PENN Entertainment Inc (PENN) 2025 Q1 法說會逐字稿

(Operator Instructions)

（操作員指示）

Greetings and welcome to PENN Entertainment first quarter 2025 earnings call. I would now like to show the conference over to Joe Jaffoni, Investor Relations. Please go ahead.

歡迎參加 PENN Entertainment 2025 年第一季財報電話會議。現在我想將會議交給投資者關係部的喬·賈福尼 (Joe Jaffoni)。請繼續。

Thanks, Emma. Good morning, everyone and thank you for joining PENN Entertainment's 2025 first quarter conference call. We'll get to management's presentation and comments momentarily, as well as your question and answer.

謝謝，艾瑪。大家早安，謝謝大家參加 PENN Entertainment 2025 年第一季電話會議。我們將立即聽取管理層的介紹和評論以及您的問答。

During the Q&A session, we ask that everyone please limit themselves to one question and one follow up. I'll quickly review the safe harbor, and then we'll quickly get and then we'll get right into the call.

在問答環節，我們要求每個人只提出一個問題並進行一次跟進。我將快速回顧安全港，然後我們將快速進入通話。

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.

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，可能導致實際結果大不相同。欲了解更多信息，請參閱我們的新聞稿，以了解有關具體風險因素的詳細資訊。

It's now my pleasure to turn the call over to the company 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 (Jay Snowden)。傑伊，請繼續。

Thanks Joe. Good morning, everyone. I'm joined here in Wyoming by our CFO, Felicia Hendrix; our Head of Operations, Todd George; and our CTO and Head of Interactive Aaron LaBerge, as well as other members of our senior executive team.

謝謝喬。大家早安。在懷俄明州與我一起參加會議的還有我們的財務長 Felicia Hendrix、營運主管 Todd George、技術長兼互動主管 Aaron LaBerge，以及我們高階管理團隊的其他成員。

As you see in our earnings release and accompanying investor presentation. PENN's properties demonstrated strong resilience in the first quarter following severe weather challenges. While January weather was slightly better year over year, it was still much worse than anticipated, and the weather impacted days in February across the portfolio were up over 3 times versus last year.

正如您在我們的收益報告和隨附的投資者報告中所看到的。在經歷了嚴峻的天氣挑戰之後，PENN 的資產在第一季展現了強大的韌性。雖然一月份的天氣比去年同期略有好轉，但仍比預期的要糟糕得多，二月份受天氣影響的天數比去年同期增加了三倍多。

Which ultimately impacted our adjusted retail EBITDA by at least $10 million in the quarter. Also worth noting, we had a $5 million one-time accounting benefit in the South region in Q1 last year that impacts year over year results. Importantly, we saw gaming revenue -- gaming volumes rebound nicely in March as the weather improved, and that trend continued through April and into May.

這最終對我們本季的調整後零售 EBITDA 造成了至少 1000 萬美元的影響。另外值得注意的是，去年第一季我們在南部地區獲得了 500 萬美元的一次性會計收益，這對同比業績產生了影響。重要的是，我們看到了遊戲收入——隨著天氣好轉，3 月的遊戲量強勁反彈，而且這種趨勢持續到了 4 月和 5 月。

Worth also noting this past weekend was the second best weekend of the year for revenue, and number three in terms of overall visitation across the portfolio. You'll hear more about our second quarter trends from Todd in a moment.

另外值得注意的是，上週末是今年收入第二高的週末，也是整個投資組合中整體訪問量第三高的周末。您稍後會從 Todd 那裡聽到有關我們第二季度趨勢的更多信息。

The capital investments we have been making at our properties over the last several years, including our new ESPN BET retail sportsbooks combined with continued cross sale from our industry leading customer loyalty program, have been contributing to our performance and the strong engagement this quarter with our VIP and mid-worth customer segments.

過去幾年來，我們一直在對自己的資產進行資本投資，包括新的 ESPN BET 零售體育博彩以及我們行業領先的客戶忠誠度計劃的持續交叉銷售，這些都為我們的業績以及本季度與 VIP 和中等價值客戶群體的密切互動做出了貢獻。

As highlighted on slide 7, during the quarter, we announced plans for a new land-based Hollywood casino in Council Bluffs, Iowa to replace our existing three level aging river boat. The new state of the art facility will nicely complement the existing 160 room hotel, and we believe it will significantly improve the customer experience and enhance the property's competitive position in the greater Omaha, Nebraska market.

正如幻燈片 7 所強調的，在本季度，我們宣布了在愛荷華州康瑟爾布拉夫斯建立新的陸基好萊塢賭場的計劃，以取代我們現有的三層老化河船。新的先進設施將很好地補充現有的 160 間客房的酒店，我們相信它將顯著改善客戶體驗並增強酒店在大奧馬哈、內布拉斯加州市場的競爭地位。

Construction is expected to take approximately 18 to 24 months following the design and permitting approval process. Meanwhile, our four previously announced exciting development projects remain both on budget and on schedule.

設計和許可審批流程完成後，預計施工將耗時約 18 至 24 個月。同時，我們先前宣布的四個令人興奮的開發項目仍在預算和進度之內。

Before turning to our interactive results, I'd like to ask Todd to share a few comments on the second quarter trends, as well as the competitive landscape.

在介紹我們的互動結果之前，我想請托德就第二季的趨勢以及競爭格局發表一些評論。

Thanks, Jay. As highlighted on slide 6 in our investor presentation, our retail business in April was stable, with revenue growth of 2% year over year across all properties and 4% across all properties, excluding those impacted by new supply.

謝謝，傑伊。正如我們投資者簡報第 6 張投影片所強調的那樣，我們 4 月份的零售業務保持穩定，所有物業的收入同比增長 2%，所有物業（不包括受新供應影響的物業）的收入增長 4%。

We're mindful of the uncertain economic environment that our customers are facing, but are encouraged by the trends we have seen, including our rated play being up in the quarter and continuing into April and now May.

我們注意到客戶面臨的不確定的經濟環境，但我們對所看到的趨勢感到鼓舞，包括我們本季的評級上升並持續到 4 月和 5 月。

Whereas Jay mentioned, we just had one of our top weekends. Unrated play saw a slight decrease in Q1 compared to prior year, but returned to almost flat in April when compared to prior year. The Q1 and Q2 results to date have been driven by increases in our core segments through increased spend per visit and our VI -- excuse me, our VIP segments driven by increased visitation and spend per visit.

正如傑伊所提到的，我們剛剛度過了一個最美好的周末。與去年同期相比，第一季未評級遊戲的收視率略有下降，但與去年同期相比，四月份的遊戲收視率幾乎持平。到目前為止，第一季和第二季的業績是由我們的核心部門透過增加每次訪問的支出和我們的 VI（對不起，我們的 VIP 部門透過增加訪問量和每次訪問的支出）推動的。

Our database continues to grow to over 32 million members through a combination of online and core operations, all fueling our omnichannel strategy. Our property teams have done a tremendous job navigating the competitive landscape while also picking up market share in 14 of our 17 markets not impacted by meaningful new supply year over year in Q1.

透過線上和核心業務的結合，我們的資料庫不斷成長，會員人數超過 3,200 萬，這一切都為我們的全通路策略提供了動力。我們的房地產團隊在應對競爭格局方面做得非常出色，同時在第一季度，我們在 17 個未受到顯著新增供應影響的市場中的 14 個市場中獲得了市場份額。

As Jay mentioned over the last several years, we've made strategic investments in our properties, enhancing the entertainment and hospitality amenities, improving the guest experience through technology that removes friction and costs, and continuing to focus on our gaming offerings.

正如傑伊在過去幾年中提到的那樣，我們對我們的物業進行了戰略投資，增強了娛樂和接待設施，透過消除摩擦和成本的技術改善了客人體驗，並繼續專注於我們的遊戲產品。

We remain committed to providing highly competitive gaming offerings in each of our markets, including new and expanded high limit areas, Asian themed rooms, and the latest and most popular games. This constant focus on improving the guest experience is done with an eye towards efficiency as we continue to deliver the highest tax adjusted retail gaming margins among our regional peers.

我們始終致力於在每個市場提供極具競爭力的遊戲產品，包括新的和擴展的高限制區域、亞洲主題房間以及最新和最受歡迎的遊戲。我們始終致力於提升賓客體驗，注重效率，力求在地區同業中維持最高的稅務調整後零售博弈利潤率。

As we think about our margins, we're laser focused on generating returns on all of our spend, particularly in light of headlines around the impact of tariffs. To date, we have not seen a material impact on the cost side.

當我們考慮利潤率時，我們會專注於從所有支出中獲得回報，特別是考慮到有關關稅影響的頭條新聞。到目前為止，我們還沒有看到成本方面受到實質影響。

Notwithstanding this, we have a tremendous procurement team that is helping us navigate pricing and supplier options, as well as excellent marketers and FNB operators who are adjusting promotions and FNB offerings to mitigate cost increases.

儘管如此，我們擁有一支強大的採購團隊，幫助我們了解定價和供應商選擇，同時還有優秀的營銷人員和 FNB 運營商，他們正在調整促銷和 FNB 產品以減輕成本增加。

Looking ahead, following the opening of new competition this February in Bossier Shreveport, we can now focus our attention on our four growth projects opening over the next 12 months, which we could not be more excited about.

展望未來，隨著今年 2 月在博西爾什里夫波特舉行的新競賽的開幕，我們現在可以將注意力集中在未來 12 個月內啟動的四個增長項目上，我們對此感到非常興奮。

Back to you, Jay.

回到你身邊，傑伊。

All right. Thanks, Todd. As you'll see on slide 9, we are reaping the benefits of our omnichannel strategy as our pre-existing customers in Pennsylvania and Michigan who engaged with our stand-alone Hollywood iCasino app are increasing their spend across both retail and online channels. In Pennsylvania, for example, in Q1, we saw year over year increases of 21% in retail theoretical play and 165% in online theoretical play with this same cohort.

好的。謝謝，托德。正如您在幻燈片 9 上看到的，我們正在從全通路策略中獲益，因為我們在賓州和密西根州的現有客戶在使用我們獨立的 Hollywood iCasino 應用程式後，正在增加他們在零售和線上管道的支出。例如，在賓州，第一季度，我們發現零售理論遊戲年增 21%，線上理論遊戲年增 165%。

Similarly, in Michigan, we -- in Q1, we saw year over year increases of 27% in retail theoretical play and 242% in online theoretical play. During the quarter, our interactive segment had a negative $10 million EBITDA impact from the well-publicized customer friendly sports betting outcomes in the quarter during March madness.

同樣，在密西根州，我們在第一季看到零售理論遊戲年增 27%，線上理論遊戲年增 242%。在本季度，由於三月瘋狂期間廣為人知的客戶友好型體育博彩結果，我們的互動部門的 EBITDA 產生了 1000 萬美元的負影響。

Despite this, we generated record gaming revenue and significant year over year improvements in both adjusted revenue and adjusted EBITDA , highlighting the improved flow through we are seeing in our business.

儘管如此，我們的博彩收入仍創歷史新高，調整後收入和調整後 EBITDA 均較上年同期大幅提升，凸顯了我們業務流通量的改善。

ESPN BET and the Score BET continue to drive strong top of funnel performance, including successful crosse into our iCasino business which achieved record NGR and average MAUs in Q1. As highlighted on slide 13, this momentum is bolstered by the compelling early results of our stand-alone iCasino app in Pennsylvania and Michigan and which recently expanded into New Jersey and Ontario.

