Ryman Hospitality Properties Inc (RHP) 2025 Q3 法說會逐字稿

Welcome to Ryman Hospitality Properties' third quarter 2025 earnings conference call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr. Patrick Chaffin, Chief Operating Officer; And Mr. Patrick Moore, Chief Executive Officer, Opry Entertainment Group. (Operator Instructions)

歡迎參加 Ryman Hospitality Properties 2025 年第三季財報電話會議。今天主持此次電話會議的 Ryman Hospitality Properties 代表有：執行主席 Colin Reed 先生；總裁兼首席執行官 Mark Fioravanti 先生；首席財務官 Jennifer Hutcheson 女士；首席營運官 Patrick Chaffin 先生；以及 Opry Entertainment Group 首席執行官 Patrick Moore 先生。（操作說明）

It is now my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma'am, you may begin.

現在我很高興把發言權交給詹妮弗·哈奇森女士。女士，您可以開始了。

Good morning. Thank you for joining us today. This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial performance. Any statements we make today that are not statements of historical fact may be deemed to be forward-looking statements. Words such as believes or expects are intended to identify these statements, which may be affected by many factors, including those listed in the company's SEC filings and in today's release.

早安.感謝您今天蒞臨。本次電話會議可能包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述，包括有關公司預期財務表現的陳述。我們今天所作的任何非歷史事實的陳述都可能被視為前瞻性陳述。諸如“相信”或“預期”之類的詞語旨在表明這些陳述，這些陳述可能會受到許多因素的影響，包括公司向美國證券交易委員會提交的文件和今天發布的新聞稿中列出的因素。

The company's actual results may differ materially from the results we discuss or project today. We will not update any forward-looking statements, whether as a result of new information, future events, or any other reason. We will also discuss non-GAAP financial measures today. We reconcile each non-GAAP measure to the most comparable GAAP measure in exhibits to today's release.

本公司的實際業績可能與我們今天討論或預測的業績有重大差異。我們不會更新任何前瞻性聲明，無論是由於新資訊、未來事件或任何其他原因。今天我們也將討論非GAAP財務指標。我們在今天發布的附件中，將每項非GAAP指標與最可比較的GAAP指標進行了核對。

I will now turn the call over to Colin Reed.

現在我將把電話交給科林·里德。

Thank you, Jenn. Good morning, everyone, and thanks for joining us today. We're pleased to report third-quarter results in line with our expectations in what continues to be a somewhat volatile operating landscape. On the hotel side of our business, our group business actualized a bit better than we had anticipated, with stronger short-term pickup in corporate group meetings.

謝謝你，珍妮。各位早安，感謝大家今天收看我們的節目。我們很高興地宣布，在當前略顯動盪的經營環境下，第三季業績符合我們的預期。在飯店業務方面，我們的團體業務實際表現比預期好一些，企業團體會議的短期成長動能更為強勁。

In addition, the leisure hotel market in Nashville improved as the quarter progressed, and in September, transient ADR growth for the upscale and luxury hotel segment turned positive for the first time since February of 2025. Overall, our same-store hospitality portfolio meaningfully outperformed the industry in the third quarter, achieving a RevPAR and total RevPAR index relative to our Marriott-defining competitive set of approximately 141% and 195% of fair share.

此外，隨著季度的推進，納許維爾的休閒酒店市場有所改善，9 月份，高檔和豪華酒店領域的短期平均房價增長自 2025 年 2 月以來首次轉正。總體而言，我們的同店酒店組合在第三季度表現出色，顯著優於行業平均水平，相對於萬豪的競爭對手，其每間可供出租客房收入 (RevPAR) 和總每間可供出租客房收入 (RevPAR) 指數分別達到了公平份額的約 141% 和 195%。

In our entertainment business, our recent investments in Category 10 and Block 21 continued to perform well, while some of our downtown Nashville venues saw some impact from the surge in new bar and restaurant openings on Lower Broadway. Similar to what we're seeing in the hotel market right now, the rising popularity of country music, and Nashville as a destination, has attracted new live entertainment supply into the market.

在我們的娛樂業務方面，我們最近對 Category 10 和 Block 21 的投資繼續表現良好，而我們位於納許維爾市中心的一些場所則受到了下百老匯街新酒吧和餐館開業激增的影響。與我們目前在酒店市場看到的情況類似，鄉村音樂的日益流行以及納許維爾作為旅遊目的地的興起，吸引了新的現場娛樂供應進入市場。

Despite this near-term period of absorption, we continue to be extremely bullish on the long-term trajectory of Nashville. Progress on the new Titans stadium and the East Bank development continues. Construction on Oracle's new headquarters there is expected to begin soon, following recent approvals by Metro Council. Soil testing on the initial launch site of the Boring Company's Music City Loop has commenced.

儘管短期內需要一段時間來消化，但我們仍然非常看好納許維爾的長期發展前景。新泰坦體育場和東岸開發案正在持續進行中。在獲得市議會批准後，甲骨文公司在該地的新總部建設預計很快就會開始。隧道公司「音樂城環線」計畫首個發射場的土壤測試已經開始。

And just last week, the airport authority outlined more details for the demolition of the current Concourse A and rebuilding of a new 16-gate terminal. Today, with Concourse A out of commission, Nashville has 54 gates in operation and enough capacity to accommodate about 28 million travelers. When the new Concourse opens in, I think it's early 2029, Nashville Airport will be able to accommodate up to 40 million travelers.

就在上週，機場當局公佈了拆除現有 A 航站樓並重建一座擁有 16 個登機口的新航站樓的更多細節。如今，由於 A 航站樓停用，納許維爾機場共有 54 個登機口投入運營，足以容納約 2,800 萬旅客。新的航站樓預計將於 2029 年初開放，屆時納許維爾機場將能夠容納多達 4,000 萬名旅客。

These long-term demand drivers are going to be some of the strongest amongst large cities in this country. And our iconic portfolio of brands is well positioned to continue to induce and capture more than our fair share of incremental demand. From a brand perspective, the third quarter was a major milestone for our entertainment business. The Opry traveled to the Royal Albert Hall in London for its first-ever international performance, which was also broadcast on BBC 2 in the UK. The show garnered over 1.2 billion media impressions, and the broadcast was BBC 2's highest-rated program of the day. As an aside, the former chair of the Royal Albert Hall board told us that in all of his years, he's never seen an audience so engaged at a performance like he did at the Opry show. Folks were dancing in the aisles at the Royal Albert Hall. That's never normally done. The music that has made Nashville Music City is becoming so incredibly popular across Northern Europe.

這些長期需求驅動因素將是該國各大城市中最強勁的驅動因素之一。我們標誌性的品牌組合已做好充分準備，繼續激發並獲取遠超我們應得份額的新增需求。從品牌角度來看，第三季是我們娛樂事業的一個重要里程碑。鄉村音樂大劇院首次在倫敦皇家阿爾伯特音樂廳進行國際演出，英國BBC 2頻道也進行了轉播。該節目獲得了超過 12 億次的媒體曝光量，並且是 BBC 2 頻道當天收視率最高的節目。另外，皇家阿爾伯特音樂廳董事會的前主席告訴我們，在他多年的經驗中，從未見過像在鄉村音樂大劇院演出時那樣投入的觀眾。在皇家阿爾伯特音樂廳的走道裡，人們都在跳舞。這種事通常不會發生。讓納許維爾這座音樂之都聲名大噪的音樂，如今在北歐也越來越受歡迎。

Now, to give you some idea of what's going on in this incredible feeder market, a couple of weeks ago, our business partner, friend, and country music superstar, Luke Combs, announced a series of stadium dates for next year across Europe. And here's an illustration of why I say this genre is exploding in this region. He announced two nights at Wembley Stadium, an 85,000-seater stadium. Both nights sold out. And now they've announced a third date. The stadium in Glasgow, again sold out. And Slane Castle, look it up, an incredible festival site north of Dublin, catering to about 80,000, again sold out, and they've now arranged a second date. And what Luke told me was there's only ever been one band that has played two consecutive nights at Slane Castle, and that was U2.

現在，為了讓大家了解這個令人難以置信的後備市場的情況，幾週前，我們的商業夥伴、朋友和鄉村音樂巨星盧克·庫姆斯宣布了明年在歐洲各地舉辦的一系列體育場演唱會。下面這個例子可以說明為什麼我說這種類型的電影在這個地區正在蓬勃發展。他宣布將在溫布利球場（一座可容納 85,000 人的體育場）舉辦兩晚的比賽。兩晚的票都售罄了。現在他們宣布了第三個檔期。格拉斯哥的體育場再次售罄。還有斯萊恩城堡，去查查吧，這是都柏林北部一個令人驚嘆的節日場地，可容納約 8 萬人，門票再次售罄，現在他們又安排了第二場演出。盧克告訴我，只有一支樂團在斯萊恩城堡連續演出過兩晚，那就是 U2 樂團。

This is extraordinary stuff, creating pilgrims who will make their way to Nashville and to our businesses. And as we had anticipated, through the investment we're making behind Opry 100, the brand is reaching far more fans than ever before. And we are continuing to expand the platform. A couple of weeks ago, we, together with Luke, announced a second Category 10 development in the heart of the Las Vegas Strip. Construction is already underway, and once open in the fourth quarter of 2026, it will be one of only two country music live entertainment venues with frontage on the Strip, the other being, of course, Old Red, which has performed incredibly well since opening early last year. As we look ahead, our businesses are in great shape. The amount of group business we have on the books remains healthy, and we continue to generate good returns on investments we're making in our hotel portfolio. Our expanded entertainment platform contains more avenues for growth than ever before, and we look forward to building on the momentum of the Opry brand and country music more broadly in the years to come. As always, we appreciate your interest and support.

