PENN Entertainment Inc (PENN) 2025 Q2 法說會逐字稿

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

您好，歡迎參加 PENN Entertainment 2025 年第二季財報電話會議。現在我想將該計劃交給投資者關係部的喬·賈福尼 (Joe Jaffoni)。請繼續。

Thank you, Emma. Good morning everyone and thank you for joining PENN Entertainment's 2025 second quarter conference call. We'll get to management's presentation and comments momentarily as well as your Q&A. During Q&A we ask that everyone please limit themselves to one question and one follow up. Now I'll quickly review the safe harbor disclosure.

謝謝你，艾瑪。大家早安，謝謝您參加 PENN Entertainment 2025 年第二季電話會議。我們將立即聽取管理層的演講和評論以及您的問答。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。現在我將快速回顧安全港披露。

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. It's now my pleasure to turn the call over to the PENN's CEO, Jay Snowden. Jay, please go ahead.

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。現在我很高興將電話轉給賓州大學執行長傑伊·斯諾登。傑伊，請繼續。

Thanks, Joe. Good morning, everyone. Joined here in why I'm missing with Felicia Hendrix, Todd George, Aaron LaBerge, as well as other members of our senior management team. As you can see from our earnings release and accompanying investor presentation, our diverse portfolio of retail properties delivered another solid quarter, particularly in those markets not impacted by new supply where we saw revenue growth of 4% year-over-year. For the second quarter of 2025, we reported retail revenue of $1.4 billion and adjusted EBITDA of $490 million and adjusted EBITDA margins of nearly 34%.

謝謝喬。大家早安。與 Felicia Hendrix、Todd George、Aaron LaBerge 以及其他我們高階管理團隊的成員一起討論我失蹤的原因。正如您從我們的收益報告和隨附的投資者介紹中看到的，我們多元化的零售物業組合又一個季度表現穩健，特別是在那些未受新供應影響的市場，我們的收入同比增長了 4%。2025 年第二季度，我們的零售收入為 14 億美元，調整後 EBITDA 為 4.9 億美元，調整後 EBITDA 利潤率接近 34%。

As noted on slide 5, this performance by our best in class property teams was highlighted by theoretical revenue growth across all rated age and worth segments, as well as year-over-year theoretical revenue growth in unrated play, visitation, and spend per visit. The first time we have seen this since Q1 of 2022, all of which have remained consistent through July as well.

如投影片 5 所示，我們一流的物業團隊的這一表現突出，包括所有評級年齡和價值細分市場的理論收入增長，以及未評級遊戲、訪問量和每次訪問支出的理論收入同比增長。這是自 2022 年第一季以來我們第一次看到這種情況，整個 7 月的情況也一直保持一致。

As you'll see on slides 6 and 7, we've been absorbing the impact of new supply in a few key geographic markets. Starting with Chicago lands, we are responding with the landside relocations of our Hollywood casinos in Aurora and Joliet to vastly superior locations and with new best in class, best in market assets.

正如您在第 6 張和第 7 張投影片中看到的，我們一直在吸收幾個主要地理市場新供應的影響。從芝加哥土地開始，我們將把位於奧羅拉和喬利埃特的好萊塢賭場遷移到更優越的地理位置，並配備一流的、市場上最好的新資產。

We're also planning to help mitigate the impact of new supply in Nebraska with the landside relocation of our Ameristar Casino Council Bluffs property in Iowa, which is currently scheduled to open at the end of 2027 or beginning of 2028.

我們還計劃將位於愛荷華州的 Ameristar Casino Council Bluffs 賭場搬遷至陸側，以幫助減輕內布拉斯加州新供應的影響，目前該賭場計劃於 2027 年底或 2028 年初開業。

As we've discussed previously, our Margaritaville property is still the market leader, but it has been impacted by the recent new supply in Bossier City, Louisiana. This market has been in decline for two decades now, and the new incremental supply, not surprisingly, has mostly cannibalized the incumbent operators.

正如我們之前所討論的，我們的瑪格麗塔維爾物業仍然是市場領導者，但它受到了路易斯安那州博西爾城近期新供應的影響。這個市場已經衰退了二十年，而新增供應量毫無意外地基本蠶食了現有業者的市佔率。

Our focus remains on continuing to enhance the guest experience in part through property improvements such as our recently renovated hotel rooms. We're also updating our hotel lobby, lobby bar, and adding new non-gaming amenities.

我們的重點仍然是繼續提升賓客體驗，部分是透過物業改進，例如我們最近翻新的飯店客房。我們還將更新飯店大廳、大廳酒吧，並增加新的非博彩設施。

In addition, on June 16th, we were excited to welcome a privately funded 27 acre golf entertainment complex directly next door to our property, which is part of more than $75 million invested by third parties and P/E on gaming and non-gaming amenities in and around the property over the last several years.

此外，6 月 16 日，我們很高興地歡迎私人出資建造的佔地 27 英畝的高爾夫娛樂中心落戶於我們的物業隔壁，這是過去幾年第三方和 P/E 對物業內外博彩和非博彩設施投資超過 7500 萬美元的一部分。

In Detroit, we expect that the ongoing construction and revitalization of the downtown business corridor adjacent to our Hollywood Greektown casino will help boost visitation and spend in the Greektown neighborhood and at our property.

在底特律，我們預計好萊塢希臘城賭場附近市中心商業走廊的持續建設和振興將有助於增加希臘城社區和我們酒店的遊客量和消費量。

The project is funded by a $20 million grant from the state of Michigan with a focus on revitalizing public spaces and improving the pedestrian experience with a more inviting environment, including the ability to host live events and festivals in the neighborhood. Construction around our property is scheduled to be completed in Q3 of this year, and the entire project is scheduled to be completed in Q2 of 2026.

該計畫由密西根州撥款 2000 萬美元資助，重點是振興公共空間並透過更具吸引力的環境改善行人體驗，包括在社區舉辦現場活動和節日的能力。我們物業周圍的建設預計於今年第三季完成，整個專案預計於 2026 年第二季完成。

Turning to slide 8, we are extremely excited for the August 11th opening of Hollywood Casino Joliette. Notably, this opening is occurring on budget and nearly six months ahead of its originally scheduled timeline.

翻到第 8 張幻燈片，我們對 8 月 11 日好萊塢喬利埃特賭場的開幕感到非常興奮。值得注意的是，此次開幕沒有超出預算，而且比原計劃提前了近六個月。

The new Hollywood Joliet is part of Rock Run Collection, a super-regional commercial and residential development conveniently located adjacent to the Interstate 80 and Interstate 55 interchange southwest of downtown Chicago.

新建的好萊塢喬利埃特 (Hollywood Joliet) 是 Rock Run Collection 的一部分，這是一個超區域商業和住宅開發項目，位置便利，毗鄰芝加哥市中心西南的 80 號州際公路和 55 號州際公路交匯處。

From a financial standpoint, there will be no change to our 2025 retail guidance as it relates to the Joliet relocation, as the earlier opening date will offset the ramp down of the existing facility the last couple of months to allow for game relocations.

從財務角度來看，由於喬利埃特搬遷，我們 2025 年的零售指導不會發生變化，因為提前開業將抵消過去幾個月現有設施的縮減，以便進行遊戲搬遷。

The approximate two week closure and the marketing ramp of the new property, none of which was built into our original guidance for the year. As you'll see on slide 9, our other development projects remain on schedule and on budget. Our omnichannel engagement continues to positively impact our results with our online to retail player count growing 8% year-over-year and online to retail theoretical revenue growing 28% year-over-year.

大約兩週的關閉和新房產的營銷推廣，均未納入我們今年最初的指導中。正如您在第 9 張投影片上看到的，我們的其他開發項目仍按計劃和預算進行。我們的全通路參與持續對我們的業績產生正面影響，我們的線上零售玩家數量年增 8%，線上零售理論收入較去年同期成長 28%。

Turning to slide 10, our pre-existing customers in Pennsylvania and Michigan who engaged with our stand-alone Hollywood eye casino app are increasing their spend across both our retail and online channels. In Pennsylvania, year-to-date, we have seen year-over-year increases of 19% in retail theoretical play and 133% in online theoretical play from the same cohort.

翻到第 10 張幻燈片，我們在賓夕法尼亞州和密西根州的現有客戶與我們獨立的好萊塢眼賭場應用程式合作，他們在我們的零售和線上管道上增加了支出。在賓州，今年迄今，我們發現零售理論遊戲年增 19%，線上理論遊戲年增 133%。

Similarly, in Michigan, year-to-date, we have seen year-over-year increases of 28% in retail theoretical play and 242% in online theoretical play. These are encouraging trends for sure. Having both a retail and digital relationship with your consumer is clearly a major key to success for the industry moving forward.

同樣，在密西根州，今年迄今，零售理論遊戲年增 28%，線上理論遊戲年增 242%。這些肯定是令人鼓舞的趨勢。與消費者建立零售和數位關係顯然是該行業未來成功的關鍵。

Transitioning to our interactive segment, we achieved record quarterly gaming revenue in both OSB and IC Casino and Q2, and while still plenty of work to do, we delivered significant year-over-year improvements in adjusted revenue and adjusted EBITDA, highlighting the strong year-over-year flow through we are seeing in our business in 2025.

轉向我們的互動部門後，我們在 OSB 和 IC Casino 以及第二季度都實現了創紀錄的季度博彩收入，儘管仍有大量工作要做，但我們的調整後收入和調整後 EBITDA 同比顯著改善，突顯了我們在 2025 年業務中看到的強勁同比流量。

These results include approximately 2.9 million in severance costs incurred as part of our strategic workforce adjustments to drive efficiencies and support a modern scalable technology infrastructure. Excluding that one-time expense, we would have come in slightly ahead of the midpoint of our digital Q2 guide and consensus.

這些結果包括約 290 萬美元的遣散費，這是我們為提高效率和支援現代可擴展技術基礎設施而進行的策略性勞動力調整的一部分。除去這筆一次性費用，我們的業績將略高於第二季數位指南和共識的中點。

Our stand-alone Hollywood I casino app is continuing to expand its reach, with over 70% of gaming revenue life to date through the second quarter generated by a newly acquired, retail native or reactivated users, which is also encouraging.

我們獨立的好萊塢 I 賭場應用程式正在繼續擴大其覆蓋範圍，截至第二季度，超過 70% 的遊戲收入來自新獲得的用戶、零售原生用戶或重新激活的用戶，這也令人鼓舞。

As you'll see on slide 12, our interactive segment average MAUs have stabilized over the past two quarters and actually increased in Q2 '25 on a year-over-year basis. [AMA] has also been on an upward trajectory since launch.

正如您在第12張幻燈片中看到的，我們互動部分的平均月活躍用戶在過去兩個季度保持穩定，並且在2025年第二季度實際上同比增長。 [AMA]自推出以來也一直呈現上升趨勢。

We are making great strides in advancing our in-house risk and trading platform and expanding our wagering options, including our parlay and in-game products. As a result, over the last two quarters, our hold rates have continued to improve, and we expect this trend to continue as we make further refinements.

我們正在大力推進內部風險和交易平台，並擴大投注選項，包括我們的聯注和遊戲內產品。因此，在過去兩個季度中，我們的持有率持續提高，我們預計隨著我們進一步改進，這一趨勢將持續下去。

Additionally, the continued month over month sequential growth of our Hollywood casino stand-alone app coupled with our improved OSB cross sell efforts are driving material growth in our iCasino users, volume, revenues, and market share. The success of our standalone app is incremental to our overall iCasino performance with minimal cannibalization of our in-app iCasino products. On top of the Q2 momentum, July marked our highest ever ice casino GGR in both Pennsylvania and Michigan.

