僅在那裡舉辦體育賽事，還在那裡舉辦非體育賽事。我們將繼續這樣做，並激活對我們來說非常重要的資產，這也會帶來很多巨大的協同效應。

Play-Action Plaza, we added our third ride, Spike It. If you have a chance, come out. I think the third ride gives us enough critical mass to sell day attendance passes, year-long attendance passes. And I've talked to many kids and adults out there walking around, and they seem to just be thrilled with the amount of activity that we now have in that particular area.

Play-Action Plaza，我們添加了第三個遊樂設施 Spike It。有機會的話就出來吧。我認為第三次騎行為我們提供了足夠的臨界質量來銷售日間出勤證、全年出勤證。我和許多在那裡散步的孩子和成人交談過，他們似乎對我們現在在該特定區域進行的大量活動感到興奮。

We opened multiple new facilities in our Fan Engagement Zone. Topgolf is now open and doing incredibly well. Brew Kettle is a fantastic partner there. And in fact, you probably would have seen for Enshrinement Week, and it's still obviously ongoing.

我們在粉絲互動區開設了多個新設施。 Topgolf 現已開放，並且表現非常出色。 Brew Kettle 是那裡的絕佳合作夥伴。事實上，您可能已經看到了入聖週，而且它顯然仍在進行中。

We worked closely with them to co-brand a beer, which I think is a wonderful beer. It's a [Pilsner called Gridiron Gold]. And the response to that was just overwhelmingly positive during Enshrinement Week, and now we're selling that throughout our campus. And we hope to take that off campus as well.

我們與他們密切合作，聯合推出了一款啤酒，我認為這是一款很棒的啤酒。這是一種[稱為 Gridiron Gold 的比爾森啤酒]。在入聖週期間，對此的反應非常積極，現在我們在整個校園內出售它。我們希望也能將其帶出校園。

Synergy is important to us. I talk a lot about synergy. It allows us to scale experiences. It allows us to scale revenue and sort of amortize costs over multiple different things that we do. We have created experiences that I think now offer us the opportunity, and I'll talk about one that's coming up this week -- this weekend I should say, where if you're bringing in a large-scale sports tournament, our hotel is full, our restaurants are now full, the Hall of Fame Museum is seeing attendance upticks.

協同作用對我們很重要。我談了很多關於協同作用的內容。它使我們能夠擴展體驗。它使我們能夠擴大收入並在我們所做的多種不同事情上攤銷成本。我們創造了一些體驗，我認為現在為我們提供了機會，我將談論本週即將推出的體驗 - 我應該說，這個週末，如果您要舉辦大型體育賽事，我們的酒店客滿了，我們的餐廳現在客滿了，名人堂博物館的參觀人數正在上升。

And so it's really taking the one-off guest experience that used to be a single thing and taking it and expanding it into multiple things where people are riding and buying concessions and the parking revenue and all of the different types of things where we can activate each of these verticals, crossing over into the other two verticals allows us to really grow the company.

因此，這實際上是將曾經是一件事的一次性賓客體驗擴展到多種事物，人們可以在其中騎行、購買優惠、停車收入以及我們可以激活的所有不同類型的事物這些垂直領域中的每一個都與其他兩個垂直領域交叉，使我們能夠真正發展公司。

It also allows us to take guests and fans and make them into super fans. And that's a big part of what we want to do. We want to really create stickiness to our environment, and I think we're seeing that with repeat visitation.

它還讓我們能夠吸引客人和粉絲，讓他們成為超級粉絲。這是我們想做的事情的一個重要部分。我們希望真正為我們的環境創造粘性，我認為我們通過重複訪問看到了這一點。

The last thing I'll say about growing revenue, we certainly have had a focus on different business opportunities. And one of those, and we're starting in a very small way, is merchandise and branded merchandise for the Hall of Fame Village in particular. I think our team has done a really good job at creating unique merchandise that is on brand, but also in what I would call in vogue with the merchandise that people are buying today.

關於增加收入，我要說的最後一件事是，我們當然關注不同的商業機會。其中之一，我們正在以很小的方式開始，特別是名人堂村的商品和品牌商品。我認為我們的團隊在創造獨特的品牌商品方面做得非常好，而且在我所說的人們今天購買的流行商品方面也做得很好。

And so it was gratifying to see people coming and saying, wow, it's really great to see that. What that does, obviously, it gives us another revenue channel. But also it creates brand ambassadors; ambassadors that are out there walking around with our logos, creating opportunities to engage with other folks around what is that, where did you get that, what kind of experience did you have. And so I thought that was really fun to see over the last week, and that's a business that we've had ongoing for quite some time now.

因此，很高興看到人們過來並說，哇，看到這一點真是太棒了。顯然，這為我們提供了另一個收入渠道。但它也創造了品牌大使；大使帶著我們的標誌走來走去，創造機會與其他人互動，討論這是什麼、你從哪裡得到的、你有什麼樣的經歷。所以我認為上週看到這一點真的很有趣，而且這是我們已經進行了相當長一段時間的業務。

We're working hard to expedite the stabilization of our company, but here's what I would say, having done this for a lot of years of my career. Stabilization typically comes three to five years into any sort of company growth or asset development. It takes time for people to understand what the experience is, it takes time for that to be part of their vacation planning cycle, and then it takes time for that to really stabilize.

我們正在努力加快公司的穩定，但我想說的是，在我職業生涯的很多年裡，我一直在這樣做。任何類型的公司增長或資產開發通常都會持續三到五年才能實現穩定。人們需要時間來理解這種體驗是什麼，需要時間將其納入他們的假期計劃週期，然後需要時間才能真正穩定下來。

And stabilize means not only the revenue side of the sheet, but the cost side of the sheet as well. You become more efficient, you learn how to operate the destination more efficiently. I can tell you that our team of leaders has meetings about this every single week. We talk about where our opportunities are to become more efficient, and I think we are becoming more efficient.

穩定不僅意味著表的收入方面，還意味著表的成本方面。您變得更有效率，您學習如何更有效地運營目的地。我可以告訴你，我們的領導團隊每週都會就此召開會議。我們討論我們的機會在哪裡變得更加高效，我認為我們正在變得更加高效。

But we're still a young company. And we're a company, as I said earlier, that is investing in our growth. We're an early-stage company that has to invest in the growth of new asset development, new content development, new environment development.

但我們仍然是一家年輕的公司。正如我之前所說，我們是一家正在投資於我們的增長的公司。我們是一家早期公司，必須投資於新資產開發、新內容開發、新環境開發的增長。

And I think we're doing that really successfully. We're managing our expenses. But we're also against the outflows, but we're also managing the growth of experiences that our company is able to offer, and able to offer in a very unique way.

我認為我們在這方面做得非常成功。我們正在管理我們的開支。但我們也反對資金外流，但我們也在管理我們公司能夠提供的體驗的增長，並且能夠以非常獨特的方式提供。

The second thing that I talked about in Q1 is our balance sheet. There's no question that a good portion of our balance sheet is very stable. And we've been very creative with both public and private partners as to the type of debt that we've taken in, longer term, very reasonable interest rate debt in an environment where inflationary conditions are taking hold, lending is actually stopping in some of the areas in which we're still able to obtain financing.

我在第一季度談到的第二件事是我們的資產負債表。毫無疑問，我們資產負債表的很大一部分非常穩定。我們與公共和私人合作夥伴就我們所接受的債務類型非常有創意，長期的、利率非常合理的債務，在通脹狀況持續存在的環境下，一些國家的貸款實際上已經停止。我們仍然能夠獲得融資的領域。

And so I'm encouraged by that side of the balance sheet. There is, though, work to do. We do have, and we did have to take on debt that is shorter term. That is higher interest rate type of debt. And Ben will talk more about that in his highlights and remarks. But I would just say this, it does remain top focus for us. We want a balance sheet that allows our company to grow and sustain over the long term. And so that has been a focus for us.

因此，我對資產負債表的這一面感到鼓舞。不過，還有很多工作要做。我們確實有，而且我們確實必須承擔短期債務。那是利率較高的債務類型。本將在他的重點和講話中更多地談論這一點。但我只想說，它確實仍然是我們的首要關注點。我們想要一個能夠讓我們的公司長期發展和維持的資產負債表。所以這一直是我們關注的焦點。

It is more complicated by the fact that when you have several different vehicles that you're working within, every time you go to think about restructuring one, they touch pieces and parts of others. And so this is work that we'll be talking about and will continue to talk about over the many couple of months in the near future and provide updates to you at those points in time.

更複雜的是，當你有幾輛不同的車輛在其中工作時，每次你考慮重組一輛時，它們都會觸及其他車輛的零件和部件。因此，這是我們將討論的工作，並將在不久的將來的幾個月內繼續討論，並及時向您提供更新。

The third point is identifying what I would refer to as strategic deal and business partners. I think we've shown that as we have grown, we have been very thoughtful around the types of partnerships, the types of events, the leveraging of our assets and how we do that to grow and really showcase the capabilities of our team and of our company. You know, we tried new things.