這是一件非同尋常的事情，它將吸引眾多朝聖者來到納許維爾，光顧我們的企業。正如我們預期的那樣，透過我們對 Opry 100 的投資，該品牌正在吸引比以往任何時候都更多的粉絲。我們正在不斷擴展平台。幾週前，我們和盧克一起宣布了在拉斯維加斯大道中心地帶的第二個 10 級開發案。建設工作已經開始，一旦在 2026 年第四季度開業，它將成為拉斯維加斯大道上僅有的兩家擁有臨街面的鄉村音樂現場娛樂場所之一，另一家當然是 Old Red，它自去年年初開業以來業績非常出色。展望未來，我們的業務發展動能良好。我們目前擁有的團體業務量依然健康，我們對酒店投資組合的投資也持續獲得良好的回報。我們擴展後的娛樂平台擁有比以往任何時候都多的發展途徑，我們期待在未來幾年裡，在 Opry 品牌和更廣泛的鄉村音樂發展勢頭的基礎上繼續發展。一如既往，我們感謝您的關注與支持。

And with that, let me turn over to Mark to discuss the quarter, our positioning in more detail. Mark?

接下來，我將把麥克風交給馬克，讓他更詳細地討論本季的情況以及我們的市場定位。標記？

Thanks, Colin. And good morning, everyone. I'll review our third-quarter results and also provide some color on how we're thinking about 2026. I'll start with our hospitality business. Our same-store hospitality segment delivered results towards the high end of our expectations, due primarily to short-term corporate group pickup in the quarter for the quarter.

謝謝你，科林。大家早安。我將回顧我們第三季的業績，並就我們對 2026 年的展望做一些說明。我先從我們的酒店業務說起。由於本季度企業團體短期回購，我們的同店酒店業務板塊業績接近預期高端。

As a result, the year over year group mix shift was not as significant as we had anticipated, with corporate group room nights down only about 20,000 room nights to last year, about half the magnitude we saw in the second quarter. With the decline in corporate group rooms, banquet and AV revenue declined approximately $14 million. But as has been the case all year, contribution per group room night, a proxy for catering spend per group guest, continued to exceed our expectations, so groups continue to spend at healthy levels.

因此，與去年相比，團體組成的變化並不像我們預期的那樣顯著，企業團體客房夜數僅比去年減少了約 20,000 間夜，約為第二季度降幅的一半。由於企業團體客房數量減少，宴會和視聽設備收入減少了約 1,400 萬美元。但與今年以來的情況一樣，每組客人每晚的團體客房貢獻（可作為每位團體客人餐飲支出的指標）繼續超出我們的預期，因此團體的消費水平依然保持在健康範圍內。

Food and beverage outlet performance was a bright spot in the quarter, driven by a combination of higher leisure demand, better-than-anticipated corporate group volumes, and our recent capital investments. Outlet sales per occupied room increased nearly 13%. And performance was particularly strong at Gaylord National, Gaylord Rockies, and Gaylord Palms, where we've made significant investments in recent years, both in the quality of the offerings as well as our capacities.

本季餐飲門市表現突出，這得益於休閒需求增加、企業團體消費量超出預期以及我們最近的資本投資等因素。每間入住客房的門市銷售額成長了近 13%。蓋洛德國家酒店、蓋洛德落基山酒店和蓋洛德棕櫚酒店的表現尤其強勁，近年來我們對這些酒店進行了大量投資，包括提升服務品質和擴大接待能力。

In fact, total revenue for Gaylord National and Gaylord Rockies were third-quarter records, and for Gaylord Rockies, the second-best total revenue quarter of all time, behind the second quarter of 2025. Our leisure business was another bright spot in the quarter, including at Gaylord Opryland. Leisure room nights at Opryland increased more than 5% compared to last year, and leisure ADR, while still modestly lower year over year, actualized a few percentage points better than our expectations as of last quarter.

事實上，蓋洛德國家度假酒店和蓋洛德落基山度假酒店的總收入均創下第三季紀錄，而蓋洛德落基山度假酒店的總收入更是創下歷史第二高季度紀錄，僅次於 2025 年第二季。本季我們的休閒業務是另一個亮點，包括蓋洛德奧普里蘭酒店。與去年相比，奧普里蘭休閒酒店的客房入住夜數增加了 5% 以上，休閒酒店的平均房價雖然同比略有下降，但比上一季的預期高出幾個百分點。

Finally, the JW Marriott Desert Ridge delivered third-quarter results right in line with our expectations. The existing meeting space renovations wrapped up at the end of September, bringing the multi-year comprehensive property refresh that was initiated by the prior owner to conclusion. As a value creation opportunity post-acquisition, we have begun the work to convert 5,000 square feet of existing vacant office space into sellable carpeted breakout meeting space. As we learn more about this property, we continue to be very bullish on its long-term potential under our ownership. Looking ahead to the fourth quarter and the next couple of years, we're pleased with the amount of business we have on the books. Same-store group rooms revenue on the books for the fourth quarter is comparable to the same time last year, and early ticket sales for our holiday programming are pacing ahead of the same time last year.

最後，JW 萬豪沙漠嶺酒店第三季的業績完全符合我們的預期。現有的會議空間改造工程於 9 月底完工，至此，前業主發起的歷時多年的全面物業翻新工程圓滿結束。作為收購後創造價值的機會，我們已經開始將 5,000 平方英尺的現有空置辦公空間改造成可出售的舖有地毯的休閒會議空間。隨著我們對這處房產了解的加深，我們對其在我們持有下的長期發展潛力依然非常看好。展望第四季和未來幾年，我們對目前的業務量感到滿意。第四季同店團體客房收入與去年同期持平，假期活動的早期售票速度也超過了去年同期。

Despite some of the macroeconomic uncertainty and government policy weighing on the broader lodging industry, the visibility we have into our group business for 2026 and beyond continues to be encouraging. We're continuing to book more room nights at higher room rates. In the third quarter, same-store gross group room nights booked for all future years were up 9% compared to last year, bringing room nights on the books for all future years to a third-quarter all-time high.

儘管宏觀經濟存在一些不確定性，政府政策也對整個住宿業造成了一定壓力，但我們對 2026 年及以後的團體業務前景依然充滿希望。我們將繼續以更高的房價預訂更多房晚。第三季度，同店預訂未來所有年份的團體客房夜數比去年同期增加了 9%，使未來所有年份的預訂客房夜數達到第三季歷史最高水準。

The ADR on those bookings was also an all-time high, up nearly 3% year over year. Our group pace for 2026 and 2027 remains healthy. As of the end of September, same-store group rooms revenue on the books for 2026 and 2027 were up approximately 8% and 7% respectively compared to the same time last year for 2025 and 2026, with ADR growth continuing to pace in the mid-single digits.

這些預訂的平均房價也創歷史新高，較去年同期成長近 3%。我們集團2026年和2027年的發展步伐依然穩健。截至 9 月底，2026 年和 2027 年同店團體客房收入與去年同期相比分別增長了約 8% 和 7%，而 2025 年和 2026 年的平均房價增長繼續保持在中等個位數水平。

While the number of new leads and late-stage opportunities remain at near-record levels. Certainly, we've seen elevated cancellation activity this year due primarily to the government sector, but we've also responded with strong in the year for the year bookings production and disciplined margin management while continuing to pursue long-term value creation through enhancements and additions to the portfolio.

雖然新線索和後期機會的數量仍然接近歷史最高水準。當然，由於政府部門的原因，我們今年的取消預訂活動有所增加，但我們也透過強勁的年度預訂量和嚴格的利潤率管理做出了回應，同時繼續透過改進和增加產品組合來追求長期價值創造。

Turning now to our entertainment business. OEG delivered third-quarter revenue of approximately $92 million and adjusted EBITDAre of approximately $25 million. Growth from Category 10 and Block 21, behind our recent investments, was partially offset by softer volumes at our downtown Nashville venues as the local live entertainment industry absorbs the cumulative impact of recent new supply. As a result, and as Jennifer will review in a minute, we've narrowed our range of expectations for full-year adjusted EBITDAre in our entertainment business, with a new midpoint of $112 million, which represents approximately 6% growth year over year and approximately 12% annualized growth since 2019. Before I turn it over to Jennifer, let me also provide some color on some of the building blocks for 2026, with the caveat that we're still working through the budgeting process with Marriott and expect to provide formal guidance when we report fourth-quarter results in February.

現在我們來談談娛樂事業。OEG 第三季營收約 9,200 萬美元，調整後 EBITDA 約 2,500 萬美元。在我們近期投資之後，第 10 類和第 21 區的成長被我們在納許維爾市中心場館的客流量疲軟部分抵消，因為當地現場娛樂產業正在消化近期新增供應的累積影響。因此，正如珍妮佛稍後將要回顧的那樣，我們縮小了對娛樂業務全年調整後 EBITDA 的預期範圍，新的中位數為 1.12 億美元，這相當於同比增長約 6%，自 2019 年以來年化增長率約為 12%。在將發言權交給詹妮弗之前，我也想就 2026 年的一些基本要素提供一些背景信息，但需要說明的是，我們仍在與萬豪酒店進行預算編制工作，預計將在 2 月份公佈第四季度業績時提供正式的指導意見。

From a macro perspective, we are optimistic we'll see an increase in group demand given expectations for lower interest rates and a more favorable business and regulatory environment. However, even if the current uncertainty persists, we'd still expect our business model to outperform others in our sector and the broader group industry. As I mentioned earlier, the group rooms revenue we have on the books for 2026 for same-store hospitality segment is pacing approximately 8% ahead compared to the same time last year for 2025.

從宏觀角度來看，鑑於預期利率將下降，商業和監管環境將更加有利，我們樂觀地認為團體需求將會增加。然而，即使目前的不確定性持續存在，我們仍然期望我們的商業模式能夠超越我們所在行業以及更廣泛的集團行業中的其他模式。正如我之前提到的，我們預計 2026 年同店酒店業務的團體客房收入將比去年同期（2025 年）增長約 8%。

From a mix perspective, corporate group bookings are pacing ahead of association group bookings. Should this trend continue, we would expect it to be a modest tailwind for group outside-the-room spending levels in 2026. On the cost side, recall that the collective bargaining agreement for the Gaylord National became effective in November of 2024, so we will lap the initial wage and benefit increases in the fourth quarter of this year.

