Hall of Fame Resort & Entertainment Co (HOFV) 2023 Q3 法說會逐字稿

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

早安，歡迎參加名人堂度假村及娛樂公司 2023 年第三季財報電話會議。該電話會議正在錄音，所有參與者均處於僅監聽模式（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行銷和公共事務執行副總裁 Anne Graffice。

Good morning and thank you for joining us for our third-quarter 2023 earnings conference call. Our latest press release and supplemental slides are posted yesterday evening after market hours. These documents can be found in the Investor Relations section of our website, which is hofreco.com.

早安，感謝您參加我們的 2023 年第三季財報電話會議。我們最新的新聞稿和補充幻燈片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 Chief Executive Officer, 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.

在簡短的介紹之後，我們的總裁兼執行長 Michael Crawford 將介紹公司策略和前景的最新情況。財務長本傑明李隨後將提供本季財務表現的分析。

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

在今天的電話會議中，我們將做出前瞻性聲明，反映公司目前對未來計畫和績效的預期。這些陳述依賴假設和估計，實際結果可能因風險和不確定性而有重大差異。我鼓勵大家閱讀收益新聞稿中有關前瞻性陳述的完整揭露內容。

Additionally, please note the company uses non-GAAP results to evaluate performance internally as detailed in the press release.

此外，請注意，本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。

I will now turn the call over to Michael Crawford. Michael?

我現在將把電話轉給邁克爾·克勞福德。麥可？

Thanks, Anne, and good morning, everyone. It's a really nice fall day here in Canton, Ohio. So great to have the opportunity to update all of you on what's been going on with the company over the last quarter. And as we think about going forward, I think we all know November 11 was Veterans Day. So we had a very nice day on campus at the village, celebrating and thanking our veterans for their service, both current and past.

謝謝安妮，大家早安。這是俄亥俄州坎頓一個非常美好的秋天。很高興有機會向大家介紹公司上季的最新動態。當我們思考未來時，我想我們都知道 11 月 11 日是退伍軍人節。因此，我們在村莊的校園裡度過了非常愉快的一天，慶祝並感謝我們的退伍軍人現在和過去的服務。

There's been a lot of things happening over the last quarter and progress at the village. Some of the key highlights, I'll start with attendance, and it's been very interesting for us. On the attendance front, we've implemented a new tool sort of a geo tracking AI tool that allows us to understand guest arrival and departure patterns, and also flow of guest traffic while they're on property as well. And I'll talk a little bit more about that in a moment.

上個季度發生了很多事情，村裡也取得了進展。一些重要的亮點，我將從出席人數開始，這對我們來說非常有趣。在出席方面，我們實施了一種新的地理追蹤人工智慧工具，使我們能夠了解賓客的到達和離開模式，以及賓客在酒店期間的流量。稍後我將詳細討論這一點。

But what we realized is that attendance is growing, and we're actually exceeding our attendance forecast, which is great for us because it offers us an opportunity to monetize against growing attendance in the future. We hosted multiple large events; you'll recall that the USFL Championship Game was played here.

但我們意識到，出席人數正在增長，而且實際上超出了我們的出席人數預測，這對我們來說很好，因為它為我們提供了一個機會，可以透過未來不斷增長的出席人數來獲利。我們承辦了多次大型活動；您一定還記得美國橄欖球聯盟 (USFL) 冠軍賽曾經在此舉行。

I know many folks are still very curious about the USFL and XFL merger. I can tell you that I'm hopeful that we will play a role in that league in some way, shape or form but as of now, we don't have any relevant updates. I expect to have an update in the very near term, and of course, as we do, we'll pass that along to you as our shareholders.

我知道很多人仍然對 USFL 和 XFL 合併感到好奇。我可以告訴你，我希望我們能以某種方式、形式或形式在該聯賽中發揮作用，但截至目前，我們沒有任何相關更新。我希望在短期內得到更新，當然，正如我們所做的那樣，我們會將其傳遞給作為我們股東的您。

We also hosted a variety of different types of events, showcasing the diversity of events that we're striving to achieve here from our KIDZ BOP event, of course enshrinement, the NFL preseason game, the Concert for Legend, Zac Brown did a fantastic job, we also recently hosted comedian Bill Burr. So a lot of different types of events, and the events slate is growing. And we're continuing to look at not only sport related, but non-sport related events to build the slate of events for 2024. Our plan is to -- prior to the end of this year, announced a more robust calendar for 2024 as well, allowing our guests the opportunity to plan for the events that they would so choose to visit and the experiences that they would have.

我們還舉辦了各種不同類型的活動，展示了我們在 KIDZ BOP 活動中努力實現的活動多樣性，當然還有祭祀、NFL 季前賽、傳奇音樂會，Zac Brown 做得非常出色，我們最近還接待了喜劇演員比爾·伯爾。所以有很多不同類型的活動，而且活動的數量還在增加。我們不僅會繼續關注與體育相關的賽事，還會關注與體育無關的賽事，以製定 2024 年的賽事清單。我們的計劃是——在今年年底之前，宣布更穩健的 2024 年賽程表好吧，讓我們的客人有機會規劃他們將選擇參加的活動以及他們將獲得的體驗。

I talked about visitor growth; we are experiencing strong growth in visitation. Our focus is now as people are coming, to give them opportunities to understand what the village is about prior to arrival so they can plan accordingly and then also market to them while they're on-site. And create movement and opportunities for guests to experience not only the thing that they came for, but the multiple other types of experiences that they can have while they're here, be it ride experiences, food and beverage, interactive sporting experiences or have been experiences. And then, of course, we continue to add to the types of things, asset wise that our guests can choose to experience while they're here as well.

我談到了遊客成長；我們的訪問量正在強勁增長。我們現在的重點是隨著人們的到來，讓他們有機會在到達之前了解村莊的情況，以便他們可以做出相應的計劃，然後在他們在現場時向他們進行行銷。為賓客創造運動和機會，不僅讓他們體驗他們來這裡的目的，而且讓他們在這裡可以擁有多種其他類型的體驗，無論是乘車體驗、餐飲、互動運動體驗還是其他體驗。當然，我們會繼續增加資產方面的事物類型，讓我們的客人在入住期間也可以選擇體驗。

We added new themed locations and ice cream and cookies in our SMOOSH location and Pizza Oven recently opened. We've also added multiple new office tenants in our Constellation Center for Excellence. And those things represent lease revenue for us and revenue in terms of building out the facility. But they also represent uplift as those tenants come to life, as those office tenants are present Monday through Friday for different meals on property, potentially hotel stays, and visits to the different events that we're hosting.

我們在 SMOOSH 地點添加了新的主題地點以及冰淇淋和餅乾，披薩烤箱最近開業。我們還在星座卓越中心增加了多個新的辦公室租戶。這些東西代表了我們的租賃收入和建設設施的收入。但隨著這些租戶的活躍，它們也代表著生活的提升，因為這些辦公室租戶週一到週五都會在酒店內享用不同的餐點，可能會入住酒店，並參觀我們正在舉辦的不同活動。

We're expecting to open later this month, our Donald Driver Driven Elite experience. Remember, there are two different business opportunities that we've signed with Donald. One, a retail facility -- fitness facility here in the Constellation Center for Excellence. And then also this higher end training opportunity, this Driven Elite concept in our Center for Performance. And both of those, we expect to be opening in the next month. Heggy's Nut Shop also expected to open in the very near term, probably within the next three to four weeks. And so you can see the differences and experiences that we're creating for our guests and the opportunities for them to stay and extend and play.

我們預計在本月稍後開放我們的 Donald Driver Driven Elite 體驗。請記住，我們與唐納德簽署了兩個不同的商業機會。一是零售設施－位於星座卓越中心的健身設施。還有這個更高端的培訓機會，我們績效中心的「驅動精英」概念。我們預計這兩個項目都將在下個月開放。赫吉堅果店也預計將在近期開業，可能在未來三到四週內。因此，您可以看到我們為客人創造的差異和體驗，以及為他們留下來、延伸和玩耍的機會。

There are five relevant key priorities for Q3, and I would say not only Q3, but this is the focus for our team. Our team did a great job I think in executing, as you will have seen in our Q3 numbers, we did grow revenue and we also balanced that revenue growth with expense growth. And so our goal always has been to spend the dollars where they're going to have the greatest impact for us. And we continue to manage the cost base in terms of what we're spending and how we're spending and also our staffing models to be most efficient.

第三季度有五個相關的關鍵優先事項，我想說的不僅僅是第三季度，而且這是我們團隊的重點。我認為我們的團隊在執行方面做得很好，正如您在第三季度的數據中看到的那樣，我們確實增加了收入，我們還平衡了收入成長與費用成長。因此，我們的目標始終是將資金花在對我們產生最大影響的地方。我們繼續根據支出內容和支出方式以及最高效的人員配置模式來管理成本基礎。

We also expect to close the remaining financing required for the completion of our Phase 2 assets in the very near term. But the point I'd like to make here is related to the cost base. And as you may very well understand that every time we close new financing, there's cost associated with it. There are legal costs, there are financing costs, placement costs.

我們也預計在短期內完成完成第二階段資產所需的剩餘融資。但我想在這裡指出的一點與成本基礎有關。正如您可能很清楚的那樣，每次我們完成新的融資時，都會產生與之相關的成本。有法律成本、融資成本、安置成本。

And so those types of expenses, I expect to not only be reduced in the coming months and years, but to actually go away because we won't have the need to consistently finance new assets. And so that will also contribute to our bottom line, not having to have those types of expenditures. We've had approximately one full year of operation through Q3 as a company. And as I talked about, this new attendance intelligence is showing us that our model is really working creating events, creating new opportunities for our guests to come and experience, assets, and we're excited about what's to come.

