Red Rock Resorts Inc (RRR) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Red Rock Resorts first-quarter 2025 conference call. (Operator Instructions) Please note this conference is being recorded.

下午好，歡迎參加 Red Rock Resorts 2025 年第一季電話會議。（操作員指示）請注意，本次會議正在錄音。

I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts. Please go ahead.

現在，我想將會議交給 Red Rock Resorts 的執行副總裁、財務長兼財務主管 Stephen Cootey。請繼續。

Thank you, operator, and, good afternoon, everyone. Thank you for joining us today for Red Rock Resorts first quarter 2025 earnings conference call. Joining me on the call today are FrankLorenzo and Lorenzo Fertitta, Scott Kreeger and our executive management team.

謝謝接線員，大家下午好。感謝您今天參加 Red Rock Resorts 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有 FrankLorenzo 和 Lorenzo Fertitta、Scott Kreeger 以及我們的執行管理團隊。

I'd like to remind everyone that our call today will include forward-looking statements under the Safe Harbor provisions of the United States federal securities laws. Developments and results may differ from those projected.

我想提醒大家，我們今天的電話會議將根據美國聯邦證券法的安全港條款包含前瞻性陳述。發展和結果可能與預測不同。

During this call, we will also discuss non-GAAP financial measures. For definitions and complete reconciliation of these figures to GAAP, please refer to the financial tables in our earnings press release, Form 8-K and investor deck, which were filed this afternoon prior to the call.

在本次電話會議中，我們也將討論非公認會計準則財務指標。有關這些數字的定義以及與 GAAP 的完整對賬，請參閱我們收益新聞稿、8-K 表和投資者報告中的財務表，這些表格是在今天下午電話會議之前提交的。

Also, please note that this call is being recorded. Let's start off by stating that the first quarter represented another strong quarter for the company by all measures. Our Las Vegas operations achieved its highest first quarter net revenue and adjusted EBITDA in our history while maintaining near record adjusted EBITDA margin.

另外，請注意，本次通話正在錄音。首先要指出的是，從各方面來看，第一季對公司來說都是另一個強勁的季度。我們的拉斯維加斯業務實現了歷史上最高的第一季淨收入和調整後 EBITDA，同時保持了接近創紀錄的調整後 EBITDA 利潤率。

In addition to delivering strong financial results, we remained pleased with the continued performance of our Durango Casino Resort. Following a successful first year, Durango has continued to grow the Las Vegas local's market as well as drive incremental play from our existing customer base while attracting new guests to the Station Casinos brand.

除了取得強勁的財務業績外，我們對杜蘭戈賭場度假村的持續表現感到滿意。繼第一年取得成功之後，杜蘭戈繼續擴大拉斯維加斯本地市場，並在吸引新客人加入 Station Casinos 品牌的同時，推動現有客戶群的增量遊戲。

Property continues to show positive momentum with increased visitation and higher net theoretical win from target customers in the surrounding Durango area, while adding over 95,000 new customers to our database.

房地產持續呈現正面勢頭，週邊杜蘭戈地區目標客戶的訪問量增加，理論淨贏利更高，同時我們的資料庫增加了超過 95,000 名新客戶。

The property remains on a solid ramp trajectory and is on pace to become one of our highest margin properties, generating return net of cannibalization of nearly 16% through the first quarter of 2025. As we've noted on prior earnings calls, some cannibalization has occurred primarily at our Red Rock property as a result of Durango's opening.

該資產仍保持著穩健的成長軌跡，預計將成為我們利潤率最高的資產之一，到 2025 年第一季度，扣除蠶食損失後的淨回報率將接近 16%。正如我們在先前的收益電話會議上所指出的，由於 Durango 的開業，我們的 Red Rock 酒店出現了一些蠶食現象。

However, we are encouraged that the revenue backfill is ahead of pace. And early trends suggest the worst of the cannibalization impact is behind us. Consistent with our historical experience, we continue to expect full revenue recovery over the next couple of years, supported by the strong long-term demographic growth across the Las Vegas Valley, particularly in Summerlin, where the combined build-out of Downtown Summerlin and Summerlin West is projected to add approximately 34,000 new households.

然而，我們很高興看到收入補充的速度正在加快。早期趨勢表明，最嚴重的蠶食影響已經過去。與我們的歷史經驗一致，我們預計未來幾年收入將全面復甦，這得益於拉斯維加斯山谷地區長期強勁的人口增長，尤其是薩默林，預計薩默林市中心和薩默林西區的綜合建設將增加約 34,000 個新家庭。

As stated on our last earnings call, construction continues on the next phase of our Durango master plan. This expansion will add over 25,000 square feet of additional casino space, including a new high limit slot area iand bar.

正如我們上次收益電話會議所述，杜蘭戈總體規劃的下一階段建設仍在繼續。此次擴建將增加超過 25,000 平方英尺的賭場空間，包括一個新的高限額老虎機區和酒吧。

In total, the project will introduce 230 new slot machines with 120 allocated to the high limit room. As part of this phase, we are also building a new covered parking garage with nearly 2,000 spaces, which will enhance customer access and provide infrastructure flexibility to support future growth of the property. The total project cost was approximately $120 million and is currently operating under a guaranteed maximum price contract with completion of the project expected in late December.

該項目總共將引入 230 台新老虎機，其中 120 台分配給高限額房間。作為這一階段的一部分，我們還將建造一個擁有近 2,000 個車位的新型有蓋停車場，這將增強客戶的出入，並提供基礎設施靈活性，以支持該物業的未來發展。該項目總成本約為 1.2 億美元，目前正按照最高限價合約運行，預計將於 12 月底完工。

Where there has been some construction disruption on the south side of the property, we are taking proactive steps to minimize guest impact. Across the rest of the portfolio, we maintained strong operational discipline; continued to execute our core strategy of reinvesting in our existing properties to enhance amenities while remaining focused on delivering best-in-class customer service.

由於飯店南側出現施工中斷，我們正在採取積極措施，盡量減少對客人的影響。在其他投資組合中，我們保持了嚴格的營運紀律；繼續執行我們的核心策略，即對現有物業進行再投資以改善設施，同時繼續專注於提供一流的客戶服務。

Despite a return to more typical seasonal visitation patterns, we effectively managed expenses, delivered record financial performance with near-record margins, reinvested in our properties and returned capital to our shareholders. Now, let's take a look at our first quarter.

儘管恢復了更典型的季節性訪問模式，但我們有效地管理了費用，實現了創紀錄的財務業績和接近創紀錄的利潤率，對我們的物業進行了再投資，並向我們的股東返還了資本。現在，讓我們回顧一下第一季。

With respect to our Las Vegas operations, our first quarter net revenue was $495 million, up 1.9% from the prior year's first quarter. Our adjusted EBITDA was $235.9 million, up 2.7% from the prior year's first quarter. Our adjusted EBITDA margin was 47.7%, an increase of 34 basis points from the prior year.

就我們拉斯維加斯業務而言，第一季淨收入為 4.95 億美元，比去年同期第一季成長 1.9%。我們的調整後 EBITDA 為 2.359 億美元，較去年同期第一季成長 2.7%。我們的調整後 EBITDA 利潤率為 47.7%，比前一年增加 34 個基點。

On a consolidated basis, our first quarter net revenue was $497.9 million, up 1.8% from the prior year's first quarter. Our adjusted EBITDA was $215.1 million, up 2.8% from the prior year's first quarter. Our adjusted EBITDA margin was 43.2% for the quarter, an increase of 42 basis points from the prior year.

綜合來看，我們第一季淨收入為 4.979 億美元，較去年同期成長 1.8%。我們的調整後 EBITDA 為 2.151 億美元，較去年同期第一季成長 2.8%。本季我們的調整後 EBITDA 利潤率為 43.2%，比前一年增加 42 個基點。

In the quarter, we converted 43% of our adjusted EBITDA into operating free cash flow, generating $93 million or $0.88 per share. This strong level of free cash flow was strategically deployed to support our long-term growth initiatives, including our most recent projects at Durango, Sunset Station and Green Valley Ranch or returned to stakeholders through debt reduction and dividends.