第三點是確定我所說的戰略交易和業務合作夥伴。我認為我們已經表明，隨著我們的成長，我們對合作夥伴類型、活動類型、我們資產的利用以及我們如何做到這一點進行了深思熟慮，並真正展示了我們團隊和員工的能力。我們公司。你知道，我們嘗試了新事物。

If you were here for the USFL Championships, we hosted a country concert in our fan engagement zone. First time we'd ever done that. It was absolutely spectacular. Thousands of guests there activating that part of the campus. We opened up our stadium so you can traverse back and forth. It was really seamless for our guests. And it was very productive for us.

如果您來這裡觀看 USFL 錦標賽，我們會在粉絲互動區舉辦鄉村音樂會。我們第一次這樣做。這絕對是壯觀的。成千上萬的客人活躍了校園的那一部分。我們開放了體育場，以便您可以來回穿梭。對於我們的客人來說，這確實是無縫的。這對我們來說非常富有成效。

And the guest experience was incredible from what we were able to discern. People feedback was you need to do more of this. But it extends past what we're doing here on campus at the village. I mean, we've signed multiple new media deals.

從我們的觀察來看，客人的體驗令人難以置信。人們的反饋是你需要做更多這樣的事情。但這超出了我們在村里校園裡所做的事情。我的意思是，我們已經簽署了多項新媒體協議。

As I said, filling our media pipeline is really important. We have taken on relationships with Brinx. TV. We've taken on relationships and signed deals in other areas with ReachTV, producing multiple shows with them. These are partners that allow us to use our access to intellectual property that no one else has and distribute to hundreds of thousands, if not millions of eyes all across America in hotels, in airports, streaming, et cetera.

正如我所說，充實我們的媒體渠道非常重要。我們已經與 Brinx 建立了關係。電視。我們在其他領域與 ReachTV 建立了合作關係並簽署了協議，與他們一起製作了多個節目。這些合作夥伴使我們能夠利用我們獲得其他人沒有的知識產權，並將其分發給美國各地酒店、機場、流媒體等數十萬甚至數百萬雙眼睛。

And so, The GOAT Code we were advertising during enshrinement weekend, talking about how the greatest got to be great. The tech in this show is fantastic. The storyline is fantastic. It's short form content that I think everyone is going to enjoy. It's in production right now. It'll be in distribution in the very near term. And then the multiple other shows that we've continued to sign up I think are going to be really, really wonderful for our guests and bring our brand and our product to life.

因此，我們在入聖週末期間宣傳了“山羊守則”，談論最偉大的人如何變得偉大。這個節目中的技術非常棒。故事情節太棒了。我認為每個人都會喜歡這些簡短的內容。目前正在生產中。它將在近期內分發。然後，我們繼續簽約的多個其他節目，我認為對我們的客人來說將非常非常精彩，並將我們的品牌和產品帶入生活。

We've had our NFT Hall of Villager Passholder out there. I think it's been interesting to see that our highest level of annual pass has sold out and there is a demand for more of that level. We have really activated that program with unique and special access to content, to events, to merchandise. And I think the feedback has been quite positive on that front.

我們已經有了村民通行證的 NFT 大廳。我認為很有趣的是，我們的最高級別的年票已經售罄，並且有更多該級別的需求。我們已經真正激活了該計劃，通過獨特且特殊的方式訪問內容、活動和商品。我認為這方面的反饋非常積極。

This is really an annual pass for our company. It's not just an annual pass for the village. And so media premieres and gaming activations, these passholders get special access to things that others do not. And so we're going to continue to look at how we evolve and restructure those to meet an even greater demand as we continue to grow our company.

這確實是我們公司的年票。這不僅僅是村莊的年票。因此，在媒體首映和遊戲激活中，這些通行證持有者可以獲得其他人無法獲得的特殊權限。因此，隨著我們公司的不斷發展，我們將繼續研究如何發展和重組這些內容，以滿足更大的需求。

In our gaming division, obviously, we continue with the esports vertical. We've hosted multiple tournaments in Q2. It was fun and interesting for me to meet a lot of senior executive from egaming companies here during Enshrinement Week and their reaction to what we've done on campus and how we've continued to activate the campus in that space.

顯然，在我們的遊戲部門，我們繼續發展電子競技垂直領域。我們在第二季度舉辦了多場比賽。對我來說，在入聖週期間見到許多來自電子遊戲公司的高級管理人員，以及他們對我們在校園所做的事情以及我們如何繼續在該空間激活校園的反應，這很有趣。

Fantasy sports remains a priority for us this weekend. We have a very large Fantasy Football Expo that is sponsored by NBC Sports Edge, also live streamed with SiriusXM Radio, their Fantasy channel. And it really does, again, showcase the synergy when you bring an event that is fantasy based or esports based, staying in hotels, media coverage, space rental, concessions, rides, all of the things that we do now can be monetized through these types of events.

夢幻體育仍然是我們這個週末的首要任務。我們有一個非常大的夢幻足球博覽會，由 NBC Sports Edge 贊助，還通過他們的夢幻頻道 SiriusXM Radio 進行現場直播。當你舉辦一場基於幻想或電子競技的活動時，它確實展示了協同作用，入住酒店、媒體報導、空間租賃、優惠、遊樂設施，我們現在所做的所有事情都可以通過這些貨幣化事件類型。

And so it's one of those things where gaming starts to become an important part of what we do. Our partner at Betr, you'll recall that we have taken a shareholding interest. Their percentage of handle in Ohio continues to grow, so we're encouraged by that.

因此，遊戲開始成為我們工作的重要組成部分之一。我們在 Betr 的合作夥伴，您會記得我們已經持有股權。他們在俄亥俄州的控球率持續增長，因此我們對此感到鼓舞。

But more importantly, the profile of their company continues to grow as well. And Joey Levy and his team are doing a great job, and they've now been able to extend Betr's reach into multiple other states. And that benefits us through our shareholding percentage.

但更重要的是，他們公司的形像也在不斷增長。 Joey Levy 和他的團隊做得非常出色，他們現在已經能夠將 Betr 的業務範圍擴展到其他多個州。這通過我們的持股比例使我們受益。

The fourth point that we talk about is just continuing to develop our Phase 2 assets. And so, I posted yesterday on my social channels the exciting news that our water park is finally going vertical. We've been doing a lot of the underground work, a lot of the work that sort of sets up the structure of the water park. We expect this to be fully enclosed by the end of this year.

我們談論的第四點是繼續開發我們的二期資產。因此，我昨天在我的社交頻道上發布了令人興奮的消息：我們的水上樂園終於實現了垂直化。我們做了很多地下工作，很多建立水上樂園結構的工作。我們預計到今年年底將完全封閉。

And so, steel will start to go up next week. More of those prefab panels that create the shell of the building continue to go up today and beyond. And so the water park really is a phenomenal asset. I continue to review the drawings and the designs. It's going to surprise and delight our guests beyond their wildest dreams.

因此，下周鋼材價格將開始上漲。如今及以後，更多構成建築物外殼的預製板仍在繼續建造。因此，水上樂園確實是一項非凡的資產。我繼續審查圖紙和設計。這將給我們的客人帶來超乎想像的驚喜和喜悅。

And by the way, we're looking at some tech in there that's going to really enhance the guest experience as well. We're growing our onsite hotel presence with the Hilton Tapestry Hotel that we've talked about. We're anticipating this hotel to open right at around the timing of the water park. Those two assets are connected to help mitigate some of the weather considerations here in Ohio.

順便說一句，我們正在研究一些能夠真正增強賓客體驗的技術。我們正在通過我們已經討論過的希爾頓掛毯酒店來擴大我們的現場酒店業務。我們預計這家酒店將在水上樂園開放時間左右開業。這兩項資產相結合，有助於緩解俄亥俄州的一些天氣問題。

And again, reviewing those designs and looking at what that hotel is going to represent to us, giving us an on-site presence is really important for the stay and play kind of environment that we're looking to create.

再次，回顧這些設計並了解該酒店將向我們展示什麼，為我們提供現場展示對於我們想要創造的住宿和娛樂環境非常重要。

Lastly, the fifth thing that we focus on is just creating unique experiences for our guests. And I talk about this all the time. We are putting the right team in place in all of our business verticals to really drive experiences, to be thoughtful about how we use our intellectual property, how we attach ourselves to professional football and other sport, how we leverage our license agreement with the Pro Football Hall of Fame to access Hall of Famers and leverage their brand for our growth.

最後，我們關注的第五件事是為我們的客人創造獨特的體驗。我一直在談論這個。我們在所有業務垂直領域都配備了合適的團隊，以真正推動體驗，深思熟慮如何使用我們的知識產權，如何融入職業足球和其他運動，如何利用與 Pro 的許可協議足球名人堂訪問名人堂成員並利用他們的品牌促進我們的發展。

And we are on track right now for record attendance in '23. And I'm really happy to report that because with record attendance at The Village leads to record growth in revenue, leads to record growth in experiences, marketing, branding.

我們現在正朝著 23 年創紀錄的出席人數邁進。我真的很高興地向大家報告，因為 The Village 的出席率創紀錄，帶來了創紀錄的收入增長，也帶來了體驗、營銷和品牌方面創紀錄的增長。

And so that's the whole goal here, to continue to open assets, to continue to create environments where our guests just keep coming back to over and over and make them sticky so that they want to be a part of our ecosystem.