從組合角度來看，企業團體預訂量超過了協會團體預訂量。如果這一趨勢持續下去，我們預計到 2026 年，這將對團體在會議室外的消費水準起到一定的推動作用。在成本方面，請記住，蓋洛德國家酒店的集體談判協議於 2024 年 11 月生效，因此我們將在今年第四季度抵消最初的工資和福利增長。

Regarding capital, we anticipate that the sports bar development at Gaylord Opryland will open in April of 2026, and the Texas rooms renovation will finish sometime in the second quarter. We also expect the meeting space conversion at the JW Marriott Desert Ridge to come online in the second quarter.

關於資金方面，我們預計蓋洛德奧普里蘭酒店的體育酒吧將於 2026 年 4 月開業，德克薩斯客房的翻新工程將於第二季度完成。我們也預期 JW 萬豪沙漠嶺酒店的會議空間改造將於第二季投入使用。

The ongoing meeting space expansion at Opryland will continue through 2027, and we expect to kick off a rooms renovation at the JW Marriott Hill Country beginning in April of 2026. And finally, on entertainment, we expect our 2025 investments behind Opry 100 and the new amphitheater addition to our portfolio to be a modest tailwind to growth in 2026.

Opryland 的會議空間擴建工程將持續到 2027 年，我們預計將於 2026 年 4 月開始對 JW Marriott Hill Country 酒店的客房進行翻修。最後，在娛樂方面，我們預計 2025 年對 Opry 100 和我們投資組合中新增的露天劇場的投資，將在 2026 年為成長帶來適度的推動作用。

And as Colin mentioned, Category 10 Las Vegas will be under development for much of the year, opening sometime in the fourth quarter of 2026, with full-year contribution in 2027. As with all our ROI projects, we expect to generate at least mid-teens unlevered IRRs on the estimated project cost of approximately $35 million. We look forward to providing more details on how we expect the year to shape up on our fourth quarter call in February.

正如科林所提到的，拉斯維加斯的 10 級賭場將在今年大部分時間裡處於開發狀態，預計將於 2026 年第四季開業，並在 2027 年全年投入營運。與我們所有的 ROI 專案一樣，我們預計該專案（估計成本約為 3500 萬美元）將產生至少 15% 的無槓桿內部收益率 (IRR)。我們期待在二月的第四季財報電話會議上，提供更多關於我們對今年業績預期方面的資訊。

And now I'll turn it over to Jennifer to run you through our guidance revisions and review our financial position.

現在我將把發言權交給詹妮弗，讓她為大家介紹我們的指導方針修訂情況並回顧我們的財務狀況。

Thanks, Mark. Regarding our outlook for full year 2025, we are narrowing our guidance ranges now that much of the year is behind us. In our entertainment segment, we are lowering the top end of our guidance range for adjusted EBITDAre to reflect softer volumes in our downtown Nashville venues related to new supply in the market.

謝謝你，馬克。關於我們對 2025 年全年的展望，鑑於今年大部分時間已經過去，我們正在縮小預期範圍。在我們的娛樂業務板塊，由於市場新增供應導致納許維爾市中心場館的客流量下降，我們下調了調整後 EBITDAre 的預期範圍上限。

On a consolidated basis, we now expect adjusted EBITDAre in the range of $772 million to $802 million, AFFO in the range of $509.5 million to $538 million,. And AFFO per fully diluted share in the range of $8.00 to $8.38. Turning to our balance sheet, we ended the third quarter with $483 million of unrestricted cash on hand and our revolving credit facilities undrawn. Total available liquidity was nearly $1.3 billion. We've retained an additional $33 million of restricted cash available for FF&E and other maintenance projects.

合併後，我們預計調整後的 EBITDA 為 7.72 億美元至 8.02 億美元，AFFO 為 5.095 億美元至 5.38 億美元。調整後營運資金（AFFO）每股完全稀釋後預計在 8.00 美元至 8.38 美元之間。再來看我們的資產負債表，截至第三季末，我們擁有 4.83 億美元的非限制性現金，且循環信貸額度尚未提取。可用流動資金總額接近13億美元。我們額外保留了 3,300 萬美元的受限現金，可用於家具、設備及其他維修項目。

At the end of the quarter, our pro forma net leverage ratio based on total consolidated net debt to adjusted EBITDAre, assuming a full-year contribution of adjusted EBITDAre from the JW Marriott Desert Ridge, was 4.4 times. Finally, let me comment on our anticipated major cash outflows for the year. Regarding our outlook for capital expenditures in 2025, we are narrowing the range of our expectations to $375 million to $425 million based on our latest construction timelines for projects currently underway.

截至季末，假設 JW 萬豪沙漠嶺飯店全年貢獻調整後 EBITDAre，我們以合併淨債務總額與調整後 EBITDAre 為基準計算的備考淨槓桿率為 4.4 倍。最後，我想談談我們預計今年將出現的主要現金流出。關於我們對 2025 年資本支出的展望，根據我們目前正在進行的項目的最新施工進度，我們將預期範圍縮小至 3.75 億美元至 4.25 億美元。

As we mentioned in our earnings release, these estimates include modest investments at the JW Marriott Desert Ridge, accelerated materials purchasing for the planned 2026 rooms renovation at the JW Marriott Hill Country, and initial project costs for the development of Category 10 Las Vegas. Regarding our dividend, it remains our intention to continue to pay a minimum of 100% of our taxable income through dividends.

正如我們在收益報告中提到的，這些估算包括對 JW 萬豪沙漠嶺酒店的適度投資、為計劃於 2026 年在 JW 萬豪山鄉村酒店進行客房翻新而加快的材料採購，以及拉斯維加斯 10 級酒店的開發初始項目成本。關於我們的股息，我們仍然打算繼續以股息的形式支付至少 100% 的應稅收入。

And with that, Nikki, let's open it up for questions.

那麼，妮基，接下來我們來提問。

(Operator Instructions)

（操作說明）

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Curious if you could provide us with updated thoughts on the entertainment market in Nashville. Acknowledge that drove the guidance reduction in the quarter. Just curious how you're thinking about that business over the next couple of years as it seems like supply headwinds are persistent.

想請您提供有關納許維爾娛樂市場的最新看法。承認這是導致本季業績預期下調的原因。我很好奇您如何看待未來幾年該業務的發展，因為供應方面的不利因素似乎會持續存在。

Can I start, Patrick? Yeah. Good morning. This is Colin Reed. So the issues that we saw within this city over the sort of period of time, February of this year through June, were where the more budget-conscious consumer pulled back a little. And we saw it in other markets too, like Las Vegas. But it happened here. And I think a lot of it was created by the overhang on what the hell was going to happen with the big, beautiful bill and tariffs. And the media were saying the world was going to fall apart. But what has actually happened as the year has progressed is that obviously things have stabilized very, very well. The market, the New York Stock Exchange, the S&P at all-time highs right now.

我可以先開始嗎，派崔克？是的。早安.這是科林·里德。因此，我們在這個城市從今年二月到六月這段時間看到的問題是，比較注重預算的消費者稍微減少了支出。我們在其他市場也看到了這種情況，例如拉斯維加斯。但這件事就發生在這裡。我認為這很大程度上是由於人們對那筆龐大而複雜的賬單和關稅究竟會發生什麼感到焦慮不安所造成的。媒體當時都在說世界即將崩潰。但隨著時間的推移，實際情況顯然是，事情已經非常非常穩定了。目前，市場、紐約證券交易所、標準普爾500指數均處於歷史高點。

Trade agreements are being confected, interest rates are moderating, corporate profits seem to be in good shape, and airline traffic is up. And I'll give you a statistic that was relayed to me last night by the CEO of the Nashville Airport. October traffic into Nashville was up 10% over last year. And the amount of traffic that the airport received in October was the best October Nashville has ever had. We've been, I think, a little cautious in what is going to play out in the months of November and December. And that is reflected in our guidance. But as we look forward to 2026, 2027, we have this new stadium opening that is going to dramatically increase big, big concerts. We have a whole bunch of new development taking place on the East Bank. We have greater capacity to put more traffic through this airport.

貿易協定正在製定中，利率正在趨於緩和，企業利潤似乎狀況良好，航空客運量也在上升。我還要提供昨晚納許維爾機場執行長轉述給我的一項統計數據。10月份進入納許維爾的交通流量比去年同期增加了10%。10 月機場的客流量是納許維爾有史以來最好的 10 月。我認為，對於11月和12月將會發生什麼，我們一直都比較謹慎。這一點也體現在我們的指導方針中。但展望 2026 年、2027 年，這座新體育場的開放將大大增加大型演唱會的數量。東岸正在進行大量新的開發案。我們有能力讓更多航班通過這個機場。

We have folks I can tell you every one of the three large airlines that are flying in from Europe, all have increased the capacity of their airlines over the course of the last couple of months. So as we look forward to '26, '27, '28, I think we're going to see a surge in tourism in this city. And I think it's going to be long-term really good for these iconic assets that we own.

我可以告訴你們，過去幾個月裡，從歐洲飛往美國的三大航空公司都增加了運能。展望 2026 年、2027 年、2028 年，我認為我們會看到這座城市的旅遊業蓬勃發展。我認為這對我們擁有的這些標誌性資產來說，從長遠來看是非常有利的。

Great. Appreciate that. And then I guess, how should we be thinking about a potential spin of OEG? Are there more bolt-on acquisitions within the entertainment business or additions you need to make to the leadership team that you want to get done first?