ESPN BET 和 Score BET 繼續推動強勁的漏斗頂端表現，包括成功進軍我們的 iCasino 業務，該業務在第一季實現了創紀錄的 NGR 和平均 MAU。正如幻燈片 13 所強調的，這一勢頭得益於我們在賓夕法尼亞州和密西根州的獨立 iCasino 應用程式的早期顯著成果，並且最近擴展到新澤西州和安大略省。

We're also encouraged to see that 70% of our stand-alone I casino theoretical revenue is coming from incremental sources, including newly acquired customers, digitally reactivated players, and players who were previously retail only customers.

我們也很高興地看到，我們獨立 I 賭場理論收入的 70% 來自增量來源，包括新獲得的客戶、數位重新啟動的玩家以及以前僅為零售客戶的玩家。

This stat, along with the omnichannel results we highlighted earlier, suggests that we are seeing minimal cannibalization from our stand-alone iCasino offering on retail play. And on our integrated iCasino in the ESPN BET and the Score BET apps. Our stand-alone iCasino app is also seeing 134 basis points, higher hold rate versus the integrated iCasino offerings driven by higher slot mix.

此統計數據以及我們先前強調的全通路結果顯示，我們的獨立 iCasino 產品對零售遊戲的蠶食作用很小。以及我們在 ESPN BET 和 Score BET 應用程式中整合的 iCasino。我們的獨立 iCasino 應用程式也看到了 134 個基點，與受更高老虎機組合驅動的整合式 iCasino 產品相比，持有率更高。

Turning to slide 14, we recently introduced several OSB product enhancements, including new features leveraging account linking, such as adding ESPN favorites to the app homepage and creating our new Mint Club rewards program.

翻到第 14 張幻燈片，我們最近推出了幾項 OSB 產品增強功能，包括利用帳戶連結的新功能，例如將 ESPN 收藏夾添加到應用程式主頁以及創建我們的新 Mint Club 獎勵計劃。

This program offers players who have linked to their accounts access to special weekly giveaways, including boosts and deposit bonuses, as well as access to free ESPN BET merchandise, and we have plans for even greater benefits for linked customers later this year, particularly around fantasy football.

該計劃為已關聯其帳戶的玩家提供每週特別贈品，包括提升和存款獎金，以及免費 ESPN BET 商品，我們計劃在今年稍後為關聯客戶提供更大的福利，特別是在夢幻足球方面。

Aaron and his team have done a tremendous job building upon our strong technology foundation, which will be further enhanced by the recent addition of Billy Turchin as our new Chief Product Officer. Billy brings a wealth of experience to PENN, having most recently served as SVP of product at FanDuel. He will lead the product teams overseeing our digital sports betting, sports media, and iCasino gaming experiences.

Aaron 和他的團隊在我們強大的技術基礎上做出了巨大的貢獻，而最近 Billy Turchin 出任我們的新首席產品長將進一步增強我們的技術基礎。Billy 為賓州大學帶來了豐富的經驗，他最近擔任 FanDuel 的產品高級副總裁。他將領導產品團隊，負責監督我們的數位體育博彩、體育媒體和 iCasino 遊戲體驗。

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

現在，我將把發言權交給費莉西亞。

Thanks Jay. We report for the first quarter, we reported retail revenue of $1.4 billion and adjusted EBITDA of $457 million and adjusted EBITDA margins of 33.1%. As Jay mentioned, our retail segment showed strong resilience during the quarter, despite the impact of new supply in key markets and some severe weather challenges which impacted adjusted retail EBITDA by at least $10 million.

謝謝傑伊。我們報告第一季零售收入為 14 億美元，調整後 EBITDA 為 4.57 億美元，調整後 EBITDA 利潤率為 33.1%。正如傑伊所提到的，儘管主要市場新增供應和一些惡劣天氣挑戰對調整後的零售 EBITDA 造成了至少 1000 萬美元的影響，但我們的零售部門在本季度表現出了強勁的韌性。

As the weather subsided, retail performance returned to business as usual, and that momentum continued until April and May. We are mindful, however, that the consumer and many of our suppliers are facing uncertainty. We have operated in uncertain times before and have experience with mitigating both slowing volumes and cost pressures if we are to face those consumer dynamics again.

隨著天氣轉涼，零售業績恢復正常，這種勢頭一直持續到四、五月。然而，我們注意到消費者和我們的許多供應商都面臨不確定性。我們以前曾在不確定的時期經營過，如果我們再次面對這些消費者動態，我們有緩解銷售放緩和成本壓力的經驗。

As we've highlighted in the past, we estimate that approximately 45% revenue declines can be offset through cost reductions inclusive of being flexible with labor and marketing.

正如我們過去所強調的那樣，我們估計大約 45% 的收入下降可以透過降低成本來抵消，包括靈活運用勞動力和行銷。

Regarding costs, Todd highlighted that our tremendous procurement team is working hard to insulate us from tariff-related cost pressures on the COGS side of our business. This is the same team that has saved us tens of millions of dollars in COGS over the past several years, despite a sharp increase in inflation due in part to the advantages of our scale.

關於成本，托德強調，我們龐大的採購團隊正在努力使我們的業務免受與關稅相關的成本壓力的影響。在過去幾年裡，儘管通貨膨脹急劇上升，但由於我們的規模優勢，這個團隊仍為我們節省了數千萬美元的銷貨成本。

Moving to interactive, we reported first quarter adjusted revenues excluding the skin tax gross up of $162 million and interactive adjusted EBITDA of a loss of $89 million which is a $107 million improvement year over year. Customer friendly sports betting outcomes impacted interactive adjusted revenue by $15 million and adjusted EBITDA by $10 million.

轉向互動業務，我們報告第一季調整後收入（不包括皮膚稅總額）為 1.62 億美元，互動調整後 EBITDA 虧損 8,900 萬美元，較去年同期改善 1.07 億美元。客戶友好的體育博彩結果對互動調整後收入產生了 1500 萬美元的影響，對調整後 EBITDA 產生了 1000 萬美元的影響。

Corporate expense was higher than expected in the quarter given legal and advisory-related costs of $7.7 million. We will likely incur incremental legal and advisory costs in the second quarter. However, it is difficult to project these non-recurring expenses at this time.

由於法律和諮詢相關費用為 770 萬美元，本季公司支出高於預期。我們可能會在第二季產生增量的法律和諮詢費用。然而，目前很難預測這些非經常性支出。

In the quarter, we reported a $215 million pre-tax gain on a financing arrangement that we entered into in February 2021 with a third party which provided the company with upfront cash proceeds while permitting us to participate in future proceeds on certain claims. This arrangement, which was booked as debt on our balance sheet, was resolved and resulted in the gain, which includes cash received in 2021 of $72.5 million and non-cash interest decreed since that time of $143 million.

本季度，我們報告了 2.15 億美元的稅前收益，該收益來自我們於 2021 年 2 月與第三方達成的融資協議，該協議為公司提供了前期現金收益，同時允許我們參與某些債權的未來收益。該安排在我們的資產負債表上記為債務，現已解決並產生收益，其中包括 2021 年收到的 7,250 萬美元現金和自那時以來規定的 1.43 億美元的非現金利息。

The table on page 8 of our earnings release summarizes our cash expenditures in the quarter, including cash payments to our landlords, cash taxes, cash interest, and total CapEx of our total $125 million of CapEx in the quarter, $96 million was project CapEx related to our four development projects.

我們收益報告第 8 頁的表格總結了本季度的現金支出，包括支付給房東的現金、現金稅、現金利息和總資本支出，本季度我們的資本支出總額為 1.25 億美元，其中 9600 萬美元是與我們的四個開發項目相關的項目資本支出。

We ended the first quarter with total liquidity of $1.5 billion inclusive of $592 million in cash and cash equivalents. We delevered in the quarter and expect to continue our deleveraging trajectory in 2025 and beyond. Year-to-date, we have repurchased $35 million of shares at an average price of $16.83.

截至第一季末，我們的總流動資金為 15 億美元，其中包括 5.92 億美元的現金和現金等價物。我們本季去槓桿，預計 2025 年及以後將繼續去槓桿軌跡。年初至今，我們已以平均 16.83 美元的價格回購了價值 3,500 萬美元的股票。

As we lever throughout the year, you should expect to see the magnitude of our share repurchases increase, particularly in the back half of this year. You should also expect us to consider combining opportunistic repurchase activity with the programmatic approach to seek to take advantage of market volatility and what we view to be a severely dislocated stock price.

隨著我們全年槓桿率的不斷提高，您應該會看到我們的股票回購規模不斷增加，尤其是在今年下半年。您還應該期望我們考慮將機會性回購活動與程序化方法相結合，以尋求利用市場波動和我們認為嚴重混亂的股價。

Our 2025 retail guidance is unchanged from the ranges and drivers we provided on our fourth quarter earnings call. For interactive, our 2025 revenue and EBITDA ranges are also unchanged other than the flow through of the customer friendly sports betting outcomes of $15 million to revenues and $10 million to EBITDA. We continue to forecast a skin tax gross up of $520 million for the year.

我們對 2025 年零售的預期與我們在第四季財報電話會議上提供的範圍和驅動因素相同。對於互動業務，除了客戶友好的體育博彩結果流入收入 1500 萬美元和 EBITDA 1000 萬美元外，我們 2025 年的收入和 EBITDA 範圍也沒有變化。我們繼續預測今年的皮膚稅總額將增加 5.2 億美元。

For the second quarter, our interactive revenue guidance range is $280 million to $320 million including a $116 million skin tax gross up, and our EBITDA guidance range is a loss of $70 million to a loss of $50 million. Our second quarter interactive EBITDA guidance represents a year over year improvement of roughly $43 million at the midpoint.

對於第二季度，我們的互動收入預期範圍為 2.8 億美元至 3.2 億美元，其中包括 1.16 億美元的皮膚稅總額，我們的 EBITDA 預期範圍為虧損 7,000 萬美元至 5,000 萬美元。我們第二季的互動式 EBITDA 指引顯示，與去年同期相比，中位數成長了約 4,300 萬美元。

As our second quarter interactive guidance demonstrates, we continue to expect each quarter of the year to generate lower interactive EBITDA losses sequentially, culminating in positive EBITDA in the fourth quarter, and we reiterate our outlook for generating positive interactive EBITDA in 2026.

正如我們第二季的互動式指引所示，我們繼續預期今年每季的互動式 EBITDA 損失將逐季下降，最終在第四季實現正的 EBITDA，並且我們重申對 2026 年實現正互動式 EBITDA 的展望。

Last quarter we provided you with other segment EBITDA guidance of $121 million which includes corporate expense. Given the current uncertainty regarding our non-recurring legal and advisory fees, we are not updating guidance for this segment at this time.

上個季度，我們為您提供了 1.21 億美元的其他部門 EBITDA 指引，其中包括公司費用。鑑於目前我們非經常性法律和諮詢費用的不確定性，我們目前不會更新此部門的指導。

As Jay mentioned, our four growth projects are on time and on budget. We continue to forecast total company CapEx for 2025 of $730 million and reiterate our full year project CapEx forecast of $490 million. We do not expect to experience any noteworthy tariff-related CapEx increases on the four growth projects as they are near completion.

