PENN Entertainment Inc (PENN) 2024 Q3 法說會逐字稿

Greetings and welcome to the PENN Entertainment third-quarter 2024 earnings call. I would like to turn the conference over to Mr. Joe Jaffoni, Investor Relations. Please go ahead.

歡迎參加 PENN Entertainment 2024 年第三季財報電話會議。我想將會議交給投資者關係部的 Joe Jaffoni 先生。請繼續。

Thank you, Cindy. Good morning and thanks everyone for joining PENN Entertainment's 2024 third-quarter conference call. We'll get to management's presentation and comments momentarily as well as your questions and answers.

謝謝你，辛蒂。早安，感謝大家參加 PENN Entertainment 的 2024 年第三季電話會議。我們將立即聽取管理層的演示和評論以及您的問題和答案。

(Event Instructions) I'll now read the Safe Harbor disclosure, and then we'll get into the call. Please note that today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions and uncertainties, that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors.

（活動說明）我現在將閱讀安全港披露信息，然後我們將開始通話。請注意，今天的討論包含前瞻性陳述。前瞻性陳述涉及風險、假設和不確定性，可能導致實際結果有重大差異。欲了解更多信息，請參閱我們的新聞稿，以了解有關特定風險因素的詳細資訊。

With that, it's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead.

現在，我很高興將電話轉給公司執行長傑伊·斯諾登。傑伊，請繼續。

Thanks, Joe. Good morning, everyone. I'm happy to be here in Wyomissing with our CFO, Felicia Hendrix; Head of Operations, Todd George, and our CTO, Aaron LaBerge, as well as other members of our senior management team.

謝謝，喬。大家早安。我很高興能與我們的財務長 Felicia Hendrix 一起來到懷俄明州；營運主管 Todd George、技術長 Aaron LaBerge 以及其他高階管理團隊的成員。

It was great to see many of you at our Investor event on October 7 at the M Resort in Las Vegas. Some of you may have missed it. We highlighted some of the significant product enhancements we recently implemented for ESPN Bet as well as some early KPIs related to those feature upgrades.

很高興在 10 月 7 日在拉斯維加斯 M 度假村舉行的投資者活動中見到大家。你們有些人可能錯過了。我們重點介紹了最近為 ESPN Bet 實施的一些重要產品增強功能以及與這些功能升級相關的一些早期 KPI。

We also provided a hands on demonstration of our industry leading 3Cs technology, and attendees got to see some of our new property automations in action, along with several key three business updates that we will review or highlight again with all of you here today.

我們還提供了行業領先的 3C 技術的實際演示，與會者看到了我們一些新的房地產自動化的實際應用，以及我們今天將與大家一起回顧或再次強調的幾個關鍵的三項業務更新。

Turning to the results of the third quarter, strong year-over-year market share growth in Ohio, Massachusetts and Kansas helped offset unfavorable hold in our Northeast segment and volume declines in our South segment, largely as a result of severe weather disruptions and our accelerated hotel remodeling at the L'Auberge Casino in Lake Charles.

談到第三季度的業績，俄亥俄州、馬薩諸塞州和堪薩斯州的市場份額同比強勁增長，幫助抵消了東北地區的不利地位和南部地區的銷量下降，這主要是由於嚴重的天氣幹擾和我們的影響。

We are roughly halfway through the planned room renovations there, which have been driving higher gaming spend per customer. We look forward to completing this project by the end of January 2025.

我們計劃的房間翻新工程大約已完成一半，這推動了每位客戶的遊戲支出增加。我們期待在 2025 年 1 月底前完成此專案。

Meanwhile, we are continuing to mitigate pressure from no new supply in Nebraska, Louisiana, and Chicagoland through our ongoing efforts to reimagine our properties to improve the customer experience and drive loyalty.

同時，我們不斷努力重新設計我們的酒店，以改善客戶體驗並提高忠誠度，從而繼續減輕內布拉斯加州、路易斯安那州和芝加哥州沒有新供應的壓力。

Overall, we are seeing stable consumer demand and are performing well in those markets not impacted by new competition, profitably gaining market share in several of them. Thanks to our best in class operators across the country.

總體而言，我們看到穩定的消費者需求，並且在那些不受新競爭影響的市場中表現良好，在其中一些市場中獲得了有利可圖的市場份額。感謝我們在全國一流的運營商。

We saw sequential month-over-month improvement throughout the third quarter, and continuing into the month of October. The first several days of November showed improved volumes as well with a strong first weekend.

我們看到整個第三季環比改善，並持續到十月。11 月的前幾天成交量有所改善，第一個週末表現強勁。

Finally, as noted on slide 4, we have seen 3.6% year-over-year slot volume growth through the first five full weeks in Q4 compared to flat year-over-year slot volumes in the third quarter, led by our properties in Michigan, Ohio and St. Louis.

最後，如幻燈片 4 所示，我們看到第四季度的前五週老虎機交易量同比增長了 3.6%，而第三季度老虎機交易量同比持平，其中以我們在密西根州的地產為首。州和聖路易斯。

The trends we are seeing around the country provide us with continued optimism about our four new growth projects which are highlighted on slide 5. These projects remain on budget and on schedule with Hollywood Joliet expected to open ahead of schedule during the second half of 2025.

我們在全國各地看到的趨勢使我們對幻燈片 5 中突出顯示的四個新增長項目保持樂觀。這些項目仍符合預算並按計劃進行，好萊塢喬利埃特預計將於 2025 年下半年提前開業。

Turning to slide 6, we unveiled seven new ESPN Bet branded retail sports books during the quarter as we continue to implement our rebranding strategy across our portfolio. On the interactive side, as I referenced earlier, prior to the start of football season, we released several product enhancements, and ESPN integrations to our ESPN Bet offering.

轉向幻燈片 6，我們在本季度推出了七款新的 ESPN Bet 品牌零售運動書籍，同時我們繼續在整個產品組合中實施品牌重塑策略。在互動方面，正如我之前提到的，在足球賽季開始之前，我們發布了多項產品增強功能，並將 ESPN 整合到我們的 ESPN Bet 產品中。

These product improvements help contribute to a higher parlay mix and higher structural hold during the quarter. Slide 7 highlights the meaningful growth ESPN Bet has generated for both our digital database and active user base, providing a strong foundation for future growth as we introduce additional product improvements.

這些產品改進有助於在本季度實現更高的連贏組合和更高的結構性保留。幻燈片 7 強調了 ESPN Bet 為我們的數位資料庫和活躍用戶群帶來的有意義的成長，為我們引入其他產品改進時的未來成長奠定了堅實的基礎。

We are now approaching 4 million members in our digital database. And we saw a 127% year-over-year growth in monthly active users in Q3 '24 versus Q3 '23. As noted on slide 9, our interactive segment saw year-over-year OSB NGR growth of more than 200% in Q3, driven by a combination of higher parlay mix from our improving products and lower promotional expenses.

目前，我們的數位資料庫會員數已接近 400 萬。我們發現，與 2023 年第三季相比，24 年第三季的月度活躍用戶年增了 127%。如投影片 9 所示，我們的互動細分市場第三季的 OSB NGR 年成長超過 200%，這得益於我們改進的產品帶來的更高的組合組合和更低的促銷費用。

While we saw an increase in promotional spend at the beginning of football season from the competition, we have remained disciplined as we primarily focus on reactivation and retention efforts given our deep digital database.

雖然我們在足球賽季開始時看到比賽的促銷支出有所增加，但我們仍然保持紀律，因為鑑於我們深厚的數位資料庫，我們主要專注於重新激活和保留工作。

As noted on slide 11, we have seen momentum from September into October, and we are seeing encouraging trends in volumes and handle per user. The September launch of ESPN Bet in New York expanded our online betting footprint to 19 US states, representing approximately 46% of the US population.

如投影片 11 所示，我們看到了從 9 月到 10 月的勢頭，並且我們看到了數量和每位使用者處理量的令人鼓舞的趨勢。ESPN Bet 於 9 月在紐約推出，將我們的線上投注足跡擴展到美國 19 個州，約占美國人口的 46%。

Average daily handle per user in New York is 228% higher than the average in our existing states. And our average deposits there are over 87% larger. And with over 10 million average monthly visitors on ESPN, New York provides a significantly greater scale as we leverage ESPN's vast media reach and integrations for efficient customer acquisition.

紐約每個用戶的平均每日處理量比現有各州的平均值高出 228%。我們在那裡的平均存款要高出 87% 以上。ESPN 的平均每月訪問量超過 1000 萬，紐約的規模顯著擴大，因為我們利用 ESPN 廣泛的媒體影響力和整合來高效獲取客戶。

Turning to slide 13, as of October 30, account linking between ESPN Bet and ESPN is now available for customers. By linking accounts, fans now have the ability to seamlessly track upcoming, live, and settled bets within the ESPN app, and on espn.com.

轉向幻燈片 13，截至 10 月 30 日，ESPN Bet 和 ESPN 之間的帳戶連結現已可供客戶使用。透過連結帳戶，球迷現在可以在 ESPN 應用程式和 espn.com 上無縫追蹤即將進行的、即時的和已結算的投注。

Bringing this new feature to market is an important step towards creating an industry leading personalized sports betting experience across the ESPN ecosystem. This will help to further drive monetization through enhanced engagement, retention, and reactivation. This was a tremendous achievement for the talented PENN and ESPN technology teams, and really speaks to the depth of our partnership with ESPN.

將這項新功能推向市場是在 ESPN 生態系統中打造領先業界的個人化體育博彩體驗的重要一步。這將有助於透過增強參與度、保留率和重新激活來進一步推動貨幣化。對於才華橫溢的 PENN 和 ESPN 技術團隊來說，這是一項巨大的成就，也真正體現了我們與 ESPN 合作的深度。

We have some exciting additional product enhancements coming soon as we accelerate our product road map. These include an improved same game parley experience, enhanced branding in IP, and upgraded in play betting.

隨著我們加快產品路線圖，我們很快就會推出一些令人興奮的附加產品增強功能。其中包括改進的同場遊戲談判體驗、增強的 IP 品牌以及升級的投注。

Finally on the iCasino side, as you'll see on slide 15, Hollywood Casino experienced solid growth in the quarter as well. That momentum has continued into October and will be helped by our recently introduced PENN Play promo credit redemption offering.

最後，在 iCasino 方面，正如您將在幻燈片 15 中看到的那樣，Hollywood Casino 在本季度也經歷了穩健的成長。這種勢頭一直持續到 10 月份，我們最近推出的 PENN Play 促銷積分兌換服務將有助於這一勢頭。

We're excited for the launch of our Hollywood Casino app in Pennsylvania in early Q1, subject to final regulatory approvals of course, with additional jurisdictions to follow.

我們很高興第一季初在賓州推出好萊塢賭場應用程序，當然，這還需要最終監管部門的批准，以及其他司法管轄區的批准。

I'll now turn it over to Felicia for additional financial details for the quarter.