這就是這裡的整體目標，繼續開放資產，繼續創造讓我們的客人不斷回來的環境，並使他們具有粘性，以便他們希望成為我們生態系統的一部分。

The other thing that we're very prideful of is the experience itself and the quality of the experience. I'll reference the DoubleTree Hotel, our downtown hotel, which we've now had open for nearly three years in the top three of DoubleTree's US customer service.

我們非常自豪的另一件事是體驗本身和體驗的質量。我將參考我們位於市中心的逸林酒店，該酒店開業近三年來一直位居逸林美國客戶服務前三名。

And that is absolutely fantastic when you think of the breadth of the Hilton portfolio. For us to achieve that year over year. The team there is so committed. They put on a great show. The Hall of Famers stayed there all week last week. The feedback we got was unbelievable, can't wait to come back. The asset itself is great.

考慮到希爾頓產品組合的廣度，這絕對是太棒了。讓我們年復一年地實現這一目標。那裡的團隊非常投入。他們上演了一場精彩的表演。上週名人堂成員整個星期都呆在那裡。我們得到的反饋令人難以置信，迫不及待地想回來。資產本身就很棒。

But the team is what puts the life into that asset. And as we all know, when you go to a place and you feel welcome and you feel like you're taken care of, you go to that place again and again. We're seeing business travelers tick up there. We're seeing meeting and convention business tick up there. Obviously, that is probably one of the best cases for synergy for our company. Every time we're doing programming, our own hotel is full.

但團隊才是賦予資產生命力的因素。眾所周知，當你去一個地方並感到受歡迎並且感覺自己受到照顧時，你就會一次又一次地去那個地方。我們看到商務旅客在那裡增多。我們看到那裡的會議和大會業務有所增加。顯然，這可能是我們公司協同效應的最佳案例之一。每次我們做節目的時候，我們自己的酒店就滿了。

And so it's really encouraging to hear the feedback, not only that we're opening and creating new things, but the things that we're building, the environment (technical difficulty) are of the highest quality. You create quality, people will come, people will pay, and people will repeat.

因此，聽到反饋真的很令人鼓舞，不僅我們正在開放和創造新事物，而且我們正在構建的東西、環境（技術難度）都是最高質量的。你創造了品質，人們就會來，人們就會付費，人們就會重複。

I'll just close by saying before I turn it over to Ben, our long-term strategy is to deliver results. That's what we've committed to. That's what we've stayed steadfast on, focusing on, and it's working. When you look at the revenue growth, when you look at the attendance, when you look at the environments and the quality of the product, we are absolutely headed in the right direction. And I have confidence that we will continue to make the right decisions to grow this company and to add shareholder value.

在將其交給本之前，我最後要說的是，我們的長期戰略是交付成果。這就是我們的承諾。這就是我們一直堅定不移、專注於的事情，而且它正在發揮作用。當你看收入增長、當你看出席人數、當你看環境和產品質量時，我們絕對正朝著正確的方向前進。我相信我們將繼續做出正確的決定來發展公司並增加股東價值。

I realize that people out there want the stock to be $100. I realize people have had concerns about some choices that we've had to make in our past to preserve our ability to drive long-term success. But I think what we've tried to prove and demonstrate is transparency is critical. We've been transparent about what we've done, when we've done it, and why we've done it, and we will continue to do that.

我意識到人們希望股票價格達到 100 美元。我意識到人們對我們過去必須做出的一些選擇感到擔憂，以保持我們推動長期成功的能力。但我認為我們試圖證明和展示的透明度至關重要。我們對所做的事情、何時做以及為何這樣做保持透明，我們將繼續這樣做。

And we've highlighted the growing interest in our companies and the many leaders from different spaces that are now coming and wanting to talk to us about an opportunity to partner with us, be it in the media space, the gaming space, or even taking up residency here, creating spaces or events and things of that nature here at campus at the village.

我們強調了人們對我們的公司和來自不同領域的許多領導者的興趣日益濃厚，他們現在正在前來並希望與我們討論與我們合作的機會，無論是在媒體領域、遊戲領域，還是在其他領域。在這里居住，在村里的校園裡創造空間或活動以及類似的東西。

We've got a great Q3 and Q4 ahead of us. I'll talk a little bit more about that in just a few minutes. But I'll wrap by saying I viewed Q2 as a fantastic success for us, and it continued to highlight what we can do if we stay focused on our long-term strategy.

我們即將迎來精彩的第三季度和第四季度。我將在幾分鐘內詳細討論這一點。但我最後要說的是，我認為第二季度對我們來說是一個巨大的成功，它繼續強調瞭如果我們繼續專注於我們的長期戰略，我們可以做些什麼。

Turn it over to Ben.

把它交給本。

Thanks, Mike, and good morning, everyone. Moving on to financial results, and as Anne mentioned earlier, we filed our second-quarter fiscal 2023 Form 10-Q post market yesterday. The filing, press release, and supplemental slides are available on 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，我們昨天在市場後提交了 2023 財年第二季度 10-Q 表格。文件、新聞稿和補充幻燈片可在我們的投資者關係網站上獲取。

Second quarter total revenue was $6.1 million, which represents an increase of 128% from the same period in the prior year. Second-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 sponsorships.

第二季度總收入為 610 萬美元，較上年同期增長 128%。第二季度收入增長主要是由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贊助推動的。

Second quarter adjusted EBITDA was minus $6.2 million, compared to minus $5.9 million in the same period last year. The change is primarily driven by increased operating expenses related to higher personnel and related benefits costs, the recognition of timing for certain compensation-related expenses, and an increase in production fees for our events and media productions.

第二季度調整後 EBITDA 為負 62​​0 萬美元，而去年同期為負 590 萬美元。這一變化主要是由於與人員和相關福利成本增加相關的運營費用增加、對某些與薪酬相關的費用的時間安排的認可，以及我們的活動和媒體製作的製作費用的增加。

As you would expect, our expense base has increased as we brought new assets online, increased event programming, and worked to hire and train staff needed to manage and operate a world-class destination. Regardless, we remain focused on prudent cost management and driving improvements in operating efficiency to enhance future profitability.

正如您所期望的那樣，隨著我們在線上引入新資產、增加活動策劃以及努力僱用和培訓管理和運營世界級目的地所需的員工，我們的支出基礎有所增加。無論如何，我們仍然專注於審慎的成本管理和推動運營效率的提高，以提高未來的盈利能力。

The company posted a net loss of $13.6 million in the quarter, which included an increase in the fair value of securities available for sale of $1.7 million, and higher interest expense as a result of higher debt balances and lower capitalized interest as assets are placed into service.

該公司本季度淨虧損 1,360 萬美元，其中包括可供出售證券的公允價值增加 170 萬美元，以及由於債務餘額增加和資產投入時資本化利息減少而導致的利息支出增加。服務。

Moving to the balance sheet. We finished the quarter with a cash and liquid investment balance of approximately $29 million, compared to $47 million at the end of the prior quarter. Both values are inclusive of a restricted cash balances and investment sell to maturity.

轉向資產負債表。本季度結束時，我們的現金和流動投資餘額約為 2,900 萬美元，而上一季度末為 4,700 萬美元。這兩個值均包括受限制的現金餘額和到期投資。

We've continued to invest excess funds in short-term treasuries due to attractive yields and a better match timing of cash outflows. The company's usage of cash was attributed to operating activities already highlighted and construction expenditures, which totaled approximately $10 million during the second quarter.

由於具有吸引力的收益率和更好的現金流出時機，我們繼續將過剩資金投資於短期國債。該公司的現金使用歸因於已經強調的經營活動和建設支出，第二季度總計約 1000 萬美元。

Our net debt balance increased to $195 million, compared to $192 million at the end of the prior quarter. The increase in notes payable during the quarter was primarily due to accruals of paid-in-kind interest. We've 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.

我們的淨債務餘額增至 1.95 億美元，而上一季度末為 1.92 億美元。本季度應付票據的增加主要是由於應計實物支付利息。我們還收到了與 A 系列優先項目、EB-5 計劃相關的收益，該計劃於 2022 年底恢復，並將在今年剩餘時間內繼續實施。

Recent macro trends and credit conditions have resulted in significant tightening in the lending markets and higher borrowing costs. However, the support from our largest shareholder, Industrial Realty Group, and our ability to source capital with the support of local, municipal, and state funding programs has provided us the opportunity to raise funding and investment as investment and operating needs arise.

最近的宏觀趨勢和信貸狀況導致貸款市場大幅收緊和借貸成本上升。然而，我們最大的股東工業地產集團的支持，以及我們在地方、市和州資助計劃的支持下籌集資金的能力，為我們提供了在投資和運營需求出現時籌集資金和投資的機會。

We continue to work towards closing all of the necessary financing required for Phase 2 construction, including multiple financing transactions related to the water park and on-site hotel. Additionally, we expect to close transactions necessary to refinance and optimize the capital stack for the DoubleTree Hotel later this quarter.

我們將繼續努力完成第二階段建設所需的所有必要融資，包括與水上樂園和現場酒店相關的多項融資交易。此外，我們預計將在本季度晚些時候完成再融資和優化逸林酒店資本結構所需的交易。

As we've done in the past, it's important to reiterate two key points. First, the company's ability to execute and raise capital in an ever-changing and very difficult macro environment. And second, our intense focus on taking on the right kind of financing at the right time while 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.