正如傑伊所提到的，我們的四個成長項目都按時按預算進行。我們繼續預測 2025 年公司資本支出總額為 7.3 億美元，並重申我們對全年專案資本支出 4.9 億美元的預測。由於這四個成長項目已接近完工，我們預計它們不會出現任何與關稅相關的顯著資本支出成長。

With the Joliet opening around the corner, we continue to evaluate drawing on GLPI's balance sheet as a financing option for the project. As a reminder, GLPI has committed up to $130 million of Joliet's total $180 million CapEx at a cap rate that is a spread to GLPI's cost of capital at the time.

隨著喬利埃特計畫即將開通，我們將繼續評估利用 GLPI 的資產負債表作為該計畫的融資選擇。提醒一下，GLPI 已承諾在 Joliet 的 1.8 億美元總資本支出中投入高達 1.3 億美元，其資本化率與 GLPI 當時的資本成本相差無幾。

Jay also mentioned our exciting plans for the new Hollywood Casino in Council Bluffs, Iowa. The estimated project budget is approximately $180 million to $200 million and GLPI has agreed to provide funding of up to $150 million at a cap rate of 7.1%, which may be structured.

傑伊也提到了我們在愛荷華州康瑟爾布拉夫斯新好萊塢賭場的令人興奮的計劃。該項目預算約為 1.8 億至 2 億美元，GLPI 已同意以 7.1% 的資本化率提供最高 1.5 億美元的資金，該資金可以以結構化方式提供。

A depend option as either rent or a five year term loan. Given the potential for construction costs to rise due to increased tariffs, particularly on steel, we are currently evaluating opportunities to lock in costs now and exploring other ways to minimize our exposure to potential cost increases.

取決於租金或五年期貸款的選擇。鑑於關稅提高（尤其是鋼鐵關稅）可能導致建築成本上升，我們目前正在評估鎖定成本的機會，並探索其他方法來盡量減少潛在成本增加的影響。

For 2025, net cash interest expense, we continue to forecast $150 million. Net cash taxes are expected to be roughly $70 million. That's $70 million, we continue to expect to be free cash flow positive in 2025 and beyond, and our basic share count at the end of the quarter was 151 million shares. And as I always mention, we typically have 15 million of diluted shares annually inclusive of the 14 million share dilution from the converts.

對於 2025 年，我們繼續預測淨現金利息支出為 1.5 億美元。預計淨現金稅約 7,000 萬美元。這是 7,000 萬美元，我們繼續預期 2025 年及以後的自由現金流將為正，本季末我們的基本股數為 1.51 億股。正如我經常提到的，我們每年通常有 1500 萬股稀釋股份，其中包括來自轉換者的 1400 萬股稀釋股份。

And I'll turn it back to Jay.

我會把它還給傑伊。

All right. Thanks Felicia. In closing, I want to reiterate that our core retail business remains strong and is growing. We have four exciting retail development projects under construction, all being delivered on or ahead of schedule and on budget.

好的。謝謝費利西亞。最後，我想重申，我們的核心零售業務依然強勁並且正在成長。我們有四個令人興奮的零售開發項目正在建設中，所有項目均按計劃或提前交付，並且符合預算。

Along with our planned landside relocation of Ameristar Council Bluffs, these projects will collectively enhance our portfolio, grow our free cash flow profile, and serve as a catalyst for PENN's retail segment. Despite the current market concerns around consumer discretionary behavior, our core business is trending in the right direction. Solid employment numbers and low gas prices always bode well for regional gaming, as you know.

連同我們計劃中的 Ameristar Council Bluffs 陸側搬遷項目，這些項目將共同增強我們的投資組合，增加我們的自由現金流，並成為 PENN 零售部門的催化劑。儘管目前市場對消費者非必需行為存在擔憂，但我們的核心業務正朝著正確的方向發展。如您所知，穩定的就業人數和低廉的汽油價格總是對區域博彩業有利。

Meanwhile, our digital business is continuing to evolve, supported by our well-known brands, differentiated IP, a fully owned technology stack, and newly recruited industry leading talent. We are nearing an inflection point, and we anticipate each quarter of '25 to deliver a lower loss sequentially throughout the year and our interactive division to be profitable in the fourth quarter of '25 and the full year of '26 and beyond.

同時，我們的數位業務也在不斷發展，這得益於我們知名品牌、差異化知識產權、完全自有的技術堆疊以及新招募的行業領先人才的支持。我們正接近一個轉折點，我們預計 25 年每個季度的虧損都會在全年環比下降，我們的互動部門將在 25 年第四季、26 年全年及以後實現盈利。

We have strong conviction in our ability to deliver profitability in 2026 and beyond in this segment. As mentioned on our last earnings call and in our shareholder letter in this year's proxy, we have fully committed partners in ESPN who are continuing to work with us to deepen the integration of ESPN BET into ESPN's overall ecosystem. We have continued momentum in our iCasino business, and importantly, we maintain strategic optionality and control over our future as we head into 2026.

我們堅信我們有能力在 2026 年及以後實現該領域的盈利。正如我們在上次收益電話會議和今年代理中的股東信中所提到的那樣，我們在 ESPN 擁有完全忠誠的合作夥伴，他們將繼續與我們合作，深化 ESPN BET 與 ESPN 整體生態系統的融合。我們的 iCasino 業務持續保持強勁發展勢頭，更重要的是，在邁向 2026 年之際，我們仍保持戰略選擇性和對未來的控制力。

Our focus for the balance of this year remains on operational execution in order to transform our strategic investments into consistent long-term results and value for our shareholders. As we also stated in our recent letter to shareholders, we are confident that PENN's best days are ahead, and we're moving with speed, discipline, and determination to realize the full potential of this company for all of our shareholders.

我們今年剩餘時間的重點仍然是營運執行，以便將我們的策略投資轉化為持續的長期成果和股東價值。正如我們在最近致股東的信中所述，我們相信 PENN 最好的日子就在前方，我們將以速度、紀律和決心為所有股東充分發揮公司的潛力。

And with that, we can please open the line for our first question, Emma.

好了，我們可以開始回答第一個問題了，艾瑪。

(Operator Instructions)

（操作員指示）

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. Thanks for taking my questions. So first off, maybe just starting with digital, the outlook for that segment doesn't seem like it's changed all that much. But you had some -- a serious emphasis on iGaming in the deck, and market share for the OSB side has been trending a little bit below I believe plan. So when you think about those different pieces, how do you -- how would you describe what's changed under the surface for the rest of the year within digital within your guidance?

大家早安。感謝您回答我的問題。首先，也許從數位化開始，該領域的前景似乎並沒有太大變化。但你有一些——在甲板上非常重視 iGaming，而 OSB 方面的市場份額趨勢略低於我認為的計劃。因此，當您考慮這些不同的部分時，您如何描述在您的指導下今年剩餘時間內數位領域發生的變化？

Yeah, Brian. I would say that generally our assumptions that we put out last quarter for the year haven't changed. If OSB comes in a little light of the share projection and on an online casino comes in a little bit ahead, we think that -- those offsets are fine if that does happen.

是的，布萊恩。我想說的是，我們上個季度提出的年度假設總體上沒有改變。如果 OSB 的股價預測稍微下降，而線上賭場的股價略有領先，我們認為 - 如果確實發生這種情況，這些抵消是可以的。

We're optimistic that we're going to continue to grow share in both online sports betting and online gaming between now and the end of the year. One may, outpace the other, and that would be perfectly fine with us as long as we have momentum in both aspects of the business, then we feel comfortable with the guide that we put out for the full year.

我們樂觀地認為，從現在到今年年底，我們在線上體育博彩和線上遊戲領域的份額將繼續增長。其中一個可能會超過另一個，只要我們在業務的兩個方面都有發展勢頭，那麼我們就對全年的指導感到滿意。

Okay. Thanks for that, Jay. And then just to follow up on iGaming, we know -- I know it's early clearly it seems like you you're pretty happy with the launch so far. How far away is that segment from being contribution positive and maybe qualify the answer with how much you're currently spending in your OSB promo budget to drive the cross sell that's driving that momentum and iGaming today.

好的。謝謝你，傑伊。然後只是為了跟進 iGaming，我們知道 - 我知道現在還為時過早，但顯然您對目前的發布感到非常滿意。該部分距離做出積極貢獻還有多遠，也許可以透過您目前在 OSB 促銷預算中花費多少來推動交叉銷售來限定答案，從而推動這一勢頭和當今的 iGaming。

Yeah, I'll attempt to answer it. Aaron, others can jump in here. I would say that we are pleased so far with the launch of our stand-alone Hollywood iCasino apps, particularly in Pennsylvania and Michigan, where we have land-based properties with the same brand name.

是的，我會嘗試回答。亞倫，其他人可以跳進來。我想說，到目前為止，我們對獨立的好萊塢 iCasino 應用程式的推出感到非常高興，特別是在賓夕法尼亞州和密西根州，我們在那裡擁有具有相同品牌名稱的實體物業。

We have healthy retail businesses there, as I mentioned at the beginning, these stand-alone iCasino apps have been really good for us in that they're 70% incremental. So very little cannibalization from the Hollywood, offering that was within the ESPN BET app, and you should expect, as you would hear from not just us but our competitors that our margin profile within iCasino is obviously stronger than it is within online sports betting, and the promotional spend within sports betting just by nature of the business and the competitive side of it is higher than it is within iCasino as well.

我們在那裡擁有健康的零售業務，正如我在開始時提到的，這些獨立的 iCasino 應用程式對我們來說確實很好，因為它們的增量為 70%。因此，ESPN BET 應用程式內提供的好萊塢產品幾乎沒有受到蠶食，而且您應該預料到，不僅您會從我們這裡聽到，而且我們的競爭對手也會說，我們在 iCasino 內的利潤率明顯高於在線體育博彩，而且體育博彩內的促銷支出僅就業務性質和競爭方面而言也高於 iCasino。

So that dynamic, I think will continue. I would expect that the iCasino momentum will -- you'll see more of that in the quarters ahead. We have -- I think, some really good plans to continue to cross sell. I would say we're pleased with cross sell, but there's still a lot of opportunity there if you compare the online sports betting audience within our ecosystem and how much is cross sell into iGaming compared to others in the space, there's still opportunities for us to be more effective in in there in that area.

所以我認為這種動態將會持續下去。我預計 iCasino 的發展勢頭將會——您將在未來幾季看到更多這樣的勢頭。我認為，我們有一些非常好的計劃來繼續交叉銷售。我想說我們對交叉銷售感到滿意，但如果你比較一下我們生態系統中的線上運動博彩受眾，以及與該領域的其他公司相比，iGaming 的交叉銷售量有多少，那麼仍然有很多機會，我們仍然有機會在該領域更有效地開展工作。

So I'd say overall at a high level, that's where we're at. I think you should expect us to share more detail in terms of contribution margin, profit within these segments in future quarters. We haven't really offered that previously, but we're happy with the progress so far.

所以我想說，整體而言，這就是我們所處的境況。我認為您應該期待我們在未來幾季分享有關這些部門的貢獻利潤率和利潤的更多細節。我們之前並沒有真正提供過這樣的服務，但我們對目前的進展感到滿意。

Yeah. I would just reinforce cross sale is continuing to ramp up. Just last week we saw all-time highs in our average weekly DAUs across iCasino. And in terms of the promotional dollars, we're seeing really effective promotion from our land-based databases to drive people into iCasino, which has been very nice to see and obviously we will then moderate that with strategic reallocation from OSB and iCasino in in states where we think it matters. So we're really happy with the directory so far.

