Hall of Fame Resort & Entertainment Co (HOFV) 2024 Q1 法說會逐字稿

Good morning. Welcome to Hall of Fame Resort & Entertainment Company's first-quarter 2024 earnings conference call. This conference call is being recorded. (Operator instructions)

早安.歡迎參加名人堂度假村及娛樂公司 2024 年第一季財報電話會議。本次電話會議正在錄音中。（操作員說明）

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

我現在想將會議交給全球行銷和公共事務執行副總裁 Anne Graffice。

Yes, good morning and thank you for joining us for our first-quarter 2024 earnings conference call. Our latest press release and supplemental slides were posted yesterday evening after market hours. These documents can be found in the Investor Relations section of our website at hofreco.com. After our brief introduction, Michael Crawford, our President and CEO, will give an update on the company's strategy and outlook. John Van Buiten, Vice President and Corporate Controller, will then provide analysis of the quarter's financial results and an update on the company's fiscal 2024 financial outlook.

是的，早安，感謝您參加我們的 2024 年第一季財報電話會議。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。在我們的簡短介紹之後，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。隨後，副總裁兼公司財務總監 John Van Buiten 將提供本季財務業績分析以及公司 2024 財年財務前景的最新資訊。

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 to read the full disclosure concerning forward-looking statements in the earnings press release issued last night. Additionally, please note that the company uses non-GAAP results to evaluate performance internally as detailed in the 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。我鼓勵您閱讀昨晚發布的收益新聞稿中有關前瞻性陳述的完整披露。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。

Now, my pleasure to turn the call over to our President, Michael Crawford. Michael?

現在，我很高興將電話轉給我們的總統邁克爾克勞福德。麥可？

Thank you, Anne. Good morning, everyone. I hope you could see by our Q1 earnings release, we continue to make meaningful progress on many of our stated goals. Two specific that I want to call out, revenue growth. And I think you could tell Q1 this year, probably our best Q1 since going public, really highlights the diversification of revenue and our strategy along that line and also flattening seasonality. And what I mean by that is taking business that is traditionally in the peak months of summer and early fall and moving them into winter and early spring. So I think our team has done really good job of that.

謝謝你，安妮。大家，早安。我希望您可以透過我們第一季的收益發布看到，我們繼續在許多既定目標上取得有意義的進展。我想指出兩個具體問題：收入成長。我認為你可以告訴我們今年的第一季度，這可能是我們上市以來最好的第一季度，真正凸顯了收入的多元化以及我們沿著這條線的戰略以及淡化季節性。我的意思是，將傳統上夏季和初秋高峰期的業務轉移到冬季和早春。所以我認為我們的團隊在這方面做得非常好。

We continue to adding tenants, so that's lease revenue. We continue to add new experiences, big meetings, big conventions in Q1. Shula's Restaurant, obviously, was open. DoubleTree, we continue to see synergy in the way in which we book events, book stays, enjoy that revenue going into our restaurants, into our gaming facilities like Topgolf, and staying in our hotels.

我們繼續增加租戶，這就是租賃收入。我們在第一季繼續增加新的體驗、大型會議、大型會議。舒拉餐廳顯然還開著。在逸林酒店，我們在預訂活動、預訂住宿、享受餐廳、Topgolf 等遊戲設施以及入住酒店的收入方面繼續看到協同效應。

Obviously, also, as you grow more events and you grow more assets, sponsorship revenue grows as well. And so we had our best quarter-end revenue for sponsorships since Q1 of 2021, and you'll recall at that point in time, Johnson Controls was our largest sponsor. So we're doing a good job at replacing revenue and growing that.

顯然，隨著您舉辦更多的活動並增加更多的資產，贊助收入也會隨之成長。因此，我們獲得了自 2021 年第一季以來最好的季末贊助收入，您會記得當時，江森自控是我們最大的贊助商。因此，我們在替代收入和增加收入方面做得很好。

Expense management was obviously a second-big goal that we had, and hopefully, that came through loud and clear in our results from quarter over quarter from '23 to '24, we are narrowing the gap towards profitability. Our team has done a great job through creating more operational efficiencies, and we're investing more into process management and human resources to become really efficient at leveraging every dollar we spend and ensuring that there is a return requirement attached to that, a guest experience requirement so that we are being most effective with the dollars we have to spend in reinvesting into the company.

費用管理顯然是我們的第二大目標，希望從 23 世紀到 24 世紀的每個季度的業績中都能清楚地體現這一目標，我們正在縮小與盈利能力的差距。我們的團隊在提高營運效率方面做得非常出色，我們正在流程管理和人力資源方面投入更多資金，以便真正有效地利用我們花費的每一美元，並確保有回報要求，即賓客體驗要求，以便我們能夠最有效地利用我們必須花費的資金來再投資公司。

Some additional highlights from Q1. You would have seen we signed eight-time Grammy Award winner Carrie Underwood to headline the Concert for Legends. We are really pleased with that, our first female headliner. The game with the Chicago Bears and Houston Texans promises to be great, and, of course, the class of new in Chinese so it should be a fantastic weekend here in Canton, Ohio.

第一季的一些額外亮點。您可能已經看到我們簽下了八屆葛萊美獎得主凱莉安德伍德 (Carrie Underwood) 擔任傳奇音樂會的主角。我們對此感到非常高興，這是我們的第一位女性頭條。與芝加哥熊隊和休士頓德州人隊的比賽肯定會很精彩，當然，還有中文的新班級，所以在俄亥俄州坎頓應該會度過一個美妙的周末。

We opened new experiences on property, Donald Driver, former Green Bay Packer, opened two experiences, the Driven Elite training experience, and our boutique training experience here, which is already selling out quite a bit. And I think our guests are seeing the uniqueness of his style and his offering, and we are really pleased to have him as a part of the offering here at the village.

我們在酒店開設了新的體驗，前綠灣包裝工唐納德·德賴弗(Donald Driver)開設了兩種體驗，即Driven Elite培訓體驗，以及我們在這裡的精品培訓體驗，這些體驗已經賣得相當多了。我認為我們的客人看到了他的風格和他的產品的獨特性，我們非常高興他成為村莊產品的一部分。

Heggy's, a true staple here in Canton, Ohio, a great product with a variety of nuts and candy, and they've really themed and tailored the experience to being here at the campus, a campus focused on sports and entertainment. We talked about our first Hall of Fame Village gaming, branded gaming event, Gridiron Gateway Gaming Tournament that will be in July. This will be our largest gaming event yet, and so you can see our gaming division is growing. I will talk about that in just a few moments.

Heggy's 是俄亥俄州坎頓市的真正主食，是一種含有各種堅果和糖果的優質產品，他們確實為校園提供了主題和量身定制的體驗，這是一個專注於體育和娛樂的校園。我們討論了將於 7 月舉行的首屆名人堂村遊戲品牌遊戲活動 Gridiron Gateway 遊戲錦標賽。這將是我們迄今為止規模最大的遊戲活動，因此您可以看到我們的遊戲部門正在不斷發展。我稍後會討論這個問題。

We are getting ready this weekend to host our first carnival here at the village, and we look to add more of that type of family entertainment leveraging the assets that we have already in place, our rides, our concession stands, obviously, the expanse of the village itself. Bert Kreischer and our Fully Loaded Comedy Festival, featuring a lot of different comics. And in fact, we just announced this lineup is going to be fantastic in June at Tom Benson Hall of Fame Stadium, and it's selling really well, and so we're pleased with that.

我們準備這個週末在村莊舉辦我們的第一次嘉年華，我們希望利用我們已經到位的資產、我們的遊樂設施、我們的特許攤位，顯然，我們的廣闊的場地，增加更多這種類型的家庭娛樂活動。伯特克賴舍爾 (Bert Kreischer) 和我們的滿載喜劇節 (Fully Loaded Comedy Festival)，以許多不同的漫畫為特色。事實上，我們剛剛宣布這個陣容將於 6 月在湯姆本森名人堂體育場精彩亮相，而且銷量非常好，所以我們對此感到很滿意。

Our relationship with the NFL continues to grow. They announced the largest NFL flag championships will be hosted right here at the village in July 19 through 21. We are excited about that. It will be covered on ESPN, but that's not all that weekend. We are also hosting the American Quarterly Championships here as well, so two -- and that's covered on ESPN, so two really large nationally televised events. And what you should be seeing is us creating tentpole events throughout the year, moving away from just one big weekend to creating several large weekends with several different types of offerings.