偉大的。謝謝。那麼，我們該如何看待 OEG 的潛在分拆呢？在娛樂產業中，是否有其他需要優先完成的收購或領導團隊擴充？

The issue - not the issue, the opportunity we have with this business, with the acquisition of Southern, what we've done in Austin, the expanding of into markets like Las Vegas. I would be very surprised if you don't hear from us over the course of the next few months in other markets that we will potentially move into, markets that are very country music-centric, so we can intercept those consumers in their source markets. The great thing about this business is I think we have more opportunities to grow it today than we've ever had. I would suggest that over the course of the next 12-24 months, you'll hear from us more so on the growth of this business.

問題不在於問題本身，而是我們透過這項業務所獲得的機會，透過收購南方公司，我們在奧斯汀所做的一切，以及向拉斯維加斯等市場的擴張。如果在接下來的幾個月裡，您在其他我們可能進入的市場（這些市場非常注重鄉村音樂）沒有收到我們的消息，我會感到非常驚訝，這樣我們就可以在消費者的來源市場中抓住他們。這個行業最棒的地方在於，我認為我們現在擁有比以往更多的發展機會。我預計在接下來的 12-24 個月裡，我們會更多地向您介紹這項業務的成長。

Thank you.

謝謝。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Maybe first on cancellations, which ticked up in the quarter. Can you provide a little bit more color on recent trends? What are you seeing here in October? And is this still mostly government-related or any other sectors where you've seen an uptick? Thanks.

或許首先是取消訂單，該季度取消訂單數量上升。能再詳細介紹一下近期的趨勢嗎？十月在這裡看到了什麼？而這種情況主要還是與政府有關，還是也出現在其他一些行業？謝謝。

Hey, Ari. This is Patrick Chaffin. Good to hear from you. Yeah. So cancellations were up in the quarter. We were expecting that as a result of the tariff situation that began in the second quarter of this year. I would tell you that as we look across the year, if you look at the Smith Travel Research information, US group monthly occupancy started to decline in April of this year with the tariff situation emerging. And while our group business has fared really well through that tariff situation, that's characterized Q2 and Q3.

嘿，阿里。這是派崔克·查芬。很高興收到你的來信。是的。因此，本季的取消訂單數量有所增加。由於今年第二季開始的關稅形勢，我們預料到了這種情況。我想告訴大家的是，縱觀全年，如果你查看史密斯旅遊研究公司的信息，隨著關稅形勢的出現，美國團體月入住率從今年 4 月開始下降。儘管我們集團的業務在關稅情況下表現得非常好，但這主要體現在第二季和第三季。

The overall US group monthly occupancy has continued to decline and appeared to trough roughly in August based on Smith Travel information. And it has been recovering in September and potentially in October based on what we've seen so far. So it's too early to tell how cancellations are going to fare in the fourth quarter.

根據史密斯旅遊局的信息，美國整體團體月入住率持續下降，並在 8 月左右觸底。根據我們目前觀察到的情況來看，9 月疫情有所好轉，10 月可能也會有所改善。所以現在判斷第四季的取消情況會如何還太早。

But it appears that while it's still down, it's starting to move in the right direction. For us, we have seen elevated cancellation activity. We have also seen group leads and group demand on the corporate sector increase at the same time. So we've been able to mitigate some of that impact. But cancellations have been elevated. They've been mostly in the government and government-related sectors.

雖然目前仍處於低迷狀態，但似乎朝著正確的方向發展。我們發現取消訂單的情況增加。同時，我們也看到企業界的團體銷售線索和團體需求都在增加。因此，我們已經能夠減輕其中的一些影響。但取消訂單的情況增加。他們大多在政府及政府相關部門工作。

But we have seen some impact from corporate layoffs that have been occurring across the country. But again, I would stress corporate leads and corporate booking volumes continue to be very, very strong. So we've been able to mitigate some of that. So we'll see how fourth quarter goes. But we do feel like while overall US monthly occupancy and demand is still down. It is moving in the right direction.

但我們已經看到，全國各地發生的企業裁員帶來了一些影響。但我再次強調，企業客戶線索和企業預訂量依然非常非常強勁。所以我們已經能夠緩解其中的一些問題。所以，我們來看看第四季的情況如何吧。但我們確實感覺，儘管美國整體月入住率和需求仍然下降。它正朝著正確的方向發展。

Thanks for that and then, curious if you can touch on some of the underlying leisure assumptions for the fourth quarter. Last year was a bit of a challenge and I think you made some changes to the ice programming. Any early feedback on either bookings or expectations? and then I believe you're also bringing ice to Hill Country. How is that shaping up? Thanks.

謝謝。另外，我想請您談談第四季的一些基本休閒假設。去年確實有些挑戰，我認為你們對冰上訓練計畫進行了一些調整。關於預訂情況或預期，目前有任何回饋嗎？而且我相信你們也把冰塊帶到了丘陵地帶。進展如何？謝謝。

Good questions. Pat, you want to deal with that?

問得好。帕特，你想處理這件事嗎？

Yeah. So Hill Country will have ice for the second year in a row. We'll bring ice to Desert Ridge next year. But we are expecting improved performance in ice and in leisure in the fourth quarter of this year versus last year. About a 5% improvement. I would tell you that we're cautiously optimistic. It's still early, but we have some really positive trends occurring right now. Our ice tickets are up. We've booked about 300,000 tickets to date. It's only about 21% of what we expect to actualize for the full holiday period. But the 21% we have on the books is about a 6 point improvement over what we had booked at this point, same time last year. So we're up about 95,000 tickets over same time last year.

是的。所以希爾鄉村將連續第二年有冰雪覆蓋。明年我們將冰運到沙漠嶺。但我們預計今年第四季冰上運動和休閒運動的表現將比去年有所改善。大約提高了5%。我會告訴你，我們持謹慎樂觀的態度。現在還為時過早，但我們目前已經看到一些非常積極的趨勢。我們的冰球票已經上架了。到目前為止，我們已經預訂了大約30萬張機票。這僅占我們預計整個假期實際收入的21%左右。但我們目前已預訂的 21% 比去年同期預訂的預訂量提高了約 6 個百分點。所以，我們比去年同期增加了約 95,000 張門票。

So we're moving in the right direction to achieve that improved performance year over year, and we're in a good spot. From a transient room night perspective that's associated with the leisure holiday bookings, we've booked about 127,000 room nights to date. That represents about 60% of what we expect to actualize for the 2025 holiday period. And that's an improvement over what we had booked same time last year as well. So we're up about 11,000 leisure room nights.

因此，我們正朝著逐年提高業績的正確方向前進，我們目前處境良好。從與休閒度假預訂相關的臨時客房夜數來看，我們迄今已預訂了約 127,000 間夜。這大約占我們預計在 2025 年假期期間實際實現量的 60%。這比我們去年同期預訂的要好。所以，我們的休閒客房入住夜數增加了約 11,000 晚。

So we've forecasted an improvement both in tickets and in leisure room nights, and we appear to be on pace to make that happen. I would remind you that we still have about 79% of our ice tickets to book, and about 60% of those book within a 10-day travel period. So still a lot of wood to chop, but we are moving in a very encouraging direction, and we're cautiously optimistic.

因此，我們預測門票和休閒客房入住夜數都會有所改善，而且我們似乎正按計劃實現這一目標。我想提醒各位，我們還有大約 79% 的冰上門票尚未預訂，其中大約 60% 的門票需要在 10 天的旅行期內預訂。所以還有很多工作要做，但我們正朝著非常令人鼓舞的方向前進，我們持謹慎樂觀的態度。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

Hi. Thank you. I wanted to just ask a little bit about, I guess, the relationship between gross definite room nights that you show quarterly, and the net definite room nights. Obviously, the gross improved nicely year over year. The net declined for the second quarter sequentially. I'm just wondering, do those two kind of go together? Should we be looking at kind of the flow-through of one to the other, or maybe you can just sort of speak to what those numbers are telling you?

你好。謝謝。我想問一下，你們每季公佈的總確定房間夜數與淨確定房間夜數之間的關係。顯然，總收入比上年同期有了顯著提高。第二季淨利季減。我只是好奇，這兩者之間有沒有關聯？我們應該關注兩者之間的相互影響，還是您可以直接解釋一下這些數字告訴了您什麼？

Let's take that.

我們就這麼做吧。

Sure. Hey, Smedes. It's good to hear from you. Let's talk about gross versus net on the group side. So the main difference between those two is let's talk about gross first. As I mentioned earlier, we're seeing really great production from the sales team. We believe we have the best sales team on the planet on the group side, and they continue to perform. Corporate leads are up. Corporate bookings continue to be up. And so they're doing a great job of really taking advantage of the opportunity, even though we are losing some to cancellation and revals. So on the gross side, we see really good production on the corporate side. To your question on net, the difference between gross and net is essentially cancellations and revals.

當然。嘿，斯梅德斯。很高興收到你的來信。我們來談談集團方面的毛利和淨利。所以這兩者之間的主要差異在於，我們先來談談噁心程度。正如我之前提到的，銷售團隊的表現非常出色。我們相信集團擁有全球最優秀的銷售團隊，而且他們也一直表現出色。企業客戶線索增加。企業預訂量持續成長。所以他們做得很好，真正抓住了這個機會，儘管我們因為取消和重新開放而損失了一些人。所以從整體來看，我們看到企業方面的生產情況非常好。關於您提出的淨額問題，總額和淨額之間的差異本質上在於取消和重新計算的金額。

And when I say revals, that's groups who have previously contracted for, let's say, 1,000 room nights in their block, who then call in and say, hey, due to tariffs, we're pulling back down to 800 or 700 rooms from our originally agreed-upon block. So you have your gross number, which is booked by the sales team. And then if a cancellation or a reevaluation of that room block occurs, that's the difference in the net. And so that all nets together to produce the net production in the month or in the quarter. So if you think about what's going on, as I mentioned, corporate room nights continue to be strong. And the folks who are booking right now have already taken into account the impact of tariffs and everything else that's going on within their business.