正如我們過去所做的那樣，重申兩個關鍵點很重要。首先，公司在不斷變化且非常困難的宏觀環境中執行和籌集資金的能力。其次，我們高度重視在正確的時間進行正確的融資，同時優化每項資產的資本結構。我們將繼續重組和優化整體資本結構，為公司未來的發展奠定基礎。

Moving to guidance. At this time, we are updating our forecast of 2023 revenue with expected growth in excess of 50% when compared to 2022. We are revising our adjusted EBITDA estimate as we now expect this loss to come in in the low to mid $20 million range. As we've highlighted, with the company and village in the very early growth stages, we expect revenue growth to accelerate and profitability to improve as we move towards stabilization.

轉向指導。目前，我們正在更新對 2023 年收入的預測，預計與 2022 年相比增長超過 50%。我們正在修改調整後的 EBITDA 估計，因為我們現在預計這一損失將在 2000 萬美元的中低範圍內。正如我們所強調的，由於公司和村莊處於早期發展階段，我們預計隨著我們走向穩定，收入增長將加速，盈利能力將提高。

Longer term, we continue to target $150 million of annual run rate revenue and approximately $50 million of annual run rate adjusted EBITDA across the key pillars once stabilization is achieved. Those key pillars, again, are destination-based assets, our media platform, and our gaming vertical. The revenue and EBITDA generation will be diversified across multiple streams, with each one driving synergies to support the ecosystem we're working so hard to build.

從長遠來看，一旦實現穩定，我們將繼續目標是在關鍵支柱上實現 1.5 億美元的年運行率收入和約 5000 萬美元的年運行率調整後 EBITDA。這些關鍵支柱同樣是基於目的地的資產、我們的媒體平台和我們的遊戲垂直領域。收入和 EBITDA 的產生將在多個領域實現多元化，每一個領域都將產生協同效應，以支持我們正在努力構建的生態系統。

In closing, the company is mindful of the current economic environment and will remain intensely focused on driving profitability through diversified revenue streams and disciplined cost management while making strategic investments to support continued growth. We'll continue to analyze and optimize our capital structure to deliver a long-term value to all of our shareholders.

最後，該公司關注當前的經濟環境，並將繼續專注於通過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，為所有股東帶來長期價值。

And finally, as you've come to expect, we'll continue to provide transparent and timely updates to all of our shareholders as we move ahead.

最後，正如您所期望的那樣，隨著我們的前進，我們將繼續向所有股東提供透明且及時的最新信息。

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

接線員，我們現在願意開通電話詢問任何問題。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Okay, great. Good morning, guys. Great to see the strong top-line growth, both year over year, sequentially, and reiterated guidance for 75% revenue growth in 2023. So Michael, it looks like events revenue really picked up, and you saw growth from your existing hotel operations as well. And I see the sports complex attendance looks like it's on track to more than double this year as well. So great stuff there. I've kind of loaded questions for you.

好的，太好了。早上好傢伙。很高興看到營收同比連續強勁增長，並重申了 2023 年收入增長 75% 的指導。邁克爾，看起來活動收入確實有所回升，您看到了現有酒店運營的增長出色地。我發現今年體育場館的參觀人數似乎也將增加一倍以上。那裡有很棒的東西。我有很多問題要問你。

With hotels, I think your DoubleTree Hotel has like 164 rooms. So is the growth in hotels being driven by just higher occupancy levels, which would be a good sign or is it pricing increases, anything there? And then just as we look at Enshrinement Week for the third quarter, how do we think about your hotels and your events activity and the associated revenue momentum in the third quarter versus second quarter? Thanks.

說到酒店，我想你們的逸林酒店大概有164間客房。那麼，酒店的增長是由更高的入住率推動的嗎？這將是一個好兆頭，還是價格上漲之類的？然後，正如我們關注第三季度的入聖週一樣，我們如何看待您的酒店和活動活動以及第三季度與第二季度的相關收入勢頭？謝謝。

Yeah. Thanks, Jack, and appreciate the question. The hotel is actually entering into that more stabilized phase that we talk about. And we've actually been able to accelerate that, largely because we put a lot of our own programming into our own hotel. And so every event we have, every football game that gets played, every concert that's here, large-scale sports tournaments, we are absolutely marketing our hotel as a package opportunity.

是的。謝謝，傑克，並感謝你提出這個問題。酒店實際上正在進入我們所說的更加穩定的階段。事實上，我們已經能夠加速這一進程，很大程度上是因為我們在自己的酒店中投入了很多自己的項目。因此，我們舉辦的每場活動、每場足球比賽、每場音樂會、大型體育比賽，我們絕對是在將我們的酒店作為一攬子機會進行營銷。

Now to your question, the great thing about what we're seeing this year is there has been a return of the business traveler, and we have a unique asset here in Canton where the ballroom is the largest in the county. There are a considerable amount of meeting rooms. The reconfigured bar and restaurant is really pretty special for groups.

現在回答你的問題，今年我們看到的最棒的事情是商務旅客的回歸，而且我們在坎頓擁有獨特的資產，那裡的宴會廳是該縣最大的。有相當數量的會議室。重新裝修的酒吧和餐廳對於團體來說真的很特別。

And so occupancy has definitely gone up versus our original projections, but the other piece to this is the rate. And we've been able to -- the team there has done a good job at increasing rate while not sacrificing occupancy. I think it's just a tribute to the asset quality, the experience quality, and the uniqueness of its position in the market.

因此，與我們最初的預測相比，入住率肯定有所上升，但另一個因素是比率。我們已經能夠——那裡的團隊在提高增長率的同時不犧牲入住率方面做得很好。我認為這只是對資產質量、體驗質量以及其市場地位獨特性的致敬。

As far as enshrinement, yeah, I think, look, the Pro Football Hall of Fame hosted multiple events there, large-scale dinners. Certainly, the Hall of Famers stayed there, which was great for us. The food and beverage, the room rate across the county goes astronomically higher during large-scale events like enshrinement. We benefit from that as well.

至於紀念，是的，我想，看，職業橄欖球名人堂在那裡舉辦了多次活動，大型晚宴。當然，名人堂成員留在那裡，這對我們來說很棒。每逢祭祀等大型活動，全縣的餐飲、房價都會上漲。我們也從中受益。

We were 100% occupied effectively the full week, and so it was gratifying to see that that hotel really does test out well with the highest profile guests. It was fun to see guys like Peyton Manning there just having a great time, all of the other Hall of Famers really talking about the asset and how wonderfully it performed, and the team there is to be commended. They just did a fantastic job in maximizing.

整整一周我們的入住率都是 100%，因此很高興看到這家酒店確實在最知名的客人中得到了很好的測試。很高興看到像佩頓·曼寧這樣的人在那裡度過了愉快的時光，所有其他名人堂成員都在真正談論這項資產及其表現如何出色，那裡的團隊值得讚揚。他們在最大化方面做得非常出色。

And you have to also recognize when you have a different audience, you profile from a food and beverage standpoint what is going to allow you to have the best experience for them, but also have the best revenue opportunity as well. And so I think the team has done a good job at executing on that front.

而且您還必須認識到，當您擁有不同的受眾時，您從食品和飲料的角度進行描述，什麼將使您能夠為他們提供最佳的體驗，同時也擁有最佳的收入機會。因此，我認為團隊在這方面的執行工作做得很好。

Okay, great. A lot of helpful color there, Michael. And then maybe on the gaming side, it looks like you actually have planned a lot of cool new activities if I look at the slide decks here. A couple things that caught my eye. With on site and virtual events, it sounds like you're hosting and producing tournament events. I see tournament prizes and video game titles like Super Smash Bros and Madden.

好的，太好了。那裡有很多有用的顏色，邁克爾。然後，也許在遊戲方面，如果我查看這裡的幻燈片，看起來您實際上已經計劃了很多很酷的新活動。有幾件事引起了我的注意。通過現場和虛擬活動，聽起來您正在主辦和製作錦標賽活動。我看到了錦標賽獎品和《任天堂明星大亂鬥》和《Madden》等電子遊戲。

So are you actively hosting these tournaments now? And then also just when you think about the Hall of Fame Fantasy League as well, I'd just like to get your thoughts there. It looks like you also introduced new formats and cash prizes. So it sounds like you're really ramping up tournaments and cash prizes in an attempt to just capture more of a buzz and demand.

那麼你們現在正在積極舉辦這些比賽嗎？然後，當您也想到幻想聯盟名人堂時，我也想听聽您的想法。看來你們還推出了新的賽制和現金獎勵。所以聽起來你們確實在加大錦標賽和現金獎勵的力度，試圖吸引更多的關注和需求。

So just an update on your activities in gaming and kind of the brand awareness and demand and traction you're getting there.

因此，只需更新您在遊戲方面的活動以及您所達到的品牌知名度、需求和吸引力。

Sure. Well, first, I give a lot of credit to Rob Borm. He's our Head of Gaming. He's really got a focus on this and great background.

當然。嗯，首先，我非常感謝羅布·博姆。他是我們的遊戲主管。他真的很關注這一點，而且背景很棒。

Our assets are really unique in the gaming space, and so it was fun to see some of these tournaments being hosted in our stadium, up on our giant boards. I mean, these kids and others that are playing, this was so phenomenal for them. They had their families or friends or others coming out and seeing it.