我們與 NFL 的關係持續發展。他們宣布最大的 NFL 旗幟錦標賽將於 7 月 19 日至 21 日在該村舉行。我們對此感到興奮。ESPN 將對此進行報道，但這並不是周末的全部內容。我們還將在這裡舉辦美國季度錦標賽，兩場——ESPN 對此進行了報道，所以兩場真正大型的全國電視轉播賽事。您應該看到的是，我們全年都會舉辦主力活動，從一個大型週末轉變為舉辦多個包含多種不同類型活動的大型週末。

I'd like to just talk quickly about our priorities for '24 and the stated priorities that we've talked about in the past. Obviously, revenue growth and when you look at Q1 '23, '24, you see that coming to play. We're anticipating growth for '24, and we're expecting significant increase in the growth rates related to water park synergies. Even though the water park won't open until '25, we will start preselling packages, hostel stays, et cetera, in '24 for that experience as it opens.

我想快速談談我們 24 世紀的優先事項以及我們過去討論過的優先事項。顯然，收入成長，當你看看 23、24 年第一季時，你會發現這一點正在發揮作用。我們預計 24 年將出現成長，並且我們預計與水上樂園協同效應相關的成長率將顯著增加。儘管水上樂園要到 25 年才會開放，但我們將在 24 年開始預售套餐、旅館住宿等，以便在開放時獲得體驗。

Our Q1 numbers also highlight the work that we're doing on our pipeline. We launched a -- we're trying to get ahead of informing our guests of all the wonderful happenings and events out at the property. And so now, every year, we're starting with a roster of events, and we continue to add to those throughout the year as you see. We'll do the same exact thing this year. We're creating more events and more program. As you create more events and more program, it creates opportunity for synergy at our restaurants, our rides, concessions, hotel stays. And so that is obviously achieved, and we're continuing to see the stay and play mentality grow.

我們第一季的數據也凸顯了我們在管道方面所做的工作。我們發起了一項活動——我們正在努力提前告知房客酒店發生的所有精彩活動。因此，現在，每年，我們都會從一系列活動開始，如您所見，我們將在全年不斷增加活動。今年我們也會做同樣的事情。我們正在創建更多的活動和節目。當您創建更多的活動和項目時，它會為我們的餐廳、遊樂設施、優惠、酒店住宿創造協同機會。所以這顯然已經實現了，我們繼續看到留下來玩的心態正在增長。

We'll be focusing on synergies across all our business verticals though. As an example, we had a large-scale gaming tournament here just a few months ago. That gaming tournament generated concession revenue. It generated hotel stays, generated media content for us as well that we leveraged to garner more events like that in the future.

不過，我們將專注於所有業務垂直領域的綜效。舉個例子，幾個月前我們在這裡舉辦了一場大型遊戲錦標賽。那場博彩錦標賽產生了特許經營收入。它為我們帶來了酒店住宿，也為我們產生了媒體內容，我們利用這些內容在未來舉辦更多類似的活動。

Media is something that I'm proud of. We've done a lot of work over the last few years at sort of filling the pipeline with great new content. And as you would have seen in our Q1 earnings release, we have more content now in distribution across multiple different channels than we ever have. That's a significant step forward for us. We had to build the profile of our media company and our capabilities on creating great media content, and so the team has done a good job there, largest amount of content and distribution across multiple channels in the company's history.

媒體是我引以為傲的事。在過去的幾年裡，我們做了很多工作，用很棒的新內容填滿管道。正如您在我們的第一季收益發布中看到的那樣，我們現在透過多個不同管道分發的內容比以往任何時候都多。這對我們來說是向前邁出的重要一步。我們必須建立我們媒體公司的形像以及我們創造精彩媒體內容的能力，因此團隊在這方面做得很好，在公司歷史上跨多個管道發布了最大數量的內容和分發。

We are also adding more gaming opportunities, and we are diversifying the type of gaming opportunities. When I think about gaming, I think everyone wants to traditionally go to fantasy sports, e-sports, and obviously, sports betting. Sports betting is clearly the revenue from that and especially our mobile partner is increasing. I'll talk in a moment about our retail opportunity. But Topgolf, that experience is increasing in terms of its profile and revenue generation and also enhancing the guest experience. American Cornhole Championships bringing in more visitors to the village, creating more sponsorship opportunities, more stay-and-play, beer pong tournaments. So non-traditional gaming experiences that we're continuing to look for and hopefully will continue to drive opportunity for us to have synergy across all of our business units.

我們還增加了更多的遊戲機會，我們正在使遊戲機會的類型多樣化。當我想到遊戲時，我認為每個人都想傳統上玩夢幻體育、電子競技，當然還有體育博彩。體育博彩顯然是從中獲得的收入，尤其是我們的行動合作夥伴正在增加。稍後我將談論我們的零售機會。但 Topgolf 的這種體驗在其知名度和創收方面正在不斷提高，同時也增強了賓客體驗。美國康霍爾錦標賽為村莊帶來了更多的遊客，創造了更多的贊助機會、更多的住宿和比賽、啤酒乒乓球錦標賽。因此，我們正在繼續尋找非傳統的遊戲體驗，並希望將繼續為我們帶來在所有業務部門之間發揮協同作用的機會。

Our DoubleTree has done a fantastic job. The quarter was slightly lower than last year but continues to win great awards and recognition there. We are one of the top service hotels, one of the top generating DoubleTree Hotels in the Crestline portfolio and the Hilton portfolio. The team there is just world-class, and they create great experiences for our guests to stay. It is an extension of the experience that they have at the village or with our media or game content, and they live with us there. And so we want to make sure that that is a really high-performing asset and it continues to be.

我們的逸林酒店做得非常出色。本季度略低於去年，但繼續贏得了巨大的獎項和認可。我們是頂級服務酒店之一，也是 Crestline 酒店組合和希爾頓酒店組合中最具活力的逸林酒店之一。那裡的團隊是世界一流的，他們為我們的客人創造了美好的入住體驗。這是他們在村莊或我們的媒體或遊戲內容的體驗的延伸，他們和我們一起生活在那裡。因此，我們希望確保這是一項真正的高性能資產，並將繼續如此。

I talked about packaging as a way in which we can enhance the guest experience. That is something that we are very focused on, and in fact, we will be implementing a new campus-wide operating system to help do things like preselling guest experiences and packaging. The more convenient we can make guest awareness around all the offerings and the types of experiences that we have, the more the guest experience gets enhanced, and the more that we can drive revenue to our company as well.

我談到包裝是我們增強賓客體驗的一種方式。這是我們非常關注的事情，事實上，我們將實施一個新的校園作業系統，以幫助完成預售客戶體驗和包裝等工作。我們越能方便地讓客人了解我們所提供的所有產品和體驗類型，客人體驗就越能得到增強，我們也就越能為公司帶來收入。

Attendance is something that we've spoken about in the past. And last year, we had a record year for attendance. We are expecting another record year this year. We are seeing attendance growth already in the early part of this year as indicated by revenue performance in Q1. With attendance growth comes revenue growth and opportunity to do that synergy model that I spoke about. I'd reiterate the guidance that we had in the $3.5 million to $3.7 million this year, but we're doing more than just monitoring attendance. We're getting smarter at understanding arrival patterns and departure patterns, understanding movement throughout the property and so that we can market and monetize for our guests opportunities that they may or may not be aware of pre, post-event, or during their visit here at the campus.

