PENN Entertainment Inc (PENN) 2023 Q1 法說會逐字稿

Greetings, and welcome to the PENN Entertainment First Quarter 2023 Results Conference Call. (Operator Instructions) I would now like to turn the conference over to Mr. Joe Jaffoni, Investor Relations. Please go ahead.

大家好，歡迎來到 PENN Entertainment 2023 年第一季度業績電話會議。 （操作員說明）我現在想將會議轉交給投資者關係部的 Joe Jaffoni 先生。請繼續。

Thanks, Frank. Good morning, everyone, and thank you for joining PENN Entertainment's 2023 First Quarter Conference Call. We'll get to management's presentation and comments momentarily as well as your questions and answers. (Operator Instructions) Now I'll review the safe harbor disclosure. In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties.

謝謝，弗蘭克。大家早上好，感謝您參加 PENN Entertainment 的 2023 年第一季度電話會議。我們將立即獲得管理層的介紹和評論以及您的問題和答案。 （操作員說明）現在我將審查安全港披露。除了歷史事實或當前狀況陳述外，今天的電話會議還包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，其中涉及風險和不確定性。

These statements can be identified by the use of forward-looking terminologies such as expects, believes, estimates, projects, intends, plans, seeks, may, will, should or anticipates or the negative or other variations of these or similar words or by discussion of future events, strategies or risks and uncertainties, including future plans, strategies, performance, developments, acquisitions, capital expenditures and operating results. Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance. As such, actual results may vary materially from expectations.

這些陳述可以通過使用前瞻性術語來識別，例如預期、相信、估計、項目、打算、計劃、尋求、可能、將、應該或預期或這些或類似詞語的負面或其他變體或通過討論未來事件、戰略或風險和不確定性，包括未來計劃、戰略、業績、發展、收購、資本支出和經營成果。此類前瞻性陳述反映了公司當前的預期和信念，但不是對未來業績的保證。因此，實際結果可能與預期存在重大差異。

The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and Form 10-Q. PENN Entertainment assumes no obligation to publicly update or revise any forward-looking statements.

與前瞻性陳述相關的風險和不確定性在今天的新聞公告和公司向美國證券交易委員會提交的文件中有所描述，包括公司關於 10-K 表格和 10-Q 表格的報告。 PENN Entertainment 不承擔公開更新或修改任何前瞻性陳述的義務。

Today's call and webcast will include non-GAAP financial measures within the meaning of SEC Regulation G. When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today's press release as well as on the company's website. With that, it's now my pleasure to turn the call over to your -- to the company's CEO, Jay Snowden. Jay, please go ahead.

今天的電話會議和網絡廣播將包括美國證券交易委員會 G 條例所指的非 GAAP 財務指標。如果需要，可以在今天的新聞稿以及公司網站。有了這個，現在我很高興把電話轉給你——公司的首席執行官傑伊·斯諾登。傑伊，請繼續。

Thanks, Joe. Good morning, everyone. I have here with me in Wyomissing, our CFO, Felicia Hendrix and our Head of Operations; Todd George as well as other members of the executive team who can help answer any questions that you may have during Q&A. As for the first time, as an official member of our PENN family, we're also joined by Erika Ayers, CEO of Barstool Sports. As you know, we completed our acquisition of Barstool on February 17, and our integration efforts to date have gone as planned, but more on that in a moment. First, we're pleased to report that PENN delivered another solid quarter with consistent retail performance across most of our portfolio.

謝謝，喬。大家，早安。我和我一起在懷俄米辛，我們的首席財務官 Felicia Hendrix 和我們的運營主管； Todd George 以及執行團隊的其他成員可以幫助回答您在問答期間可能遇到的任何問題。作為 PENN 大家庭的正式成員，Barstool Sports 的首席執行官 Erika Ayers 也首次加入。如您所知，我們於 2 月 17 日完成了對 Barstool 的收購，迄今為止我們的整合工作已按計劃進行，但稍後會詳細介紹。首先，我們很高興地報告，PENN 在我們的大部分產品組合中實現了另一個穩定的季度，零售業績保持一致。

Our properties proved to be more resilient than initially anticipated given the increased supply in a few markets and the ongoing uncertain macroeconomic environment. Turning to Slide 4 in our investor presentation. PENN generated first quarter revenues of $1.67 billion and adjusted EBITDAR of $478.2 million with strong performance in our Northeast segment, helping to offset softer year-over-year results in the south. As you'll see on Slide 5 and 6, our retail EBITDA margins were negatively impacted by approximately 100 basis points due to the regional shift in our gaming revenues year-over-year to the Northeast, which has a higher blended tax rate of approximately 42% versus the south, which is approximately 22% and to a lesser extent, the settlement of certain property litigation matters.

鑑於一些市場的供應增加以及持續不確定的宏觀經濟環境，事實證明我們的物業比最初預期的更具彈性。轉向我們的投資者介紹中的幻燈片 4。 PENN 第一季度的收入為 16.7 億美元，調整後的 EBITDAR 為 4.782 億美元，東北地區表現強勁，有助於抵消南部地區同比疲軟的業績。正如您在幻燈片 5 和 6 中看到的那樣，由於我們的博彩收入逐年向東北地區轉移，我們的零售 EBITDA 利潤率受到大約 100 個基點的負面影響，東北地區的混合稅率較高，約為42% 與南部相比，大約為 22%，在較小程度上，某些財產訴訟事項的解決。

Looking beyond the first quarter, April really was a story of 2 halves. We started the month off slowly with the Easter weekend, but finished strong in the final 2 weeks, including having our #1 company-wide slot volume weekend of the year so far in the last weekend of April. Given our Q1 performance, combined with current trends, we are increasing our prior revenue guidance for the year to reflect the acquisition of Barstool Sports, while maintaining our current adjusted EBITDA guidance. Felicia will be providing more color on our guidance in a few minutes.

展望第一季度之後，4 月確實是一個分為兩半的故事。我們在復活節週末開始了緩慢的一個月，但在最後 2 週結束時表現強勁，包括在 4 月的最後一個週末，我們在今年迄今為止排名第一的全公司老虎機週末。鑑於我們第一季度的業績，結合當前的趨勢，我們正在增加我們之前的年度收入指引，以反映對 Barstool Sports 的收購，同時維持我們目前調整後的 EBITDA 指引。 Felicia 將在幾分鐘內為我們的指南提供更多色彩。

Turning to Slide 9. We generated over 350,000 new sign-ups this quarter for our industry-leading customer loyalty program, which is a 13% increase year-over-year. 63% of our Q1 database growth came from our online offerings. Notably, in Q1, we saw the strongest growth rates in our 65-plus-year-old age segment in rated theoretical revenue. These guests appear to be returning to more normal pre-COVID behavior of late and are responding well to our added amenities and continued improvements in our non-gaming offerings. At the same time, the 21- to 44-year-old age demographic was stable in Q1 year-over-year after very strong growth throughout 2021 and 2022 and continues to grow significantly when compared to 2019. This age segment has grown from 13% of total rated theoretical in Q1 '19 to 18.5% in Q1 of '23.

轉到幻燈片 9。本季度，我們行業領先的客戶忠誠度計劃產生了超過 350,000 個新註冊，同比增長 13%。我們第一季度數據庫增長的 63% 來自我們的在線產品。值得注意的是，在第一季度，我們看到 65 歲以上年齡段的額定理論收入增長率最為強勁。這些客人最近似乎恢復了更正常的 COVID 前行為，並且對我們增加的便利設施和非博彩產品的持續改進反應良好。與此同時，21 至 44 歲年齡段的人口在經歷了 2021 年和 2022 年的強勁增長後，在第一季度同比保持穩定，並且與 2019 年相比繼續顯著增長。這個年齡段從 13 19 年第一季度的總額定理論百分比到 23 年第一季度的 18.5%。

Our VIP play also remained strong in Q1 with year-over-year increase in both guest count and frequency of visitation. The positive momentum in our database comes at a perfect time as we recently launched PENN play, our enhanced and rebranded customer loyalty program, which is designed to help better align all of our brands under the PENN entertainment umbrella and create a more seamless omnichannel experience. Some of the new perks include the ability for day 1 customers to begin immediately earning meaningful rewards just by signing up.

我們的 VIP 遊戲在第一季度也保持強勁，客人人數和訪問頻率均同比增長。我們數據庫中的積極勢頭恰逢其時，因為我們最近推出了 PENN play，這是我們增強和更名的客戶忠誠度計劃，旨在幫助更好地將我們所有品牌整合在 PENN 娛樂保護傘下，並創造更加無縫的全渠道體驗。一些新的福利包括第一天的客戶只需註冊即可立即開始獲得有意義的獎勵。

In addition, members can now earn loyalty points across all of our business verticals, interactive as well as retail gaming and ended marketplace, featuring popular retailers where they can redeem gifts and earn tier points and PENN cash on everyday items. Members also have access to entertainment experiences with PENN partner brands, including Live Nation and Choice Hotels. PENN play is supported by our industry-leading 3C's technology, which we've talked about before and which is currently deployed at 21 of our properties collectively representing 70% of our retail EBITDAR. We -- we've grown our total PENN wallet customers to 195,000 and received $104 million in total PENN deposits as of the end of the first quarter.

此外，會員現在可以在我們所有的垂直業務、互動以及零售遊戲和終端市場中賺取忠誠度積分，其中包括受歡迎的零售商，他們可以在日常用品上兌換禮物並賺取等級積分和 PENN 現金。會員還可以享受 PENN 合作夥伴品牌的娛樂體驗，包括 Live Nation 和 Choice Hotels。 PENN play 得到我們行業領先的 3C 技術的支持，我們之前已經討論過該技術，目前部署在我們的 21 家酒店，共占我們零售 EBITDAR 的 70%。截至第一季度末，我們已經將 PENN 錢包客戶總數增加到 195,000 名，並收到了 1.04 億美元的 PENN 存款總額。

As we've emphasized in the past, those guests who use the digital wallet demonstrates superior loyalty through increased visitation, time on device and total theoretical. And as you'll see on Slide 11, our effective cross marketing efforts, combined with our ability to deliver a seamless, best-in-class customer experience has led to a significant increase in guests who engage with us across multiple channels, which is the key to our future growth. Our Interactive segment saw revenue improvement during the first quarter, driven in part by our acquisition of Barstool Sports as well as our recent sportsbook launches, including Ohio and Massachusetts.