因此，我預計這些類型的支出不僅會在未來幾個月和幾年內減少，而且實際上會消失，因為我們不需要持續為新資產融資。因此，這也將有助於我們的獲利，而不必進行這些類型的支出。作為一家公司，我們在第三季已經運作了大約一整年。正如我所說，這種新的出勤情報向我們表明，我們的模式確實在創造活動，為我們的客人前來體驗和資產創造新的機會，我們對即將發生的事情感到興奮。

Obviously, our water park is in full swing and in development, and our on-site hotel is about ready to break ground. The reason that hasn't broken ground, we've needed that space. It's a very tight corner in the village there, the northern end, we've needed that space as a laydown area for all of the construction equipment and all the materials for the water park. And now that that is coming to an end in terms of the outside core and shell being completed, the actual work will start on the inside of that facility and hopefully continue to allow us to build a hotel on the site just adjacent to it.

顯然，我們的水上樂園正在緊鑼密鼓地進行開發，我們的酒店也即將破土動工。之所以沒有破土動工，是因為我們需要那個空間。這是村莊北端的一個非常狹窄的角落，我們需要這個空間作為所有建築設備和水上樂園所有材料的放置區域。現在，外部核心和外殼的完工即將結束，實際工作將從設施的內部開始，並希望繼續允許我們在毗鄰的場地上建造一家酒店。

We're getting smarter at how guests are arriving and the timing of those arrivals by event. And for a typical Friday night or Monday afternoon, that's allowing us to really evolve our staffing models and our expense base as well. And so as I've always said, it takes time to stabilize a operation. I think we're actually getting there sooner than what opportunities really have afforded us to over the last year. But I think the influence that we're having now over the guests and as they arrive and expanding their thoughts around what the village can represent are all very important aspects of driving growth for the company.

我們越來越了解客人的抵達方式以及按活動劃分的抵達時間。對於典型的周五晚上或週一下午，這使我們能夠真正改善我們的人員配置模式和費用基礎。正如我一直說的，穩定營運需要時間。我認為我們實際上比去年真正提供給我們的機會更快地實現了這一目標。但我認為，我們現在對客人的影響力，以及當他們到達時，他們對村莊所能代表的想法的擴展，都是推動公司發展的非常重要的方面。

We are looking at increasing efficiencies in every aspect we've brought on, not only in terms of expense management, but in terms of revenue growth. We've brought on someone who has a lot of experience in revenue management. So things like packaging, pricing, all of those types of things. I think we're getting more efficient at that, and we're seeing that in the context of revenue as well, day-to-day in the event category as well.

我們正在尋求提高各個方面的效率，不僅在費用管理方面，而且在收入成長方面。我們聘請了一位在收益管理方面擁有豐富經驗的人。例如包裝、定價，所有這些類型的事情。我認為我們在這方面的效率正在提高，而且我們在收入方面以及日常活動類別中也看到了這一點。

Many of our assets have been completed, and we're continuing to evolve our tenant mix. There are a lot of tenants that we're in discussion with for the remaining boxes. The good news here is there's not a lot of remaining boxes, but we want to have a more curated experience. And so we're really focused on putting the right tenants to complement the ones that we have in place. And we think that we'll have a good set of tenants over the next couple of months to talk about as well.

我們的許多資產已經完工，我們正在繼續發展我們的租戶組合。我們正在與許多租戶討論剩餘的盒子。好消息是剩餘的盒子不多了，但我們希望獲得更精心策劃的體驗。因此，我們真正專注於尋找合適的租戶來補充我們現有的租戶。我們認為，在接下來的幾個月裡，我們也會有一群很好的租戶可以討論。

Synergy has been a big focus for ours, continuing to influence as people arrive, what they do, people who are coming for an individual experience, but we're now seeing them come earlier, stay later. They're having ride experiences at Play-Action Plaza, they're dining, they're shopping. And so that's a very good thing for us because we want to create the synergy between the assets and between the experiences for guests to expand and have unique offerings for them to enjoy while they're here. The DoubleTree is a great example of that.

綜效一直是我們關注的重點，隨著人們的到來、他們所做的事情以及前來尋求個人體驗的人們，協同效應繼續產生影響，但我們現在看到他們來得更早，停留得更晚。他們在 Play-Action Plaza 體驗乘車體驗、用餐、購物。這對我們來說是一件非常好的事情，因為我們希望在資產和體驗之間創造協同效應，讓客人能夠擴展並為他們提供獨特的服務，讓他們在這裡享受。雙樹飯店就是一個很好的例子。

As we've continued to grow on-site events, on-site business travelers, et cetera, the DoubleTree has continued to stabilize, and probably even more quickly than what I had hoped for coming from the hotel business. That does take typically take three to four years as well. I think we've gotten there in a couple of years and it's now a profitable asset. It also ranks in the top from a financial performance standpoint, at the very top in this region. And more importantly, it ranks nationally from a customer service point of view. And so I've always said everything we do, it's important to create assets that are going to drive great experiences and memorable experiences for our guests to enjoy.

隨著我們不斷增加現場活動、現場商務旅客等，逸林酒店繼續穩定下來，甚至可能比我對酒店業務的期望更快。這通常也需要三到四年的時間。我認為我們在幾年內就實現了這一目標，現在它已成為一項有利可圖的資產。從財務績效的角度來看，它也名列前茅，在該地區名列前茅。更重要的是，從客戶服務的角度來看，它在全國排名第一。所以我總是說，我們所做的一切，重要的是創造能夠為我們的客人帶來美好體驗和難忘體驗的資產。

I want to congratulate the team there; they've recently won the Brighter Together Care Award by Hilton. Which is the award that recognizes the outstanding service and guest experiences by category of brand that they have in their family. We won that for the DoubleTree category, it's an absolutely fantastic achievement. And we've continued to be in the top service categories for them since we've been open.

我要祝賀那裡的團隊；他們最近榮獲希爾頓頒發的 Brighter Together Care 獎。該獎項旨在表彰其家族中品牌類別的傑出服務和賓客體驗。我們贏得了逸林類別的獎項，這絕對是一項了不起的成就。自開業以來，我們一直是他們的頂級服務類別。

The second thing that we talk about a lot, and I've talked about even on the last earnings call is restructuring our balance sheet. We've had to make over the last three years decisions in terms of equity offerings in terms of the type of debt that we brought on to finance each asset individually in a very difficult environment, starting with the global health pandemic. But moving through an inflationary environment wars, a lot of things have influenced how the lending environment has continued to evolve and frankly, tighten up. And so we want to make sure that our balance sheet is structured in a way that it allows us for the right runway to stabilize the business, but also sets up long term success.

我們經常談論的第二件事是重組我們的資產負債表，我甚至在上次財報電話會議上也談到過。在過去的三年裡，我們必須在股票發行方面做出決定，在從全球健康大流行開始的非常困難的環境中，我們為每項資產單獨融資而產生的債務類型。但在通膨環境戰爭中，許多因素影響了貸款環境的持續發展，坦白說，影響了貸款環境的緊縮。因此，我們希望確保我們的資產負債表結構能為我們提供穩定業務的正確途徑，同時也能長期成功。

A good example of that focus in Q3 was the restructuring of the DoubleTree capital stack. We looked at the senior construction loan there, it was maturing. We talked to the lender, Erie Bank, we reduced that senior loan amount, reducing the interest rate. And we also extended that maturity to be more favorable for us. We offset that reduced loan though, by adding other really favorable financial instruments, the property, the PACE lending that we do, the tourism development district bonding that we do. We added small chunks of that to the hotel cap stack, allowing us to have a much more balanced sheet there, and also allowing us to increase the opportunity for us to drop more to the bottom line.

第三季重點關注的一個很好的例子是逸林資本結構的重組。我們查看了那裡的高級建築貸款，它正在到期。我們與貸方伊利銀行進行了交談，我們減少了高級貸款金額，並降低了利率。我們也延長了這種成熟度，使之對我們更加有利。不過，我們透過增加其他真正有利的金融工具、房地產、我們所做的 PACE 貸款、我們所做的旅遊開發區債券來抵消減少的貸款。我們將其中的一小部分添加到酒店上限中，使我們能夠擁有更平衡的負債表，也使我們有機會增加更多的利潤。

The refinance and the structuring of assets is really important for us. And it is something that the team will continue to focus on. Not only were they doing it in Q3, but over the next couple of years. As I talked about, we have brought on a consultant that will also help us in that effort, taking a look at the types of debt that we have. And then also thinking through how to extend those or sort of remodel those, to give us that better balance sheet profile. Ben will talk a little bit more in his remarks about the process that we're working on with the water park and the hotel and the public debt financing and how that's working to date.

再融資和資產結構對我們來說非常重要。這是團隊將繼續關注的事情。他們不僅在第三季這樣做，而且在接下來的幾年裡都這樣做。正如我所說，我們聘請了一位顧問，他也將幫助我們進行這項工作，研究我們所擁有的債務類型。然後也要思考如何擴展這些或對它們進行某種程度的改造，以便為我們提供更好的資產負債表狀況。本將在演講中更多地談論我們正在與水上樂園和酒店合作的流程以及公共債務融資以及迄今為止的運作情況。

I will say that that has taken a little longer than what we hoped, but it is the right type of debt for us. And so the process, while it has to go through the legislative process for approvals and it takes a little longer, it is well worth the wait that we get the right type of debt profile on those remaining two assets. We did do a small equity raise. We took down a portion of our existing shelf registration, our previously talked about at the market offering, and we did that for a few reasons.