本季度，我們將 43% 的調整後 EBITDA 轉化為經營自由現金流，產生了 9,300 萬美元或每股 0.88 美元。這種強勁的自由現金流被策略性地部署以支持我們的長期成長計劃，包括我們最近在杜蘭戈、日落站和綠谷牧場的項目，或透過減債和分紅的方式返還給利益相關者。

As we begin 2025, we remain focused on our core local guests while continuing to grow our regional and national customer segments across the portfolio. Compared to the first quarter of last year, we saw continued strength in card and slot play across a majority of our database. Strong customer engagement and robust spend per visit helped drive near record revenue and profitability in our gaming segments for the quarter.

在 2025 年開始，我們將繼續專注於核心本地客戶，同時繼續擴大整個投資組合中的區域和國家客戶群。與去年第一季相比，我們發現大部分資料庫中的紙牌和老虎機遊戲繼續保持強勁勢頭。強大的客戶參與度和強勁的每次訪問支出幫助我們遊戲部門本季的收入和盈利能力接近創紀錄。

Turning to our non-gaming operations. Both Hotel and Food and Beverage divisions delivered a strong quarter, achieving near record revenue and profitability in the first quarter.

轉向我們的非博彩業務。飯店和餐飲部門均表現強勁，第一季的營收和獲利能力接近歷史最高水準。

Our Hotel division recorded its second highest first quarter revenue and profit, driven by our team's success in driving increased occupancy across the portfolio. Not to be outdone, the Food and Beverage division also achieved near record performance, supported by higher cover counts across our outlets. Regarding group sales and catering, as noted on our last earnings call, we faced a challenging year-over-year comparison in the first quarter.

我們的飯店部門第一季的營收和利潤創下第二高，這得益於我們團隊成功提高整個飯店組合的入住率。食品和飲料部門也不甘示弱，也取得了接近創紀錄的業績，這得益於我們各門店門市數量的增加。關於團體銷售和餐飲，正如我們上次財報電話會議所指出的，我們在第一季面臨著同比挑戰。

However, we are seeing positive momentum in both lines of business and expect stronger performance throughout the remainder of 2025. As we look ahead into the second quarter, we are seeing stability in our core slot and tables business in the local's market and across our carded database.

然而，我們看到這兩條業務線都呈現正面勢頭，預計 2025 年剩餘時間內業績將更加強勁。展望第二季度，我們看到本地市場和整個卡片資料庫中的核心老虎機和賭桌業務保持穩定。

We remain confident in our business prospects moving forward. Now let's cover a few balance sheet and capital items. The company's cash and cash equivalents at the end of the first quarter was $150.6 million. And the total principal amount of debt outstanding was $3.4 billion, resulting in net debt of $3.3 billion. As of the end of the first quarter, the company's net debt-to-EBITDA ratio was 4.1x.

我們對未來的業務前景仍然充滿信心。現在讓我們來介紹一些資產負債表和資本項目。該公司第一季末的現金和現金等價物為1.506億美元。未償還債務本金總額為 34 億美元，淨負債為 33 億美元。截至第一季末，該公司淨負債與EBITDA比率為4.1倍。

Also during the first quarter, we made distributions of approximately $27.6 million to the LLC unitholders of Station Holdco, which included a distribution of approximately $16.1 million to Red Rock Resorts. The company used the distribution to pay its previously declared dividend of $0.25 per Class A common share. Capital spend in the first quarter was $68.2 million, which includes approximately $32.2 million in investment capital as well as $36 million in maintenance capital.

此外，在第一季度，我們向 Station Holdco 的 LLC 單位持有者分配了約 2,760 萬美元，其中包括向 Red Rock Resorts 分配了約 1,610 萬美元。該公司利用此次分配來支付其先前宣布的每股 A 類普通股 0.25 美元的股息。第一季的資本支出為 6,820 萬美元，其中包括約 3,220 萬美元的投資資本以及 3,600 萬美元的維護資本。

For the full year 2025, we now expect to spend between $350 million and $400 million, down $25 million from our previous earnings call, mainly due to the timing of capital payments. The full year capital spend includes $260 million to $300 million in investment capital as well as $90 million to $100 million in maintenance capital.

對於 2025 年全年，我們目前預計支出在 3.5 億美元至 4 億美元之間，比上次收益電話會議預測的少 2500 萬美元，這主要是由於資本支付的時間安排。全年資本支出包括 2.6 億至 3 億美元的投資資本以及 9,000 萬至 1 億美元的維護資本。

As mentioned on our last earnings call, we are making investments in both our Sunset Station and Green Valley Ranch properties. At our Sunset Station property, we are building up the success we are seeing with our recently renovated race and sportsbook and partial casino remodel by continuing to refresh the podium in order to better position the property to capture the continued growth of Henderson, including the master planned communities of Sky and Cadence, which are expected to total over 12,500 households upon final completion of both communities.

正如我們上次財報電話會議上所提到的，我們正在對 Sunset Station 和 Green Valley Ranch 的房產進行投資。在我們的日落站物業，我們正在繼續更新平台，以便更好地定位該物業，以抓住亨德森的持續增長，包括天空和 Cadence 的總體規劃社區，預計這兩個社區最終竣工後，總家庭數量將超過 12,500 戶。

As part of the project, we are adding an all-new Country Western bar and Nightclub, a New Mexican restaurant and all-new center bar along with a completely renovated casino space. Work continues to move forward on this project. And the total cost of the renovation is expected to be approximately $53 million.

作為項目的一部分，我們將增加一個全新的鄉村西部酒吧和夜總會、一家新墨西哥餐廳和全新的中心酒吧以及一個經過全面翻新的賭場空間。該項目的工作正在繼續推進。預計翻修總成本約 5,300 萬美元。

At our Green Valley Ranch property, we are expected to start a complete refresh of our room and suite product as well as our convention space, aligning the Hotel with our most recent renovations made to our well-received high limit table and slot rooms at the property. Work is expected to start in June of 2025 with the majority of our rooms bringing back in service by year-end.

在我們的綠谷牧場酒店，我們預計將開始對我們的客房和套房產品以及會議空間進行全面更新，使酒店與我們最近對酒店廣受好評的高限額賭桌和老虎機室進行的翻新保持一致。工程預計將於 2025 年 6 月開始，大部分客房將於年底恢復使用。

The cost of the room and convention renovation is expected to be approximately $200 million. Like our other recently introduced amenities, we expect these to be solid investments. However, we do expect some disruption challenges at these properties while we introduce these new amenities to our customers.

房間和會議廳的翻新工程預計耗資約 2 億美元。與我們最近推出的其他設施一樣，我們預計這些將是可靠的投資。然而，當我們向客戶推出這些新設施時，我們確實預計這些飯店會面臨一些中斷挑戰。

Turning now to North Fork, construction is progressing well. We anticipate completing theis slab on grade in July and closing the facility by October, keeping us on track for a mid-2026 resort opening. The total all-in project is expected to be approximately $750 million and is currently operating under a guaranteed maximum price contract.

現在轉向北福克，建設進展順利。我們預計將於 7 月完成地面鋪裝，並於 10 月關閉該設施，以便我們能夠按計劃於 2026 年中期開業度假村。預計整個項目總投資約 7.5 億美元，目前正按照最高保證價格合約運作。

When complete, this best-in-class resort will include approximately 100,000 square feet of casino space with over 2,400 slot machines, including 2,000 Class III games, 42 table games and 2 food and beverage outlets and a food court with many exciting options. Subsequent to quarter end, we are pleased to announce the successful closing of construction financing for the project, which is both a major milestone in our 20-plus year relationship with the North Fork Tribe.

竣工後，這個一流的度假村將擁有約 100,000 平方英尺的賭場空間，擁有超過 2,400 台老虎機，其中包括 2,000 台 III 類遊戲、42 張賭桌和 2 個餐飲店以及一個提供許多令人興奮的選擇的美食廣場。季度末之後，我們很高興地宣布該專案的建設融資成功結束，這是我們與 North Fork Tribe 20 多年合作關係中的一個重要里程碑。

And we believe a landmark transaction in the arena of tribal Greenfield development. The $750 million financing package will consist of a $25 million revolving credit facility maturing in 2030, bearing interest at 450 over SOFR; a $340 million delayed draw Term Loan A credit facility maturing in 2030, also bearing interest at 450 over SOFR.