正如我們過去強調的那樣，那些使用數字錢包的客人通過增加訪問量、設備停留時間和總體理論表現出卓越的忠誠度。正如您在幻燈片 11 中看到的那樣，我們有效的交叉營銷努力，加上我們提供無縫、一流客戶體驗的能力，使得通過多個渠道與我們互動的客人顯著增加，這是我們未來成長的關鍵。我們的互動部門在第一季度的收入有所改善，部分原因是我們收購了 Barstool Sports 以及我們最近推出的體育博彩，包括俄亥俄州和馬薩諸塞州。

In addition, as highlighted on Slide 17 and 18, we're continuing to generate impressive results from the Sports Bet and iCasino in Ontario, where we're live with our fully owned best-in-class tech stack, which has helped generate record gross revenues from sports betting in March and 6-month retention rates that are 118% higher than the U.S. On the iCasino side in Ontario, we had our ninth consecutive record month for GGR through March and 26% higher online sports betting to iCasino cross-sell than in the U.S., which we attribute in large part to our in-house promotional engine. Our success in Ontario provides us with a blueprint for improved performance for the Barstool Sports book and casino after we complete our migration to this platform in July.

此外，正如幻燈片 17 和 18 所強調的那樣，我們在安大略省的 Sports Bet 和 iCasino 繼續取得令人印象深刻的成果，我們在那裡擁有我們完全擁有的一流技術堆棧，這有助於創造記錄3 月份體育博彩的總收入和 6 個月的保留率比美國高 118%。在安大略省的 iCasino 方面，截至 3 月份，我們的 GGR 連續第九個月創下新高，在線體育博彩比 iCasino 高 26%銷量高於美國，這在很大程度上歸功於我們的內部促銷引擎。我們在安大略省的成功為我們提供了一個藍圖，在我們於 7 月完成遷移到該平台後，我們可以改進 Barstool Sports 博彩和賭場的性能。

Having full control of our product road map in the U.S. will enable us to connect with our customers on a more personalized level and quickly add new features in bedding markets to the Barstool Sports book while also enhancing our iCasino products with new content and bonus mechanics. In addition, with an improved customer experience post migration, we will be well positioned to drive stronger loyalty and retention while offering seamless cross play in our omnichannel ecosystem. As I mentioned at the outset of our call, our integration efforts with Barstool Sports thus far have been going very smoothly, and we've enjoyed exploring new opportunities for growth across numerous verticals.

完全控制我們在美國的產品路線圖將使我們能夠在更加個性化的層面上與客戶建立聯繫，并快速將床上用品市場的新功能添加到 Barstool Sports book，同時還通過新內容和獎勵機制增強我們的 iCasino 產品。此外，隨著遷移後客戶體驗的改善，我們將有能力提高忠誠度和保留率，同時在我們的全渠道生態系統中提供無縫交叉播放。正如我在電話會議一開始提到的那樣，到目前為止，我們與 Barstool Sports 的整合工作進展順利，我們很高興在眾多垂直領域探索新的增長機會。

On the media side, Barstool demonstrated strong audience and viewership growth in the first quarter, achieving record cross-platform views, up more than 40% from the prior year and growing more than 60% in both YouTube subscribers and TikTok followers. During the quarter, Barstool Golf partnership with the PGA TOUR also led to co-brand and merchandise at the players in Waste Management tournament. Meanwhile, the Scores mobile business is also delivering strong results in both revenue and engagement metrics with total user sessions up 22% year-over-year. The Score's award-winning digital app media app is providing its highly engaged audience with up-to-date scores, news, community chat features and bedding lines, proving to be a perfect second screen for watching live sports and another strong acquisition funnel for our retail and digital offerings. And with that, I'll now turn it over to Felicia.

在媒體方面，Barstool 在第一季度展示了強勁的觀眾和收視率增長，實現了創紀錄的跨平台觀看次數，比上一年增長了 40% 以上，YouTube 訂閱者和 TikTok 粉絲的增長都超過了 60%。在本季度，Barstool Golf 與 PGA TOUR 的合作夥伴關係還促成了廢物管理錦標賽球員的聯合品牌和商品。與此同時，Scores 移動業務在收入和參與度指標方面也取得了強勁的成果，總用戶會話同比增長 22%。 The Score 屢獲殊榮的數字應用程序媒體應用程序為其高度參與的觀眾提供最新的比分、新聞、社區聊天功能和床上用品，事實證明它是觀看現場體育比賽的完美第二屏幕，也是我們另一個強大的獲取渠道零售和數字產品。現在，我將把它交給 Felicia。

Thanks, Jay. We reported another solid quarter. Our retail properties generated adjusted EBITDA of $511.2 million and an adjusted EBITDA margin of 35.5%. The combination of a stronger mix of revenues from our high tax geographic segments, combined with the settlement of certain property litigation matters, created a headwind of roughly 100 basis points to the first quarter '23 adjusted retail EBITDA margin. Our Interactive segment EBITDA results of a loss of $5.7 million reflects our January 1 sports betting launch in Ohio, our March 10 launch in Massachusetts and low hold in January and February. Roughly half of the loss was due to low holes and half was attributable to Barstool Sports due to seasonality and the sports calendar.

謝謝，傑伊。我們報告了另一個穩定的季度。我們的零售物業產生了 5.112 億美元的調整後 EBITDA 和 35.5% 的調整後 EBITDA 利潤率。來自我們高稅收地理區域的更強大的收入組合，再加上某些財產訴訟事項的解決，對 23 年第一季度調整後的零售 EBITDA 利潤率產生了大約 100 個基點的逆風。我們的互動業務 EBITDA 虧損 570 萬美元，這反映了我們 1 月 1 日在俄亥俄州推出體育博彩、3 月 10 日在馬薩諸塞州推出體育博彩以及 1 月和 2 月的低持倉。由於季節性和運動日曆，大約一半的損失是由於低洞造成的，一半是由於 Barstool Sports 造成的。

With the acquisition of 100% of Barstool Sports on February 17, we now record 100% of Barstool Sports revenue and EBITDA in our Interactive segment. As we show on Slide 7 of our slide deck, our total first quarter '23 revenues include $28.2 million from Barstool Sports post acquisition. As a reminder, previously, with our 36% interest in Barstool Sports, we did not record any Barstool revenues on our P&L and only recorded our portion of Barstool's net income or loss, including adjustments to our Interactive segment adjusted EBITDA 1 quarter in arrears. I'd like to take a moment to talk about the cadence of Barstool Sports revenues as their business media is obviously different from gaming. The first quarter is Barstool's weakest quarter given that ad sales start the year soft and the third and fourth quarters are the strongest quarters due to the ramp of [ad] sales as well as the sports calendar. So as you think about modeling Barstool, I would keep this cadence in mind.

隨著 2 月 17 日收購 Barstool Sports 100% 的股份，我們現在在互動部門記錄了 Barstool Sports 收入和 EBITDA 的 100%。正如我們在幻燈片的幻燈片 7 上顯示的那樣，我們 23 年第一季度的總收入包括來自 Barstool Sports 收購後的 2820 萬美元。提醒一下，之前，我們在 Barstool Sports 中擁有 36% 的權益，我們沒有在損益表中記錄任何 Barstool 收入，只記錄了我們在 Barstool 淨收入或虧損中的部分，包括對我們的互動部門調整後的 EBITDA 1 季度拖欠的調整。我想花點時間談談 Barstool Sports 收入的節奏，因為他們的商業媒體顯然不同於遊戲。第一季度是 Barstool 最疲軟的季度，因為年初廣告銷售疲軟，而第三和第四季度是最強勁的季度，因為 [廣告] 銷售和體育日曆的增長。因此，當您考慮為 Barstool 建模時，我會牢記這種節奏。

Now regarding overall company guidance, our new revenue range is $6.37 billion to $6.81 billion, up from the prior $6.15 billion to $6.58 billion and assumes revenues of roughly $220 million to $230 million from Barstool for the year from the time of the 100% acquisition on February 17. On a full year stand-alone basis, we expect Barstool generate 2023 revenues of approximately $250 million. Regarding EBITDAR, our 2023 guidance of $1.875 billion to $2 billion is unchanged given first quarter performance and our expectation for Barstool Sports EBITDA to be breakeven for the year. Our land-based casino outlook continues to take into consideration new competition in Nebraska, Kentucky and Lake Charles and ongoing competition in Chicago land and also continues to imply a retail EBITDAR margin of approximately 36%, given the competition, gaming tax mix and the economy. For our Interactive segment, we expect the fourth quarter to be profitable, while the second and third quarters should look very similar to each other.

