Red Rock Resorts Inc (RRR) 2025 Q2 法說會逐字稿

Good day and welcome to Red Rock Resorts second quarter 2025 conference call. (Operator Instructions)

大家好，歡迎參加 Red Rock Resorts 2025 年第二季電話會議。（操作員指示）

Please note this event is being recorded.

請注意，此事件正在被記錄。

I would now 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 second quarter 2025 earnings conference call. Joining me on the call today are Frank and Lorenzo Fertitta, Scott Kreeger and our executive management team. 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.

謝謝接線員，大家下午好。感謝您今天參加 Red Rock Resorts 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有 Frank 和 Lorenzo Fertitta、Scott Kreeger 以及我們的執行管理團隊。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 for these figures to GAAP, please refer to the financial tables in our earnings press release, Form 8-K and our investor deck, which were filed this afternoon prior to the call. Also, please note that this call is being recorded.

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。另外，請注意，本次通話正在錄音。

The second quarter was an exceptional one for the company by every measure. Our Las Vegas operations delivered its highest quarterly net revenue and adjusted EBITDA in our 49-year history, all while sustaining near record adjusted EBITDA margin.

從各方面來看，第二季對公司來說都是一個非凡的季度。我們拉斯維加斯的業務實現了 49 年歷史上最高的季度淨收入和調整後 EBITDA，同時維持了接近創紀錄的調整後 EBITDA 利潤率。

In addition to delivering strong financial results, we remain highly encouraged by the continued performance of our Durango Casino Resort and the revenue backfill at our core properties. Durango continues to expand the Las Vegas locals market, drive incremental play from our existing customer base and attract new guests to the Station Casinos brand.

除了取得強勁的財務表現外，杜蘭戈賭場度假村的持續表現以及核心資產的收入回升也讓我們備受鼓舞。杜蘭戈繼續擴大拉斯維加斯本地市場，推動現有客戶群的增量遊戲，並吸引新客人加入 Station Casinos 品牌。

The property once again demonstrated strong momentum within the quarter with increased visitation, higher spend per visit and elevated net theoretical win from our carded customers in the surrounding Durango area. And since opening in December 2023, Durango has added over 108,000 new customers to our database. The resort remains on a solid trajectory and is on pace to become one of our highest margin properties, delivering a return net of cannibalization of over 15% through the second quarter of 2025.

該酒店在本季再次展現出強勁的發展勢頭，客流量增加，每次訪問的消費增加，週邊杜蘭戈地區的持卡客戶的理論淨收益增加。自 2023 年 12 月開業以來，Durango 已為我們的資料庫增加了超過 108,000 名新客戶。度假村仍保持著穩健的發展軌跡，預計將成為我們利潤率最高的度假村之一，到 2025 年第二季度，淨利潤將超過 15%。

Regarding the cannibalization impact, which occurred primarily at our Red Rock property following Durango's opening, we are encouraged by the pace of the revenue backfill, which suggest that the worst of the impact is behind us.

關於主要發生在杜蘭戈開業後我們的紅岩酒店 (Red Rock) 的蠶食影響，我們對收入回補的速度感到鼓舞，這表明最嚴重的影響已經過去。

Consistent with our historical experience, we continue to expect full revenue recovery over the next couple of years, supported by strong long demographic growth across the Las Vegas Valley, as particularly evident in Summerlin, where the combined build-out of the Downtown Summerlin and Summerlin West is projected to add approximately 34,000 new households. Across the rest of our portfolio, we demonstrated our ability to successfully manage costs while driving top line growth, resulting in what was easily the best quarter in our company's history.

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，這一點在薩默林尤為明顯，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。在我們投資組合的其他部分，我們展示了成功管理成本同時推動營收成長的能力，這無疑是我們公司歷史上最好的一個季度。

Strength was evident across all business lines as we executed our core strategy of reinvesting in existing properties to enhance amenities and deliver best-in-class customer service while also returning capital to our shareholders. Now let's take a look at our second quarter.

我們實施了核心策略，即對現有物業進行再投資，以改善設施並提供一流的客戶服務，同時向股東返還資本，所有業務線都表現出了明顯的優勢。現在讓我們來看看第二季。

With respect to our Las Vegas operations, our second quarter net revenue was $513.3 million, up 6.2% from the prior year second quarter. Our adjusted EBITDA was $239.4 million, up 7.3% from the prior year second quarter. Our adjusted EBITDA margin was 46.7%, an increase of 47 basis points from the prior year.

就我們拉斯維加斯業務而言，第二季淨收入為 5.133 億美元，比去年同期第二季成長 6.2%。我們的調整後 EBITDA 為 2.394 億美元，較去年同期第二季成長 7.3%。我們的調整後 EBITDA 利潤率為 46.7%，比前一年增加 47 個基點。

On a consolidated basis, our second quarter net revenue, which includes $10 million from our North Fork project, was $526.3 million, up 8.2% from the prior year second quarter. Our adjusted EBITDA, which also includes $10 million from our North Fork project, was $229.4 million, up 13.7% from the prior year second quarter.

從合併數據來看，我們的第二季淨收入（其中包括來自 North Fork 項目的 1,000 萬美元）為 5.263 億美元，比去年同期第二季成長 8.2%。我們的調整後 EBITDA（其中還包括來自 North Fork 專案的 1,000 萬美元）為 2.294 億美元，較去年同期第二季成長 13.7%。

Our adjusted EBITDA margin was 43.6% for the quarter, an increase of 212 basis points from the prior year. In the quarter, we converted 54% of our adjusted EBITDA into operating free cash flow, generating $124.3 million or $1.18 per share. This brings our year-to-date cumulative free cash flow to $217.3 million or $2.06 per share. This strong level of free cash flow was strategically deployed to support our long-term growth initiatives, including our most recent project at Durango, Sunset Station and Green Valley Ranch or return to our stakeholders through debt reduction, dividends and share repurchases. As we begin the third quarter, we remain focused on our core local guests while continuing to drive our regional and national customer segments across the portfolio.

本季我們的調整後 EBITDA 利潤率為 43.6%，比前一年增加 212 個基點。本季度，我們將 54% 的調整後 EBITDA 轉化為經營自由現金流，產生 1.243 億美元或每股 1.18 美元。這使得我們今年迄今的累計自由現金流達到 2.173 億美元或每股 2.06 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、股息和股票回購回報我們的利益相關者。在第三季開始時，我們仍然專注於我們的核心本地客戶，同時繼續推動整個投資組合中的區域和國家客戶群。

Compared to the second quarter of last year, we saw continued strength in card and slot play across our entire database. Robust visitation and strong spend per visit, coupled with a strong table games business helped drive the highest revenue and profitability in our Gaming segment in the company's history.

與去年第二季相比，我們發現整個資料庫中的卡片和老虎機遊戲繼續保持強勁勢頭。強勁的訪問量和每次訪問的強勁消費，加上強大的桌面遊戲業務，幫助推動了公司遊戲部門實現歷史上最高的收入和盈利能力。

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 second quarter. Our hotel division recorded its highest second quarter revenue and profit, driven by our team's success increasing both ADR and occupancy across our portfolio.

轉向我們的非博彩業務。飯店和餐飲部門均表現強勁，第二季的營收和獲利能力接近創紀錄水準。我們的飯店部門創下了第二季的最高收入和利潤，這得益於我們的團隊成功提高了整個飯店組合的 ADR 和入住率。

The Food and Beverage division also achieved near record results for the quarter, supported by higher cover counts across our outlets. In group sales and catering, the team delivered near record second quarter revenue and profit, and we continue to see positive momentum in both business lines for the remainder of 2025 and into 2026.