我們相信這是部落綠地開發領域的一項里程碑式的交易。7.5 億美元的融資方案將包括一筆 2,500 萬美元的循環信貸額度，到期日為 2030 年，利率為 SOFR 的 450 倍；一筆 3.4 億美元的延期提取定期貸款 A 信貸額度，到期日為 2030 年，利率同樣為 SOFR 的 450 倍。

And a $385 million delayed draw Term Loan B credit facility maturing in 2031, bearing interest at 725 over SOFR. The delayed draw structure of the project financing will significantly reduce the project's cost by lowering capitalized interest expense by nearly $100 million. In addition, the majority of the credit facility is immediately accessible without the need of a declination letter, providing the Tribe with more cost-effective capital structure, while simultaneously ending Red Rock Resorts' need to fund the project of its own balance sheet.

另外還有一筆 3.85 億美元的延期提取定期貸款 B 信貸額度，將於 2031 年到期，利率為 SOFR 的 725 倍。專案融資的延遲提款結構將透過降低近1億美元的資本化利息支出，顯著降低專案成本。此外，大部分信貸額度可立即使用，無需拒絕函，為部落提供更具成本效益的資本結構，同時結束紅岩度假村為其自身資產負債表項目提供資金的需要。

As part of the financing, Red Rock Resorts received $110.5 million in return capital along with accrued interest itthat invested in the project over the past 20 years. After this repayment, Red Rock Resorts' outstanding note balance with the Tribe stands at approximately $69.6 million. We are excited about this project, very happy with the execution of the financing and look forward to providing further updates on future earnings calls.

作為融資的一部分，Red Rock Resorts 獲得了 1.105 億美元的回報資本以及過去 20 年對該專案投資的應計利息。此次償還後，Red Rock Resorts 對 Tribe 的未償還票據餘額約為 6,960 萬美元。我們對這個專案感到非常興奮，對融資的執行非常滿意，並期待在未來的收益電話會議上提供進一步的更新。

Consistent with our balanced approach to investing in long-term growth while returning capital to our shareholders and following the return of a significant portion of our capital invested in the North Fork project, we are pleased to announce that the company's Board of Directors has declared a special cash dividend of $1 per Class A common share payable on May 21 to Class A shareholders of record as of May 14. This action reflects the continued confidence of our Board and the management team and the strength of our business model and the resilience of the Las Vegas local's market.

秉承我們在投資長期增長的同時向股東返還資本的平衡方針，並且在返還了我們在 North Fork 項目中投資的大部分資本之後，我們很高興地宣布，公司董事會已宣布將於 5 月 21 日向截至 5 月 14 日登記在冊的 A 類股東派發每股 1 美元的特別現金股息。這項舉措反映了我們董事會和管理團隊的持續信心、我們商業模式的實力以及拉斯維加斯本地市場的彈性。

Lastly, the company's Board of Directors has also declared its regular cash dividend of $0.25 per Class A common share payable on June 30 to Class A shareholders of record as of June 16. After the payment of our special dividend and our regular dividend, we have returned approximately $159 million to our shareholders in 2025.

最後，該公司董事會還宣布，將於 6 月 30 日向 6 月 16 日登記在冊的 A 類股東派發每股 0.25 美元的定期現金股利。在支付特別股息和常規股息後，我們在 2025 年向股東返還了約 1.59 億美元。

The year is off to a strong start. And we remain confident in the strength and resilience of our business model. Durango continues to validate our long-term growth strategy and highlight the value of our owned development pipeline and real estate bank, which includes more than 450 acres of developable land positioned in highly desirable locations throughout the Las Vegas Valley.

今年開局強勁。我們對我們的商業模式的實力和彈性仍然充滿信心。杜蘭戈繼續驗證我們的長期成長策略，並強調我們擁有的開發管道和房地產銀行的價值，其中包括位於拉斯維加斯山谷各處非常理想位置的 450 多英畝可開發土地。

Combined with our existing portfolio of best-in-class assets in premier locations, this pipeline positions us for significant growth and enables us to fully capitalize on the favorable long-term demographic trends and high barriers to entry that define the Las Vegas local's market.

結合我們現有的位於黃金地段的一流資產組合，該管道將為我們帶來顯著的增長，並使我們能夠充分利用拉斯維加斯本地市場的長期有利人口趨勢和高進入障礙。

We want to take a moment to recognize and sincerely thank all of our team members for their continued hard work and dedication. Our success begins with them. They are the driving force behind the exceptional experiences that keep our guests coming back. Thanks to their efforts.

我們想花點時間來表彰並真誠感謝我們所有團隊成員的持續努力和奉獻。我們的成功始於他們。他們是我們創造非凡體驗的驅動力，讓客人不斷回頭。感謝他們的努力。

We are proud to have been voted top casino employer in the Las Vegas Valley for the fourth consecutive year, certified as a Great Place to Work for three years running, recognized by Forbes as one of America's best in-state employers and named Top Place to Work by USA Today. Finally, we extend our heartfelt gratitude to our loyal guests for their unwavering support over the past 6 decades. Operator, this concludes our prepared remarks for today. And we are now ready to take questions.

我們很榮幸連續四年被評為拉斯維加斯山谷最佳賭場雇主、連續三年被認證為最佳工作場所、被《福布斯》評為美國最佳州內雇主之一，並被《今日美國》評為最佳工作場所。最後，我們向忠實的客人表示衷心的感謝，感謝他們過去 60 年來堅定不移的支持。接線員，我們今天的準備發言到此結束。現在我們可以回答問題了。

(Operator Instructions) Carlo Santarelli, Deutsche Bank.

（操作員指示）Carlo Santarelli，德意志銀行。

Steve, in Las Vegas, obviously, OpEx growth seemed very subdued in the first quarter. Flow-through was north of 60%. I would imagine, just given March Madness and your sportsbook that knowing -- acknowledging you guys had some sportsbook headwinds in the first quarter of last year. Could you maybe talk about the ability to garner the flow-through you got on relatively modest revenue growth? And then any other maybe headwinds that were included in the first quarter such as the sports?

史蒂夫，在拉斯維加斯，顯然，第一季的營運支出成長似乎非常低迷。流通量超過 60%。我可以想像，考慮到瘋狂三月和你們的體育博彩，你們知道——承認你們在去年第一季遇到了一些體育博彩方面的阻力。您能否談談在相對溫和的收入成長下獲取流量的能力？那麼第一季還可能有其他不利因素，例如運動方面嗎？

Yeah. Carlo, this is Scott. I'll take the beginning of it and then I'll let Steve pipe in as well. We performed better from a sports win perspective, both in Super Bowl and in March Madness. So that was some upside.

是的。卡洛，這是斯科特。我將先開始講，然後讓史蒂夫也加入進來。從運動勝利的角度來看，無論是在超級盃還是瘋狂三月，我們的表現都更好。所以這有一定的好處。

From a payroll perspective, which is one of the larger impacts to margin, we saw that leveling off. Our payroll rose about 2%, mostly attributable to last summer's minimum wage increase. We continue to see IT costs shift from CapEx to OpEx. So there's a little bit of that in there. But on the solid front, COGS remained flat year-over-year.

從薪資角度來看，這是對利潤率影響較大的因素之一，我們看到工資率正在趨於平穩。我們的薪資上漲了約 2%，主要歸因於去年夏天最低工資的上漲。我們持續看到 IT 成本從資本支出轉向營運支出。這裡面有一點這樣的內容。但從穩健方面來看，銷貨成本與去年同期相比保持持平。

And utility costs were down over 35%, which in the past you might remember that we were struggling with high utility costs. So those things attributed mainly to the margin improvement, especially if you look sequentially quarter over quarter.

公用事業成本下降了 35% 以上，您可能還記得，過去我們曾因高昂的公用事業成本而苦苦掙扎。因此，這些因素主要歸因於利潤率的提高，特別是如果你逐季觀察的話。

I believethink the only thing I would add to Scott, on the cost side is that, we are seeing insurance costs creep up. And we expect that to remain some headwinds as we go through 2025. And Carlo, to point to some revenue growth, we are coming off the trial period of Durango. And so the fact that we've actually had revenue growth on top of Durango really points to the growth in our core 6 businesses.