我想說的是，這比我們希望的時間要長一些，但這對我們來說是正確的債務類型。因此，這個過程雖然必須經過立法程序才能獲得批准，並且需要更長的時間，但我們為剩餘兩項資產獲得正確類型的債務狀況而等待是值得的。我們確實進行了小額股權融資。我們取消了我們之前在市場產品中談到的現有貨架註冊的一部分，我們這樣做有幾個原因。

One, it allowed us to go back to institutions and increase their ownership in the company. Two, it provided a little more liquidity in the stock. The volume and the stock was trading at a very low volume after our reverse stock split, you'll recall we needed to do that reverse stock split at the time to meet Nasdaq trading requirements. And while I know that that was difficult for some people to understand, it was absolutely necessary for our company to have the opportunity to remain on the Nasdaq and for all of our shareholders to have access to that indices for trading purposes. And so the offering helped us increase the volume in the stock as well and provided a small chunk of additional equity for the company.

第一，它允許我們回到機構並增加他們在公司的所有權。第二，它為股票提供了更多的流動性。在我們反向股票分割之後，交易量和股票交易量都非常低，您會記得我們當時需要進行反向股票分割以滿足納斯達克交易要求。雖然我知道這對某些人來說很難理解，但我們公司絕對有必要有機會留在納斯達克，而我們的所有股東都可以出於交易目的存取該指數。因此，此次發行也幫助我們增加了股票數量，並為公司提供了一小部分額外股本。

We are aware that we do have a complicated capital structure, I've just talked about that. And strengthening our balance sheet and improving our financial stability is mission one, not only for the company, but to increase the types and profile of investors that we bring into our company, both today and going forward. This is a company that is growing, I think we're demonstrating that quarter over quarter, year over year. But it takes time for real estate, for media, for gaming to all have the runway for growth till it can be stabilized.

我們知道我們的資本結構確實很複雜，我剛才已經談到了這一點。加強我們的資產負債表和改善我們的財務穩定性是我們的首要任務，不僅是對公司而言，而且是增加我們今天和未來引入公司的投資者的類型和形象。這是一家正在成長的公司，我認為我們正在逐季、逐年地展示這一點。但房地產、媒體、遊戲都需要時間才能擁有成長跑道直到穩定下來。

And so our stock is not in need of traders. We don't need day traders coming in and trying to trade in and out of the stock. We need investors. We need people who understand the business model, by end of the business model and understand that over time, there's going to be a lot of value here.

因此我們的庫存不需要交易員。我們不需要日間交易者進來並嘗試進出股票。我們需要投資者。我們需要了解商業模式的人，到商業模式結束時，他們就會明白，隨著時間的推移，這裡將會產生很多價值。

I think we're trading today below asset value. And there are a lot of reasons for that. Obviously, the markets are in stress as well. But this is something that I feel very strongly about in terms of attracting the right types of investors into our company.

我認為我們今天的交易價格低於資產價值。這有很多原因。顯然，市場也面臨壓力。但在吸引合適類型的投資者進入我們公司方面，我對此有強烈的感受。

Thirdly, we're identifying the right deal and business partners. The Media vertical is a good example of that. While it's still in early stages in terms of our pipeline development, we've brought in partners like Brinx Television, and we've actually produced and distributed multiple episodes of The GOAT Code. This is a really cool show that talks to the aspects of being a hall of famer. The sort of secret sauce if you will, as to how these greatest athletes to ever played professional football got to where they are at.

第三，我們正在尋找合適的交易和業務合作夥伴。媒體垂直領域就是一個很好的例子。雖然我們的通路開發仍處於早期階段，但我們已經引入了 Brinx Television 等合作夥伴，實際上已經製作並發行了多集《GOAT Code》。這是一個非常酷的節目，講述了成為名人堂成員的各個方面。如果你願意的話，這就是這些有史以來最偉大的職業足球員如何達到他們現在的水平的秘訣。

It also highlights our access to unique intellectual property to create media content like that. And so a partner like Brinx, a partner like Reach Television, a partner like Amazon Prime distributing a show that we have right now, a docu series out called NFL Alumni Academy Next Man Up. I'm very proud of the fact that really showcased the Hall of Fame Village. It also shows, if you watch it -- and it's a great show talking about these kids who didn't make in NFL team and the sacrifices that they're making in training and developing and continuing to stay sharp. So that if they get their chance to be called up, they're ready for it.

它也強調了我們獲得獨特的智慧財產權來創造類似的媒體內容。因此，像 Brinx 這樣的合作夥伴，像 Reach Television 這樣的合作夥伴，像 Amazon Prime 這樣的合作夥伴，正在發行我們現在擁有的節目，一個名為 NFL 校友學院 Next Man Up 的紀錄片系列。我為真正展示名人堂村這一事實感到非常自豪。如果你觀看的話，它還表明，這是一部很棒的節目，講述了這些在 NFL 球隊中沒有做出貢獻的孩子，以及他們在訓練和發展以及繼續保持敏銳方面所做出的犧牲。因此，如果他們有機會被徵召，他們就會做好準備。

But it shows how far the village development has actually come. This was season two of that show and there was a lot of dirt around in Canton, and now it's a lot of buildings and experiences. It also shows the synergy, right. Because the show was being filmed here on campus in Tom Benson Hall of Fame Stadium, the athletes were staying in our hotel, there were a lot of meeting rooms being rented, a lot of catering. And so there was a lot of uplift created by that show. Not only from a revenue point of view, but from a brand marketing point of view that you simply can't buy on a prime streaming channel like we have today.

但它顯示了村莊發展實際上已經走了多遠。這是該劇的第二季，坎頓周圍有很多泥土，現在有很多建築物和體驗。它還顯示了協同作用，對吧。因為節目是在湯姆本森名人堂體育場的校園裡拍攝的，所以運動員們住在我們的酒店，有很多會議室被租用，有很多餐飲服務。所以那場演出給人們帶來了極大的鼓舞。不僅從收入的角度來看，而且從品牌行銷的角度來看，你根本無法像我們今天這樣在主要的串流媒體頻道上購買。

Sports betting, Betr continues to be in line with our expectations. I think they're doing it, no pun intended, better than most in that category of online sports betting. The micro betting has been their focus or that prop betting, but they've now evolved their model to that more mainstream type of betting as well. And they're seeing growth quarter-over-quarter. And we're really proud to have them as partners. And we're also benefiting from the fact that we took a ownership stake in the company. And so as they expand and achieve residency in multiple different states by gaining access to the licenses to allow for their platforms to exist in those states, so do we by our ownership stake.

體育博彩，Betr 繼續符合我們的預期。我認為他們正在這樣做，沒有雙關語的意思，比在線體育博彩類別中的大多數人都要好。微型投註一直是他們的重點或道具投注，但他們現在也將其模型發展為更主流的投注類型。他們看到了季度環比的成長。我們非常自豪有他們作為合作夥伴。我們也受益於我們持有該公司的所有權股份。因此，當他們透過獲得許可證來允許他們的平台在這些州存在時，他們會在多個不同的州擴張並獲得居住權，我們的所有權股份也是如此。

On-site, we're looking for those retail partners, we're opening new experiences. We're having discussions, as I said earlier, with many meaningful partners that will allow us to curate a great experience, a differentiated experience here in the village versus in other places that you may visit. One key learning is on-site sports betting, it's the reality of mobile betting versus retail betting.

在現場，我們正在尋找那些零售合作夥伴，我們正在開闢新的體驗。正如我之前所說，我們正在與許多有意義的合作夥伴進行討論，這將使我們能夠策劃一次很棒的體驗，一種在村莊裡與您可能訪問的其他地方不同的體驗。一項關鍵的學習是現場體育博彩，這是行動博彩與零售博彩的現實。

And what we're seeing in the state of Ohio, which is consistent with what's being seen across the country. Mobile betting is just dominating the actual space, 90% of bets are coming through mobile betting. So 80 plus percent of revenue is also coming through mobile betting. That's not to say that a retail presence wouldn't benefit us. We're in discussion with several partners that I think would be really great for us to have here on campus and partners for the company. But the fact is, this is more about an experience than it is about significant revenue growth for us. We expect the revenue growth to come through mobile, and we're going to continue to focus there as most of you continue your focus on using that platform as betting.

我們在俄亥俄州看到的情況與全國各地的情況一致。行動投注在實際領域佔據主導地位，90% 的投注來自於行動投注。因此，80% 以上的收入也來自行動博彩。這並不是說零售業務不會為我們帶來好處。我們正在與幾個合作夥伴進行討論，我認為在校園裡擁有這些合作夥伴以及公司的合作夥伴對我們來說真的很棒。但事實是，這更多的是一種體驗，而不是我們收入的顯著成長。我們預計收入成長將透過行動裝置實現，我們將繼續關注這一點，因為你們中的大多數人將繼續專注於使用該平台進行投注。

I think retail wise; we are different. It is interesting, we are seeing some retail sports betting operators leave the partnerships that they have in Ohio. It is a fragmented group between sports franchises, casinos, racinos, and some of those don't have year-round attendance. Some of those don't have attendance all day and into the evening, they have them for special events. I think that's where we are very different in our business model. There is always something going on at our destination, there are always visitors here 365 days. And so that's our focus looking at a great partnership that we can implement here at the village that we can add value to what they do, and they can add value to our guest experience.