得益於各門市門市​​數量的增加，食品和飲料部門本季的業績也接近創紀錄。在集團銷售和餐飲方面，團隊實現了接近創紀錄的第二季度收入和利潤，我們繼續看到 2025 年剩餘時間和 2026 年這兩條業務線都保持積極勢頭。

As we look ahead to the third quarter, we are seeing continued stability in our core slot and table games business within the locals market and across our carded database. While we do expect to return to more typical seasonal visitation patterns and some near-term disruption impact from our ongoing construction projects at Durango, Sunset Station and Green Valley Ranch, we remain as confident as ever in the strength of our business and long-term growth prospects. Now let's cover a few balance sheet and capital items.

展望第三季度，我們看到本地市場和整個信用卡資料庫中核心老虎機和桌面遊戲業務繼續保持穩定。雖然我們確實預計會恢復到更典型的季節性訪問模式，並且我們正在進行的杜蘭戈、日落站和綠谷牧場的建設項目會造成一些短期幹擾影響，但我們對業務實力和長期增長前景仍然充滿信心。現在讓我們來介紹一些資產負債表和資本項目。

The company's cash and cash equivalents at the end of the second quarter was $145.2 million, and the total principal amount of debt outstanding was $3.4 billion, resulting in net debt of $3.3 billion.

該公司第二季末的現金和現金等價物為1.452億美元，未償還債務本金總額為34億美元，導致淨負債為33億美元。

As of the end of the second quarter, the company's net debt-to-EBITDA ratio was 3.96 times. During the second quarter, we made total distributions of approximately $200.3 million to the LLC unitholders of Station Holdco, including a distribution of approximately $116.9 million to Red Rock Resorts.

截至第二季末，該公司淨負債與EBITDA比率為3.96倍。在第二季度，我們向 Station Holdco 的 LLC 單位持有人分配了總計約 2.003 億美元，其中包括向 Red Rock Resorts 分配了約 1.169 億美元。

The company utilized its portion of the distribution to fund its first and second quarter estimated tax payments, pay its previously declared quarterly dividend of $0.25 per Class A common share and a special dividend of $1 per Class A common share and to repurchase approximately 672,000 Class A common shares for $31 million at an average price of $45.94 per share under its previously announced $600 million share repurchase program.

該公司利用分配的部分來支付其第一和第二季度的預估稅款，支付其先前宣布的每股 A 類普通股 0.25 美元的季度股息和每股 A 類普通股 1 美元的特別股息，並根據其先前宣布的 6 億美元股票回購計劃，以 3100 萬美元的平均每股 45.9467 股普通股的普通股。

The second quarter share repurchases bring the total number of Class A common shares repurchased, including the 2021 tender offer and open market repurchases to approximately 15 million shares at an average price of $45.35 per share, reducing the company's share count to approximately 105.4 million shares at the quarter end.

第二季股票回購使回購的 A 類普通股總數（包括 2021 年要約收購和公開市場回購）達到約 1,500 萬股，平均價格為每股 45.35 美元，導致公司股票數量在本季末減少至約 1.054 億股。

Capital spend in the second quarter was $78.2 million, which includes approximately $59.8 million in investment capital as well as $18.4 million in maintenance capital. This brings our year-to-date capital spend to $146.4 million, which includes approximately $92 million in investment capital as well as $54 million in maintenance capital. For the full year 2025, we now expect to spend between $325 million and $375 million, down $25 million from our previous earnings call, mainly driven by the timing of capital expenditures.

第二季的資本支出為 7,820 萬美元，其中包括約 5,980 萬美元的投資資本以及 1,840 萬美元的維護資本。這使得我們今年迄今的資本支出達到 1.464 億美元，其中包括約 9,200 萬美元的投資資本以及 5,400 萬美元的維護資本。對於 2025 年全年，我們目前預計支出在 3.25 億美元至 3.75 億美元之間，比上次收益電話會議減少 2,500 萬美元，主要原因是資本支出的時間安排。

The full year capital spend includes $235 million to $275 million in investment capital as well as $90 million to $100 million in maintenance capital. As mentioned on our last earnings call, we are making significant investments in our Durango Casino Resort, Sunset Station and Green Valley Ranch properties. At Durango, 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 bar. In total, the project will introduce 230 new slot machines with 120 allocated to the high limit room.

全年資本支出包括 2.35 億至 2.75 億美元的投資資本以及 9,000 萬至 1 億美元的維護資本。正如我們上次收益電話會議上提到的，我們正在對杜蘭戈賭場度假村、日落站和綠谷牧場進行大量投資。在杜蘭戈，我們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酒吧。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。

As part of this phase, we are also building a new covered parking garage with nearly 2,000 spots, which will enhance customer access and provide infrastructure flexibility to support the future growth of the property. The total project cost is approximately $120 million and is currently operating under a guaranteed maximum price contract.

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成長。該項目總成本約為 1.2 億美元，目前按照最高限價合約運作。

The project remains on budget and is expected to be completed in late December. At Sunset Station, we are advancing our podium refresh to better position the property for continued growth in Henderson, particularly from the master planned communities of the Skye Canyon, which are to deliver over 12,500 new households at full build-out. The $53 million renovation includes an all-new country Western bar nightclub, a new Mexican restaurant, a new center bar and a fully renovated casino floor.

該項目仍在預算之內，預計將於 12 月底完工。在日落站，我們正在推進裙樓的翻新，以便更好地定位該物業，以適應亨德森的持續增長，特別是斯凱峽谷的總體規劃社區，這些社區將在全面建成後提供超過 12,500 個新家庭。耗資 5,300 萬美元的翻新工程包括一個全新的鄉村西部酒吧夜總會、一家新的墨西哥餐廳、一個新的中心酒吧和一個經過全面翻新的賭場樓層。

We are pleased to report that customer feedback on the completed portions of the renovation has been overwhelmingly positive, reinforcing our confidence in the project's direction. The property remains on budget with the new amenities expected to come online throughout the remainder of 2025 and the first half of 2026.

我們很高興地報告，客戶對已完成的裝修部分的回饋非常積極，這增強了我們對專案方向的信心。該物業仍在預算之內，新設施預計將於 2025 年剩餘時間和 2026 年上半年投入使用。

At Green Valley Ranch, we have commenced a comprehensive refresh of our guest rooms, suites and convention space, aligning the hotel experience with our recently renovated and well-received high limit table and slot rooms at the property. Work on the rooms in the West Tower is currently underway with the majority of all rooms in both towers expected to return to service by year-end. The total investment for the room and convention remodel renovation is projected to be approximately $200 million.

在綠谷牧場，我們已經開始對客房、套房和會議空間進行全面翻新，使酒店體驗與我們最近裝修一新、廣受好評的高限額賭桌和老虎機室相一致。西塔客房的修復工作目前正在進行中，預計兩座塔樓的大部分客房將在年底前恢復使用。房間和會議中心改造的總投資預計約為 2 億美元。

As with our recently introduced amenities, we believe these upgrades will generate strong returns. However, we do anticipate some temporary disruption at the property as we bring these new offerings online for our guests. Turning now to North Fork construction is progressing well. We've completed the slab on grade, and we anticipate closing the facility by October, keeping us on a pace for an early fourth quarter 2026 open.