現在關於整體公司指導，我們的新收入範圍為 63.7 億美元至 68.1 億美元，高於之前的 61.5 億美元至 65.8 億美元，並假設自 100% 收購 Barstool 以來的年度收入約為 2.2 億美元至 2.3 億美元2 月 17 日。在全年獨立基礎上，我們預計 Barstool 2023 年的收入約為 2.5 億美元。關於 EBITDAR，我們 2023 年 18.75 億美元至 20 億美元的指引沒有改變，因為第一季度的業績以及我們對 Barstool Sports EBITDA 的預期將在今年實現盈虧平衡。我們的陸基賭場前景繼續考慮內布拉斯加州、肯塔基州和查爾斯湖的新競爭以及芝加哥土地的持續競爭，並且還繼續暗示零售 EBITDAR 利潤率約為 36%，考慮到競爭、博彩稅組合和經濟.對於我們的互動部門，我們預計第四季度將盈利，而第二和第三季度應該看起來非常相似。

Given the light sports calendar buildup to our migration in the second quarter and our third quarter ramp into football season on our new technology, the losses in the second and third quarter should be greater than the losses we reported in our Interactive segment for the first quarter, with the fourth quarter more than offsetting the year-to-date cumulative losses from the first through third quarters. Now on to the numbers. Corporate expense in the first quarter, inclusive of cash settled stock-based awards was $26.3 million. Cash payments to our REIT landlords was $233.2 million. Cash taxes were $1.1 million, and cash interest on traditional debt was $46.4 million. Total CapEx was $63.2 million, of which $9.2 million was project CapEx, mostly associated with our 4 new development projects.

鑑於第二季度我們遷移的輕型運動日曆以及我們第三季度使用新技術進入足球賽季，第二和第三季度的損失應該大於我們第一季度在互動部門報告的損失，第四季度遠遠抵消了第一季度至第三季度的年初至今累計虧損。現在談談數字。第一季度的公司費用（包括現金結算的股票獎勵）為 2630 萬美元。向我們的房地產投資信託基金業主支付的現金為 2.332 億美元。現金稅為 110 萬美元，傳統債務的現金利息為 4640 萬美元。總資本支出為 6320 萬美元，其中 920 萬美元為項目資本支出，主要與我們的 4 個新開發項目相關。

Our fully diluted weighted average common shares outstanding as of March 31, 2023, was 169.5 million, which reflects 2.4 million shares issued for the purchase of Barstool Sports. There are a few additional items on our P&L that I'd like to call out, the details of which you will find in our 10-Q filed later today. For the quarter, we reported a gain on the Barstool Sports acquisition of $83.4 million, reflecting an adjustment to fair market value. We also reported a gain on REIT transactions of $500.8 million, which reflects a net benefit to our balance sheet following the amended and restated PENN master lease and the subsequent lease reclassifications associated with our 4 new growth projects.

截至 2023 年 3 月 31 日，我們已發行的完全稀釋加權平均普通股為 1.695 億股，這反映了為購買 Barstool Sports 而發行的 240 萬股股票。我想在我們的 P&L 中列出一些額外的項目，您將在今天晚些時候提交的 10-Q 中找到詳細信息。本季度，我們報告收購 Barstool Sports 的收益為 8340 萬美元，反映了對公平市場價值的調整。我們還報告了 5.008 億美元的 REIT 交易收益，這反映了在修改和重述 PENN 主租約以及與我們的 4 個新增長項目相關的後續租約重新分類之後，我們的資產負債表的淨收益。

You likely notice the impact of the amended and restated PENN master lease on our income statement. The majority of the year-over-year increase in G&A, all of the year-over-year decrease in D&A and the majority of the decline in interest expense are all due to the lease reclassification. Importantly, none of these changes affect our cash rent payments to GLPI or VICI. To further help you with your modeling for 2023, we expect '23 corporate expense of roughly $105 million, inclusive of our cash settled stock-based awards. Total CapEx for 2023 and all of its components is in line with our prior guidance of $388 million net of insurance proceeds. For cash interest expense, we forecast $133 million for the full year 2023 after roughly $30 million of interest income. Cash taxes will be roughly $155 million for full year 2023. And our weighted average fully diluted common share count for '23, assuming no further share repurchases is projected to be 169.1 million.

您可能會注意到經修訂和重述的 PENN 主租約對我們損益表的影響。 G&A 的大部分同比增長、D&A 的所有同比減少以及利息費用的大部分下降都是由於租賃重新分類。重要的是，這些變化都不會影響我們向 GLPI 或 VICI 支付的現金租金。為了進一步幫助您建立 2023 年的模型，我們預計 23 年的公司支出約為 1.05 億美元，其中包括我們以現金結算的股票獎勵。 2023 年的總資本支出及其所有組成部分符合我們先前的指導，即扣除保險收益後的 3.88 億美元。對於現金利息支出，我們預測在利息收入約為 3000 萬美元後，2023 年全年將達到 1.33 億美元。 2023 年全年的現金稅約為 1.55 億美元。假設沒有進一步的股票回購，我們 23 年的加權平均完全稀釋普通股數量預計為 1.691 億股。

We repurchased 1.6 million shares in the first quarter for $50 million at an average price of $30.36 per share. Subsequent to quarter end, we purchased an incremental 647,000 shares for $19 million or $29.21 per share. We have $80 million remaining under our February 2022 authorization and $750 million remaining under our December 22 authorization. In the first quarter, we ended the year with $2.3 billion in liquidity, inclusive of $1.3 billion in cash and cash equivalents Traditional net debt at the end of the quarter was $1.4 billion, an increase of roughly $300 million from December 31, 2022, due to a lower cash balance, reflecting a net cash payment of approximately $315 million for the acquisition of Barstool and recent activity under our share repurchase program. We ended the quarter with lease adjusted net leverage of 4.6x compared to 4.4x on December 31, 2022. 85% of our debt is fixed rate, if you include our leases and our nearest debt maturity is in 2026. We expect our lease adjusted net leverage to end the year at roughly 4.5x. And with that, I'll turn it back to Jay.

我們在第一季度以每股 30.36 美元的平均價格以 5000 萬美元的價格回購了 160 萬股股票。季度末後，我們以 1900 萬美元或每股 29.21 美元的價格增購了 647,000 股股票。我們在 2022 年 2 月的授權下剩餘 8000 萬美元，在 12 月 22 日的授權下剩餘 7.5 億美元。在第一季度，我們以 23 億美元的流動性結束了這一年，其中包括 13 億美元的現金和現金等價物 本季度末的傳統淨債務為 14 億美元，比 2022 年 12 月 31 日增加了約 3 億美元，到期現金餘額減少，反映出為收購 Barstool 和我們的股票回購計劃下的近期活動支付的淨現金約為 3.15 億美元。本季度結束時，我們的租賃調整後淨槓桿率為 4.6 倍，而 2022 年 12 月 31 日為 4.4 倍。如果將我們的租賃包括在內，我們 85% 的債務是固定利率的，我們最近的債務到期日是 2026 年。我們預計我們的租賃調整淨槓桿率年底約為 4.5 倍。有了這個，我會把它轉回給傑伊。

Thanks, Felicia. In closing, I want to call special attention to our 2022 corporate social responsibility report, which was published on April 25 and is available for download on our website. I'm really proud of how much our ESG initiatives have grown over the last 2 years since we issued our first report. I want to thank the members of our ESG and diversity committees as well as our Board's Nominating and Governance Committee, which helps to oversee and guide our efforts and all of our property and interactive leadership teams across the country for their continued support of our ESG journey.

謝謝，費利西亞。最後，我想提請特別注意我們 2022 年企業社會責任報告，該報告於 4 月 25 日發布，可在我們的網站上下載。自從我們發布第一份報告以來，過去 2 年我們的 ESG 舉措取得了多大進展，我對此感到非常自豪。我要感謝我們的 ESG 和多元化委員會以及我們董事會的提名和治理委員會的成員，他們幫助監督和指導我們的工作，並感謝我們在全國各地的所有財產和互動領導團隊對我們 ESG 之旅的持續支持.

Slide 22, excuse me, details some of our most recent activities, including holding numerous events to drive open and meaningful conversation around D,E and I, providing disaster relief to those affected by tornadoes in Mississippi and Barstool's efforts to help raise awareness for mental health issues on college campuses. So before I turn it over to the operator, I just wanted to extend a giant thank you to all of our retail casino interactive and media team members for continuing to give us 110% every day and provide best-in-class service and experiences to our customers, guests and fans across North America. And with that, Frank, I'll turn it back over to you to open it up for questions.

抱歉，幻燈片 22 詳細介紹了我們最近的一些活動，包括舉辦許多活動以推動圍繞 D、E 和 I 進行公開和有意義的對話、為密西西比州受龍捲風影響的人們提供救災以及 Barstool 為幫助提高人們對精神疾病的認識所做的努力大學校園的健康問題。因此，在我將其移交給運營商之前，我只想對我們所有的零售賭場互動和媒體團隊成員表示衷心的感謝，感謝他們每天繼續為我們提供 110% 的服務，並提供一流的服務和體驗我們在北美的客戶、客人和粉絲。有了這個，弗蘭克，我會把它轉回給你打開它來提問。

(Operator Instructions) Our first question comes from Barry Jonas with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Barry Jonas。

Last quarter, you noted the midpoint of EBITDAR guidance could be conservative, potential upside of early year trends held. Do you still feel that way? And should Interactive still total to about positive $25 million for the year.

上個季度，您注意到 EBITDAR 指導的中點可能是保守的，年初趨勢的潛在上行空間。你還有這種感覺嗎？並且 Interactive 今年的總收入應該達到 2500 萬美元左右。

Barry, I would say no change to how we felt when we had our call in February. It's still very early in the year. So it really depends on the macro and your guests and speculation around what's going to be the environment 3 months or 6 months from now is probably better than mine or as good as any. So we're -- I think it's too early in the year to consider doing something like that. I would just highlight what we said earlier during the prepared remarks in terms of our core retail casino businesses and momentum. We had our strongest volume weekend of the year, the last weekend of April after a relatively slow start around Easter. So it's really -- it's hard to pay. We talk about it a lot internally, and you go through these pockets of 2 or 3 weeks where trends start to soften up and then they come back strong. And we're still kind of going through that real time. So as of right now, we're feeling really good about the volumes and customer trends and behavior. But I would say too early in the year. And yes, is the answer to your question on interactive.