我認為零售是明智的；我們不同。有趣的是，我們看到一些零售體育博彩營運商放棄了他們在俄亥俄州的合作夥伴關係。這是一個由體育特許經營店、賭場、賽車場組成的支離破碎的團體，其中一些不全年開放。其中一些人全天和晚上都沒有出席，他們為特殊活動安排了出席。我認為這就是我們的商業模式非常不同的地方。我們的目的地總是有事情發生，365 天總是有遊客。因此，我們重點關注的是我們可以在村莊中實施的良好合作夥伴關係，我們可以為他們的工作增加價值，他們也可以為我們的客人體驗增加價值。

Sponsorship deals, we did eight new deals in Q3 totaling over $1 million of new value to the company. That's very impressive again in a difficult environment where marketing dollars from companies are tight in terms of their spending, you see all across the country in the world. Frankly, companies cutting back on labor, cutting back on spending because of the inflationary environment that we're living in. But we've recently announced in Q3 and at the early stage of Q4, some significant partners, Diageo, Coke, Jim Beam, Ohio Lottery. A lot of these partners not only enhance our capabilities in terms of the guest offering, but again, drive significant revenue for us long term to the bottom line.

贊助交易，我們在第三季完成了八項新交易，為公司帶來的新價值總計超過 100 萬美元。在一個困難的環境下，這再次令人印象深刻，在世界各地的公司行銷資金都緊張的情況下，你可以看到這一點。坦白說，由於我們生活在通貨膨脹的環境中，公司正在削減勞動力、削減支出。但我們最近在第三季和第四季初期宣布，一些重要的合作夥伴，帝亞吉歐(Diageo)、可口可樂(Coke )、金邊(Jim Beam) ，俄亥俄州彩券。許多合作夥伴不僅增強了我們在賓客服務方面的能力，而且再次為我們帶來了長期的可觀收入。

I know one thing that is on everyone's mind. I get a lot of questions about this, is where we add in the Johnson Controls arbitration process. Here's what I can tell you, we finished the arbitration process in early October. There was a three arbitrary panel. We presented our case, Johnson Controls presented theirs. We expect to have a ruling on that by the end of this month.

我知道每個人都在想一件事。我對此有很多疑問，這是我們在江森自控仲裁程序中添加的內容。我可以告訴你的是，我們在10月初就完成了仲裁程序。有一個三個任意小組。我們介紹了我們的案例，江森自控介紹了他們的案例。我們預計將在本月底對此做出裁決。

Other than that, I don't really have any updates. I'm hopeful based on the case that we put on that we will receive a favorable ruling. I think, as I've said before, well we were in the right, we were good partners to Johnson Controls. And I think their termination of the agreement was wrong, but we'll leave that up to the arbitration panel to decide. And as I said, we will have a decision by that panel by the end of the month.

除此之外，我真的沒有任何更新。根據我們提交的案件，我希望我們能收到有利的裁決。我認為，正如我之前所說，我們是對的，我們是江森自控的好夥伴。我認為他們終止協議是錯誤的，但我們會將其留給仲裁小組來決定。正如我所說，該小組將在本月底做出決定。

The fourth thing is we continue to work and develop on new assets, right. The water park has been in full swing this year. We've been very lucky with weather. That asset will be completely enclosed by the end of the year. But we've also been able to parallel path some of the water work development on the inside, which is unique. We've worked a lot with our contractors to be able to start that work. And so we're still targeting a Q3 opening of the water park next year.

第四件事是我們繼續致力於和開發新資產，對吧。今年水上樂園如火如荼地進行。我們的天氣非常幸運。該資產將於今年年底完全封閉。但我們也能夠在內部並行進行一些水務工作的開發，這是獨一無二的。我們與承包商進行了大量合作才能夠開始這項工作。因此，我們的目標仍然是明年第三季水上樂園開幕。

I talked about the Hilton Tapestry starting very soon, we'd like to believe that we could open that on or around the same time of the water park. The reality is it's probably going to trail that by a couple of months. But again, we needed to slow that development down. So we have the appropriate area beside the water park for laydown of materials and construction equipment.

我談到希爾頓掛毯很快就會開業，我們相信我們可以在水上樂園的同一時間或前後開放它。現實情況是，它可能會落後幾個月。但同樣，我們需要放慢這種發展速度。因此，我們在水上樂園旁邊有適當的區域來放置材料和施工設備。

But then the last thing I would say that we've done, is focus on unique guest experiences. We want to put together an itinerary for guest. We don't want guests to come for an event or come for dinner, we want them to come, stay, and play. And so we talk a lot about unique experiences, but we also need to think about how do we communicate those and how do we make those easier for our guests to access. And so we hired a new position, as I said, in charge of revenue growth, optimizing pricing, optimizing packaging opportunities, and really helping us think about growth and synergy between all of the assets that we have to sell and for our guest to experience.

但我想說的最後一件事是我們所做的，就是專注於獨特的賓客體驗。我們想為客人制定一個行程。我們不希望客人來參加活動或來吃晚飯，我們希望他們來、留下來、玩耍。因此，我們談論了很多獨特的體驗，但我們也需要考慮如何傳達這些體驗以及如何讓我們的客人更容易獲得這些體驗。因此，正如我所說，我們聘請了一個新職位，負責收入成長、優化定價、優化包裝機會，並真正幫助我們思考我們必須出售和供客人體驗的所有資產之間的成長和協同作用。

The other thing that this position is helping us do, is build our concession business and our merchandise business. We have a small merchandise business that I'm hopeful can grow over time, meaning selling shirts and hats and hoodies and different things like that. We've, I think got a really unique concept and brand, and we want to be able to monetize that. And so we're hopeful that as we create more unique experiences, more guests come. As I said, we're seeing the attendance growth and that attendance growth is leading to revenue growth, and we're managing our costs accordingly.

這個職位幫助我們做的另一件事是建立我們的特許業務和商品業務。我們有一家小型商品業務，我希望它能隨著時間的推移而發展，這意味著銷售襯衫、帽子、連帽衫和類似的東西。我認為我們擁有一個非常獨特的概念和品牌，我們希望能夠將其貨幣化。因此，我們希望隨著我們創造更多獨特的體驗，能夠吸引更多的客人前來。正如我所說，我們看到出席人數的增長，而出席人數的增長導致了收入的增長，我們正在相應地管理我們的成本。

I'll now turn it over to Ben and have him take you through our financial review.

我現在將其交給本，讓他帶您完成我們的財務審查。

Thanks, Mike, and good morning, everyone. Moving on to financial results, third quarter total revenue was $8.7 million, which represents an increase of 8% from the same period in the prior year. Third quarter revenue growth was primarily driven by increased event and rental revenue at the Hall of Fame Village and higher operating revenue at our DoubleTree hotels.

謝謝麥克，大家早安。說到財務業績，第三季總營收為 870 萬美元，比去年同期成長 8%。第三季營收成長主要得益於名人堂村活動和租金收入的增加以及逸林飯店營業收入的增加。

Third quarter adjusted EBITDA was minus $5.5 million compared to minus $7.8 million in the same period last year. The change from the same period in the prior year was primarily driven by decreased operating expenses related to lower event costs and reduced sponsorship expenses. We continue to gain efficiencies and improved profitability as we work to reach stabilization.

第三季調整後 EBITDA 為負 550 萬美元，去年同期為負 780 萬美元。與去年同期相比的變化主要是由於活動成本下降和贊助費用減少而導致營運費用減少。在我們努力實現穩定的過程中，我們將繼續提高效率並提高獲利能力。

The company posted a net loss of $16.4 million in the quarter. Interest expense increased to $6.0 million, resulting from higher debt balances and lower capitalized interest as assets are placed into service. This was partially offset by $1.3 million in other income, representing a combination of the change in fair value of our warrant liability and interest rate swap and the gain recognized on the sale of certain property.

該公司公佈該季度淨虧損 1,640 萬美元。由於債務餘額增加和資產投入使用後資本化利息減少，利息支出增加至 600 萬美元。這被 130 萬美元的其他收入部分抵消，這些收入代表了我們的認股權證負債和利率掉期的公允價值變化以及出售某些財產所確認的收益。

Moving to the balance sheet. We finished the quarter with a cash and liquid investment balance of approximately $12 million compared to $29 million at the end of the prior quarter. The company's usage of cash was attributed to operating activities already highlighted in construction expenditures, which totaled approximately $17 million during the quarter.

轉向資產負債表。本季結束時，我們的現金和流動投資餘額約為 1,200 萬美元，而上一季末為 2,900 萬美元。該公司的現金使用歸因於建築支出中已經突出顯示的營運活動，本季建築支出總計約為 1700 萬美元。

Our net debt balance increased to $202 million compared to $195 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 and new drawdowns under the fan engagement zone senior loan reassigned to CH Capital lending.

我們的淨債務餘額從上一季末的 1.95 億美元增至 2.02 億美元。本季應付票據的增加主要是由於實物支付利息的應計以及粉絲參與區高級貸款重新分配給 CH Capital 貸款的新提款。

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 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，為我們提供了在營運需求出現時籌集資金和投資的機會。

We remain intensely focused on taking on the right kind of financing while optimizing the capital stack for each asset. This focus was demonstrated in October as the company completed several transactions that Mike discussed during his remarks. With the completion of the DoubleTree refinancing and the recent equity offering. 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.