我們的資產在遊戲領域確實是獨一無二的，因此看到其中一些錦標賽在我們的體育場、我們的巨型棋盤上舉辦是很有趣的。我的意思是，這些孩子和其他正在玩耍的人，這對他們來說真是太了不起了。他們的家人、朋友或其他人都出來觀看。

And of course, as I repeat myself here, those types of tournaments aren't just about entry fees. They're about food and beverage. They're about rides. They're about stays. They're about everything else that we do and giving those participants not just a gaming experience, but an overall destination experience. So we intend to do more of those. I know there is a focus to create more and bigger.

當然，正如我在這裡重複的那樣，這些類型的錦標賽不僅僅涉及入場費。它們與食物和飲料有關。他們是關於遊樂設施的。他們是關於停留的。它們與我們所做的其他一切有關，不僅為參與者提供遊戲體驗，而且為參與者提供整體目的地體驗。所以我們打算做更多這樣的事情。我知道我們的重點是創造更多、更大的東西。

We're also focused on how do we get into the college gaming space, maybe hosting national tournaments. Certainly, there is a focus on how do we partner with some of the biggest gaming developers to host things here that are on brand for us. I won't go a lot further than that.

我們還關注如何進入大學遊戲領域，也許舉辦全國錦標賽。當然，重點是我們如何與一些最大的遊戲開發商合作，在這里為我們舉辦品牌活動。我不會更進一步。

But to say that gaming, I think, is a driver for us. It's part of how we enhance the guest experience. And look, being a company that's in the sports entertainment business, it's our responsibility to be in that space as well. And so we're going to continue to look at how we grow these, how we activate these, and how we position ourselves in that space with the unique assets that we have to do it with.

但我認為遊戲是我們的驅動力。這是我們增強賓客體驗的一部分。你看，作為一家從事體育娛樂業務的公司，我們也有責任進入這個領域。因此，我們將繼續研究如何發展這些，如何激活這些，以及如何利用我們必須使用的獨特資產在該領域定位自己。

On the Fantasy side, yeah, I mean, we've done things that were different. We've allowed guests access to really critical fantasy information that helps them make better selections and be better Fantasy players. The expo that we're hosting this week is a very large expo in throwing and has an opportunity to really expose our destination to many of those types of Fantasy players.

在幻想方面，是的，我的意思是，我們做了一些不同的事情。我們允許客人訪問真正重要的奇幻信息，幫助他們做出更好的選擇並成為更好的奇幻玩家。我們本週舉辦的博覽會是一次非常大型的投擲博覽會，有機會真正向許多此類類型的幻想玩家展示我們的目的地。

Our goal, I think, should be we are the birthplace of professional football. Why there would be multiple different Fantasy opportunities here every single year from small-scale events to campus-wide events. I can see those things growing and becoming an important part of a destination driver for us at this time of year.

我認為我們的目標應該是我們是職業足球的發源地。為什麼這裡每年都會有多種不同的幻想機會，從小規模活動到校園範圍內的活動。我可以看到這些東西正在不斷增長，並成為每年這個時候我們目的地驅動力的重要組成部分。

So Fantasy is an important space. We're going to continue to explore the right model there and how we leverage access to our IP and our brand to take full advantage of it.

所以幻想是一個重要的空間。我們將繼續探索正確的模式，以及如何利用我們的知識產權和品牌來充分利用它。

David Marsh, Singular Research.

大衛·馬什，奇異研究。

Hey. Good morning, guys, and thanks for taking the questions. And I would echo the previous comments. Congrats on the revenue growth. It's very impressive. Great job.

嘿。早上好，伙計們，感謝您提出問題。我會回應之前的評論。恭喜收入增長。這是非常令人印象深刻的。做得好。

So first for me, I'll start on the very top line here. Sponsorship is at [$691 million]. It's still a little less than half of where it was a couple years ago. Obviously, the ongoing dialogue, we'll call it, with Johnson Controls is probably continuing. Is that hamstringing you guys from new sponsorship opportunities and growing that meaningfully? And could we just get an update on where the Johnson Controls situation stands today?

首先對我來說，我將從最上面的一行開始。贊助金額為[6.91 億美元]。它仍略低於幾年前的一半。顯然，我們稱之為與江森自控的持續對話可能仍在繼續。這是否會阻礙你們獲得新的讚助機會並使其有意義地發展？我們能否了解江森自控目前的最新情況？

Sure. Well, let me take the, is it hamstringing us apart? In Q2, we signed about 16 new sponsors leading into Q3, which for us and the team, I think, was great performance. What we're seeing is the more we can activate the campus, the more events that we can host, the more media that we can produce and launch, the more that these sponsors are really starting to come around to the fact that we have special and unique IP.

當然。好吧，讓我想想，這是否讓我們分開了？在第二季度，我們簽署了大約 16 個新贊助商，進入第三季度，我認為這對我們和團隊來說都是很棒的表現。我們看到的是，我們越能激活校園，我們能舉辦越多的活動，我們能製作和推出的媒體越多，這些贊助商就越真正開始認識到我們有特殊的事實和獨特的IP。

We have a one-of-a-kind destination. The number of times -- and we hosted a lot of our sponsor partners here and potential new sponsor partners here, the number of times I heard, wow, what we could do here and how we could showcase our brand or our product or our service is really exciting.

我們有一個獨一無二的目的地。我們在這裡接待了很多贊助商合作夥伴以及潛在的新贊助商合作夥伴，我聽到很多次，哇，我們可以在這裡做什麼，以及我們如何展示我們的品牌、我們的產品或我們的服務真是令人興奮。

And so the challenge in the world that we're living in today, when you're in the marketing division of a company and you're facing inflationary environment, some of those dollars get cut and companies aren't as aggressive in spending on sponsorship deals while they're trying to preserve cash and ensure that for this economically challenging time that we're in right now, they have the ability to sustain and grow themselves.

因此，我們今天生活的世界面臨的挑戰是，當你在一家公司的營銷部門工作並且面臨通貨膨脹的環境時，其中一些資金會被削減，而公司在支出方面也不會那麼積極贊助交易，同時他們試圖保留現金並確保在我們現在所處的經濟挑戰時期，他們有能力維持和發展自己。

And yet, we have had many new partners come and realize the long-term advantage of being associated with us, not just at the village, but in many of our different business verticals. So proud of the team and the growth there.

然而，我們已經有許多新的合作夥伴認識到與我們合作的長期優勢，不僅在村莊，而且在我們許多不同的垂直業務領域。為團隊和那裡的成長感到自豪。

I think the tenure and the amount of deals right now, we're being very careful about. We don't want to sign really long-term sponsor deals until we can fully stabilize and activate all of our business verticals because we think we can maximize value by doing that. So we're signing a lot of one-, two-, three-year deals and we're growing deals that we've had in place year over year. And our team has been successful in growing the dollar value of those deals.

我認為現在我們對任期和交易數量非常謹慎。在我們能夠完全穩定和激活我們所有的垂直業務之前，我們不想簽署真正的長期贊助商協議，因為我們認為這樣做可以實現價值最大化。因此，我們簽署了很多一年期、兩年期、三年期的協議，並且逐年增加我們已經簽訂的協議。我們的團隊成功地增加了這些交易的美元價值。

And so I think we're being very strategic around not committing ourselves for too long period of time and not able to access the value that, and create the value. These deals are always two-way, create the value for our partners that we can create six months, a year, 18 months plus from now. So that's one explanation that I think is important to have out there.

因此，我認為我們非常有戰略性，不要讓自己投入太長的時間，而無法獲得價值並創造價值。這些交易始終是雙向的，為我們的合作夥伴創造價值，我們可以從現在開始六個月、一年、18 個月以上創造這些價值。所以這是我認為重要的一種解釋。

The second piece of your question, Johnson Controls. Yeah, we are still in active pursuit of resolution around the Johnson Controls dispute. We are heading towards Q3 arbitration. We're preparing for that as we speak. We went through the mediation process. There was some discussion around how we could resolve it. It wasn't satisfactory for us. It wasn't satisfactory for them.

你的第二個問題，江森自控。是的，我們仍在積極尋求解決江森自控爭端。我們即將進入第三季度仲裁。正如我們所說，我們正在為此做準備。我們經歷了調解過程。我們就如何解決這個問題進行了一些討論。這對我們來說並不令人滿意。這對他們來說並不令人滿意。

And so we continue now with the process. I will say that I have every expectation that we have a positive resolution on this and that we can move forward in the, I'll call it sort of Q3, Q4 time frame.

所以我們現在繼續這個過程。我想說的是，我完全期望我們能就此達成積極的解決方案，並且我們可以在我稱之為第三季度、第四季度的時間框架內取得進展。

But look, I mean, we have the opportunity to explain to the arbitrator panel why we feel like Johnson Controls is in the wrong here and that what we've done over time in terms of our financing and building and the commitment we made to them, and they were a really strong partner for us and one that we wanted to have here.