出勤率是我們過去討論過的事。去年，我們的出席人數創下了紀錄。我們預計今年將再創歷史新高。正如第一季的收入表現所表明的那樣，我們在今年年初就看到了參觀人數的成長。隨著出席人數的成長，收入也會成長，並有機會實現我談到的協同模式。我想重申今年 350 萬至 370 萬美元的指導，但我們所做的不僅僅是監控出勤率。我們在了解到達模式和離開模式、了解整個酒店的動向方面變得越來越聰明，以便我們可以為客人推銷他們可能意識到或可能不知道的活動前、活動後或訪問期間的機會並從中獲利。

Operational synergies is also something that we've talked a lot about. We've made investments in labor and process management. This has allowed us to drop more revenue from top line to bottom line. As you would have seen, we are narrowing the gap on profitability over Q1 from '23 to '24. The team has worked incredibly hard at this. We've paid attention to every detail, and we'll continue to do that. And look, as we do more, we learn more and we stabilize. And so the goal with an experienced team is they know what to watch for, but more importantly, they're learning from everything that we're doing here and stabilization is key and stabilization leads to profitability.

營運綜效也是我們經常討論的議題。我們在勞動力和流程管理方面進行了投資。這使我們能夠從營收到淨利潤減少更多的收入。正如您所看到的，我們正在將第一季的獲利能力差距從 23 年縮小到 24 年。團隊在這方面付出了令人難以置信的努力。我們關注每一個細節，並將繼續這樣做。看，隨著我們做的越多，我們學到的東西就越多，我們就會穩定下來。因此，經驗豐富的團隊的目標是他們知道要注意什麼，但更重要的是，他們正在從我們在這裡所做的一切中學習，穩定是關鍵，穩定會帶來盈利。

It also leads to greater customer satisfaction. I talk this a lot. When you create great product and you create great guest experiences, people will continue to come, and they'll want more of those experiences, and we're seeing that as well. The bottom line, we're focusing on all aspects shifting from more of that development mindset into the operating and efficiency mindset that drives revenue expense management, creates those great guest experiences, and it engages our guests in all of our business verticals. And when we do that, we have great opportunity to grow something else, which is sponsorship.

它還可以提高客戶滿意度。這個我講了很多。當您創造出色的產品並創造出色的賓客體驗時，人們會繼續前來，他們會想要更多這些體驗，我們也看到了這一點。最重要的是，我們專注於從更多的開發思維轉變為營運和效率思維的各個方面，以推動收入支出管理，創造出色的賓客體驗，並讓我們的賓客參與我們所有的業務垂直領域。當我們這樣做時，我們就有很好的機會發展其他東西，那就是贊助。

And the interesting thing for me, as I said earlier, sponsorship in Q1 of this year, highest since it's been since Q1 of '21, which would be less than a year after going public. And you'll recall, Johnson Controls is our largest sponsor at that time. Not only are we replacing Johnson Controls, we're growing sponsorship in the team, we're adding the individual to that team and the right support to continue to tell our story. But more importantly, we've been strategic around the timing of sponsorship engagement.

對我來說有趣的事情是，正如我之前所說，今年第一季的贊助量是自 21 年第一季以來最高的，距離上市不到一年。您還記得，江森自控是我們當時最大的贊助商。我們不僅要取代江森自控，還要增加對團隊的贊助，我們將個人加入團隊中，並提供適當的支持來繼續講述我們的故事。但更重要的是，我們一直在贊助參與的時機上製定策略。

I've said before that we want to be strategic in terms of the categories that we're bringing in and the partners that we're bringing in, in those categories. We want to make sure that we're fully leveraging the roster of events, the number of experiences, the breadth of campus, the media content development, gaming opportunities, so that we can maximize in each of those categories, the sponsorship. And so I'm proud to say that not only have we grown sponsorship revenue in general, we've also grown in each category the amount those categories represent for us. So we're taking smaller amounts in categories like carbonated beverage or alcoholic beverage, and we're growing those by category by being strategic around the times that we're engaging.

我之前說過，我們希望在我們引入的類別以及我們在這些類別中引入的合作夥伴方面具有策略性。我們希望確保充分利用賽事名單、體驗數量、校園廣度、媒體內容開發、遊戲機會，以便我們能夠在每個類別和贊助方面最大化。因此，我很自豪地說，我們不僅總體上增加了贊助收入，而且在每個類別中也增加了這些類別代表的金額。因此，我們在碳酸飲料或酒精飲料等類別中採取了較小的數量，並且我們透過在我們參與的時間段採取策略來按類別增加這些數量。

I've also talked a little bit about restructuring our balance sheet. And the focus that we have on that is very simple; create a long-term success plan, a balance sheet that is balanced, no pun intended, that has the right equity and the right debt.

我還談了一些關於重組我們的資產負債表的問題。我們對此的關注點非常簡單：制定一個長期的成功計劃，一個平衡的資產負債表，沒有雙關語的意思，有正確的股本和正確的債務。

Now, the good news for us as a company, a significant portion of our debt is the right debt. It's long-term, low-interest-rate debt. But we do have some that is shorter-term and higher interest rates. So you would have seen that we did extend a considerable amount of that debt almost $50 million in maturity from this year to March of '25, and we are in the process of working with our largest shareholder that holds a considerable portion of that debt to continue to look at how do we restructure that for that long-term success I talked about.

現在，對於我們公司來說，好消息是，我們債務的很大一部分是正確的債務。這是長期、低利率的債務。但我們確實有一些期限較短、利率較高的貸款。所以你會看到，我們確實將相當一部分債務從今年延長到了 25 年 3 月，近 5000 萬美元，而且我們正在與持有相當一部分債務的最大股東合作，以償還債務。實現我談到的長期成功。

I've been very pleased and actually very moved by the support in our community. Anne Graffice, who heads up our community relations department, our public affairs, and obviously [Mark Heng] and I worked closely together with multiple senior leaders in our community, our mayor, our county commissioners, our head of our port authority, head of multiple community foundations. And that work, I think, is going to pay significant dividends for our shareholders. This is a community that understands the economic benefit of this destination, the village specifically. And we have about $21 million worth of debt that isn't bad debt, but it is short-term debt that we're working with them to restructure to become much longer term that gives us the right runway and the right debt profile for our company to be successful.

我對我們社區的支持感到非常高興，實際上也非常感動。Anne Graffice 負責我們的社區關係部門和公共事務，顯然，我和[Mark Heng] 與我們社區的多位高級領導、我們的市長、我們的縣專員、我們的港務局負責人、我們的港口管理局負責人密切合作。我認為，這項工作將為我們的股東帶來可觀的紅利。這個社區了解這個目的地（特別是村莊）的經濟效益。我們有大約 2100 萬美元的債務，這不是壞賬，而是短期債務，我們正在與他們合作，將其重組為長期債務，為我們的債務提供了正確的跑道和正確的債務狀況。

It's great to be partners with a community that really values what you're doing and also appreciates the fact that they can support it in a way that returns to them, the type of return that helps the rest of the city grow. And that's always been our goal, having an economic impact on our community is something that we are proud of and are already having that type of impact and we look forward to doing more of in the future.

與一個真正重視您正在做的事情的社區合作，也感謝他們能夠以回報自己的方式支持您的工作，這種回報可以幫助城市其他地區的發展，這真是太好了。這一直是我們的目標，對我們的社區產生經濟影響是我們感到自豪的事情，並且已經產生了這種影響，我們期待在未來做更多的事情。

And then lastly, continuing to develop our Phase 2 assets. You'll know that we still have two significant assets that are in development, our Gameday Bay Water Park and our Hilton Tapestry Hotel.

最後，繼續開發我們的第二階段資產。您會知道，我們仍有兩項正在開發中的重要資產，即 Gameday Bay 水上樂園和 Hilton Tapestry 酒店。

I've talked about the fact that we're in the final stages of closing the capital stack. There's been a lot of I think irresponsible reporting around where we're at in that process. I just set the record straight; we have identified all pieces of the capital stack. We're working with all of the different constituent groups to close the capital stack. Everybody wants a simultaneous close, and so you will recall, we have PACE, we have TIF bonding, we have TDD bonding, and multiple other including equity tranches of capital to build these assets.