此外，我們的好萊塢賭場獨立應用程式持續逐月成長，加上我們改進的 OSB 交叉銷售力度，推動了我們的 iCasino 用戶、交易量、收入和市場份額的實質成長。我們獨立應用程式的成功對我們整體的 iCasino 性能具有增量作用，同時對我們的應用內 iCasino 產品的影響最小。除第二季的強勁勢頭外，7 月賓州和密西根州的冰上賭場博彩總收入 (GGR) 也創下歷史新高。

Turning to slide 14, we continue to enhance our ESPN BET offering by introducing engaging new features such as the ability for customers to evaluate player statistics in relation to player prop bets. The benefits of the continued rollout of our new offerings is driving engagement.

翻到第 14 張投影片，我們繼續增強 ESPN BET 產品，推出了一些引人入勝的新功能，例如讓客戶能夠評估與球員道具投注相關的球員統計數據。我們持續推出新產品的好處是推動參與。

Since the spring, we have seen strong and consistent year-over-year growth in first-time bettors, which are most recently up over 50% year-over-year in July. Similarly, first time deposits have more than doubled year-over-year in July. Notably, our promotional expense as a percentage of handle has remained stable in the low single digits.

自春季以來，我們看到首次投注者的數量同比強勁且持續增長，最近 7 月份同比增長超過 50%。同樣，7月首次存款年增了一倍多。值得注意的是，我們的促銷費用佔交易額的百分比一直穩定在個位數以下。

Further, as we announced earlier this week, this football season will mark the launch of Fan Center, an exciting feature which leverages our connectivity with the ESPN ecosystem to enable players to bet on their favorite teams, players, and fantasy lineups in ESPN Bet.

此外，正如我們本週早些時候宣布的那樣，本賽季的足球比賽將標誌著粉絲中心的推出，這是一項令人興奮的功能，它利用我們與 ESPN 生態系統的連接，讓玩家能夠在 ESPN Bet 中對自己喜歡的球隊、球員和夢幻陣容下注。

The (inaudible) hub, powered by account linking technology with ESPN, creates the ultimate interconnected media, betting and fantasy experience. In addition to fantasy related markets within Fan Center, a new Find a bet icon on the ESPN Fantasy app will allow players to view ESPN BET markets related to their roster and add selections directly to their ESPN BET slip.

該（聽不清楚）中心採用與 ESPN 的帳戶連結技術，創造了終極互聯媒體、投注和幻想體驗。除了粉絲中心內的幻想相關市場外，ESPN Fantasy 應用程式上的新「尋找投注」圖示將允許玩家查看與其名單相關的 ESPN BET 市場，並將選擇直接添加到他們的 ESPN BET 單中。

Last year, ESPN Fantasy Football set an all-time mark with more than 13 million playing the game. Opportunities like this to leverage the nation's number one fantasy app is a big part of why we did the deal with ESPN, and we look forward to continuing to work together to unleash the full value of this partnership.

去年，ESPN Fantasy Football 創下了歷史新高，參與該遊戲的人數超過 1,300 萬人。利用全國排名第一的夢幻應用程式這樣的機會是我們與 ESPN 達成交易的重要原因，我們期待繼續合作，充分發揮這一合作關係的價值。

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. As Jay mentioned, our diverse portfolio of retail properties delivered another solid quarter, particularly in markets not impacted by new supply. Our interactive segment generated [Q2] adjusted revenues, excluding the skin tax gross up of [$178 million] and interactive adjusted EBITDA of a loss of $62 million. Record quarterly gaming revenue for both OSB and iCasino was driven by higher holds and continued momentum on stand-alone iCasino.

謝謝，傑伊。正如傑伊所提到的，我們多元化的零售物業組合又帶來了一個穩健的季度，特別是在未受新供應影響的市場。我們的互動部門在 [Q2] 產生了調整後收入，不包括皮膚稅總額 [1.78 億美元] 和互動調整後 EBITDA 虧損 6,200 萬美元。OSB 和 iCasino 的季度博彩收入均創歷史新高，這得益於更高的持有量和獨立 iCasino 的持續成長勢頭。

Corporate expense of $38.7 million included $9.4 million of legal and advisory costs in connection with our annual meeting of shareholders. The table on page 7 of our earnings relief summarizes our cash expenditures in the quarter, including cash payments to our landlords, cash taxes, cash interest on traditional debt, and total CapEx.

公司費用為 3,870 萬美元，其中包括與年度股東大會相關的 940 萬美元的法律和諮詢費用。我們的收益減免第 7 頁的表格總結了本季的現金支出，包括支付給房東的現金、現金稅、傳統債務的現金利息和總資本支出。

Of our total $159 million CapEx in the quarter, $100 million was project CapEx related to our four development projects. We ended the second quarter with total liquidity of $1.2 billion inclusive of $672 million in cash and cash equivalents.

本季我們的總資本支出為 1.59 億美元，其中 1 億美元是與我們的四個開發案相關的專案資本支出。截至第二季末，我們的總流動資金為 12 億美元，其中包括 6.72 億美元的現金和現金等價物。

In the second quarter, we repurchased $90 million of shares at an average price of $15.47 per share, which takes us to $115 million of shares repurchased in the first half of the year at an average price of $15.90 per share. We expect to repurchase at least $350 million of shares in 2025, which implies share repurchases equivalent to 9% of our current market cap over the last five months of the year.

第二季度，我們以每股 15.47 美元的平均價格回購了價值 9,000 萬美元的股票，這使得我們上半年以每股 15.90 美元的平均價格回購了價值 1.15 億美元的股票。我們預計 2025 年將回購至少價值 3.5 億美元的股票，這意味著在今年最後五個月內回購的股票相當於我們目前市值的 9%。

Additionally, on June 20th, we repurchased roughly 70% of our convertible notes due 2026 for $233.5 million which eliminated approximately $9.6 million potentially diluted shares that were associated with the convertible notes. This transaction is incremental to our $350 million share repurchase target for the year. I will now provide an update on our guidance for the remainder of the year.

此外，6 月 20 日，我們以 2.335 億美元回購了約 70% 的 2026 年到期的可轉換票據，消除了與可轉換票據相關的約 960 萬美元的潛在稀釋股份。這項交易是我們今年 3.5 億美元股票回購目標的增量。我現在將提供有關今年剩餘時間指導的最新資訊。

Our 2025 retail guidance is unchanged from the ranges and drivers we provided in our earnings call in February. The new Joliet property opening is now included in our guidance, and Jay covered the financial puts and takes related to that project earlier.

我們對 2025 年零售的預期與我們在 2 月收益電話會議上提供的範圍和驅動因素相同。新的喬利埃特地產開業現已包含在我們的指導中，Jay 之前介紹了與該項目相關的財務投入和收益。

On Interactive, we continue to expect sequential quarter over quarter adjusted EBITDA improvement for both the third quarter and the fourth quarter with the fourth quarter inflecting positive. We are updating our 2025 interactive guidance to reflect $10 million of incremental costs related to the OSB launch in Missouri in December, which was not contemplated in our prior guidance, and the impact of legislative tax increases in Illinois, New Jersey, Louisiana, and Maryland. Our new guidance also better aligns with our current volumes and market share trends.

對於互動業務，我們繼續預期第三季和第四季的調整後 EBITDA 將環比改善，且第四季將出現正面變化。我們正在更新 2025 年互動式指南，以反映 12 月在密蘇裡州推出 OSB 相關的 1000 萬美元增量成本（這在我們之前的指南中並未考慮到），以及伊利諾伊州、新澤西州、路易斯安那州和馬裡蘭州立法增稅的影響。我們的新指導也更符合我們當前的銷售和市場份額趨勢。

Our average MAUs increased in the second quarter year-over-year, and we now forecast modest year-over-year growth in market share for the remainder of the year. We now forecast USOSB handle market share excluding New York of 3.4% in the third quarter and 4% in the fourth quarter. For IC Casino, GGR share, we expect 3% in the third quarter and 3.2% in the fourth quarter.

我們第二季的平均 MAU 年成長，我們預測今年剩餘時間內的市佔率將比去年同期小幅成長。我們現在預測，第三季 USOSB 手把市場佔有率（紐約除外）為 3.4%，第四季為 4%。對於 IC 賭場的 GGR 份額，我們預計第三季為 3%，第四季為 3.2%。

Somewhat offsetting these lower volume assumptions are an expectation for slightly higher sports book hold rates in the second quarter. We're modeling in the mid 9% range for the third and fourth quarter. We have been closing the GAAP with the market leaders from a hold rate perspective, given improvements in our risk and trading functions as well as solid execution of our parlay, same game parlay, and in-play offerings. Further, as a function of our strategic workforce adjustments, we anticipate run rate savings in GNA of approximately $20 million or roughly $10 million in the second half.

預計第二季度體育博彩持有率將略有上升，這在一定程度上抵消了這些較低的交易量假設。我們預計第三季和第四季的成長率將在 9% 左右。鑑於我們的風險和交易功能的改進以及我們的聯注、同場聯注和賽中投注產品的穩健執行，從持有率的角度來看，我們已經與市場領導者的 GAAP 趨於一致。此外，根據我們的策略勞動力調整，我們預計 GNA 的運作率節省約為 2000 萬美元，下半年節省約 1000 萬美元。

For the third quarter '25, our interactive revenue guidance range is $295 million to $335 million including a $125 million skin tax gross up, and our adjusted EBITDA guidance range is a loss of $65 million to a loss of $45 million.

對於 2025 年第三季度，我們的互動收入預期範圍為 2.95 億美元至 3.35 億美元，其中包括 1.25 億美元的皮膚稅總額，我們的調整後 EBITDA 預期範圍為虧損 6500 萬美元至虧損 4500 萬美元。

Our 3Q interactive adjusted EBITDA guidance represents a year-over-year improvement of roughly $36 million at the midpoint. For the fourth quarter of '25, we expect interactive adjusted EBITDA of approximately $5 million assuming normal hold.

我們的第三季互動式調整後 EBITDA 指引顯示，中位數年增約 3,600 萬美元。對於 25 年第四季度，我們預計互動調整後 EBITDA 約為 500 萬美元（假設正常持有）。

Other segment adjusted EBITDA continues to be challenging to forecast this year due to the cost of ongoing litigation. However, with the bulk of our advisory and proxy related expenses behind us, I can provide you with some metrics to help you with your modeling by running through the various moving parts.

由於持續訴訟的成本，今年其他部門調整後的 EBITDA 仍然難以預測。然而，由於我們已經支付了大部分諮詢和代理相關費用，我可以為您提供一些指標，透過運行各個活動部件來幫助您進行建模。

In February, we initially provided other segment adjusted EBITDA guidance, which includes corporate expense of $121 million. Before incremental legal and advisory costs related to this year's AGM, this forecast is unchanged.

2 月份，我們初步提供了其他部門調整後的 EBITDA 指引，其中包括 1.21 億美元的公司費用。在扣除與今年年度股東大會相關的法律和諮詢費用增量之前，這項預測保持不變。

As we look to the remainder of the year, we may incur incremental legal expenses in the second half of the year, given the ongoing shareholder litigation. Well, we cannot project at this time the magnitude of the legal expenses we could incur in the second half of the year, we do expect that they will be significantly below the $17.1 million of legal and advisory costs we incurred in the first half.

展望今年剩餘時間，鑑於正在進行的股東訴訟，我們可能會在下半年產生增量的法律費用。嗯，我們目前無法預測下半年可能產生的法律費用金額，但我們預計這些費用將遠低於上半年產生的 1,710 萬美元的法律和諮詢費用。

Transitioning to our retail growth projects as of today, we've received the full $130 million in funding from GLPI for the $185 million Hollywood Joliet project at a cap rate of 7.75%. As you know for the $360 million Aurora project, we have already committed to take $225 million of funding from GLPI at a cap rate of 7.75%, and we will draw from GLPI closer to the opening of Aurora.