我現在將其轉交給 Felicia，以了解本季的其他財務詳細資訊。

Thanks Jay. Our third quarter retail revenue and adjusted EBITDA results of $1.4 billion and $472 million were slightly above the midpoint of the third quarter preliminary results we reported on October 7. In markets where we are not facing new supply, demand remains stable.

謝謝傑伊。我們第三季的零售收入和調整後的 EBITDA 業績分別為 14 億美元和 4.72 億美元，略高於我們 10 月 7 日公佈的第三季初步業績的中點。在我們沒有面臨新供應的市場中，需求保持穩定。

October volumes improved over September and continued to improve sequentially through the first weekend in November. For our interactive segment, adjusted revenues excluding our skin tax gross up were $141 million and interactive adjusted EBITDA in the quarter was a loss of $91 million.

10 月的成交量較 9 月有所改善，並在 11 月的第一個週末持續改善。對於我們的互動部門，扣除皮膚稅後的調整後收入總額為 1.41 億美元，本季互動調整後 EBITDA 虧損 9,100 萬美元。

Better than expected holds driven by a higher parley mix from our approving product, and lower promotional expenses, drove the upside in the quarter relative to the original guidance we provided on August 8.

由於我們批准的產品更高的談判組合以及更低的促銷費用，好於預期的持有量推動了本季度相對於我們 8 月 8 日提供的原始指導的上漲。

These results are at the high end of the third quarter preliminary results we reported on October 7, and also reflect a 12% sequential improvement from our second quarter interactive adjusted EBITDA results.

這些結果是我們 10 月 7 日報告的第三季初步結果的最高值，也反映出我們第二季互動式調整後 EBITDA 結果環比提高了 12%。

As usual, you will find on page 8 of our earnings release a table that summarizes our cash expenditures in the quarter, including cash payments to our REIT landlords, cash taxes, cash interest, and total CapEx.

像往常一樣，您會在我們的收益發布的第8 頁上找到一個表格，該表格總結了我們本季度的現金支出，包括向我們的REIT 房東支付的現金、現金稅、現金利息和總資本支出。

Of our total $132 million CapEx in the quarter, $69 million was project CapEx related to our four development projects. We ended the third quarter of 2024 with total liquidity of $1.8 billion inclusive of $834 million in cash and cash equivalents.

在本季 1.32 億美元的資本支出總額中，6,900 萬美元是與我們的四個開發案相關的專案資本支出。截至 2024 年第三季末，我們的流動資金總額為 18 億美元，其中包括 8.34 億美元的現金和現金等價物。

As you know, we have no debt maturities until 2026 which are our $330 million convertible notes. Our lease adjusted net leverage peaked in the third quarter of 2024, and we're excited to begin our delevering trajectory driven by organic EBITDAR growth and our ability to access GLPI's balance sheet as our growth projects reach completion.

如您所知，我們在 2026 年之前沒有債務到期，即我們的 3.3 億美元可轉換票據。我們的租賃調整後淨槓桿率在2024 年第三季度達到頂峰，我們很高興能夠在有機EBITDAR 增長以及隨著我們的增長項目完成而獲得GLPI 資產負債表的能力的推動下開始我們的去槓桿化軌跡。

We continue to expect to generate positive free cash flow in 2025 and beyond, bolstered by our interactive segment which should generate meaningful adjusted EBITDA in 2026, and our four retail growth projects which should all be complete by the first half of 2026.

我們繼續預計在2025 年及以後將產生正的自由現金流，這得益於我們的互動部門（應在2026 年產生有意義的調整後EBITDA）以及我們的四個零售增長項目（應在2026 年上半年全部完成）。

I will now provide guidance for our retail and interactive segments. For the retail segment, we expect fourth quarter '24 revenues to range from $1.36 billion to $1.38 billion, and adjusted EBITDAR to range from $440 million to $460 million.

我現在將為我們的零售和互動部門提供指導。對於零售部門，我們預計 24 年第四季的營收將在 13.6 億美元至 13.8 億美元之間，調整後的 EBITDAR 將在 4.4 億美元至 4.6 億美元之間。

Our forecast assumes continued construction disruption in Lake Charles due to the room remodeling project, which will be completed by the end of January 2025. We also continue to absorb new competition in a few markets such as Louisiana, Nebraska and Chicagoland as properties open and make efforts to drive trial.

我們的預測假設，由於房間改造項目，查爾斯湖的施工將持續中斷，該項目將於 2025 年 1 月底完成。隨著物業的開業，我們也將繼續吸收路易斯安那州、內布拉斯加州和芝加哥等少數市場的新競爭，並努力推動試點。

As I mentioned earlier, we are seeing stable consumer demand, and we are performing well in the markets not impacted by new competition. For interactive, given that fourth quarter industry wide holds has been negatively impacted by customer friendly outcomes quarter to date, we think it's prudent for now to reiterate the midpoint of our 2024 interactive EBITDA guidance which is unchanged from our last call.

正如我之前提到的，我們看到穩定的消費者需求，並且我們在不受新競爭影響的市場中表現良好。對於互動式業務，鑑於第四季度全行業的持有量受到季度至今客戶友好結果的負面影響，我們認為目前重申2024 年互動式EBITDA 指導的中點是謹慎的做法，該中點與我們上次電話會議相比沒有變化。

We expect 2024 corporate expense of roughly $105 million, inclusive of our cash settled stock based awards. Total CapEx for 2024 will be approximately $500 million, inclusive of $275 million of project CapEx.

我們預計 2024 年公司支出約為 1.05 億美元，其中包括我們以現金結算的股票獎勵。2024 年的總資本支出約為 5 億美元，其中包括 2.75 億美元的專案資本支出。

For cash interest expense, we forecast approximately $175 million for the full year 2024, before roughly $20 million of interest income. For cash taxes, we are projecting a small tax refund in '24 and our base share count as of the end of the third quarter was 152.2 million shares, and we typically have roughly 15 million of diluted shares, inclusive of the 14 million share dilution from the converts.

對於現金利息支出，我們預計 2024 年全年的現金利息支出約為 1.75 億美元，而利息收入約為 2,000 萬美元。對於現金稅，我們預計在 24 年進行小額退稅，截至第三季末我們的基本股數為 1.522 億股，我們通常擁有約 1500 萬股稀釋股票，包括 1400 萬股稀釋股票來自皈依者。

And with that, I'll turn it back over to Jay.

有了這個，我會把它轉回給傑伊。

All right. Thanks Felicia. In closing, excuse me, I'm proud to report that our efforts to ensure diversity of backgrounds and perspectives within our corporate boardroom have been recognized for the fourth straight year by the form of executive women who named us as one of their champions of Board diversity.

好的。謝謝費利西亞。最後，請原諒，我很自豪地向大家報告，我們為確保公司董事會背景和觀點多元化所做的努力已連續第四年得到了女性高管的認可，她們將我們稱為董事會的擁護者之一多樣性。

In addition, we're proud to have been recently named one of the best of the best 2024 top diverse employers by Diversity Com magazine. Finally, our LEAP internship program, which stands for leadership excellence at PENN has been recognized as one of the top 100 internship programs of 2024 by the nation's largest DEI recruitment platform.

此外，我們最近被 Diversity Com 雜誌評為 2024 年最佳多元化雇主之一，對此我們感到非常自豪。最後，我們代表 PENN 卓越領導力的 LEAP 實習計畫被美國最大的 DEI 招募平台評為 2024 年百大實習計畫之一。

And with that Cindy, can we open up the line for our first question?

辛迪，我們可以開始回答第一個問題嗎？

(Operator Instructions) Barry Jonas, Truist Securities.

（操作員指令）Barry Jonas，Truist Securities。

Great. Thank you. Hey guys, good morning. Maybe starting with ESPN that you're achieving mid-teen share in weekly active users, but more closer to mid-single digits, let's say in GGR. Giving your mass market focus, what degree do you think you could bridge that delta over time and drive higher spend per user?

偉大的。謝謝。嘿夥計們，早安。也許從 ESPN 開始，您在每週活躍用戶中所佔的份額就達到了青少年的中位數，但更接近中個位數，比方說 GGR。考慮到您的大眾市場，您認為隨著時間的推移，您可以在多大程度上彌補這一增量並提高每位用戶的支出？

Yeah. Barry, it's one of those topics we've hit, I think on a quarterly basis for the last several quarters. I think what's encouraging for us is that if you look at our average handle per user, we're seeing really nice growth from call it week two of NFL to where we are through week nine, every week we're seeing sequential growth and handle per user.

是的。巴里，這是我們在過去幾季中每季都會討論的主題之一。我認為對我們來說令人鼓舞的是，如果你看看我們每個用戶的平均處理量，我們會看到從NFL 的第二周到第九週，我們看到了非常好的增長，每週我們都看到連續的增長和處理量每個用戶。

So I think part of this is exactly what you said that ESPN Bet certainly draws in a more casual mass market base. We think that's great for the long term, a higher propensity to bet on parlays and player props is terrific, maybe a lower average wager, but we are seeing that average wager continue to grow from where we were even just a few weeks ago.

所以我認為部分原因正是你所說的 ESPN Bet 肯定吸引了更休閒的大眾市場基礎。我們認為從長遠來看這很好，對連贏和玩家道具下注的更高傾向非常棒，也許平均賭注較低，但我們看到平均賭注比幾週前的水平繼續增長。

So we would expect to see that continue to grow throughout football season as we head out into March madness as well. It's a big focus for us right now and we think retention we're in a really good place, but continuing to improve monetization is going to be key for us.

因此，當我們進入瘋狂三月時，我們預計整個足球賽季的銷售將繼續增長。這是我們現在關注的重點，我們認為保留率非常好，但繼續提高獲利能力對我們來說至關重要。

Great, and then just follow-up on land based gaming. Maybe at a high level as we think about '25, I know there's a few puts and takes. But do you think regional land based gaming can grow next year?

太棒了，然後就是陸地遊戲的後續。也許在我們思考25年的高水準上，我知道有一些調整和調整。但您認為明年區域性陸地遊戲會成長嗎？

We're not going to go fully into 2025, Barry. I appreciate the question. I would say that what we're seeing right now, the core business across the country, if you exclude the markets where there's new supply, things are really stable, and we've actually seen a really nice uptick here in the fourth quarter that I'd be guessing if I said I knew exactly what's driving that, whether that's election, pre-election, post-election, not really sure, but Q4 we've seen a nice bump up from where we were in the third quarter.

巴里，我們不會完全進入 2025 年。我很欣賞這個問題。我想說的是，我們現在所看到的，全國範圍內的核心業務，如果排除有新供應的市場，情況確實很穩定，而且我們實際上在第四季度看到了非常好的增長，如果我說我確切地知道是什麼推動了這一趨勢，我會猜測，無論是選舉、選舉前還是選舉後，都不確定，但第四季度我們看到了與第三季度相比的良好增長。

October, really nice sequential growth from September. So we're feeling good about that. I think as you're looking out into 2025, we've highlighted these, but the things that you want to keep in mind in terms of new supply would be Nebraska, Chicagoland, and then in Louisiana, there's three projects there. Caesars New Orleans just opened their expansion. Could be a little bit of an impact there.