我們仍然高度關注採取正確的融資方式，同時優化每項資產的資本結構。十月份，公司完成了麥克在演講中討論的幾項交易，這一重點得到了證明。隨著逸林再融資和近期股權發行的完成。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。

To reiterate, we are in a very challenging and restrictive credit environment, but we are working diligently to close the remaining construction financing needed to fund these critical assets. More broadly, and as noted in prior quarters, we are working to restructure and optimize our overall capital structure in a way that provides the company the best opportunity to move efficiently towards continued stabilization of all facets of our stated business model. The company has recently engaged a financial advisory firm to assist in these efforts and to help assess short-term liquidity needs.

重申一下，我們正處於一個非常具有挑戰性和限制性的信貸環境中，但我們正在努力完成為這些關鍵資產提供資金所需的剩餘建設融資。更廣泛地說，正如前幾季所指出的，我們正在努力重組和優化我們的整體資本結構，為公司提供最佳機會，以有效地實現我們既定業務模式各個方面的持續穩定。該公司最近聘請了一家財務顧問公司來協助這些工作並幫助評估短期流動性需求。

Moving to guidance. We are reiterating our 2023 forecast of revenue growth in excess of 50% when compared to 2022 and adjusted EBITDA in the low to mid $20 million range. As we have 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。我們重申，與 2022 年相比，2023 年營收成長超過 50%，調整後 EBITDA 在 2,000 萬美元中低範圍內。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，收入成長將加速，獲利能力將改善。

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, our destination-based assets, our media platforms, 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 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我們基於目的地的資產、我們的媒體平台和我們的遊戲垂直領域。收入和 EBITDA 的產生將透過多個管道實現多元化，每個管道都會推動協同效應，以支持我們正在努力建立的生態系統。

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

最後，公司專注於當前的經濟環境，並繼續專注於透過多元化的收入來源和嚴格的成本管理來提高獲利能力，同時進行策略性投資以支持我們的持續成長。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資訊。

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. I appreciate the update on the capital structure and the Johnson Controls update. It's good to see the record quarterly revenue. So maybe I'll start with a question for either maybe Michael or Benjamin, just because I don't have the financial statements in front of me. I'll start with a question on the third quarter revenue drivers, which is obviously a record quarter, so good to see.

好的，太好了。我很欣賞資本結構的更新和江森自控的更新。很高興看到創紀錄的季度收入。所以也許我會先問麥可或班傑明一個問題，因為我面前沒有財務報表。我首先會問一個關於第三季度收入驅動因素的問題，這顯然是一個創紀錄的季度，很高興看到。

But maybe just more specific on the drivers in a breakout between events and hotel revenues, just given it was such a nice jump from the second quarter. But I think you had the same -- kind of the same existing activities and infrastructure in place. So over the more specific drivers of the revenue. Thanks

但也許只是更具體地說明活動和酒店收入之間突破的驅動因素，因為它比第二季度有瞭如此好的增長。但我認為你們也有同樣的現有活動和基礎設施。那麼關於收入的更具體的驅動因素。謝謝

Yeah sure, Jack. Yes, good question. I mean, we've continued to see success with the hotel, that we had a meaningful increase about 10% or so in hotel revenues, while that's quarter over quarter from the prior year, about the same amount -- third quarter here, we also had a really good bump in event revenue versus prior year.

是的，當然，傑克。是的，好問題。我的意思是，我們繼續看到酒店的成功，我們的酒店收入顯著增長了約 10% 左右，而與去年同期相比，這個數字大約是相同的——第三季度，我們與去年相比，活動收入也有了很大的成長。

So this talks a little bit to the synergies that Mike talked about as we have those larger, more profitable events on-site in the village here. We're also seeing the synergy of driving additional revenue to the hotel. So from a breakout standpoint, those are really -- that's really attribution of this quarterly revenue between those two sources.

因此，這有點涉及麥克談到的協同效應，因為我們在村裡舉辦了那些規模更大、利潤更高的活動。我們也看到了為酒店帶來額外收入的協同效應。因此，從突破的角度來看，這些確實是這兩個來源之間本季收入的歸屬。

The only other thing I'd add, Jack, and Ben's covered the major points. I'm very focused though on -- we own the Shula's restaurant that is owned by the Hall of Fame Resort & Entertainment Company, growing that revenue can be meaningful for us. The Top Golf Swing Suites is owned by us. We have outdoor rides and concessions.

我唯一要補充的是，傑克和班涵蓋了要點。不過，我非常關注——我們擁有舒拉餐廳，該餐廳隸屬於名人堂度假村和娛樂公司，增加收入對我們來說意義重大。頂級高爾夫揮桿套房歸我們所有。我們有戶外遊樂設施和優惠。

So we're really focusing on the things that we have driving more people into those and making them more efficient. And certainly, with event growth you have that opportunity. But I think we're getting smarter at the Monday through Friday, day-to-day growth as well. And so I expect that to be a more meaningful contributor as we move forward in the coming months and years.

因此，我們真正關注的是我們已經推動更多人參與其中並提高他們效率的事情。當然，隨著活動的成長，您就有這樣的機會。但我認為我們在周一到週五以及日常增長方面都變得更加聰明。因此，我希望隨著我們在未來幾個月和幾年的前進，這將成為更有意義的貢獻者。

Okay, great. That's great color, thanks. And then, Michael, you did touch on in your opening remarks, strong attendance in visitor growth has been better than I guess you guys were forecasting, which is great to hear.

好的，太好了。這個顏色真棒，謝謝。然後，邁克爾，您在開場白中確實提到，遊客人數的強勁增長比我猜你們的預測要好，這很高興聽到。

Are there any specific or interesting trends you're seeing with regard to your visitors? Are any visitors, are they mostly first-timers? Any repeat visitors? Do you get a sense that you're going to have repeat visitors? Just what are you seeing in the data specs?

您是否發現訪客有任何特定或有趣的趨勢？有參觀者嗎？大部分都是第一次來的人嗎？有回頭客嗎？您是否感覺到您將會有回頭客？您在數據規格中看到了什麼？

Yeah, I think as we develop more what I would call day-to-day use assets, restaurants, water park, things that people want to come back to and do over and over again. We're seeing an increase in repeat visitation. But the fun and interesting thing is we're also seeing an increase in event repeat visitation, or what I mean by that is the big types of sporting events, lacrosse tournaments, football tournaments, we're seeing those organizers because of the growth in our facilities and because of the experience we're offering and frankly, they're excited about coming back year over year.

是的，我認為隨著我們開發更多我所說的日常使用資產、餐廳、水上樂園，以及人們想要一遍又一遍地重複做的事情。我們看到重複訪問量增加。但有趣的是，我們也看到賽事重複訪問量增加，或者我的意思是大型體育賽事、長曲棍球錦標賽、足球錦標賽，我們看到這些組織者是因為我們的設施以及我們提供的體驗，坦白說，他們對年復一年地回來感到興奮。

I would say, new visitors are all about events and as they're coming for events are opportunities to convert them from a first-time visitor to a multi-use visitor. And so frankly, I spent a lot of time walking around during major events and festivals and things that we're having. And listening to guests and the words that are coming back are, we didn't realize that you had so much here and it's fun to see the growth that's occurred here in a very short period of time, we'll definitely be coming back. So I would say that the split right now is probably more repeat visitation, with first-time visitation on the rise over the course of these past six months. And certainly, that's what we expect as we continue to build out more of like the water park or more events that are going to be occurring on property as well.

我想說，新訪客都是關於活動的，當他們來參加活動時，就有機會將他們從首次訪客轉變為多用途訪客。坦白說，在重大活動、節日以及我們正在進行的事情期間，我花了很多時間四處走動。聽聽客人的意見和回來的話，我們沒有意識到你們在這裡擁有這麼多，很高興看到這裡在很短的時間內發生的增長，我們一定會回來的。所以我想說，現在的分裂可能是更多的重複訪問，在過去的六個月裡，首次訪問有所增加。當然，這正是我們所期望的，因為我們將繼續建造更多水上樂園或更多將在房產上舉辦的活動。

Okay, great. Great color there. And then maybe let me shift gears. I understand your perspective and focus in terms of sports betting is on the mobile front versus the retail, which makes sense just given the marketplace dynamics. But can you maybe provide some additional color on your mobile sports betting roadmap as you're heading into 2024? And do you expect material -- is there potential for material contribution from it? Just anything additionally to provide on the mobile sports betting front, thanks.

好的，太好了。那裡的顏色很棒。然後也許讓我換個方向。我理解您對體育博彩的看法和關注點是行動端而不是零售端，考慮到市場動態，這是有道理的。但是，在邁入 2024 年之際，您能否為您的行動運動博彩路線圖提供一些額外的資訊？您是否期望獲得物質—是否有可能從中做出物質貢獻？只是在移動體育博彩方面提供的任何額外信息，謝謝。

Well, I think the way in which we structured our partnership with Betr, we wanted to be good partners and give them an opportunity in the early years of the partnership to really stand the platform up, gain users, and drive growth into the platform.

嗯，我認為我們與Betr 建立合作夥伴關係的方式是，我們希望成為良好的合作夥伴，並在合作的最初幾年給他們一個機會，讓平台真正站穩腳跟，贏得用戶，並推動平台的成長。

So over time, the deal that we've struck with them does create more value, guaranteed value in the 10-year deal that we have. And so yes, you'll see increased bottom line contribution from that deal. But I'm also encouraged by how they're evolving the platform itself and how they're continuing to evolve their thinking around marketing.