從今天起，我們轉向零售成長項目，已從 GLPI 獲得全部 1.3 億美元資金，用於價值 1.85 億美元的好萊塢喬利埃特項目，資本化率為 7.75%。如您所知，對於耗資 3.6 億美元的 Aurora 項目，我們已經承諾以 7.75% 的資本化率從 GLPI 獲得 2.25 億美元的資金，並且我們將在 Aurora 開業前從 GLPI 提取資金。

Regarding the M Resort Tower and Hollywood Columbus, we will provide funding updates as we get closer to those openings. Our CapEx forecast for 2025 remains $730 million with project CapEx of $490 million for 2025 net cash interest expense, we project $160 million and for cash taxes finally following the enactment of the Big Beautiful bill, our 2025 cash tax outlook has shifted meaningfully reflecting the impact of several one-time items and permanent changes. While our prior guidance projected a $70 million cash tax liability for 2025. We now do not expect to be a cash taxpayer this year, which benefits free cash flow before project CapEx by 40%.

關於 M Resort Tower 和 Hollywood Columbus，我們將在接近開業時提供資金更新資訊。我們對 2025 年的資本支出預測仍為 7.3 億美元，其中 2025 年淨現金利息支出項目資本支出為 4.9 億美元，我們預計現金稅最終將達到 1.6 億美元，隨著《Big Beautiful》法案的頒布，我們 2025 年的現金稅前景將發生重大變化，反映出幾項一次性項目和永久性變化的影響。而我們先前的預測是 2025 年的現金稅負為 7,000 萬美元。我們現在不期望今年成為現金納稅人，這使專案資本支出前的自由現金流受益 40%。

The acceleration of previously unamortized R&E expenses and the utilization of an interest expense carryover generated one-time benefits for this tax year. In addition, the 100% bonus depreciation represents a meaningful benefit given our recurring annual CapEx and our active growth project pipeline.

先前未攤銷的研發費用的加速和利息費用結轉的使用為本納稅年度產生了一次性收益。此外，考慮到我們每年經常性的資本支出和積極的成長項目管道，100% 的獎金折舊代表著一個有意義的好處。

We expect the enactment of the big, beautiful bill to continue to be favorable to us in future years based on what we know today, for 2026, we currently anticipate recognizing approximately $50 million less in cash taxes in each of 2026 and 2027.

根據我們今天所了解的情況，我們預計這項宏大而美麗的法案的頒布將在未來幾年繼續對我們有利，對於 2026 年，我們目前預計 2026 年和 2027 年的現金稅將分別減少約 5000 萬美元。

Our basic share count at the end of the second quarter was 145.5 million shares. After the redemption of the convertible notes, we now have 4.5 million potential dilutive shares from the remaining convertible note tub and about 1 million dilutive shares from RSUs and stock options.

我們第二季末的基本股數為1.455億股。贖回可轉換票據後，我們現在擁有剩餘可轉換票據中的 450 萬股潛在稀釋性股份和來自 RSU 和股票選擇權的約 100 萬股稀釋性股份。

And now I'll turn it back to Jay.

現在我把話題轉回給傑伊。

Alright. Thanks, Felicia. In closing, I want to reiterate that our core retail businesses remain strong and are growing in the aggregate. We believe the recent law changes around salt deductions as well as taxes on tips overtime and Social Security benefits could provide to be tailwinds for PENN.

好吧。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，並且整體上正在成長。我們相信，近期有關鹽減量以及加班小費稅和社會安全福利稅的法律變化可能為賓州大學帶來順風。

In addition to anniversary, the new supply in Key markets later here in '25 and in early '26. We're eagerly awaiting the August 11th opening date next week of the first of our growth projects, which we believe will collectively enhance our portfolio, grow our free cash flow profile, reduce leverage and serve as a catalyst for PENN's retail segment and our overall omnichannel strategy.

除了週年紀念之外，2025 年晚些時候和 2026 年初主要市場還將有新供應。我們熱切期待下週 8 月 11 日我們的第一個成長項目的啟動，我們相信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狀況，降低槓桿率，並成為 PENN 零售部門和我們整體全渠道戰略的催化劑。

On the interactive side, we're excited about all the new product enhancements our teams have been making, including the upcoming launch of Fan Center. This type of integration with ESPN is what sets ESPN be apart from our competitors, and we can't wait for football season to showcase it.

在互動方面，我們對團隊所做的所有新產品改進感到非常興奮，包括即將推出的粉絲中心。與 ESPN 的這種整合使 ESPN 有別於我們的競爭對手，我們迫不及待地希望足球賽季能夠展示這一點。

We're very appreciative of the hard work, strong partnership, and long hours from our friends at ESPN, particularly as we collectively prepared for the start of this football season over the last several months. We're excited and optimistic about our new products enhancements. However, we do still maintain strategic optionality as discussed previously in the digital business as we head into 2026.

我們非常感謝 ESPN 的朋友們的辛勤工作、緊密的合作和長時間的付出，特別是在過去的幾個月裡我們共同為這個足球賽季的開始做準備。我們對新產品的增強感到興奮和樂觀。然而，正如我們之前在 2026 年所討論的那樣，我們在數位業務方面仍然保持戰略可選性。

As I said on our Q1 call, we are nearing an inflection point with our digital business, and we anticipate each quarter of 2025 delivering 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. This is still the case.

正如我在第一季電話會議上所說，我們的數位業務正接近一個轉折點，我們預計 2025 年每季的虧損都將在全年環比下降，我們的互動部門將在 2025 年第四季、2026 年全年及以後實現盈利。至今仍是如此。

The significant investments in interactive are undoubtedly behind us. Our focus for the balance of this year and going forward remains operational execution and transforming our strategic investments into consistent long-term returns and value creation for our shareholders. We believe our share price is undervalued and will be even more active in buying back shares and returning capital to shareholders in the second half of the year as covered previously by Felicia.

毫無疑問，我們在互動方面的大量投資已經過去了。我們今年及未來的重點仍然是營運執行，並將我們的策略投資轉化為持續的長期回報和為股東創造價值。我們認為我們的股價被低估了，正如 Felicia 之前報導的那樣，我們將在下半年更加積極地回購股票並向股東返還資本。

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

艾瑪，這樣我們就可以開始回答第一個問題了。

(Operator Instructions)

（操作員指示）

Barry Jones, Jewish Securities.

巴里瓊斯 (Barry Jones)，猶太證券公司。

Hey guys, good morning.

大家好，早安。

A lot going on with ESPN between the coming launch of its DTC products. And the announced deal with the NFL. How should we be thinking about potential upside for ESPN that with both on top of your continuing product enhancements like Fan Center. Thanks.

ESPN 在即將推出其 DTC 產品期間有很多事情要做。並宣布與 NFL 達成協議。我們該如何看待 ESPN 的潛在優勢，以及你們持續改進粉絲中心等產品的優勢？謝謝。

Yeah, obviously it's been a really busy week this week for ESPN. They announced the launch date of their direct to consumer streaming offering, and then of course earlier this week they announced the partnership with WWE and then acquiring the NFL media assets from the NFL. So very busy.

是的，顯然本週對 ESPN 來說真的很忙。他們宣布了直接面向消費者的串流媒體服務的發布日期，當然，本週早些時候他們宣布與 WWE 合作，並從 NFL 收購 NFL 媒體資產。非常忙碌。

We really don't have anything to comment on beyond what Disney, ESPN has shared publicly and on their earnings call. I would just say, and maybe this is stating the obvious that we think those are all just going to continue to solidify ESPN's position as the worldwide leader in sports. And all those -- all of those announcements are good for the entire ESPN ecosystem of which ESPN BET is certainly part of that.

除了迪士尼和 ESPN 公開分享的內容以及在財報電話會議上的內容之外，我們真的沒有什麼可評論的。我只想說，也許這說明了顯而易見的事實，我們認為這些都將繼續鞏固 ESPN 作為全球體育領袖的地位。所有這些——所有這些公告對整個 ESPN 生態系統都是有利的，ESPN BET 無疑是其中的一部分。

And as we've mentioned before, the launch of the direct to consumer offering is going to be deeply integrated with sports betting, ESPN Bet. And that's going to be the first time that we've seen anything like that in the space, so we're interested to see what that means for the sports fans of ESPN and our ability to continue to provide a great betting option for people through those deep integrations throughout their digital and streaming ecosystem.

正如我們之前提到的，直接面向消費者的產品將與體育博彩 ESPN Bet 深度結合。這是我們第一次在該領域看到這樣的事情，所以我們很想知道這對 ESPN 的體育迷意味著什麼，以及我們是否有能力透過其數位和串流生態系統的深度整合繼續為人們提供出色的投注選擇。

Great. And then just as a follow up on retail. Top line trends, you said pretty strong at +4 outside of new supply markets. Just wanted to get your thoughts on what you think is driving this, and to what degree it's sustainable. Thank you.

偉大的。然後只是作為零售的後續行動。您所說的頂線趨勢在新供應市場之外相當強勁，為 +4。只是想了解您認為是什麼推動了這個進程，以及這個進程的可持續性。謝謝。

I'll mention a couple of things. Todd, I'm sure you'll want to jump in as well. I think, there's been less new supply hitting us in a number of markets. If you look at the last 12 months, it's certainly there as we mentioned in Bossier City. Somewhat in Chicago then, although some of that is just us moving assets from Joliet old location to new locations. I wouldn't overly read into the Midwest, Council Bluffs. I think our property has responded really well. It's a battle, but we're grinding there.

我要提幾件事。托德，我相信你也想加入。我認為，許多市場上的新供應量有所減少。如果你回顧過去 12 個月，你會發現它確實存在，正如我們在博西爾城所提到的。當時是在芝加哥，儘管其中一部分只是我們將資產從喬利埃特舊址轉移到新址。我不會太了解中西部、康瑟爾布拉夫斯。我認為我們的飯店反應非常好。這是一場戰鬥，但我們正在努力戰鬥。

And I would say overall, and we've said this before, there's really one true macroeconomic factor that has a tight correlation to our business which is employment and employment's been strong. Americans have jobs. Americans spend money. It's really quite simple as it relates to the regional gaming business, at least as long as I've been doing this.

我想說，總的來說，我們之前也說過，確實有一個真正的宏觀經濟因素與我們的業務密切相關，那就是就業，而且就業一直很強勁。美國人有工作。美國人花錢。就區域遊戲業務而言，這確實非常簡單，至少在我從事這項工作以來是這樣的。

And gas prices have been low and they've stayed low. So those are all helpful tailwind. Consumer confidence seems to at least be stable. It's, a bit volatile month to month, but I would say overall pretty stable and seems to be moving in the right direction and I think people to some extent have probably been putting off those destination vacations and trips to Vegas, and they're staying closer to home. So all that of course would benefit us in the regional markets. Todd, anything to add.

天然氣價格一直很低，並且一直維持在低點。所以這些都是有益的順風。消費者信心似乎至少是穩定的。雖然每個月都會有點波動，但我認為總體來說還是比較穩定，而且似乎正朝著正確的方向發展，而且我認為人們在某種程度上可能已經推遲了目的地度假和拉斯維加斯之旅，他們現在待在家附近。因此，所有這些當然都會使我們在區域市場上受益。托德，還有什麼要補充的嗎？

Yeah, perfectly said, Jay, and I would only add some of the trends we're seeing, it's not just in the gaming revenue side. We're also seeing this and the food and beverage side, the hotel side. So to Jay's point about people staying for a staycation. That obviously is a sign that -- that's working.

是的，傑伊說得很好，我只想補充一些我們看到的趨勢，這不僅僅是在遊戲收入方面。我們在餐飲方面、飯店方面也看到了這一點。所以對於傑伊關於人們在家度假的觀點。這顯然表明——它正在發揮作用。

And then I think with some of our capital deployment around the company and the country we're getting a return on that. So the improvements we've made to our property, whether it's keeping our gaming floors fresh or our non-gaming options fresh, really starting to see that pay off.

然後我認為，透過在公司和國家範圍內部署一些資本，我們將獲得回報。因此，我們對酒店設施所做的改進，無論是保持遊戲場地的新鮮還是非遊戲選項的新鮮，都真正開始獲得回報。

So super excited about the opening of Joliet next week and then on the heels of that the next three growth projects as well as the announcement that we made with Shake Shack. So I think we continue to innovate and upgrade our offerings.