我認為在成本方面我唯一想向斯科特補充的是，我們看到保險成本正在上升。我們預計，到 2025 年，這種情況仍將存在一些不利因素。卡洛，為了指出一些收入成長，我們剛結束了 Durango 的試用期。因此，事實上，除了杜蘭戈之外，我們的收入還實現了成長，這確實顯示了我們六大核心業務的成長。

Much of which was -- some of it was driven by slots, as well, which is high margin.

其中很大一部分是由老虎機推動的，利潤很高。

That's right. So our gaming was up quite a bit.

這是正確的。因此我們的遊戲水準提高了不少。

And then, Steve, you talked a little bit about in year 2two here, the backfill efforts at Red Rock. I don't know that you're going to answer this. But to the extent that you guys have seen a trough there, could you quantify what that trough was relative to 2023 or prior to open up Durango and where -- how you see that progressing back towards 2023 levels in the time frame?

然後，史蒂夫，你談到了第二年在紅岩進行的補充工作。我不知道你是否會回答這個問題。但是，如果你們已經看到了低谷，那麼你能否量化這個低谷相對於 2023 年或開放杜蘭戈之前的水平，以及你如何看待它在時間範圍內回到 2023 年的水平？

Yeah. Again, as we walk through the one thing we have working in the local's market for over 6 decades is plenty of data. So we modeled the potential impact of backfill using our Sunset in Green Valley as a template. And that's where we came up with backfilling usually occurs around the 3-year period. And we've been giving you guidance that we expect the cannibalization to be about 10% of Red Rock.

是的。再說一遍，我們在當地市場工作了 60 多年，所擁有的就是大量的數據。因此，我們以綠谷的日落為模板，模擬了回填的潛在影響。這就是我們得出的結論：回填通常發生在 3 年左右。我們一直在向您提供指導，我們預計 Red Rock 的流失率將達到 10% 左右。

I think we nailed it. Right now, again, I think we're running probably about 6 months ahead of schedule in terms of that backfill. So we're pretty happy with that.

我認為我們成功了。現在，我認為我們在補充工作方面可能比計劃提前了 6 個月。所以我們對此非常滿意。

And then just one clerical thing. Steve, the $110 million that you got back post the closing of the financing, is that in your first quarter? Or is that coming back subsequent to first quarter in 2Q upon the closing of the transaction?

然後只剩下一件文書事務。史蒂夫，融資結束後你收回的 1.1 億美元是在第一季收回的嗎？或者交易結束後，第二季或第一季會恢復嗎？

It will be in the second quarter.

將會在第二季。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Quick question maybe on -- maybe 2two, just to follow up there on Carlo. So the decision to pay a special dividend, does that coincide with receipt or return of capital from North Fork? And then in terms of capital allocation, I think you still have a couple of hundred million left on the buyback, so thinking about balancing share repurchases and the special dividend in this situation.

也許是 2two，可以快速提問一下，只是為了跟進 Carlo 的情況。那麼支付特別股利的決定是否與 North Fork 收到或返還的資本一致？然後在資本配置方面，我認為您仍然有幾億美元的回購資金，因此在這種情況下考慮平衡股票回購和特別股息。

Yeah, no problem. I think the special dividend, to answer your first question, really does reflect our balanced approach to investing in long-term growth. Through Sunset Station, Green Valley Ranch, Durango, while we are returning capital to our shareholders.

是的，沒問題。回答你的第一個問題，我認為特別股息確實反映了我們對長期成長的平衡投資方針。透過日落站、綠谷牧場、杜蘭戈，我們正在向股東返還資本。

But as you pointed out, with the successful closing of the North Fork financing and the return of $110 million of capital that were previously invested into the project, along with the strength of our balance sheet and the continued confidence in our business model. The Board determined that this was the right time to reward the shareholders for their long-term support over 20 years, support for North Fork.

但正如您所指出的，隨著 North Fork 融資的成功結束和先前投資於該專案的 1.1 億美元資本的返還，以及我們資產負債表的強勁和對我們商業模式的持續信心。董事會認為現在是獎勵股東 20 多年來對 North Fork 的長期支持的最佳時機。

With regard to the allocation of capital, as we've always said, we're going to take a balanced approach. We continue to evaluate all options. Again the Board determined the special dividend for all the reasons we talked about. And it should be noted that since 2021, we purchased over 14.3 million shares for $646 million, reducing our share count by over 12%. So we're not adverse to buying shares back.

關於資本配置，正如我們一直所說，我們將採取平衡的方法。我們將繼續評估所有選項。董事會再次根據我們討論過的所有原因決定派發特別股息。值得注意的是，自 2021 年以來，我們以 6.46 億美元購買了超過 1,430 萬股股票，使我們的股票數量減少了 12% 以上。所以我們並不反對回購股票。

We have about $309 million left of capacity under that current program, which gives us flexibility to execute on that program when conditions are favorable.

在當前計劃下，我們還剩下約 3.09 億美元的產能，這使我們能夠在條件有利時靈活地執行該計劃。

Maybe one bigger picture since we're getting questions about the consumer in a number of different ways given policy changes in D.C. and the potential for recession. So I guess what I'll ask you guys, obviously, you're seeing really strong trends in your business. But the big picture, you put out a great slide deck with everything that's going on in Las Vegas. I don't know if you could give us some color about how you see Las Vegas local's market.

也許這是一個更大的圖景，因為考慮到華盛頓的政策變化和經濟衰退的可能性，我們以多種不同的方式對消費者提出了疑問。所以我想我要問你們的是，顯然，你們看到了你們業務中非常強勁的趨勢。但從總體來看，你製作了一個很棒的幻燈片，上面介紹了拉斯維加斯發生的所有事情。我不知道您是否可以向我們介紹您如何看待拉斯維加斯本地市場。

Your business being positioned to manage a recession now perhaps versus the last one we've seen the great financial crisis, given all the things that have changed. Assuming you'd expect your business to be more durable if there's any recession. some of the things you look at that differentiate the market today than, say, maybe 15 years ago?

考慮到所有情況都發生了變化，您的企業現在可能已經做好了應對經濟衰退的準備，而不是像我們上次經歷的金融危機那樣。假設您希望在出現經濟衰退時您的業務能夠更加持久。您認為當今市場與 15 年前有哪些不同？

Yeah. I think, John, I think we got to look farther back in 2008. I think when you think of 2008 crisis along with COVID, we're talking about two very unique situations, right? The former was driven by a complete collapse of the housing and credit markets with the epicenter being Las Vegas, primarily and the latter being a government manmade shutdown. But overall, when you think about the resilience of the Las Vegas local's market and in particular, Red Rock Resorts.

是的。約翰，我認為我們必須回顧 2008 年。我認為，當您想到 2008 年危機和 COVID 時，我們談論的是兩種非常獨特的情況，對嗎？前者是由房地產和信貸市場的徹底崩潰引起的，震央主要是拉斯維加斯，而後者是政府的人為關閉。但總的來說，當你考慮到拉斯維加斯當地市場，特別是紅岩度假村的彈性時。

When we look back at, let's call it, typical recessions, Red Rock, in fact, grew in the recessions in the early '80s, the early '90s and the early 2000s. And it's pretty much what you said. The customer values convenience, proximity and affordability.

當我們回顧典型的經濟衰退時，紅岩實際上在 80 年代初、90 年代初和 21 世紀初的經濟衰退中實現了成長。這和你所說的差不多。顧客看重的是便利性、鄰近性和可負擔性。

And that supports consistent visitation even in softer economic environments, which is slightly different than the way the Strip reacts during a recession. Combined that with our efficient business model and a strong balance sheet, we're well positioned, we believe, to manage through any recession.

即使在經濟環境較弱的情況下，這也支持了遊客的持續訪問，這與拉斯維加斯大道在經濟衰退期間的反應略有不同。我們相信，憑藉我們高效的商業模式和強勁的資產負債表，我們完全有能力度過任何經濟衰退。

Shaun Kelley with America.

來自美國的肖恩凱利 (Shaun Kelley)。

Steve or team, just wondering if you could give us your thoughts on the broader construction environment. Obviously, development is a little bit of a key part to your story, which differs from others in the industry. So what's the backdrop today as it relates to the uncertainty around some of the construction cost elements? And does this impact either staging or ordering of how you're thinking about your development pipeline going forward?