但是，我的意思是，我們有機會向仲裁小組解釋為什麼我們認為江森自控在這裡犯了錯誤，以及我們隨著時間的推移在融資和建設方面所做的事情以及我們對他們做出的承諾，他們是我們非常強大的合作夥伴，也是我們希望在這裡擁有的合作夥伴。

I think we will be able to demonstrate why that is the case and why what we've done is exactly what we committed to do. I think they have a different view, and so that will leave that for the panel to opine upon and then give us a decision. But one way or another, we're anticipating a decision before the end of the year.

我認為我們將能夠證明為什麼會出現這種情況，以及為什麼我們所做的正是我們承諾要做的。我認為他們有不同的觀點，因此這將留給專家組發表意見，然後給我們做出決定。但無論如何，我們預計會在今年年底前做出決定。

Yeah, I think resolution of that will certainly help. I can't imagine it being detrimental. So it'd be good to get that in the rear view. Just shifting gears, if I could, do you have anything new to tell us with regards to the on-site sportsbook and, you know, potential partner there and potential build out?

是的，我認為解決這個問題肯定會有幫助。我無法想像這有什麼害處。所以最好能在後視圖中看到它。只是換個話題，如果可以的話，你有什麼關於現場體育博彩的新消息要告訴我們嗎？你知道，那裡的潛在合作夥伴和潛在的建設嗎？

Yeah. So we have worked very carefully since we decided not to partner with Rush Street Interactive to ensure that whatever partner we bring in, our goals are completely aligned.

是的。因此，自從我們決定不與 Rush Street Interactive 合作以來，我們一直非常謹慎地工作，以確保無論我們引入什麼合作夥伴，我們的目標都是完全一致的。

And the first goal is to recognize we're a destination, we're not an individual experience. And so the sports betting component of that I think is an important experience part of what we want to offer here to our guests. We have three different partners that we're speaking with right now. I'm excited about all three of them for different reasons. We're being very pragmatic in our analysis and our discussion with them about how the partnership would work, the tenure of the partnership, the components of the partnership.

第一個目標是認識到我們是一個目的地，而不是一種個人經歷。因此，我認為體育博彩部分是我們希望為客人提供的重要體驗的一部分。我們現在正在與三個不同的合作夥伴進行交談。出於不同的原因，我對他們三個都感到興奮。我們在分析和與他們討論夥伴關係如何運作、夥伴關係的期限、夥伴關係的組成部分方面非常務實。

But what's been interesting is that as Ohio has launched in January and continued to progress in sports betting. Obviously mobile is the lion's share of where people make their sports bets. And we've been very focused on activating with our partner at Betr a unique environment there and making sure that it is a top-quality experience. And they've enhanced and grown that experience. And so we feel very good about where they're at and our position there.

但有趣的是，俄亥俄州在一月份推出並在體育博彩方面繼續取得進展。顯然，移動設備是人們進行體育博彩的主要方式。我們一直非常專注於與 Betr 的合作夥伴一起激活那裡的獨特環境，並確保這是一種高品質的體驗。他們增強並發展了這種體驗。因此，我們對他們所處的位置以及我們在那裡的位置感到非常滿意。

I do still think that retail is important. I think retail will play a part of the experience. I'm not as sure that it is a significant revenue driver for us, but it is part of a revenue driving experience that I think our guests want us to have.

我仍然認為零售很重要。我認為零售將成為體驗的一部分。我不確定這是否是我們重要的收入驅動因素，但我認為這是我們的客人希望我們擁有的收入驅動體驗的一部分。

And so our goal, our license for retail is through the end of this year, our goal is to find a partner and activate prior to the end of this year. But if we don't, we want to find the right partner and we'll continue to then look for that partner and activate at the appropriate time. So still a priority prospects out there and we're focused on it.

因此，我們的目標是在今年年底之前獲得零售許可證，我們的目標是在今年年底之前找到合作夥伴並激活。但如果我們不這樣做，我們希望找到合適的合作夥伴，然後我們將繼續尋找該合作夥伴並在適當的時間激活。因此，仍然是優先考慮的前景，我們將重點關注它。

And in terms of the Betr business. I presume it's going reasonably well, but still not meaningfully enough to move the needle in terms of your income and so forth. Is that a fair statement?

就 Betr 業務而言。我認為進展相當順利，但仍然不足以在你的收入等方面產生重大影響。這是一個公平的說法嗎？

Yeah, I think we're a little over a quarter of a million that we reported this year in that sort of vertical from Betr. I think that it will continue to grow. Our deal structure with them is one that allows them. As I said earlier, we invest in our partners. We want them to be successful. They were brand new in the space.

是的，我認為今年我們在 Betr 的垂直領域報告的數據已超過 25 萬。我認為它將繼續增長。我們與他們的交易結構是允許他們這樣做的。正如我之前所說，我們投資於我們的合作夥伴。我們希望他們成功。他們在這個領域是全新的。

So we weren't interested in trying to take a significant part of the bet or profit up front. It's a lot more backloaded and I think we are comfortable that the escalation in contribution, financial contribution will meet the needs of where we'll be at the time that those start to continue to grow.

因此，我們沒有興趣嘗試預先獲得很大一部分賭注或利潤。這是更多的後勤工作，我認為我們感到滿意的是，捐款和財務捐款的增加將滿足我們在這些開始繼續增長時的需求。

But it is good to see them. Our value of our investment in them continues to grow. It's good to see them get licenses in Massachusetts and Virginia and beyond. And also just good to see them be recognized as an innovator in the space. And that's the kind of partner that we want to be associated with as well.

但很高興看到他們。我們對它們的投資價值持續增長。很高興看到他們在馬薩諸塞州和弗吉尼亞州及其他地區獲得許可。很高興看到他們被公認為該領域的創新者。這也是我們希望與之合作的合作夥伴。

That's a helpful commentary. And then just the last thing I wanted to hit on really is just could you talk about -- obviously we're in infancy of construction here with regard to the water park and the hotel, but could you just remind us of the timeline and when you might hope to open the doors on those new assets?

這是一個有用的評論。我想談的最後一件事就是你能談談嗎——顯然我們這裡的水上樂園和酒店還處於建設初期，但你能提醒我們一下時間表和時間嗎？您可能希望打開這些新資產的大門？

Yeah, we've really benefited here in Ohio from weather. Believe it or not, we had a mild winter, which if you understand what happens in the winter, the ground freezes really hard sometimes and you have to wait for that thaw to break ground on some of these assets.

是的，我們在俄亥俄州確實受益於天氣。不管你相信與否，我們度過了一個溫和的冬天，如果你了解冬天會發生什麼，地面有時會結冰得很厲害，你必須等待解凍才能在其中一些資產上破土動工。

We didn't have to do that, so that allowed us to advance our schedule. We're right on schedule right now. There's vertical construction that's starting as of yesterday. Steel starts to go up next week. We'll be fully enclosed in the water park before the end of the year. So I'm excited about what we're building and the quality of what we're building. I've been told by water park experts that this is a very high-quality asset, in fact higher quality than many that they've seen.

我們不必這樣做，因此我們可以提前安排日程。我們現在正按計劃進行。從昨天開始，垂直施工已經開始。下周鋼材開始上漲。年底前我們將在水上樂園內實現完全封閉。因此，我對我們正在構建的東西以及我們正在構建的東西的質量感到興奮。水上樂園專家告訴我，這是一項非常高質量的資產，實際上比他們見過的許多資產的質量都要高。

And so with the football theming and the quality of what we're building, we're looking at a Q3 into Q3 opening next year, soft opening. And we would say the same thing, in that time frame for the hotel as well. The hotel is just not as long to build exactly. And we're doing a lot of the site formation underground work right now as a part of what we've had to do to establish the structure for the water park. So that benefits us greatly.

因此，憑藉足球主題和我們正在建設的質量，我們正在考慮明年第三季度的試營業。在那個時間範圍內，我們也會對酒店說同樣的話。酒店的建造時間並不長。我們現在正在進行大量的地下場地平整工作，作為我們為水上樂園建立結構所做的工作的一部分。所以這對我們來說非常有利。

And it's in a part of the property that is fairly self-contained. And so we can move pretty aggressively there versus something that may be centered more where you have to watch for the guest experience, closing down things, closing down roads, et cetera. And so Q3, Q4 next year is the timing that we'll be open.

它位於酒店相當獨立的一部分。因此，我們可以非常積極地在那裡採取行動，而不是那些可能更集中的地方，你必須注意客人的體驗，關閉一些東西，關閉道路等等。所以明年第三季度、第四季度是我們開放的時間。

Thank you. At this time, I will turn the floor back to management for closing remarks.

謝謝。此時，我將返回管理層進行總結髮言。

We have a few more questions that have come in from the queue, and I will share those. And the first up is, can you explain why your FY23 revenue and EBITDA financial guidance is reduced and additionally provide an update on cash position?

我們還有一些來自隊列中的問題，我將分享這些問題。首先，您能否解釋為什麼您的 2023 財年收入和 EBITDA 財務指引會減少，並另外提供現金狀況的最新信息？

Sure, I'll take that one. Thanks, Anne.

當然，我會接受那個。謝謝，安妮。

First, we always debate on guidance. We're a very young company. This is a challenging area for us to provide guidance. We're learning sort of as we go. Nonetheless, we always, and we talked about this every time on each call, is we want to be as transparent as possible.