我對下週 Joliet 的開業感到非常興奮，緊接著是接下來的三個成長項目以及我們與 Shake Shack 共同宣布的計劃。所以我認為我們會繼續創新並升級我們的產品。

It's interesting too, just one last point. I think the entire retail operations team across the country has really done a great job this past quarter. When you think about there was some elevated pockets of promo spend, I think that was well documented throughout the quarter in the space and GGR, looked higher and how much of that was flowing through to NGR and to EBITDA.

這也很有趣，只剩下最後一點。我認為整個全國零售營運團隊在過去的一個季度確實做得非常出色。當您想到促銷支出有所增加時，我認為整個季度該領域和 GGR 都有充分的記錄，看起來更高，其中有多少流向了 NGR 和 EBITDA。

I think our teams did a great job, just staying disciplined and making sure that we're investing in the right customers at the right levels and not getting, thrown into any sort of marketing battles again. I think that'll die down quickly, but it was certainly a thing in the second quarter.

我認為我們的團隊做得很好，保持紀律，確保我們在正確的水平上投資正確的客戶，而不會再次陷入任何形式的行銷戰。我認為這種情況很快就會消失，但在第二季度肯定會發生。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Barry.

謝謝，巴里。

Bank Montour, Barclays.

蒙圖爾銀行、巴克萊銀行。

(inaudible) Comment on the 2Q, we saw a pretty outstanding hold quarter in June, especially in June, and some of your peers showed some upside in the sports divisions. We're not -- we don't really see that in your results. I'm curious if there's something about your mix or the volumes that you saw in the quarter. Why you didn't really participate in that?

（聽不清楚）評論第二季度，我們看到 6 月份的持有季度表現相當出色，尤其是在 6 月份，而且您的一些同行在體育部門表現出了一些上漲空間。我們沒有——我們確實沒有在您的結果中看到這一點。我很好奇您在本季看到的產品組合或銷售有什麼變化嗎？為什麼你沒有真正參與其中？

Yeah, it was cutting out a little bit at the beginning, but I think I got the question there, on the second quarter and hold percentage for the space. We saw a nice hold result as well. Our whole percentage is continuing to really close the gap between where we've been and where the top tier of operators are. We held in the mid to high 9s. I don't have exactly in front of me for the second quarter.

是的，一開始有點中斷，但我認為我已了解問題所在，關於第二季度和該空間的持有百分比。我們也看到了不錯的保持效果。我們的整體比例正在繼續縮小我們與頂級營運商之間的差距。我們保持在 9 分中上段。我目前還沒有關於第二季的具體計劃。

9.8% versus -- an estimate of 9%. So we held fine. We've been battling obviously on the handle side of things, and we will continue to. We're seeing really nice pick up in terms of first time bets and first time deposits and really gearing up for football season with a lot of new deep integrations with fantasy that we covered during our prepared remarks.

9.8% 對比預估的 9%。所以我們表現很好。顯然，我們一直在為手柄方面的事而奮鬥，而且我們將繼續這樣做。我們看到首次投注和首次存款的數量確實出現了良好的增長，並且我們為足球賽季做好了充分的準備，我們在準備好的發言中介紹了許多與幻想的深度融合。

So we feel like we've got. We've got nice momentum. We also obviously had the negative impact of the severance cost of around $3 million for the quarter, but I think you should expect to see our whole percentage sort of in that, upper tier. We've seen that for the last several months, really since the early spring to where we are now. I think the same will be true in July.

所以我們感覺我們已經得到了。我們擁有良好的勢頭。顯然，我們也受到了本季約 300 萬美元遣散費的負面影響，但我認為您應該會看到我們的整個百分比處於較高水平。過去幾個月來，我們已經看到了這種情況，實際上從初春到現在。我認為七月的情況也會一樣。

So overall feeling good about whole percentage, we just got to continue to get more and more people into the top of funnel, and I know Aaron and team, Billy Turchin, who just joined us as our Chief Product Officer working really hard to just eliminate friction as we did a deep dive on what -- what's worked well for us and the things that haven't, I think, eliminating friction between the people clicking on integrations within the ESPN. Ecosystem and coming over to ESPN BET.

因此，總體而言，我們對整個百分比感覺良好，我們只需要繼續讓越來越多的人進入漏斗的頂部，我知道 Aaron 和他的團隊，Billy Turchin，他剛剛加入我們，擔任我們的首席產品官，他們非常努力地消除摩擦，我們深入研究了什麼對我們有效，什麼對我們無效，我認為，消除了人們在點擊 ESPN 內部集成時之間的摩擦。生態系統並轉向 ESPN BET。

Same thing for people, click on or go to the Apple store and download our apps and register and just go through the whole process. We're just -- we're working really hard to get that flow to be frictionless and so we're feeling like we're in a good spot. Every quarter is getting better. We still got work to do. So I think that's the clear message, but going into football, we feel like we've got a chance to really start to make some progress.

對於人們來說也是一樣，點擊或前往 Apple 商店下載我們的應用程式並註冊，然後完成整個過程。我們只是——我們正在非常努力地使流程變得順暢，所以我們感覺我們處於一個很好的位置。每個季度都在變得更好。我們還有工作要做。所以我認為這是明確的訊息，但進入足球領域，我們覺得我們有機會真正開始取得一些進步。

The last thing I would say is if you look at handleshare on OSB, there is still some pretty aggressive promoting by a couple of the private operators and so we've been really paying more attention to our GGR share and even more so our NGR share, and we feel like we're making a lot of progress on the NGR side both here in the US as well as in Canada, which we're pleased with. So we just got to keep grinding and keep going. But Aaron, feel free to jump in with anything.

最後我想說的是，如果你看一下 OSB 上的 handleshare，你會發現一些私人業者仍在大力推廣，因此我們一直在更加關注我們的 GGR 份額，甚至更加關注我們的 NGR 份額，我們感覺我們在美國和加拿大的 NGR 方面都取得了很大進展，對此我們感到滿意。所以我們必須繼續努力、繼續前進。但是 Aaron，你可以自由地參與任何事情。

No, that was good.

不，那很好。

Okay. Thanks for that. Hopefully, you can hear me and apologies for my connection. The second question is still an interactive. I think if I heard Felicia's guidance commentary correctly, you guys are aiming for around $200 million loss for the year, which is right at the low end of the prior range. I also, I mean, I know you called out lower volumes. The question I guess is that really the sort of main driver of that? And or is there any sort of incremental promos that you guys are planning around fan centerer and or ESPN regarding their launch?

好的。謝謝。希望您能聽到我的聲音，我對我的連接表示歉意。第二個問題依然是互動的。我想，如果我沒有聽錯的話，費莉西亞的指導評論是這樣的，你們今年的目標是虧損約 2 億美元，這正好處於之前範圍的低端。我的意思是，我也知道你喊的是降低音量。我想問的是，這真的是造成這種情況的主要驅動因素嗎？或者你們是否計劃圍繞 Fan Centerer 和 ESPN 推出任何形式的增量促銷活動？

Yeah, it incorporates everything that you mentioned there, Brandt. We want to make sure that we have a successful launch of Fan Center. It's a really bespoke, unique feature. Remember also that we for the first time on this guidance incorporated, now that we have a launch date for Missouri that was not in our guidance previously. We have tax increases in four states the second half of the year.

是的，它包含了你提到的所有內容，布蘭特。我們希望確保粉絲中心能夠成功推出。這是一個真正客製化的、獨特的功能。還要記住，這是我們第一次將這項指導納入其中，現在我們已經有了密蘇裡州的發布日期，而這在我們之前的指導中是沒有的。今年下半年我們將在四個州提高稅收。

So we're just chewing all those things up, in addition to, as we laid out for you our OSB handle share hasn't year-to-date been where we estimated it. We're still anticipating we'll grow our handle share in Q3 and then even more so in Q4.

因此，我們只是在消化所有這些事情，此外，正如我們向您介紹的那樣，今年迄今為止，我們的 OSB 手柄份額還沒有達到我們估計的水平。我們仍然預計我們的交易份額將在第三季度增長，並在第四季度進一步增長。

Same thing for our iCasino GGR share. But we want to make sure we've got realistic targets out there that we've got the ability to make sure that we're showcasing what the new features are and we think that this allows us to do that and hopefully it turns out to be a little bit conservative, but it feels like the right approach at this stage in the year heading into football season with so many new things coming.

我們的 iCasino GGR 份額也是如此。但我們希望確保我們設定了切合實際的目標，我們有能力展示新功能，我們認為這使我們能夠做到這一點，希望最終結果有點保守，但感覺在今年即將進入足球賽季的這個階段，隨著如此多的新事物的出現，這是正確的方法。

Makes sense. Thanks, Jay.

有道理。謝謝，傑伊。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hey, good morning, everyone, and thank you for taking my questions. Jay or Felicia, just maybe we could zoom out on ESPN BET for a second and just think about 2026. I think in general the idea has been that we could get to profitable in that business for the full year. Is that target still on track and is it incumbent upon further improvement or especially on the core OSB side or can we kind of do that on? Let's call it a combination of run rate as you exit this year and just continued market growth in that business.

大家早安，謝謝大家回答我的問題。傑伊或費莉西亞，也許我們可以暫時把目光從 ESPN BET 上移開，想像一下 2026 年的情景。我認為總體上我們的想法是我們可以全年在該業務上實現盈利。這個目標是否仍在進行中，是否需要進一步改進，特別是在核心 OSB 方面，或者我們是否可以這樣做？我們將其稱為今年退出時的運作率與該業務持續的市場成長的結合。

Yeah, I think it's very much dependent on as us hitting our targets for the remainder of the year and exiting 2025 on the path that we just laid out. It's not -- these aren't Herculean targets, but we got to continue to prove it out and grow our share not just on handle but of course on GGR and NGR and make sure that we're reinvesting at the right levels, consistent with what we have been in the last several quarters and then continuing to see progress again, nothing Herculean built in -- built out into our assumptions for 2026.

是的，我認為這很大程度上取決於我們能否實現今年剩餘時間的目標，以及在 2025 年結束時是否按照我們剛剛制定的路線前進。這些並不是艱鉅的目標，但我們必須繼續證明這一點，不僅在處理量上，而且在 GGR 和 NGR 上也增加我們的份額，並確保我們在正確的水平上進行再投資，與我們過去幾個季度的情況一致，然後繼續看到進展，沒有什麼艱鉅的任務建立在我們對 2026 年的假設之上。

We just want to see Q3 this year, stronger market share results in iGaming than we did in Q2, with the progress we're making, we think that that's realistic. We've got a really strong product offering. We're enhancing the experience all the time both in OSB and iCasino.

我們只是希望看到今年第三季 iGaming 的市佔率比第二季更高，憑藉我們取得的進展，我們認為這是現實的。我們提供的產品確實非常強大。我們一直在增強 OSB 和 iCasino 的體驗。

So much like our fourth quarter which were anticipating being profitable to the tune of $5 million. We would be exiting with some real momentum heading into 2026, and we would build on that every quarter in 2026 as well. So those are the set of assumptions. Now and as I've mentioned before, I think our focus, and you can imagine we've got, all sorts of different sensitivity models on -- there's a lot of variables at play as we go into 2026. And so we're going to be ready for whatever strategically it is that we're doing and to make sure that we deliver on profitability in 2026. That's we're laser focused on that.

就像我們第四季預計獲利 500 萬美元一樣。我們將帶著真正的動力邁入 2026 年，我們將在 2026 年的每個季度繼續保持這種勢頭。這些就是一組假設。現在，正如我之前提到的，我認為我們的重點，你可以想像我們已經擁有各種不同的敏感度模型——當我們進入 2026 年時，有很多變數在起作用。因此，無論採取什麼策略，我們都會做好準備，確保在 2026 年實現盈利。這就是我們全神貫注於此的事。

Perfect. Thank you. And then as my follow up, I want to go back to the beginning and I know you comment on this, but I think it just kind of fits strategically here, which is about the sort of ESPN, NFL deal, Jay. And just like -- at its highest level, it would seem like the strategic importance of having sort of a betting option here as we think about sort of what DTC could mean or a DTC launch could mean. Would be pretty paramount strategically.