史蒂夫或團隊，只是想知道您是否可以告訴我們您對更廣泛的建築環境的看法。顯然，開發是你的故事中關鍵的部分，它與業內其他人的故事不同。那麼，目前與某些建築成本要素的不確定性相關的背景是什麼？這是否會影響您對未來開發流程的安排或排序？

Look, this is Lorenzo. We've -- obviously, it's been a hot topic of discussion with what has been going on with tariffs in the marketplace. We have spent the last month working closely with our different procurement companies because we're in the ground right now with the project in North Fork.

看，這是洛倫佐。顯然，關稅問題已成為市場上熱門的話題。上個月我們一直與不同的採購公司密切合作，因為我們目前正在籌備北福克的專案。

And we're currently in the ground with the project at Durango and getting ready to start the project we already announced with the room remodel at Green Valley. Certain materials, obviously, that are coming out of China and materials that you just can't source in other places like lighting packages, stone finishes, electrical gear.

目前，我們正在籌備杜蘭戈的項目，並準備啟動我們已經宣布的綠谷房間改造項目。顯然，某些材料來自中國，而有些材料在其他地方是無法取得的，例如照明套件、石材飾面、電氣設備。

Those will be affected. We have been successful as far as procuring things like steel and concrete on a domestic basis. And working through FF&E items that we're able to procure through other sources that maybe in the past typically came through China, but we're able to source in other areas.

這些都會受到影響。我們在國內採購鋼鐵和混凝土等物資方面取得了成功。透過 FF&E 物品，我們能夠從其他來源採購，這些物品過去通常來自中國，但現在我們能夠在其他地區採購。

So while there is, certainly some challenges, I feel like that we are all over the details relative to trying to manage through this the best we can. With all that said we really don't think that there will be any material impacts to the projects that we're currently have been announced and that we're working on.

因此，儘管肯定存在一些挑戰，但我覺得我們已經在盡力解決所有細節問題。儘管如此，我們確實不認為這會對我們目前已宣布和正在進行的項目產生任何實質影響。

We think that the impact may be somewhere in the neighborhood of 4% to 6% of the project cost. And managing through the contingencies that we already have and looking at other ways to manage the cost in the project. We're comfortable that, like I said before, there shouldn't be any material impact to the projects. Does that answer your question?

我們認為影響可能在專案成本的 4% 到 6% 左右。並透過我們已有的應急措施進行管理，並尋找其他方法來管理專案成本。我們感到放心，正如我之前所說的，這不會對專案造成任何實質影響。這回答了你的問題嗎？

Sorry, that's perfect. And then maybe just a follow-up, but what's the mechanic in -- I mean you guys operate under GMPs and those. I know offer a level of protection. But I think I have heard a little bit about there being tariff clauses put into these or some of the more recent contracts for, I think, the contractors themselves to protect themselves about some of the stuff. So how does that work?

抱歉，那太完美了。然後也許只是一個後續問題，但機制是什麼——我的意思是你們是在 GMP 和那些標準下運作的。我知道這提供了一定程度的保護。但我想我聽說過一些關於這些合約或一些較新的合約中加入關稅條款的事情，我認為，承包商自己可以在某些方面保護自己。那麼它是如何運作的呢？

I mean, not obviously specific to your individual contracts. But just generically at a high level, does that protect you? Or is that still an area that could be passed through to you?

我的意思是，這顯然不是針對您的個人合約。但從整體來看，這能保護你嗎？或者那仍然是一個可以傳遞給您的區域？

I mean, look, at the end of the day, you're right. Contracts going forward, I think, are going to address this in a more detailed manner where maybe they were a bit more vague in the past even in a GMP contract, which means, look, it's going to have to work through it. It's going to be a negotiation. We're going to figure it out. We wouldn't expect that we certainly wouldn't bear the full brunt of the tariffs, whether it'd be in the past on a contract or on a go-forward basis.

我的意思是，從今天起，你是對的。我認為，未來的合約將會以更詳細的方式解決這個問題，而過去即使在 GMP 合約中，這個問題也可能比較模糊，這意味著，你必須解決這個問題。這將是一場談判。我們會弄清楚的。我們不認為我們不會承受關稅的全部衝擊，無論是過去的合約還是未來的合約。

But like I said before, I mean, we're literally going line by line through each piece of procurement and where these items are coming from and what alternative sources are. So it's just a little bit more of a puzzle we got to put together. But I think we're effectively -- the team, our construction, design, development and financial team are successfully working through this stuff. And on a go-forward basis, like I said, I think it's definitely going to be an issue addressed in contracts going forward.

但就像我之前說的，我的意思是，我們實際上是逐行檢查每一項採購，以及這些物品來自哪裡以及有哪些替代來源。所以這只是我們需要拼湊起來的一個謎題。但我認為我們有效地——我們的建設、設計、開發和財務團隊正在成功地解決這些問題。從未來來看，就像我說的，我認為這肯定會成為未來合約中要解決的問題。

And Shaun, to put a point on it, right? As Lorenzo said, this should have -- this will have a minimum effect on project budgets through these announced projects.

肖恩，要強調一下這一點，對吧？正如洛倫佐所說，這應該——這將透過這些宣布的項目對項目預算產生最小的影響。

Barry Jonas, Truist Securities.

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

Just following up on that theme. In terms of what you're seeing with tariffs or you expect to see in the near term. How do you think about managing OpEx margins? Are there ways to offset it either by passing it through to the customer or by other means?

只是繼續這個主題。就您所看到的關稅或您預計在短期內看到的關稅而言。您如何看待管理營運支出利潤？有沒有辦法透過將其轉嫁給客戶或其他方式來抵消它？

This is Scott. Maybe I'll take the operating side of that. Steve, you can take the design and construction side. As of right now, we are not seeing major impacts in our operational procurement and costs. That doesn't mean that those things won't start to trickle in.

這是斯科特。也許我會選擇操作方面。史蒂夫，你可以負責設計和施工方面。截至目前，我們的營運採購和成本尚未受到重大影響。這並不意味著這些事情不會開始逐漸湧入。

It is our hope that we can manage that through alternative sourcing and negotiating with our vendors. I think it would be a last ditch effort on our part to start to pass on cost to the customer.

我們希望能夠透過替代採購和與供應商談判來解決這個問題。我認為這是我們將成本轉嫁給客戶的最後一搏。

I think on the D&C side, to piggyback on what Scott said. I mean, we haven't really seen the impact there yet and the tariff situations are incredibly fluid. But as Lorenzo mentioned and Scott, alternative sourcing, like-for-like material substitutions and just disciplined cost control is how we plan to get through it.

我認為在 D&C 方面，應該要藉鏡 Scott 的說法。我的意思是，我們還沒有真正看到其影響，而且關稅情況極不穩定。但正如洛倫佐和史考特所提到的，我們計劃透過替代採購、同類材料替代和嚴格的成本控制來解決這個問題。

Then just for a follow-up question. I noticed you recently added TI for your sports betting product. Curious how to think about this from a strategy or a philosophy since this moves you beyond your core local's market to a more sStrip forest segment.

接下來只是問一個後續問題。我注意到您最近為您的體育博彩產品添加了 TI。好奇如何從策略或哲學角度思考這個問題，因為這會讓你超越核心的在地市場，進入更狹窄的森林領域。

Yeah, this is Scott. Yeah, those announcements were just in the paper. Take a step back and look at our sports -- STN Sports mobile product and over-the-counter business. It's a very robust business. We continue to see people embracing the mobile app.

是的，這是斯科特。是的，這些公告剛剛在報紙上公佈。退一步來看看我們的體育—STN Sports 行動產品和非處方業務。這是一項非常強勁的業務。我們不斷看到人們接受行動應用程式。

So our enrolled active customers, our deposits on account are all up for the quarter year-over-year. The idea of adding new locations outside of our brand is simply to have better market penetration in areas where we don't have access. So right now, Nevada requires an in-person registration. So having convenient locations for people to sign up and use our sports tools is accretive to the overall revenue of the division.

因此，我們註冊的活躍客戶和帳戶存款本季均比去年同期增加。在我們的品牌之外增加新地點的想法只是為了在我們尚未進入的地區實現更好的市場滲透。因此現在，內華達州要求親自登記。因此，擁有方便人們註冊和使用我們的體育工具的地點可以增加該部門的整體收入。

This is Lorenzo. I'll also add. Look, this is one of our core competencies. We've been in the sportsbook business. We may actually -- yes, FrankLorenzo, since the early '80s, late '70s.