10 月，與 9 月相比，環比成長確實非常好。所以我們對此感覺良好。我認為，當你展望 2025 年時，我們已經強調了這些，但在新供應方面你要記住的事情是內布拉斯加州、芝加哥，然後是路易斯安那州，那裡有三個項目。新奧爾良凱撒酒店剛開業。那裡可能會產生一點影響。

We don't have a ton of competition with Caesars New Orleans, but there is some. And then of course, we've already highlighted Treasure Chest, the Boyd project, and then Bossier City, the Cordish project is going to be open, I believe sometime in Q1, maybe Q2, somewhere in that time frame. So those are the big ones to keep in mind.

我們與新奧爾良凱撒酒店沒有太多競爭，但也有一些競爭。當然，我們已經強調了寶箱、Boyd 項目，然後是 Bossier City、Cordish 項目將開放，我相信在第一季度的某個時間，也許是第二季度，在那個時間範圍內的某個時間。因此，這些都是需要牢記的重要事項。

The nice thing about Chicagoland as you sort of circle that one is that's really sort of a first 9, 10, 11 months of 2025 dynamic for us, because we'll be opening our Harrah's Joliet relocated land based project sometime before the end of the year.

當你圈出一個圈子時，芝加哥的好處是，這對我們來說確實是2025 年的前9、10、11 個月的活力，因為我們將在2025 年底之前的某個時候開放我們的Harrah's Joliet搬遷陸域計畫。

And then of course, our new Hollywood Aurora relocation project, which is going to be a fantastic asset for us that's going to be in early '26. So Chicagoland then we'll be able to mitigate I think pretty well in '25. But I think in '26 it's time for us to really start play offense there as well as in Las Vegas with the M Resort tower completion, and in Columbus, Ohio, with the Hollywood project, hotel expansion as well.

當然，還有我們新的好萊塢極光搬遷項目，這對我們來說將是一筆極好的資產，將於 26 年初完成。所以芝加哥我們將能夠在 25 年很好地緩解這種情況。但我認為在 26 年，我們是時候真正開始進攻了，在拉斯維加斯，M 度假村塔樓竣工，在俄亥俄州哥倫布，好萊塢項目和酒店擴建也一樣。

Great. Thank you, Jay.

偉大的。謝謝你，傑伊。

Thanks Barry.

謝謝巴里。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey guys, good morning, and thanks for taking my question. Jay, I'm respecting the fact that you don't want to give a lot as it pertains to 2025. I know that the message so far on the interactive side has been getting closer to break even next year.

嘿夥計們，早上好，感謝您提出我的問題。Jay，我尊重您不想為 2025 年付出太多的事實。我知道，到目前為止，互動方面的資訊已經越來越接近明年的收支平衡。

And if you just kind of look at the guidance range, you're talking somewhere in the ballpark of $400 million-plus of an EBITDA swing. And just big picture, I wanted to understand like the way you guys think about that, obviously, net revenue growth, substantial, promos coming out, et cetera, some launch costs coming out.

如果你只看一下指導範圍，你會發現 EBITDA 波動大約在 4 億美元以上。就大局而言，我想了解你們的想法，顯然，淨收入成長，實質的促銷活動等等，一些啟動成本的出現。

But then thinking further in terms of expenses and the path to where you see kind of larger chunkier costs coming out of the business, is there any color you'd be able to provide on kind of that sequencing and transition over 2025?

但是，進一步考慮費用以及您看到業務中出現更大的成本的路徑，您是否能夠就 2025 年的排序和過渡提供任何資訊？

Yeah, I will definitely provide a lot more color on this in February when we put out guidance for 2025, both for the retail business as well as interactive. I would say one of the things before we get into cost that you didn't mention, you mentioned a lot of things on the online sport betting side that will be vast improvements on a year-over-year basis.

是的，當我們在 2 月發布 2025 年零售業務和互動指南時，我肯定會就此提供更多資訊。在我們討論成本之前，我想說的一件事是您沒有提到的，您提到了在線體育博彩方面的很多事情，這些事情將逐年取得巨大進步。

But you also have to keep in mind that we're going to be launching our standalone Hollywood iCasino offering in Pennsylvania, again pending final regulatory approval sometime in early Q1. And we should be able to follow pretty quickly in states like Michigan, again pending regulatory approval in New Jersey, West Virginia, and in Ontario.

但您還必須記住，我們將在賓州推出獨立的好萊塢 iCasino 產品，再次等待第一季初某個時候的最終監管批准。我們應該能夠在密西根州等州很快跟進，並再次等待新澤西州、西維吉尼亞州和安大略省的監管批准。

We think Hollywood iCasino will perform very well. So we think that's going to be a really nice shot in the arm for us in terms of continuing to grow our online casino business. Obviously, that's a really good margin profile.

我們認為好萊塢 iCasino 將表現出色。因此，我們認為這對我們繼續發展線上賭場業務來說將是一劑強心劑。顯然，這是一個非常好的利潤狀況。

OSB with parlay mix is getting better, but the margin profile for online gaming obviously a lot stronger. And I think as you think about the cost structure, we continue to have as we grow in scale, you get efficiencies, and that's with regard to your third party providers, and being able to negotiate, you get better economics. Of course, the more scale that you have, which will have stronger scale.

帶有連本帶利組合的 OSB 正在變得越來越好，但線上遊戲的利潤狀況顯然要強得多。我認為，當你考慮成本結構時，隨著我們規模的擴大，你會獲得效率，這與你的第三方供應商有關，並且能夠進行談判，你會獲得更好的經濟效益。當然，規模越大，規模就越強。

And we also have the marketing spend outside of ESPN, I think we've really figured out or continuing to figure out what's effective, what's working. We're seeing attractive CPAs in our paid digital performance, digital spend.

我們在 ESPN 之外也有行銷支出，我認為我們已經真正弄清楚或繼續弄清楚什麼是有效的、什麼是有效的。我們在付費數位績效和數位支出中看到了有吸引力的註冊會計師。

And so we're getting smarter and smarter about what we want and need to spend on the marketing side of things, that will continue through the rest of this year and into 2025. So I would say, with a level of specificity, we will provide more in February, but that's the way to be thinking about it at a high level.

因此，我們越來越明智地了解我們想要和需要在行銷方面的支出，這種情況將持續到今年剩餘時間直至 2025 年。所以我想說，在某種程度上，我們將在二月提供更多，但這是從高層次思考的方式。

Great, and then if I could just one follow-up on the brick and mortar business, as it relates to the fourth quarter, it looks like more or less at the midpoint of the net revenue guidance, you're flattish, effectively year-over-year. Whereas kind of the midpoint of EBITDA looks to be $25 million lower year-over-year.

太棒了，然後，如果我能對實體業務進行一次跟進，因為它與第四季度相關，它看起來或多或少處於淨收入指導的中點，你表現平平，實際上是一年-超過一年。而 EBITDA 的中點看起來比去年同期減少了 2,500 萬美元。

Is that essentially just the reflection of -- is that a good baseline for kind of what the cost increase looks like from a year-over-year perspective? And could you shed any light on kind of how to think about the outlook for next year as it pertains to kind of cost free, cost mitigation, obviously, some of the benefits you'll have from anniversarying some of the competition, and some of the disruptions more notably.

這本質上是否只是反映——從同比角度來看，這是否是成本成長的良好基線？您能否闡明如何思考明年的前景，因為它涉及某種免費、降低成本的方式，顯然，您將從慶祝一些競爭對手和一些競爭中獲得的一些好處幹擾更為顯著。

Hey Carlo, this is Todd. So yeah, typically there's the seasonality with margins, and Q4 is traditionally always the lowest margin percentage. So I wouldn't look at that as kind of a guide for next year, unless you're thinking about Q4 of next year.

嘿卡洛，這是托德。所以，是的，通常存在利潤率的季節性，而傳統上第四季的利潤率總是最低的。因此，我不會將其視為明年的指南，除非您正在考慮明年第四季。

Also keep in mind, we had some one-time good guys last year in Q4. So that kind of is the reconciling item for the difference year-over-year and EBITDA flow through. Outside of that, like Jay talked about for '25, we'll get into much more detail in February.

另請記住，去年第四季我們有一些曾經的好人。因此，這是同比差異和 EBITDA 流量的調節項目。除此之外，就像 Jay 在 25 年談到的那樣，我們將在 2 月了解更多細節。

Understood. Thank you guys. Thanks everyone.

明白了。謝謝你們。謝謝大家。

Thanks.

謝謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good morning, everybody. Thanks for taking my question. So the first question is on the fourth quarter interactive guidance. You guys beat the third quarter or your own third quarter guidance by $30 million on EBITDA and then you reiterated the full year end.

大家早安。感謝您提出我的問題。第一個問題是關於第四季的互動指導。你們的 EBITDA 比第三季或你們自己的第三季指引高出 3000 萬美元，然後你們重申了全年業績。

So the question is, is that sort of not flowing through that third quarter? Is that how we should think about the direct impact from October hold or is there any other adjustments you made to your core or otherwise KPIs in the fourth quarter we should think about?

所以問題是，第三季這種情況是否沒有發生？這是我們應該如何考慮 10 月持有的直接影響嗎？

Yeah, you should think about it as entirely hold related. That's -- it's been a rough start to the fourth quarter, that's well documented by many of you. You can see it in the New York weekly results even before the October monthlies come out. You can see it in West Virginia weekly results.

是的，你應該將其視為完全與持有相關。那是——第四季的開局很艱難，你們很多人都清楚地記錄了這一點。甚至在十月月刊發布之前，您就可以在紐約每週業績中看到這一點。您可以在西維吉尼亞州每週結果中看到這一點。

Having a higher parlay mix is great, other than when all the favorites are hitting, and parlays are also hitting. So that's really been the last five weeks, and the first week of November was very consistent with what we saw in October. Unfortunately, now that it's just a luck thing, it does change, it switches, it reverses its course.

擁有更高的連本帶利組合是很棒的，除非所有熱門球隊都中獎，而且連本帶利也都中獎。這確實是過去五週的事，11 月的第一周與我們在 10 月看到的情況非常一致。不幸的是，現在這只是運氣的事情，它確實改變了，它改變了，它逆轉了它的進程。

And so we just felt as opposed to pulling through the difference between the hold impact in Q4, and what the beat was in Q3, and then now you're sort of banking on hold being an exact number for the rest of Q4.