完美的。謝謝。然後作為我的後續問題，我想回到開頭，我知道你對此發表了評論，但我認為這只是在戰略上適合這裡，這與 ESPN、NFL 交易有關，傑伊。就像——在最高層面上，當我們思考 DTC 可能意味著什麼或 DTC 推出可能意味著什麼時，似乎在這裡擁有某種投注選擇具有戰略重要性。從戰略上來說，這至關重要。

So does this open up your strategic Options or dialogue with them. I mean, obviously there's a very large, fixed cost here, but one thing that was unique about the way ESPN and NFL was structured was around equity without -- at least our read is an ongoing fee structure. So just trying to think out of the box a little bit, but to the extent you could talk about it, it'd be helpful.

那麼這是否會為你提供戰略選擇或與他們的對話。我的意思是，顯然這裡有一個非常大的固定成本，但 ESPN 和 NFL 的結構方式有一個獨特之處，那就是圍繞股權，至少我們的解釋是持續的費用結構。因此，只要嘗試稍微跳出思維定式，但在一定程度上談論它，就會很有幫助。

Yeah, and Shaun, it's a great question. I'd imagine that we're all going to have more information on exactly the details that was what was announced was not the definitive documents. I think it was more of where they are currently on the term sheets. So things -- who knows, things might change a little bit again. I'm not in those discussions.

是的，肖恩，這是一個很好的問題。我想我們都會得到更多關於具體細節的信息，但所宣布的並不是最終文件。我認為這更多的是他們目前在條款清單上的位置。所以事情——誰知道呢，事情可能會再次發生一點變化。我沒有參與這些​​討論。

But as time goes, I think we'll be, we'll have certainly more to share. We found out about it obviously when the world did this week when it was publicized, and so, we talked to ESPN. They're really excited and, they're very excited about the role that ESPN BET plays in terms of fan engagement and the overall experience, whether you're talking their direct to consumer launch, how they think about their relationship with all of their, sports league partners and they see in their own ecosystem as we've shared before, that those that are, part of the linked program with ESPN BET.

但隨著時間的推移，我想我們肯定會有更多的東西可以分享。顯然，當本週這件事被公開後，全世界都知道了這件事，所以我們與 ESPN 進行了交談。他們真的非常興奮，他們對 ESPN BET 在粉絲參與度和整體體驗方面所扮演的角色感到非常興奮，無論是談論他們直接面向消費者的發布，還是他們如何看待與所有體育聯盟合作夥伴的關係，以及他們在自己的生態系統中看到的內容，正如我們之前分享的那樣，這些都是與 ESPN BET 鏈接的計劃的一部分。

There's a high level of engagement, higher than average. And so we would expect that to continue to be the case in the NFL news and WWE as well we think just strengthen overall where we are in our relationship with ESPN, but also strengthen their position as the worldwide leader in sports.

參與度很高，高於平均。因此，我們預計 NFL 新聞和 WWE 也將繼續保持這種狀態，我們認為這不僅會加強我們與 ESPN 的合作關係，還會鞏固其作為全球體育領袖的地位。

Yeah, I would just add more football is better for fans and for betters and to point out Fan Center is going to launch this year with native integration to ESPN's fantasy platform. So if you're a linked user and you're already linked when you draft a team or more than one team, those teams automatically show up in ESPN BET in a way for you to bet it very creatively and easily.

是的，我只想補充一點，更多的足球比賽對球迷和投注者來說都更好，並指出球迷中心將於今年推出，並與 ESPN 的夢幻平台進行原生整合。因此，如果您是關聯用戶，並且在選拔一支或多支球隊時已經關聯，那麼這些球隊將自動顯示在 ESPN BET 中，以便您以非常有創意且輕鬆的方式下注。

We are also going to be on the launch of their DDC platform with betting integrated through ESPN BET into the video experience. And so you would imagine those football assets show up in those video experiences. They've announced that they're going to combine ESPN's fantasy platform with the NFL's which will make that massive. And again, Fan Center is a fantasy integration, so I think all of those things are just going to be good, not only for fans, but for our business and our partnership.

我們還將推出他們的 DDC 平台，透過 ESPN BET 將投注功能整合到視訊體驗中。因此，你可以想像這些足球資產會出現在這些視訊體驗中。他們宣布將把 ESPN 的夢幻平台與 NFL 的夢幻平台結合起來，這將產生巨大的影響。再說一次，粉絲中心是一種夢幻般的整合，所以我認為所有這些事情都會是好事，不僅對粉絲有利，而且對我們的業務和合作夥伴關係也有利。

Thank you so much.

太感謝了。

Joe's staff, [Hannah].

喬的員工，[漢娜]。

Thank you. Good morning. I wanted to maybe just follow up on ESPN, but, maybe from a different angle. As it gets switched on August 21st, obviously in the beginning of the football season and all the good seasonal factors associated with that, would you expect to see a pretty big spike or ramp in at least the top of the funnel in terms of like experimentation and so forth?

謝謝。早安.我可能只是想關注 ESPN，但也許從不同的角度。由於它將於 8 月 21 日切換，顯然正值足球賽季的開始以及與之相關的所有良好季節性因素，您是否預計至少在實驗等方面，漏斗頂部會出現相當大的峰值或上升？

Yeah, I mean, I -- Aaron, you'll have thoughts on this. I would say that the NFL news from this week, the WWE news from this week, and then certainly with now having a date for the D2C launch. One thing we know is that ESPN is in a stronger position today than they were a week ago, and we also know that they're going to be putting a lot of weight behind that D2C launch and the more ESPN is out there. I think that's really good for us and our brand and the fact that we're going to have deep integration.

是的，我的意思是，我——亞倫，你會對此有所思考。我想說的是本週的 NFL 新聞、本週的 WWE 新聞，當然還有現在的 D2C 發布日期。我們知道的一件事是，ESPN 現在的地位比一周前更加強大，我們也知道他們將大力支持 D2C 的推出，ESPN 也將獲得更多的關注。我認為這對我們和我們的品牌來說真的很好，而且我們將實現深度整合。

This year with fantasy that we didn't have last year and this year with direct to consumer, which didn't even exist last year. Those should all be positives. Obviously it's incumbent on us to make sure that when people click on those integrations or give us an opportunity that it's a really smooth, seamless process when they download, when they register, when they go through the whole process, and we think we're in a much stronger position this year to execute on that.

今年我們擁有去年所沒有的幻想，今年我們擁有去年甚至還不存在的直接面向消費者的業務。這些都應該是正面的。顯然，我們有責任確保當人們點擊這些整合或給我們機會時，他們在下載、註冊、完成整個過程時，這是一個真正順暢、無縫的過程，​​我們認為今年我們在執行這一目標方面處於更有利的位置。

And that we keep them at retention, we're going to be paying very close attention to every day, every week, as we move forward. We've got to be able to keep the folks that come in and test us or try us out for the first time or come in on a reactivated basis.

為了保持他們的留存，我們將在前進的每一天、每一週密切關注。我們必須能夠留住那些來測試我們、第一次試用我們或重新加入我們的人。

Yeah, I would just add, look, ESPN's fantasy platform, I think Jay mentioned it in his opening remarks, had 13 million people playing fantasy football last year. My guess is they're setting records this year. Fan Center alone is natively integrated not only into the ESPN fantasy app but into ESPN BET. So there's a huge top of funnel audience that gets new exposure to what is going to be a really cool feature if you're a fantasy player that you're going to want to try.

是的，我只想補充一點，看，ESPN的夢幻平台，我想傑伊在開場白中提到過，去年有 1300 萬人玩夢幻足球。我猜他們今年會創下紀錄。僅 Fan Center 本身就不僅整合到了 ESPN 夢幻應用程式中，還整合到了 ESPN BET 中。因此，如果你是幻想玩家，你將有機會嘗試這個非常酷的功能，而漏斗頂端的龐大受眾將獲得新的體驗。

And so when you think about reactivation, when you think about retention, and when you think about new user acquisition, fan center is going to drive all of those and then ESPN's launching a direct to consumer product which we're integrated with. I won't speak to what level or what the product looks like because that product hasn't launched, but we also think that's going to be something that people see and want to experience and be part of because of the way it's implemented. It's very cool and very compelling, and that will also be a driver of interest, and we think it's ultimately going to be good for top of funnel.

因此，當您考慮重新啟用、當您考慮保留以及當您考慮新用戶獲取時，粉絲中心將推動所有這些，然後 ESPN 將推出與我們整合的直接面向消費者的產品。我不會談論該產品的等級或外觀，因為該產品尚未推出，但我們也認為，由於其實施方式，它將是人們看到並想要體驗並參與其中的東西。它非常酷，非常引人注目，這也將成為人們興趣的驅動力，我們認為它最終將有利於漏斗頂部。

Understood, thank you. And then if I could follow up on the retail side, before markets, the competitive markets you referenced in the slide deck. Jay, I believe you sort of mentioned, hey, we kind of anniversary of this -- the impact of this fully maybe in the early part of '26, but just trying to think about maybe the new tailwinds that you get from your four new projects, that'll be placed in service.

明白了，謝謝。然後，如果我可以跟進零售方面、市場之前以及您在幻燈片中提到的競爭市場。傑伊，我相信你提到過，嘿，我們有點像是這個的周年紀念日——這個事件的影響可能在 26 年初就完全顯現出來，但只是想想也許你從四個新項目中獲得的新順風，這些項目將投入使用。

Later this year, starting in August, wondering if you think, say the competitive headwinds from those four markets are offset, possibly from those four new projects. Could that occur earlier than '26 or just given the nature of those projects. A lot of them are hotel expansions, maybe it takes a little bit longer.

今年晚些時候，從八月開始，想知道您是否認為這四個市場的競爭阻力可能會被這四個新項目抵消。這會發生在 26 年之前嗎？或僅僅考慮到這些項目的性質。其中許多都是酒店擴建，可能還需要更長的時間。

Yeah, I mean, I would say we're going to know a lot soon. We're going to be opening Joliet awesome property been there several times, Todd and I, the last several weeks, great location right off of I-80 and I-55, tremendous ingress, egress. It just you roll right into our property from the major roads there. So I feel great about that and the rest of our projects are on time and on budget, which we're very proud of. Our design and construction teams executed great despite a lot of tariff noise. The hotels, topped out at the right time. We weren't buying tons of steel until after the tariffs were in place and so, or we were done with that before the tariffs were in place.

是的，我的意思是，我想說我們很快就會知道很多。我們將要開設喬利埃特 (Joliet) 一家很棒的酒店，托德 (Todd) 和我過去幾週去過那裡好幾次，地理位置優越，就在 I-80 和 I-55 旁邊，出入口都很棒。您可以從那裡的主要道路直接駛入我們的酒店。因此我對此感到非常高興，我們其餘的項目也都按時、按預算完成了，對此我們感到非常自豪。儘管存在許多關稅問題，我們的設計和施工團隊仍然表現出色。酒店在正確的時間封頂。我們在關稅實施後才購買大量鋼鐵，或者說在關稅實施前我們就買了。

So we feel really good about that and I think the headwinds that we've been facing for the last, I don't know, a lot of years, feels like it's been forever. Those start to slow down and once you get past anniversary and what the new opening in Bossier City, Louisiana, really everything from that point on that we can see is PENN.

所以我們對此感覺非常好，我認為我們在過去很多年所面臨的阻力感覺就像永遠存在一樣。這些速度開始放緩，一旦你過了周年紀念日，以及路易斯安那州博西爾城的新開業，從那時起，我們所能看到的一切都是賓州大學。

And so, yeah, I would say that the tailwind should more than offset headwinds should slow down, tailwinds speed up, and, we feel like we've got a good set up here and we have a really nice growth story on the retail side and of course on the interactive side as well.

所以，是的，我想說順風應該足以抵消逆風，逆風應該會減緩，順風會加速，而且，我們覺得我們已經在這裡做好了準備，我們在零售方面，當然在互動方面，都有著非常好的增長故事。

Thanks very much.