我說的「取消預訂」是指那些之前已經預訂了1000個房晚的團體，然後打電話來說，嘿，由於價格上漲，我們要把預訂數量從最初約定的數量減少到800或700個房間。所以，您得到的是銷售團隊記錄的總金額。如果該房間預訂被取消或重新評估，那麼淨差額就是這個差額。因此，所有淨產量加起來就形成了當月或當季的淨產量。所以，想想目前的情況，正如我所提到的，公司客房預訂量依然強勁。現在正在預訂的人已經考慮到了關稅的影響以及他們業務中發生的所有其他因素。

And so they're contracting at a more realistic level based on what they know is going on in the economy. Room nights that were on the books previously that are calling in and reducing their blocks are just taking into account now what's going on in the economy. So we continue to see really strong gross results, offset somewhat by what's happening on the netting side with reevaluation of the blocks from groups already on the books and the cancellation that has been occurring.

因此，他們根據對當前經濟狀況的了解，將收縮規模控制在了更切合實際的水平。之前預訂的酒店客房現在打電話來減少預訂數量，只是考慮到了當前的經濟狀況。因此，我們繼續看到非常強勁的總業績，但淨額結算方面的情況有所抵消，因為需要重新評估已簽訂合約的集團的訂單以及正在發生的取消訂單的情況。

Okay. That's helpful. And then you mentioned in your opening remarks that corporate bookings are outpacing association bookings. Do you attribute that largely to the context of tariffs that you were just speaking to, or is there something that you think might sort of, I guess, fuel association bookings kind of going forward over the next few quarters?

好的。那很有幫助。然後，您在開場白中提到，企業預訂量超過了協會預訂。您認為這主要是由於您剛才提到的關稅問題造成的，還是因為未來幾季燃油協會的預訂情況等因素造成的？

Yeah. I mean, there's definitely some impact from the tariffs, without a doubt. The other thing I would point to, though, is where we stand at this point in the year. We currently have 7.9 million group room nights on the books from a same-store perspective for all future periods. At this point in the year, that's the highest level we have ever seen. And it has really strong rate associated with it as well. So there's the impact of tariffs, but there's also the impact of the fact that we just have less availability on the books for selling into the future than we've ever seen in our history, which is a good problem to have and will help us further compress group ADR going forward.

是的。我的意思是，關稅肯定會產生一些影響，這一點毋庸置疑。不過，我還想指出一點，那就是我們目前所處的位置。目前，從同一門店的角度來看，我們未來所有時期的團體客房預訂量已達 790 萬晚。就今年同期而言，這是我們見過的最高水平。而且它的利率也非常高。因此，關稅的影響是一方面，但另一方面，我們未來可供出售的庫存量比以往任何時候都少，這也是一個好問題，有助於我們進一步壓縮集團的ADR。

Smedes, my hope would be that this shift towards the corporate mix, right, will become more systemic over time because, as we've talked about in the past, one of the things that we're trying to accomplish with the capital investments we're making across these hotels is to improve the quality of the rate and improve the quality of the group. And leaning more into that corporate customer versus some of the lower-rated SMERF and association business.

斯梅德斯，我希望這種向企業化組合的轉變能夠隨著時間的推移變得更加系統化，因為正如我們過去所討論的，我們正在通過對這些酒店進行資本投資來實現的目標之一，就是提高房價質量和集團質量。而且，我們更傾向於服務企業客戶，而不是服務一些評級較低的SMERF和協會業務。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Great. Good morning, everyone. Question for you specifically. Hey, good morning. Question for you specifically on the D.C. National. Are you seeing any impact from the government shutdown as it relates to 4Q expectations or just forward bookings in general? Thank you.

偉大的。各位早安。這個問題專門問你。嘿，早安。我有一個關於華盛頓特區國家隊的具體問題。政府停擺是否對第四季預期或整體預訂量產生影響？謝謝。

Yeah. Hey, Patrick. This is Patrick. Yeah. We have seen a few groups that have pulled back or canceled as a result of the shutdown. But it has been pretty isolated, honestly. And it's not really been material in terms of the number of groups that have called in and said, hey, we're having to pull back or cancel. So there has been some impact, but it has not been very material. It's pretty isolated thus far.

是的。嘿，派崔克。這是派崔克。是的。我們看到一些團體因為疫情封鎖而撤回或取消了活動。但說實話，它一直相當孤立。而且，從打電話來說「嘿，我們不得不撤回或取消」的團體數量來看，這並沒有造成實質的影響。所以確實產生了一些影響，但影響並不重大。目前來看，這裡相當偏僻。

But it's fair to say National's performance has been terrific.

但公平地說，國家黨的表現非常出色。

Yeah. National is right on plan for the year, doing a great job. And as we look to 2026, we look for additional ways to offset the impact of the collective bargaining agreement. But the property is in a really good position.

是的。國家隊今年的工作進展順利，表現優異。展望 2026 年，我們將尋找更多方法來抵銷集體談判協議的影響。但這處房產地理位置確實非常好。

Yeah. And some of that you're seeing from the capital we deployed coming out of COVID around food and beverage and the rooms renovation that we did. Those investments are paying off.

是的。其中一些成果來自我們在新冠疫情後投入的資金，用於餐飲和客房翻新。這些投資正在獲得回報。

Yeah. And we're booking a bunch of business. So it's pretty good.

是的。我們正在洽談很多業務。所以它相當不錯。

Dan Politzer, JP Morgan.

丹‧波利策，摩根大通。

Group, it's pacing up nicely for 2026, up 8%, and 2027, up 7%, I believe you said. Can you maybe talk about how the conversations with group and meeting planners, ex-government, obviously have evolved? Have they meaningfully improved versus three or six months ago that gives you maybe increased confidence as you look out to that 2027 guidance that you still have out there?

我相信您說過，該集團2026年的成長動能良好，預計成長8%，2027年成長7%。您能否談談與團體和會議策劃者（尤其是前政府官員）的對話是如何演變的？與三個月或六個月前相比，它們是否有了實質性的改進，從而讓你對目前仍處於 2027 年的指導方針更有信心？

You want to take it?

你想拿走它嗎？

Sure. Yeah. I mean, you saw what happened in our third-quarter results. There was a bit of an overreaction in the second quarter to the tariff situation, and folks significantly reduced their expectations for the third quarter. As we actually moved through the third quarter, things improved somewhat. And we actually ended up beating our expectations on the banquet contribution per group room night. Fourth quarter is more dominated by the transient side.

當然。是的。我的意思是，你們都看到了我們第三季的業績。第二季度，市場對關稅情勢反應有些過激，導致人們對第三季的預期大幅下調。隨著第三季的到來，情況有所改善。結果，我們每間團體客房每晚的宴會貢獻金額其實超出了預期。第四季較受短期因素的影響。

And I don't want to give any guidance on 2026 right now, but we feel like we're well-positioned for 2026. And we're hopeful, as I was alluding to earlier, that while, again, US group demand is currently still down, it is moving in the right direction. So we see meeting planners pausing somewhat in some of their decision-making around when to book, but we're not seeing them wholesale pull back and make any changes. It's really just, hey, the environment's volatile. We're watching it. And we may delay our decision-making a little bit, but we feel like we're in a great position for 2026 as we look towards that and start planning for it.

我現在不想對 2026 年做出任何預測，但我們感覺我們已經為 2026 年做好了充分的準備。正如我之前提到的，我們充滿希望，雖然美國團體需求目前仍然較低，但正在朝著正確的方向發展。因此，我們看到會議策劃者在何時預訂會議的決策上停頓，但我們並沒有看到他們全面撤回或做出任何改變。其實就是，環境瞬息萬變。我們正在關注。我們可能會稍微推遲一下決策時間，但展望 2026 年並開始為此做計劃時，我們感覺自己處於非常有利的位置。

Hey, Dan, this is Colin. I want to make one observation. And we've been in this business here. Certainly, Mark and I, Patrick, almost 25 years here running this business here. And we've seen these periods where we have volatility in the mindset of the group consumer. But Mark said it five minutes ago, group is not vanilla. Different companies that are focused on group operate in very different ways. And what we have done is I think we've pulled together a pretty good management team in these hotels. We have world-class physical assets. We generate really good levels of service. And as a consequence, we have a high degree of loyalty amongst these meeting planners.

嘿，丹，我是科林。我想提出一點看法。我們一直從事這個行業。當然，我和馬克、派崔克在這裡經營這家公司已經快25年了。我們已經看到，在某些時期，群體消費者的心態會有所波動。但馬克五分鐘前就說過，這個團體並不平淡無奇。專注於集團業務的不同公司，其營運方式也大相逕庭。我認為我們已經為這些酒店組建了一支非常優秀的管理團隊。我們擁有世界一流的實體資產。我們提供非常優質的服務。因此，我們在這些會議策劃者中擁有很高的忠誠度。

And that is one of the reasons why you see us booking the living daylights out of this business and why going into 2026 with the numbers that we have on the books. And it's something that's taken a long time to perfect. And we will go through these periods. Tariffs will create a problem in the mindset of many of the companies. But at the end of the day, these companies have to meet, and the associations have to meet, and they choose to meet in the places that deliver the best levels of value for them. And we believe that is our company.

這也是為什麼你會看到我們生意火爆，訂單爆滿，以及為什麼我們到 2026 年的訂單量如此之大的原因之一。而這需要很長時間才能完善。我們將經歷這些時期。關稅會為許多公司的心態帶來問題。但歸根究底，這些公司必須開會，這些協會也必須開會，而他們會選擇在能為他們帶來最大價值的地方開會。我們相信這就是我們公司。

Dan, I think an important aspect to keep in mind as it relates to 2026, that 8% revenue increase year over year, right, was about two-thirds of that premium is from rate, right? And the durability of that rate premium versus an occupancy premium at this point of the year is much stronger. And that's really driven by the fact that we have been investing capital, and we have been focusing, as Colin was talking about, on these higher-quality corporate customers. So you're seeing that strategy play through into the numbers.