巴里，我想說我們在 2 月份接到電話時的感受沒有改變。現在還很早。所以這真的取決於宏觀和你的客人，以及關於 3 個月或 6 個月後環境的猜測可能比我的好或和任何人一樣好。所以我們 - 我認為現在考慮做這樣的事情還為時過早。我只想強調我們早些時候在準備好的評論中就我們的核心零售賭場業務和勢頭所說的話。在復活節前後相對緩慢的開局之後，我們度過了一年中銷量最大的周末，即 4 月的最後一個週末。所以這真的 - 很難支付。我們在內部討論了很多，你經歷了 2 或 3 週的時間，趨勢開始減弱，然後又強勢回歸。我們仍然在經歷那個真實的時間。因此，截至目前，我們對數量、客戶趨勢和行為感覺非常好。但我會在今年說得太早。是的，這就是您關於交互式問題的答案。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

It's Omer Sander on for Joe. You mentioned in the past that you're likely to reinvest more or increase your marketing and get more active in promos in your digital business through 2024 as your competitors likely ratchet down those activities. And this is the reason why the arc of ramp in profitability may look different for PENN than your OSB/iGaming peers. And the hockey-stick shaped profit growth will be more in '25 and beyond. Can you please talk about how you're presently thinking about this? And what directionally this might look like in '24 and '25 relative to 2023 digital profitability?

這是喬的奧馬爾桑德。您過去曾提到，到 2024 年，您可能會再投資更多或增加營銷力度，並更加積極地參與數字業務的促銷活動，因為您的競爭對手可能會減少這些活動。這就是為什麼 PENN 的盈利能力曲線可能與您的 OSB/iGaming 同行不同。而曲棍球棒形的利潤增長將在 25 世紀及以後更多。你能談談你目前是如何考慮這個問題的嗎？相對於 2023 年的數字盈利能力，這在 24 年和 25 年的方向可能是什麼樣的？

Omer, -- great question. And I would say that your summary is consistent with how we're thinking about things. It's a little too early to get into a detailed discussion around what that stick is going to look like in '24 versus '25. I would say that we're very encouraged by the products based on our trends in Ontario. We've shared a lot of stats around retention and the success of our promotional engine, the momentum we have and not just online sports betting, but importantly, we continue to set new records every month in online casino in Ontario. So we're feeling really good about what bringing that product to the U.S. and that technology stack is going to allow us to do much better than we do today here in the U.S. I mean you have to recall that we really had kind of a frozen product for the last 6 to 9 months, and it will continue to be frozen until we migrate in July.

奧馬爾，——好問題。我想說你的總結與我們思考問題的方式是一致的。現在就 24 年和 25 年的棍子會是什麼樣子進行詳細討論還為時過早。我要說的是，我們對基於安大略省趨勢的產品感到非常鼓舞。我們分享了很多關於保留率和促銷引擎成功的統計數據，我們擁有的勢頭，而不僅僅是在線體育博彩，但重要的是，我們每個月都在安大略省的在線賭場繼續創造新記錄。因此，我們對將這種產品帶到美國感覺非常好，而且這種技術堆棧將使我們比今天在美國做得更好。我的意思是你必須記得我們真的有點凍結過去 6 到 9 個月的產品，它將繼續凍結，直到我們在 7 月遷移。

Everything is on track for that migration. Benjie, Levy and our team at the score and PENN Interactive have been doing a great job getting ready for July. Everything is on track. And I would say more to come in terms of how we're thinking about what football season this year and then going into 2024, what that looks like. But I think you're right about we have a great product. We're going to invest in that product and make sure that people know we've got a brand-new product that we believe is going to be as good, if not better, than most everything out there. And you can't just launch a product without supporting it from a marketing standpoint. So we will do that. And I think 2025, obviously, will be really important for a year and when you'll start to see the EBITDA growth really starts to make a difference as we report numbers on a quarterly and annual basis.

遷移的一切都按計劃進行。 Benjie、Levy 和我們的 score 團隊以及 PENN Interactive 一直在為 7 月做好準備。一切都在軌道上。關於我們如何考慮今年的足球賽季以及進入 2024 年的情況，我會說更多。但我認為你說我們有很棒的產品是對的。我們將投資於該產品，並確保人們知道我們擁有一種全新的產品，我們相信它與市面上的大多數產品一樣好，甚至更好。而且，您不能在沒有從營銷角度支持的情況下就推出產品。所以我們會這樣做。我認為 2025 年顯然將是非常重要的一年，當你開始看到 EBITDA 增長真正開始產生影響時，我們會按季度和年度報告數據。

Great. And then a follow-up to that. How do you think about the profitability in Barstool Sports in 2024? What drives the improved profitability versus the top line growth, how profitability sort of be different going forward? I guess, ensure what's the bull case versus the base case?

偉大的。然後是後續行動。您如何看待 Barstool Sports 2024 年的盈利能力？是什麼推動了盈利能力的提高與收入的增長，未來的盈利能力有何不同？我想，確保牛市案例與基本案例是什麼？

Yes. Sure. And Erika feel free to jump in. I'll make a couple of comments on that. We provided this morning revenue cadence throughout the year of how things will likely play out from a quarter-to-quarter basis here in 2023. You should assume that from a seasonal perspective or seasonality perspective, that would look the same in 2024. And we're assuming roughly breakeven here in 2023. We have and will continue to make investments in top talent as well as new potential business verticals for us, of which we're exploring a number of with Barstool Sports now.

是的。當然。 Erika 可以隨時加入。我將對此發表一些評論。今天早上，我們提供了全年的收入節奏，說明 2023 年的情況可能會如何按季度進行。你應該假設，從季節性的角度或季節性的角度來看，2024 年看起來是一樣的。我們假設 2023 年在這里大致實現收支平衡。我們已經並將繼續為我們投資頂尖人才以及新的潛在業務垂直領域，我們現在正在與 Barstool Sports 探索其中的一些領域。

So I don't want to get into a 2024 discussion around Barstool Sports and guidance. We'll do that at the right time more toward the end of the year. As we sit here today, I think you should continue to see revenue growth because we've been showing strong revenue growth every year. As a reminder, Barstool sports revenues have more than doubled since we made our initial investment 3 years ago. And 2023 is going to show nice growth in 2022. We'd expect to see that in 2024 as well. But with regard to 2024 and some of the things that we're working on and are excited about, Erika, I'll hand it over to you to make a few comments.

所以我不想圍繞 Barstool Sports 和指導進行 2024 年的討論。我們將在今年年底的適當時間這樣做。當我們今天坐在這裡時，我認為您應該繼續看到收入增長，因為我們每年都顯示出強勁的收入增長。提醒一下，自 3 年前我們進行初始投資以來，Barstool 體育用品的收入翻了一番多。 2023 年將在 2022 年表現出良好的增長。我們希望在 2024 年也能看到這種情況。但關於 2024 年以及我們正在努力和興奮的一些事情，Erika，我會把它交給你發表一些評論。

Sure. So when I look at this quarter in particular, we had record growth. So we did $19 billion cross-platform video views, nearly 6 of those were original content. When you think about the future, our vision is to monetize those impressions fully. We're beating our peers in terms of our year-over-year revenue growth, and our audience continues to grow, and we continue to grow on multiple platforms. So being sure that we maximize that with a diverse revenue set will continue to be our priority. And then we'll obviously get more efficient about how and where we do it.

當然。因此，當我特別關注本季度時，我們實現了創紀錄的增長。所以我們做了 190 億美元的跨平台視頻觀看，其中近 6 個是原創內容。當您考慮未來時，我們的願景是將這些印象充分貨幣化。我們在同比收入增長方面擊敗了同行，我們的觀眾繼續增長，我們繼續在多個平台上發展。因此，確保我們通過多樣化的收入集最大化這一點將繼續是我們的首要任務。然後我們顯然會更有效地了解我們的工作方式和地點。

Our next question comes from Carlo Santarelli with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Carlo Santarelli。

Jay, Felicia, when you guys think about kind of the segments in the first quarter where you saw revenue growth, namely kind of the Northwest and -- sorry, the Northeast and the Midwest. And you look at the flow-through, and obviously, with the Pennsylvania growth that you guys saw on the tax rate there, it's understandable. But you're also in both segments lapping periods where clearly more employment came back on, more amenities came back on, et cetera, and staffing levels were higher. When do we start to see over the course of this year, flow-through start to normalize to what you guys have experienced in the past in those regions?

傑伊，費利西亞，當你們考慮第一季度收入增長的部分時，即西北和 - 抱歉，東北和中西部。你看看流量，很明顯，隨著你們在那裡的稅率看到賓夕法尼亞州的增長，這是可以理解的。但你也處於這兩個細分市場的重疊時期，顯然更多的就業機會回來了，更多的便利設施回來了，等等，而且人員配備水平更高。今年我們什麼時候開始看到流量開始正常化到你們過去在這些地區所經歷的？

I'll let Todd answer that one, Carlo. That's a great question.

我會讓托德回答這個問題，卡洛。這是一個很好的問題。

Carlo. So I think you're kind of seeing it now, and I think what had been happening with some of the expense creep there was some inflationary pressure in there. But I think what we're seeing is that starting to moderate more kind of muted growth in there. And then as we've added the amenities back, we've been more strategic than we were, and you still look at 2019 and what we are flowing through then compared to what we're flowing through now, and we're still showing tremendous improvement. As we start looking at our models, our playbook, we're more strategic in our offerings.

卡羅。所以我認為你現在有點看到它了，我認為一些費用攀升所發生的事情有一些通貨膨脹壓力。但我認為我們看到的是開始緩和那裡更溫和的增長。然後，當我們重新添加便利設施時，我們比以前更具戰略意義，你仍然會看看 2019 年以及我們當時正在經歷的事情與我們現在正在經歷的事情相比，我們仍在展示巨大的進步。當我們開始審視我們的模型、我們的劇本時，我們在我們的產品中更具戰略性。

We're trying to avoid the entitlement programs that were there in the past and the offerings that were there in the past that really didn't add a tremendous amount of value. So I think what we're seeing, especially February, March time frame, starting to see what will be normalized as we go forward. There's still obviously going to be seasonality in some of the different regions. But that growth coming from the lower segments compared to 2019 and finally starting to see the older demographics come back, it's feeling more like we can start looking to traditional trends in this area.