非常感謝。

Dan Polizzo, JP Morgan.

摩根大通的 Dan Polizzo。

Hey, good morning, everyone, and thanks for taking my questions. First, on the retail side, Jay, I think you guys have talked about mid-teens returns or free cash flow returns on those four projects over the next four months. Is there any way maybe you could parse that out or rank all some of those returns just given the projects do vary in scope, and obviously cost, but what -- which ones are you most excited about and where do you see maybe the greatest returns? Thanks.

大家早安，謝謝你們回答我的問題。首先，在零售方面，傑伊，我認為你們已經討論了未來四個月這四個項目的中等回報率或自由現金流回報率。鑑於專案範圍和成本確實各不相同，您能否以某種方式分析出這些回報或對這些回報進行排序，但是—哪些專案最讓您興奮，哪些專案可能帶來最大的回報？謝謝。

I'd get in trouble if I said any of that from the property teams. We really, we were -- I would say in kidding aside, we really looked at all four of these as being really solid returns. It's not like one of them is sort of offsetting the other.

如果我從物業團隊說了這些話，我就會遇到麻煩。我們真的，我們——我想說，除了開玩笑，我們真的將這四個視為真正可靠的回報。這並不意味著其中一個會抵消另一個。

Look, we're going to be -- this is the first time I can remember, certainly in the industry where we're moving a location miles and miles closer and you think about just the vehicular traffic, what passes by our current Joliet property is 10,000 vehicles a day, and that's going to be a, 23 or 25 fold or something like that, here on Monday.

你看，我們將要——這是我記憶中第一次，當然是在業內，我們將一個地點遷近幾英里，想想看，光是車輛交通量，每天經過我們目前位於喬利埃特的工廠的車輛就有 10,000 輛，而到週一，這一數字將增長 23 倍或 25 倍左右。

So we're very anxious and curious to see how that goes. Of course, we're going to have another one of those with a hotel in our Aurora market, which is also very exciting right now, right next to the Chicago premium outlet. When you're exiting the Chicago premium outlet, you're literally at a stoplight, staring at our parking garage and it turns green, you can go straight into our garage or turn left to get on the interstate.

因此我們非常焦慮和好奇地想知道事情會如何發展。當然，我們還將在奧羅拉市場開設另一家這樣的酒店，這家酒店目前也非常令人興奮，就在芝加哥高級奧特萊斯旁邊。當您離開芝加哥名牌折扣店時，您實際上就在一個紅綠燈前，盯著我們的停車場，當它變成綠色時，您可以直接進入我們的停車場，或者左轉進入州際公路。

So we've got a really nice setup in the the hotels in Vegas and Columbus. We've needed those for a really long time and for a variety of reasons, we didn't break ground until we did, but, we think the return profile for those is also looking good.

因此，我們在拉斯維加斯和哥倫布的酒店中擁有非常好的設施。我們很久以前就已經需要這些了，但由於各種原因，我們直到現在才破土動工，但我們認為這些的回報情況也看起來不錯。

We've -- in the case of Las Vegas at the M resort over the years, we've had a lot of demand for group business. We take great care of people. We can provide them a lot of attention and personalization because of us being off strip and a little smaller, but then they outgrow us and they leave. And so there are a lot of groups that are coming back to the end after having left now that we're doubling the size of the hotel there. So I don't want to rank them, but we do feel good about all four.

以拉斯維加斯 M 度假村為例，多年來，我們對團體業務的需求很大。我們非常關心人們。由於我們遠離商業街，規模較小，因此我們可以為他們提供許多關注和個人化服務，但隨著他們的成長，他們就會離開我們。現在，我們把那裡的飯店規模擴大了一倍，許多離開後的團體又回到了這裡。所以我不想對它們進行排名，但我們對這四個都感覺很好。

Okay, fair enough. And then, I suppose on interactive, obviously this is your second NFL kick off with a fully, from the get-go, and now it seems like you have kind of more tools in your tool belt, certainly more experience there.

好吧，夠公平。然後，我想在互動方面，顯然這是你第二次從一開始就全面參與 NFL 比賽，現在看來你的工具帶中有了更多的工具，當然也有更多的經驗。

I guess versus last year what are you looking to do differently, that maybe you know it will improve your market position obviously you have a better product but like are -- from a strategic or promotional standpoint, are there any changes that you're thinking of making versus the prior go around? Thanks.

我想與去年相比，您希望做哪些不同的事情，也許您知道這會提高您的市場地位，顯然您有更好的產品，但是從戰略或促銷的角度來看，與之前相比，您是否考慮做出任何改變？謝謝。

Yeah, I mean, I look, we're going to be paying very close attention to the KPIs that you would imagine we will be, which is what is the top of funnel demand look like, what is the flow through from people clicking on integrations and getting them to register download and register the app, make a deposit and make a wager. We've eliminated a lot of friction. I can't stress that enough that we think is going to have really positive results without us needing to go spend more in marketing.

是的，我的意思是，我們將密切關注您想像中的 KPI，也就是漏斗頂部的需求是什麼樣的，人們點擊整合並讓他們註冊下載和註冊應用程式、存款和下注的流程是什麼樣的。我們已經消除了很多摩擦。我再怎麼強調也不為過，我們認為無需在行銷上投入更多資金就能取得真正正面的成果。

It's just making the folks that are interested in these integrations and interested in betting, making it a lot easier for them to get through and get to the point where they can do exactly what they intended to do. And we had some sort of basic level fantasy integrations last year. This is as Aaron described and I mentioned in the prepared remarks, this is a whole different level and we're going to be doing things.

這只是讓那些對這些整合和投注感興趣的人更容易通過並達到他們可以做他們想要做的事情的程度。去年我們進行了一些基礎層面的幻想整合。正如亞倫所描述的，以及我在準備好的發言中提到的，這是一個完全不同的層次，我們將會做一些事情。

Similar to the integrations on direct to consumer that haven't been done before. So the idea that you can be in the fantasy app, you set your roster, and then you've got personalized player pro parlays that are there for you based on your lineup, and you can basically decide what you want to do and bet on within fantasy, click move over to ESPN that and place your wager is very powerful.

類似於以前從未進行過的直接面向消費者的整合。因此，您可以在夢幻應用程式中設定您的名單，然後根據您的陣容獲得個性化的球員職業聯賽，您基本上可以決定您想在夢幻中做什麼和下注，單擊移動到 ESPN 並下注，這非常強大。

So I would say it's less about, how much we're spending in promo and how much we're spending in marketing different. We're going to be, I think, disciplined as we have been. We'll make sure that the word gets out about fan centerer because it's a really cool new feature and it's differentiated, but it's more about our ability to execute at a different level and the experiences that we're offering and integrations we're offering being at a different level than they were last year.

所以我想說，這與我們在促銷上花了多少錢以及我們在行銷上花了多少錢無關。我認為，我們會像以前一樣嚴守紀律。我們會確保讓粉絲中心廣為人知，因為它是一個非常酷的新功能，而且與眾不同，但它更多的是關於我們在不同層面執行的能力，以及我們提供的體驗和整合與去年相比處於不同的水平。

Yeah. I mean I would add also -- we have much improved KYC. We have real personalization this year that not only flows through the app, but flows into Fan Center. We do have better brand marketing. We have a truly differentiated feature that no other sports book has. No, nobody else is a partner with ESPN Fantasy.

是的。我的意思是我還要補充一點——我們的 KYC 已經得到了很大的改進。今年我們實現了真正的個人化，它不僅貫穿應用程序，還貫穿粉絲中心。我們的品牌行銷確實更好。我們擁有其他體育博彩所不具備的真正差異化特色。不，沒有其他人是 ESPN Fantasy 的合作夥伴。

The biggest fantasy platform in the US. That is integrated with our product and it's going to be clear in our marketing messaging that this is a feature that if you're a fantasy player that you might want to try out, where last year we were marketing the brand of ESPN BET but we didn't have something distinct enough to hook on to make that compelling. We think that's going to matter.

美國最大的幻想平台。它與我們的產品融為一體，並且在我們的行銷訊息中會明確指出，如果你是夢幻玩家，你可能會想嘗試這個功能，去年我們正在行銷 ESPN BET 品牌，但我們沒有足夠獨特的東西來吸引人們的注意。我們認為這很重要。

We've got improved CRM efforts we can target. Sports now, by fantasy players, by people that play with us actively, that people need to be reactivated, so we're much smarter in how we're targeting people in terms of that. So there's just a lot of improvement almost in every operational channel this year than last. So we're pretty excited about the start of the season.

我們已經改進了 CRM 工作，可以作為我們的目標。現在的體育運動，無論是透過幻想玩家，還是透過與我們一起積極玩遊戲的人，人們都需要重新激活，因此我們在如何瞄準目標人群方面更加聰明。因此，今年幾乎每個營運管道都比去年有了很大的改善。所以我們對賽季的開始感到非常興奮。

Got it. Thanks so much.

知道了。非常感謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi, good morning. Thanks for taking my question. Jay, during your prepared remarks at the beginning, you talked about some of the retail, KPIs that have been the strongest in over three years. So I would have thought that the flow through in the second quarter, would have been a little bit better.

嗨，早安。感謝您回答我的問題。傑伊，在您一開始的準備發言中，您談到了一些零售業的 KPI，這些 KPI 在過去三年多來一直表現最強勁。所以我原本以為第二季的流量會好一點。

So land-based margins have been down, first and second quarter. Felicia, you reiterated the retail guide for the year. So Todd or Jay, can you talk about why this -- why we didn't see better flow through in Q2, and then more importantly, as we look into the back half of the year for retail, could we start to see margins increase, given all the supply, it kind of wears off and the unrelated is working in your favor. Thank you.

因此，第一季和第二季的陸基利潤率一直在下降。費利西亞，你重申了今年的零售指南。那麼 Todd 或 Jay，您能否談談為什麼我們在第二季度沒有看到更好的流通，然後更重要的是，當我們展望今年下半年的零售業時，我們是否可以開始看到利潤率增加，考慮到所有的供應，它會逐漸消失，而無關因素會對您有利。謝謝。

I'll tackle the first part and Todd, you certainly can tackle the second part in terms of go forward. I mean, as we look at the at the corridor, there's really two factors. One, the new supplies is impacting us. Bossier City really impactfully, and so. That you know hurt your overall margins, whereas if you look at the portfolio outside of those markets being impacted by new supply, the flow through on the top line revenue was strong, but we're definitely feeling the pain in Bossier City more so than we are in the other new supply markets and fill it some pain in all of those new supply markets.

我將解決第一部分，托德，你當然可以解決第二部分。我的意思是，當我們觀察走廊時，實際上有兩個因素。一是新的供應正在對我們產生影響。博西爾城確實影響深遠，等等。你知道這會損害你的整體利潤率，如果你看看那些受到新供應影響的市場之外的投資組合，你會發現，營收的流向很強勁，但我們在博西爾城感受到的痛苦肯定比在其他新供應市場感受到的痛苦更大，並且在所有這些新供應市場中都感受到了一些痛苦。

And then as I mentioned earlier, we were battling some higher promos in the markets, many of our markets on the regional side. We stayed the course. We had to do a little protecting on the VIP side, which you would always do, but we stayed the course, we stayed disciplined. The margins came in for the quarter just shy of 34% despite the higher promo in the competitive zones.

正如我之前提到的，我們正在市場上與一些更高的促銷活動競爭，我們的許多市場都在區域方面。我們堅持到底。我們必須在 VIP 方面做一些保護，這是我們一直都會做的，但我們堅持到底，保持紀律。儘管競爭區域的促銷力度較大，但本季的利潤率仍略低於 34%。

So we feel good about our execution. I think that higher sort of elevated promos in the market that should, I'd imagine that will die down and it doesn't usually deliver good returns in these really mature markets. And so overall we feel like the flow through for the quarter with those factors, if you remove those factors was very strong, but those were factors in the second quarter.