我已經談到了這樣一個事實，即我們正處於關閉資本堆疊的最後階段。我認為有很多關於我們在過程中所處位置的不負責任的報道。我只是澄清事實；我們已經確定了資本堆疊的所有部分。我們正在與所有不同的組成團體合作以關閉資本堆疊。每個人都希望同時關閉，所以你會記得，我們​​有 PACE，我們有 TIF 債券，我們有 TDD 債券，以及包括股權部分在內的多種其他資本來建立這些資產。

We've already brought in $65 million capital to fund the construction so far for our Gameday Bay Water Park. We have not started our hotel because we don't have the capital stack in place. But I'm hopeful and optimistic that we'll be closing on both of these in the very near term. And as we do that, we continue then with our construction on those assets to the northern end of the property and look forward to an opening of those mid '25 to Q3 of '25 next year.

到目前為止，我們已經籌集了 6500 萬美元的資金來資助 Gameday Bay 水上樂園的建設。我們還沒有開始我們的酒店，因為我們沒有到位的資本。但我對我們將在短期內完成這兩項工作充滿希望和樂觀。當我們這樣做時，我們將繼續在該物業北端建造這些資產，並期待明年 25 年中期至 25 年第三季開放這些資產。

Our media pipeline I talked a little bit about, but we continue to grow the number of new projects there. I'm excited to talk and share with you in the next earnings call. We've got a couple of shows in production and actually filming this week that are really, I'll just say, super cool. I'll be a fan boy. They're really awesome. I think you're going to be pleased with these shows. I think the performers, the folks involved with the show, the production companies, again, partnerships with some of our previous partners to produce and distribute. So we're excited about what those shows can represent to us from a media point of view.

我談到了我們的媒體管道，但我們繼續增加新項目的數量。我很高興在下一次財報電話會議上與您交談和分享。本週我們有幾部正在製作和實際拍攝的節目，我只想說，真的非常酷。我會成為粉絲。他們真的很棒。我想你會對這些節目感到滿意。我認為表演者、參與演出的人員、製作公司再次與我們以前的一些合作夥伴合作進行製作和發行。因此，我們對這些節目從媒體角度向我們展示的內容感到興奮。

And then gaming, onsite asset development, onsite continued to grow. Our largest, as I said earlier, our largest event coming in the next couple of months. It's a branded event and one that we'll be partnering with others on, but the team there is looking for more non-traditional ways to grow that e-gaming sports opportunity.

然後遊戲、現場資產開發、現場持續成長。正如我之前所說，我們最大的活動將在接下來的幾個月內舉行。這是一項品牌活動，我們將與其他人合作，但那裡的團隊正在尋找更多非傳統的方式來增加電子遊戲運動機會。

We did sign the largest fantasy football draft in Q1 of this past '24 that will again happen here on campus in August. We're excited to bring that back. It just continues grow. No better place to hold your fantasy draft than where the place of professional football and where we have the one and only Pro Football Hall of Fame. There's a lot of packaging, unique opportunities we can do for fantasy drafts and so I encourage people to consider posting their drafts here at the village campus.

我們確實在過去的 24 年第一季度簽署了最大的夢幻足球選秀，這將在八月再次在校園舉行。我們很高興能把它帶回來。它只是繼續增長。沒有比職業橄欖球場和我們擁有唯一的職業橄欖球名人堂的地方更好的地方來舉辦您的夢幻選秀了。我們可以為幻想草稿做很多包裝和獨特的機會，所以我鼓勵人們考慮在鄉村校園張貼他們的草稿。

Let me talk a little bit about retail sportsbooks. I know that many of you have questioned why we haven't opened a retail sportsbook yet. And as I said in our last earnings call, the reality of retail sportsbooks is that they represent a fraction of this actual sports betting that happens and in fact, 2.5% of the market share of betting, sports betting in Ohio is done through retail sportsbooks. What that does is it makes it much less compelling for those sportsbook operators to invest in retail sportsbooks. They have to fit out a location, they have to staff allocation, and the requirements, the regulatory requirements are pretty stringent. And so while we haven't given up hope, we're more focused on this becoming part of a guest experience versus a significant revenue driver for us as a company, which we once thought it could be.

讓我談談零售體育博彩。我知道你們很多人都質疑我們為什麼還沒開設零售運動博彩。正如我在上次財報電話會議中所說，零售體育博彩的現實情況是，它們只佔實際發生的體育博彩的一小部分，事實上，俄亥俄州2.5% 的體育博彩市場份額是透過零售體育博彩完成的。這使得體育博彩業者投資零售體育博彩的吸引力大大降低。他們必須裝修一個地點，他們必須分配人員，而且要求、監管要求相當嚴格。因此，雖然我們沒有放棄希望，但我們更專注於成為客戶體驗的一部分，而不是我們作為一家公司的重要收入驅動因素，我們曾經認為它可能是這樣。

We do have an issue that we're dealing with in terms of our retail sports betting license. Our General Counsel, Tara Charnes, is working with the Ohio Casino Control Commission. There can't be a promise of an outcome there, but we're hoping to be able to get an extension or to be able to continue with the existing license that we have and have the ability to, at some point in time, attract a retail sportsbook operator. But there is work being done around that. Nothing I can report on yet, and yet we're still hopeful that we can have this guest experience on property for our guests to enjoy in the near future.

我們確實正在處理零售體育博彩許可證方面的問題。我們的總法律顧問塔拉·查恩斯 (Tara Charnes) 正在與俄亥俄州賭場管制委員會合作。不能保證那裡會有結果，但我們希望能夠獲得延期或能夠繼續使用我們擁有的現有許可證，並且有能力在某個時間點吸引零售體育博彩運營商。但圍繞這個問題正在進行工作。目前我還沒有什麼可以報告的，但我們仍然希望在不久的將來能夠在酒店內為我們的客人提供這種客人體驗。

I want to talk lastly just about creating unique experiences for our guests. I think that revenue growth in Q1 is a great example of that. Flattening seasonality, bringing in new leadership, faith-based content, new conventions along with sports activity, cheerleading competition, soccer leagues, all the things that we are continuing to ramp up on, very, very important. The same with media and content development and gaming and content development there as well. There is a model that we continue to talk about, which is synergy, where we have the opportunity to build in one business vertical. We always ask how can we take that and create opportunity in the other two, and we're doing a much better job of that.

最後我想談談為我們的客人創造獨特的體驗。我認為第一季的營收成長就是一個很好的例子。淡化季節性、引入新的領導力、基於信仰的內容、新的慣例以及體育活動、啦啦隊比賽、足球聯賽，所有我們正在繼續加強的事情，非常非常重要。媒體和內容開發以及遊戲和內容開發也是如此。我們繼續談論一種模式，即協同效應，我們有機會在一個垂直業務領域中進行建構。我們總是問如何利用這一點並在另外兩個領域創造機會，而我們在這方面做得更好。

But we also want to create off-site asset development experiences as well, and so we've continued to work on that plan. We're refining it, we're scaling it, we're looking at the timing of that. I'm looking forward to that being a next wave of growth potentially for our company in off-site asset locations around the country, expanding our brand, expanding the brand of the Pro Football Hall of Fame, and offering guests the opportunity to engage with our product, getting them excited about coming to the destination here in Canton, Ohio, getting them excited about viewing our media, and experiencing our gaming opportunities as well.

但我們也希望創造場外資產開發體驗，因此我們繼續致力於該計劃。我們正在完善它，我們正在擴展它，我們正在考慮時機。我期待著這成為我們公司在全國各地場外資產地點的下一波增長潛力，擴大我們的品牌，擴大職業足球名人堂的品牌，並為客人提供參與的機會我們的產品，讓他們對來到俄亥俄州坎頓的目的地感到興奮，讓他們對觀看我們的媒體並體驗我們的遊戲機會感到興奮。

Executing long-term strategy drives results. I'm proud of the team. You see the results out of our Q1 earnings release. I couldn't be more proud. Stabilization is critical, profitability is critical, spending effectively and efficiently is the goal, but investing in tools, experiences that are going to help with that is really important for an early-stage company as well.