首先，我們總是就指導意見進行辯論。我們是一家非常年輕的公司。對於我們提供指導來說，這是一個具有挑戰性的領域。我們邊走邊學習。儘管如此，我們總是希望盡可能透明，而且每次通話時我們都會討論這一點。

So the majority of the assets that we have only been operational for a year. So we're always working to improve those synergies and efficiencies. Really, as we look at this year, we're reducing guidance, revenue down versus what we originally projected. Also, from an operating expense standpoint, higher than, I would say, what we expected.

所以我們的大部分資產只運行了一年。因此，我們始終致力於提高這些協同效應和效率。事實上，正如我們今年所看到的，我們正在減少指導，收入比我們最初的預期有所下降。此外，從運營費用的角度來看，我想說，高於我們的預期。

And think about we're putting, as an example, very large shows, very large events on the increased production costs. That's one example of where we're seeing higher costs. But again, we'll continue to be as transparent with our investors as possible and provide guidance on the best information we have.

舉例來說，我們將大型演出、大型活動置於增加的製作成本之上。這是我們看到成本上升的一個例子。但同樣，我們將繼續對投資者保持盡可能透明，並根據我們掌握的最佳信息提供指導。

Second question on cash position. Obviously, managing cash and near-term liquidity is always our top priority, as it is for any company. We're managing all outflows, very focused on cost and expense management, and of course, very focused on closing the next tranche of construction financing.

關於現金狀況的第二個問題。顯然，管理現金和短期流動性始終是我們的首要任務，對於任何公司來說都是如此。我們正在管理所有資金流出，非常注重成本和費用管理，當然，也非常注重完成下一批建設融資。

Of course, other levers we can always pull to manage cash include slowing construction. We don't expect to do that right now. Or entering really into some form of bridge financing until we close on all the construction financing transactions that we've talked about and really line of sight into those. We're looking forward to a Q3, Q4 close on all those transactions, which really closes out everything that we need for Phase 2 construction financing.

當然，我們始終可以利用其他手段來管理現金，包括放慢建設速度。我們現在不希望這樣做。或者真正進入某種形式的過渡融資，直到我們完成我們討論過的所有建築融資交易並真正了解這些交易。我們期待所有這些交易在第三季度、第四季度結束，這將真正完成我們第二階段建設融資所需的一切。

I'll just add, if I may, just two things from an operational point of view. One has been said, early-stage company, and so every day there are new business opportunities that we're evaluating. And so we are constantly updating our forecasts ourselves because there are new business opportunities.

如果可以的話，我只想從操作的角度補充兩件事。有人說過，這是一家早期公司，所以每天都有我們正在評估的新商機。因此，我們自己不斷更新我們的預測，因為有新的商機。

There's new opportunities for growth. Some are pros and some are cons. Sometimes you get news that still the supply chain issues are causing delayed openings, and so that can impact our revenue as well.

有新的增長機會。有些是優點，有些是缺點。有時您會收到消息稱，供應鏈問題仍然導致開業延遲，這也會影響我們的收入。

There was a question about Johnson Controls. I mean, we're working incredibly hard to replace that revenue. But the market, as I alluded to, is challenging right now, and companies aren't spending as much on marketing dollars. And so those were meaningful dollars in the $6 million, $7 million a year range that we're having to try and replace.

有一個關於江森自控的問題。我的意思是，我們正在非常努力地工作以取代這些收入。但正如我提到的，市場目前充滿挑戰，公司在營銷方面的支出也減少了。因此，這些資金在每年 600 萬至 700 萬美元的範圍內是有意義的，我們必須嘗試更換它們。

And that is meaningful when it comes to forecasting, because while we're trying, you know, it takes time to sign these types of sponsorship deals and sponsors again, and we're sort of aligned with this, we're not activating longer term because it's just where the market is and the challenges that we're facing.

這對於預測來說是有意義的，因為在我們嘗試的同時，你知道，再次簽署這些類型的讚助協議和讚助商需要時間，而我們在某種程度上與此保持一致，我們不會激活更長時間術語，因為這正是市場所在以及我們面臨的挑戰。

So there's just things that, for an early-stage company, make forecasting incredibly dynamic, and the transparency is what's important. So every time we talk, we want to make sure that we give the most updated view, and sometimes it's a positive, and sometimes it's a negative.

因此，對於一家處於早期階段的公司來說，有一些事情可以使預測變得異常動態，而透明度才是最重要的。因此，每次我們談話時，我們都希望確保提供最新的觀點，有時是積極的，有時是消極的。

Would you address the going concern language in the 10-Q?

您會在 10-Q 中討論持續經營的語言嗎？

Yeah, sure. I'll take that one.

好，當然。我會接受那個。

So we added that language back in the first quarter, and of course, we've included it again here in Q2. This is really accounting guidance, meaning what does the accounting literature say we need to disclose and of course, we do that. It considers our current cash balance, expected operating cash needs. And then, of course, construction expenditures and timelines. And it's really a 12-month looking forward view.

因此，我們在第一季度就添加了該語言，當然，我們在第二季度再次將其包含在內。這確實是會計指南，意味著會計文獻說我們需要披露什麼，當然，我們會這樣做。它考慮了我們當前的現金餘額、預期的運營現金需求。當然，還有建設支出和時間表。這確實是一個 12 個月的展望。

We've stated we're working towards closing the cap stacks for both the water park and the hotel, and of course, we're able to expand -- we can extend most of the debt that's maturing in March of 2024 for another year, which gives us some more bandwidth there. Again, I'll just say we've proven in the past that we can accomplish the necessary financing for construction, and then we'll just adjust accordingly to meet our goals.

我們已經表示，我們正在努力關閉水上樂園和酒店的上限，當然，我們能夠擴張——我們可以將 2024 年 3 月到期的大部分債務再延長一年，這為我們提供了更多帶寬。再說一遍，我只想說，我們過去已經證明，我們可以完成必要的建設融資，然後我們將進行相應調整以實現我們的目標。

But it's an important disclosure that our investors need to be aware of. Again, we've put it in there in the first quarter this year, and we've reiterated it in the second quarter as well.

但這是我們的投資者需要了解的重要披露。同樣，我們在今年第一季度就提出了這一點，並且在第二季度也重申了這一點。

And we've always talked about just-in-time financing, and just-in-time financing means you take the financing when you need it. And in some instances, that creates an accounting issue from how do you get the financing to ensure long-term running of the company, but also long-term building of the assets.

我們一直在談論即時融資，即時融資意味著您在需要時獲得融資。在某些情況下，這會產生一個會計問題，即如何獲得融資以確保公司的長期運營以及資產的長期建設。

We've been in this situation before. We've come out of this situation, and our expectation is that we can be successful on that front again with the many levers that Ben has talked about and ensuring that we're doing things pragmatically and raising the funds. We have the line of sight on the funds. Closing those funds over the next couple of months is the important part.

我們以前也遇到過這種情況。我們已經擺脫了這種情況，我們的期望是，通過本談到的許多手段，我們可以在這方面再次取得成功，並確保我們務實地做事並籌集資金。我們的視線集中在資金上。在接下來的幾個月內關閉這些基金是重要的部分。

Can you give an update on the construction financing? You touched on the timeline. Do you have any additional color about financing?

您能否介紹一下建設融資的最新情況？你觸及了時間線。關於融資您還有什麼其他看法嗎？

I'll touch on it. Yeah, it's similar to what we've done in the past, being extremely creative about sources. So we have various, not just bank sources, but municipal sources as well. We've talked about the fact that we're in a tourism development district. It's a source for revenue for us to bond against for construction financing.

我會談到它。是的，這與我們過去所做的類似，對資源非常有創意。因此，我們不僅有銀行來源，還有市政來源。我們已經談到了我們在旅遊開發區的事實。這是我們為建設融資提供擔保的收入來源。

So really looking at all channels, as Mike mentioned, line of sight, we have really term sheets signed, ready to close on all sources of financing. It will round out everything that we need for construction for phase two, so an extreme positive there.

因此，正如邁克提到的那樣，我們真正審視了所有渠道，我們已經簽署了條款清單，準備關閉所有融資來源。它將完善我們第二階段建設所需的一切，因此這是一個極其積極的結果。

No surprise, these are very complicated transactions. It just takes time to get through them, the closing cycle, due diligence cycle, and we're there. It's just within the next couple of months, we expect to have all this closed.

毫不奇怪，這些都是非常複雜的交易。只是需要時間來完成這些，關閉週期，盡職調查週期，我們就在那裡。在接下來的幾個月內，我們預計這一切都會結束。

Next question is about media. Would you please discuss timing of the pipeline and when the company can expect to see results from items in the pipeline?

下一個問題是關於媒體的。您能否討論一下管道的時間安排以及公司何時可以看到管道中項目的結果？

Yeah, so we've always talked about the media pipeline as about a three-year cycle. You have to create content out of much of a property pad or through partnerships. You have to develop a storyline, a narrative around that. You have to produce that content. You have to go out and distribute that content.

是的，所以我們總是以三年為一個週期來談論媒體管道。您必須利用大部分財產或通過合作夥伴關係來創建內容。你必須制定一個故事情節，圍繞它進行敘述。你必須製作該內容。你必須出去分發這些內容。

Amazingly enough, if you look at the history of our company in a very short window of time, we've already done three or four of those types of shows and distributed them well before that three-year timeframe.