這是洛倫佐。我也要補充一下。看，這是我們的核心競爭力之一。我們一直從事體育博彩業務。我們實際上可能——是的，弗蘭克·洛倫佐，從 80 年代初到 70 年代末。

So I don't know if this is actual but we may actually be the longest running sportsbook operator in the state. So with that said, there are also -- there are obviously a lot of properties on the strip, particularly if you own one property, you don't have scale. It doesn't really make sense to book a lot of these games. And you're not really able to take a lot of risk and offer limits to your customers maybe that you want to. So you go look to bring in a third party.

所以我不知道這是否真實，但我們實際上可能是該州運營時間最長的體育博彩運營商。話雖如此，但顯然這條街上有很多房產，特別是如果你只擁有一處房產，你就沒有規模。預訂很多這樣的比賽確實沒有什麼意義。也許您實際上無法承擔太多風險，也無法向您的客戶提供您想要的限制。所以你要尋求引入第三方。

And I think it's something that is advantageous to guys on the strip like the Fountain Blue and Treasure Island because they don't look at us as competition. We don't really share a lot of casino customers per se. So it seems to be a good fit for us and an avenue for us to grow here in the city.

我認為這對 Fountain Blue 和 Treasure Island 等賭場酒店集團來說是有利的，因為他們不會將我們視為競爭對手。從本質上來說，我們實際上並沒有共享很多賭場客戶。所以這似乎很適合我們，也是我們在這個城市發展的途徑。

And maybe just a bit more clarification. Not only are we in the ski at Casa Branca and Virgin River, but we're also adding Treasure Island and then we operate the bookmaking for Fountain Blue.

也許還需要進一步澄清。我們不僅在 Casa Branca 和 Virgin River 滑雪，而且還增加了 Treasure Island，然後我們負責 Fountain Blue 的博彩業務。

And the El Cortez.

還有埃爾科爾特斯。

And the Cortez.

還有科爾特斯。

Got i. All right. Very helpful. Thank you so much.

明白了。好的。非常有幫助。太感謝了。

Jordan Bender, Citizens.

喬丹·本德，公民。

This is your first involvement with a REIT and VICI answered a lot of questions this morning around the structure. But curious to get your thoughts around how this all came together? And should we view this as a unique opportunity just given the tribal aspect? Or does it change your views on using a REIT for Red Rock owned and operated properties in the future?

這是您第一次參與房地產投資信託基金 (REIT)，VICI 今早回答了很多有關該結構的問題。但我很好奇您對於這一切是如何實現的想法？考慮到部落的因素，我們是否應該將此視為一個獨特的機會？或者它會改變您對未來使用 REIT 來管理 Red Rock 擁有和經營的房產的看法？

No, I think -- I mean, listen, we really appreciate the relationship with VICI. It goes back as long as they've been in existence. So they've been, I guess, always very close contact with us. In terms of the Tribal deal, this is a true loan. And VICI really stepped forward and offered best-in-class capital at fantastic terms.

不，我認為——我的意思是，聽著，我們真的很珍惜與 VICI 的關係。它可以追溯到它們存在的時間。所以我想他們一直與我們保持著非常密切的聯繫。就部落交易而言，這是一筆真正的貸款。VICI 確實邁出了重要一步，以極好的條件提供了一流的資本。

So we do appreciate as well as the Tribe appreciates the partnership because they're really important to get this financing across the finish line.

因此，我們和部落都非常感激這次合作，因為他們對於完成這筆融資至關重要。

Okay. And Scott, I want to circle back to something you said utilities costs down 35% in the quarter. In past years, it was a continued call out of a headwind. But is there something special that happened in the quarter? Or could we see this be a tailwind for margins moving forward?

好的。史考特，我想回到你剛才說的話題，本季公用事業成本下降了 35%。在過去的幾年裡，這是逆風中不斷發出的呼聲。但本季有發生什麼特別的事情嗎？或者我們可以將此視為利潤率上漲的順風？

Well, look, I can't predict the market and what these energy costs will be in the future, but they usually don't move quarter-to-quarter. It's usually on a longer trend. So we're hoping that we'll enjoy these reductions for near term.

嗯，看，我無法預測市場以及未來的能源成本，但它們通常不會逐季度變動。它通常呈現較長的趨勢。因此我們希望近期能夠享受這些減免。

Yeah. It was mainly electric and that's generally driven by gas prices.

是的。它主要依靠電力，而且通常受汽油價格的影響。

David Katz.

大衛卡茨。

I do want to follow up on the first portion of it and ask, is there a path at some point in the future? And what would be the hypothetical circumstances around whether you would operate leased properties? How could that make sense for you?

我確實想跟進第一部分並問一下，未來某個時候是否有一條道路？那麼，在什麼假設情況下您會經營租賃物業？這對你來說有什麼意義呢？

David, to start off, I don't think we would never rule anything out, right? We always take a look at every opportunity. I think over -- since we've been public, I think we've been blessed with owning our properties, which has suit us very well in the past, both from an upside standpoint. It allows us to really take a long-term view of how we take care of our assets and amenities for our customers. And then on the downside, as we saw during COVID, not having the variable cost of rent allowed us to keep all of our employees through the downturn.

大衛，首先，我認為我們永遠不會排除任何可能性，對嗎？我們總是會留意每一個機會。我認為——自從我們上市以來，我們很幸運擁有自己的財產，從好壞兩個角度來看，這在過去對我們來說都非常好。它使我們能夠真正從長遠角度考慮如何為客戶維護我們的資產和便利設施。然後，從不利的一面來看，正如我們在新冠疫情期間看到的那樣，沒有租金的變動成本使我們能夠在經濟低迷時期留住所有員工。

So we do like owning our properties. But as I started -- I started with this. We'll never say never and take -- we'll always take a look at anything.

所以我們確實喜歡擁有自己的財產。但當我開始——我從這個開始。我們永遠不會說永遠不會——我們總是會審視任何事情。

And then just double-clicking on something you've talked about for probably a couple of years is the lowest end of your database has been a little on the soft side. Is there any change in that? Any improvement or any deterioration we should note?

然後只需雙擊您可能已經談論了幾年的內容，就會發現資料庫的最低端有點偏軟。這有什麼變化嗎？我們應該注意到任何改進或惡化嗎？

David, this is Scott. Short answer is no, very consistent and stable. We do see upside growth in our VIP core regional and national segments for the quarter. So when you look at our new member sign-ups, taking out Durango because of the first couple of months. The high volume of sign-ups, if you exclude Durango and look at our new member sign-ups for the quarter, we were up substantially across the core s6ix.

大衛，這是斯科特。簡短的回答是，不是，非常一致且穩定。我們確實看到本季我們的 VIP 核心區域和國家分部呈現上行成長。因此，當您查看我們的新會員註冊情況時，由於前幾個月的緣故，杜蘭戈就被剔除了。註冊量很高，如果你排除杜蘭戈並查看本季的新會員註冊量，我們會發現核心 s6ix 的註冊量大幅增加。

So we like the way the database is heading.

所以我們喜歡資料庫的發展方向。

One other thing to point out, this is Lorenzo, is that the way we look at our database is obviously segmented through age groups as well and every age group was up year-over-year as well.

還有一點要指出，這是洛倫佐，我們查看資料庫的方式顯然也是按年齡組劃分的，而且每個年齡組的數量也逐年增加。

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

So Steve or Scott, if I heard you guys correctly, it sounds like trends in April haven't really changed much relative to what you guys were witnessing back in the first quarter. And you just went through the database tiers and what you're seeing there.

所以史蒂夫或斯科特，如果我沒聽錯的話，聽起來四月份的趨勢與第一季相比並沒有太大變化。您剛剛瀏覽了資料庫層以及您在那裡看到的內容。

But I guess the question I want to ask is, are you seeing any changes in terms of nongaming spend, meaning folks still coming to the properties. But as they get there, they're still gambling. But they're maybe not doing as much as the other stuff, whether that's food and beverage, retail, you name it.