因此，我們只是覺得，而不是克服第四季度的擱置影響與第三季度的節拍之間的差異，然後現在你可以認為擱置是第四季度剩餘時間的確切數字。

We thought it just made sense. Let's not touch the number. If things improve on the whole percentage side, that will be likely a conservative approach. But why bring some of that through if we're not sure exactly what hold is going to end up for the remainder of Q4.

我們認為這是有道理的。我們不要碰這個數字。如果整個百分比方面情況有所改善，那麼這可能是一種保守的方法。但是，如果我們不確定第四季度剩餘時間會發生什麼，為什麼要實現其中一些？

That's super helpful. And then a follow up on the congratulations on the announcement on the linkages of the account between ESPN and ESPN Bet. Curious what are the initial sort of success rates on getting people to upgrade to that and to actually link the accounts.

這非常有幫助。然後是 ESPN 和 ESPN Bet 帳戶關聯的公告的後續後續。很好奇讓人們升級到該帳戶並實際連結帳戶的最初成功率是多少。

If you've seen any sort of increased activity related to those accounts that have a linkage, a link linked. And then the last follow-up to that would just be maybe a refresh on the road map specifically regarding that linkage, sort of product development on top of it.

如果您發現與具有連結的帳戶相關的任何類型的活動增加，則連結已連結。然後，最後的後續行動可能只是路線圖的更新，特別是關於這種聯繫，以及在此基礎上的產品開發。

Yeah, let me ask Aaron to speak to that one.

是的，讓我請亞倫和那個人談談。

Yeah, great, happy to. Yeah, we're pretty excited about account linking. We've had tens of thousands of people link already. As you'd expect, they're all placing significantly more bets, higher handle, higher GDR, and also impressive, they're consuming significantly more ESPN content as well. So these are super fans that are linking.

是啊，太好了，很高興。是的，我們對帳戶連結感到非常興奮。我們已經有數萬人建立了聯繫。正如您所期望的，他們都下了更多的賭注，更高的處理量，更高的 GDR，而且令人印象深刻的是，他們也消耗了更多的 ESPN 內容。所以這些是正在連結的超級粉絲。

We're incredibly happy with the progress so far. I don't know if you've had an opportunity to link, but it's an incredibly seamless and quick process. And what it really does to get to your second question is it's really a foundational development that allows us to now personalize every element of your betting experience, not only on ESPN bet, so that we can start serving you personalized promos and offers and content related to your favorite teams and your interest, but also in how that manifests itself across ESPN's digital platforms.

我們對迄今為止的進展感到非常滿意。我不知道您是否有機會建立鏈接，但這是一個令人難以置信的無縫且快速的過程。對於您的第二個問題，它真正的作用是，它確實是一個基礎性的發展，使我們現在能夠個性化您投注體驗的每一個元素，而不僅僅是ESPN 投注，這樣我們就可以開始為您提供個人化的促銷和優惠以及相關內容您最喜歡的球隊和您的興趣，以及如何在 ESPN 的數位平台上體現。

And so in terms of bet tracking and things like that, you'll start to see sort of this seamless integration of highlighting of players and teams and results on ESPN without you doing any work. And we think fans are really going to love this.

因此，在投注跟踪等方面，您將開始在 ESPN 上看到球員和球隊的突出顯示以及結果的無縫集成，而無需您做任何工作。我們認為粉絲們真的會喜歡這個。

And of course, the placement of account linking, once your my bets module is activated, is right there on the home page of ESPN and the ESPN app. It's an incredible experience and it's only going to get better from here.

當然，一旦您的「我的投注」模組被激活，帳戶連結的位置就位於 ESPN 和 ESPN 應用程式的主頁上。這是一次令人難以置信的經歷，從這裡開始只會變得更好。

Yeah, the last thing I would add is, and I mentioned it in my prepared remarks, this is a big technical feat from the team here at PENN, as well as at ESPN. And it's great having partners where there's alignment and vision and where we want to take this thing.

是的，我要補充的最後一件事是，我在準備好的演講中提到過，這是 PENN 團隊以及 ESPN 團隊的重大技術壯舉。擁有志同道合、有遠見的合作夥伴，以及我們想要實現這一目標的合作夥伴，真是太棒了。

And exactly how ESPN Bet integrations will play into the total ESPN sports fandom, and the consumption of sports content. So really happy with the execution, and now it's time to start marketing the linked betting opportunity, and people are grabbing on to it very quickly. As Aaron mentioned, it's been tens of thousands, and it's really picked up even in the last 24 hours.

ESPN Bet 整合將如何影響整個 ESPN 運動迷以及體育內容的消費。對執行非常滿意，現在是時候開始行銷連結的投注機會了，人們很快就抓住了它。正如 Aaron 所提到的，已經有數以萬計，甚至在過去 24 小時內也確實有所回升。

Oh, okay. Thanks everyone.

哦好的。謝謝大家。

Thanks, Brandt.

謝謝，布蘭特。

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Good morning, everybody. Jay, I just wanted to ask you about New York, and as we think about the inclusion of your efforts in New York going forward, how so far and how you're thinking about promos in relation to handle with the inclusion of New York. How you think that trends in the near term and how you think about it more medium and longer term.

大家早安。傑伊，我只是想問你關於紐約的情況，當我們考慮你未來在紐約的努力時，到目前為止，以及你如何考慮與紐約的納入相關的促銷活動。您如何看待近期的趨勢以及您如何看待中長期的趨勢。

Yeah, we talked about it before Joe, and I'd say my answer really no different. What we're seeing in New York so far, not surprisingly is a higher quality customer. The ones that we have gotten through top of funnel, we're seeing a higher average deposit. and not surprisingly higher average handle per user.

是的，我們在喬之前討論過這個問題，我想說我的答案確實沒有什麼不同。到目前為止，我們在紐約看到的客戶品質更高，這並不奇怪。對於我們透過漏斗頂部獲得的資金，我們看到平均存款更高。毫不奇怪，每個用戶的平均處理量更高。

We've been very, very disciplined on the promo side, the tax rate is extremely high at over 50%, and you don't have any promo deduction opportunity before you pay taxes. And so we're related to the game, but it has been a big opportunity for us to grow our user base. Obviously, New York is a really important market for us and ESPN.

我們在促銷方面一直非常非常嚴格，稅率非常高，超過 50%，而且在納稅之前你沒有任何促銷扣除機會。因此，我們與遊戲息息相關，但這對我們來說是擴大用戶群的絕佳機會。顯然，紐約對我們和 ESPN 來說是一個非常重要的市場。

And there's a lot of people that work in New York but live in other states, like New Jersey and Pennsylvania. And so there's pretty neat cross sell opportunities depending on whether somebody's -- it's a weekday versus a weekend, whether they're commuting, or they're at home.

有很多人在紐約工作，但住在其他州，例如新澤西州和賓夕法尼亞州。因此，存在相當巧妙的交叉銷售機會，具體取決於某人是在工作日還是週末，無論他們是在通勤還是在家。

And so New York was a critical market for us to launch, but we're going to remain very disciplined in New York. We're not as worried about handle market share in New York the way that we are focused on that, and all the other states, especially those that are a combination OSB and iCasino.

因此，紐約是我們推出的關鍵市場，但我們將在紐約保持非常嚴格的紀律。我們並不像我們關注的那樣擔心紐約的市場份額，以及所有其他州，特別是那些 OSB 和 iCasino 相結合的州。

I think what's interesting is that the results that we shared with regard to October, we're feeling pretty good about the momentum sequentially. So September, we actually from this is all I'm pivoting a little bit, but I think it's an important part of your question.

我認為有趣的是，我們分享的有關 10 月的結果，我們對連續的勢頭感覺非常好。所以九月，我們實際上從這就是我要稍微調整的部分，但我認為這是你問題的重要組成部分。

If you exclude New York because New York we launched and I believe it was late September, so there's a little bit of noise in September, and a lot more in October. But if you look at our handle year-over-year growth for ESPN bet in the month of September, again, excluding New York to keep it apples to apples, it was 32% year-over-year.

如果你把紐約排除在外，因為紐約是我們推出的，我相信那是在九月底，所以九月有一點噪音，十月則更多。但如果你再看看我們 9 月份 ESPN 投注的同比增長情況，不包括紐約，你會發現同比增長了 32%。

And in October, excluding New York, it was 45% year-over-year. And that was with our promos as a percentage of handle down a bit from September to October. So we're growing handle organically, we're doing it through our retention efforts.

10 月份，不包括紐約，年增 45%。這是因為我們的促銷活動所佔的百分比從 9 月到 10 月略有下降。因此，我們正在有機地成長句柄，我們正在透過我們的保留努力來做到這一點。

We have profit boost tools that we didn't have a year ago. These things are all working, and we're seeing improvement sequentially from September and October, other than obviously, hold percentage has been an impact at just over 5% versus what it was in September.

我們擁有一年前沒有的利潤成長工具。這些事情都在發揮作用，我們看到 9 月和 10 月連續有所改善，但顯然，持有百分比與 9 月相比僅略高於 5%。

Excellent. Thank you for the color. And then good to hear the first five weeks, the start of this quarter from a slot volume perspective strong if -- if we were to exclude Michigan, Ohio, and the states that you reference is leading the way, would you say that still broad based growth in slot volume?

出色的。謝謝你的顏色。然後很高興聽到前五週，從老虎機數量的角度來看，本季度初的情況強勁，如果——如果我們排除密西根州、俄亥俄州以及您提到的處於領先地位的州，您會說仍然廣泛嗎老虎機數量的成長？

Obviously, if you exclude those, you're also sort of including those markets with competition. My question is like how broad based or how concentrated is that 3.6% volume growth year-over-year to those select markets?

顯然，如果您排除這些市場，那麼您也將那些有競爭的市場納入其中。我的問題是，這些特定市場 3.6% 的銷量年增率的基礎有多廣泛或集中程度如何？

Yeah, it's been surprisingly to the good news side. It's been broad based, but Todd, maybe you can speak to that a little more specificity.

是的，這對好消息來說是令人驚訝的。這是基礎廣泛的，但是托德，也許你可以說得更具體一些。

Yeah, Joe, this is Todd. I really, this last weekend, Jay and I and others were talking after the weekend results, it was one of the best weekends we've seen in quite some time. And that's really kind of continued through this week. So you would reference the competitive markets where there's new competition coming in.

是的，喬，這是托德。我真的，上週末，傑伊和我以及其他人在周末結果後進行了交談，這是我們相當長一段時間以來見過的最好的周末之一。這種情況實際上一直持續到本週。因此，您可以參考出現新競爭的競爭市場。

Obviously, those are not performing as well. But I would say across the board, we're pleased with results and volumes everywhere. And there's some other key markets that we're seeing that kind of halo effect from the sports betting.

顯然，這些表現並不好。但我想說，總的來說，我們對各地的結果和數量感到滿意。我們在其他一些主要市場也看到了體育博彩帶來的光環效應。

And as that comes in, we're seeing growth not only in the states that we referenced, but also Plainridge in Massachusetts has been a strong market for us. So we're pleased with where we're headed, and I think continued through this week and getting through Tuesday, and letting kind of people settle into how they feel about the economy in the future.