是的。我只是想強調交叉銷售正在持續成長。就在上週，我們的 iCasino 平均每週 DAU 創下了歷史新高。就促銷資金而言，我們看到來自陸基資料庫的促銷活動確實有效，可以吸引人們進入 iCasino，這非常令人高興，顯然，我們將在我們認為重要的州透過 OSB 和 iCasino 的策略性重新分配來調節這種趨勢。到目前為止，我們對該目錄非常滿意。

Yeah. I would just add to what Jay and Aaron shared. Really tremendous progress where we've got our VIP team whether you're working at a property or online, so they're driving people regardless of if they drive them to a property or online, that's been really well executed and then really, the key, it's not really the promotional dollars as Jay mentioned, it's that rebranding to Hollywood, so it's just ease of finding that online product. So it's going from Hollywood to Hollywood. That's been a tremendous help.

是的。我只是想補充 Jay 和 Aaron 分享的內容。無論您是在實體店還是在線上工作，我們都擁有 VIP 團隊，這確實取得了巨大的進步，因此，無論他們是將人們帶到實體店還是在線上，他們都會吸引人們，這一點執行得非常好，然後，真正的關鍵，正如傑伊提到的，並不是促銷費用，而是向好萊塢的品牌重塑，因此很容易找到在線產品。所以它從一個好萊塢傳到另一個好萊塢。這給了我很大的幫助。

Excellent. Thanks, everybody.

出色的。謝謝大家。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey guys, thanks. So Jay, Todd, I don't know whoever wants to take this one. If you think about normal cadence over the course of a year of seasonality. We come to a couple of conclusions, but I think important in kind of understanding yours is more or less recognizing the anniversary of some of the competitions that are coming up. So if you guys kind of maybe walk us through the next 12 to 18 months of where you'll start to lapse. Some of the things that are maybe hurting you, a little bit more pronounced than.

嘿，大家，謝謝。所以傑伊、托德，我不知道誰想拿這個。如果您考慮一年中季節性的正常節奏。我們得出了一些結論，但我認為，理解您的結論重要的是或多或少地認識到一些即將到來的比賽的周年紀念日。所以，如果你們能向我們介紹一下未來 12 到 18 個月內你們會開始失效的情況的話。有些事情可能會傷害到你，而且比這更明顯一些。

Others. I'll let you have that time.

其他的。我會讓你有那段時間。

Yeah. Thanks, Jay. So Carlo, the last big one was obviously the live project in in Bossier City. So we'll lap that in February of next year, but it will be a little bit noisy for the next 12 months at least, just because of our projects starting to open. I feel very comfortable that within the next 12 to 14 months say -- 12 to 13 months, I guess now we're in May, we will have all of our properties open.

是的。謝謝，傑伊。卡洛，最後一個大工程顯然是博西爾城的現場工程。因此，我們將在明年 2 月完成這一目標，但至少在接下來的 12 個月內會有點吵鬧，因為我們的專案開始開放。我非常有信心，在未來 12 到 14 個月內——12 到 13 個月內，我想現在是 5 月份，我們所有的房產都會開放。

So the year over year comparisons are going to be a little bit fuzzy just because of that. But for the most part, we started to lap everything. We just did have an expansion in Nebraska. In the last, I think three or four weeks we were just out there to kind of look around at that market. So those are the two competitive impacts that we'll see over the next year, but then we'll be offsetting that with our new openings.

因此，逐年比較起來就會有點模糊。但在大多數情況下，我們開始包辦一切。我們剛剛在內布拉斯加州進行了擴張。在過去的三、四個星期裡，我們只是在那裡觀察那個市場。因此，這些是我們明年將看到的兩種競爭影響，但我們將透過新開業來抵消這種影響。

And we feel, I think, really good about the timing of when we'll be going landside in Council Bluffs because the rest of the competition will have sort of settled in. And so you just look at the construction time frame will be coming into the market with a really new updated products, easier access to the casino, one level versus three levels, much more efficient. So both on the cost side as well as revenue opportunities to the upside, and that was all part of our license renewal in the state of Iowa with our QSO there.

我認為，我們對在康瑟爾布拉夫斯進行陸側比賽的時機感到非常滿意，因為其他比賽已經基本穩定下來了。因此，您只需看一下施工時間框架，就會看到真正全新更新的產品進入市場，更容易進入賭場，一層而不是三層，效率更高。因此，無論是成本方面還是收入機會方面，這都是我們在愛荷華州透過 QSO 續約許可證的一部分。

But feel good about, what we have in front of us is largely in our control, we're going to be the one. The company that's opening up new projects as opposed to -- trying to fight off new supply in key markets which for the first time in a long time we'll be able to say that.

但感覺很好，我們面前的一切基本上都在我們的掌控之中，我們將成為那個人。該公司正在開闢新的項目，而不是試圖在主要市場中爭奪新的供應，這是我們很長一段時間以來第一次能夠這樣說。

Great. Thank you. And then just along those lines, a two part question related to the pipeline. Obviously, some of the financing stuff is in place, but there's also some called upon financing that you guys could pursue. Could you comment a little bit about how you're thinking about the timing of that and also how we should think about disruptions as we get closer to the openings, closure periods, things like that with the with some of the land-based conversions.

偉大的。謝謝。然後，沿著這些思路，出現了一個與管道相關的兩部分問題。顯然，一些融資材料已經到位，但也有一些你們可以爭取的融資要求。您能否稍微評論一下您對時間安排的看法，以及隨著我們越來越接近開業、關閉等時期以及一些陸基轉換等事件，我們應該如何考慮中斷。

Yeah. I'll let Felicia hit the financing question and then Todd, you can speak a little bit about the disruption on openings.

是的。我會讓費莉西亞談談融資問題，然後托德，你可以談談開業方面的混亂情況。

Yeah. Carlo, our view really hasn't changed. We've really been trying to think about the financing as matching it to the openings. If we took financing today, for example, we'd be paying rent on a property that's not open yet. So I would think about that in terms of matching. Obviously we're also, we're committed to the GLPI's balance sheet for Aurora.

是的。卡洛，我們的觀點確實沒有改變。我們確實一直在努力思考如何將融資與開業相匹配。例如，如果我們今天獲得融資，我們將支付尚未開放的房產的租金。所以我會從配對的角度來考慮這個問題。顯然，我們也致力於 GLPI 為 Aurora 提供資產負債表。

The other three projects Joliet and then Columbus are at our discretion. And in addition to looking at the timing, we're also looking at, GLPIs, the cap rates that GLPI it would be offering us versus what we could get in the open market versus using our balance sheets. So we have a lot of optionality around that, but I would say the first thing -- the thing that we're mainly focused on is that matching of timing.

其他三個項目喬利埃特和哥倫布由我們自行決定。除了考慮時機之外，我們還在考慮 GLPI，即 GLPI 為我們提供的資本化利率與我們在公開市場上可以獲得的利率以及使用我們的資產負債表獲得的利率之間的比較。因此，我們在這方面有很多選擇，但我想說的是，我們主要關注的是時間的匹配。

And one last point that was covered. Our release is that council bluff is a little bit of a different potential structure and so that can be either in the form of rent or as a five year term loan. So if we decide that it's rent, then obviously again you'd wait until matching taking the financing around opening so you're paying rent once you open the doors. But if it's a five year term loan, obviously we could be starting to take the funding and financing in advance, well advance of the opening.

最後還要討論一點。我們發布的是，康瑟爾布拉夫的潛在結構略有不同，因此可以採用租金或五年期貸款的形式。因此，如果我們決定支付租金，那麼顯然你會等到開業前後才匹配融資，這樣你一開業就要支付租金。但如果是五年期貸款，顯然我們可以在開業前提前開始籌集資金和融資。

And then Carlo, to your question on disruption. So I would look at it this way, the Columbus Hotel, as well as the additional tower and meeting space at the end, minimal to zero disruption. I mean, it's simply adding a product, so no real disruption there. Even the Council Bluffs property. It's a minimal downtime as we approach that.

然後卡洛，回答你關於中斷的問題。所以我會這樣看待它，哥倫布酒店，以及末端的附加塔樓和會議空間，將幹擾降到最低甚至為零。我的意思是，它只是添加一個產品，所以不會造成真正的干擾。甚至是康瑟爾布拉夫斯的財產。當我們接近這一點時，停機時間就會降到最短。

And then the only thing with Aurora and Joliet, please keep in mind this is not just moving from a river boat to land base. This is moving from a river boat to a far better location with 10x to 12x the traffic counts that that we currently see. So that downtime, if you look at what the other operators have been able to do in Illinois, it's looking at that two to three week period.

然後，關於奧羅拉和喬利埃特，請記住，這不僅僅是從河船轉移到陸地基地。這意味著從河船轉移到更好的位置，那裡的交通量將是我們現在看到的 10 倍到 12 倍。因此，如果您看看伊利諾伊州其他運營商的停機時間，您會發現停機時間大約為兩到三週。

We just had a very productive meeting with the Illinois Gaming Board and really appreciate all of their efforts with us and the leadership teams out there with Ruben and Greg. We think we can get that time at the lower end of the range, so I think you can start thinking about maybe a two-week downtime, but more to come on that as we finalize the opening date.

我們剛剛與伊利諾伊州博彩委員會進行了一次非常富有成效的會議，非常感謝他們與我們以及 Ruben 和 Greg 的領導團隊所做的一切努力。我們認為我們可以將這個時間控制在較低範圍內，因此我認為您可以開始考慮也許有兩週的停機時間，但隨著我們最終確定開業日期，還會有更多時間。

Great. Thanks, everybody.

偉大的。謝謝大家。

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Hi, good morning, everybody. Thank you for taking my questions. For whoever wants to take it, maybe we could just start with kind of the digital promotional landscape just kind of curious on, first of all for the standalone iCasino app, did you all, sort of lean in on the promotional level there. Just as you're trying to get that product up and rolling or is that a little bit more organic.

大家好，早安。感謝您回答我的問題。對於任何想要接受它的人，也許我們可以從數位促銷前景開始，只是有點好奇，首先對於獨立的 iCasino 應用程序，你們都傾向於那裡的促銷水平。正如您嘗試讓產品啟動並滾動一樣，或者這更有機一些。

And then just sequentially as we think about sort of what you were offering in market 4Q and sort of what your expectations were -- how did promos come in across both OSB and digital in this first quarter. Thanks.

然後，當我們依次思考您在第四季度市場上提供的產品以及您的期望時，您會問，第一季促銷活動在 OSB 和數位領域是如何開展的。謝謝。

Yeah. I would say promos that really kind of come in where we anticipated them to be both in sports betting and iGaming, and I would say both for the industry as well as what we intended to do in the first quarter as it relates to what was going on in the fourth quarter of last year.

是的。我想說的是，這些促銷活動確實符合我們的預期，既適用於體育博彩，也適用於 iGaming，我想說，這既適用於行業，也適用於我們打算在第一季度做的事情，因為它與去年第四季度發生的事情有關。

And specifically to iGaming, we really have focused in the early days of these stand-alone Hollywood ICasino app launches on organic cross sell both from sports betting as well as from our retail database, and that's been really effective. We're just now starting to get into more of the performance-based marketing spends. And so that's why we're confident you'll continue to see improved results as we move forward through the remainder of the year.

具體到 iGaming，在這些獨立的好萊塢 ICasino 應用程式發布的初期，我們確實專注於來自體育博彩以及我們的零售資料庫的有機交叉銷售，而且這種方法非常有效。我們現在才剛開始加大以績效為基礎的行銷支出。因此，我們相信，隨著我們在今年剩餘時間繼續前進，您將繼續看到更好的結果。

Great. Thanks Jay. And then just as a follow up and maybe switching over to the land-based side just big picture, what's it take right now to kind of get some cost leverage on the revenue side? What's the sort of OpEx or run rate operating expense pressure you all are facing?