因此，隨著時間的推移，我們與他們達成的協議確實創造了更多價值，在我們現有的 10 年協議中保證了價值。所以，是的，您會看到該交易帶來的利潤貢獻增加。但我也對他們如何發展平臺本身以及如何持續發展行銷思維感到鼓舞。

Look, they're an early-stage company just like we are. And so they're competing against big brands in the DraftKings, in the Caesars, in the MGM's. But I think what they're doing is finding this following that really does like and appreciate the difference in the platform. And so I'm hopeful that that's going to really help it grow and add a different revenue source for us in terms of percentage of the overall.

看，他們和我們一樣是一家早期公司。因此，他們在 DraftKings、Caesars、MGM 中與大品牌競爭。但我認為他們正在做的是找到真正喜歡並欣賞平台差異的追隨者。因此，我希望這將真正幫助其發展，並為我們增加不同的收入來源（佔整體收入的百分比）。

I mean, recall our deal with them is a fixed contribution sponsorship and that at certain thresholds, we get a percentage of the bet as well. I think we'll reach that as they continue to mature and advance their audience and the users of their platform.

我的意思是，回想一下我們與他們的交易是固定捐款贊助，在一定的門檻下，我們也可以獲得一定比例的賭注。我認為，隨著他們不斷成熟並提升其受眾和平台用戶，我們將會實現這一目標。

Okay, great. Thanks, Michael. And then just one more question for me, I'll hop back in the queue. I believe I heard you guys are reiterating your 2023 guidance, which is good to hear. So I have a good read through on the fourth quarter.

好的，太好了。謝謝，麥可。然後再問我一個問題，我會跳回隊列。我相信我聽到你們正在重申你們的 2023 年指導方針，這很高興聽到。所以我很好地讀完了第四季。

It sounds like the water park remains on track to open in the third quarter of next year in '24. So just wondering if at this point in time, maybe it's too soon to talk about it, but given the magnitude of the water park, obviously. But is there any initial outlook you can talk about for 2024, just relative to 2023? Are we -- is it too early days to talk about that? Thank you, that's it for me.

聽起來水上樂園仍有望在明年第三季（即 24 年）開幕。所以只是想知道在這個時候，也許現在談論它還為時過早，但考慮到水上樂園的規模，顯然。但是，您是否可以談論 2024 年（相對於 2023 年）的初步展望？我們現在談論這個是否還為時過早？謝謝你，對我來說就是這樣。

Yeah, Jack, this is Ben. It's a little early. We're in the final stages right now of capping our annual operating plan for '24, we'll be presenting that to our Board in the next couple of weeks here for approval. It's a little premature to provide anything at this point.

是的，傑克，這是本。時間有點早了。我們目前正處於製定 24 年年度營運計劃的最後階段，我們將在接下來的幾週內將其提交給我們的董事會以供批准。現在提供任何資訊都還為時過早。

I will say we are expecting continued revenue growth as you'd expect, continued improvement in EBITDA and expect that we'll be generating positive operating leverage next year. As you mentioned, the water park expected to come on late next year. That will certainly contribute to both top line as well. But we will be putting guidance out as we get through this operating plan review with the Board in the next couple of weeks.

我想說的是，我們預計收入將繼續增長，正如您所期望的那樣，息稅折舊攤提前利潤將持續改善，並預計明年我們將產生積極的營運槓桿。正如您所提到的，水上樂園預計將於明年年底開幕。這肯定也會對營收有所貢獻。但當我們在接下來的幾週內與董事會一起完成營運計畫審查時，我們將發布指導意見。

I think Jack, just the last thing I would add, one of the things that being a early-stage operational company, we're learning how to be more effective in reaching the guest and creating opportunities for them to have multiple experiences while they're here.

我想傑克，我要補充的最後一件事是，作為一家早期營運公司，我們正在學習如何更有效地接觸客人並為他們創造獲得多種體驗的機會。就在這裡。

And so the prepackaging opportunities, we did take some small pricing increases at our concession and food and beverage locations given the environment we're living in. But we're trying to balance that with creating value for our guests. And so even as recent as last month, we started to implement packages for food and beverage and tickets. And I think that's going to create more uplift for us and create more value for our guests.

因此，考慮到我們居住的環境，在預包裝機會方面，我們確實在特許經營店和餐飲店進行了一些小幅提價。但我們正在努力平衡這一點與為客人創造價值。因此，就在上個月，我們就開始實施餐飲和門票套餐。我認為這將為我們帶來更多提升，為我們的客人創造更多價值。

This technology that we're using, this AI technology that we're using in the company that is supporting us, also allows us to monitor guest flow. And so we can see exactly where guests are going from the time they arrive, the first experience they have, and how they're sort of creating other experiences throughout the property and their movement by that. It allows us to get smarter at marketing on-site as well. So I'm hopeful that we'll get more efficient.

我們正在使用的這項技術，我們在支援我們的公司中使用的這項人工智慧技術，也使我們能夠監控賓客流量。因此，我們可以準確地了解客人到達後的去向、他們的第一次體驗，以及他們如何在整個酒店創造其他體驗以及他們的活動。它也使我們能夠更聰明地進行現場行銷。所以我希望我們能變得更有效率。

Look we're going to add more experiences to our retail fan engagement zone, we'll continue to drive greater profitability from expense management. And then, of course, adding the water park is going to be a significant revenue contributor, as will the second hotel, you already see the off-site hotel and what that's doing in a few short years. I can tell you from my experience with Disney, the on-site hotels command a higher premium, and they command a much higher occupancy rate as well because you want to stay where you play. And so our expectations are very high for that.

我們將在零售粉絲參與區添加更多體驗，我們將繼續透過費用管理提高獲利能力。當然，添加水上樂園將成為一個重要的收入貢獻者，第二家酒店也是如此，您已經看到了場外酒店以及它在短短幾年內所做的事情。根據我在迪士尼的經驗，我可以告訴你，現場酒店的溢價更高，而且入住率也更高，因為你想住在你玩的地方。因此我們對此的期望非常高。

Okay, great. I really appreciate the time and thanks for taking my questions.

好的，太好了。我非常感謝您抽出寶貴的時間並提出我的問題。

Thanks, Jack

謝謝，傑克

David Marsh, Singular Research.

大衛馬什，奇異研究。

Hey guys, thanks for taking the questions. Yeah, as the last kind of implied, it's a little bit challenging to ask real poignant questions without the financials. So I guess my first question is, when do you plan to file the Q so that we can get kind of a full look behind the kimono here, what exactly the financials look like?

嘿夥計們，感謝您提出問題。是的，正如最後一種暗示的那樣，在沒有財務數據的情況下提出真正尖銳的問題有點具有挑戰性。所以我想我的第一個問題是，你打算什麼時候提交問題，以便我們可以全面了解和服背後的情況，財務狀況到底是什麼樣的？

Hi Dave, this is Ben. Yeah, our plan is to file the Q tonight, just based on the way calendars lined up for us this quarter. We're just a little off our normal cadence, but yeah, we'll have that filed this evening.

嗨，戴夫，我是本。是的，我們的計劃是今晚提交問題，只是根據本季日曆的排列方式。我們只是有點偏離正常的節奏，但是，是的，我們今晚會提交這個文件。

Okay, that sounds good. And then, Michael, yeah, I really appreciate your comments with regard to the USFL XFL merger about being hopeful that you will play a part. But obviously that introduces a pretty significant amount of uncertainty. You guys were able to do $6 million in revenue in the second quarter. And I think that a big part of that was around the USFL games.

好吧，聽起來不錯。然後，邁克爾，是的，我真的很感謝你對 USFL XFL 合併的評論，希望你能參與其中。但顯然這會帶來相當大的不確定性。你們第二季的營收達到了 600 萬美元。我認為其中很大一部分是圍繞美國橄欖球聯盟的比賽。

I guess, yeah, my question is twofold. One, how much revenue in the second quarter is directly associated with the USFL games that were on campus. And then secondly, you guys obviously have to plan for the potential worst-case scenario. What would the plan be to backfill those events and that revenue if for whatever reason you guys aren't unfortunately part of the plan for the merge slate going forward?

我想，是的，我的問題是雙重的。第一，第二季的收入有多少與 USFL 校園比賽直接相關。其次，你們顯然必須為潛在的最壞情況做好計劃。如果你們因為某些原因不幸沒有參與未來合併計畫的一部分，那麼回填這些活動和收入的計畫是什麼？

Yeah, that's a -- it's a good question. So let me just start by saying we are, and I am personally in constant communication with the leadership of Fox. And you'll recall they're the owner of the USFL and were our partners last year. I'm getting very positive indication that they really like what we were able to do for them here. And I'm hopeful that they are going to be back.

是的，這是一個很好的問題。首先我要說的是，我們是這樣的，而且我個人一直在與福克斯的領導層保持著不斷的溝通。您會記得他們是 USFL 的所有者，並且去年是我們的合作夥伴。我得到非常積極的跡象表明他們真的很喜歡我們在這裡為他們做的事情。我希望他們能回來。

That revenue for us came in multiple different ways. As you can imagine, it created hotel stays, it created catering, certainly tickets, concession, some merchandise. And so while the Q2 revenue was higher, I would say, a sixth of that maybe was attributable to USFL. We have gotten a lot better though at creating other events and selling private events and functions.

我們的收入有多種不同的方式。正如你可以想像的，它創造了酒店住宿，它創造了餐飲，當然還有門票、特許權和一些商品。因此，雖然第二季的收入較高，但我想說，其中六分之一可能歸因於 USFL。不過，我們在創建其他活動以及銷售私人活動和活動方面已經取得了很大進展。

And my expectation is even if the USFL were not to happen, we're going to be releasing a calendar of planned events that don't just start in June and end in September. But start in February, March, April, and allow us to take full advantage of our indoor dome, our Center for Performance, and we have more of those events on the calendar than what we've ever had before. Again 1.5 years of operation right now.