我們正在努力避免過去存在的權利計劃和過去確實沒有增加大量價值的產品。所以我認為我們所看到的，尤其是 2 月、3 月的時間框架，開始看到隨著我們的前進，什麼將被標準化。在一些不同的地區，顯然仍然會有季節性。但與 2019 年相比，這種增長來自較低的細分市場，並且最終開始看到年長的人口統計數據回歸，感覺更像是我們可以開始關注該領域的傳統趨勢。

And I would just add one thing to Todd's comments, which we hit a little bit in the prepared remarks in the earnings release that -- and you've noted this Carlo, most have that there was some new supply that entered the market over the course of the last, call it, 6 to 12 months between Black Hawk, Council Bluffs, obviously, Lake Charles with the Horseshoe opening there. And we've been pleasantly surprised. We had estimates kind of worst case, base case, best case in terms of what the impact would be. And I would say that we've held up better in most all of those markets with new supply.

我只想在托德的評論中添加一件事，我們在收益發布的準備好的評論中提到了一點——你已經註意到這個卡洛，大多數人認為有一些新的供應進入了市場最後的課程，稱之為黑鷹，康瑟爾布拉夫斯之間的 6 到 12 個月，顯然，查爾斯湖和馬蹄鐵開放在那裡。我們感到驚喜。我們估計了最壞情況、基本情況和最佳情況的影響。我要說的是，我們在大多數有新供應的市場中都表現得更好。

Todd and our team of regional executives and general managers in those markets have done a great job really focusing on the customers that are of highest value and that we have very strong long-term relationships with. So that continues to be a good story. And you can see that on the revenue growth in terms of being ahead of where I think a lot of us estimated we would come in, in Q1, maybe a little bit less so for this quarter on the earnings for all the reasons that we've covered and making some additional reinvestment at the VIP and strong core player level in some of those key markets. But I agree with everything Todd said, you're starting to see things settle out here.

托德和我們在這些市場的區域高管和總經理團隊做得很好，真正專注於最高價值的客戶，並且我們與之有著非常牢固的長期關係。所以這仍然是一個好故事。你可以看到，就收入增長而言，我認為我們很多人估計我們會在第一季度進入，由於我們的所有原因，本季度的收益可能會少一些我們已經覆蓋並在其中一些關鍵市場的 VIP 和強大的核心參與者級別進行了一些額外的再投資。但我同意托德所說的一切，你開始看到事情在這裡解決了。

And it's -- this is probably, I would say, maybe April of this year should be the last time that we're really talking about noise on a year-over-year basis. I think for the first 4 or 5 months of this year, you probably still want to compare to 2019 to see what the trends really look and feel like because last year, Jan-Feb, you had softness between weather and Omicron hangover and then you had pent-up demand in March, April. And so those year-over-year comps look a little odd, but I think April is a good example of you'll want to look at it versus '19 also. Once we get to May, certainly June, I think you can just start looking finally year-over-year. And going forward, that will be the case.

而且它 - 這可能是，我想說，也許今年 4 月應該是我們最後一次真正談論與去年同期相比的噪音。我認為在今年的前 4 或 5 個月，您可能仍想與 2019 年進行比較，以了解趨勢的真實面貌和感覺，因為去年 1 月至 2 月，天氣和 Omicron 宿醉之間的關係變得溫和，然後你在三月、四月有被壓抑的需求。因此，那些同比比較看起來有點奇怪，但我認為 4 月是一個很好的例子，你會想看看它與 19 年的對比。一旦我們到了 5 月，當然是 6 月，我想你終於可以開始看年復一年了。展望未來，情況將會如此。

Great. Jay, one more follow-up, and you kind of gave a little bit of a prelude to the question I'm about to ask. But I think if you just look at the 4 regions year-over-year, EBITDA is down about 3%. Obviously, the mix of revenue and the tax impact that, that has was a factor. But when you isolate the assets that did not see year-over-year competition or said differently, how much of that year-over-year was stemmed from some of the competitive impacts that you guys mentioned?

偉大的。傑伊，再跟進一次，你有點像我要問的問題的前奏。但我認為，如果你只看這 4 個地區的同比情況，EBITDA 下降了約 3%。顯然，收入和稅收影響的組合是一個因素。但是，當你孤立那些沒有看到同比競爭或不同說法的資產時，同比增長有多少來自你們提到的一些競爭影響？

Yes. I mean -- and Todd, feel free to jump in here. I guess I would answer it this way, Carlo, that as you look at our portfolio of properties, market by market and asset by asset. We have some that are showing very strong growth on the top line, bottom line and even margins despite how strong the margins were last year. And then you've got some offsets in some markets where you've got new supply or you've got assets that are more tired, some of which we're addressing, obviously, like the 2 in Illinois, Joliet and Aurora.

是的。我的意思是——托德，請隨時加入進來。我想我會這樣回答，卡洛，當你看我們的資產組合時，一個市場一個市場，一個資產一個資產。儘管去年的利潤率非常強勁，但我們有一些公司在頂線、底線甚至利潤率方面都顯示出非常強勁的增長。然後你在一些有新供應的市場或你有更疲憊的資產的市場中得到了一些抵消，其中一些我們正在解決，顯然，比如伊利諾伊州的 2、Joliet 和 Aurora。

So it's a bit of a mixed bag. But certainly, when you look at markets like Ohio and Missouri and even -- it's interesting because even though we are down year-over-year and I always stress year-over-year in the South, if you look at our results region-by-region compared to 2019, the South region is still showing the strongest results from a top line and bottom line perspective of all of the regions. So it's down a little bit. There's some noise in pent-up demand and whatever that was in there last year, but we feel good about the trends that we're seeing across most of the portfolio with the exception of some new supply. Todd, feel free to jump in with anything.

所以它有點複雜。但可以肯定的是，當你看看俄亥俄州和密蘇里州等市場時，甚至 - 這很有趣，因為即使我們同比下降而且我總是強調南方的同比增長，如果你看一下我們的結果區域 -與 2019 年相比，按地區劃分，南部地區在所有地區的頂線和底線角度仍然顯示出最強勁的結果。所以它下降了一點。被壓抑的需求以及去年的任何情況都存在一些噪音，但我們對我們在大多數投資組合中看到的趨勢感到滿意，但一些新供應除外。托德，隨時參與任何事情。

Yes. The only thing I'd add, Carlo, that South segment, yes, it's down year-over-year, but it was such an amazing quarter last year. So -- and it's still an amazing quarter this year, just comparatively speaking, it's down slightly. And then maybe a little more color on the new competition. What we're seeing is, traditionally, when new competition has come into a market, it really came in very aggressive, and they were trying to get people to come over and kick the tires. But I think what we're seeing is a more rational approach trying to come out of the gate very responsibly. So it's led to a really good competitive environment in all the markets that we're seeing. And Jay and I and others were recently traveling around viewing our own properties, but also some of the competition. It's well thought out. It's well done. And the goal will be that they'll continue to grow the overall market and grow the overall pie, and we'll hold on to our share.

是的。卡洛，我唯一要補充的是，南區，是的，它同比下降，但去年這個季度真是太棒了。所以 - 今年仍然是一個驚人的季度，只是相對而言，它略有下降。然後可能會在新比賽中加入更多色彩。我們所看到的是，傳統上，當新的競爭進入市場時，它確實非常激進，他們試圖讓人們過來踢輪胎。但我認為我們看到的是一種更加理性的方法，試圖非常負責任地走出大門。因此，它在我們所看到的所有市場中都帶來了非常好的競爭環境。傑伊和我以及其他人最近四處旅行，參觀了我們自己的房產，還有一些比賽。這是經過深思熟慮的。做得很好。目標將是他們將繼續擴大整個市場並擴大整體蛋糕，我們將保住我們的份額。

Our next question comes from Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

Jay, I just wanted to start with the younger demographic. So kind of going back to the live deck, I think you pointed out there that in the lowest demographic cohort, things actually did slow a little bit year-on-year. Just kind of how would you characterize that, I think, broadly speaking, you're still up a lot from where we were in '19. Is this just a little bit of behavioral normalization? Kind of what are your people on the ground telling you about that change?

傑伊，我只想從年輕的人群開始。回到現場直播，我想你在那裡指出，在人口最少的人群中，事情實際上確實比去年同期有所放緩。我認為，從廣義上講，你會如何描述這一點，你仍然比我們在 19 年的水平高很多。這只是一點點的行為規範化嗎？你的當地人告訴你這種變化是什麼？

Yes. I think, Shaun, another good question. I think it's probably more of a last year dynamic than a this year dynamic. We're not hearing or seeing anything from our folks on the ground telling us that things have changed. And the point that you made about what these age demographics look like versus 2019, I think, is really important. When you're looking at it versus 2019 in Q1, that 21- to 34-year-old age segment is still up 76% versus '19. The 35- to 44-year-old segment is up 51% versus '19. 45% to 54% is up 38% compared to '19 and 55 to 64 is up 12%, and then you have a decline of 13% at 65 plus. So we feel really good about the mix, and we've been trying to answer because we haven't had a great answer on why is that 65-plus spill down and when is it going to normalize and return? And I'm not sure that you get back to flat there on a versus '19 basis just because some of those older segments for your most frequent visitors on buffets and things that we're not offering anymore.