但我想問的問題是，您是否看到非博彩支出方面有任何變化，這意味著人們仍然會來到這些地方。但當他們到達那裡時，他們仍在賭博。但他們做的可能沒有其他行業那麼多，無論是食品和飲料、零售，還是其他行業。

Yeah. Lorry, this is Scott. Let me take that. A couple of things I want to mention, first, to answer your question directly and then I'll talk a little bit about disruption as well. You are going up against the opening of the Durango property, where we had a lot of food and beverage trial.

是的。洛瑞，這是史考特。讓我來接手吧。我想提幾件事，首先直接回答你的問題，然後我也會談一點中斷的問題。您將要面對杜蘭戈酒店的開業，我們在那裡進行了大量食品和飲料試驗。

And when you parse that out and you look at our Food and Beverage for the quarter, covers were actually up. Revenue was just slightly down less than 2%. So if you look at Food and Beverage, it's probably one of the more discretionary spends, it looks healthy to us.

當你分析這一點並查看本季的食品和飲料時，你會發現封面實際上是上漲的。收入僅略微下降了不到2％。因此，如果你看一下食品和飲料，它可能是更可自由支配的支出之一，在我們看來它是健康的。

When you look at Hotel, as we had said for a couple of earnings calls, January or the first quarter was going to be a tough comp in group and in catering sales. It did end up being a tough comp.

當您查看酒店時，正如我們在幾次收益電話會議上所說的那樣，一月份或第一季對於集團和餐飲銷售將是一個艱難的時期。這確實是一場艱難的比賽。

The bright side of that was the operating teams were able to backfill that substantially with wholesale and casino segment rooms. So net-net, we like what we see going forward in Hotel. Our group bookings for the remainder of '25 and what we can see in '26 are substantially up to previous year. And so that would include catering as well. With all of that confidence, I would just point out and maybe Steve can articulate a little more in detail.

好的一面是，營運團隊能夠透過批發和賭場部分房間來大量填補這一空缺。總體而言，我們對 Hotel 未來的發展感到滿意。我們 25 年剩餘時間以及 26 年的團體預訂量與去年相比大幅上升。所以這也包括餐飲。帶著這樣的信心，我只想指出一點，也許史蒂夫可以更詳細地闡述。

We are going to start to see heavier disruption as you go into the summer months with Durango, with the rooms going down at GVR for the room remodel and for some of the more meatierdior remodel areas at Sunset.

隨著杜蘭戈 (Durango) 進入夏季，我們將開始看到更嚴重的混亂，GVR 的房間將因房間改造而減少，而日落 (Sunset) 的一些更繁瑣的改造區域也將減少。

Yeah, I can just give a little bit more color. So as you recall, in Sunset, we gave a disruption number of $5.4 million during the year. We really haven't seen much disruption during the quarter. But during this quarter, as Scott mentioned, we're starting to dig into the table games area as well as the Gaudi bar, really the center of the construction period. So we do expect some disruption there.

是的，我可以提供多一點顏色。所以你還記得，在《日落》中，我們給的年度中斷數字是 540 萬美元。本季我們確實沒有看到太多混亂。但在本季度，正如斯科特所提到的，我們開始深入研究桌上遊戲區以及高第酒吧，這實際上是施工期的中心。所以我們確實預計那裡會出現一些混亂。

In Green Valley, we've always stated that the majority -- a good portion of disruption is going to start post June when we take our rooms down. And in Durango, really haven't seen too much disruption. If you recall, that we gave a number of roughly $5 million -- of almost $6 million there, but we're starting the concrete pouring and the expansion into the casino. So while we will do our best to mitigate any disruption and mitigate any impact on the customer experience, we're getting to the throes of frozen potential disruption this quarter.

在綠谷，我們一直表示，大部分的混亂將在 6 月我們拆除房間後開始。而在杜蘭戈，確實沒有看到太多混亂。如果你還記得的話，我們在那裡捐贈了大約 500 萬美元至近 600 萬美元，但我們正在開始混凝土澆築和賭場擴建。因此，儘管我們將盡最大努力減輕任何干擾並減輕對客戶體驗的影響，但本季我們仍面臨著凍結潛在幹擾的痛苦。

My second question was actually around forward group bookings, Scott, but you already hit on that. So I'll stop there.

我的第二個問題實際上是關於提前團體預訂的，斯科特，但你已經提到了這一點。我就講到這裡。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

I wanted to ask -- just follow up on your response to the backfill question, six months ahead. Is that just -- why is it six months ahead? Is that a function of just more effective marketing programs, population growth? That's the first question. The second, I wanted to ask about your California-based customer.

我想問一下—請跟進您對六個月後補充問題的回答。那隻是──為什麼提早了六個月？這僅僅是更有效的行銷計劃和人口成長的結果嗎？這是第一個問題。第二，我想問一下你們位於加州的客戶。

What you saw from them in the first quarter? And how you think about the demand from them thus far in the second quarter and going forward?

您在第一季看到了他們什麼表現？您如何看待第二季度迄今為止以及未來一段時間內他們的需求？

Well, I'll take the first part. This is Scott. I think that -- from a California perspective, you probably had heard some visitation numbers, where we saw visitation going down. But from our perspective, with the drive-in market, we didn't see anything materially impactful as it relates to California visitation.

好吧，我選擇第一部分。這是斯科特。我認為——從加州的角度來看，您可能已經聽說過一些訪問量數據，我們發現訪問量正在下降。但從我們的角度來看，對於汽車劇院市場，我們並沒有看到任何對加州遊客產生實質影響的事情。

No, I think you just point to -- well, we're in an inflationary market, just point to gas prices. When you look at California gas prices were peaked in June of '22 at $6.40 a gallon and now sit at $4.78. And so driving in from California is still a cheap date -- from Las Vegas is still a cheap date.

不，我認為你只是指出——好吧，我們處於通膨市場，只是指出汽油價格。看看加州的油價就知道了，2022年6月，加州的油價達到了每加侖6.40美元的峰值，現在卻降到了4.78美元。所以，從加州開車過來還是很便宜——從拉斯維加斯過來也一樣便宜。

Yeah. If you look back every quarter since COVID, we've been up in that segment from California and (multiple speakers) continue to be up in first Q of this year.

是的。如果回顧新冠疫情以來的每個季度，你會發現我們在加州的這一細分市場一直處於上升趨勢，並且（多位發言者）今年第一季也繼續保持上升趨勢。

And then on the backfill. So first of all, I think Steve mentioned this is using historical statistical trends from our other openings. And the other guys might have some view here. One, I think Red Rock is an incredibly dynamic property. It's our flagship property.

然後回填。首先，我認為史蒂夫提到這是利用我們其他開局的歷史統計趨勢。其他人可能對此有一些看法。首先，我認為 Red Rock 是一家極具活力的公司。這是我們的旗艦財產。

It has grown every year we've been in operation. It sits in a very high net worth area. And it's essentially.

我們運作以來，它每年都在成長。它位於一個高淨值地區。本質上就是這樣。

It's one of the fastest-growing parts of the world.

它是世界上發展最快的地區之一。

That's right. So you've got the Summerlin West expansion of the Howard Hughes Summerlin project, which eventually will represent about 34,000 new rooftops. And so it is growing very quickly.

這是正確的。因此，您得到了霍華德休斯 Summerlin 項目的 Summerlin West 擴建，該項目最終將建造約 34,000 個新屋頂。因此它發展得非常快。

Again to put some numbers on that to Frank and Scott's point, well the valley is growing 1% and 1.5%. You have downtown Summerlin growing within 1 mile radius is over 6%. You have Summerlin West growing at 3.6%. So this is an area that sits in one of the fastest growing, it's one of the fastest-growing areas in Las Vegas Valley.

再次用一些數字來佐證弗蘭克和斯科特的觀點，矽谷的成長率分別為 1% 和 1.5%。薩默林市中心 1 英里半徑範圍內的成長率超過 6%。Summerlin West 的成長率為 3.6%。所以這個地區是拉斯維加斯山谷發展最快的地區之一。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

You have several projects this year. Are there any that you see as maybe higher or more compelling from an ROI perspective versus ones that are more maintenance or strategic oriented? And then one quick follow-up.

你今年有幾個項目。從投資報酬率 (ROI) 角度來看，與那些更注重維護或策略導向的投資報酬率相比，您是否認為其中任何一個的投資報酬率可能更高或更引人注目？然後進行一次快速跟進。

I think we all -- we do expect returns on all of them. And I think if I focus on one, and Frank and Lorenzo may have a different view. But what we're doing at Sunset. It has been pretty neat and revolutionary from a property perspective. It hasn't been touched since open.