所以我們對我們的執行情況感到滿意。我認為，市場上更高層級的促銷應該會逐漸減少，在這些真正成熟的市場中，它通常不會帶來良好的回報。因此，總體而言，我們認為如果排除這些因素，本季的流量將非常強勁，但這些是第二季的因素。

Yeah, I would only add Jay and I have talked about this a lot. We did have some table game whole percentage challenges at some of our bigger properties in the quarter, known players, VIP players, but that always comes back.

是的，我只想添加傑伊，而且我已經談論過很多次了。本季度，我們確實在一些較大的場所針對知名玩家、VIP 玩家發起了一些桌面遊戲整體百分比挑戰，但這種挑戰總是會再次發生。

And then, to your point about going forward, listen, Q4 traditionally, year in, year out is always one of the lower margins. You're bumping up against a lot of holiday competition, but that's baked into our guidance. And then when you look at the ramp of Juliet, that's in there. So we'll look for a good trajectory there, but we feel very comfortable that we've identified the issues, Jay spoke to them. But I also, we're already starting to see kind of a more rational reinvestment and promotional environment across the Board.

然後，關於您關於未來的觀點，聽著，傳統上，第四季度年復一年總是利潤率較低的季度之一。你們面臨著很多假日競爭，但這已經納入我們的預期之中。然後，當您看到朱麗葉的斜坡時，它就在那裡。因此，我們會在那裡尋找一條良好的軌跡，但我們感到非常高興，我們已經確定了這些問題，傑伊和他們談過了。但我也發現，我們已經開始看到整個董事會呈現出更合理的再投資和促銷環境。

We think that'll continue and then having the tailwinds behind us. The properties that we're opening, the two new properties in Illinois, as well as the hotel towers, our properties were built especially for the expansion. Too heavy, so all the infrastructure is in place, the restaurants are in place, the gaming positions are in place.

我們認為這種情況將會持續下去，並且我們將會獲得順風。我們正在開設的酒店、位於伊利諾伊州的兩處新酒店以及酒店大樓都是專門為擴建而建造的。太重了，所以所有的基礎設施都到位了，餐廳都到位了，遊戲位置都到位了。

So these become very marginal accretive, and then with the new properties moving from a three-story traditional river boat to a one story land-based casino, you just build in such efficiencies. So we feel good about the starting Monday, really, so starting Monday and then forward into the first half of next year, some really good tailwinds behind us.

因此，這些變成了非常邊際的增值，然後隨著新物業從三層傳統河船轉移到一層陸基賭場，你就建立了這樣的效率。所以我們對從週一開始的情況感覺很好，真的，從週一開始一直到明年上半年，我們身後都會有一些非常好的順風。

Yeah, we just, obviously with the openings you're going to not see the stronger margins immediately out of the gate. You want to make sure that you're supporting all the pre-opening efforts, get the word out, make sure your customers have a great time. But as I said earlier, the puts and takes the Joliet wash out for the year given we're opening earlier and we had to close and there was the whole relocation of games that impacted us in June and July from a top line and bottom line perspective. But overall, clearly all four of those projects, as Todd said very well, are going to be margin and creative for us. You just need a little bit of ramp time.

是的，顯然，在開業之際，你不會立即看到更高的利潤率。您要確保支持所有開業前的工作，並宣傳出去，確保您的顧客玩得開心。但正如我之前所說，由於我們提前開業，不得不關閉，並且整個比賽地點的遷移對我們今年的喬利埃特賽事造成了影響，從營收和利潤的角度來看，6 月和 7 月的比賽對我們產生了影響。但總體而言，正如托德所說，這四個項目顯然對我們來說都是有利可圖且富有創造力的。您只需要一點點的緩衝時間。

Okay, great, thank you. And then on the on the growth in in MAUs in the omnichannel journey. How does predictive mark markets kind of fit in into this strategy? Is that something that you could explore or is that something that you are against and you're looking for that to be shut down, which could potentially help, market share. Thank you.

好的，太好了，謝謝。然後討論全渠道旅程中 MAU 的成長。預測標記市場如何適應此策略？這是您可以探索的事情嗎？或者這是您反對並希望將其關閉的事情，這可能有助於提高市場份額。謝謝。

Yeah, not a lot new to say on predictive or monitoring. There's a lot going on there. As in terms of how state gaming regulators feel about predictive markets versus what the predictive market space is doing and expanding. So I wouldn't expect us to be a first mover. But you know if it's something that does end up getting sort of embraced and legalized and regulated, of course it's something that we would stay very close to and take a look at and but I wouldn't expect us to be a first mover there. We want to see how this plays out. There's a lot going on right now in the courts as well as with the regulators across the country.

是的，關於預測或監控沒有太多新內容可說。那裡發生了很多事。就國家博弈監管機構對預測市場的看法以及預測市場空間的運作和擴張而言。所以我並不期望我們成為先行者。但你知道，如果它最終被接受、合法化和監管，我們當然會密切關注並研究它，但我不會期望我們成為這方面的先驅。我們想看看事情會如何發展。目前，全國各地的法院和監管機構都忙著處理很多事情。

Thanks, Jay. I appreciate it.

謝謝，傑伊。我很感激。

Jordan Bender, Citizens.

喬丹·本德，公民。

Everyone, good morning. In your slides, you pointed out that there was a record cross sell rate into the standalone app in June, which is good to see there. Are you able to talk about either the reactivation strategy of the existing players as well as kind of what's working to get new players into the cross sold into that standalone app? Thank you.

大家早安。在您的幻燈片中，您指出 6 月份獨立應用程式的交叉銷售率創下了歷史新高，這令人欣喜。您能否談談現有玩家的重新啟動策略，以及如何讓新玩家加入該獨立應用程式？謝謝。

I think probably the number one factor is the fact that we have a casino first brand on that app, and it's really targeting slot players even more so than table game players. So the Hollywood casino within ESPN BET, a little bit more table game focus. Hollywood stand-alone, a little bit more of a slot focus. We're seeing that in our slot mix, which is, I believe, highest in the industry in the states where it's tracked.

我認為最重要的因素可能是我們在該應用程式上擁有賭場第一品牌，並且它的目標客戶實際上是老虎機玩家，而不是桌面遊戲玩家。因此，ESPN BET 內的好萊塢賭場更加重視桌上遊戲。好萊塢獨立電影，更專注於老虎機。我們在我們的時段組合中看到了這一點，我相信，在我們所追蹤的各州，我們的時段組合是業內最高的。

So very pleased it's obviously from a marketing perspective, you can be a lot more successful in targeting your retail database with a brand that they're used to seeing, same brand that's on all of their marketing materials and on top of the building that they're walking into.

因此非常高興，從行銷角度來看，顯然，您可以更成功地利用零售資料庫來定位他們習慣看到的品牌，該品牌出現在他們所有的行銷材料上以及他們走進的建築物頂部。

So that's why I think you're seeing so much incrementality. It's more of a retail. Customer or a new customer, reactivated customer and in the case of branding, certainly that's a strength that you know we did struggle with trying to get slot players at our retail properties to download ESPN that to play slots. It just doesn't really resonate and so we've been a lot more successful at bringing them in and the retention results have been strong.

所以我認為這就是為什麼你會看到如此多的增量。它更像是一種零售。客戶或新客戶、重新啟動的客戶，就品牌推廣而言，這當然是一種優勢，你知道，我們確實努力讓零售店的老虎機玩家下載 ESPN 來玩老虎機。它並沒有真正引起共鳴，因此我們在吸引他們方面取得了更大的成功，保留結果也很好。

You can see the two states where we have a retail footprint. We've seen really strong market share growth, less so in a state like New Jersey where we don't, we did launch in New Jersey, but we've got work to do there because it's a more mature market and we don't have a retail footprint. So Pennsylvania and Michigan are certainly leading the efforts for us in terms of picking up market share in a relatively short period of time.

您可以看到我們在兩個州設有零售店。我們的市場份額成長非常強勁，但在新澤西州等我們沒有的州則不然，我們確實在新澤西州推出了產品，但我們在那裡還有很多工作要做，因為這是一個更成熟的市場，而且我們沒有零售足跡。因此，賓州和密西根州在相對較短的時間內搶佔市場份額方面無疑處於領先地位。

Yeah, I would only add, a few years back we actually rebranded Greektown to Hollywood at Greektown to help with that conversion, and I think to all of Jay's points, the stand-alone casino app customer looks a lot like our retail slot player and so we're seeing great migration and cross play between the two.

是的，我只想補充一點，幾年前我們實際上將希臘城更名為好萊塢希臘城以幫助實現這一轉變，我認為對於傑伊的所有觀點，獨立賭場應用程式客戶看起來很像我們的零售老虎機玩家，因此我們看到兩者之間很好的遷移和交叉遊戲。

But also the cross sell between sportsbook and I casino is, has been very healthy and so all the things we talked about that are going to drive new users top of funnel into ESPN BET is also going to be very good for a casino business as well.

但體育博彩和賭場之間的交叉銷售也一直非常健康，所以我們談論的所有這些都將推動新用戶進入 ESPN BET，這對賭場業務也將非常有利。

Great, thank you. And then just a quick follow up, could or would the timing of Alberta in '26 impact your '26 profitability target?

太好了，謝謝。然後快速跟進一下，26 年阿爾伯塔省的時機是否會影響您 26 年的獲利目標？

It would not, when I say profitable in '26, we know that Alberta is going to launch at some point and we think early '26 from what we've been told. So that's built into our assumptions we're targeting right now Q1, which is the best information we have.

當我說 26 年盈利時，我們知道阿爾伯塔省將在某個時候推出，根據我們得到的消息，我們認為將在 26 年初推出。所以這已經融入我們目前針對第一季的假設中，這是我們掌握的最佳資訊。

Great. Thank you.

偉大的。謝謝。

Ben Chaiken, Mizuo.

本·柴肯，瑞雄。

Hey, thanks. Maybe just stepping back, maybe you could further flush out the opportunities you see to grow, share in our game iGaming over time. Just what is the lowest hanging, maybe the largest opportunity and then then unrelated on back on Felicia's commentary. On 2026, did you say it'd be $50 million less cash taxes in 206 and 27, or were you saying the cash taxes were 50 million? Thanks.

嘿，謝謝。也許只是退一步，也許你可以進一步挖掘你看到的成長機會，並隨著時間的推移分享我們的遊戲 iGaming。到底什麼是最容易被忽略的，也許是最大的機會，然後與費莉西亞的評論無關。關於 2026 年，您是說 2026 年和 2027 年的現金稅會減少 5,000 萬美元，還是說現金稅是 5,000 萬美元？謝謝。

Just to start with that, in 2026, our cash taxes will be lower by $50 million in each of '26 and '27.

首先，到 2026 年，我們的現金稅將在 2026 年和 2027 年分別降低 5,000 萬美元。

And then on the i gaming question, I think we're seeing a lot of progress, as I noted just a moment ago with regard to slot play and our slot mix, which makes sense, especially in Pennsylvania where we have four land-based casinos all branded Hollywood and Michigan, where we have Hollywood Greek town as Todd just referenced.

然後關於 i 遊戲問題，我認為我們看到了很多進展，正如我剛才提到的關於老虎機遊戲和老虎機組合一樣，這是有道理的，特別是在賓夕法尼亞州，我們有四個實體賭場，全部以好萊塢和密西根州為品牌，我們有好萊塢希臘城，正如托德剛才提到的。

So I think the biggest opportunity for us is make sure that if you're coming to visit our land-based properties and you're part of the [Pen play] loyalty program that we're giving you every reason in the world when you're not with us, but you decide to gain from home or outside the building that you're doing that with Hollywood.

因此，我認為我們最大的機會是確保如果您來參觀我們的陸上物業，並且您是 [Pen play] 忠誠度計劃的一部分，那麼當您不在我們這裡時，我們會給您世界上所有的理由，但您決定從家里或在建築物外獲得您在好萊塢這樣做的理由。

So I would say, from a marketing strategy perspective, really making sure that we've got the right value proposition. In the loyalty program, mainly for slot players because we know table play is more coming from with the cross sale from within the sports betting app. Feel free to jump in if you have anything.