丹，我認為與 2026 年相關的一個重要方面是，8% 的收入同比增長，對吧？其中大約三分之二的溢價來自費率，對吧？而且，在一年中的這個時候，房價溢價的持久性遠強於入住率溢價。這其實是因為我們一直在投入資金，而且正如柯林剛才所說，我們一直專注於這些更高品質的企業客戶。所以你可以看到這種策略體現在了數據上。

Right. No, that makes sense. And then just pivoting to entertainment, it sounds like there's a couple more investments coming in, obviously, Category 10 in Las Vegas. What's your appetite at this point? Or thoughts around monetizing that? Is there a certain EBITDA number you guys have marked internally that you kind of want to get to, or is it just kind of you're seeing how it evolves over time?

正確的。沒錯，這很有道理。然後，我們再來看看娛樂方面，顯然還有一些投資即將到來，例如拉斯維加斯的10級賭場。你現在有胃口嗎？或是關於如何將其商業化的思考？你們內部是否有設定一個想要達到的 EBITDA 目標值，還是只是觀察它隨時間推移的發展？

Dan, you're a sophisticated analyst. The EBITDA is one measurement. The growth characteristics is another measurement. Companies that are able to articulate that they have a growth rate of whatever it may be, whether it's 5%, 10%, 15%, 20%. As you go up the scale, invariably, the investment community is far more receptive to companies with higher growth rates than lower growth rates. It's a combination of things. As we are plowing the field and sowing the seeds, we've got a lot of stuff that will come out of the ground here over the next 12 to 24 months. Here's what I do believe. I know Patrick Moore, you believe this too, that this is an extraordinarily valuable asset that we have. We want to pick our moment in time. And at that moment in time, we will create a lot of value for our shareholders. This is a very valuable business.

丹，你是一位資深的分析師。EBITDA是其中一項衡量指標。生長特性是另一個衡量指標。能夠清楚闡述自身成長率的公司，無論是 5%、10%、15% 或 20%。隨著規模的擴大，投資界總是更傾向於接受成長率較高的公司，而不是成長率較低的公司。這是多種因素共同作用的結果。在我們耕地播種的同時，未來 12 到 24 個月內，這裡將會有很多東西從地裡長出來。以下是我所相信的。我知道派崔克·摩爾，你也相信這一點，那就是這是我們擁有的極其寶貴的資產。我們想選好時機。屆時，我們將為股東創造巨大價值。這是一項非常有價值的業務。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, good morning. Within your corporate group bookings, are there any specific industries you would call out from a recovery perspective?

嘿，早安。在您的企業團體預訂中，從復原的角度來看，您認為有哪些特定產業需要特別關注？

That's one of the beauties of our business. We don't have one segment that operates over 5%. So how would you answer the question, Patrick?

這就是我們這個行業的魅力之一。我們沒有一個業務板塊的營運規模超過 5%。那麼，派崔克，你會如何回答這個問題呢？

No, I would completely agree with what you just said, Colin, which is corporate is strong. For the most part across the board. And I wouldn't call out any one sector as being stronger. I mean, we've obviously been shifting our guns towards fintech quite a bit. So that's an area that we've been expanding in. But I wouldn't say there's greater growth in any one segment right now.

不，我完全同意你剛才說的，柯林，企業實力很強。總體而言，各方面都是如此。我不會說哪個行業比較強。我的意思是，我們顯然已經把重心更多地轉向了金融科技領域。所以這是我們一直在拓展的領域。但我認為目前任何一個細分市場的成長速度都不算快。

It's fair to say that the impact that we've seen this year, obviously from the government shutdown as well as all the DOGE work, right, we're really seeing weaknesses in the government-related large consulting groups, segments that rely on government contracts.

公平地說，我們今年所看到的影響，顯然來自政府停擺以及所有與政府工程相關的工作，對吧？我們確實看到了與政府相關的大型諮詢集團以及依賴政府合約的部門的弱點。

Thanks for that. And then just with respect to Desert Ridge and some of the groups booking into that. Broad brush, how many are existing rotational groups versus new to your portfolio? Thank you.

謝謝。然後，就沙漠嶺度假村以及一些預訂入住度假村的團體而言。概括來說，您的投資組合中，現有輪動組合和新加入的組合分別有多少？謝謝。

So I would tell you that we've only begun to scratch the surface on that. We actually just hired two new sales resources that focus on lead generation that are going to be solely focused on increasing the overlap between Gaylord and JW, as well as increasing the rotational opportunity between the JWs that we own. So it's really too early because they honestly have just been hired in the past 45 days. But we're really encouraged because we believe that we've seen immediate impact in the collaboration and communication between the teams. And I think I'll be able to talk to you in February about some really interesting and encouraging results as a result of those hires.

所以我想說，我們在這方面才剛開始接觸皮毛。我們剛剛聘請了兩名新的銷售人員，專注於潛在客戶開發，他們將專注於增加蓋洛德酒店和耶和華見證人酒店之間的重疊，以及增加我們擁有的耶和華見證人酒店之間的輪換機會。所以現在下結論還為時過早，因為他們實際上才被聘用了45天。但我們感到非常鼓舞，因為我們相信我們已經看到了團隊之間協作和溝通的即時的效果。我想我可以在二月和你們談談這些招募帶來的非常有趣和令人鼓舞的成果。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

I want to ask, as you look out, this is more of a multi-year, longer-term question, if that's okay. When you look at kind of composition of groups, and I'm really talking about kind of by size, but also maybe a little bit kind of corporate versus association, are you finding? Is there any desire to kind of maybe reduce your mix of the smaller short-term groups that can be more unpredictable? And are you seeing greater? I guess, growth in demand from the larger groups on the corporate side or from the smaller groups that like to book closer in? And then I have a follow-up. Thanks.

我想問一下，從長遠來看，這是一個需要多年才能解決的長期問題，可以嗎？當你觀察團體的組成時，我指的是按規模劃分，但也可能從企業與協會的角度來劃分，你發現了什麼？是否有意願減少規模較小、短期合作團體的數量，因為這些團體可能更難以預測？你看到的更美好嗎？我猜想，這成長可能來自企業方面規模較大的團體，也可能來自喜歡接近出發日期預訂的小團體？然後我還有一個後續問題。謝謝。

Patrick, let me start. The last time we did a big, big, big piece of research, and the last time we observed the research that Smith Travel did. Large groups are the groups that are growing in this country. We are uniquely positioned because of the scale of our assets and our ability to accommodate these large groups. It's one of the things that I know I look at every month, Patrick, when we get our sales report: the way the room nights, how they fall between 10 to 300 and larger. We're seeing good growth in the large groups. But how would you answer that question?

派崔克，我先開始。上次我們進行了一項非常非常大的研究，上次我們觀察了史密斯旅行社所做的研究。在這個國家，大型團體正在不斷壯大。由於我們擁有龐大的資產規模和接待大型團體的能力，我們具備獨特的優勢。派崔克，我知道每個月拿到銷售報告時，我都會關注這一點：客房入住率，以及入住人數在 10 到 300 人及以上的分佈情況。我們看到大型集團的成長勢頭良好。但你會如何回答這個問題呢？

Yeah. Chris, I was actually looking at that last night, and it was interesting to see that for 2026, we have a higher mix of the larger groups on the books versus same time last year as we looked into 2025. So we do see, as Colin's been talking about for a few years now, we continue to see that growth in the larger groups. But I do want to say the small groups are always essential to what we do. They have a higher rate. They book short-term, and they allow you to really top off your group business with the remaining patterns that may be open. And so they kind of come along at the last minute and help you fill out that piece of business, and then you put on top of that any leisure opportunities that you might have. So we're increasing the mix towards the larger group, but the small group will always be essential to kind of finishing off the business.

是的。克里斯，我昨晚正好在看這個，有趣的是，與去年同期我們展望 2025 年的情況相比，2026 年的簽約名單中，大型集團的比例更高。所以，正如科林這幾年一直在談論的那樣，我們確實看到，在大群體中，這種成長勢頭仍在持續。但我確實想說，小組討論對於我們所做的工作始終至關重要。他們的比率更高。他們提供短期預約服務，讓您可以利用剩餘的空房模式，真正拓展您的團體業務。因此，他們會在最後一刻出現，幫助你完成那部分業務，然後你再把你可能有的任何休閒機會也加上去。所以我們正在增加大組的比例，但小組對於完成業務始終至關重要。

Thanks, guys. Appreciate that. The follow-up. Maybe for Colin or Mark. I mean, you guys have a lot of perspective. You've been in Nashville for a long time. Colin, I think many years ago, I'm not going to hold you to this, but I think many years ago. There was a thought to maybe doing something kind of around your Opryland with some of the parcels that might be available or that you already own.

謝謝各位。謝謝。後續。或許是給柯林或馬克。我的意思是，你們很有見地。你在納許維爾待了很久了。柯林，我想很多年前，我不會以此為準，但我想是很多年前的事了。有人想過，或許可以利用一些可用的或你已經擁有的地塊，在你的奧普里蘭附近做點什麼。

My question today is really, how do you see that little submarket near Opryland evolving? There's kind of a lot of retail stuff across the street. I know you guys at one time were partners in the development across, I think, Briley. Is that submarket of Nashville something where you think that can become a new little market kind of aside from downtown, and you can kind of create your own buzz there aside from, obviously, what Opryland already has? Thanks.