執行長期策略可以帶來成果。我為我們的團隊感到自豪。您可以從我們第一季財報發布中看到結果。我感到非常自豪。穩定至關重要，獲利能力至關重要，有效且高效的支出是目標，但投資有助於實現這一目標的工具和經驗對於早期公司來說也非常重要。

Again, I want to thank our community and I thank our shareholders for their support. It's not an easy environment. It hasn't been an easy environment, and that our company quarter after quarter continues to show positive results. And so I'm proud of that fact and proud of the team.

我要再次感謝我們的社區，感謝股東的支持。這不是一個輕鬆的環境。這並不是一個輕鬆的環境，我們公司每季都持續取得正面的成果。因此，我為這一事實感到自豪，並為團隊感到自豪。

I'll turn it over now to John Van Buiten to give us a financial recap of Q1.

我現在將其交給 John Van Buiten，讓我們回顧第一季的財務。

Thanks, Mike, and good morning, everyone. Moving on to our financial results. First-quarter total revenue was $4.2 million, which represents an increase of 34% from the same period in the prior year. Revenue growth in the quarter was primarily driven by event and rental revenue at Hall of Fame Village, which also includes revenue from the tenanting of our Constellation Center for Excellence and fan engagement zone in addition to revenue from our Shula's restaurant. The company's first-quarter revenue mix continues to become more diversified and highlights the synergies and the diverse revenue streams that we are creating within the company from event revenue, tenanting and rentals, hotel and restaurant revenue, media, and gaming. We expect that our revenue streams will grow and broaden in future years as we reach stabilization.

謝謝麥克，大家早安。接下來是我們的財務表現。第一季總營收為 420 萬美元，較上年同期成長 34%。本季度的收入成長主要是由名人堂村的活動和租金收入推動的，其中除了 Shula 餐廳的收入外，還包括星座卓越中心和粉絲參與區的租賃收入。該公司第一季的收入組合持續變得更加多元化，突顯了我們在公司內部透過活動收入、租賃和租賃、酒店和餐廳收入、媒體和遊戲創造的協同效應和多樣化收入流。我們預計，隨著我們達到穩定，我們的收入來源將在未來幾年內成長和擴大。

First-quarter adjusted EBITDA was minus $2.9 million compared to minus $10.9 million in the same period last year. The change was driven by decreased operating expenses related to reduce compensation-related expenses and third-party services. In addition, last year included several nonrecurring expense items. The company posted a net loss of $14.9 million in the quarter. Interest expense increased to $6.5 million resulting from higher debt balances and lower capitalized interest as assets are placed into service.

第一季調整後 EBITDA 為負 290 萬美元，而去年同期為負 1,090 萬美元。這項變更是由於與補償相關費用和第三方服務減少相關的營運費用減少所致。此外，去年還包括一些非經常性費用項目。該公司公佈該季度淨虧損 1,490 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 650 萬美元。

Moving to the balance sheet. We finished the quarter with a cash and liquid investment balance of approximately $7 million. The company's usage of cash during the quarter was attributable to operating activities and construction expenditures, which totaled approximately $14 million during the quarter. Our net notes payable balance slightly increased to $222 million compared to $220 million at the end of the prior quarter. This increase in notes payable during the quarter was primarily due to accruals of paid in-kind interest.

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 700 萬美元。該公司本季的現金使用歸因於經營活動和建築支出，該季度總計約為 1,400 萬美元。與上一季末的 2.2 億美元相比，我們的應付票據淨額略有增加，達到 2.22 億美元。本季應付票據的增加主要是由於支付實物利息的應計費用。

During the quarter, we exercised the one-year extension of the approximately $49 million of debt to IRG and its affiliate lenders, which was due in March. We are also currently working to restructure over $20 million of debt from the City of Canton, the county, and our local community foundations. As we have 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 stabilization of all aspects of our stated business model. We continue to work towards closing all of the necessary financing required for the remaining Phase 2 construction, including multiple financing transactions related to our Gameday Bay Water Park and Onsite Tapestry Hotel. We are in a very challenging and restrictive credit environment, but we are working diligently towards closing the remaining construction financing needed to fund these critical assets.

在本季度，我們將 IRG 及其附屬貸款人約 4,900 萬美元的債務延期一年，該債務原定於 3 月到期。我們目前也致力於重組廣州市、縣和當地社區基金會超過 2000 萬美元的債務。正如我們在前幾個季度所指出的，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穩定。我們將繼續努力完成第二期剩餘建設所需的所有必要融資，包括與 Gameday Bay 水上樂園和 Onsite Tapestry 酒店相關的多項融資交易。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。

Moving to 2024 financial guidance. We are revising our revenue expectations to be in the range of $24 million to $27 million, and we are reiterating our previously provided expectations for adjusted EBITDA loss in the mid-teen millions range. And as we have highlighted, the company and our Hall of Fame Village are in the early growth stages. The company is intensely focused on revenue growth and expense management, staying lean where possible while at the same time balancing the need to invest in order to support our growth. We expect increased diversification of revenue and EBITDA across multiple streams with each one driving synergies to support the ecosystem that we are working to build.

轉向 2024 年財務指引。我們正在將收入預期修改為 2400 萬美元至 2700 萬美元，並重申我們先前對調整後 EBITDA 損失在 100 萬美元左右的預期。正如我們所強調的，該公司和我們的名人堂村正處於早期發展階段。該公司高度專注於收入成長和費用管理，盡可能保持精簡，同時平衡投資需求以支持我們的成長。我們預期多個管道的收入和 EBITDA 會更加多元化，每個管道都會產生協同效應，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 will -- it remain intensely focused on driving profitability through diverse revenue streams and disciplined cost management, while making strategic investments to support our growth.

最後，公司專注於當前的經濟環境，並將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成長。

Finally, as you've come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead.

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

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

接線員，如果有任何問題，我們現在願意接通。

(Operator instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Okay, great. I appreciate the update, guys, and thanks for taking my questions. Michael, first on the first-quarter results, it's good to see the sponsorship revenue tick up, but the operating expenses were far lower than I expected, particularly the property OpEx is about $6 million, that was down over $7 million year over year. Just how do we think about your operating expenses going forward? And how did you shave off around $7 million year over year of property expenses? Thanks.

好的，太好了。夥伴們，我很感謝您的更新，也感謝您提出我的問題。邁克爾，首先是第一季的業績，很高興看到贊助收入有所上升，但營運費用遠低於我的預期，特別是財產營運支出約為 600 萬美元，同比下降超過 700 萬美元。我們如何看待你們未來的營運費用？您是如何同比減少約 700 萬美元的物業費用的？謝謝。

Yeah, thanks, Jack. Look, I'd say a couple of things. One, we had an extreme focus last year on ensuring all of our processes were established, right? The full bidding of any contract from an operating point of view and we have multiple ensuring that we were looking at every single aspect of our business from utility expense to insurance. Certainly, having gone three years from de-spacing, some of our insurance costs for D&O went down. So there were several factors that contributed to it.

是的，謝謝，傑克。聽著，我想說幾句話。第一，去年我們非常注重確保建立所有流程，對嗎？從營運角度對任何合約進行全面投標，我們有多重確保我們專注於業務的每一個方面，從公用事業費用到保險。當然，距離縮減空間已經過去了三年，我們的 D&O 保險費用有所下降。所以有幾個因素促成了這一點。

I would just say this, I mean, we had a quarter that was great in revenue, but we're really honed in on the expense management side. We looked at compensation. There were some reductions there. We've looked at headcount, making sure that we were efficient versus our needs. My experience with these businesses is it typically takes three to five years to really stabilize and get efficient at understanding the seasonality of the business, weekday, weekend, and so we're learning, right? The team is learning as we go and we're trying not to replicate any mistakes. And in fact, with the experience that some of us has had, we know what to look out for and how to proactively address it.