我的期望是，即使 USFL 沒有舉行，我們也將發布一份計劃中的活動日曆，這些活動不僅僅從 6 月開始，到 9 月結束。但從二月、三月、四月開始，讓我們充分利用我們的室內圓頂、我們的表演中心，我們日曆上的此類活動比以往任何時候都多。現在又運行了 1.5 年。

We're now working closely with multiple different promoters, concert promoters, event bookers, festival bookers, and we're creating our own events. I've often said that it's great to play host to big events, but we have to create our own tentpole events because those are going to drive significant revenue for us as a company as well. Our team has been focused on that. And I think people will see that as we release our calendar more towards the end of the year, you're going to see multiple tentpole events throughout the year.

我們現在正在與多個不同的發起人、音樂會發起人、活動預訂者、節日預訂者密切合作，我們正在創建自己的活動。我經常說，主辦大型活動很棒，但我們必須創建自己的支柱活動，因為這些活動也將為我們公司帶來可觀的收入。我們的團隊一直專注於此。我認為人們會看到，隨著我們在年底發布更多日曆，您將在全年看到多個主打活動。

It's important though, for us to be part of sports landscape, we're a sports and entertainment company. So we continue to have conversations outside of football, you know, with soccer and lacrosse and other rectangular field sports. To really think about how do we drive opportunity for ourselves here? How do we create opportunity for bigger tournaments or leagues or professional teams to practice or play here. And so those are always things that we're focused on.

但重要的是，對於我們成為體育界的一部分來說，我們是一家體育和娛樂公司。因此，我們繼續在足球之外進行對話，你知道，包括足球、長曲棍球和其他矩形場地運動。真正思考我們如何為自己創造機會？我們如何為更大的錦標賽、聯賽或職業球隊創造在這裡練習或比賽的機會。因此，這些始終是我們關注的事情。

I'll give you one example though, Q4 December, right. It's cold in Ohio in December. We're hosting the seven high school state football championships here in Tom Benson Hall of Fame Stadium. To put that in perspective, those state high school football championships will attract as many guests as our entire enshrinement weekend did.

不過，我會給你一個例子，12 月第四季度，對吧。十二月的俄亥俄州很冷。我們將在湯姆本森名人堂體育場舉辦七屆高中州橄欖球錦標賽。從長遠來看，這些州高中橄欖球錦標賽將吸引與我們整個入葬週末一樣多的客人。

Now what we do with those guests when we get here, we need to give them a warm place to tailgate. So the Center for Performance, we need to give them an opportunity to have dinners before after, brunches or cocktails, whatever the case may be, we need to enhance the offerings. And that's what our intention is, to take better advantage of large populations of guests visiting and to monetize in different ways than what we have the ability to do in the past.

現在，當我們到達這裡時，我們要為這些客人做些什麼，我們需要給他們一個溫暖的地方。因此，表演中心，我們需要給他們一個機會，讓他們有機會在前後吃晚餐、早午餐或雞尾酒，無論哪種情況，我們都需要增強服務。這就是我們的目的，更好地利用大量來訪的客人，並以不同於我們過去能力的方式實現盈利。

So it's a long-winded way of saying, I'm very hopeful USFL returns and allows us the opportunity to be on national television to attract sponsors, to have opportunities for visitors before and after. But in the meantime, we're trying to continue to create more and be more of a place. We host multiple different types of events to drive greater revenue growth in Q2 versus just sustained revenue that we've had over the past couple of years.

所以這是一種冗長的說法，我非常希望 USFL 回歸，讓我們有機會在國家電視台上吸引贊助商，在前後都有機會接待遊客。但同時，我們正在努力繼續創造更多並成為一個更美好的地方。我們舉辦了多種不同類型的活動，以推動第二季度的收入成長，而不是過去幾年的持續收入成長。

That's good color. So the other two -- I have two other questions. First with regard to your recent -- you guys recently hosted a comedian; I think that was in the stadium. But with regard to your comments around the dome. If you were to host events such as like a headlining comedian or something of that nature, what would your capacity be in that venue?

這顏色真好啊另外兩個問題──我還有兩個問題。首先關於你們最近的事情——你們最近主持了一位喜劇演員；我想那是在體育場。但關於你在圓頂周圍的評論。如果您要舉辦諸如喜劇演員之類的活動或類似性質的活動，您在該場地的能力如何？

And in terms of events that you may have already had in there. How have you done in terms of driving attendance and relative to the capacity?

就您可能已經在那裡發生的事件而言。在駕駛出勤率和相對容量方面，您的表現如何？

Yeah. So the dome is in full swing right now. A lot of the indoor leagues that we've developed and built over the last year on a daily basis, the dome is actually very activated, and it's exciting to see. We've hosted large-scale dinners up to 1,000 people. We've hosted Mega Tailgate experiences during enshrinement weekend, couple 1,000, 3,000 people. It depends on what kind of configuration you're talking about.

是的。所以圓頂現在正在全力進行中。去年我們每天開發和建立的許多室內聯賽，穹頂實際上非常活躍，而且令人興奮。我們舉辦過多達 1,000 人的大型晚宴。我們在入聖週末期間舉辦了大型尾門體驗活動，有 1,000 人、3,000 人參加。這取決於您所討論的配置類型。

If it's a sit-down dinner, it's around 1,000 in capacity, maybe a little more -- sorry, if it's a sit-down dinner, it's around 3,000 in capacity, maybe a little more. If it's a stand-up comedic act or if it's a concert that we can do, we can put in over 4,000 people in that venue. We want to make sure it's a great guest experience first and foremost, and we also want to make sure that it's safe for folks. But we have the opportunity to expand that footprint into 7,000 folks.

如果是坐下來的晚餐，大約可以容納 1,000 人，也許更多一點——抱歉，如果是坐下來的晚餐，大約可以容納 3,000 人，也許更多一點。如果這是一場單口喜劇表演或一場音樂會，我們可以舉辦，我們可以讓 4,000 多人進入該場地。我們首先要確保這是一次良好的賓客體驗，我們也想確保人們的安全。但我們有機會將足跡擴大到 7,000 人。

The other thing that I really like about it is we've created it as a space where you can do sort of these big shows, right? You can do Home & Garden shows, which we've done; you can do car shows; you can do boat shows, which we're hopeful that we're going to be able to do in the near term. And you can expand the capacity outside of the dome. And we have a way to connect those experiences, in the parking lot adjacent to the dome and inside as well. And so that's what a lot of convention halls do. But I think the dome provides us really nice indoor capacity for any number of events and types of events that we want to host.

我真正喜歡它的另一件事是我們將它創建為一個可以舉辦大型演出的空間，對吧？你可以做家居與園藝展，我們已經做過了；你可以做車展；你可以做船舶表演，我們希望在短期內能夠做到這一點。您還可以擴展穹頂之外的容量。我們有辦法將這些體驗連結起來，在圓頂附近的停車場和內部也是如此。這就是很多會議廳所做的事情。但我認為圓頂為我們提供了非常好的室內空間，可以舉辦我們想要舉辦的任何數量的活動和類型的活動。

Yeah, that makes a lot of sense. It's good to hear because you can probably get a lot of bands that might not be able to fit in, it's still a big amphitheater or something like that. It could be a nice revenue booster.

是的，這很有意義。很高興聽到，因為你可能會遇到很多可能無法融入的樂隊，它仍然是一個大的圓形劇場或類似的東西。這可能是一個很好的收入成長點。

And then just my last question really focused on the retail -- the on-site retail center. How many businesses are actually open for business right now? And what's kind of the near-term rollout look like? Or are you fully built out at this point there?

我的最後一個問題真正關注的是零售業——現場零售中心。現在有多少企業真正開門營業？近期的推出是什麼樣的？或者你現在已經完全康復了嗎？

Yeah, the facilities are fully built out, right. We have approximately eight businesses that are open well, nine, if you include the two for business where we have Brew Kettle and Top Golf Swing Suites all in one facility. We'll be opening two more and Donal Driver and Driven Elite experiences that he has, and Heggy's Candy and Nut Shop opens in this coming month as well. So we'll be up to 10ish experiences, and the goal will be to have the rest of the boxes tenanted out by next year.

是啊，設施都蓋好了，對吧。我們大約有八家營業良好的企業，如果算上兩家，我們將啤酒壺和頂級高爾夫鞦韆套房都集中在一個設施中，那麼就有九家。我們將再開設兩家 Donal Driver 和 Driven Elite 體驗店，Heggy 的糖果和堅果店也將在下個月開幕。因此，我們將提供最多 10 種體驗，目標是在明年之前將其餘的包廂出租出去。

And we have one really significant footprint down at the north end of the property across the street from the water park that we hope to have a pretty special indoor entertainment experience that we can talk about in the future. But again, we're curating the collection of assets and brands and experiences that we have there.

我們在水上公園街對面的房產北端有一個非常重要的足跡，我們希望有一個非常特別的室內娛樂體驗，我們可以在未來談論。但同樣，我們正在策劃我們在那裡擁有的資產、品牌和體驗的集合。

We could have had that all tenanted out already, but we're not interested in just having a barber shop for a male location or something like that. It's not what we want. We want unique experiences that complement why people come here to play and dine and have entertainment.