我今天的問題其實是，您認為奧普里蘭附近的那個小細分市場會如何發展？街對面有很多零售商店。我知道你們曾經是布里利（Briley）開發專案的合作夥伴。你認為納許維爾的那個次級市場能否發展成為市中心之外的一個新興小市場，在那裡，除了奧普里蘭已經擁有的影響力之外，你還能創造屬於自己的市場氛圍嗎？謝謝。

Yeah. So here is my belief, and I spend a lot of my time talking with the elected political leaders of this city and this state on this issue. My perspective is, and some of it has been shaped by Mark's and my history in the early '90s shaping casino gaming throughout the country, and particularly in Las Vegas, my view is that the demand for the product that originates in this city is blowing up right across the planet, and the opportunity for this city is extraordinary. And the question becomes, how do we do it and the form in which we do it? We own a lot of land out here in the eastern side of the city, and I think we've proven to the world that we don't have a geographic problem here because we've created with Opryland the most successful convention resort in America that doesn't have a casino. There's not another convention resort that comes close to what we have built over here. And then you look at the Grand Ole Opry that puts three-quarters of a million people through it every single year. And my view is that we have a big-time opportunity to change the campus and make it more compelling over time for the consumer that I believe will turn up in this city in droves over the course of the next decade. And I think the other thing that using the parallel to Las Vegas, you think about Vegas and gambling, and 10 years ago, the notion of putting professional sports in that city was crazy. Nobody would have thought it was possible.

是的。這就是我的看法，我花了很多時間與本市和本州的民選政治領導人討論這個問題。我的觀點是，這一部分源於我和馬克在 90 年代初塑造全國，特別是拉斯維加斯賭場博彩業的歷史，我認為，源自這座城市的產品的需求正在全球範圍內爆發式增長，這座城市的機會非同尋常。那麼問題就變成了，我們要如何做，以及我們以何種形式去做？我們在城市東部擁有大量土地，我認為我們已經向世界證明，我們在這裡沒有地理上的問題，因為我們透過奧普里蘭打造了美國最成功的沒有賭場的會議度假村。沒有其他任何會展度假村能與我們在這裡建造的相媲美。然後你再看看大奧普里劇院，它每年吸引七十五萬人前來觀賞表演。我的看法是，我們有一個絕佳的機會來改變校園，並使其隨著時間的推移對消費者更具吸引力，我相信在未來十年裡，會有大批消費者湧入這座城市。我覺得還有一點，那就是以拉斯維加斯為例，你會想到拉斯維加斯和賭博，而10年前，把職業體育賽事引入那個城市的想法簡直是瘋狂的。誰也想不到這竟然會成為可能。

Now you have professional sports in that city, and that city has become arguably the sports capital of America. We're going to be building here a state-of-the-art city, a state-of-the-art stadium here, and we're going to be attracting Super Bowls, Final Fours, college playoffs, WrestleManias, as has Las Vegas that didn't exist. The notion of putting a Super Bowl in Las Vegas a decade ago was crazy. But we have a product here that people want, and it is absolutely blowing up right across the globe. And I do believe that the potential for Nashville is extraordinary.

現在這座城市有了職業體育，可以說它已經成為美國的體育之都。我們將在這裡建造一座最先進的城市，一座最先進的體育場，我們將吸引超級盃、NCAA四強賽、大學季後賽、摔角狂熱大賽等賽事，就像拉斯維加斯一樣，而這些賽事以前並不存在。十年前，在拉斯維加斯舉辦超級盃的想法簡直是瘋狂之舉。但我們這裡有一款人們想要的產品，它正在全球迅速走紅。而且我確實認為納許維爾擁有非凡的潛力。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Morning, everybody. Thanks for taking my question. This may or may not be top of mind today. But just curious what your appetite and what the boundaries would be for potentially more acquisition. One of my go-to issues is always, as you know, I've followed the property in Chula Vista for many years. And that's underlying a more general question. Thank you.

大家早安。謝謝您回答我的問題。這或許是你今天最關心的事情，或許不是。我只是好奇你們的收購意願有多強，以及你們對未來可能進行的收購的底線是什麼。如你所知，我經常關注的一個問題是，我多年來一直在關注丘拉維斯塔的房產。而這背後又隱藏著一個更普遍的問題。謝謝。

Shall I start?

我先開始吧？

Yeah, go ahead.

好的，請便。

So, David, the way we've known each other for a long, long time, and I think you would appreciate that the way we think about acquisitions is purely how do we create value for our shareholders? How do we generate really high-quality return on invested capital? So as we sit here today, we have seven of these beautiful babies, these great hotels in great markets, two JWs, five Gaylords. And here's the thing, we have, I don't know, right now, $1 billion, $1.5 billion in capital in some way, shape, or form under construction that will happen over the next one, two, three years, and we believe that the majority of that capital is going to generate mid-teen type returns, and all of that is going to create value for our company. So the issue for us is, is there a market that we can plug an asset in?

大衛，我們認識很久很久了，我想你會理解，我們對收購的看法完全是如何為股東創造價值的？我們如何才能獲得真正高品質的投資回報？所以，今天我們坐在這裡，擁有七家這樣的漂亮酒店，這些位於黃金地段的優秀酒店，兩家JW萬豪酒店，五家蓋洛德酒店。關鍵是，我們現在有10億到15億美元的資金正在以某種形式進行建設，這些項目將在未來一到三年內完成，我們相信其中大部分資金將產生15%左右的回報，所有這些都將為我們公司創造價值。所以對我們來說，問題是，是否存在我們可以將資產投入的市場？

Is there a market that, and Patrick Chaffin was talking about it a second ago about plugging in Desert Ridge into our system and moving customers around? Is there a market that we're not in that we'd like to be in? And the answer is there may be one or two markets left in the country, but the issue is the asset that we would acquire, the price at which we would acquire it for, and how do we create real value for our shareholders by doing that? My personal view is I think that if I was a betting man, I would say over the next one to two years, I think the deployment of capital will be focused internally versus externally, but who knows?

是否存在這樣的市場？派崔克·查芬剛才還在談論將沙漠嶺連接到我們的系統並轉移客戶。我們是否還沒有進入但我們想進入的市場？答案是，國內可能還剩下一兩個市場，但問題是我們要收購什麼資產，收購價格是多少，以及我們如何透過收購為股東創造真正的價值？我個人認為，如果我是個喜歡打賭的人，我會說在未來一到兩年內，資本的部署將更加重視內部而非外部，但誰知道呢？

The internal rates of return on these incremental investments, it's pretty hard to compete with if you've got to buy existing assets at market rates.

如果必須以市場價格購買現有資產，那麼這些新增投資的內部報酬率就很難與之競爭。

Yeah, but we did Desert Ridge a few months ago, and we've been at that one for, I don't know, 10 years looking at it and trying to get it. And it's simply because of the belief that we can rotate customers into that top 10 group market. Phoenix, Scottsdale, and that over time we can expand that property and generate real high returns on that incremental capital. So we'll see. But if I was a betting man, I bet you we'd be more likely to focus deploying capital internally than externally.

是的，但是我們幾個月前完成了沙漠嶺項目，我們已經關注那個項目，我不知道有10年了，一直在關注它，試圖拿下它。原因很簡單，我們相信能夠將客戶輪調到前 10 名的團體市場。鳳凰城、斯科茨代爾，隨著時間的推移，我們可以擴大該物業規模，並從新增資本中獲得真正的高回報。我們拭目以待。但如果我是個喜歡打賭的人，我敢打賭我們更有可能將資金投入內部而不是外部。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

Hey, thanks. Good morning. Last quarter, I believe you guys had commented on the expectation for RevPAR in the third quarter to be down mid-single digits and reverse for the fourth quarter. And so I guess just curious now that the third quarter came in ahead of those expectations and yet the annual guidance was maintained, I guess where are you maybe seeing some Q4 softness? Is it really just related to government or anything else that's worth calling out?

嘿，謝謝。早安.上個季度，我相信你們曾經評論過，預計第三季度的每間可供出租客房收入（RevPAR）將下降個位數中段，而第四季度將出現逆轉。所以，我很好奇，既然第三季業績超出預期，而且年度業績指引也得以維持，那麼你們認為第四季業績疲軟的原因是什麼呢？這件事真的只跟政府有關嗎？還是還有其他值得一提的事？

Yeah. We've mentioned several times throughout the call already, Jay, that we are seeing government and government-related weakness. That's not a surprise as it relates to the shutdown that's still kind of ongoing, but certainly some bright spots in terms of how leisure is pacing, so all of that's coming together to where I think we are cautiously optimistic about how fourth quarter will pan out. We're in as good a position, I think, as we can be with all the headlines that are ongoing. Certainly pleased with how the third quarter turned out relative to our expectations and feel very comfortable being able to reiterate that full-year guidance on the hotel segment.

是的。傑伊，我們在通話中已經多次提到，我們看到政府和與政府相關的方面有弱點。考慮到目前仍在持續的停擺，這並不令人意外，但休閒娛樂業的發展勢頭也出現了一些亮點，因此，所有這些因素綜合起來，我認為我們對第四季度的發展持謹慎樂觀的態度。我認為，就目前各種新聞事件來看，我們已經處於盡可能有利的位置了。第三季業績超乎預期，我們對此非常滿意，並有信心重申全年飯店業務指引。

And I think the question-I think the other part of it is the thing that we don't know. That we're being cautious about is how long does this damn shutdown last for? And as the shutdown prolongs, do we see an acceleration in negative behavior by the consumer? And we don't know the answer to that question. Nobody does. And if these politicians can get their act together and get this country back to work, I think our fourth quarter should be pretty decent. But the big unknown is the craziness of what is taking place in Washington right now.

我認為問題的另一部分是我們不知道的事情。我們擔心的是，這場該死的停擺到底會持續多久？隨著停工時間的延長，我們是否會看到消費者的負面行為加速增加？我們不知道這個問題的答案。沒人這麼做。如果這些政客們能夠團結一致，讓國家重回正軌，我認為我們第四季的情況應該會相當不錯。但最大的未知數是華盛頓目前正在發生的瘋狂事件。

Yeah. But Mark mentioned we've got a comparable number of room nights on the books from a group standpoint on the fourth quarter. Patrick's mentioned that. Yeah, at improving rates and ticket sales, while a small proportion of the total complement that we would expect for the full holiday season has transpired this early on, given the short booking window for leisure, it's pacing ahead.