因此我想說，從行銷策略的角度來看，確實要確保我們有正確的價值主張。在忠誠度計劃中，主要針對老虎機玩家，因為我們知道桌面遊戲更多來自體育博彩應用程式內的交叉銷售。如果您有任何疑問，請隨時加入。

I know that and again I don't know if you tracked the fact that a few months ago we launched a free to play game called [Spinit] which has brought a lot of users into the Platform to try to, gaming, which is ultimately led to more cash players, starting to play. So that's going to continue to ramp. We're going to continue to get smarter about marketing and reactivation.

我知道這一點，但我不知道您是否注意到幾個月前我們推出了一款名為 [Spin​​it] 的免費遊戲，這款遊戲吸引了大量用戶進入平台嘗試遊戲，最終導致更多現金玩家開始玩遊戲。因此，這一數字將會持續上升。我們將繼續在行銷和重新激活方面變得更加聰明。

We have a lot more automation coming as it relates to how we distribute offers and the target, the targeted groups of which we distribute this to. So we just feel. We're really just getting started here. I mean, we got a fast start because of our retail database and we're starting to engage them directly through digital mechanisms and those are working really well and we're just going to continue to do that.

我們將實現更多的自動化，這涉及到我們如何分發優惠、目標以及分發優惠的目標群體。所以我們只是感覺到。我們真的才剛開始。我的意思是，由於我們的零售資料庫，我們起步很快，並且我們開始透過數位機制直接與他們互動，而且這些機制運作良好，我們將繼續這樣做。

Thanks.

謝謝。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi, good morning, everyone. Maybe for Jay or Felicia, kind of a financing question you took $130 million from GLPI at 7 3 quarters. For Joliet, could you give us some insight as to kind of how you evaluated that versus other alternatives, whether it was cash on hand or revolver, and then I know you said your prepared remarks you kind of update us. As you get closer to Columbus and how you'd fund those, but if you could kind of give us some insight of the guideposts and how you're evaluating that in the context of share repurchases and so on and so forth.

大家好，早安。也許對於 Jay 或 Felicia 來說，這是一個融資問題，您在 7 個季度內從 GLPI 獲得了 1.3 億美元。對於喬利埃特，您能否向我們介紹一下您如何評估它與其他替代方案的比較，無論是現金還是循環貸款，然後我知道您說過您準備好了發言稿，可以向我們通報最新情況。當您接近哥倫布時，您將如何為其提供資金，但如果您能給我們一些關於指導方針的見解，以及您如何在股票回購等方面對其進行評估。

Yeah, thanks, John. And you know it puts it to your question is, we do balance all of those things when we make these decisions. You'll see, when we file our 10-Q after the close today, we have John on our revolver, versus the first quarter, mainly covering our share repurchases but also the repurchase of our convertible notes.

是的，謝謝，約翰。你知道，你的問題是，我們在做這些決定時確實會平衡所有這些因素。您會看到，當我們今天收盤後提交 10-Q 報表時，我們的循環信貸上有約翰的參與，與第一季相比，主要涵蓋我們的股票回購，也包括可轉換票據的回購。

So our options for Joliet and our decision was, again to further draw on the revolver like you said, cash on hand or, go into the, open markets or to use GLPI's balance sheet and for us, using GLPI's balance sheet, was really the best and most prudent option that we, considered at this point in time. We also, like I mentioned before, for and Columbus, we also have the optionality around how to finance those projects and we'll approach that, each one of those as we get closer, and then for Aurora, as we're committed to GLPI.

因此，我們對喬利埃特的選擇和決定是，再次像你說的那樣，進一步利用循環信貸、手頭現金，或者進入公開市場，或者使用 GLPI 的資產負債表，而對於我們來說，使用 GLPI 的資產負債表，確實是我們目前考慮的最好和最謹慎的選擇。正如我之前提到的，對於哥倫布，我們也可以選擇如何為這些項目提供資金，隨著項目的臨近，我們會處理好每一個項目，然後對於奧羅拉，因為我們致力於 GLPI。

Thanks, Felicia. That's helpful. Maybe, one more kind of in a similar capacity. We've gotten a couple of questions about PENN and your market access fees, boy, it had a unique transaction with Sandu and as part of that monetized some market access fees. Is that a consideration or discussions? I know that was a unique situation, but, in terms of a kind of a unique asset that you have, that's something that would be a possibility.

謝謝，費利西亞。這很有幫助。也許，還有一種類似的。我們收到了一些關於 PENN 和你們的市場准入費的問題，它與 Sandu 進行了一項獨特的交易，作為其中的一部分，將一些市場准入費貨幣化。這是考慮還是討論？我知道那是一種獨特的情況，但是，就你所擁有的一種獨特資產而言，這是一種可能性。

Nothing to share on that right now, John. We have, skin agreements that all are in that 10 year to 20 year time frame from when they were signed, and so we feel like we're in a good spot right now if there's something that we could do to monetize and it made sense strategically and both parties wanted to engage on that, of course we would entertain and consider that, but nothing to share on that front right now.

目前還沒有什麼可以分享的，約翰。我們所有的皮膚協議從簽署之日起都處於 10 到 20 年的時間範圍內，因此我們覺得我們現在處於一個很好的位置，如果我們可以做一些事情來貨幣化，這在戰略上是有意義的，雙方都想參與其中，當然我們會考慮這一點，但現在在這方面沒有什麼可以分享的。

Great. Thanks, Jay. I appreciate that.

偉大的。謝謝，傑伊。我很感激。

One more question, Emma.

還有一個問題，艾瑪。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。

Hey, good morning, everyone. Thanks for squeezing us in. Two questions from us. One sort of high level strategic and then one a bit more technical. Maybe starting off with the more strategic question, recognize it's only been a few months, but Jay, I'd love to just get any initial thoughts on some of the governance changes and in particular maybe some of the insights that Johnny has been able to bring to the table to help inform interactive strategy of what is clearly a sort of pivotal inflection point right now and if there are any sort of specific examples you can share to add some color, that would be appreciated as well. Thanks.

嘿，大家早安。感謝您抽出時間給我們。我們有兩個問題。一種是高層次的策略，另一種是更技術性的策略。也許可以從更具策略性的問題開始，雖然才過了幾個月，但傑伊，我很想聽聽您對一些治理變化的初步想法，特別是約翰尼能夠提出的一些見解，以幫助為當前顯然是關鍵轉折點的互動戰略提供信息，如果您能分享任何具體的例子來增添一些色彩，那也將不勝感激。謝謝。

So Jeff, you're referencing the two new board members, Carlos Rui Sanchez and Johnny Hartnett. They joined our board in June, as after the AGM, and we've had several sessions with them, getting them up to speed, answering a lot of questions, and also engaging on the business, which is great. It's always nice to have fresh eyes and perspectives.

傑夫，你提到的是兩位新董事會成員，卡洛斯·魯伊·桑切斯和約翰尼·哈特內特。他們於 6 月（即年度股東大會之後）加入了我們的董事會，我們與他們進行了多次會議，幫助他們快速了解情況，回答了很多問題，並參與了業務活動，這非常棒。擁有新的眼光和視角總是令人愉快的。

And I think specifically as it relates to Johnny, we've had a couple of calls, meetings with him, obviously really talented, very accomplished, and just, brings a great perspective and so we value that. It's great having discussions at the Board level and people that bring different skills to the table. We've always valued that at PENN and I think Johnny and Carlos are bringing skills to the Board that are different than other board profiles.

我認為具體到約翰尼，我們和他打過幾次電話，開過幾次會，顯然他非常有才華，很有成就，而且帶來了很好的視角，所以我們很重視這一點。在董事會層面進行討論並邀請不同技能的人士參與討論是件很棒的事情。在賓州大學，我們一直非常重視這一點，我認為約翰尼和卡洛斯為董事會帶來了不同於其他董事會成員的技能。

So I would say overall really good. Nothing that I can share obviously in terms of what we discussed with our Board members on the, on this call, but I would just say that they're as engaged as you would expect them to be and we're having really good conversations and we would expect that to continue as we move forward.

所以我想說整體來說非常好。就我們在這次電話會議上與董事會成員討論的內容而言，我顯然沒有什麼可以分享的，但我只想說，他們的參與度正如你所期望的那樣，而且我們正在進行非常良好的對話，我們希望這種情況能夠繼續下去。

That's great. Thanks, Jay. And then, and maybe sticking on interactive, some of the data of the states that recognized it's not a perfect sample, but the data out of the states that report, promotional level disclosure seems to suggest that your promotional reinvestment on the sports side of things, came in a bit Q2 and it looks to be much lower and more rational than sort of market wide levels both sort of the nominal now and then also how much it declined by on a year on year basis.

那太棒了。謝謝，傑伊。然後，也許繼續保持互動性，一些州的數據承認它不是一個完美的樣本，但報告各州的數據，促銷水平披露似乎表明，您在體育方面的促銷再投資在第二季度有所增加，而且看起來比某種市場範圍的水平要低得多，也更合理，無論是名義上的還是同比下降的幅度。

So Jay or Todd, could you just sort of unpack this a little bit more? Is this sort of a function of User acquisition volumes and maturation in the velocity of and that kind of continues to ramp. Is it more efficiencies related? Is there some element of -- I could ramping and allocation of promo and bonuses more over iCasino from sports just sort of any color on that would be helpful because I think it is an interesting trend. Thanks.

那麼 Jay 或 Todd，您能否進一步解釋一下這個問題？這是使用者獲取量和成熟度速度的一種函數嗎？而這種函數還在持續增加中。這是否與效率有關？是否存在某種元素——我可以透過體育增加和分配 iCasino 上的促銷和獎金，任何顏色都會有所幫助，因為我認為這是一個有趣的趨勢。謝謝。

Yeah, I mean, I would say overall, we really intend to be at market both with regard to OSB as well as iCasino. Last year we were in a different situation and this year I think you've seen us really settle into that, right around 3%, maybe a little south of 3% most months and most quarters on the OSB side and on the i gaming side. It's a lot more, I would say just, stable.

是的，我的意思是，總的來說，我們確實打算同時進入 OSB 和 iCasino 市場。去年我們的情況有所不同，但今年我想你已經看到我們真正穩定下來，OSB 和 i 遊戲方面的增長率在大多數月份和大多數季度都在 3% 左右，可能略低於 3%。我想說的是，它更加穩定。

You don't see the irrational spending as much as you do at times on the OSB side from one or two different competitors. We think we're at a good level of reinvestment right now with everything else that we have going on and as I mentioned earlier, we have seen our NGR share continue to grow even though handle share has been more stable and that's obviously important for us as it flows through the P&L.

您不會像有時在 OSB 方面看到一兩個不同的競爭對手那樣出現不合理的支出。我們認為，就我們目前進行的其他所有工作而言，我們的再投資水平都處於良好狀態，而且正如我之前提到的，儘管處理份額更加穩定，但我們已經看到 NGR 份額繼續增長，這對我們來說顯然很重要，因為它會流入損益表。

Yeah. And we run these businesses together and when I casinos started to get a little traction, we kind of shift around. We're in a slow sports season in the last few months and so we've got to be creative and efficient in how we deploy our marketing resources and so. That's part of the decline you saw in OSP.

是的。我們一起經營這些業務，當我的賭場開始獲得一些關注時，我們就進行了一些轉變。過去幾個月我們正處於體育淡季，因此我們必須創造性地、有效率地部署我們的行銷資源等等。這是您在 OSP 中看到的下降的一部分。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Alright. Thanks, Jeff, and thank you everybody for joining us on the call. Look forward to speaking with you again in November, or if you're joining us for the Joliet opening. We'll see you all next week. Thanks.

好吧。謝謝傑夫，也謝謝大家參加我們的電話會議。期待 11 月再次與您交談，或者如果您能參加我們的喬利埃特開幕式。我們下週再見。謝謝。

This does conclude today's program. Thank you for 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。