我只想說，我的意思是，我們有一個季度的收入很好，但我們確實在費用管理方面進行了磨練。我們考慮了補償。那裡有一些減少。我們檢查了員工人數，確保我們的效率能夠滿足我們的需求。我在這些業務方面的經驗是，通常需要三到五年才能真正穩定並有效地了解業務的季節性、工作日、週末，所以我們正在學習，對嗎？團隊不斷學習，我們努力不重複任何錯誤。事實上，根據我們中一些人的經驗，我們知道要注意什麼以及如何主動解決它。

I would say this though, remembering we are an early-stage company and any particular quarter, there could be ups and there could be downs. And as we add more programming, new different types of programming, as we add more assets, predominantly a water park or a hotel, we're going to have that learning curve start all over again. So while I'd like to say that this is a reliable trend that gets us to profitability much quicker, we're not a property in terms of the village that's fully open yet. And we're also not a company in terms of media and gaming that's firing on all cylinders. We're seeing great growth, and we're seeing attention in both of those other business verticals to the growth that we need, and we're being responsible around the dollars we're spending. But at the end of the day, it just takes time to learn the business, become more efficient, and match expenses to dollars.

不過，我想說的是，記住我們是一家早期公司，任何特定的季度都可能有起有落。當我們添加更多的節目、新的不同類型的節目時，當我們添加更多的資產（主要是水上樂園或酒店）時，我們將重新開始學習曲線。因此，雖然我想說這是一個可靠的趨勢，可以讓我們更快地實現盈利，但就村莊而言，我們還不是完全開放的財產。而且我們也不是一家在媒體和遊戲方面全力以赴的公司。我們看到了巨大的成長，我們看到其他垂直業務領域對我們所需成長的關注，並且我們對我們所花費的美元負責。但歸根結底，只需要時間來學習業務、提高效率並將費用與美元相匹配。

And then the last thing I'd say is, look, we're getting much more diligent around if a dollar is being spent at what is it supposed to return and having return thresholds and making sure that we have in place a process to evaluate as a company projects, new assets, new events that are being proposed so that we're not spending in larger scale than what we're returning.

然後我要說的最後一件事是，看，如果一美元花在預期回報上，我們會變得更加勤奮，並且有回報閾值，並確保我們有一個評估流程作為一個公司項目，正在提議新資產、新活動，這樣我們的支出規模就不會超過我們所回報的規模。

So pleased with the team, pleased with the effort. We're early stage, and we've got a long way to go, but listen, we're trending in the right direction.

對團隊感到滿意，對努力感到滿意。我們還處於早期階段，還有很長的路要走，但聽著，我們正朝著正確的方向發展。

Okay, great. That's helpful. I caught your comments earlier. Appreciate you're working through kind of the capital stack funding. It sounds like it's pretty fluid, and you have some announcements coming up. I'll switch gears into the water park. Just in general, maybe what's the latest target opening date? I think I caught maybe mid or third quarter of '25. And then with the water park, you mentioned potential synergies ahead of the water park being built and opened, so maybe preselling potential packages. What might you expect maybe to have some -- would you expect to have some like tangible presale orders for the water park, a few months, a year in advance? Just what are you thinking there? That was interesting in these comments.

好的，太好了。這很有幫助。我早些時候注意到了你的評論。感謝您正在透過某種資本堆疊融資進行工作。聽起來好像很流暢，而且即將發布一些公告。我將換檔進入水上樂園。總的來說，也許最晚的目標開幕日期是哪一天？我想我大概是在 25 年中期或第三季看到的。然後，關於水上樂園，您提到了水上樂園建成和開放之前的潛在協同效應，因此可能會預售潛在的套餐。您可能希望得到什麼——您是否希望提前幾個月或一年收到水上樂園的有形預售訂單？你在那裡想什麼呢？這些評論很有趣。

Yeah. I think two things. One, just to address the timing, we're looking at the water park in the first half of next year. The water park is 44% complete. We have all of the equipment. I should say we've procured a lot of the equipment that is ready for install. As you know from the last earnings call, we have slowed down that construction considerably waiting for the final piece of the capital stack to close.

是的。我認為有兩件事。第一，為了解決時間問題，我們計劃在明年上半年建造水上樂園。水上樂園已完成 44%。我們擁有所有的設備。我應該說我們已經採購了很多準備安裝的設備。正如您從上次財報電話會議中了解到的那樣，我們已經大大放慢了建設速度，等待最後一筆資本的關閉。

Listen, I just want to make mention of, again, when you have four or five different components to the capital stack that all require an integrated close or simultaneous close, it's not an easy team, and you are threading a needle. It's a pretty thin needle to thread, but we're getting there, and we're making progress on it. And so I feel comfortable that if we can close the capital stack in the next couple of months, we'll be in a position to open the water park mid-next year.

聽著，我只是想再次提到，當你的資本堆疊中有四五個不同的組件，並且都需要整合關閉或同時關閉時，這不是一個簡單的團隊，而且你正在穿針引線。這是一根非常細的線，但我們正在實現這一目標，並且正在取得進展。因此，我感到放心，如果我們能夠在接下來的幾個月內關閉資本庫，我們將能夠在明年年中開放水上樂園。

The hotel, the same thing, if we can close the capital stack in the next couple of months. We haven't started the hotel yet. But I think, hotel build is slightly more efficient than a water park build. We will probably be in Q3 of next year for that asset.

酒店，同樣的事情，如果我們能夠在接下來的幾個月內關閉資本堆疊。我們酒店還沒開始營業。但我認為，飯店建設比水上樂園建設稍微有效率。我們可能會在明年第三季獲得該資產。

The question around how do you sort of think about selling before the assets open? You're preselling season passes, you're preselling stay-and-play packages, you're preselling food-and-play packages. So there's a lot of different opportunities to bundle the water park experience with other things, preselling water park with the Pro Football Hall of Fame ticket. And so that revenue starts to come in typically, I'll say, three to six months prior to the water park opening.

問題是您如何考慮在資產開放之前出售？你預售季票、預售住宿和遊玩套餐、預售美食和遊玩套餐。因此，有許多不同的機會將水上樂園體驗與其他事物捆綁在一起，例如透過職業橄欖球名人堂門票預售水上樂園。因此，我想說，收入通常在水上樂園開業前三到六個月開始出現。

Okay, great. I appreciate the color there, Mike. Good job on the recent results, and I'll hop back in the queue. Thanks.

好的，太好了。我很欣賞那裡的顏色，麥克。最近的結果很好，我會重新加入隊列。謝謝。

Thanks, Jack. Have a good day.

謝謝，傑克。祝你有美好的一天。

David Marsh, Singular Research.

大衛馬什，奇異研究。

Hi, good morning. Thanks for taking the questions and congrats on the quarter, and this is really a tremendous accomplishment.

早安.感謝您提出問題並祝賀本季度，這確實是一項巨大的成就。

Thanks, David.

謝謝，大衛。

And you guys went from $300,000 of events revenue two years ago to $2 million. That's pretty awesome. Could you talk about what the different types of events you were able to -- a little bit more about what kind of some of the tentpole events were in the first quarter that were able to drive this revenue? And I know you've already mentioned some that are coming up, but I just -- was curious what you were able to put on the calendar in the first quarter that was able to drive this revenue so high?

你們的活動收入從兩年前的 30 萬美元增加到了 200 萬美元。那真是太棒了。您能否談談您能夠舉辦哪些不同類型的活動—更多地談談第一季哪些主要活動能夠推動這項收入？我知道您已經提到了一些即將推出的內容，但我只是 - 很好奇您在第一季度的日曆上能夠推出哪些內容，從而能夠將收入推得如此之高？

Yeah. Well, one of the biggest was our faith-based leadership event with Tim Tebow as the headliner there, bringing in sports and faith and creating an opportunity for those that were partaking of that event to really hear from one of the higher profile guys in the game of how he developed his career and how he developed his faith and how those two merged for him to be successful. I think that's a good example of where sports and entertainment come together. So that was a very large-scale event.