正如我們最近推出的設施一樣，我們相信這些升級將產生豐厚的回報。然而，當我們為客人提供這些新的線上服務時，我們預計飯店可能會出現一些暫時的中斷。現在北叉的建設進展順利。我們已經完成了地面樓板的鋪設，預計將於 10 月關閉該設施，以便我們能夠按照計劃於 2026 年第四季度初開放。

The total all-in project cost is expected to be approximately $750 million, is fully financed and is currently being executed under a guaranteed maximum price contract. 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, 44 table games and 2 food and beverage outlets and a food court with many exciting options. In addition to the work continuing to progress as planned, the project remains on budget.

預計該項目總成本約為 7.5 億美元，資金已全部到位，目前正在按照最高限價合約執行。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、44 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。除了工作繼續按計劃進行之外，該項目也仍在預算之內。

We are also pleased to report that we are now able to begin and have begun recognizing our development fee revenue starting this quarter. This will continue the project's opening marketing another meaningful milestone in the advancement of this long-term project.

我們也很高興地報告，我們現在可以開始並已從本季開始確認我們的開發費收入。此舉將延續該專案的開幕行銷，成為這項長期專案推進過程中又一個有意義的里程碑。

Also as of the end of the quarter, Red Rock's outstanding balance due from the tribe stands at approximately $72.3 million. We're excited about this project, very happy with the progress of construction and look forward to providing further updates on future earnings calls.

此外，截至本季末，Red Rock 欠該部落的未償餘額約為 7,230 萬美元。我們對這個項目感到非常興奮，對施工進度非常滿意，並期待在未來的收益電話會議上提供進一步的更新。

Lastly, the company's Board of Directors has also declared its regular cash dividend of $0.25 per Class A common share payable on September 30 to Class A shareholders of record as of September 15. Following the payment of this dividend and the share repurchases completed during the quarter, we have returned approximately $189 million to our shareholders year-to-date.

最後，該公司董事會還宣布，將向截至 9 月 15 日登記在冊的 A 類股東派發每股 0.25 美元的定期現金股息，股息日期為 9 月 30 日。在本季支付股利和完成股票回購之後，我們今年迄今已向股東返還約 1.89 億美元。

With two record quarters under our belt, 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 own 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.

我們已經取得了兩個創紀錄的季度業績，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，並強調我們自己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 enable us to fully capitalize on the very favorable long-term demographic trends and the high barriers to entry that define the Las Vegas locals market. We do want to take a moment to sincerely thank all of our team members for their continued hard work and dedication. Our success begins with them.

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非常有利的長期人口趨勢和高進入門檻。我們確實想花點時間真誠地感謝我們團隊所有成員的持續努力和奉獻。我們的成功始於他們。

They are the driving force behind the exceptional experiences that keep our guests coming back time and time again.

他們是我們創造非凡體驗的驅動力，讓我們的客人一次又一次地回來。

Thanks to their efforts, we are proud to have been recognized with multiple accolades, including being voted a top casino employer in the Las Vegas Valley for five consecutive years, certified as a Great Place to Work for three years running and named one of America's best in-state employers by Forbes.

由於他們的努力，我們很榮幸獲得多項榮譽，包括連續五年被評為拉斯維加斯山谷頂級賭場雇主、連續三年被認證為最佳工作場所，並被《福布斯》評為美國最佳州內雇主之一。

We are also honored as a top place to work by USA Today and recently recognized by Newsweek as one of America's Greatest Workplaces in Nevada. Finally, we extend our heartfelt gratitude to our loyal guests for their unwavering support over the past 6 decades.

我們也被《今日美國》評為最佳工作場所，最近又被《新聞周刊》評為美國內華達州最佳工作場所之一。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。

Operator, this concludes our prepared remarks for today, and we are now ready to take questions.

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)

（操作員指示）

Jordan Bender, Citizens.

喬丹·本德，公民。

Hey everyone, good afternoon. Backing out the Native American contributions in the quarter, flow-through still incredibly strong. Are you may be able to help us unpack kind of where you're finding that incremental operating leverage? And I guess I'll just put the second part of the question there. Any impact from the renovations in the quarter that you can call out for EBITDA?

大家好，下午好。除去本季美國原住民的貢獻，流通量仍非常強勁。您能否幫我們解釋一下您發現增量營運槓桿的原因？我想我只會把問題的第二部分放在那裡。您認為本季的翻新工程對 EBITDA 有何影響？

Yeah. I think the strength, Jordan, is evident across all business lines. From a casino perspective, obviously, we had the best table and slot hold in the history of our -- in the history of our company, led by great volume and comparable hold.

是的。我認為喬丹的實力在所有業務線上都是顯而易見的。從賭場的角度來看，顯然，我們擁有公司歷史上最好的賭桌和老虎機持有量，這得益於巨大的交易量和相當的持有量。

We also had our most -- our best hotel revenue and record profitability. And then not to be outdone, Food and Beverage, had its second best revenue -- second best revenue quarter only to be outlined by last quarter, which obviously have the trial from Durango.

我們也獲得了最好的酒店收入和創紀錄的盈利能力。食品和飲料業務也不甘示弱，取得了第二好的收入——第二好的收入季度僅在上個季度被概述，這顯然受到了杜蘭戈的審判。

And the big change there and you saw this in our margin. You had some revenue mix shift from, let's call it, lower margin Food and Beverage and Hotel and higher-margin Gaming and Gaming actually had a flow-through north of 70%.

那裡發生了巨大的變化，您可以在我們的利潤中看到這一點。您的收入結構發生了一些轉變，從利潤率較低的食品飲料和酒店轉向利潤率較高的博彩和遊戲，博彩的流通率實際上超過了 70%。

Great. And then I guess on the renovation disruption in the quarter.

偉大的。然後我猜測這是本季裝修中斷的原因。

Yeah, we haven't seen too much impact from the renovation in this quarter. That said, we're still sticking to our guns on some of the disruption as we're in the thick or the peak construction period now for all three projects, the Durango, Sunset Station and Green Valley Ranch, with the majority of that disruption of almost $15 million occurring at Green Valley as the West and East towers are going to be taken down over the next two quarters.

是的，我們本季沒有看到裝修帶來太大的影響。儘管如此，我們仍將堅持應對部分乾擾，因為目前我們正處於所有三個項目（杜蘭戈、日落站和綠谷牧場）的密集或高峰建設期，其中近 1,500 萬美元的干擾大部分發生在綠谷，因為西塔和東塔將在未來兩個季度內被拆除。

Great. Thank you very much.

偉大的。非常感謝。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Thank you. Good afternoon. I wanted to ask just a follow-up on the construction disruption. Steve, you said you're sticking your guns in terms of kind of what you outlined for each property. Is July, August, September, say, the largest concentration of that disruption. Could you just remind us of the timing of that? And then I was wondering if you could share your analysis of how the tip tax relief kind of affects the locals market and your customer in particular?

謝謝。午安.我只是想詢問一下有關施工中斷的後續情況。史蒂夫，你說過，你會堅持你所概述的每一項財產的立場。比如說，七月、八月和九月是這種混亂最集中的時期。您能提醒我們一下那個時間嗎？然後我想知道您是否可以分享您對小費稅減免如何影響當地市場以及特別是您的客戶的分析？

Hey, Joe, it's Scott. I'll take the disruption kind of schedule and time line, and I think Steve will take the second question. A couple of quarters ago, Steve was pretty descriptive of what we thought disruption was going to be, and he just mentioned that in the Q2 time frame was a little lighter than we thought. Some of that is due to just the timing of construction. And in some respects at Sunset, we switched around the order of what we were doing.