隨著這一點的到來，我們不僅看到我們提到的各州的成長，而且馬薩諸塞州的普萊恩里奇對我們來說也是一個強大的市場。因此，我們對我們的發展方向感到滿意，我認為這週一直持續到週二，讓人們了解他們對未來經濟的看法。

Thank you very much.

非常感謝。

Joe Stauff, Susquehanna.

喬·斯塔夫，薩斯奎哈納。

Thank you. Good morning, Jay, Todd, Felicia. I had a question realizing it's very difficult in your previous answer Jay to the 2025 revenue outlook. I'm wondering how you guys think about OpEx in '25. Is there an opportunity to say assume that it could be flat to down or is that more dynamic? What's the right way to think about that?

謝謝。早安，傑伊、陶德、費莉西亞。我有一個問題，意識到傑伊之前對 2025 年收入前景的回答非常困難。我想知道你們如何看待 25 年的營運支出。是否有機會假設它可能會持平或下跌，或更具活力？正確的思考方式是什麼？

And then maybe just a follow up on the digital side for Aaron. With respect to account linking, I appreciate the commentary, and certainly it's early in that launch of that product. But are you able to deliver, say a personalized promos that I guess essentially get fed from fantasy lineups into real sports betting? Is that something that you are able to deliver now or that's something that maybe is what would occur a little bit later?

然後也許只是亞倫數字方面的後續行動。關於帳戶鏈接，我很欣賞您的評論，當然，這還處於該產品發布的早期階段。但是，你是否能夠提供個人化的促銷活動，我想這些促銷活動本質上是從幻想陣容融入真正的體育博彩中的？這是你現在能夠交付的東西還是可能稍後會發生的東西？

Okay, Joe, we'll take both of those, Todd and I tag team. The first one I would say, look at a high level again, excluding the markets with new supply, because you're always going to feel impacts a bit different market to market there.

好吧，喬，我們兩個都拿，托德和我雙打。我想說的第一點是，再次專注於高水平，排除有新供應的市場，因為你總是會感覺到那裡的市場與市場之間的影響有點不同。

And we'll know more obviously when we're sitting on the call in February, and have a couple more -- a few more months under our belt of what we're seeing with some of the new competition.

當我們在二月參加電話會議時，我們會更清楚地知道，並且還有幾個月的時間，我們會在一些新的競爭中看到什麼。

I would say, other than that, we're certainly feeling a lot better on a year-over-year basis going into '25 from an OpEx perspective than we were in '24. '24, there were major insurance headwinds. There were several markets of labor headwinds. and renegotiated union agreements and labor payments. So at a high level, I would say we're feeling better.

我想說的是，除此之外，從營運支出的角度來看，進入 25 年，我們的感覺肯定比 24 年好得多。 24 年，保險業面臨重大阻力。多個市場都面臨勞動力逆風。並重新談判工會協議和勞工付款。所以從高水準來看，我想說我們感覺好多了。

Todd, feel free to jump in there.

托德，請隨意跳進去。

Yeah, Jay, I agree with all that. The only thing I would add is as we continue to kind of pursue technology, it's changing the way that we communicate with people from a marketing standpoint. So yesterday, we were in a meeting looking at our overall marketing cost, and we're moving away from things like postage and mailing costs and printing costs, and moving more to that digital communication.

是的，傑伊，我同意這一切。我唯一要補充的是，隨著我們繼續追求技術，它正在改變我們從行銷角度與人們溝通的方式。所以昨天，我們在一次會議上討論了我們的整體行銷成本，我們正在放棄郵資和郵寄成本以及印刷成本，並更多地轉向數位通訊。

Those are big dollars for us, also with the way that our properties are laid out now. We have set up kind of these clusters of properties where we can create synergies, we can share marketing expenses, we can share labor expenses, and we do a really good job of that. But we are turning over every stone, so more to come.

這些對我們來說是一筆巨款，而且以我們現在的房產佈局方式也是如此。我們已經建立了這樣的資產集群，我們可以在其中創造協同效應，我們可以分擔行銷費用，我們可以分擔勞動力費用，我們在這方面做得非常好。但我們正在翻開每一塊石頭，所以還會有更多。

But if you were to kind of again, the way you phrased your question up down flat, we're always looking for that flat to downward trajectory without negatively impacting the guest experience.

但如果你再次採取從上到下表達問題的方式，我們總是在尋找從平到下降的軌跡，而不會對客人體驗產生負面影響。

And this is Aaron, I'll take the second question. So yeah, absolutely. So account linking does unlock the ability for us to know your fantasy rosters, and then to create and target content based on that. If you look at this year for fantasy football, we actually had a really slick integration with ESPN Bet around that. That was pseudo personalized.

這是亞倫，我來回答第二個問題。所以是的，絕對是的。因此，帳戶連結確實使我們能夠了解您的幻想名單，然後據此創建和定位內容。如果你看看今年的夢幻足球，我們實際上與 ESPN Bet 圍繞這一點進行了非常巧妙的整合。那是偽個性化的。

Remember this was pre-account linking. So of course, we know who's on everyone's roster, and we have markets around all those players. So we could target you based on who was on your roster. And even that implementation that wasn't super personalized, had a 20% engagement.

請記住，這是預帳戶連結。所以當然，我們知道每個人的名單上都有誰，而且我們在所有這些球員周圍都有市場。這樣我們就可以根據您名單上的人員來定位您。即使不是超級個人化的實施，也有 20% 的參與度。

So we integrated that through a modal pop-up, and it was highly engaged. And of course now that we have account linking, and we know your roster, you're going to see that integration natively integrated into ESPN's actual game.

因此，我們透過模式彈出視窗將其集成，並且參與度很高。當然，現在我們有了帳戶鏈接，並且我們知道您的名單，您將看到該集成原生集成到 ESPN 的實際遊戲中。

So it won't be a pop-up, it will be part of the actual experience. So we're super excited. Based on that early engagement, we know that fantasy players love sports betting, and they love this content, and they're hyper engaged. And so this just allows us to take this now to the next level, so we're super excited about it.

所以它不會是一個彈出窗口，它將成為實際體驗的一部分。所以我們非常興奮。根據早期的參與度，我們知道幻想玩家喜歡體育博彩，他們喜歡這些內容，而且他們的參與度很高。這讓我們能夠將其提升到一個新的水平，所以我們對此感到非常興奮。

Thanks a lot.

多謝。

Yeah.

是的。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good morning, everyone. I just wanted to touch on the online casino launch or relaunch as we get into 2025. I don't think we've talked about this too much here, but could you just give us a little sense or a little preview on some of the plans there?

嗨，大家早安。我只是想談談 2025 年線上賭場的推出或重新推出。我認為我們在這裡沒有過多討論這個問題，但是您能給我們一些關於那裡的一些計劃的了解或預覽嗎？

We have seen when people have refocused on efforts there, they've wanted to have some incremental marketing support for that. So is that something we should expect to be baking into the plans?

我們已經看到，當人們重新關注那裡的工作時，他們希望為此獲得一些增量行銷支援。那麼我們應該將其納入計劃中嗎？

And then maybe the bigger strategy question is it going to be sort of what's your kind of cross sell plan? Are you going to lean more to the casino channel and the brick and mortar side, or a little bit more to the OSB cross sell just given the success so far with ESPN. Thanks.

然後，也許更大的策略問題是你的交叉銷售計劃是什麼？鑑於 ESPN 迄今為止的成功，您是否會更傾向於賭場管道和實體方面，或更多地傾向於 OSB 交叉銷售。謝謝。

Thanks, thanks Shaun. I'll hit the cross sell part of it first, and I'm sure Aaron and Todd will have some thoughts in terms of the launch itself, and what's going to be unique and different about the launch. What's so -- so take a step back for a minute.

謝謝，謝謝肖恩。我將首先討論交叉銷售部分，我相信亞倫和托德會對發布本身以及發布的獨特性和不同之處有一些想法。這是怎麼回事——退後一步。

We haven't had the opportunity other than when we launched years ago, our iCasino offering in the state of Pennsylvania, we had it branded Hollywood Casino, but it was with a third party platform, IGT, and that was discontinued about a year ago. And so we really haven't had the opportunity.

除了幾年前我們在賓夕法尼亞州推出 iCasino 產品外，我們還沒有機會，我們將其品牌命名為“Hollywood Casino”，但它是透過第三方平台 IGT 提供的，大約一年前就停止了。所以我們真的沒有機會。

And again, just going back in time, when we launched the Hollywood Casino app in Pennsylvania on that third party platform, we saw pretty strong market share. We were high single digit for most of that time. And obviously, the biggest reason is the cross sell opportunity with your land based casinos, remember that we have four land based casinos in the state of Pennsylvania.

再說一遍，當我們在第三方平台上在賓夕法尼亞州推出好萊塢賭場應用程式時，我們看到了相當強大的市場份額。那段時間我們大部分的時間都是高個位數。顯然，最大的原因是與實體賭場的交叉銷售機會，請記住，我們在賓州有四個實體賭場。

They're all flagged Hollywood. We have one in Michigan, one of the three land based commercial casinos, again flagged Hollywood at Great Town. And so the cross sell opportunities for us are going to be very significant when we launch that standalone Hollywood casino app.

他們都被標記為好萊塢。我們在密西根州有一家賭場，是三大陸地商業賭場之一，在大城再次標榜好萊塢。因此，當我們推出獨立的好萊塢賭場應用程式時，交叉銷售機會對我們來說將非常重要。

What we're doing right now is messy because you're marketing to your land based casino database at Hollywood properties, and telling them that they should download the ESPN Bet app to play their favorite slot machine. So it's messy, and we know that this is a big opportunity.

我們現在所做的事情很混亂，因為您正在向好萊塢房地產的實體賭場資料庫進行行銷，並告訴他們應該下載 ESPN Bet 應用程式來玩他們最喜歡的老虎機。所以這很混亂，但我們知道這是一個很大的機會。

We've watched our competition launch standalone iCasino apps with great success, and many times it was the same brand. It was just -- it led iCasino, and so for us, it's not only leading with iCasino in that app, but it's also the brand connection, which is going to be I think probably very well, we believe pretty powerful for us.

我們看到我們的競爭對手推出獨立的 iCasino 應用程式並取得了巨大成功，而且很多時候都是同一個品牌。它只是——它引領了 iCasino，所以對我們來說，它不僅在該應用程式中引領了 iCasino，而且也是品牌聯繫，我認為這可能很好，我們相信對我們來說非常強大。

With regard to the marketing plans for that launch, it will be built into our guidance for sure. It doesn't change what we've said about how we've thought at a high level about 2025. But we're definitely going to make sure that we've got some dollars put aside so market those new standalone iCasino apps because again, great business, great margins and great cross sell opportunities both with regard to OSB and our land based businesses.