是的。好吧，最大的活動之一是我們以蒂姆·蒂博為主角的基於信仰的領導力活動，引入了體育和信仰，並為那些參加該活動的人創造了一個機會，讓他們能夠真正聽到世界上一位知名度更高的人的聲音。我認為這是體育和娛樂結合的一個很好的例子。所以這是一個非常大規模的事件。

We're increasing also though the number of events that, frankly, when you think about how large-scale cheerleading tournaments or large-scale wrestling tournaments or even large-scale meetings or things like a home and garden show or things like a concrete show or a big large-scale company event, those things typically will be booked couple of years in advance because they have to locate the venue, they have to locate the hotels, and so on and so on.

我們也在增加活動的數量，坦白說，當你想到大型啦啦隊錦標賽或大型摔角錦標賽，甚至大型會議或家庭和花園表演或具體表演等活動時或者大型公司活動，這些事情通常會提前幾年預訂，因為他們必須找到場地，他們必須找到酒店，等等。

We've only had the dome open really for a couple of cycles. And so I think we're starting to show the unique aspect of that facility and its capabilities, but we're also starting to show the unique aspect of the destination and how you can create this integrated experience that includes ride packaging and food and beverage and hotels and other things that are unique to us versus a standalone convention center or a standalone sports dome. So increasing the types of events and the scale of those events was really critical in Q1. And I think we were able to do that diversifying events from sport to non-sport and then trying to look for the combination of the two. And that's how we got there this year.

我們只讓穹頂真正打開了幾個週期。因此，我認為我們開始展示設施及其功能的獨特之處，但我們也開始展示目的地的獨特之處以及如何創造這種包括遊樂設施包裝和食品和飲料的綜合體驗與獨立的會議中心或獨立的體育場館相比，飯店和其他對我們來說是獨一無二的。因此，增加事件類型和事件規模在第一季確實至關重要。我認為我們能夠將體育賽事多樣化到非體育賽事，然後嘗試尋找兩者的結合。這就是我們今年實現這一目標的方式。

Well, that's good. Keep up the good work on that front. If I could just dig into the sponsorship number, it's a really good progress that you guys have made there. Can you just talk about what that looks like, as we project out for the year? I mean, does that, is this a baseline, like, is this a low watermark and it would grow throughout the year as you have more events throughout the year and you add new sponsors? Is that the right way to think about it?

嗯，那很好。繼續在這方面做好工作。如果我能深入了解贊助數量，那麼你們在這方面取得了非常好的進展。您能談談我們今年的計畫嗎？我的意思是，這是一個基線嗎？這是正確的思考方式嗎？

Yeah, I think so. And it's not just event related. Obviously, every event we have, concerts and comedic shows and large-scale sporting events like NFL Flag and Cornhole Championships, et cetera. There are always opportunities for what we call a true sponsor for those events and multiple sponsors in multiple categories. What we prefer to do is look for long-term partner sponsors.

是的，我想是的。這不僅僅是與事件相關。顯然，我們舉辦的每場活動，音樂會、喜劇表演以及大型體育賽事，如 NFL Flag 和 Cornhole 錦標賽等。這些活動的真正贊助商和多個類別的多個贊助商總是有機會的。我們更願意做的是尋找長期的合作夥伴贊助商。

And what I mean by that is when you sign a deal with Coke, which is our carbonated beverage partner, you are signing a deal where you can go and showcase the breadth of what your company has to offer. And so e-gaming as an example was very attractive to Coke and something that helped us land that sponsorship. It was a category from three years ago that was deriving pretty low-level revenue to today, which is driving fairly meaningful revenue. Why? Because we've increased the number of assets available to pour their product. We've increased the number of events for them to showcase and pour their product and showcase their brand.

我的意思是，當您與我們的碳酸飲料合作夥伴可口可樂簽署協議時，您就簽署了一份協議，您可以在其中展示您的公司所提供的產品的廣度。因此，電子遊戲對可口可樂來說非常有吸引力，這幫助我們獲得了贊助。三年前這個類別的收入水準相當低，但如今卻帶來了相當可觀的收入。為什麼？因為我們增加了可用於傾倒他們產品的資產數量。我們增加了他們展示和傾倒他們的產品以及展示他們的品牌的活動數量。

And so we stated two years ago, we wanted to be strategic because you can get yourself -- I've seen this trap before you can get yourself, convinced that you need to sign sponsors quickly to help bring revenue in, and sponsor revenue is typically bottom-line revenue for the most part. We wanted to hold off so that we had the right profile of company gaming, media, destination that would be really appealing. It's a partnership, and so you want to have the most you can offer to the potential partner that you're bringing in and that creates opportunity for them and then obviously that creates value for you because they're wanting to provide more dollars and more sponsorship because you have more things for them to sponsor.

所以我們兩年前就說過，我們希望採取策略，因為你可以得到自己——在你得到自己之前，我已經看到了這個陷阱，確信你需要快速簽約贊助商以幫助帶來收入，而贊助商收入是通常大部分都是底線收入。我們想推遲，以便我們擁有真正有吸引力的公司遊戲、媒體和目的地的正確形象​​。這是一種合作夥伴關係，因此您希望為您引入的潛在合作夥伴提供最多的幫助，這為他們創造了機會，然後顯然這為您創造了價值，因為他們希望提供更多的美元和更多贊助，因為你有更多的東西可以讓他們贊助。

So the more assets we open, Gameday Bay Water Park, is going to be significant for us. The Dome was significant for us. I think Play Action Plaza has the potential to have a real sponsor presence because of our rides and our concessions, outdoor amphitheater, all of the wonderful things that part of the property has to offer fan engagement zone, the more that we can monetize. But it's not just about monetizing, it's also about bringing in partners that help enhance the guest experience. And so we're very focused on who are the right partners for us in the sports and entertainment world that complement what we're doing. And I think our team, our partnership team has done a really good job at timing and engaging with the right profile of partners to help sort of not only expedite growth but the right type of growth.

因此，我們開放的資產越多，Gameday Bay 水上樂園對我們來說意義重大。圓頂對我們來說意義重大。我認為Play Action Plaza 有潛力擁有真正的贊助商存在，因為我們的遊樂設施和特許經營、戶外圓形劇場以及該物業的一部分必須提供粉絲參與區的所有精彩事物，我們可以從中獲利的越多。但這不僅是為了獲利，還在於引進合作夥伴來幫助增強賓客體驗。因此，我們非常關注誰是我們在體育和娛樂領域的合適合作夥伴，以補充我們正在做的事情。我認為我們的團隊、我們的合作夥伴團隊在時機選擇和與合適的合作夥伴接觸方面做得非常好，不僅有助於加速成長，而且有助於實現正確的成長類型。

Got it. That's very helpful as well. I also did want to offer a compliment on the press release with the complete set of financials. That's extremely helpful for us as we're working on modeling. Just a question around the balance sheet quickly. New line popping in here, equity method investments of $2.5 million roughly. Could you give me a little bit more insight on that? What is in that?

知道了。這也非常有幫助。我也確實想對包含完整財務數據的新聞稿表示讚揚。當我們致力於建模時，這對我們非常有幫助。只是一個關於資產負債表的問題。這裡出現了新的投資線，權益法投資金額約 250 萬美元。您能給我更多的了解嗎？那裡面是什麼？

Yes. Hi, David. This is John. So the equity method investments line represents our minority interest in the sports complex. So as you know during the quarter, we sold 80% interest in our sports complex to Sandlot, and that represents our remaining investment. So as that company continues to operate the sports complex and has income from that, that investment will grow. And you'll notice on the P&L, we also have a new line, income from that equity method investment, and that's where that 20% income from that will end up.

是的。嗨，大衛。這是約翰。因此，權益法投資線代表了我們在體育中心的少數股權。如您所知，在本季度，我們將體育中心 80% 的權益出售給了 Sandlot，這代表了我們的剩餘投資。因此，隨著該公司繼續經營體育場並從中獲得收入，投資將會成長。您會注意到，在損益表上，我們還有一條新線，即權益法投資的收入，這就是 20% 的收入最終的來源。

Thank you very much. That's helpful. And then just lastly, Mike, if you could, I mean, I know you said you guys are continuing to explore alternatives around the retail sportsbook. I mean, is there anything at all, are there any particular operators, that are showing any meaningful interest there, or is it is it really just proving to be a little bit tougher than we had initially maybe hoped?