嘿，喬，我是史考特。我將採取中斷類型的時間表和時間線，我認為史蒂夫將回答第二個問題。幾個季度前，史蒂夫非常清楚地描述了我們認為的顛覆性變化，他只是提到，第二季的顛覆性變化比我們想像的要輕一些。部分原因在於施工時間。在 Sunset 的某些方面，我們改變了所做事情的順序。

So at Sunset, instead of going into our main pit, we went into an area that contained an entertainment lounge. So that switched around the impact a bit. So you'll see sunset impact to be more like Q3, Q4 and maybe a little bit of a bleed into '26. Durango disruption has been relatively light, which is a good thing, but we are seeing impacts to parking, especially on the weekends.

因此，在日落時分，我們沒有進入主維修站，而是進入了一個設有娛樂休息室的區域。因此，影響就稍微改變了。因此，您會看到日落效應更像 Q3、Q4，甚至可能在 26 年蔓延。杜蘭戈的交通中斷相對較輕，這是一件好事，但我們看到停車受到了影響，尤其是在週末。

We're getting above 80% parking and what's left over is less convenient parking in our world, that's pretty impactful. And then the second piece of Durango is we're enclosed now. And so the interior fit out is going to start, which tends to have more noise and kind of disruption that's on the adjacent construction wall than you saw in the past. But all in all, we still think that the bulk of the disruption you're going to see in Q3 and Q4.

我們的停車位已經超過 80%，剩下的就是不太方便的停車位，這影響很大。然後杜蘭戈的第二部分我們現在被包圍了。因此，室內裝修即將開始，與過去相比，這往往會對相鄰的建築牆壁產生更多的噪音和乾擾。但總而言之，我們仍然認為大部分中斷將在第三季和第四季出現。

And Green Valley is just getting started with the room renovation.

綠谷剛開始房間裝修。

That's right.

這是正確的。

Yeah. So Green Valley schedule is that we'll be through Tower 1 late September, first week of October. And then we'll be into the Tower 2 in October with the goal for us to be done at the end of the year. And then in October, we'll also kick in on the conference center remodel, which will be early January completion.

是的。因此，綠谷的計劃是，我們將在 9 月底、10 月第一周通過 1 號塔。然後我們將在十月進入二號塔，目標是在年底完成。然後在十月份，我們也將開始會議中心的改造，預計一月初完工。

And then Sites will be done in March. So that gives you kind of a time line at Green Valley Ranch.

然後站點將在三月完成。這樣你就能看到綠谷牧場的大致時間線。

I'll take the second, Joe, I'm going to congratulate you because you gave the ultimate back-to-school question, one question, 27 parts. I don't think you can actually just look at no tax on tips. I think ultimately, the tax legislation can only be viewed as a good one for Las Vegas. And just given our position in the locals market, we do expect to benefit from the legislation and increase of discretionary income it's going to bring to our customers.

我選第二個，喬，我要祝賀你，因為你提出了終極返校問題，一個問題，27 個部分。我認為你實際上不能只考慮小費免稅。我認為最終，這項稅收立法對於拉斯維加斯來說只能被視為一項好事。鑑於我們在本地市場的地位，我們確實期望從立法中受益並增加其為我們的客戶帶來的可支配收入。

The key measures, as you mentioned, tax on tips, but there's also the elimination of federal tax and overtime pay, the new senior tax credit as well as expanded standard deductions, family tax credit and some reductions in marginal tax credits, all of which would significantly enhance the discretionary income.

正如您所說，關鍵措施是對小費徵稅，但也有取消聯邦稅和加班費、新的老年人稅收抵免以及擴大標準扣除額、家庭稅收抵免和減少邊際稅收抵免，所有這些都將大大提高可支配收入。

Well, it's tough to say how much of this income is going to flow to Red Rock. We can start framing that. I think you and I have talked through this. For example, when we ran our initial analysis on no tax for tips, for example, we estimated approximately $85 million annually would flow into Clark County. And then when you kind of even view overtime, which is a little trickier, there's about 1.2 million workers in Clark County and using some national estimates, roughly 4% to 8% of those typical people actually get -- receive overtime pay.

嗯，很難說這些收入有多少會流向紅岩。我們可以開始建造它。我想你和我已討論過這個問題。例如，當我們對小費免稅進行初步分析時，我們估計每年約有 8500 萬美元將流入克拉克縣。然後，當你看到加班費時，這有點棘手，克拉克縣大約有 120 萬名工人，根據一些全國性的估計，大約有 4% 到 8% 的普通人實際上得到了加班費。

And ultimately, this could benefit each worker up to $300 to $1,800 per worker annually. And then not to be outdone, just remind -- remind everyone that there are about 390,000 seniors over 65. And just given the marginal -- the median household income of that cohort, we would expect a substantial portion of those seniors will qualify for at least part of the new senior deduction. So all of this is fantastically good for our company. And then the next 27 parts of the question right?

最終，這將使每位工人每年受益高達 300 至 1,800 美元。然後，為了不甘示弱，我還要提醒大家，65 歲以上的老人大約有 39 萬名。只要考慮到該群體的邊際收入——即家庭收入中位數，我們預計這些老年人中的很大一部分將有資格享受至少部分新的老年人扣除額。所以這一切對我們公司來說都是非常好的。然後接下來的 27 個部分對嗎？

I mean I think with the expansion of -- you can expense immediately R&D expenses, the acceleration of bonus depreciation and the relief from interest deductibility, that is going to have an immediate impact on our cash flow for the remainder of 2025.

我的意思是，我認為隨著擴張——你可以立即將研發費用、獎金折舊加速以及利息扣除的減免，這將對我們 2025 年剩餘時間的現金流產生直接影響。

We do not expect to pay cash taxes for the remainder of 2025. And further, we do not expect to make any tax distributions to Station Holdco for the rest of the year, which we estimate will increase our operating free cash flow by $60 million for the rest of the year.

我們預計 2025 年剩餘時間內無需繳納現金稅。此外，我們預計今年剩餘時間不會向 Station Holdco 進行任何稅收分配，我們估計這將使我們今年剩餘時間的經營自由現金流增加 6000 萬美元。

Thanks guys.

謝謝大家。

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

Hey guys, good afternoon. So Steve, I want to ask about your new database sign-ups across your properties in the quarter. And I guess what I'm trying to understand here is if you guys have seen any pickup in new customers given the well -- let's call it, the well-documented slowdown along the strip. Basically trying to understand if the strip has essentially overpriced itself and some customers are now looking for other alternatives. Hopefully, that makes sense.

大家好，下午好。那麼史蒂夫，我想詢問本季貴公司在各個物業中新資料庫的註冊情況。我想我在這裡想了解的是，考慮到這一情況，你們是否看到新客戶數量有所回升——我們稱之為，沿著這條大道有據可查的放緩。基本上是想了解這條街是否本質上定價過高，並且一些顧客現在正在尋找其他替代品。希望這是有意義的。

It does. Steve, this is Scott. Let me take that one. So from an overall database perspective, we saw strong positive performance across all of the segments. And as it's been trended from past quarters, because of our focus, because of the investments we're making in our properties, we're seeing particularly strong growth in our VIP our core customer, our regional and national customers.