偉大的。謝謝傑伊。然後作為後續行動，也許轉向陸基方面，從大局來看，現在需要做些什麼才能在收入方面獲得一些成本槓桿？你們面臨的營運支出或營運率營運費用壓力是什麼樣的？

Is it sort of in the low single digit range just kind of where you're feeling it obviously you made some comments on tariffs. It doesn't sound like you're feeling much incrementally, but obviously this has usually been something you've been really disciplined on and probably better than peers on.

它是否處於低個位數範圍內，您顯然對關稅發表了一些評論。聽起來你似乎沒有感覺到太大的變化，但顯然這通常是你非常自律的事情，而且可能比同齡人做得更好。

I think it's largely labor is the one that's continuing to be -- a bit of a creep, nowhere near the levels on a year over year basis percentage wise that we were seeing last year and the year before, but that's the primary driver. I think we have a good handle on marketing is within our control.

我認為，很大程度上勞動力是持續成長的一個因素——有點令人毛骨悚然，遠不及去年和前年的同比水平，但這是主要驅動因素。我認為，我們可以很好地掌控行銷。

Our procurement team as noted by both Todd and Felicia does an excellent job. And there's some we're seeing a little bit of noise from a COGS perspective, but the teams are really creative and you find alternative options to keep your pricing where it needs to be and make sure you're not having to raise prices on consumers.

正如 Todd 和 Felicia 所指出的，我們的採購團隊做得非常出色。從銷貨成本 (COGS) 角度來看，我們看到了一些噪音，但團隊確實很有創造力，你可以找到其他選擇，將價格保持在應有的水平，並確保不必提高消費者的價格。

It's one of the real benefits I think during times like now of regional gaming is you can walk in and our prices haven't changed from last year or 5 years ago or 10 years ago whether you're a gaming customer or a non-gaming customer. So Todd anything to add.

我認為，在像現在這樣的地區性博彩時代，真正的好處之一是，無論您是博彩客戶還是非博彩客戶，我們的價格與去年、5 年前或 10 年前相比都沒有變化。那麼 Todd 還有什麼要補充的嗎？

Yeah. The only thing I would add, Shaun. Jay and I and Felicia were talking about this yesterday. Keep in mind that our revenue mix, when it -- when we do more in the Northeast and Midwest than we do in the South and West, we have higher tax rates there, so there was a bit of a shift in revenues in Q1. So that did lead to a little bit of margin erosion.

是的。我唯一想補充的是，肖恩。傑伊、我和費莉西亞昨天談論了這件事。請記住，當我們在東北部和中西部地區的業務比在南部和西部地區的業務更多時，我們的收入結構就有所不同，因為那裡的稅率更高，所以第一季的收入出現了一些變化。所以這確實導致了利潤率的輕微下降。

But we think as we work through the weather, I think 8 of the last 10 weeks we've seen year over year improvement in volumes and rated play. So -- and that's been across the board. So as that kind of revenue mix comes back, we should be able to pick up the benefit there.

但我們認為，隨著天氣狀況的改善，過去 10 週中有 8 週我們的收視率和收視率比去年同期都有所提高。所以 — — 這是全面的。因此，隨著這種收入組合的回歸，我們應該能夠獲得收益。

That's right. And I did note in the prepared remarks, but might as well hit it here again. We had a $5 million dollar accounting. Good guy in Q1 last year. So as you're looking at the comparisons year over year, keep that in mind both in terms of EBITDA as well as margins in the South region.

這是正確的。我在準備好的發言中確實提到了這一點，但不妨在這裡再提一下。我們的會計帳目價值為 500 萬美元。去年第一季的好人。因此，當您逐年進行比較時，請記住南部地區的 EBITDA 和利潤率。

Thank you.

謝謝。

Thanks, Shaun.

謝謝，肖恩。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

Hey guys, good morning. I wanted to start with ESPN, but I think the new ESPN DTC product should be out soon. Should we be thinking of this as a potentially meaningful catalyst for you guys? I think any color here would be helpful. Thanks.

大家好，早安。我想從 ESPN 開始，但我認為新的 ESPN DTC 產品應該很快就會推出。我們是否應該將此視為對你們來說具有潛在意義的催化劑？我認為這裡的任何顏色都會有幫助。謝謝。

Well, I think the world will hear about that very soon, so I don't want to comment too much on the product, but I will tell you it is -- we think it's a first in market integration and we're incredibly excited about it. It's very cool and we think it will have a difference in terms of driving users and exposure to our platform. So we're very excited about it and can't wait for you guys to see it.

嗯，我想全世界很快就會知道這個消息，所以我不想對產品發表太多評論，但我會告訴你——我們認為這是市場整合的第一次，我們對此感到無比興奮。這非常酷，我們認為它在吸引用戶和提高我們平台的曝光度方面會有所不同。所以我們對此感到非常興奮，迫不及待地想讓你們看到它。

Got it. And then, either for Jay or Todd, I think another Pennsylvania land-based casino operators talked about potentially exiting, in response to skill-based gaming. Can you maybe just talk about the risk you see around skill based in the state and beyond. Thanks.

知道了。然後，無論是傑伊還是托德，我認為另一家賓夕法尼亞州的實體賭場運營商談到了可能退出，以應對基於技能的遊戲。您能否談談您所看到的本州及其他地區基於技能的風險？謝謝。

Yeah. Happy to. We've spoken about this on previous earnings calls and it's a complicated issue, skill-based gaming. We view skill-based games as largely they're -- look alike slot machines, and they really, if they're going to be competitive with us, they really need to be regulated and taxed like us as well. We feel very strongly about that.

是的。很開心。我們在先前的收益電話會議上討論過這個問題，這是一個複雜的問題，基於技能的遊戲。我們認為基於技能的遊戲在很大程度上與老虎機相似，如果它們真的想與我們競爭，那麼它們也需要像我們一樣受到監管和徵稅。我們對此深有感觸。

And so it's sort of, it's an ongoing discussion at the legislative level in the state of Pennsylvania. I know others have commented on the impact of their business. It obviously impacts all of us on the land-based side. There's tens of thousands of these things sprinkled across the state, and we'll see where it goes, but we feel like there's hopefully some potential outcome that's going to be good for the industry as well. So I'm cautiously optimistic on that topic currently.

因此，這是賓州立法層級正在進行的討論。我知道其他人已經對其業務的影響發表了評論。這顯然對我們所有陸地居民產生了影響。全州各地分佈著數以萬計的此類設施，我們將拭​​目以待，看看其發展方向，但我們希望其可能帶來的一些結果也能對該行業有利。所以我目前對這個主題持謹慎樂觀的態度。

Great. All right. Thank you, Jay.

偉大的。好的。謝謝你，傑伊。

Thanks, Barry.

謝謝，巴里。

Joe Stauffwith, Susquehanna.

喬‧斯托夫威斯 (Joe Stauffwith)，薩斯奎漢納。

Thank you. Good morning. I wanted to go back and maybe ask another question about just the ramp that you have with the iCasino standalone product. Jay, I think you said 70% of the new customers for iCasino standalone or incremental. Did you mean say independent of what is -- whether it be an ESPN BET channel customer and or a retail customer? Could you just clarify that 70% incremental piece.

謝謝。早安.我想回去再問一個有關 iCasino 獨立產品的坡道的問題。傑伊，我認為您說過 iCasino 的 70% 新客戶都是獨立或增量的。您的意思是說無論它是 ESPN BET 頻道客戶還是零售客戶？您能否解釋一下 70% 的增量部分？

Yeah. Happy to. 70% incremental to our iCasino business, meaning that the 30% is coming -- came over from the Hollywood offering within ESPN BET. The other 70% is a combination of retail who had never engaged with us in our digital iCasino products, reactivated customers who have been dormant within our database or just brand new to the entire ecosystem.

是的。很高興。我們的 iCasino 業務增加了 70%，這意味著 30% 的收入來自 ESPN BET 內的好萊塢產品。其餘 70% 是從未與我們合作過數位 iCasino 產品的零售客戶、重新啟動我們資料庫中處於休眠狀態的客戶或剛進入整個生態系統的新客戶。

Got you. And a follow up maybe also to clarify on the new app coming out from ESPN. Aaron, does this require you guys, a lot of work in terms of say, integrations that you have to do above and beyond what you're doing in terms of the core product that ESPN BET and Hollywood stand-alone.

明白了。後續也許還會澄清 ESPN 推出的新應用程式。亞倫，這是否需要你們做大量的工作，比如說，除了 ESPN BET 和好萊塢獨立核心產品之外，你們還需要做很多整合工作。

Well, we certainly, I don't know if I would say a lot of work, but it's certainly a bespoke integration that's going to be linked and associated with the content that you watch. So we have created different types of markets and processes for sharing that in real time with ESPN which will manifest itself in the product. So we think it's the best-in-class and first of its experience as it relates to watching live events as it relates to be integration. So we're excited about the work we've done, and I think the world will too.

嗯，我們當然，我不知道我是否會說很多工作，但這肯定是一個定制的集成，它將與您觀看的內容相鏈接和關聯。因此，我們創建了不同類型的市場和流程，以便與 ESPN 即時分享，這將體現在產品中。因此，我們認為它是同類產品中最好的，也是第一個在觀看現場活動和整合方面具有出色體驗的產品。因此，我們對所做的工作感到興奮，我認為世界也會如此。

And obviously, the experience will be best for customers who have linked their ESPN account with ESPN BET. And so Aaron maybe comment on just sort of the progress we're continuing to see on linked as a percentage of total users.

顯然，將 ESPN 帳戶與 ESPN BET 關聯起來的客戶將獲得最佳體驗。因此，Aaron 可能會對我們繼續看到的連結佔總用戶的百分比的進展發表評論。

Yeah. So actually in the quarter we've instead of talking about link users we've created a rewards club called ESPN Mint Club. So when you think about Mint Club users, a very high percentage of those of our MAUs are mint club users.

是的。因此實際上在本季度我們並沒有談論連結用戶，而是創建了一個名為 ESPN Mint Club 的獎勵俱樂部。因此，當您考慮 Mint Club 使用者時，您會發現我們的 MAU 中很大一部分都是 Mint Club 使用者。

They're logging in 2.7 times more to our product. They're placing 60% more weekly bets, they're generating more handle, they're holding better. These are really our best customers, not just for ESPN BET but for ESPN as well. And so we think with flagship and the continued integrations that Jay talked about as it relates to the fantasy work we're doing for football is going to be a big accelerant to us continuing to deliver against our guidance.

他們登入我們產品的次數增加了 2.7 倍。他們每週的投注量增加了 60%，他們獲得了更多的收益，他們的表現也更好了。這些確實是我們最好的客戶，不僅對 ESPN BET 而言如此，對 ESPN 而言也是如此。因此，我們認為，傑伊談到的旗艦產品和持續的整合與我們為足球所做的幻想工作有關，這將成為我們繼續實現指導目標的巨大動力。

I see. Thank you.

我懂了。謝謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi, good morning. Thanks for taking my question. On the interactive side, wondering if you could chime in on your view of the predictive markets. And if you think your customers, would be interested in that product and kind a how you view it from a regulatory standpoint. Thank you.