關於該發布的營銷計劃，它肯定會納入我們的指導中。這並沒有改變我們所說的關於我們對 2025 年的高層看法。但我們肯定會確保留出一些資金來行銷這些新的獨立 iCasino 應用程序，因為 OSB 和我們的實體業務都擁有巨大的業務、巨大的利潤和巨大的交叉銷售機會。

Yeah. And I think just to build on what Jay was saying, we're seeing a lot of success in cross sell from OSB to iCasino. What the standalone app lets us do is there is a whole cohort of i-gamers who as Jay said, don't get the fact that they have to access our casino through our sportsbook. And so this completely unlocks that.

是的。我認為，以 Jay 所說的為基礎，我們看到從 OSB 到 iCasino 的交叉銷售取得了巨大的成功。獨立應用程式讓我們做的是，正如傑伊所說，有一大批網路遊戲玩家不知道他們必須透過我們的體育博彩訪問我們的賭場。所以這完全解鎖了這一點。

And then of course, building on that further is we have the entire omni channel opportunity where people are in our casinos, and we can now clearly market to them, the same branded product, the same product they're playing on site as they go interactive. And so we think that's also going to just be incremental to all the things we're doing here.

當然，在此基礎上，我們擁有人們在我們賭場的整個全通路機會，我們現在可以清楚地向他們推銷相同的品牌產品，他們在現場玩的相同產品交互的。因此，我們認為這也將是我們在這裡所做的所有事情的增量。

Yeah, well said. The only thing I would add, we've actually had great conversations starting at G2E with some of the slot manufacturers. So working with them to get some unique products that no one else is offering.

是啊，說得好。我唯一要補充的是，我們實際上從 G2E 開始就與一些老虎機製造商進行了很好的對話。因此，與他們合作以獲得一些其他人無法提供的獨特產品。

We also have a rather sizable database all across Pennsylvania that we'll tap into, and kind of look at slots first. But we'll also be able to do some unique items that we're working on where we'll actually put live dealer studios inside of our properties. So we're just kind of looking at everything and how differentiated our approach can be.

我們在整個賓夕法尼亞州還有一個相當大的資料庫，我們將利用該資料庫，並首先查看老虎機。但我們也將能夠做一些我們正在開發的獨特項目，我們實際上會將現場荷官工作室放在我們的房產內。所以我們只是專注於一切以及我們的方法可以有多差異化。

Todd triggered another idea or thought that I wanted to share as well with regards to the actual launch, but not surprisingly, we lean a lot more table games today, because the only way to get to Hollywood Casino is through ESPN Bet. And so most online sports betters play table games as compared to slots.

托德引發了我也想分享的關於實際發布的另一個想法或想法，但毫不奇怪，我們今天傾斜了更多的賭桌遊戲，因為進入好萊塢賭場的唯一途徑是通過 ESPN Bet。因此，與老虎機相比，大多數線上體育遊戲更適合玩桌上遊戲。

Whereas people that would be coming into Hollywood Casino as a standalone app who are land based retail customers and avid casino and slot players -- casino visitors and slot players. I think you'll see that the product launch and the product offering for Hollywood iCasino will definitely be targeting slots first, and table game second versus ESPN bet. Hollywood Casino is more of a table games first, slot second. So that's a difference that you'll see with this launch as well.

而那些將作為獨立應用程式進入好萊塢賭場的人是實體零售客戶以及狂熱的賭場和老虎機玩家——賭場訪客和老虎機玩家。我認為您會看到，好萊塢 iCasino 的產品發布和產品供應肯定會首先瞄準老虎機，然後才是賭桌遊戲，而不是 ESPN 賭注。好萊塢賭場首先是桌上遊戲，其次是老虎機遊戲。因此，這也是您在此次發布中看到的差異。

Thank you for all the color.

謝謝你所有的顏色。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good morning, everyone, and thanks for taking my question. I just wanted to follow-up on just kind of that fourth quarter interactive guide that you gave. If we think about kind of the hold impact, which I think it equates about $35 million or that's the change.

嘿，大家早上好，感謝您提出我的問題。我只是想跟進您提供的第四季度互動指南。如果我們考慮暫停的影響，我認為這相當於 3500 萬美元，或者說這就是變化。

I guess how much of that $35 million is hold versus kind of other moving pieces in the quarter, account linking, the New York launch, and then does that $35 million swing, assuming that is the correct number, or does that reflect maybe a change in promotional behavior given your customers have been winning?

我猜想這3500 萬美元中有多少是持有的，與本季度的其他活動相比，帳戶鏈接，紐約發布，然後假設這是正確的數字，那麼這3500 萬美元是否會波動，或者這是否反映了可能的變化在促銷行為中你的客戶是否已經贏得了勝利？

It's entirely hold percentage, Dan. It's not, and I mentioned earlier, we're not down $35 million right now, but we've had a rough start from a hold percentage perspective. So we thought it was just prudent to just keep it flat to last quarter, because we're in a hold right now. That's not a PENN thing. You'll hear this, I'm sure from others reporting later week and next week.

這完全是持有率，丹。事實並非如此，我之前提到過，我們現在並沒有減少 3500 萬美元，但從持有百分比的角度來看，我們的開局很艱難。因此，我們認為將其與上季持平是謹慎的做法，因為我們現在處於擱置狀態。這不是佩恩的事。我確信你會從其他人本週晚些時候和下週的報告中聽到這一點。

So we thought, let's just take the conservative approach. If hold percentage bounces back and we make up for the really low hold in October and early November, then this is going to turn out to be a very conservative approach.

所以我們想，我們就採取保守的方法吧。如果持有百分比反彈，並且我們彌補了 10 月和 11 月初的低持有量，那麼這將是一種非常保守的方法。

But it's hold percentage related. It's not any of the other stuff where our promos is a percentage of handle. We've got a very good handle on account linking was built into our marketing plan for the quarter. So there's nothing new or different other than hold percentage.

但這與持有百分比相關。我們的促銷活動不是按照手把百分比來進行的。我們很好地處理了帳戶鏈接，並將其納入我們本季度的營銷計劃中。因此，除了持有百分比之外，沒有什麼新的或不同的。

Got it. That's helpful. And then just to follow up on the i-gaming. Is there any research that you've done or any kind of insights you can share on where that your current brick and mortar database is playing? Is it other omni channel providers or is it kind of the digital first competitors, and as you think about taking share from those, what are kind of the different buckets as you look at it.

知道了。這很有幫助。然後就是跟進 i-gaming。您是否做過任何研究，或者您可以分享關於當前實體資料庫的作用的任何見解？是其他全通路提供者還是數位第一競爭對手，當您考慮從這些提供者取得份額時，您會看到哪些不同的類別。

Yeah, I'm not sure that we know that answer. I would my best guess would be probably a little bit of everything. They're probably playing a little bit with us in some of them, and others haven't connected the whole ESPN Bet. If you're not a sports better, there's a iCasino there waiting for you that's branded Hollywood.

是的，我不確定我們是否知道這個答案。我最好的猜測可能是所有的東西都有點。他們可能在其中一些項目中與我們進行了一些合作，而其他項目則沒有將整個 ESPN 賭注聯繫起來。如果您不擅長運動，那麼這裡有好萊塢品牌的 iCasino 等著您。

So I would say, think about this as obviously we have the loyalty program connection, that we're going to be able to introduce more aggressively with people make sure it's very clear that you can use your -- there's total linkage between what you play and earn on the land based side and what you play and earn within the digital ecosystem.

所以我想說，想一想，顯然我們有忠誠度計劃的聯繫，我們將能夠更積極地向人們介紹，確保很清楚你可以使用你的——你所玩的遊戲之間存在完全的聯繫並在陸地方面賺取收入以及您在數位生態系統中玩遊戲和賺取的收入。

And so if you're looking to redeem promo credits that you've earned in the land based side within the iCasino app, you can actually do that now, but we haven't been able to market it as aggressively just because again, the brand disconnect. So I think the loyalty program connection and linkage is going to be pretty powerful for us.

因此，如果您想兌換在 iCasino 應用程式中在實體方面獲得的促銷積分，您實際上現在就可以這樣做，但我們無法如此積極地推銷它，因為同樣，品牌脫節。因此，我認為忠誠度計劃的連結和連結對我們來說將非常強大。

Got it. Thanks so much.

知道了。非常感謝。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Hi, good morning. Thanks for taking my question. Wanted to ask about initial thoughts on the Missouri sports betting vote, plans for that state. And if you think the outcome of this could have any potential impact on some other states, either in that part of the country. or in other regions. And then also related to the tax rate that was announced in that market. Thank you.

嗨，早安。感謝您提出我的問題。想詢問有關密蘇裡州體育博彩投票的初步想法以及該州的計劃。如果您認為這一結果可能會對其他一些州（無論是在該國的該地區）產生任何潛在影響。或在其他地區。然後也與該市場公佈的稅率有關。謝謝。

Yeah, happy to share that. This we're talking 48 hours ago, but we did have a good feel for whether it was going to pass or not. We know what the structure is. I think Missouri is an interesting state. It's probably one of the last states in the country, obviously excluding the Californias and Texases and Floridas.

是的，很高興分享這一點。我們 48 小時前就已經討論過這個問題，但我們確實對它是否會通過有很好的預感。我們知道結構是什麼。我認為密蘇裡州是一個有趣的州。它可能是該國最後的州之一，顯然不包括加利福尼亞州、德克薩斯州和佛羅裡達州。

But the one of the last states outside of those three that we know that there's real sports fandom. You've got two major cities really into sports between St. Louis and Kansas City. And of course, we have three land based casinos in the state of Missouri, two in the St. Louis MSA, one in the Kansas City MSA.

但我們知道，這是這三個州之外最後幾個擁有真正體育迷的州之一。聖路易斯和堪薩斯城之間有兩個非常熱衷於運動的主要城市。當然，我們在密蘇裡州擁有 3 家實體賭場，2 家在聖路易斯 MSA，1 家在堪薩斯城 MSA。

We have another property on the Kansas side of Kansas City. So we're -- we think we're pretty well positioned, tax rate is attractive. I think the structure was attractive, and there's been some commentary out there about the land based casino, companies only getting one skin for the whole state.

我們在堪薩斯城堪薩斯一側還有另一處房產。所以我們認為我們處於有利地位，稅率很有吸引力。我認為這種結構很有吸引力，而且有一些關於陸地賭場的評論，公司只為整個州獲得一張皮膚。

And we're reading again publicly what I think others can read that maybe that's not the read of the regulators there, that it's going to be each of the casino operators that have multiple properties within have multiple skins in the state. So we're still clarifying that with the regulators.

我們正在再次公開閱讀我認為其他人可以讀到的內容，這可能不是那裡的監管機構所讀到的，這將是每個擁有多個財產的賭場運營商在該州擁有多個皮膚。所以我們仍在向監管機構澄清這一點。

But that's our understanding as we sit here today. So we think overall this was good news for PENN, obviously, good news for us launching ESPN Bet, and we feel like we've got a nice database that we can tap into across the state.