令人驚訝的是，如果你在很短的時間內回顧我們公司的歷史，我們已經完成了三到四個此類節目，並在三年期限之前分發它們。

As I talked about, ReachTV, Brinx, three new shows there in production, being distributed in very due course. And what that does is it leads to producer fees, it leads to sponsorship, it leads to acknowledgement that we have intellectual property that partners out there want. We have a great team that ideates around how do we leverage stories.

正如我所說，ReachTV、Brinx 三個新節目正在製作中，並在適當的時候發行。這樣做的作用是產生製片人費用，產生贊助，產生承認我們擁有合作夥伴想要的知識產權。我們有一支優秀的團隊，致力於思考如何利用故事。

I get excited when I see a lot of the new story opportunities that come across my desk. We're signing new content opportunities and rights to new content weekly almost now and looking for ways to build the production and distribution partnerships. But we've been effective at doing that with the ESPNs, the Brinx, the ReachTVs, the [Grace Televisions], the NFL films.

當我看到辦公桌上有很多新的故事機會時，我感到很興奮。我們幾乎每週都會簽署新內容的機會和新內容的權利，並尋找建立製作和發行合作夥伴關係的方法。但我們在 ESPN、Brinx、ReachTV、[Grace Televisions] 和 NFL 電影方面一直有效地做到了這一點。

And so I have every expectation that as we stabilize that vertical in our company, that it'll start to produce revenue in a more meaningful way. We're just, I would say, halfway down the path and already we've started to produce things and distribute things, which are great.

因此，我滿懷期望，當我們穩定公司的垂直領域時，它將開始以更有意義的方式產生收入。我想說，我們只是走了一半，我們已經開始生產和分發東西，這很棒。

That's the last of the questions. I'll turn it back over to Michael for closing remarks.

這是最後一個問題。我將把它轉回給邁克爾做總結髮言。

Yeah, I'll just close by saying a few things. Over 17 nationally televised events this year. I talk about that a lot. Why is that important? It attracts sponsors, it attracts new content, it allows us to drive activation on site, and it creates brand awareness. We're a new company. We have to continue to grow our brand as a brand of excellence, as a brand in the sports and entertainment space that has the ability to create environments both virtual and physical that are unique and different.

是的，我會說幾句話作為結束。今年有超過 17 場全國電視轉播的賽事。我對此談了很多。為什麼這很重要？它吸引贊助商，吸引新內容，使我們能夠推動現場激活，並創造品牌知名度。我們是一家新公司。我們必須繼續發展我們的品牌，成為一個卓越的品牌，一個體育和娛樂領域的品牌，有能力創造獨特和不同的虛擬和物理環境。

I jokingly say if you're a professional football team, you may not be on national television 17 times a year unless you make the playoffs in the Super Bowl. And my expectation is we're just going to continue to add to that. It's really unique for a company our size to have that kind of profile and for people to want to be here and talk about that.

我開玩笑地說，如果你是一支職業橄欖球隊，除非你進入超級碗季后賽，否則你每年可能不會出現在國家電視台 17 次。我的期望是我們將繼續增加這一點。對於像我們這樣規模的公司來說，擁有這樣的形象並且人們願意來這裡談論這一點確實是獨一無二的。

We have large-scale festivals that are coming. We've announced those. Bill Burr, one of the top comedians coming. Black College Football Hall of Fame Kick-Off Classic coming. This was really fun and unique. Northeast Ohio versus America showcase.

我們即將舉辦大型節日。我們已經宣布了這些。頂尖喜劇演員之一比爾·伯爾 (Bill Burr) 即將登場。黑人大學橄欖球名人堂開球經典賽即將到來。這真的很有趣而且很獨特。俄亥俄州東北部對陣美國的展示賽。

A high school football showcase of some of the best high school teams in the country coming here, again, nationally televised. Ohio's High School State Football Championships. Our Winter Blitz that we're excited about being even bigger and better this year and leveraging all of the assets as they continue to take shape and grow here at the village. More media content ourselves coming out.

全國一些最好的高中球隊再次來到這裡，進行全國電視轉播的高中橄欖球表演。俄亥俄州高中州橄欖球錦標賽。我們的冬季閃電戰讓我們很高興今年能夠變得更大更好，並利用所有資產，讓它們在村莊里繼續成形和發展。更多媒體內容我們自己即將推出。

Again, I think of Fantasy this week and the big Fantasy football tournament or expo that we're hosting here, I should say. Media is a part of that, radio, broadcast. And then all of the different activations on campus.

我應該說，我再次想到了本週的幻想以及我們在這裡舉辦的大型幻想足球錦標賽或博覽會。媒體是其中的一部分，廣播、廣播。然後是校園裡所有不同的活動。

We are forecasting record attendance this year. Record attendance translates into revenue. Revenue growth is what we need as an early-stage company. We are going to continue to be very cost-focused, but investment-oriented as well.

我們預計今年的出席人數將創歷史新高。創紀錄的出席率轉化為收入。作為一家早期公司，收入增長是我們所需要的。我們將繼續非常注重成本，但也以投資為導向。

The most important thing for us creating those unique experiences that only we can develop, and I keep emphasizing that to our team, and our team keeps delivering over and over again. Because if we are unique and different and we are excellent in what we do, other brands, other companies want to be associated with us. And excellence begets more excellence, and that's really exciting.

對我們來說最重要的是創造只有我們才能開發的獨特體驗，我不斷向我們的團隊強調這一點，我們的團隊不斷地一次又一次地交付。因為如果我們是獨一無二的、與眾不同的，並且我們在我們所做的事情上表現出色，其他品牌、其他公司就會希望與我們合作。卓越會帶來更多卓越，這確實令人興奮。

Our model of synergy you can start to see is taking hold. That's how we're growing revenue. It's not by one-off experiences or one-off visits. It's through monetizing those one-off visits through our multiple different business protocols.

您可以開始看到我們的協同模式正在紮根。這就是我們增加收入的方式。這不是一次性的經歷或一次性的訪問。這是通過我們多種不同的業務協議將這些一次性訪問貨幣化。

We're building a world-class team Board. We've added Jerome Bettis to our Board. The first meeting out of the gate, Jerome is offering ideas and suggestions. He's got a great media background. He has a great [roll of decks], just as Marcus Allen does, just as the rest of our Board does.

我們正在建立一個世界一流的團隊董事會。我們已將杰羅姆·貝蒂斯添加到我們的董事會。第一次見面時，杰羅姆提出了想法和建議。他有很好的媒體背景。他有很棒的[牌組]，就像馬庫斯·艾倫一樣，就像我們董事會的其他成員一樣。

The support our Board gives us on a daily basis, I consider our Board to be world-class. I would put them up against any Board out there for any company. And for a company of our size, their commitment, their passion on our product is compelling. They're here. They're excited to do everything that they can to support us, and I would say the same thing about our team.

我認為我們的董事會每天給予我們的支持是世界一流的。我會讓他們與任何公司的任何董事會進行對抗。對於我們這樣規模的公司來說，他們對我們產品的承諾和熱情是令人信服的。他們在這兒。他們很高興盡其所能來支持我們，我也會對我們的團隊說同樣的話。

Our team is just growing, and it's fantastic. I'm looking forward to adding a team where we need it to help from a cost control point of view and from a revenue growth point of view. I think we're now at a stage where we can do both. Ben has added folks to his team that have helped tremendously make us become more efficient quicker from the cost side. I think we can add people that will help us from the revenue side as well.

我們的團隊正在成長，這太棒了。我期待著在我們需要的地方添加一個團隊，從成本控制的角度和收入增長的角度提供幫助。我認為我們現在正處於一個可以兩者兼得的階段。 Ben 為他的團隊增添了一些人，這些人極大地幫助我們從成本方面更快地提高效率。我認為我們還可以增加在收入方面為我們提供幫助的人員。

And then lastly, we've got to continue to be focused on our financial structure. We have to have a financial structure that enables long-term growth. I've talked about that. It's work that I wake up thinking about every day. It's work that we're doing. It's work that takes time.

最後，我們必須繼續關注我們的財務結構。我們必須擁有能夠實現長期增長的財務結構。我已經談過這個了。這是我每天醒來都會思考的工作。這是我們正在做的工作。這是需要時間的工作。

And I look forward to providing more updates on that in the near future. But rest assured, this company is a company that stays focused on executing long-term execution support and our financial structure is what it is.

我期待在不久的將來提供更多相關更新。但請放心，這家公司是一家專注於執行長期執行支持的公司，我們的財務結構就是這樣。

I just want to thank everybody for tuning in. Great second quarter. Looking forward to Q3 and updating everyone on that.

我只是想感謝大家的收聽。第二季度很棒。期待第三季度並向大家通報最新情況。

Thank you, Michael. I will echo Mike's thanks and say we very much appreciate, on behalf of our entire company, thank you for your continued support of all things happening within the Hall of Fame Resort and Entertainment Company, and I wish you all a wonderful weekend.

謝謝你，邁克爾。我將回應邁克的感謝，並代表我們整個公司表示非常感謝您對名人堂度假村和娛樂公司內發生的所有事情的持續支持，祝大家週末愉快。

This will conclude today's conference. Let me disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在讓我斷開你們的線路。感謝您的參與。