確實如此。史蒂夫，這是史考特。讓我來拿那個。因此，從整體資料庫的角度來看，我們看到所有部分都表現強勁。從過去幾季的趨勢來看，由於我們的重點，由於我們對房地產的投資，我們看到我們的 VIP 核心客戶、區域和國家客戶出現了特別強勁的成長。

But in this quarter specifically, not to be outdone, we also saw a considerable improvement in what we would call our retail customer, our non-rewards customers.

但具體到本季度，我們不甘示弱，也看到我們的零售客戶、非獎勵客戶取得了顯著的改善。

So across the database, pretty much homogenously, we've seen positive increases. And you mentioned new member sign-ups particularly. interesting that if you -- you've got to take into account the opening of Durango and the impact it had in the second quarter of last year, Durango has signed up 108,000 new-to-brand customers as of this quarter or as of the end of Q2.

因此，在整個資料庫中，我們幾乎一致地看到了正增長。您特別提到了新會員註冊。有趣的是，如果您考慮到 Durango 的開業及其在去年第二季度產生的影響，截至本季或第二季末，Durango 已經簽署了 108,000 名新品牌客戶。

So that's a sizable -- whether -- or sorry, database increase that comes from Durango. If you take that comparison of Durango out and you just look at the core 6, we're up almost 10% in new sign-ups, which is really a quite sizable effort on the part of the operating teams to grow the database in general.

所以這是一個相當大的——無論——還是抱歉，資料庫的成長都來自於 Durango。如果你把與 Durango 的比較去掉，只看核心的 6 個，我們的新註冊用戶數增加了近 10%，這對於營運團隊來說確實是一項相當大的努力，可以擴大整個資料庫。

The other thing that we look at is when we look at demographics, across all the age categories, we saw positive increases in the quarter. And most interesting as an absolute customer count in the database, we saw under 35 growth 15%. I think that's attributable to the relevant amenities that we're putting in our properties, the way that we position our properties and quite honestly, the team -- the marketing team and how they resonate with the younger demographic.

我們關注的另一件事是，當我們查看人口統計數據時，我們發現所有年齡層的人口在本季度都出現了正增長。最有趣的是，從資料庫中的絕對客戶數量來看，我們發現 35 歲以下的客戶數量增加了 15%。我認為這歸功於我們在酒店中提供的相關設施、我們定位酒店的方式，坦白說，還有我們的團隊——行銷團隊以及他們如何與年輕人群產生共鳴。

So we're seeing strong demographic increases. And then not to be outdone, when we look at uncarded, second quarter slot coin in was the highest quarter of increase in uncarded play that we've seen in the last two years.

因此，我們看到人口數量正在強勁增長。然後，當我們看無卡遊戲時，我們不甘示弱，第二季度的老虎機投幣量是我們在過去兩年中看到的無卡遊戲增幅最高的一個季度。

So really, when you take a broad brush stroke across all of the aspects of demographics and customer database, we're seeing positive growth. And then as we look into Q3, we're seeing very similar trends as we go. It's early.

因此，實際上，當你全面了解人口統計和客戶資料庫的所有方面時，我們看到的是積極的成長。當我們觀察第三季時，我們發現了非常相似的趨勢。現在還早。

But as we look into the future trend into Q3, it's very consistent.

但當我們展望第三季的未來趨勢時，它非常一致。

And Steven, just to piggyback on what Scott was saying, that really highlights the difference between the Strip and Las Vegas locals, right? While the Strip relies heavily on tourism, conventions, hotel-driven revenue, we are anchored by a gaming-centric business model, right? We focused on deeply loyal customer base.

史蒂文，我只是想重複斯科特說的話，這確實凸顯了拉斯維加斯大道和拉斯維加斯當地人之間的區別，對吧？雖然拉斯維加斯大道嚴重依賴旅遊業、會議和酒店帶來的收入，但我們的商業模式是以博彩為中心的，對嗎？我們專注於高度忠誠的客戶群。

Many of these customers, in fact, our customers, 75% for our card to play business over 4 times a month. And so we feel locals offers a stronger value proposition, which is driving more people to our casino, which includes accessible pricing, convenient locations, personalized service, and that continues to resonate not only with our locals guests, but it's starting to increasingly resonate with our out-of-town guests as well.

這些客戶中很多，實際上也是我們的客戶，75%的人每月為我們的卡打業務超過4次。因此，我們認為當地人提供了更強大的價值主張，這吸引了更多的人到我們的賭場，其中包括實惠的價格，便利的地理位置，個性化的服務，這不僅繼續引起我們當地客人的共鳴，而且也開始引起我們外地客人的共鳴。

Okay. Got you. That's great color, guys. And then I assume this is probably going to be for Scott. And I apologize if, Steve, you had this in your prepared remarks.

好的。明白了。夥計們，顏色真棒。然後我猜想這可能適合斯科特。史蒂夫，如果你在準備好的發言中提到了這一點，我深感抱歉。

But wondering if we can get an update, Scott, in terms of what you're seeing from a group perspective, maybe in the fourth quarter of this year and then what you're seeing so far for '26.

但是斯科特，我想知道我們是否可以從集團角度了解最新情況，也許是在今年第四季度，然後是您對 26 年迄今所看到的情況。

Yeah, we're seeing really positive forward bookings. So we're talking in the mid-20% increases in group. And then catering kind of ride shotgun with group sales and we're seeing similar increases not only through the remaining quarters of this year but into '26 as well. .

是的，我們看到了非常積極的預訂情況。因此，我們討論的是集團內部 20% 左右的增幅。然後，餐飲業與團體銷售一起出現了類似的成長，我們看到不僅在今年剩餘的幾個季度，而且在26年也出現了類似的成長。。

Okay, got it. Thanks guys, appreciate it.

好的，明白了。謝謝大家，非常感謝。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good afternoon, everyone. Thanks for taking my question. Steve or whoever wants to take it, I know it's probably hard to put a finer point on it, but it sounds like there were several upside surprises in the quarter, both the backfill comment you made a number of times in the prepared remarks and then the strength in unrated play, which has been a segment that I think has come back better than expected across the locals.

大家好，下午好。感謝您回答我的問題。史蒂夫或任何想接受它的人，我知道可能很難對此做出更精確的闡述，但聽起來本季度有幾個令人驚訝的好消息，包括你在準備好的評論中多次做出的補充評論，以及未評級遊戲的實力，我認為這部分在當地人中的表現比預期的要好。

So if you were to kind of divide out by those two, do you -- could you venture a guess or help us think a little bit about how much either of those two things, in particular, contributed to the kind of the outsized growth or the reacceleration in growth we saw in the quarter?

因此，如果您要用這兩者來劃分，您能否猜測一下或幫助我們思考一下，這兩件事對我們在本季度看到的超額成長或成長加速的貢獻有多大？

I think if you really look at really what the big contributor was, I think Scott had touched upon this. It's the VIP play in slots and in table games. And as we mentioned, I mean, we've invested quite a bit in high-limit areas and amenities over the past I guess, four years, five years coming out of COVID, and we're really starting to see that pay off now as we feel like that we're getting more than our fair share in those two areas from a gaming revenue standpoint.