但這是我們今天坐在這裡的理解。因此，我們認為總的來說，這對PENN 來說是個好消息，顯然，對我們推出ESPN Bet 來說也是個好消息，而且我們覺得我們已經有了一個可以在全州範圍內利用的很好的資料庫。

Thanks Jay. I appreciate it. And then just thinking about seasonality on hold, and maybe what a lot of us saw out there with the World Series, and the really strong national numbers, and viewership. Do you think the hold rates for non-NFL sports have a lot of way to go in terms of (technical difficulty)

謝謝傑伊。我很感激。然後想想暫停的季節性，也許我們許多人在世界職棒大賽中看到了什麼，以及真正強勁的全國數字和收視率。您認為非 NFL 體育項目的保留率還有很長的路要走嗎？（技術難度）

Thanks, Chad, that's not on our end. I'm not sure what Cindy is that.

謝謝，查德，這不是我們的目的。我不確定辛蒂是什麼。

Okay Jay, did you get all that, thanks.

好的，傑伊，你明白了嗎，謝謝。

I think I did Chad, if not just jump in at the end. With regard to seasonality and World Series, obviously there was more attention on the World Series and more wagers this year, given the match up was two powerhouse cities versus what it was last year.

我想我做到了查德，如果不是最後跳進去的話。關於季節性和世界大賽，顯然今年對世界大賽的關注度更高，投注也更多，因為與去年相比，比賽是兩個強隊城市。

As a Yankee fan, it was a brutal World Series, but it also wasn't super helpful on the betting side. I think people were definitely feeling as though the Dodgers were going to win that series, especially the way that it started.

作為洋基球迷，這是一場殘酷的世界大賽，但它在投注方面也沒有太大幫助。我認為人們肯定感覺道奇隊將贏得那個系列賽，尤其是它開始的方式。

So I would say World Series every year, it's hard to say that there's going to be any seasonality related to World Series. It really depends on the match up and the favorite and where the money is landing. Generally speaking, we would expect the fourth quarter to be a solid sort of in market hold quarter for us.

所以我每年都會說世界大賽，很難說會有任何與世界大賽相關的季節性。這實際上取決於比賽、熱門球隊以及資金的流向。一般來說，我們預計第四季度對我們來說將是一個穩定的市場持有季度。

The good news about the fourth quarter even where we sit today is that October is the lightest betting month of the quarter. If you look at handle by month, historically, typically it's around 30%, 31% in October, and then the rest in November and December.

關於第四季的好消息是，即使我們今天坐在這裡，十月也是該季度投注最少的月份。如果按月查看，從歷史上看，通常約為 30%，10 月為 31%，然後是 11 月和 12 月。

So if hold comes around, we've got heavier volume months ahead of us, where it could really help make up some of what's been lost so far quarter to date.

因此，如果出現保留，我們將在未來幾個月獲得更大的成交量，這確實可以幫助彌補迄今為止季度迄今的一些損失。

Thanks, appreciate it.

謝謝，感激不盡。

Bernie McTernan, Needham.

伯尼·麥克特南，李約瑟。

Great, good morning. Thanks for your questions. Want to focus on account linking. Aaron talked about personalization. I know there's bet tracking within the account linking right now. But is there actual personalization that's happening with bets and promotions right now?

太好了，早安。感謝您的提問。希望專注於帳戶連結。亞倫談到了個性化。我知道現在連結的帳戶中有投注追蹤。但現在的投注和促銷活動是否存在真正的個人化？

And if it is driving an uplift, embedding the account linking, is there anything you could do to get customers to more aggressively adopt account linking? Would that be something you could look at or is organically the way to go?

如果透過嵌入帳戶連結來推動提升，您可以做些什麼來讓客戶更積極地採用帳戶連結？這是你可以考慮的事情還是有機的解決方法？

No, we're actually really focused on driving people towards account linking. We as Jay mentioned previously, we just started promoting it in the last few days. The results have been really great. So we'll continue both on the ESPN and ESPN Bet side to promote the benefits of account linking.

不，我們實際上真正專注於推動人們進行帳戶連結。正如傑伊之前提到的，我們最近幾天才開始推廣它。結果非常好。因此，我們將繼續在 ESPN 和 ESPN Bet 方面宣傳帳戶關聯的好處。

You'll see it all throughout your experiences, whether signing up for new products, signing up for games. Just targeted approaches to getting you to link, and sharing the benefits. Back to your first question, in order to personalize your bets and your bet tracking and everything that's going to go with this, we had to link accounts first.

您將在整個體驗中看到這一切，無論是註冊新產品還是註冊遊戲。只是有針對性的方法讓您建立聯繫並分享利益。回到你的第一個問題，為了個性化你的投注和投注跟踪以及與之相關的一切，我們必須先連結帳戶。

So we are literally a few days into that. So obviously, as we move forward, you will start to see personalized content bet offers all throughout ESPN and ESPN Bet, and it will just start happening organically.

所以我們實際上已經進行了幾天了。顯然，隨著我們的前進，您將開始在整個 ESPN 和 ESPN Bet 中看到個人化內容投注優惠，並且它將開始有機地發生。

It's not going to be a launch. It's just your experience is going to start getting smarter for you, and you'll see it in a bunch of different places, including in that module on the ESPN home feed as well.

這不會是一次發射。只是你的體驗將開始變得更加智能，你會在很多不同的地方看到它，包括 ESPN 主頁上的那個模組。

Got it. Thanks Aaron.

知道了。謝謝亞倫。

Yes.

是的。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good morning, everyone. Thanks for taking my question. When we look at the 3.9 million digital database you have in your slides, and then the 1.8 million you've added since the launch of ESPN. But are you may be able to help us break down how many of those people have come directly through just an ESPN channel versus we want to call it other channel?

大家早安。感謝您提出我的問題。當我們查看幻燈片中包含的 390 萬個數位資料庫，以及自 ESPN 推出以來新增的 180 萬個數位資料庫。但是您能否幫助我們詳細分析其中有多少人直接透過 ESPN 頻道與我們稱為其他頻道的人數進行比較？

We haven't provided that level of detail, Jordan. I would say that since the launch of ESPN Bet, you should assume that most of those that have come through were from the ESPN ecosystem. But we haven't provided any more detail than that, but it is definitely most.

喬丹，我們還沒有提供那麼詳細的資訊。我想說的是，自從 ESPN Bet 推出以來，你應該假設大部分的內容都來自 ESPN 生態系統。但我們沒有提供比這更多的細節，但這絕對是最詳細的。

Okay, thanks. And then are you seeing just any in terms of turn rates, are you seeing any difference between people coming in through the ESPN channel versus again that kind of other bucket?

好的，謝謝。然後，您是否看到透過 ESPN 頻道進入的人與透過其他管道進入的人之間有什麼區別？

Yeah, retention tends to be stronger with those that come in through ESPN. And obviously when you add the integrations and account linking, that just continues to get stronger. We're quite pleased with what retention looks like.

是的，透過 ESPN 進來的人的保留率往往更高。顯然，當您添加整合和帳戶連結時，它會繼續變得更強大。我們對保留率非常滿意。

We've got this really large base of mass market casual betters. And I mentioned earlier, we're continuing to see higher engagement, better handle per user, modernization is improving. So we're very focused on that, and we have to simultaneously of course continue to attract new and reactivate those that have not reactivated, who maybe came in that November, December, January, February time frame, used promotions, maybe placed cash wager or better too and then disappeared.

我們擁有龐大的大眾市場休閒服飾基礎。我之前提到過，我們繼續看到更高的參與度，更好的每個用戶處理，現代化正在改善。因此，我們非常關注這一點，當然，我們必須同時繼續吸引新的並重新激活那些尚未重新激活的人，他們可能在11 月、12 月、1 月、2 月的時間範圍內進來，使用促銷活動，可能下現金賭注或更好，然後就消失了。

And so continuing to focus on reactivating is of highest priority for us. And then of course, we're seeing outside of ESPN, as I mentioned earlier on our digital performance, we're like we're really getting a good feel for what's working, what's not from a CPA perspective.

因此，繼續專注於重新激活是我們的首要任務。當然，我們在 ESPN 之外看到，正如我之前提到的關於我們的數位表現的那樣，我們真的很好地感覺到什麼是有效的，什麼不是從 CPA 的角度來看的。

And those CPAs continue to look pretty good, both within ESPN, they're the best. But they're looking pretty good outside of ESPN as well.

這些註冊會計師看起來仍然相當不錯，無論是在 ESPN 內，他們都是最好的。但他們在 ESPN 之外的表現也不錯。

Great. Thanks Jay.

偉大的。謝謝傑伊。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾，克雷格·哈勒姆。

Hey, good morning guys. Just one on the player linking to follow-up on that. Is there the potential to offer say ESPN+ memberships for free, or if you have for linking it, or if you have some status on ESPN Bet you get that membership for free, where you can really try and drive cross synergies from ESPN, or is that I guess too difficult given Disney and PENN are two different companies?

嘿，早上好，夥計們。只有一個關於播放器的後續連結。是否有可能免費提供 ESPN+ 會員資格，或者如果您有連結它，或者如果您在 ESPN Bet 上有一定的地位，您可以免費獲得該會員資格，您可以真正嘗試並推動 ESPN 的交叉協同效應，或者是鑑於迪士尼和PENN 是兩家不同的公司，我認為太難了？

Well, I think we're going to let Todd take that one.

好吧，我想我們會讓托德來接那個。

Hey, thanks Aaron. Great question, and thanks for teeing it up for us. It's a great timing. We actually are working with ESPN Disney on an opportunity for our database to get ESPN+ and that will be coming out shortly.

嘿，謝謝亞倫。很好的問題，感謝您為我們準備。這是一個很好的時機。實際上，我們正​​在與 ESPN Disney 合作，為我們的資料庫提供接入 ESPN+ 的機會，該計劃很快就會發布。

It'll be a one month trial membership. And again, it just shows the teamwork that we have between these companies and everything that we can do together to communicate and interact and engage with our fans.

這將是一個月的試用會員資格。再說一遍，它只是展示了我們這些公司之間的團隊合作，以及我們可以一起做的一切來與我們的粉絲進行溝通、互動和互動。

Excellent. Switching over to land base side, you're shutting down the Freehold Raceway in New Jersey, I guess, is there opportunity to further optimize non-core assets in the portfolio, either sale, further closures, et cetera or is that kind of a one-off?

出色的。切換到陸上基地方面，你要關閉新澤西州的永久業權賽道，我想，是否有機會進一步優化投資組合中的非核心資產，無論是出售、進一步關閉等等，還是這樣的一次性的？

I wouldn't consider that one, Ryan, a one-off. That was standalone horse racing. And so really if you look at our portfolio, we feel like we're in really good shape, all of our land based, and barge riverboat casinos, all of them are profitable, both before and after rent, not even close to being unprofitable, any of them.