嗨，早安。感謝您回答我的問題。在互動方面，想知道您是否可以談談對預測市場的看法。如果您認為您的客戶會對該產品感興趣，請從監管的角度來看待它。謝謝。

Yeah. I would say, you've heard from others, probably similar from us. We're staying very close. There's a lot going on right now in prediction markets as it relates to federal regulations versus state level regulations.

是的。我想說，您從其他人那裡聽說過，可能我們也聽說過類似的事情。我們保持著非常密切的聯繫。目前，預測市場中有很多事情與聯邦法規和州級法規有關。

It is interesting. It does exist as you guys know it has for a long time over in Europe. I think it is definitely more of a niche market for a variety of reasons. I think it's largely incremental, especially if it's something that's being offered in states where online sports betting is not currently legal.

這很有趣。正如你們所知，它確實存在於歐洲很長一段時間了。我認為，由於多種原因，它肯定是一個利基市場。我認為它在很大程度上是漸進的，特別是如果它是在目前在線體育博彩不合法的州提供的。

So yeah, well, I think more to come on that. It's obviously not priority one for us. We've got a lot in front of us right now in terms of execution. And delivering on guidance for the remainder of the year and continuing to improve on all the areas that Aaron and Todd mentioned both in interactive and retail, but we're staying close to it and if this ends up being an opportunity for the industry, you should expect us to be participating.

是的，我認為接下來還會有更多內容。這顯然不是我們的首要任務。目前，就執行而言，我們還有很多事情要做。並在今年剩餘時間內履行指導方針，繼續改進 Aaron 和 Todd 提到的互動和零售領域的所有領域，但我們會密切關注，如果這最終成為行業的一個機會，你應該期待我們參與其中。

Thank you. And then, Jay, separately, just kind of looking at the bricks and mortar portfolio, you have one of the fresher fleets in the industry and you're upgrading some of the assets that need to be -- are there assets in the portfolio that maybe are viewed as noncore, maybe lower EBITDA up performing. Properties ones where maybe don't move the needle as much that that you could potentially explore, divesting to deleverage the balance sheet.

謝謝。然後，傑伊，另外，我們看一下實體投資組合，你擁有業內較新的車隊之一，並且正在升級一些需要的資產 - 投資組合中是否有可能被視為非核心的資產，也許 EBITDA 表現較低。房地產可能不會對市場產生太大影響，你可以試著剝離這些資產來降低資產負債表的槓桿率。

Look, we would never say no to that question. It really depends on the situation. It depends on, if you've got an offer, if it's an inbound. I would just remind you that our assets are largely tied up as part of our master leases and so it's not as simple as just, oh you know you were interested in potentially divesting an asset or two that you just make calls and transaction.

瞧，我們永遠不會拒絕這個問題。這確實取決於具體情況。這取決於您是否有報價，是否是入站報價。我只是想提醒你，我們的資產大部分都與我們的主租賃合約捆綁在一起，所以事情並不像你說的那麼簡單，你知道你有興趣剝離一兩項資產，你只需要打電話和交易就可以了。

To the highest bidder, there's landlord implications and involvement and so it's just it's not as clean to sort of think about it. Maybe if you were a whole co company and you could make those calls and kind of go through a process like that.

對於出價最高的人而言，這涉及房東的影響和參與，因此，考慮這個問題並不是那麼清楚。也許如果你是一家整體合作公司，你就可以撥打這些電話並經歷類似的流程。

I would say maybe a better way to think about it is that some of the assets we have that are a little bit more challenged from an infrastructure and just how old they are, quite frankly, we have more river boats in Mississippi, we do in Louisiana, we have another one in Illinois, and there's some really interesting potential opportunities in some of those markets to do things along the lines of what we've already announced in Aurora and Joliet, Illinois, as well as Council Bluff.

我想說，也許更好的思考方式是，我們擁有的一些資產在基礎設施和使用年限方面面臨更多挑戰，坦率地說，我們在密西西比州有更多的河船，在路易斯安那州也有，在伊利諾伊州還有一艘，在其中一些市場存在一些非常有趣的潛在機會，可以按照我們已經在伊利諾伊州奧羅拉和喬利埃特以及康瑟爾布拉夫宣布的路線開展工作。

You should expect to hear more from us on some of those other opportunities that we think will have really strong return profiles based on what we're seeing throughout the industry right now on those that have gone from old river boats onto land.

您應該會從我們這裡聽到更多關於其他機會的消息，根據我們目前在整個行業中看到的那些從舊河船轉移到陸地上的機會，我們認為這些機會將帶來非常強勁的回報。

Great. Thank you very much.

偉大的。非常感謝。

Thanks, Chad.

謝謝，乍得。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, good morning. Thanks for taking my questions. On the iCasino side, it sounds like both from the data that we get and also the commentary and prepared remarks that you're having seen some success on the market share side, especially for the stand-alone iCasino, iGaming app. Are you seeing anything that makes you want to lean into marketing or investments in that product and one follow up. Thanks.

嘿，早安。感謝您回答我的問題。在 iCasino 方面，從我們獲得的數據以及評論和準備好的評論來看，您在市場份額方面取得了一些成功，特別是對於獨立的 iCasino、iGaming 應用程式。您是否看到任何讓您想要傾向於該產品的營銷或投資以及後續行動的事情？謝謝。

We're seeing really nice retention results. We have a great product there. We knew we did going in. And so I would say, we're just getting started on some of the new performance-based marketing spends. Let's see how strong the top of funnel is in those efforts and what the CPAs look like.

我們看到了非常好的保留結果。我們有一個很棒的產品。我們知道我們確實進去了。所以我想說，我們才剛開始一些新的基於績效的行銷支出。讓我們看看這些努力的漏斗頂部有多強大以及 CPA 是什麼樣子的。

Let's see what retention looks like for those newer users versus those that came over, maybe they were reactivated or came over from our retail data base. But you should expect for as long as we're seeing encouraging results and attractive CPAs and strong retention, we're going to continue to lean in and push on iGaming. We think it's a real big opportunity for us as a company and we have a great product. We have a great team overseeing that, that's continuing to get better every day. So I would say yes overall to that.

讓我們看看新用戶和新用戶的保留情況，也許他們是重新啟動的，或者來自我們的零售資料庫。但你應該期待，只要我們看到令人鼓舞的結果、有吸引力的 CPA 和強大的保留率，我們就會繼續努力推動 iGaming。我們認為這對我們公司來說是一個真正的巨大機遇，而且我們擁有一款出色的產品。我們有一個優秀的團隊負責監督，而且每天都在進步。因此總體而言，我的答案是肯定的。

And as our cross sell continues to improve, which it's doing really well at the moment, as we grow our sports book that's just going to continue to drive our casino business as well, obviously.

隨著我們的交叉銷售不斷改善（目前做得非常好），隨著我們體育博彩業務的成長，這顯然也將繼續推動我們的賭場業務。

Got it. And then switching to gears a little bit to Council Bluffs you have the option of a term loan versus rent. I guess from my seat it seems like the obvious choice would be term loan, but maybe I'm missing something. Maybe talk about the thought process deciding between term loan and rent. And then I think Jay, you were suggesting there's a few other projects on the horizon. Do you think you'll have flexible financing options there as well?

知道了。然後稍微切換到康瑟爾布拉夫斯，您可以選擇定期貸款或租金。我想從我的角度來看，顯而易見的選擇似乎是定期貸款，但也許我忽略了一些東西。也許可以談談在定期貸款和租金之間做出決定的思考過程。然後我想傑伊，你暗示還有其他幾個即將開展的項目。您認為您在那裡也會有彈性的融資選擇嗎？

I'll hit the last first and then Felicia, you can hit the Council Bluff question. Yes, we think we'll have flexible financing because we do have options. We can always finance these projects on our own balance sheet. We have landlord relationships that are very healthy and it's great to have those relationships and have that optionality and when you're thinking about these projects and so it's just going to depend on what's the credit market look like at the time that you're needing to fund these projects. There's times where it might be more obvious that you want to do this on your own balance sheet versus work with a landlord or other financing sources. Please, I'll hand it over to you on Council Bluff.

我先回答最後一個問題，然後 Felicia，你可以回答 Council Bluff 的問題。是的，我們認為我們將擁有靈活的融資，因為我們確實有選擇。我們始終可以用自己的資產負債表為這些項目融資。我們與房東的關係非常健康，擁有這樣的關係和選擇性真是太好了，當你考慮這些項目時，這只取決於你需要為這些項目提供資金時的信貸市場狀況。有時，您可能更想在自己的資產負債表上執行此操作，而不是與房東或其他融資來源合作。請幫我吧，我會在康瑟爾布拉夫把它交給你。

Yeah. So just on the optionality and to what off of -- what Jay just said, I mean, we really owe that optionality on Council Bluffs to our great relationship with GLPI, and it's fantastic to be able to have that ahead of us. And you're right, on the surface, structuring it more as a loan is more attractive than rent, as rent, our rent will escalate every year.

是的。因此，僅就可選性以及 Jay 剛才所說的內容而言，我的意思是，我們確實將 Council Bluffs 的可選性歸功於我們與 GLPI 的良好關係，能夠擁有這樣的關係真是太好了。你說得對，從表面上看，將其構建為貸款比租金更有吸引力，因為租金，我們的租金每年都會上漲。

And so having that, that loan could ultimately be the better decision, but we'll have time and we'll make that then. I don't want to kind of pre-determine what we're going to do, but having that optionality is very favorable.

因此，有了這個，那筆貸款最終可能是更好的決定，但我們會有時間，到時候再做決定。我不想預先確定我們要做什麼，但擁有這種選擇性是非常有利的。

Okay. Helpful. Thank you.

好的。很有幫助。謝謝。

Bernie McTernan, Needham.

伯尼·麥克特南，尼德姆。

Great, good morning. Thanks for the question. Big focus for investors on the OSB marketplace is just US handle growth, so just interest in terms of, what you guys are seeing there would love any color. Thank you.

太好了，早安。謝謝你的提問。OSB 市場投資者關注的重點是美國的處理成長，因此，只對你們所看到的任何顏色感興趣。謝謝。

Yeah. I would say, you've heard others talk about this. We don't have any new state launches happening in 2025 other than potentially Missouri later, very late in the year. Alberta, there's continued progress there. We're actually quite excited about Alberta given our success in Ontario.

是的。我想說，你已經聽過其他人談論這個了。除了可能在年底的密蘇裡州之外，2025 年我們不會在新的州啟動任何新計畫。阿爾伯塔省正在持續進步。鑑於我們在安大略省的成功，我們對阿爾伯塔省感到非常興奮。

There was good news there yesterday. It continues to move along through the process, so we're cautiously optimistic that'll happen, sometime in the next couple of quarters as well or hopefully before the end of the year.

昨天那裡有好消息。這個過程仍在繼續，因此我們謹慎樂觀地認為它會發生，預計會在接下來的幾個季度內發生，或者希望在年底之前發生。

And obviously, those are -- those state launches or new province launches are part of what's been driving those higher handle, results on a year over year basis for the last several years. This is a slower year in terms of state launches, so I think you should expect to see handle growth for the industry, but it's probably going to be less significant this year.

顯然，這些州或新省份的推出是過去幾年來推動業績逐年成長的部分原因。就國家發射而言，今年是速度較慢的一年，因此我認為您應該會看到該行業的處理量增長，但今年的增長幅度可能不會那麼大。

Because of that dynamic than it has been the last several until you get to those state launches. And you're probably going to see a little bit more muted just generally from a seasonality standpoint. When you get to Q2 and Q3, there's just less big event things going on and it'll probably start to inflect to stronger growth results when you get to September through the remainder of the year.