是的。我想，肖恩，另一個好問題。我認為這可能更像是去年的動態，而不是今年的動態。我們沒有聽到或看到當地人告訴我們情況發生了變化。我認為，您關於這些年齡人口統計數據與 2019 年相比的情況非常重要。與 2019 年第一季度相比，21 歲至 34 歲的年齡段仍比 19 年增長了 76%。與 19 年相比，35 至 44 歲的人群增長了 51%。 45% 至 54% 與 19 年相比增長了 38%，55 至 64 歲增長了 12%，然後 65 歲以上下降了 13%。所以我們對這種組合感覺非常好，我們一直在努力回答，因為我們還沒有很好的答案，為什麼 65 歲以上的人會減少，什麼時候會恢復正常並回歸？而且我不確定你是否會在 19 年的基礎上回到那裡，因為一些較舊的部分是為你最常去的自助餐和我們不再提供的東西提供的。

So I don't know that we should set the target at getting back to breakeven versus '19. But I think getting it from 13% down to a single-digit number, given that we're starting to see some more sort of pre-pandemic visitation pattern behavior return right now, I think, is probably a good goal. And if we can keep these other segments continuing to grow with such strong growth versus '19, but even if we have a small hiccup in this current quarter of down 5% versus last year, growth in all of the other segments, obviously, more than offset that. And we've been adding so many new amenities that I think, appeal to all of the age demographics, but in particular, the younger Todd and team have done a great job figuring that out, and we've seen a ton of success as we've shared every quarter for the last couple of years.

所以我不知道我們應該將目標設定為回到 19 年的盈虧平衡點。但我認為，考慮到我們現在開始看到更多大流行前的訪問模式行為回歸，我認為將它從 13% 降低到個位數，我認為這可能是一個很好的目標。而且，如果我們能夠讓這些其他細分市場繼續保持與 19 年相比如此強勁的增長，但即使我們在本季度出現與去年相比下降 5% 的小問題，所有其他細分市場的增長顯然會更多而不是抵消。我們一直在增加很多新的設施，我認為這些設施對所有年齡段的人群都有吸引力，但特別是年輕的托德和團隊在解決這個問題上做得很好，我們已經看到了很多成功在過去的幾年裡，我們每個季度都分享過。

Yes. Shaun, just a couple other adds and sorry to throw more percentages at you. But even at younger demographic, much of the growth from 2019 is coming from the value on a per-trip basis. So that alone is up over 51% for that 21 to 44 segment. And then even on the 55-plus, it's maybe fewer trips, but we are seeing them play at a higher level when they come in. And then Jay and I and Felicia others were talking about this last week, a lot of that younger demographic comes back in during the kind of the spring and summer months when we have outdoor events and outdoor concerts and things like that to kind of drive the overall experience. So we're very comfortable with where we're at now as well as the programming we have for the upcoming months.

是的。肖恩，還有其他一些補充，很抱歉向您拋出更多百分比。但即使在較年輕的人群中，2019 年的大部分增長也來自每次旅行的價值。因此，對於 21 至 44 歲的細分市場，僅此一項就增長了 51% 以上。然後即使是 55 歲以上的人，出門次數也可能會減少，但我們看到他們進來時打出更高水平的比賽。然後 Jay、我和 Felicia 其他人上週都在談論這個，很多年輕的人群在春季和夏季的幾個月裡回來，那時我們會舉辦戶外活動和戶外音樂會以及類似的活動來推動整體體驗。因此，我們對我們現在所處的位置以及未來幾個月的計劃感到非常滿意。

Appreciate all the color. And as my follow-up, maybe turning to Barstool and Erika a little bit. Obviously, there's a pretty big event as it relates to social media and the Barstool team last night. I was just wondering if you could comment on that. Jay, maybe for Jay, do you expect any sort of financial impact or fallout from that? And for Erika, more of the cultural question, how do you protect kind of the content and the talent acquisition side as you start to grow into this bigger platform with 10 with obviously a different set of kind of cultural guardrails than maybe you had in the past?

欣賞所有的顏色。作為我的後續行動，也許會轉向 Barstool 和 Erika。顯然，昨晚有一件與社交媒體和 Barstool 團隊有關的大事。我只是想知道你是否可以對此發表評論。傑伊，也許對於傑伊來說，你預計這會產生任何形式的財務影響或後果嗎？對於 Erika，更多的是文化問題，當你開始成長為這個擁有 10 個平台的更大平台時，你如何保護內容類型和人才獲取方面，顯然與你在過去的？

Yes. I'll hit that first and then Erika can jump in on the second part of your question, Shaun. We're obviously not commenting on personnel issues with -- on the call or publicly. It's something that happened inside the company that we dealt with. We felt like we dealt with it appropriately. And I would also say that you've been following us and the relationship. And I think the public markets and financial community has gotten to know Barstool pretty well over the last 3-plus years, and there's going to be some drama sometimes. There's going to be some things that pop up here and there, and we'll manage through those as we always have. It's one of the strongest sports media brands, certainly in the U.S., if not the world. It's high growth. We've got tremendous people at Barstool, tremendous IP, great leadership and have a very exciting future ahead of us. But Erika, feel free to jump in on any of the cultural questions or anything else that you want to address?

是的。我會先解決這個問題，然後 Erika 可以跳到你問題的第二部分，Shaun。我們顯然不會通過電話或公開方式評論人事問題。這是我們處理的公司內部發生的事情。我們覺得我們處理得當。我還要說你一直在關注我們和我們的關係。而且我認為公開市場和金融界在過去 3 年多的時間裡已經對 Barstool 有了相當的了解，有時會發生一些戲劇性的事情。總會有一些事情突然出現，我們將一如既往地解決這些問題。它是最強大的體育媒體品牌之一，即使不是全世界，也是美國最強大的品牌之一。這是高增長。我們在 Barstool 擁有優秀的人才、強大的知識產權、出色的領導能力，我們擁有一個非常激動人心的未來。但是 Erika，可以隨意插手任何文化問題或任何其他您想解決的問題嗎？

Sure. So the way we think about things, we have about 100 personalities here. And when you think about Barstool Sports one -- in some ways, we're a media company and in other ways, we're a collection of influencers. And when you look at our business overall, there's very, very few competitors left. Most people who play in the digital media space or the cable media space or the print media space don't exist or are faltering.

當然。所以我們思考事物的方式，我們這裡有大約 100 種性格。當你想到 Barstool Sports 時——在某些方面，我們是一家媒體公司，而在其他方面，我們是一群有影響力的人。當你審視我們的整體業務時，你會發現剩下的競爭對手非常非常少。大多數在數字媒體空間或有線媒體空間或印刷媒體空間中玩耍的人都不存在或步履蹣跚。

And when you look at the success of our business, a lot of that is due to the fact of how we run our creative team and the freedom we give them, the tools we give them, the entrepreneurial spirit that exists inside of Barstool. We also are a company that talks about anything and everything incessantly, right? This is a company that's authentic. It's a company that's on apologetic. It's a company that exists on the Internet 24/7.

當您審視我們業務的成功時，您會發現這在很大程度上要歸功於我們管理創意團隊的方式以及我們賦予他們的自由、我們賦予他們的工具以及存在於 Barstool 內部的創業精神。我們也是一家無話不談的公司，對吧？這是一家貨真價實的公司。這是一家道歉的公司。這是一家全天候 24/7 存在於互聯網上的公司。

And that's part of what makes Barstool Sports interesting is that we are not particularly corporate in how we think about the culture of our content. Now there are certain lines you don't cross. There's guardrails that exist. Those have obviously increased now that we're in a highly regulated category. And we knew that going into the PENN acquisition. We knew it prior to that going into the PENN investment. And what we really believe is that there is no place like Barstool Sports to make content.

這就是讓 Barstool Sports 有趣的部分原因是我們在思考我們內容的文化時並不是特別合作。現在有一些你不能跨越的界限。存在護欄。現在我們處於高度監管的類別中，這些明顯增加了。我們知道進入 PENN 收購。我們在進入 PENN 投資之前就知道了。我們真正相信的是，沒有像 Barstool Sports 這樣的地方可以製作內容。

There is no platform that will give a talent or a creator, a laptop, a microphone and a camera and to enable them to broadcast opinions, creative thoughts, franchises, all sorts of content and to be able to have the promotion of Barstool Sports as well as the monetization engine underneath it. And we feel really strongly about that. That's how we've built the top podcast brands in the world. That's how we've built some of the most captivating creators and influencers in this country, and we will continue to do that.

沒有任何平台可以為人才或創作者提供筆記本電腦、麥克風和相機，使他們能夠傳播意見、創意、特許經營權、各種內容，並能夠將 Barstool Sports 推廣為以及它下面的貨幣化引擎。我們對此感覺非常強烈。這就是我們打造世界頂級播客品牌的方式。這就是我們培養這個國家一些最有魅力的創作者和影響者的方式，我們將繼續這樣做。

Our next question comes from Chad Benyon with Macquarie.

我們的下一個問題來自 Chad Benyon 和 Macquarie。

Just in terms of the iGaming conversation earlier in the year, it sounded like there was a lot of momentum in 6 or 7 states, good just kind of legislative support, all at this point, I believe, have died. Jay, curious how you're thinking about what the industry learned and kind of where the conversation is, maybe the setup for next year, which would obviously be a big catalyst for interactive and for the industry?

就今年早些時候的 iGaming 對話而言，聽起來有 6 或 7 個州有很大的勢頭，良好的立法支持，我相信在這一點上，所有這些都已經死了。 Jay，很好奇你是如何思考這個行業學到了什麼以及對話的類型，也許是明年的設置，這顯然會成為互動和行業的重要催化劑？

Yes. Chad, I would say that it's obviously well covered, well documented. It looks like there's probably no movement here in 2023. There absolutely could be in 2024. It's really hard to handicap because it does depend on a number of factors, probably well known but not worth getting into on a year-to-year basis. I think the way we think about this is that it's only a matter of time and the states that have already legalized online sports betting, that is online gambling. And so online casino is very likely to come. It's a question of what does that cadence look like? Is it staggered? I think once you get a state or 2 in the Midwest, it usually becomes an arms race for revenue -- tax revenue purposes.