瑞安，我不認為那是一次性的。那是獨立的賽馬。所以，如果你看看我們的投資組合，我們感覺我們的狀況非常好，我們所有的陸上賭場和駁船賭場，所有這些賭場在租金之前和之後都是盈利的，甚至沒有接近無利可圖。 ，其中任何一個。

So there really wouldn't be any thoughts around any necessary closures or anything of that nature. And I think as you look at the rest of our horse racing portfolio, one, they're either at close or above break even on a standalone basis.

因此，實際上不會有任何關於任何必要的關閉或類似性質的事情的想法。我認為，當你看看我們的賽馬投資組合的其餘部分時，第一，它們在獨立基礎上要么接近或高於收支平衡。

And they're also, we believe some of those are great development options for us down the road for potential land based casino legalization or expansion in some of those markets. Certainly Texas is top of mind there.

我們也相信，其中一些對於我們未來潛在的實體賭場合法化或在某些市場的擴張來說是很好的發展選擇。當然，德克薩斯州是那裡的首要考慮因素。

Thanks Jay. And no hard feelings on your disrespect towards Minnesota loyal sports fans, and not having OSB yet. Good luck guys.

謝謝傑伊。對於您對明尼蘇達州忠實體育迷的不尊重以及尚未擁有 OSB 的行為，沒有任何怨恨。祝大家好運。

Thanks Ryan.

謝謝瑞安。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey, this is Stephen. Wanted to touch on digital but with a focus on Toronto and Canada specifically, I guess how does the customer spend in other aspects in that market compared to the US as we think about ESPN Bet customers? And is that segment EBITDA positive on its own or even if you separate out kind of media and betting?

嘿，這是史蒂芬。想談談數位領域，但特別關注多倫多和加拿大，我想當我們考慮 ESPN Bet 客戶時，與美國相比，該市場的客戶在其他方面的支出如何？即使您將媒體和博彩分開，該部分 EBITDA 本身是否為正值？

Yes, it's certainly contribution margin positive. It depends obviously on how you would allocate some of those shared expenses beyond that. Ontario has been continues to be a really good story for us, which is part of why we're pretty bold up on Alberta opportunity whenever that does present itself, it certainly has moved into 2025.

是的，邊際貢獻肯定是正值。這顯然取決於您如何分配除此之外的部分共享費用。安大略省對我們來說仍然是一個非常好的故事，這就是為什麼我們對艾伯塔省的機會非常大膽的部分原因，每當它出現時，它肯定已經進入了 2025 年。

We'll wait on the government and the regulators there to tell us exactly when the go live launch would be. We've got a significant number of users. It's interesting because the makeup of our database in Ontario is quite similar to what we're seeing here in the US with ESPN Bet, large mass market casual, certainly have some VIP play, but the bulk of the users are more in that casual segment.

我們將等待政府和監管機構告訴我們上線的確切時間。我們擁有大量用戶。這很有趣，因為我們在安大略省的資料庫的組成與我們在美國看到的 ESPN Bet 非常相似，大型大眾市場休閒遊戲，當然有一些 VIP 遊戲，但大部分用戶更多是在休閒領域。

Our parlay mix in Ontario because we've been at it a bit longer there is comfortably in the low 30s as a percentage of handle, and that's up year-over-year from the mid to high 20s. So we're already ahead in Ontario of what we're seeing here in the US.

我們在安大略省的連本帶利組合，因為我們已經在這方面投入了更長的時間，所以手柄百分比在 30 多歲以下，並且從 20 多歲中到高位逐年上升。因此，我們在安大略省已經領先美國。

We're moving in the right direction here in the US, but we're still in that mid to high 20s, parlays as a percentage of handle. So we look at Ontario sort of being maybe a year or 18 months ahead of kind of where things are here in the US from an ESPN Bet perspective, and everything that we saw in Ontario trend wise, we're seeing as we go in the US as well.

在美國，我們正朝著正確的方向前進，但我們仍處於 20 左右的水平，連贏彩佔手柄百分比。因此，從 ESPN Bet 的角度來看，安大略省可能比美國提前一年或 18 個月，而且我們在安大略省趨勢方面看到的一切，我們在進入美國也是如此。

And then maybe a quick follow-up on that is the cross sell and i-gaming in Ontario also similar to or would you think that that's generally going to be a little bit of a different (inaudible) just given differences in the retail business there.

然後，也許快速跟進的是安大略省的交叉銷售和網絡遊戲也類似於，或者您是否認為這通常會有點不同（聽不清楚），只是考慮到那裡零售業務的差異。

It's really just -- it's grown over time again. We've been at it longer in Ontario than some of the markets here in the US. Our cross sell percentages are a little bit higher in Ontario. So that tells us we've got opportunity, not just on the land based cross sell that Todd and I talked about earlier, but also on the OSB cross sell in the States where you have both.

它真的只是——隨著時間的推移，它再次成長。我們在安大略省的經營時間比美國的一些市場還要長。我們在安大略省的交叉銷售百分比略高一些。因此，這告訴我們，我們有機會，不僅是托德和我之前談到的基於陸地的交叉銷售，而且還包括在同時擁有這兩種產品的美國的 OSB 交叉銷售。

So it's a good template for us to look at as we think about what the opportunities in front of us here in the US with ESPN Bet given our experiences, and what we've seen in the results in Ontario.

因此，根據我們的經驗以及我們在安大略省的結果中看到的情況，當我們考慮 ESPN Bet 在美國面臨的機會時，這是一個很好的模板。

Cindy, if we can have one more question, realizing that we had an investor event just a month ago, and we're getting close to the end of the hour, but we'll do one more question.

辛迪，如果我們還能再問一個問題，因為我們一個月前剛剛舉辦了一場投資者活動，而且我們已經接近這一小時的結束了，但我們還會再問一個問題。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

I'm sitting here looking at your -- thank you for taking my question. I'm looking at your slide 4, and I see your map with all the properties, et cetera, and the focus on building out the digital and doing it in a disciplined way with a land based business that's stable but not growing, any thought toward whether you might consider looking at some properties that aren't growing, and maybe redeploying some of those resources by selling them toward digital.

我坐在這裡看著你的——謝謝你提出我的問題。我正在看你的幻燈片 4，我看到你的地圖上有所有的屬性等等，重點是構建數位化並以有紀律的方式與穩定但不增長的陸地業務進行合作，任何想法是否可以考慮考慮一些沒有成長的資產，並可能透過將其出售給數位化來重新部署其中一些資源。

And the second part of my question, which I'll put out up front is I see you do have a presence in Texas. There's obviously events of the week that may refocus or change people's view about whether Texas might legalize some things. If (inaudible) might move on, are you positioned and interested in participating in Texas should it move in a legalization direction. Thanks.

我問題的第二部分，我將在前面提出，我看到你們確實在德克薩斯州有業務。顯然，本週發生的事件可能會重新關注或改變人們對德州是否可能將某些事情合法化的看法。如果（聽不清楚）可能繼續前進，如果德克薩斯州朝合法化方向發展，您是否有立場並有興趣參與該州。謝謝。

Thanks David. I'll hit the second one first. The answer is definitely, yes, we think we're positioned actually very, very well in Texas. We've got ownership of several standalone horse tracks in Texas. And Retama in San Antonio, and Sam Houston in Greater Houston MSA, and those are two of the three Class 1 horse tracks in the state of Texas.

謝謝大衛。我先打第二個。答案是肯定的，是的，我們認為我們在德克薩斯州的定位實際上非常非常好。我們擁有德克薩斯州幾條獨立賽馬場的所有權。聖安東尼奧市的雷塔馬 (Retama) 和大休斯頓 MSA 的薩姆休斯頓 (Sam Houston) 是德克薩斯州三個一級賽馬場中的兩個。

So we are, have been, and will continue to be engaged in conversations with the appropriate people in Texas, and feel like horse racing is very likely to be involved in whatever happened down the road. I'm not going to make predictions on when, and how that will happen. There's some new Senate positions that just got filled.

因此，我們現在、過去、將來都會繼續與德克薩斯州的相關人士進行對話，並認為賽馬很可能會參與未來發生的任何事情。我不會預測這將在何時以及如何發生。一些新的參議院職位剛剛被填補。

And so we need to see how the dust settles in Texas, and the new presidency, and how that may or may not affect others in Texas in terms of potentially joining that administration. So I think more to come in Texas, but definitely well possession, extremely interested and engaged, and will continue to be.

因此，我們需要看看德州和新總統的塵埃落定如何，以及這可能會或可能不會影響德州其他人加入政府的可能性。因此，我認為德克薩斯州將會有更多的事情發生，但絕對是控球率很高，非常感興趣和投入，並將繼續如此。

With regard to your first question, look, we have liquidity is not an issue. We have $1.8 billion of liquidity, and so we're going to spend where we feel like we should be spending and need to be spending across the portfolio, both on the retail side, as well as the digital side. We don't have a plan to sell any of our assets, none of those are on the market.

關於你的第一個問題，你看，我們的流動性不是問題。我們擁有 18 億美元的流動性，因此我們將在我們認為應該花錢並且需要在整個投資組合中花錢的地方進行支出，無論是在零售方面還是在數字方面。我們沒有出售任何資產的計劃，這些資產都不在市場上。

Every once in a while, there's something in that you read in the paper, and I don't even know where those rumors come from, but that's not the case. And we feel like we're strongly positioned. We've got some momentum in the business right now.

每隔一段時間，你就會在報紙上讀到一些內容，我甚至不知道這些謠言從何而來，但事實並非如此。我們覺得自己處於有利地位。我們現在的業務有一些動力。

We've got four growth projects that are going to be very exciting additions to our land based portfolio. Again, one at the end of '25, which is not far away, and the other three in early '26. So we'll continue to invest where we feel like we're going to get the best returns, and that becomes clearer and clearer for us every day, on both the retail side as well as on the digital side.

我們有四個成長項目，這些項目將成為我們陸地投資組合中非常令人興奮的補充。同樣，一個是在 25 年末，距離不遠了，另外三個是在 26 年初。因此，我們將繼續在我們認為能夠獲得最佳回報的領域進行投資，這一點對我們來說每天都變得越來越清晰，無論是在零售方面還是在數位方面。

Thank you very much.

非常感謝。

Yeah, thank you, David. Thank you everyone for joining, especially if you also joined us in Las Vegas. Some of this was redundant, but hopefully you got some new information and takeaways, and we look forward to catching up with all of you again in a few months in February.

是的，謝謝你，大衛。感謝大家的加入，特別是如果您也在拉斯維加斯加入了我們。其中一些內容是多餘的，但希望您能獲得一些新資訊和要點，我們期待在二月的幾個月內再次與大家見面。

Ladies and gentlemen, this completes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。