我想我們所有人都期望它們都能獲得回報。我認為如果我集中討論其中一個，弗蘭克和洛倫佐可能會有不同的看法。但我們在日落時所做的事情。從房地產角度來看，這是相當巧妙和革命性的。自開放以來它就沒被動過。

And when you look at the race and sportsbook as well as the partial casino remodel, we've got great customer feedback and almost immediate return on just that section. And as we roll across the podium there, we are seeing great customer feedback. And it's being well received, including the Yard House restaurant, for example. So that one, I think the team is incredibly proud of. Durango, a little bit different.

當您查看賽馬和體育博彩以及部分賭場改造時，我們收到了很好的客戶反饋，並且僅在該部分就幾乎立即獲得了回報。當我們走過講台時，我們看到了客戶的正面回饋。它受到了熱烈歡迎，例如 Yard House 餐廳。所以，我認為團隊對此感到無比自豪。杜蘭戈，有點不同。

I think it serves a couple of purposes. One, it sets the the -- it lays down the infrastructure necessary tfor Frank and Lorenzo to make a call on the future master planning of Durango. But we can't forget that there we're putting in most likely will be the best high-limit slot room in Las Vegas. And you've known from our past history that we are very good at the high limit slot and tables business and have outstanding returns when you put in those amenities in both Red Rock and Green Valley.

我認為它有幾個用途。首先，它為弗蘭克和洛倫佐制定杜蘭戈未來總體規劃奠定了必要的基礎。但我們不能忘記，我們所開設的很可能是拉斯維加斯最好的高限額老虎機室。從我們過去的歷史中您也知道，我們非常擅長高限額老虎機和賭桌業務，當您在紅岩和綠谷投入這些設施時，我們會獲得豐厚的回報。

Yeah. I mean I think that the GVR room convention remodel has a quite immediate impact as well. When you come online with the quality of the room that we're creating at Green Valley Ranch and you have a refreshed convention space, pricing is going to be immediate. So immediate when it comes to -- in terms of ADR and from a group booking standpoint, in terms of just confirming and actually booking more business at hopefully a higher price.

是的。我的意思是，我認為 GVR 房間會議改造也有相當直接的影響。當您上網查看我們在 Green Valley Ranch 打造的高品質房間並擁有煥然一新的會議空間時，價格將會立即顯示出來。因此，就 ADR 和團體預訂的角度來看，只需確認並以更高的價格實際預訂更多業務即可。

I think at Sunset, we're seeing a broader demographic coming to the property as a result of some of the new amenities that we put in. And we would expect that to continue as we open the Country Western Dance Hall and some other restaurants and amenities.

我認為，由於我們在 Sunset 引入了一些新設施，我們看到越來越多的人選擇入住該物業。隨著鄉村西部舞廳和其他一些餐廳及設施的開業，我們預計這種情況將繼續下去。

And then one quick follow-up. I know with the construction financing, you mentioned it before and then to Carlo's question, you get the $110 million. But my understanding is there should be accrued interest in there as well. I think it should be in the ballpark of like $50 million or $60 million. Is that correct?

然後進行一次快速跟進。我知道您之前提到過建設融資，然後回答卡洛的問題，您獲得了 1.1 億美元。但我的理解是那裡也應該有累積利息。我認為應該在 5,000 萬美元或 6,000 萬美元左右。對嗎？

What's the accrued interest bucket?

應計利息是多少？

Well, the note right now with the $110 million, we pretty much paid off all the accrued interest. So what you have now is $69.6 million roughly of accretive principal. That said the note immediately started accruing at SOFR plus 12%. So we're still getting a good return on that investment.

嗯，對於現在的 1.1 億美元票據，我們幾乎已經償還了所有應計利息。所以你現在擁有的增值本金大約是 6,960 萬美元。也就是說，該票據立即開始按 SOFR 加 12% 計息。所以我們仍然可以獲得良好的投資回報。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Notwithstanding the comp differences with catering and Super Bowl and some of those items in the first quarter. Can you just talk about the core seven properties versus, I guess, the other group within the portfolio, the wildfires. Are you continuing to see a separation in terms of trends, meaning the core 7 outgrowing from a percentage basis? Or are you seeing the portfolios grow along the same rate?

儘管第一季餐飲和超級盃等一些項目存在競爭差異。您能否談談核心的七個資產與投資組合中的另一組資產，即野火。您是否繼續看到趨勢上的分離，即核心 7 的成長超出百分比基礎？或者您看到投資組合以相同的速度成長？

Just to be clear, I'm assuming you're talking about the wildfires and the taverns?

只是為了清楚起見，我假設您談論的是野火和酒館？

Yeah, you're correct.

是的，你說得對。

Okay. So you're talking about other types of products that we offer in the market.

好的。所以您談論的是我們在市場上提供的其他類型的產品。

Yeah, I guess comparing the full resort properties versus the ones where you don't have hotel rooms in the rest of the portfolio.

是的，我想比較一下完整的度假村物業與投資組合中其他沒有酒店房間的度假村物業。

From a top-line perspective, we're seeing very similar trends amongst all of the product classes.

從營收角度來看，我們發現所有產品類別的趨勢都非常相似。

Okay. And then just thinking back to the management opportunity that you're getting into. Is it a priority to explore other management contracts in California or other tribal areas? Not sure if there's contracts that are expiring with others. I know usually these come about with new builds or expansionary builds. But is this something that you plan to focus on more in the next several years?

好的。然後回想一下你即將面臨的管理機會。是否優先考慮探索加州或其他部落地區的其他管理合約？不確定是否與其他公司的合約即將到期。我知道這些通常伴隨著新建或擴建而來。但這是未來幾年您計劃重點關注的事情嗎？

Look, this is Lorenzo. We've been focused on this. I think when did we open our first tribal casino? That was in Thunder Valley, so early 2000s, somewhere around the --

看，這是洛倫佐。我們一直專注於此。我想我們什麼時候開設了第一家部落賭場？那是在雷霆谷，大約在 21 世紀初，--

Probably 30 years.

大概有30年了。

So yeah, and even prior to that, in the '90s, we were looking at a number of development opportunities with tribes all across the country.

是的，甚至在此之前，在 90 年代，我們就在尋找與全國各地部落合作的多種發展機會。

And it is something that we continue to look at. The reality is, though, that there just doesn't seem to be that there's, that many opportunities out there. Now they do pop up. And because of our history and performance of what we've done in the past with Thunder Valley and Graton Resort and the developments we did at Gun Lake in Michigan and what we're doing with North Fork, we get all looks.

我們會繼續關注此事。但現實情況是，似乎沒有那麼多機會。現在它們確實彈出來了。由於我們過去在 Thunder Valley 和 Graton Resort 的開發項目以及在密西根州 Gun Lake 的開發項目和在 North Fork 的開發項目中所取得的成就和業績，我們受到了所有人的關注。

Like if there's a substantial opportunity in tribal gaming from a development ground-up standpoint, we are getting the calls because people obviously can see what we've done in the past. And I think we've got a good reputation in that end of the business.

如果從開發基礎的角度來看部落遊戲存在巨大的機會，我們就會接到電話，因為人們顯然可以看到我們過去所做的事情。我認為我們在該業務領域享有良好的聲譽。

So with that said, sometimes, as we know, like with North Fork, these take a while. And we have shown that we have the fortitude and the patience and the resilience to stand. Once we make our commitment to a tribe, we're going to -- we stick with them and we see it through.

所以話雖如此，有時，正如我們所知，就像 North Fork 一樣，這些都需要一段時間。我們已經證明，我們有毅力、耐心和韌性。一旦我們對一個部落做出承諾，我們就會——堅持下去，並堅持到底。

And yes, we are looking. But I can't say that I wouldn't expect this to be to where there are multiple opportunities down the road.

是的，我們正在尋找。但我不能說我不會期望這會帶來未來眾多機會。

Great. Thank you very much.

偉大的。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Stephen Cootey for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Stephen Cootey 做最後發言。

Thank you, everyone, for joining the call. And we look forward to hearing from you next quarter. Take care.

感謝大家參加此次電話會議。我們期待下個季度收到您的回覆。小心。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。