我們本來可以把這些都租出去，但我們對只開一家男性理髮店之類的東西不感興趣。這不是我們想要的。我們想要獨特的體驗來補充人們來這裡玩耍、用餐和娛樂的原因。

So our expectation is over the course of this coming year, we'll be fully tenanted and we're going to do some enhancements to that area as well. Outdoor bar area, sort of a area where we can have outdoor concerts. And we did that for the USFL Championship, we had Dylan Scott there.

因此，我們的期望是在來年，我們將完全出租，並且我們還將對該區域進行一些改進。戶外酒吧區，類似我們可以舉辦戶外音樂會的區域。我們為 USFL 錦標賽做到了這一點，迪倫·斯科特也在那裡。

I think we learned a lot about that. So adding the infrastructure there to be able to do more of those in a smaller confined space that enhances for our tenants. The opportunity for business is really smart. But it's a good question. And as we open the water park, we'd like to have the rest of the facilities fully tenanted and open as well.

我認為我們在這方面學到了很多。因此，在那裡增加基礎設施，以便能夠在更小的有限空間內完成更多的工作，從而為我們的租戶提供更好的服務。商業機會確實很聰明。但這是一個好問題。當我們開放水上樂園時，我們希望其餘的設施也能完全出租並開放。

And do you still have footprint for the retail sportsbook in the facility? I mean, you are still planning to move forward with that at this point or are you thinking about maybe shifting away from that at this point?

您的設施還有零售運動博彩的足跡嗎？我的意思是，您目前仍計劃繼續推進這項計劃，還是正在考慮暫時放棄這項計劃？

Yeah, we do. In fact, we have a fantastic footprint, as I say right on main and main. The balcony of that footprint looks straight into Tom Benson Hall of Fame Stadium. So it has great views sheds.

是的，我們願意。事實上，正如我所說，我們的足跡非常出色。那個足跡的陽台可以直接看到湯姆本森名人堂體育場。所以它有很棒的視野。

We have three different companies that we're talking to right now about a sportsbook opportunity. The one thing that I should say is our sports -- our retail sports license had a one-year shelf life to it and we're working now with the Ohio Casino Control Commission to help extend that opportunity to close on a retail sportsbook operating partner.

我們現在正在與三家不同的公司討論體育博彩的機會。我要說的一件事是我們的體育賽事 - 我們的零售體育博彩許可證有一年的保質期，我們現在正在與俄亥俄州賭場控制委員會合作，以幫助延長與零售體育博彩運營合作夥伴達成交易的機會。

In the meantime, we've also explored a really high-profile food and beverage operator in that location as well. And so we're trying to create multiple experiences out of that sportsbook footprint to allow for a unique dining and unique betting environment for our guests to enjoy. So our plan is still very much to trying to find that right partner and get them in place.

同時，我們也在該地區探索了一家非常知名的食品和飲料運營商。因此，我們正在嘗試從體育博彩足跡中創造多種體驗，為我們的客人提供獨特的餐飲和獨特的投注環境。因此，我們的計劃仍然是努力尋找合適的合作夥伴並讓他們就位。

Got it. Thanks very much, guys. Appreciate the insight.

知道了。非常感謝，夥計們。欣賞洞察力。

Thank you.

謝謝。

Thank you.

謝謝。

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

謝謝。目前沒有其他問題。我想將發言權交還給管理階層作結束語。

Thanks very much, and thanks everybody for joining the call. Hopefully you understand where we're at. I'd love to just though, recap a couple of things.

非常感謝，也感謝大家加入通話。希望您了解我們的處境。不過，我很想回顧一下幾件事。

As I've said before, we are continuing to create experiences that are unique. And we're committed to excellence, you see that in our DoubleTree, you see that in what we're doing in our stadium, on our sports fields, the types of restaurant, and other experiences that we're opening. We can't do anything less than that. Guests will pay for and come back to experiences that exemplify excellence, they won't do that for things that are just one-off experiences. And so that remains one of our focuses.

正如我之前所說，我們將繼續創造獨特的體驗。我們致力於追求卓越，您可以在我們的逸林酒店、我們的體育場、運動場、餐廳類型以及我們正在開設的其他體驗中看到這一點。我們不能做任何比這更少的事情。客人會為體現卓越的體驗付費並再次回來，他們不會為一次性體驗而這樣做。因此，這仍然是我們的重點之一。

And I think we're already seeing results of our strategy in terms of our revenue growth, our expense reduction. Yes, we're not profitable yet, but if you're reading the tea leaves, the team, I'm very proud of the fact that they're managing the cost as we're growing revenue. And so after only a year and a half of operation, we're starting to trend in the right direction. And I think as we stabilize, we will definitely be able to monetize and grow bottom line contribution as well.

我認為我們已經看到了我們的策略在收入成長和費用減少方面的成果。是的，我們還沒有盈利，但如果你讀過茶葉，團隊，我為他們在我們增加收入的同時管理成本這一事實感到非常自豪。因此，僅經過一年半的運營，我們就開始朝著正確的方向發展。我認為，隨著我們的穩定，我們肯定能夠貨幣化並增加利潤貢獻。

We're adding new sponsors and partners. And those new sponsors and partners are not just about revenue, but they're also about enhancing our capabilities to deliver excellence. Coke, Jim Beam, Diageo, all of these companies represent excellence in what they do, and they gave us -- they've given us an opportunity to enhance the offering and the service that we're providing to our guest. We're creating new experiences that are unique for our guests to enjoy.

我們正在增加新的贊助商和合作夥伴。這些新的贊助商和合作夥伴不僅是為了收入，也是為了增強我們提供卓越服務的能力。可口可樂、金邊、帝亞吉歐，所有這些公司都在他們的工作中表現出色，他們給了我們——他們給了我們一個機會來增強我們為客人提供的產品和服務。我們正在為客人創造獨特的新體驗。

The five priorities that I talked about. Balance expense with revenue growth. Restructure our balance sheet. Continue to identify significant new deal and business partnerships to enhance that product offering and increase our operational capabilities. Complete the financing and development of our remaining Phase 2 assets, our water park and our hotel; and complete the construction of those things. And then again, continuing to focus on events and really growing sort of the lifeblood of the property. Pulsing in new people over and over, exposing them to everything that we do is really important for us, driving visitation from outside of Canton Ohio, regional visitation.

我談到的五個優先事項。平衡支出與收入成長。重組我們的資產負債表。繼續尋找重要的新交易和業務合作夥伴關係，以增強產品供應並提高我們的營運能力。完成我們剩餘的二期資產、水上樂園和酒店的融資和開發；並完成這些東西的建構。然後，繼續關注事件和真正增長的財產的命脈。一遍又一遍地吸引新人，讓他們接觸我們所做的一切對我們來說非常重要，這推動了俄亥俄州以外地區的訪問量。

And the last thing I'll leave you with is, we're not only focused on doing this in Canton, Ohio. We're also focused on outside asset growth outside of Canton, Ohio. And so we have brought on a consultant that will help us think through a very small representation, restaurant bar representation that we can activate potentially with the brand of the Pro Football Hall of Fame. And think about how do we take a business model that allows for low capital investment on our part, and enhanced visibility outside of Canton, Ohio in major NFL cities or major tourism destinations as well.

我要留給大家的最後一件事是，我們不僅僅專注於在俄亥俄州坎頓市開展這項工作。我們也關注俄亥俄州坎頓以外的外部資產成長。因此，我們聘請了一位顧問來幫助我們思考一個非常小的代表，餐廳酒吧的代表，我們可以透過職業橄欖球名人堂的品牌來啟動它。並思考我們如何採用一種商業模式，既可以減少我們的資本投資，又可以提高俄亥俄州坎頓以外的主要 NFL 城市或主要旅遊目的地的知名度。

And so we've done a lot of work on that front. We've created a concept; our Board has seen that. And we're really interested to move forward with this as an opportunity to grow our company outside of Canton, along with media and growth and gaming growth. So more to come on that, but something that can present some opportunity to expose our guests to our brand outside of the state of Ohio and really incentivize them to want to come to the Football Mecca in Canton to see the Pro Football Hall of Fame, to see everything that we're doing, and experiences that we're having here as well.

因此，我們在這方面做了很多工作。我們創造了一個概念；我們的董事會已經看到了這一點。我們非常有興趣以此為契機，在廣州以外的地區發展我們的公司，以及媒體、成長和遊戲的成長。還有更多的內容，但可以為我們的客人提供一些機會，讓我們的客人在俄亥俄州以外的地方接觸到我們的品牌，並真正激勵他們想要來到坎頓的足球聖地參觀職業橄欖球名人堂，看看我們正在做的一切，以及我們在這裡所經歷的一切。

We're looking forward to a really good Q4. We've got events on the slate. We've got revenue that is being generated in multiple ways. And as we talked about, synergy is a really important part, while at the same time managing our expense base.

我們期待著一個非常好的第四季。我們已經安排了一些活動。我們透過多種方式獲得收入。正如我們所討論的，綜效是一個非常重要的部分，同時管理我們的費用基礎。

So I want to thank everybody and thank all of our shareholders, our Board, and especially our team. We certainly appreciate, I do, all the hard work. It's a great team. They work tirelessly to try and make this company great for our guests to enjoy and one for our shareholders to invest in. So thank you.

因此，我要感謝所有人，感謝我們所有的股東、董事會，特別是我們的團隊。我當然感謝所有的辛勤工作。這是一支很棒的團隊。他們孜孜不倦地工作，努力使這家公司成為一家讓我們的客人享受的公司，讓我們的股東投資的公司。所以謝謝你們。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。