是的。但馬克提到，從團隊的角度來看，我們在第四季預訂的房間晚數也差不多。帕特里克提到過這一點。是的，隨著票價和門票銷售的改善，雖然目前為止，我們預期整個假期旺季的總客流量只佔很小一部分，考慮到休閒旅遊的預訂窗口期很短，但它正在穩步前進。

I mean, I'm encouraged by what we saw in October here in Nashville in the amount of airline arrivals, which is material. So we'll see.

我的意思是，我對10月份納許維爾的航班到港數量感到鼓舞，這很重要。我們拭目以待。

And I would point out this time last year, it was very clear that folks were very distracted by a national election. That is not the case this year. We believe that's going to bode well for leisure. But to Colin's point, it's just a question of how much is this government shutdown a distraction to the groups of the country.

我想指出的是，去年這個時候，人們的注意力都集中在全國大選上，這一點非常明顯。但今年情況並非如此。我們認為這對休閒娛樂產業來說是個好兆頭。但正如科林所說，問題在於這次政府停擺對這個國家的各個團體造成了多大的干擾。

Got it. Appreciate all the color. Thank you. And then maybe just one follow-up, moving just to the renovation side. With a number of renovations being completed and others ongoing, as we look towards 2026, do you expect the EBITDA lift from completed projects this year in 2025 to outpace the EBITDA displacement from renovations that will be ongoing next year in 2026?

知道了。欣賞這繽紛的色彩。謝謝。然後或許只要跟進一次，就轉到裝修方面。鑑於一些翻新工程已經完成，另一些工程正在進行中，展望 2026 年，您是否預計今年（2025 年）已完成項目的 EBITDA 增長將超過明年（2026 年）正在進行的翻新工程所造成的 EBITDA 損失？

Yeah. Jay, I appreciate the question. We're going to give guidance in 2026 as we finish out our budget. We'll be meeting with Marriott here in the next week or two to review what that's going to ultimately look like. We can kind of give you certainly the building blocks, which is very consistent with what we've talked about all year. Certainly, we've already shown that the capital that has come online from the projects we did last year, if you look at the Rockies, have started to return. Performance has been great there. Related to the Grand Lodge work that we did there last year, so you're seeing that. So certainly, as things come online, like the Opryland Sports Bar that'll be completed early in the year. In 2026. You'll start to see returns from that.

是的。傑伊，感謝你的提問。我們將在完成預算後，於 2026 年提供指導意見。我們將在一兩週內與萬豪酒店集團會面，共同探討最終方案。我們當然可以提供你一些基本要素，這與我們全年一直在討論的內容非常一致。當然，我們已經證明，去年我們在落基山脈開展的計畫所產生的資金已經開始回流。那裡的表現非常出色。這與我們去年在那裡進行的總會工作有關，所以你們現在看到的就是那部分。當然，隨著一些設施陸續投入使用，例如將於今年年初完工的奧普里蘭體育酒吧。2026年。你會開始看到回報的。

But as Colin mentioned, we've got a lot of things in the pipeline, a lot of good things that are going to return well, and those are going to be kind of ongoing. So we'll just see kind of how that can shape up in terms of improvements from what's coming online and then continued investments as we continue down the multi-year path.

但正如科林所提到的，我們有很多專案正在籌備中，許多好專案都會取得良好成果，而且這些專案將會持續進行。所以我們將拭目以待，看看隨著未來幾年科技的持續上線和持續投資，情況會如何發展。

It would be fair to say that we don't expect any incremental headwinds from a disruption perspective next year.

可以公平地說，我們預計明年不會有任何新的不利因素，尤其是在顛覆性創新方面。

No, and I would give a shout-out to our design and construction teams, who are really getting all of this renovation and construction work down to a science and doing a phenomenal job with minimizing the impact of the business and trying to pull back on the displacement that we've already projected.

不，我還要特別表揚一下我們的設計和施工團隊，他們真的把所有這些翻新和施工工作都做到了科學嚴謹，並且在最大限度地減少對企業的影響和努力減少我們已經預計的搬遷方面做得非常出色。

Thank you. We have three minutes from the top of the hour. Maybe take one more question.

謝謝。距離整點還有三分鐘。或許可以再問一個問題。

We've got a couple more. Maybe we can talk quickly. We'll shorten our answers. Let's try to get through all these. Go ahead.

我們還有幾個。或許我們可以簡單談談。我們會盡量縮短回答。我們來努力把這些都完成。前進。

Chris Darling, Green Street.

克里斯達林，格林街。

Hey, thanks. Good morning. Colin, you mentioned that in all likelihood, OEG will expand into other markets in the coming years, or at least you have the opportunity to do so. How do you think about the international opportunity for OEG? Any thoughts to growing overseas, or were you primarily referencing new US markets?

嘿，謝謝。早安.科林，你提到 OEG 很有可能在未來幾年擴展到其他市場，或至少有機會這樣做。您如何看待OEG的國際發展機會？有沒有考慮拓展海外市場，還是主要指的是美國新市場？

It's funny. It's funny you asked that question. Patrick Moore, Mark and I. Two, three weeks ago. Having dinner with Luke over in London, Luke Combs, who was with us on the Opry show that we did at Royal Albert Hall. And Luke would love to do a Category 10 over there simply because of the popularity that that man has. It's extraordinary. I think it's something that we'll be looking at, but. It's not something that I would say, no, we're not going to do that. The popularity here is music. And I think the product that we deliver would be well sought after. The issue is finding a partner to do that in that neck of the woods. Doing business in the UK is difficult. And so we'll see. But the good news is I think we've got lots of other opportunities to grow this business domestically.

真搞笑。你問這個問題真有意思。派崔克摩爾、馬克和我。兩三週前。在倫敦和盧克·庫姆斯共進晚餐，他曾和我們一起在皇家阿爾伯特音樂廳參加了鄉村音樂大劇院的演出。盧克非常想在那邊參加一場十級颶風颶風的比賽，只因為那個人很受歡迎。真是非同尋常。我認為這是我們會關注的事情，但是。我不會說，不，我們不會那樣做。這裡最受歡迎的是音樂。我認為我們提供的產品會很受歡迎。問題在於如何在那個地區找到合適的合作夥伴。在英國做生意很困難。我們拭目以待。但好消息是，我認為我們還有很多其他機會在國內發展這項業務。

We do have content airing in the UK now for the Opry show. Yeah. So the brands are present. We just don't have a physical presence. In those markets at this point.

我們現在確實有部分內容正在英國播出，內容是關於鄉村音樂大劇院（Opry）的演出。是的。所以這些品牌都存在。我們只是沒有實體存在。目前在這些市場中。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Maybe just one on that same theme about international next year, the World Cup in North America. I know there's only a handful of games in Dallas, but how do you think about given country music's penetration in Europe? Follow-on trips? Is there any programming that you're thinking about doing? Have you seen any early bookings yet? I know it might be early, but I think it dovetails to our kind of conversation on country music expansion in Europe, given there might be some customer overlap. Curious if you have any initial thoughts.

或許可以寫一篇關於明年國際賽事的文章，例如在北美舉行的世界盃。我知道達拉斯只有幾場比賽，但考慮到鄉村音樂在歐洲的普及程度，你覺得呢？後續行程？你有沒有考慮過做一些程式設計的工作？你們看到有提前預訂了嗎？我知道現在可能還為時過早，但我認為這與我們正在討論的鄉村音樂在歐洲的擴張問題不謀而合，因為兩者可能存在一些客戶重疊。想知道你有什麼初步想法。

Well, we're going to see a lot of international travel in the summertime next year for the World Cup. And unfortunately, our stadium here will not be complete. And I can tell you, I spent quite a bit of my time with other folks in the city courting FIFA to try and get the 2026 World Cup here in Nashville. But there are going to be markets where there will be some lift. For instance, Orlando is a market I think that will see lift because of the World Cup next year. But the interesting thing is we're very active. Not we, Ryman, but we, the city, are very active in courting FIFA for the Women's World Cup here because we will have a beautiful stadium. And so this is a consumer base that we think could be potentially very valuable, international sporting events.

明年夏天世界盃期間，我們將會看到大量的國際旅行。很遺憾，我們這裡的體育場將無法完工。我可以告訴你，我花了很多時間和城裡的其他人一起遊說國際足聯，試圖把 2026 年世界盃帶到納許維爾。但有些市場會出現上漲。例如，我認為奧蘭多市場會因為明年的世界盃而迎來成長。但有趣的是，我們非常活躍。不是我們，萊曼，而是我們這座城市，正在積極爭取國際足總將女足世界盃帶到這裡，因為我們將擁有一個漂亮的體育場。因此，我們認為國際體育賽事可能是極具潛在價值的消費族群。

We just announced, I think it was last week, that we secured the Olympics for physically disabled folks. What are we calling it? Special Olympics. Yeah, Nashville has secured that here. So this is a consumer base that we are very interested in.

我想應該是上週，我們宣布已經為殘疾人爭取到了奧運的參賽資格。我們該怎麼稱呼它呢？特殊奧林匹克運動會。是的，納什維爾已經確保了這一點。所以，這是我們非常感興趣的消費群。

Thanks for the color. Appreciate it.

謝謝你提供的色彩。謝謝。

Thank you. All right. I think, Nicky, that's it. I appreciate everyone being on the call this morning. A lot of good questions. Our business is in good shape. We're looking forward to this fourth quarter. And I know I'm looking forward to seeing how 2026 plays out because I think it could be a good year for our company. Thank you, everyone.

謝謝。好的。我想，尼基，就是這樣了。感謝今天早上所有參加電話會議的人。很多好問題。我們的業務狀況良好。我們很期待第四季。我知道我很期待看看 2026 年會如何發展，因為我認為那一年對我們公司來說可能會是個好年。謝謝大家。

Thank you. And this concludes the Ryman Hospitality Properties third quarter 2025 earnings conference call. Thank you for your participation, and you may now.

謝謝。至此，Ryman Hospitality Properties 2025 年第三季財報電話會議結束。感謝您的參與，您現在可以離開了。