我認為，如果你真正看看最大的貢獻者是什麼，我想斯科特已經談到了這一點。這是老虎機和桌上遊戲中的 VIP 遊戲。正如我們所提到的，我的意思是，在過去的四五年裡，我們在 COVID 疫情爆發後對高限額區域和設施進行了相當多的投入，現在我們真的開始看到回報了，因為我們覺得從博彩收入的角度來看，我們在這兩個領域獲得的收益超過了我們應得的份額。

I would add to that, Steve, you can jump in. When you really look at the market in general, Durango was the star of the show a year ago, but as Durango kind of matures into the market, one of the things that we're seeing, we mentioned it last quarter and again in Q2 is the performance of our core 6 properties in growing market share and growing the market. So we're seeing all of our properties contribute to the revenue increases.

我想補充一點，史蒂夫，你可以加入。當你真正審視整個市場時，你會發現杜蘭戈是一年前最耀眼的明星，但隨著杜蘭戈在市場上逐漸成熟，我們看到的一件事，我們在上個季度和第二季度都提到過，那就是我們 6 項核心資產在市場份額和市場增長方面的表現。因此，我們看到我們所有的財產都為收入成長做出了貢獻。

Thanks for that. And then maybe just to kind of dig in on seasonality or however we want to think about it, but there have been a lot of callouts and certainly a warning from one of your peers about concerns on sort of strip rate compression as we move into the summer months here and some pretty serious discounting out there that I think we can all see on social media.

謝謝。然後也許只是為了深入研究季節性，或者無論我們想怎麼想，但已經有很多呼籲，當然還有你的一位同事發出的警告，擔心隨著我們進入夏季，條帶率會壓縮，而且我認為我們都可以在社交媒體上看到一些相當嚴重的折扣。

Are you seeing that reflected in any of the hotel product or the prevailing rate there? How are you kind of insulated from that? And just sort of yeah, bank shots around that for the Red Rock portfolio. Thanks.

您是否看到這一點反映在任何酒店產品或現行價格中？您如何避免這種情況？是的，Red Rock 投資組合就是圍繞著這一點進行的。謝謝。

Yeah, great question. This is Scott. One, let's just go back and say that Q2 was a great quarter for hotel. But as we look into the current trends and short-term booking window, yes, across the board, you are seeing kind of an ADR war, if you will, out there. Now how do we play into that?

是的，很好的問題。這是斯科特。首先，讓我們回顧一下，第二季度對於酒店業來說是一個偉大的季度。但是，當我們研究當前的趨勢和短期預訂窗口時，是的，從各方面來看，你都會看到一場 ADR 戰爭，如果你願意的話。現在我們該如何參與其中呢？

Certainly, we have to be competitive with the market rates, but we're certainly not completely dropping our rates to unreasonable levels. I think it's also important, Frank and Steve just mentioned this that we are a different makeup of business than the strip.

當然，我們必須與市場利率保持競爭力，但我們肯定不會將利率完全降至不合理的水平。我認為這也很重要，弗蘭克和史蒂夫剛才提到，我們的業務組成與漫畫不同。

So a majority of our revenue comes through casino. While hotel is important to us, it really only represents about 10% of our overall revenue stream. And then when you look at FIT and transient, it's really only about 20% of the overall hotel mix.

所以我們大部分的收入來自賭場。雖然飯店對我們很重要，但它實際上只占我們整體收入來源的 10% 左右。然後，當您查看 FIT 和臨時旅客時，他們實際上只佔整體酒店組合的 20% 左右。

So while it's important to us and we stay competitive, it really doesn't represent the lion's share of the revenue stream of the company.

因此，雖然這對我們很重要並且讓我們保持競爭力，但它實際上並不代表公司收入流的最大份額。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Good afternoon, thanks for taking my question. Nice quarter, guys. Just in terms of the lower leverage at this point and maybe the business humming along slightly better than anyone would have expected. You obviously have a full plate with some of the renovation projects that you outlined and that will hit in the end of '25 and '26.

下午好，感謝您回答我的問題。大家，這個季度過得真不錯。就目前的較低槓桿率而言，業務發展可能比任何人預期的都要好一些。顯然，您已經忙完了您概述的一些改造項目，這些項目將在 2025 年底和 2026 年底完成。

But as we think further down the track some of the bigger developmental sites. Has anything changed just given your cash position with respect to the timing of maybe greenlighting one of those next opportunities? Thanks

但隨著我們進一步思考，我們又會發現一些更大的開發地點。考慮到您的現金狀況，在批准下一個機會的時機方面有什麼變化嗎？謝謝

This is Lorenzo and obviously, Frank chime in. But nothing has changed. I mean, clearly, we are a development company. I mean that's really what our focus is. We've got all of this real estate in Las Vegas in strategic locations.

這是洛倫佐，顯然，弗蘭克也附和。但什麼都沒有改變。我的意思是，顯然我們是一家開發公司。我的意思是這確實是我們的重點。我們在拉斯維加斯擁有所有這些房地產，而這些房地產都位於戰略位置。

And with Durango, we've proven again that we can develop these projects and get attractive returns from a timing standpoint, we're in a position, I think, as we said before, where we're just continuing to design and go through the process of trying to figure out which project we think we're going to be able to get the best returns at and have the most impact to be able to create equity value for the company.

透過 Durango，我們再次證明我們可以開發這些項目，並從時間角度獲得可觀的回報，我認為，正如我們之前所說，我們只是在繼續設計和經歷試圖弄清楚我們認為哪個項目能夠獲得最佳回報並產生最大影響，從而能夠為公司創造股權價值。

And these projects just take time. We want to make sure that we get good drawings. We go out on the street, we get good pricing. so that when we do announce what the next project is and what the pricing is that we're confident we're delivering for everybody. I think we had said at one point a quarter or two ago that we would probably have an update when we report Q4 of this year.

而這些項目只是需要時間。我們希望確保獲得好的圖紙。我們走上街頭，獲得很好的價格。因此，當我們宣布下一個項目是什麼以及價格是多少時，我們有信心為每個人提供服務。我想我們在一兩個季度前的某個時候曾說過，我們可能會在報告今年第四季時發布更新。

I don't know, Frank, if you have anything to add.

法蘭克，我不知道你還有什麼要補充的。

Great. And then in terms of the Red Rock's impact, what inning are we in, in terms of just getting back on the right glide path to return to what some of the prior numbers are? I know you guys are looking at net of cannibalization but I know that's kind of a key model driver, just getting some of that -- backfilling some of that business back into Red Rock's. Thanks.

偉大的。那麼，就紅岩的影響而言，我們處於什麼階段，是否能回到正確的下滑路徑，恢復到之前的一些數字？我知道你們正在關注蠶食網絡，但我知道這是一種關鍵的模型驅動因素，只是將其中的一部分——將部分業務回填到 Red Rock 中。謝謝。

Yes. I think as I mentioned in the prepared remarks, generally, these backfill historically has taken a little bit over three years. And so we feel very comfortable in the position we are from a backfill perspective. Scott alluded to the market share growth -- the market share comment where you looked at the 12 months, Durango is really driving the ship. When you look at six months, three months, nine months, it is now really the core 6 kind of driving the ship, which kind of shows you the power of the platform and our ability to backfill at our existing properties.

是的。我想，正如我在準備好的演講中提到的那樣，一般來說，這些補充工作從歷史上看需要三年多一點的時間。因此，從補充的角度來看，我們對自己所處的位置感到非常滿意。斯科特提到了市場份額的成長——從 12 個月的市佔率評論來看，杜蘭戈確實在推動這一進程。當你回顧六個月、三個月、九個月時，你會發現現在實際上是六個核心驅動這艘船，這向你展示了平台的力量以及我們填補現有資產的能力。

So we like where we are. We're mid-inning, right? We're kind of entering our second year of that backfill.