非常感謝。這很有幫助。最後，麥克，如果可以的話，我的意思是，我知道你們說過你們正在繼續探索零售體育博彩的替代方案。我的意思是，是否有任何事情，是否有任何特定的運營商對此表現出任何有意義的興趣，或者它真的只是被證明比我們最初希望的要困難一點？

Yeah. I think time hasn't been our friend here, David. I think people have learned more about the business in Ohio. When I say people, I am talking about the retail sports betting operators and the mobile betting operators. Look, 97% of all bets are being placed through the devices that we carry around with us every single day. It's very convenient. I've gone to several large-scale sporting events in the last, I'll call it, two, three months, and it's amazing to me to see the number of people staring at their phones. And when you really get close, you see what they're doing is they're making a bet on the next player, they're making a bet on a player, and how many they're going to score. So they don't want to leave their seats and go to a retail sportsbook in many instances.

是的。我想時間對我們來說不是朋友，大衛。我認為人們對俄亥俄州的業務有了更多了解。當我說人時，我指的是零售體育博彩運營商和行動博彩運營商。看，97% 的投注是透過我們每天隨身攜帶的設備進行的。非常方便。過去，我稱之為兩三個月，我參加了幾場大型體育賽事，看到這麼多人盯著手機看，我感到很驚訝。當你真正接近時，你會看到他們正在做的事情是他們在下一個球員下注，他們在下一個球員下注，以及他們會得分多少。因此，在很多情況下，他們不想離開座位去零售體育博彩網站。

Now, retail sportsbooks have a presence in a lot of the arenas and stadiums in Ohio. I will say that some have pulled out because of the lack of financial success. For us, we've always talked about this enhancing our guest experience. At the village, we are a sports and entertainment destination. We expect to be able to create a sportsbook, sports betting opportunity here. We are looking at how we can incentivize a potential partner to come in versus -- and have a long-term partnership versus having them have to create everything on their own. We're looking at potential food and beverage partners or potential retail partners that kind of complement the experience. It's just time, and we've got wonderful assets. We've got a fantastic location for it. I think the best location in the village, it looks right out into our stadium with all of the events that we're hosting can create a really magical experience for those guests. But it comes down to economics. So to directly answer your question, Tara Charnes, who sort of heads up our business development and is also our General Counsel, is working on a regular basis with two or three different sportsbook operators. We do have an outside consultant that we have had for a couple of years that continues to help support those types of conversations.

現在，零售體育博彩已出現在俄亥俄州的許多競技場和體育場。我想說的是，有些人因為缺乏財務上的成功而退出了。對我們來說，我們一直在談論如何增強我們的賓客體驗。在村里，我們是體育和娛樂的目的地。我們希望能夠在這裡創建體育博彩、體育博彩機會。我們正在研究如何激勵潛在合作夥伴加入，建立長期合作關係，而不是讓他們自己創造一切。我們正在尋找潛在的食品和飲料合作夥伴或潛在的零售合作夥伴，以補充這種體驗。現在正是時候，我們已經擁有了寶貴的資產。我們擁有絕佳的地理位置。我認為這是村莊裡最好的位置，可以直接看到我們的體育場，我們正在舉辦的所有活動都可以為這些客人創造真正神奇的體驗。但這歸結於經濟。因此，為了直接回答您的問題，塔拉·查恩斯（Tara Charnes）負責我們的業務發展，同時也是我們的總法律顧問，她定期與兩到三個不同的體育博彩運營商合作。我們確實有一位外部顧問，我們已經工作了幾年，並繼續幫助支持這些類型的對話。

Just as important working with our, the Ohio Casino Control Commission to better understand and create awareness for them that it's important to us as a destination to have this opportunity, and so we've asked for the potential extension of our license to give us that chance. And then we're looking more creatively at the retail sportsbook itself, something that can be more interactive, something that could potentially leverage more mobile and technology in terms of an experience.

同樣重要的是，與我們的俄亥俄州賭場控制委員會合作，更好地了解並讓他們認識到，作為一個目的地，擁有這個機會對我們來說很重要，因此我們要求延長我們的許可證，以便為我們提供這樣的機會。然後我們會更有創意地審視零售體育博彩本身，它可以更具互動性，可以在體驗方面利用更多的行動和技術。

So long-winded way of saying, it's a tough road because the economics are challenging for the operators, but we haven't given up on it. And I think there still can be an opportunity. We just need to find the right partner and nuance the deal so it's attractive to both sides.

這麼囉嗦地說，這是一條艱難的路，因為經濟對業者來說是個挑戰，但我們並沒有放棄。我認為仍然有機會。我們只需要找到合適的合作夥伴並對交易進行細微調整，使其對雙方都有吸引力。

Very, very helpful. Congrats again on the quarter. Thanks, guys.

非常非常有幫助。再次恭喜本季。多謝你們。

Thanks, David.

謝謝，大衛。

Thank you. I would now like to turn the conference back over to Michael Crawford for closing remarks.

謝謝。現在我想將會議轉回邁克爾·克勞福德（Michael Crawford）致閉幕詞。

Well, first, let me say I really appreciated all the questions. They sort of hit on the right point. Secondly, I want to say that if you're watching our company and you have been over the last several months last years, you're seeing exactly what we talked about back in June, July of 2020, facing a really difficult environment, putting a team together that is experienced, that understands what to look for, how to look for it, and is committed. And I will say again, this team is committed. We have a lot of very talented people that are dedicated to the success of our company.

好吧，首先，我要說我真的很感激所有的問題。他們擊中了正確的點。其次，我想說，如果你有在關注我們公司，並且在去年的最後幾個月裡，你會看到我們在2020 年6 月、7 月所談論的情況，面臨著一個非常困難的環境，把一個經驗豐富、了解要尋找什麼、如何尋找、全心投入的團隊。我要再說一遍，這個團隊是堅定的。我們有很多非常有才華的人致力於我們公司的成功。

Q1 results, I look at that as a very positive step forward, revenue growth on a non-peak period, expense management, and ensuring efficiency in everything that we do, not only efficient in terms of cost but efficient in terms of packaging, in terms of the experiences we're creating. Our media content is growing, and it's growing through distribution now. Our gaming and the way in which we're approaching gaming in traditional and nontraditional sort of aspects of gaming. I anticipate that to grow as well.

第一季的結果，我認為這是向前邁出的非常積極的一步，非高峰時期的收入增長，費用管理，以及確保我們所做的一切的效率，不僅在成本方面高效，而且在包裝方面高效，就我們正在創造的體驗而言。我們的媒體內容正在成長，並且現在透過分發而成長。我們的遊戲以及我們在傳統和非傳統遊戲方面處理遊戲的方式。我預計這一數字也會成長。

And so, look, I have high hopes and optimism for the future of this company. We're an early-stage company, and so there are going to be bumps, and there's going to continue to be those over the next couple of years as we complete assets like our football-themed water park, our onsite hotel, potentially launching off-site asset development with partners in a very different financial model for that. But this is a company that is committed. It's continued to grow. I realize stock performance is something that is always looked at as an indicator of positive momentum. I'm confident that as we continue to build, stabilize, and grow, stock performance will follow as well.

因此，我對這家公司的未來充滿希望和樂觀。我們是一家早期公司，所以會遇到坎坷，而且在未來幾年裡，隨著我們完成足球主題水上樂園、酒店內、可能推出的資產等資產，這些坎坷還會繼續存在。不同的財務模式進行場外資產開發。但這是一家有承諾的公司。它還在繼續增長。我意識到股票表現總是被視為正面動能的指標。我相信，隨著我們繼續建設、穩定和發展，股票表現也會隨之而來。

So I just want to thank everyone for the results. I want to thank the team for their commitment again and the community for their support and our largest shareholders as well. I think everybody is focused on the long-term success and on all the right things to get us there. So thank you very much.

所以我只想感謝大家的結果。我要再次感謝團隊的承諾、社區的支持以及我們最大的股東。我認為每個人都專注於長期成功以及實現這一目標的所有正確的事情。非常感謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。