是的。乍得，我會說它顯然涵蓋得很好，有據可查。看起來 2023 年這裡可能沒有動靜。2024 年絕對可能有動靜。這真的很難限制，因為它確實取決於許多因素，這些因素可能是眾所周知的，但不值得逐年研究。我認為我們對此的看法是，這只是時間問題，而且已經將在線體育博彩合法化的州也就是在線賭博。因此，在線賭場很有可能會出現。這是一個節奏是什麼樣的問題？錯開了嗎？我認為一旦你在中西部獲得一個或兩個州，它通常會變成一場收入軍備競賽——稅收目的。

And so it will probably start to move faster once you get Indiana, Illinois or Iowa, it will probably start to move from there. So nothing imminent. I'm not going to try to put a -- bring out of a crystal ball and say exactly what that might look like in '24 or '25. I would say that from our perspective, given the timing of our technology and product migration this summer, this is actually setting up quite well for us because we have an inferior product today, and we don't believe that's going to be the case, the second half of this year.

因此，一旦你到達印第安納州、伊利諾伊州或愛荷華州，它可能會開始移動得更快，它可能會從那裡開始移動。所以沒有什麼是迫在眉睫的。我不會嘗試用一個水晶球來準確說明 24 年或 25 年的情況。我想說的是，從我們的角度來看，考慮到我們今年夏天的技術和產品遷移時間，這實際上對我們來說非常有利，因為我們今天的產品質量較差，我們認為情況不會是這樣，今年下半年。

And as we head into '24, we're going to be in a position to be able to launch stand-alone online casino apps. And today, it's all mixed in with what we do in the online sports betting side. And so we've got a lot in front of us that's exciting. And so the timing of legalization being maybe pushed off to 24, 25 and start to really roll from there. We think that sets up very well for PENN.

隨著我們進入 24 世紀，我們將能夠推出獨立的在線賭場應用程序。而今天，這一切都與我們在在線體育博彩方面所做的事情混合在一起。因此，我們面前有很多令人興奮的東西。因此，合法化的時間可能會推遲到 24 日、25 日，然後從那裡開始真正開始。我們認為這對 PENN 來說非常有利。

And then, Erika, you mentioned just the changes with Barstool now being part of a bigger and more regulated industry, bigger company, more regulated industry. Just in terms of what that could bring on the positive, more access to capital, how are you thinking about inorganic opportunities with recent valuation adjustments for high-growth companies? Are there things that maybe you decided not to do in the past couple of years just because of where your North Star was and kind of how you were running the company. And now that it's part of a bigger company with different goals, maybe there could be other pieces of the media ecosystem that could make sense.

然後，Erika，你剛才提到了 Barstool 現在成為更大、更受監管的行業、更大的公司、更受監管的行業的一部分的變化。就可以帶來積極的、更多的資本獲取途徑而言，您如何看待最近對高增長公司進行估值調整的無機機會？在過去的幾年裡，有沒有你決定不做的事情，僅僅是因為你的北極星在哪里以及你經營公司的方式。既然它是一家擁有不同目標的大公司的一部分，也許媒體生態系統的其他部分可能有意義。

Yes, absolutely. It's a great question. It's something I spend a lot of time thinking about. If you look at the last 6 to 9 months, we are putting on major scale live sporting events with our own comedy, with our own personality, with our own commentators on those broadcasts. We are entirely doing that because it's something that PENN has made possible for us. That's not something we would have been able to do prior to the investment or prior to the acquisition.

是的，一點沒錯。這是一個很好的問題。這是我花了很多時間思考的事情。如果你看看過去 6 到 9 個月，我們將通過我們自己的喜劇、我們自己的個性以及我們自己的評論員在這些廣播中進行大型現場體育賽事。我們這樣做完全是因為 PENN 為我們提供了可能。這不是我們在投資或收購之前能夠做的事情。

And I really look at Barstool Sports as a company that can create and do most anything and PENN provides guns, money in steel for us to be able to do that. So whether that's hiring new personalities or extending into new demographics, new categories, new topics, or taking on more traditional sports in terms of broadcasting events, hosting events, you name it. So we look at a lot of that, and the acquisition to exactly to your point, has made much of that possible, whereas that was not something in the last 6 years, 7 years that we would have been able to afford nor been able to execute.

我真的把 Barstool Sports 看作是一家可以創造和做幾乎所有事情的公司，而 PENN 提供槍支和鋼鐵資金讓我們能夠做到這一點。因此，無論是僱用新人物，還是擴展到新的人口統計數據、新類別、新主題，或者在廣播活動、舉辦活動方面開展更傳統的體育活動，你都能想到。所以我們研究了很多，而收購恰恰符合你的觀點，使這一切成為可能，而在過去的 6 年、7 年裡，這不是我們能夠負擔得起也無法做到的事情執行。

Our next question comes from Ryan Sigdahl with Craig-Hallum Capital.

我們的下一個問題來自 Craig-Hallum Capital 的 Ryan Sigdahl。

I want to start or stay on Barstool. I don't think you've commented, but curious how -- what your thoughts were on the start in Massachusetts, 6% GGR share there in the first partial month, but obviously, Barstool's home state.

我想開始或留在 Barstool。我認為你沒有發表評論，但很好奇——你在馬薩諸塞州開始時的想法是什麼，在第一個部分月份那裡有 6% 的 GGR 份額，但顯然，Barstool 的家鄉州。

Yes, happy to, Ryan. Look, it's interesting because as you saw in Ohio and then again in Massachusetts, every state provides a little bit different level of granularity in what they report. There's been, I would say, the launches of these states have been more promotional than they were initially in many cases. And so we have made the decision that we're not going to get into that initial launch, arms race of promotional spend and have negative NGR for the first 3 or 4 months. So we took a similar approach in Massachusetts. I would expect that as things settle out, you'll see that percentage of market share continue to grow.

是的，很高興，瑞安。看，這很有趣，因為正如您在俄亥俄州和馬薩諸塞州看到的那樣，每個州在報告中提供的粒度級別略有不同。我想說，在許多情況下，這些州的推出比最初更具宣傳性。因此，我們已經做出決定，我們不會進入最初的發布、促銷支出的軍備競賽，並且在前 3 或 4 個月內出現負 NGR。所以我們在馬薩諸塞州採取了類似的方法。我希望隨著事情的解決，你會看到市場份額的百分比繼續增長。

I also think that you just have to keep in mind, and this has been very strategic on our part, and you have to have patients when thinking about it, but we have not been aggressive because our products really is substandard today, and we know that. And so you have to think about that as you're launching and how much money do you want to spend to get people on and you may lose some with a bad first impression. And so we have to think through all of that. I think we've been very thoughtful and judicious in our approach for these state launches. We're able to generate positive NGR after the first month in profitability really by month 3 in almost every case. So that's been the approach.

我也認為你必須記住，這對我們來說是非常有戰略意義的，你在考慮的時候必須有耐心，但我們沒有積極進取，因為我們的產品今天確實不合格，我們知道那。所以你必須在啟動時考慮這一點，以及你想花多少錢來吸引人們，你可能會失去一些第一印像不好的人。所以我們必須考慮所有這些。我認為我們在這些國家發布的方法上一直非常深思熟慮和明智。在幾乎所有情況下，我們都能在第 3 個月真正實現盈利後的第一個月產生積極的 NGR。這就是方法。

I think you'll see us transition when we have a product that we believe stands up well to the competition that will be more aggressive in getting some marketing dollars dedicated toward getting new people into the ecosystem, downloading the app, registering and depositing and engaging with us because we feel like our retention results will be significantly higher based on the new capabilities and the new promotional engine and how we'll think about the business. So I think the setup for us is actually -- it's, again, sort of like the iCasino question, but the setup for us on OSB is, I think, a good one in that there clearly is a focus amongst the top 5 or 6 players, of which we're one of, there's a clear focus on getting the profitability quickly, which means that most of the top tier are going to have to pull back significantly on their marketing and promotional expense.

我認為，當我們擁有一款我們認為能夠很好地應對競爭的產品時，您會看到我們的轉型，該產品將更加積極地獲得一些營銷資金，專門用於讓新人進入生態系統、下載應用程序、註冊和存款以及參與與我們一起，因為我們覺得基於新功能和新促銷引擎以及我們對業務的看法，我們的保留結果會顯著提高。所以我認為我們的設置實際上是 - 這再次有點像 iCasino 問題，但我認為我們在 OSB 上的設置是一個很好的設置，因為前 5 或 6 名顯然是重點玩家，我們是其中之一，明確關注快速獲得盈利能力，這意味著大多數頂級玩家將不得不大幅縮減他們的營銷和促銷費用。

That's the path to getting to profitability quickly. And we're in a position with a much improved product and an ability to support some additional spend to get people onto the platform and engage with us. I think that's a good setup for us as we get to the end of the year and certainly into 2024.

這是快速實現盈利的途徑。而且我們的產品有了很大改進，並且有能力支持一些額外的支出，讓人們進入平台並與我們互動。我認為這對我們來說是一個很好的設置，因為我們將在今年年底，當然也會進入 2024 年。

Yes. Ryan, the only thing I would add, this is Todd, is if you look at Slide 15, that's also a big part of the story for us. And looking at that growth in Massachusetts of over 14% from our traditional core product is pretty impressive, and a lot of that is new to our brand and new to the property, and it's very much driven by the new sportsbook offerings.

是的。 Ryan，我唯一要補充的是，這是托德，如果你看一下幻燈片 15，這對我們來說也是故事的重要組成部分。看看我們傳統核心產品在馬薩諸塞州超過 14% 的增長是相當令人印象深刻的，其中很多是我們品牌和酒店的新產品，而且很大程度上是由新的體育博彩產品推動的。

Then just a quick clarification for my follow-up. 2.4 million shares issued to Barstool within the diluted share count, I guess, is that stock options? Or was that part of the purchase price of the company? And if it's the latter, was that the company's decision or was that Barstool owners decision to take stock for cash?