由於這種動態，直到最近幾次國家發射之前，情況一直如此。從季節性的角度來看，總體而言，您可能會看到情況更加平淡。進入第二季和第三季時，大型活動會減少，而從 9 月到今年剩餘時間，成長表現可能會開始更加強勁。

Understood. Thanks, Jay.

明白了。謝謝，傑伊。

Thanks, Bernie.

謝謝，伯尼。

Jordan Bender, Citizens.

喬丹·本德，公民。

Good morning, everyone. For sports betting you talked about what's ahead of you some initiatives might be easier to achieve than others. But Jay, for sports betting as your relationship continues with ESPN. Can you maybe expand on some of the low hanging fruit between the two businesses that might help customer growth and retention through the end of the year. Thank you.

大家早安。對於體育博彩，您談到了未來的情況，有些舉措可能比其他舉措更容易實現。但傑伊，對於體育博彩來說，你與 ESPN 的關係還在繼續。您能否詳細說明這兩家公司之間可能有哪些易於實現的成果，這些成果可能有助於在年底前實現客戶成長和保留。謝謝。

Yeah. I think I'll let Aaron answer most of that. I -- we hit it at a high level and maybe Aaron will double click on some of those opportunities. Obviously the streaming direct to consumer launch for ESPN this late summer, early fall, that's going to be a big opportunity for us to drive top of funnel as well as strong retention.

是的。我想我會讓亞倫來回答大部分問題。我——我們在高水準上達到了這個目標，也許亞倫會抓住其中的一些機會。顯然，ESPN 將於今年夏末秋初向消費者推出串流媒體服務，這對我們來說將是一個巨大的機會，可以推動通路頂端業務並實現強大的留存率。

And look, we're finally getting to a point after being live with ESPN BET for 1.5 year where the real deep integrations that we all were excited about when we did the deal and shook hands, those are all starting to happen now, having that linkage between ESPN and ESPN BET and now you go onto our betting app and your favorite teams are all right on the top of the home screen and so you can scroll through and see if you want to place bets with your favorite teams because we have that information.

你看，在與 ESPN BET 合作一年半後，我們終於達到了這樣的程度：當我們達成交易並握手時，我們都為之興奮的真正深度整合現在都開始發生了，ESPN 和 ESPN BET 之間建立了聯繫，現在您可以進入我們的投注應用程序，您最喜歡的球隊都在主屏幕的頂部，因此您可以滾動瀏覽並查看是否要對您最喜歡的球隊信息。

And then you get to football season with fantasy. There's we're finally going to be able to do the things that we were hoping to do. It just took a little bit of time. But Aaron, maybe you can spend --

然後你就可以帶著幻想進入足球賽季了。我們最終將能夠做我們希望做的事情。只是花了一點時間。但是 Aaron，也許你可以花點錢--

Look, I would say in addition to the Mint Club, which is sort of special offers for users. With that one click link, your favorites get pulled over into ESPN BET. You can go in and bet the markets for your favorite teams. What we're already finding too is those users love to bet parlays more in those favorite placements, which is actually very good, but your favorites don't just appear in ESPN BET.

瞧，我想說除了 Mint Club 之外，它還為用戶提供一些特別優惠。透過點擊鏈接，您最喜歡的節目就會被拉入 ESPN BET。您可以進入市場並為您最喜歡的球隊下注。我們還發現，那些用戶更喜歡在他們最喜歡的位置下注，這實際上非常好，但你最喜歡的並不只出現在 ESPN BET 中。

They follow you through the ESPN ecosystem experience too, including their new flagship product, which means you'll have a personalized betting experience, not just within ESPN BET, but within ESPN. And we've been working towards that over the past year. You're going to now start to really see the benefits of that, especially moving into football. This year, if you're a fantasy player, and ESPN has the biggest fantasy platform in the US.

他們還會跟隨您體驗 ESPN 生態系統，包括他們的新旗艦產品，這意味著您將獲得個人化的投注體驗，不僅在 ESPN BET 內，而且在 ESPN 內。過去一年來我們一直在為此努力。現在你將會開始真正看到它的好處，尤其是進入足球界。今年，如果你是個夢幻球員，ESPN 擁有全美最大的夢幻平台。

There is no better place to come play fantasy and bet your team than ESPN and ESPN BET. It will be no question, and the product is going to be native. It's going to be integrated not only into the ESPN BET experience, but there will be a derivative version of that within the ESPN experience and you'll seamlessly move across the two. So we are super excited not only about flagship coming up, but also the NFL season is going to be really special as it relates to fantasy.

沒有比 ESPN 和 ESPN BET 更好的地方來玩幻想遊戲和為您的球隊下注了。毫無疑問，該產品將是本土的。它不僅會融入 ESPN BET 體驗，而且 ESPN 體驗中還會有它的衍生版本，您可以在兩者之間無縫切換。因此，我們不僅為即將推出的旗艦產品而感到興奮，而且 NFL 賽季也將因與幻想相關的原因而變得非常特別。

That's the level of differentiation and personalization that isn't happening today. It should be effective. We're not going to get ahead of ourselves of like how much better and what's -- but that's why we are confident that market share will continue to grow between now and the end of the year, both in sports betting as well as in iGaming again for different reasons, but we should see continued growth in both of those areas.

這種差異化和個人化程度目前還未實現。應該是有效的。我們不會超前於諸如有多好以及什麼——但這就是為什麼我們有信心從現在到年底市場份額將繼續增長，無論是在體育博彩還是在 iGaming 領域，原因各不相同，但我們應該會看到這兩個領域都持續增長。

Really, helpful color. And then the follow up [fully shaped] taking the comments about stock dislocation in your prepared remarks. Understanding there's a price for anything and you spoke to the brick and mortar side of the business already, but could you look to do something strategically before the opt out clause next year if you're not getting credit within your valuation? And that's on the online side, sorry.

確實，很有幫助的顏色。然後進行後續[全面]，並採納您準備好的評論中關於庫存錯位的評論。你明白任何事物都是有代價的，而且你已經談到了實體業務，但如果你的估值沒有達到預期，你能否在明年退出條款之前考慮採取一些戰略性措施？抱歉，這是在線方面的問題。

Yeah. I mean, I wouldn't, there's really nothing to say on that topic in terms of next year. I hit that on our last earnings call that's in the contracts. Both sides have the option of the third anniversary, if we haven't hit a threshold level of revenue market share, to decide if they want to rework the deal or continue on or exit, and that hasn't changed.

是的。我的意思是，我不會，就明年而言，這個主題真的沒有什麼好說的。我在上次收益電話會議上提到了合約中提到的這一點。如果我們還沒有達到收入市場份額的門檻水平，雙方都可以選擇在三週年時決定是否要重新達成協議、繼續或退出，這一點沒有改變。

So look, we're focused, our partners are focused, we're excited about what's ahead of us. Let's see where we are as we trend through the next couple of quarters. I think it'll probably be not just obvious to us, but obvious to others as well what path is going to make the most sense, but we're staying focused and our teams are staying focused on working together to deliver a really great and differentiated experience.

所以看，我們很專注，我們的合作夥伴也很專注，我們對未來感到興奮。讓我們看看未來幾季的趨勢如何。我認為，這不僅對我們來說是顯而易見的，而且對其他人來說也是顯而易見的，哪條路最有意義，但我們會保持專注，我們的團隊也會保持專注，共同努力，提供真正出色和差異化的體驗。

And we're confident that it's going to create, it's going to deliver solid results and through football season going into 2026, we've got an opportunity to really show why we did this deal in the first place and for whatever reason, if those things aren't working, then you've got optionality as you head into 2026. So I would say nothing's really changed there, but we're excited about what's in the queue.

我們相信，它將創造並帶來堅實的成果，透過進入 2026 年的足球賽季，我們有機會真正展示我們最初達成這筆交易的原因，無論出於何種原因，如果這些事情沒有奏效，那麼在進入 2026 年時，你就有了選擇權。所以我想說那裡實際上什麼都沒有改變，但我們對隊列中的內容感到興奮。

Great. Thank you very.

偉大的。非常感謝。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

Hey, good morning guys. Jay, you mentioned, I think it was in response to a question may be prepared remarks. But turning performance marketing back on, was that in context of the Hollywood iCasino standalone or also ESPN BET and both sides because I believe it's been turned off since December of 2023. So just how you think about leveraging that channel and maybe accelerating the customer acquisition and getting them into the funnel to experience -- the user experience that you're building here.

嘿，大家早安。傑伊，你提到，我認為這是在回答一個問題時可能準備好的發言。但重新開啟績效行銷，是在好萊塢 iCasino 獨立背景下，還是也包括 ESPN BET 和雙方背景下，因為我相信它自 2023 年 12 月以來就已關閉。那麼，您如何考慮利用該管道並加速客戶獲取並讓他們進入管道來體驗您在此處建立的用戶體驗。

Yeah. It's all a balance, as you can appreciate, Ryan, in terms of how much you're doing there outside as it relates to sports betting outside of what you're spending with ESPN. So we've been doing performance marketing and online sports betting outside of ESPN, not as much obviously in the last six months as the previous six months, but I think we're getting smarter and more surgical around what's working, what's not, and where to invest and where not to.

是的。瑞恩，正如你所理解的，這一切都是一種平衡，就你在 ESPN 上花費的錢之外，在體育博彩方面你在外面做了多少事情而言。因此，我們一直在 ESPN 之外進行績效行銷和線上體育博彩，雖然最近六個月的明顯不如前六個月那麼多，但我認為我們在了解什麼有效、什麼無效、在哪裡投資、在哪裡不投資方面變得更加聰明和精準。

But my comments were more specific to since the launch of Hollywood iCasino. Our initial first few months were really focused on organic cross sell and obviously activating reactivating customers that had been dormant.

但我的評論更具體地針對好萊塢 iCasino 推出以來的情況。我們最初的幾個月確實專注於有機交叉銷售，顯然是為了重新激活那些處於休眠狀態的客戶。

Now, it's an opportunity for us to get a little bit more aggressive on the performance-based marketing and see what type of customer profiles come in, how much quality do we have there? What are the CPAs, what's the retention? And we just got started recently, but we're seeing some nice top of funnel results.

現在，這對我們來說是一個機會，讓我們在基於績效的行銷方面更加積極，看看有哪些類型的客戶資料，以及我們的品質如何？CPA 是多少？保留率是多少？我們最近才剛開始，但我們已經看到了一些不錯的結果。

Makes sense. And then just a quick follow up timeline for launch in West Virginia?

有道理。然後只是快速跟進西弗吉尼亞州的發射時間表？

Do we have a latest on the Hollywood stand-alone for West Virginia?

我們有關於西維吉尼亞州好萊塢獨立電影的最新消息嗎？

Yeah. I don't have.

是的。我沒有。

Yeah. It's sometime in the next couple of quarters. I don't have the date in front of me, Ryan. We're obviously working with the regulators there, but we are live as Pennsylvania, Michigan, New Jersey. We just launched the Score casino in Ontario and so West Virginia is the last state, at least currently, for us to launch a standalone Hollywood iCasino app, which should be good for us because we have a Hollywood branded casino there. It's the largest casino in the state of West Virginia, so I would say sometime in the next couple of quarters.