所以我們喜歡我們現在的處境。我們現在正處於中局，對嗎？我們即將進入第二年填補空缺。

Thanks, Steve. Appreciate it guys.

謝謝，史蒂夫。感謝你們。

Barry Jonas, Truist Securities.

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

Hey guys, maybe just for Steve. Any color you can give about thinking about seasonality for Q3 as we refine our models? Thanks.

嘿夥計們，也許只是為了史蒂夫。在我們完善模型時，您能提供任何有關第三季度季節性的思考嗎？謝謝。

Yeah. No problem. And obviously, it's coming off of a big quarter. And I think the first thing you have to do is just recognize that North Fork is in the $10 million. And so not really part of seasonality, just to give you some guidance there.

是的。沒問題。顯然，這是一個重要的季度。我認為你要做的第一件事就是認識到 North Fork 的價值在 1000 萬美元之內。所以這其實不屬於季節性的一部分，只是為了給你一些指導。

We would expect that number to be $3 million a quarter through opening just to get that out of the way. And then usually, Q4 to Q3 or Q3 to Q2 is usually down about 10% from an EBITDA perspective.

為了解決這個問題，我們預計開業期間每季的收入將達到 300 萬美元。通常，從 EBITDA 角度來看，第四季到第三季或第三季到第二季通常會下降約 10%。

That's helpful. And -- okay. Just to mention it (multiple speakers). All right. if you have a follow-up.

這很有幫助。而且——好的。順便提一下（多位發言者）好的。如果您有後續問題。

No, I was just going to just reiterate that there's also that disruption we talked about, but I think you got that.

不，我只是想重申一下，我們還談到了中斷問題，但我想你已經明白了。

Yeah, understood. And then I know we'll get the big reveal later on, but any early puts and takes you can offer for the finalist for your next big greenfield project. You could sort of identified a few areas that you're thinking about. So just curious if the order has changed or any puts or takes you'd be willing to share now.

是的，明白了。然後我知道我們稍後會揭曉重大秘密，但您可以為下一個大型綠地項目的決賽選手提供任何早期的投入和收穫。您可以確定您正在考慮的幾個領域。所以我只是好奇訂單是否已更改，或者您現在是否願意分享任何改變或收穫。

Yeah. I mean I think the one thing that we've shared with you guys is that the precursor to potential expansion of amenities in Durango is the garage setting this up to be able to have more amenities accommodate the guests with convenient parking at all. So that is definitely an option. And in terms of the greenfield, I think we'll do that at the end of the year on our year-end call.

是的。我的意思是，我認為我們與你們分享的一件事是，杜蘭戈潛在設施擴張的先決條件是車庫的設置，以便能夠有更多的設施為客人提供方便的停車位。所以這絕對是一個選擇。至於綠地項目，我想我們會在年底的年終會議上討論這個問題。

Great, thanks so much.

太好了，非常感謝。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, good afternoon. Thanks for taking my question. As you get into some of the renovation work primarily GVR and Sunset. Maybe you could just help us flush out some of the larger opportunities that each project you hope to solve for with the current renovations because these are largely -- these are more than -- at least from my perception, they seem larger than just refreshes of the existing product. Thanks.

嘿，下午好。感謝您回答我的問題。當您開始進行一些翻新工作時，主要是 GVR 和 Sunset。也許您可以幫助我們找出您希望透過當前的翻新解決的每個項目的一些更大的機會，因為這些機會在很大程度上 - 這些不僅僅是 - 至少從我的看法來看，它們似乎比現有產品的更新更大。謝謝。

Yeah, I can start that. This is Scott. And then Steve, you can kind of jump in. So let's start with Sunset. So Sunset is in an incredibly vibrant new emerging area of the valley.

是的，我可以開始。這是斯科特。然後史蒂夫，你可以插話了。那我們就從日落開始吧。因此，日落位於山谷中一個極其充滿活力的新興地區。

There's a development called Canyon over in that area of the Skye that represents about 12,500 new rooftops over the phasing of the project. At one time, Sunset was kind of an anchor property for us. And as the valley fills in on the East side, Sunset is being remodelled and refurbished to represent kind of the red rock of the East side for us. It's an incredibly dynamic property. It's a fully integrated property.

斯凱島地區有一個名為 Canyon 的開發項目，該項目分階段將建造約 12,500 個新屋頂。曾經有一段時間，Sunset 對我們來說是一個支柱產業。隨著山谷在東側逐漸填滿，日落石正在進行改造和翻新，以代表東側的紅色岩石。這是一個極具活力的財產。這是一個完全整合的財產。

And so we started about 1.5 years ago with the race and Sports book and a Yard House restaurant, which both have been incredibly successful. And then we've gone through and we're subsequently remodelling the entire casino floor. We're adding a country Western dance hall. We'll go in and refurbish the lobby, the exterior of the property at a Mexican restaurant, redo the center bar. And so essentially, the main center or heart of the overall property will be refurbished.

大約一年半前，我們開始經營賽馬和體育博彩業務，並開設了 Yard House 餐廳，這兩項業務都取得了巨大的成功。然後我們完成了整個賭場的改造。我們正在增設一個鄉村西部舞廳。我們將進入並翻新大廳、墨西哥餐廳的外部，並重新裝修中心酒吧。因此從本質上來說，整個物業的主要中心或核心將得到翻新。

As we've been doing that over the last 1.5 years, we've been -- it's been incredibly well received by our customers. Each segment of the property that we renovate and reopen, we're seeing positive return.

在過去的一年半里，我們一直在這樣做，並且得到了客戶的一致好評。我們翻新和重新開放的每個物業部分都獲得了積極的回報。

In visitation and in the expansion of the demographic profile that we're able to attract to the property. So I mean, we feel like we have pretty good traction over there. and we really believe in the return on investment that we'll get over there at Sunset, given the area in the market that it's in, which is growing and the ability for us to attract a younger gaming profile.

透過參觀和擴大人口統計資料，我們能夠吸引到該房產。所以我的意思是，我們覺得我們在那裡有很好的發展勢頭。我們真的相信，考慮到 Sunset 所在的市場區域正在成長，我們有能力吸引更年輕的遊戲玩家，我們將在那裡獲得投資回報。

And I think we've seen since post-COVID with all these investments that we've made, we really have been able to lower the age group that we're able to attract to the property, which I think is very important for the long-term growth here.

我認為，自從疫情爆發以來，透過我們所做的所有這些投資，我們確實能夠降低吸引到該房產的年齡群體，我認為這對這裡的長期增長非常重要。

And then switching to GVR, same story. It's an incredibly vibrant area, one of the higher net worth areas of the valley. GVR rooms were in need of a refresh. We really started with adding high limit rooms, which we've done on all of our core properties, pretty much all of the core properties, which we've seen incredible return on investment in. And so we did that first at Green Valley, new high limit rooms both slots and tables, new restaurants.

然後切換到 GVR，情況也是如此。這是一個充滿活力的地區，也是山谷中淨值較高的地區之一。GVR 房間需要翻新。我們實際上是從增加高限額房間開始的，我們在所有核心物業上都這樣做了，幾乎所有核心​​物業都這樣做了，我們看到了令人難以置信的投資回報。因此，我們首先在綠谷 (Green Valley) 實施了這項計劃，新建了高限額房間（包括老虎機和賭桌），還有新餐廳。

So we're bringing the hotel rooms up to a 5-star level of finish to complement the high limit rooms and the restaurants and at the same time, bringing our meeting space in alignment with that level of quality. So you're going to have fresh new rooms, fresh new we mentioned in meeting space, fresh suite product great high limit rooms, new higher-class restaurants and so.