然後快速澄清一下我的後續行動。在稀釋後的股份數內向 Barstool 發行了 240 萬股，我猜，那是股票期權嗎？或者那是公司收購價格的一部分？如果是後者，那是公司的決定還是 Barstool 的所有者決定以庫存換取現金？

Yes. So Ryan, if you go back, and we've kind of put this out in our financial in our Ks and our Qs over time. When we had the put call options, there was also an option on the part of PENN in terms of the mix of cash and stock.

是的。所以瑞安，如果你回去，我們已經在我們的 Ks 和我們的 Qs 中隨著時間的推移把它放在我們的財務中。當我們有看跌期權時，PENN 也有現金和股票組合的選擇權。

So it mirrored the initial award, Ryan, remember, the ownership group structure, the churn in group was the majority owner, and that was all cash. And then for those who were owners from Barstool, Founder, Dave Portnoy, Erika, Dan and a number of others who had equity in Barsa, they received 55% consideration with PENN stock and 45% consideration was cash. And so when we moved from 36% owners to 100%, the consideration was the same breakdown.

所以它反映了最初的獎勵，Ryan，記住，所有權集團結構，集團中的流失是大股東，那都是現金。然後對於那些擁有 Barstool、Founder、Dave Portnoy、Erika、Dan 和其他一些擁有 Barsa 股權的人來說，他們獲得了 55% 的 PENN 股票對價，45% 的對價是現金。因此，當我們從 36% 的所有者轉移到 100% 時，考慮因素是相同的細分。

Our next question comes from Bernie McTeran with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Bernie McTeran。

Maybe to start, Jay, you talked a lot about just retention capabilities that will be coming that you don't have access to now once you have your own tech stack in the U.S. Can you just talk about some of those, whether it's like the ability to segment customers if it's certain product capabilities. Basically, just trying to get at what's driving the better retention in Ontario versus the U.S currently?

也許首先，傑伊，你談到了很多關於即將到來的保留能力，一旦你在美國擁有自己的技術堆棧，你現在就無法獲得這些能力。你能談談其中的一些嗎，無論是像如果是某些產品功能，則能夠對客戶進行細分。基本上，只是想了解是什麼推動了安大略省與美國目前相比更好的保留率？

Bernie, this is Todd. I'm happy to share some of that. So basically, everything you just said is what we're focused on. And what we're seeing in Ontario, not only 3 months but going up to 6 months, it's the ability to kind of personalize and tailor the messaging and the reinvestment levels. will be a tremendous help to us where we don't have an easy way to do that now. It's much more of a manual process. So it will bring more automation to the process allow us to be much more nimble and really allow us to do a lot better promotions. But traditionally, that reinvestment that you would see with a gaming customer, we're excited to have that capability post migration.

伯尼，這是托德。我很樂意分享其中的一些內容。所以基本上，您剛才所說的一切都是我們關注的重點。我們在安大略省看到的，不僅是 3 個月，而且長達 6 個月，這是一種個性化和定制消息傳遞和再投資水平的能力。將對我們有巨大的幫助，因為我們現在沒有簡單的方法來做到這一點。這更像是一個手動過程。因此，它將為流程帶來更多的自動化，讓我們變得更加靈活，並真正讓我們進行更好的促銷活動。但傳統上，您會看到遊戲客戶的再投資，我們很高興在遷移後擁有這種能力。

I mean, I think to Todd's point, I think about what we've been able to do to date on third-party platforms is really more shotgun, style marketing, not personalized really at all. So we do a promotion. It's kind of a promotion for all. That's not an effective approach from a CRM perspective. You're under reinvesting in some customers over reinvesting in some. And so we'll be able to tailor the reinvestment and the promotions based on what we know about the user. And a lot of our competition, they're there on their way there, and we're doing it in Ontario, and we're looking forward to being able to bring that level of personalization in our marketing efforts and a new promotional engine here to the U.S. here soon.

我的意思是，我認為就 Todd 的觀點而言，我認為我們迄今為止在第三方平台上所做的事情實際上是更多的散彈槍、風格營銷，而不是真正的個性化。所以我們做一個促銷。這是對所有人的一種促進。從 CRM 的角度來看，這不是一種有效的方法。與對某些客戶進行再投資相比，您對某些客戶的再投資不足。因此，我們將能夠根據我們對用戶的了解來調整再投資和促銷活動。我們的很多競爭對手，他們正在前往那裡的路上，我們正在安大略省這樣做，我們期待能夠在我們的營銷工作和新的促銷引擎中帶來這種水平的個性化很快就到美國了。

Great. And then just a follow-up for Barstool. Erika, would you possibly get a breakdown of bar stool revenue, just advertising versus e-commerce? I know we got the mix pre-pandemic, but I'm sure it's been shifting since then.

偉大的。然後只是 Barstool 的跟進。 Erika，你能不能得到酒吧凳子收入的細目，只是廣告與電子商務？我知道我們在大流行前就已經混合了，但我敢肯定從那時起它就在發生變化。

I would just add, Erika, I don't think we're ready to provide that level of detail Yes. I think, Bernie, we might do that down the road, but I think it's too early, and we're trying to keep the results within the interactive at a pretty high level. So I would say more to come. As you would imagine, advertising is the biggest driver, but we're not going to get into exact breakdowns on the revenue mix today.

我只想補充一點，Erika，我認為我們還沒有準備好提供那種程度的詳細信息 是的。我認為，Bernie，我們可能會在未來這樣做，但我認為現在還為時過早，我們正在努力將互動中的結果保持在相當高的水平。所以我會說更多。正如您想像的那樣，廣告是最大的驅動力，但我們今天不打算對收入組合進行精確細分。

Our last question comes from John DeCree with CBRE.

我們的最後一個問題來自 CBRE 的 John DeCree。

Maybe just one to round it out on brand strategy. It's pretty early still. But with the other thoughts or plans, especially in light of the new loyalty program to integrate some of your brands or would the idea be to kind of continue to run a multi-brand strategy. And I guess the question maybe specifically for the media properties, Barstool and the score, is there some ideas in kind of cross-pollinating but also more broadly across Hollywood or any of the other retail brands?

也許只是一個來完善品牌戰略。現在還很早。但是有了其他的想法或計劃，特別是考慮到新的忠誠度計劃來整合你的一些品牌，或者這個想法是繼續運行多品牌戰略。我想這個問題可能專門針對媒體資產、Barstool 和樂譜，是否有一些想法可以交叉授粉，但也可以更廣泛地跨越好萊塢或任何其他零售品牌？

Yes. Todd, I'll let you jump on that one from a PENN play launch perspective and how we're thinking about sort of enhanced features and how we're thinking about the PENN entertainment brand umbrella and everything that sits underneath it.

是的。托德，我會讓你從 PENN 遊戲發布的角度跳到那個，我們如何考慮某種增強功能以及我們如何考慮 PENN 娛樂品牌傘及其下的一切。

Thanks, Jay. And John, really, the PENN play moving from my choice to PENN play is was a huge step for us as we work to try to create that brand loyalty and allow people to kind of play across the different channels we have. So when you start thinking about what we've been able to add and it's really listening to what the consumers want and making sure that we can integrate technology where appropriate as well as make it very seamless for them.

謝謝，傑伊。約翰，真的，從我的選擇到 PENN play 的 PENN play 對我們來說是一個巨大的進步，因為我們努力創造品牌忠誠度並允許人們在我們擁有的不同渠道上玩。因此，當您開始考慮我們能夠添加的內容時，它實際上是在傾聽消費者的需求，並確保我們可以在適當的地方集成技術，並使它們對他們來說非常無縫。

So kind of a host for all approach where we have different options that we can create through technology, a more seamless experience where people can start engaging with us long before they come to a property or start engaging in wagering or gaming activity, improvements in our app improvements in our cashless technology, sharing information, being transparent with our reward statements, offering greater flexibility with unified currency, the PENN cash option and then eventually having one wallet to play across not only online but taking that into one of our properties. And then really that increased awareness that we have.

這是一種適用於所有方法的主機，我們可以通過技術創造不同的選擇，一種更加無縫的體驗，人們可以在他們來到酒店或開始參與下注或遊戲活動之前很久就開始與我們互動，改進我們的我們的無現金技術的應用程序改進、共享信息、使我們的獎勵報表透明化、通過統一貨幣提供更大的靈活性、PENN 現金選項，然後最終擁有一個錢包，不僅可以在線玩，還可以將其帶入我們的財產之一。然後真的提高了我們的意識。

And I think you can look to a lot of the hotel companies that are out there that may have multiple brands in their portfolio, but they're all tied to the major flag whether that's a Hilton, a Hyatt, a Marriott. So we'll have -- we'll continue to have different brands because they really have a lot of value in the specific markets that we're in, but we'll make sure that people understand that it's part of the broader PENN family.

我想你可以看看很多酒店公司，它們的產品組合中可能有多個品牌，但它們都與主要品牌掛鉤，無論是希爾頓、凱悅還是萬豪。所以我們將 - 我們將繼續擁有不同的品牌，因為它們在我們所處的特定市場中確實具有很大的價值，但我們將確保人們了解它是更廣泛的 PENN 家族的一部分.

Great. The hotel analogies is perfect.

偉大的。酒店類比是完美的。

Thanks, John, and thank you all for dialing in this morning, and we look forward to speaking with you again next quarter. Have a good one.

謝謝約翰，感謝大家今天早上撥通電話，我們期待下個季度再次與您交談。祝你有個好的一天。

That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.

這確實結束了今天的電話會議。我們感謝您的參與並請您斷開您的線路。祝大家有個美好的一天。