是的。大概是在接下來的幾季內。我還沒確定日期，瑞安。我們顯然正在與那裡的監管機構合作，但我們在賓夕法尼亞州、密西根州、新澤西州都有分支機構。我們剛剛在安大略省推出了 Score 賭場，因此西維吉尼亞州是我們推出獨立好萊塢 iCasino 應用程式的最後一個州，至少目前是這樣，這對我們來說應該是件好事，因為我們在那裡有一家好萊塢品牌賭場。這是西維吉尼亞州最大的賭場，所以我想說它將在接下來的幾個季度內開業。

Very good. Thanks guys. Good luck.

非常好。謝謝大家。祝你好運。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi, good morning, everyone. Thanks for taking all the questions. Jay or Todd, you guys have as good of a pulse of as anyone on kind of the regulatory and legislative process, I think Ohio, considering iGaming was probably not on our big go-cart for this year and it's a big state for you guys in the retail network.

大家好，早安。感謝您回答所有問題。傑伊或託德，你們對監管和立法程序的了解程度不亞於任何人，我認為俄亥俄州，考慮到 iGaming 可能不在我們的今年的大項目之列，而對於你們的零售網絡來說，這是一個重要的州。

So maybe two part question. What are you guys seeing on the legislative front and then how do you like your position or how do you think about your position in a state like Ohio where you kind of get to start maybe from the starting line with everyone else and then people where you have a big retail presence in terms of quickly launching versus maybe where you started before playing catch up.

所以也許問題分為兩個部分。你們在立法上看到了什麼？然後你如何看待你的立場，或者你如何看待你在俄亥俄州這樣的州的立場？在俄亥俄州，你可能與其他人一起從起跑線開始，然後在那些你擁有大量零售業務的人那裡快速啟動，而不是在開始追趕之前就開始了。

Yeah. Happy to. We're obviously very involved and engaged in Ohio. A Bill has not been put forward yet. I know that there's articles being written about a Bill being worked on right now. I would say, look, we now have a much more competitive iGaming product and we have a stand-alone app in addition to what we offer within ESPN BET that we know is competitive, and we're better operators in that space than we were even six months ago or nine months ago.

是的。很開心。顯然，我們非常積極地參與俄亥俄州事務。法案尚未提出。我知道現在有一些關於正在製定的法案的文章。我想說，看，我們現在擁有更具競爭力的 iGaming 產品，除了我們在 ESPN BET 中提供的具有競爭力的產品之外，我們還有一個獨立的應用程序，而且我們在該領域的運營比六個月前或九個月前更好。

Every state is a bit different. I mean, we're not going to necessarily be on the same page with every other company because some markets we have no casinos, some markets we have a small casino, and some markets we've got, like the state of Colorado, gaming laws were passed there where the casinos are only in the mining towns in the mountains an hour and a half away from the population.

每個州都有些不同。我的意思是，我們不一定會與其他公司保持一致，因為在某些市場我們沒有賭場，在有些市場我們有小型賭場，而在有些市場我們有賭場，比如科羅拉多州，那里通過了博彩法，賭場只設在距離人口稠密地區一個半小時​​車程的山區礦業城鎮。

So that's not a good scenario for us, if we have one of those large casinos, which we do in Black Hawk, Colorado. So it really does depend. We're obviously very focused on, doing what's in the best interest of our shareholders and so Ohio will stay close as we would in any other state, but I don't want to comment too much because I know that bill is still being worked on currently.

所以，如果我們在科羅拉多州黑鷹市開設一家大型賭場，這對我們來說不是一個好的情況。所以這確實取決於情況。我們顯然非常專注於做符合股東最佳利益的事情，因此俄亥俄州將像其他州一樣保持密切聯繫，但我不想評論太多，因為我知道該法案目前仍在製定中。

All right. Thanks Jay. I appreciate it.

好的。謝謝傑伊。我很感激。

All right. Well, we'll take one more question, Emma.

好的。好吧，我們再回答一個問題，艾瑪。

Joe Greff, JPMorgan.

摩根大通的喬·格雷夫。

Great, good morning everyone. Thanks for squeezing me in. I wanted to touch on more on the iCasino side of interactive. Jay, you shared a lot of detail on the momentum that you're seeing following the standalone app launch, and improvement in the product which is just, quite noticeable anecdotally.

太好了，大家早安。謝謝你把我擠進來。我想多談談 iCasino 的互動方面。傑伊，您分享了很多關於獨立應用程式發布後所看到的勢頭的細節，以及產品的改進，從傳聞來看，這些改進相當引人注目。

I'm curious if you look at your competitor that holds that number one spot for product and maybe even some of the other players that round out the top three, top four, just what are some key areas that you've identified where you think there is still room to close any gaps that that you still see out there on product in '25 and '26 and beyond. Thanks.

我很好奇，如果您看一下佔據產品第一名的競爭對手，甚至看看排名前三、前四的其他競爭對手，您認為在哪些關鍵領域還有縮小差距的空間，以及在 2025 年、2026 年及以後產品方面仍然存在的差距。謝謝。

I'll take a stab and Aaron obviously, jump in there. I'd say, look, I'll also hit sports betting. I think the biggest opportunity for us right now beyond sort of the more organic things that we're working on with our partners at ESPN around integrations and personalization is around live betting. I think where our product offering today is good, but it needs to be better than good.

我會嘗試一下，顯然 Aaron 會跳進去。我想說，看，我也會參與體育博彩。我認為，除了我們與 ESPN 的合作夥伴在整合和個人化方面開展的更有機的合作之外，我們現在面臨的最大機會在於現場投注。我認為我們目前提供的產品很好，但還需要更好。

And so we're working hard on that. We just launched some streaming offerings and so live betting is getting, the experience is improving every day right now. And -- but we got more work to do there in terms of live betting with same game parlays and just live betting generally and reducing latency and things of that nature. So on the sports betting side, I would say mostly around live as it relates to online gaming. I don't, it's not a product mix issue at all.

因此我們正在為此努力。我們剛剛推出了一些串流媒體服務，因此現場投注的體驗正在日益改善。而且——但是我們在現場投注、同場比賽投注和一般現場投注以及減少延遲和諸如此類的事情方面還有更多工作要做。因此，在體育博彩方面，我想說主要是圍繞現場直播，因為它與線上遊戲有關。我不這麼認為，這根本不是一個產品組合問題。

I think we have great products. We have great variety. We have our own games that we've developed that are that perform quite well, especially in the areas of digital blackjack and in some slot cases as well, slot themes.

我認為我們的產品很棒。我們的品種非常豐富。我們自己開發的遊戲表現相當出色，特別是在數字二十一點領域以及一些老虎機主題領域。

But I would say overall for us it's probably more around CRM and promotional engine and just that same level of personalization and you want people to feel that they're being treated different and better within the experience and the ecosystem that you provide than anyone else. And so we're still working on that. The product team is hard at work to make sure that we're creating some points of differentiation that are improved versus anyone else.

但我想說，總的來說，對我們來說，這可能更多地圍繞 CRM 和促銷引擎以及相同程度的個性化，並且您希望人們感受到他們在您提供的體驗和生態系統中受到的待遇比其他任何人都不同且更好。因此我們仍在努力。產品團隊正在努力工作，以確保我們創造出一些比其他任何人都更好的差異點。

Yeah. I would just say, I just build on personalization, I think is one of the things we're really focusing on in iCasino just reducing the friction. Elevating and putting the games you care about in front of you getting you into them faster, the same exact approaches we're taking with the sports book as well, but we think that's going to be, just make it easier and more fun for you to get into, what you want as quickly as you can.

是的。我只想說，我只是建立在個人化的基礎上，我認為這是我們在 iCasino 真正關注的事情之一，就是減少摩擦。將您關心的比賽提升並擺在您面前，讓您更快地參與其中，這與我們對體育博彩採取的方法完全相同，但我們認為，這將使您更輕鬆、更有趣地盡快參與您想要的活動。

As Jay said, we've got a nice product mix. Our UI is world class, our games are world class, so just getting you into what you want, as quickly as possible, I think is going to make a difference, and we're working hard on that.

正如傑伊所說，我們擁有良好的產品組合。我們的使用者介面是世界一流的，我們的遊戲也是世界一流的，所以只要盡快讓您獲得您想要的東西，我認為這就會有所不同，我們正在為此努力。

Great. That's helpful. Thanks for that. And then just following up on something Felicia said earlier in the prepared remarks, I think Felicia you talked to some exposure to tariffs on the steel side with the Council Bluff project and some strategies or some exploration in place of some ways to try to mitigate or get around that.

偉大的。這很有幫助。謝謝。然後，我想順便說一下費利西亞之前在準備好的發言中所說的內容，我認為費利西亞，您談到了康瑟爾布拉夫項目中鋼鐵方面的一些關稅風險，以及一些策略或探索，以嘗試緩解或規避這些風險的方法。

I was hoping to just expand on that a little bit further based on your discussions right now that your expectation that you could fully fix these in in any sort of GMPs or is the understanding that tariffs will be carved out kind of from here onward, and then respect to steel specifically, are there opportunities to resource domestically or is it more about sort of leaning on your suppliers and things of that nature? Thanks.

我希望根據您現在的討論進一步闡述這一點，即您期望能夠在任何類型的 GMP 中完全解決這些問題，或者是否理解從現在開始取消關稅，然後具體到鋼鐵方面，是否有機會在國內獲取資源，還是更多地依靠您的供應商和諸如此類的事情？謝謝。

I can pick that one. So we're not looking at a high rise there, so the need for steel is not as high as if we were building a hotel tower. It's a one level casino that that Jay had touched on. But also, we're in a really good position from a timing standpoint, so we can kind of spot the market and look to lock in.

我可以選那個。因此，我們不會在那裡建造高層建築，因此對鋼材的需求不像建造酒店大樓那麼高。這是傑伊提到的單層賭場。但同時，從時機角度來看，我們也處於非常有利的位置，因此我們可以發現市場並鎖定目標。

We have a great procurement team as both Felicia and I have mentioned as well as a great DNC team that that can work through this and then work those changes into the design, since this is very much a known issue, DNC our design construction and procurement team are working together on that already. So again, as this tariff noise kind of plays out over the upcoming months. We feel good about the ability to lock in when the time is right.

正如 Felicia 和我所提到的，我們擁有一支優秀的採購團隊，以及一支優秀的 DNC 團隊，他們可以解決這個問題，然後將這些變化融入到設計中，因為這是一個眾所周知的問題，DNC 我們的設計施工和採購團隊已經在就此展開合作。因此，這種關稅噪音將在未來幾個月內逐漸顯現。我們對能夠在適當的時候鎖定的能力感到滿意。

It is -- I'll just underscore we did provide a budget range for Council Bluff just because of what's going on in the marketplace right now around tariffs. So the four other growth projects that were, getting close to opening, we were a lot more precise of what those budgets were going to be in the early days because we didn't have that as a factor. So that's why the range is there.

是的——我只想強調一下，我們確實為康瑟爾布拉夫提供了一個預算範圍，因為目前市場上圍繞關稅的情況。因此，對於其他四個即將開放的成長項目，我們在早期對這些預算的確定要精確得多，因為我們沒有考慮到這一點。這就是範圍存在的原因。

Great. Thanks very much.

偉大的。非常感謝。

All right. Thanks, Jeff. Thanks everybody for joining us this morning. Look forward to speaking with all of you again on our Q2 earnings call in August. Have a great day.

好的。謝謝，傑夫。感謝大家今天上午的參加。期待在八月的第二季財報電話會議上再次與大家交談。祝你有美好的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。