因此，我們將飯店客房的裝潢提升到五星級水平，以補充高限額客房和餐廳，同時使我們的會議空間也達到相同的品質水平。因此，您將擁有全新的房間、我們提到的全新的會議空間、全新的套房產品、超高限額房間、新的高級餐廳等等。

And I think what you'll see when you see the Green Valley Ranch room product, I mean, it is more than just a refresh or a rerag of the room.

我認為，當您看到 Green Valley Ranch 房間產品時，您會看到，它不僅僅是房間的翻新或重新佈置。

The repositioning.

重新定位。

It's a complete repositioning of the property into the luxury space where the bathrooms are being completely redone. And I think we'll have one of the nicest room products in the city. So we're excited about that.

這是對房產的徹底重新定位，使其成為豪華空間，浴室也進行了徹底的改造。我認為我們將擁有這座城市最優質的客房產品之一。所以我們對此感到很興奮。

And we have some of the renderings for those in the investor deck. Do you want to take a look.

我們為投資者準備了一些效果圖。你想看一看嗎？

Got it. Helpful. And then just a really quick one. I think you helped us with some of the benefit to free cash flow for the remainder of the year tied to the 100% bonus depreciation. How do we think about that number in '26, even just in broad strokes?

知道了。很有幫助。然後就很快了。我認為您通過與 100% 獎金折舊掛鉤的今年剩餘時間的自由現金流中獲得了部分好處。我們如何看待 26 年的這個數字，哪怕只是粗略地看一下？

A lot of it depends on what we actually do.

這很大程度上取決於我們實際做什麼。

That's exactly where I was going to go in. So let's assume that the interest limitation is going to be a good guy. The main driver here in '26 is going to be the accelerated depreciation, and we're really going through our capital planning right now. But I think that puts us in a good step that any investment that Frank or Lorenzo want to make. We know we're going to be able to take that tax further immediately.

這正是我要去的地方。因此，我們假設興趣限制將​​是一個好人。26 年的主要驅動因素將是加速折舊，我們現在正在進行資本規劃。但我認為這使我們邁出了良好的一步，無論弗蘭克或洛倫佐想要進行什麼投資。我們知道我們將能夠立即進一步徵收該稅。

Thanks.

謝謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, afternoon. I covered a lot of ground already. I appreciate it. I just wanted to get a sense for, Steve, how you're sort of thinking about your sort of ideal leverage range given the spending, which has been productive given the capital return plans, et cetera, where would you like to sort of range that over time?

嗨，下午好。我已經講了很多內容。我很感激。我只是想知道，史蒂夫，考慮到支出，你是如何考慮理想的槓桿範圍的，考慮到資本回報計劃等，這些支出已經很有成效，你希望隨著時間的推移將這些範圍調整到什麼程度？

Yeah, David, I don't think there's any change right now. As you can -- we've kind of knocked down leverage over the last several quarters just naturally through generating higher EBITDA. So very comfortable with the balance sheet and the overall leverage position. As I mentioned previously, it's supported by a very flexible credit agreement and no near debt term maturities. And that's the financial flexibility that enables Frank and Lorenzo to kind of operate a balanced and disciplined approach to capital allocation.

是的，大衛，我認為現在沒有任何改變。如您所知——過去幾個季度，我們透過產生更高的 EBITDA 自然地降低了槓桿率。因此對資產負債表和整體槓桿狀況非常滿意。正如我之前提到的，它由非常靈活的信貸協議支持，並且沒有近期債務到期。正是這種財務靈活性使得弗蘭克和洛倫佐能夠採取平衡且有紀律的方式進行資本配置。

You did mention that this quarter, we did take an opportunity to return a lot of capital through the [$670,000] share repurchase, our quarterly dividend as well as our special dividend. I think the focus in the back half of the year is primarily going to be focused on getting Green Valley, Sunset and Durango online.

您確實提到，本季度我們確實藉此機會透過 [670,000 美元] 股票回購、季度股息以及特別股息返還了大量資本。我認為今年下半年的重點主要將集中在 Green Valley、Sunset 和 Durango 上線。

Got it. Okay, thanks. Congrats on your quarter.

知道了。好的，謝謝。恭喜您取得本季的優異成績。

Thanks, David.

謝謝，大衛。

(Operator Instructions)

（操作員指示）

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Oh hi, thanks for taking my question. Maybe just one in regard to the 100,000-plus customers you've acquired since opening Durango. Curious if you could give us any insight into the behavior of that segment of the database relative to previous customers, do they spend more? Do they visit more frequently? Do they move about your other properties? Is there a behavior any different if they're acquired at Durango versus the rest of the portfolio?

哦，你好，感謝您回答我的問題。也許自從開設 Durango 以來，您已經獲得了 100,000 多名客戶，這只是其中之一。我很好奇，您是否可以向我們提供一些關於該資料庫部分相對於之前客戶的行為的見解，他們是否花費更多？他們來訪的更頻繁嗎？他們會移動你的其他財產嗎？如果它們被 Durango 收購，與被其他投資組合收購相比，它們的行為是否會有所不同？

Yeah, John, this is Scott. I think generally, because you're talking about a large sample size of people, they behave very similarly to the rest of our customers. I mean they are in and among 3 to 5 mile radiuses of other customers. Now well, I guess I'll enhance your question by saying, does Durango behave a little differently than some of our other properties and the answer would be yes. I think that Durango is catering to a younger demo.

是的，約翰，這是史考特。我認為一般來說，因為你談論的是大量樣本，所以他們的行為與我們其他客戶的行為非常相似。我的意思是他們位於其他顧客 3 到 5 英里半徑範圍內。現在，好吧，我想我會透過問「杜蘭戈的行為是否與我們的其他一些屬性略有不同」來加強您的問題，答案是肯定的。我認為 Durango 迎合的是更年輕的群體。

We tend to see a lot of industry folks coming off the strip and stop an off at Durango, maybe on the way home. So we have a little bit more visitation on the later day parks at Durango. And I think it's a function of the incredible food and beverage programming we have there that it's kind of a lifestyle or in a property you see in a younger--

我們經常看到很多業內人士從大道上下來並在杜蘭戈停留，也許是在回家的路上。因此，我們後期會有更多的遊客參觀杜蘭戈的公園。我認為這是我們在那裡提供的令人難以置信的食品和飲料項目的功能，這是一種生活方式，或者在年輕人中看到的一種財產——

And just the location is unbelievable. And it's a growing area of the valley, both residentially, commercially, there's a lot of activity going on around there. And as Scott said, it's broadened the demographic profile.

並且其位置令人難以置信。這是山谷中一個不斷發展的區域，無論是住宅區還是商業區，周圍都有很多活動。正如斯科特所說，它拓寬了人口統計範圍。

And definitely a higher spend per person on to beverage.

而且每個人在飲料上的花費肯定更高。

It's all helpful. That's it. Thanks, guys.

這一切都很有幫助。就是這樣。謝謝大家。

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

我們的問答環節到此結束。我想將會議轉回以便發表結束語。

Well, thank you, everyone, for joining the call, and we'll see you and talk again in 90 days. Take care.

好吧，謝謝大家參加電話會議，我們將在 90 天後再次與您見面並進行交談。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。