Red Rock Resorts Inc (RRR) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Red Rock Resort's third-quarter 2025 conference call. (Operator Instructions) Please note this conference call is being recorded.

下午好，歡迎參加紅岩度假村 2025 年第三季電話會議。（操作員提示）請注意，本次電話會議正在錄音。

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

現在我謹將會議交給紅岩度假村執行副總裁、財務長兼財務主管史蒂芬‧庫蒂先生。請繼續。

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resort's third-quarter 2025 earnings conference call. Joining me on the call today are Frank Fertitta and Lorenzo Fertitta, Scott Kreeger, and our executive management team.

謝謝接線員，大家下午好。感謝您今天參加紅岩度假村2025年第三季財報電話會議。今天和我一起參加電話會議的有 Frank Fertitta 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包含受美國聯邦證券法安全港條款保護的前瞻性聲明。實際情況和結果可能與預期有所不同。

During the 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 release, Form 8-K and Investor deck, which were filed this afternoon prior to the call. Also, please note this call is being recorded.

電話會議期間，我們也將討論非GAAP財務指標。有關這些數字的定義以及與 GAAP 的完整核對，請參閱我們今天下午在電話會議之前提交的收益報告、8-K 表格和投資者簡報中的財務表格。另外，請注意本次通話正在錄音。

The third quarter was another strong one for the company by every measure. Our Las Vegas operations once again set new records, delivering its highest third-quarter net revenue and adjusted EBITDA down in history, while maintaining a near record adjusted EBITDA margin. This marks the ninth consecutive quarter of record net revenue, and the fifth consecutive quarter of record adjusted EBITDA, underscoring the strength and consistency, and long-term earnings power of our operating model.

從各方面來看，公司第三季業績依然強勁。我們在拉斯維加斯的業務再次創下新紀錄，實現了有史以來最高的第三季淨收入和調整後 EBITDA，同時保持了接近歷史最高水平的調整後 EBITDA 利潤率。這標誌著公司連續第九個季度淨收入創歷史新高，連續第五個季度調整後 EBITDA 創歷史新高，凸顯了我們營運模式的實力、穩定性和長期盈利能力。

In addition to delivering strong financial results, we remain very pleased with 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.

除了強大的財務表現外，我們對 Durango Casino & Resort 的持續表現以及核心物業的收入恢復情況也感到非常滿意。Durango 繼續擴大拉斯維加斯本地市場，推動現有客戶群增加遊戲次數，並吸引新客人加入 Station Casinos 品牌。

Despite the disruption caused by the construction of our new high limit slot room and covered parking garage, the property continued to demonstrate strong momentum within the quarter with increased visitation and elevated net theoretical win from our carded customers in the surrounding Durango area, as well as adding new customers to the brand.

儘管我們新建的高額老虎機遊戲室和室內停車場的建設造成了一些幹擾，但該物業在本季度繼續保持強勁的發展勢頭，週邊杜蘭戈地區的持卡客戶到訪量增加，淨理論贏額也提高，同時也為該品牌增加了新客戶。

As discussed on prior earnings calls, construction continues on the current phase of our Durango master plan. This expansion will add more than 25,000 square feet of additional casino space, including a new high limit slot area and bar. In total, the project will introduce approximately 230 new slot machines with 120 allocated to the high limit room.

如同先前財報電話會議所討論的，我們杜蘭戈總體規劃的當前階段的建設仍在繼續。此次擴建將增加超過 25,000 平方英尺的賭場空間，包括一個新的高額老虎機區和酒吧。該項目總共將引入約 230 台新老虎機，其中 120 台將分配給高額投注區。

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 at the company. The total project cost is approximately $120 million, remains on budget and is expected to be completed in late December.

作為該階段的一部分，我們還將建造一座擁有近 2000 個停車位的新型室內停車場，這將提升客戶的便利性，並為公司未來的發展提供基礎設施的靈活性。該項目總成本約為 1.2 億美元，目前仍在預算範圍內，預計將於 12 月底完工。

With this phase nearing completion, we are now turning our attention to the next phase of Durango's master plan as we continue to build on the property's early success and strong customer demand. Supported by robust market fundamentals and the rapid development of the surrounding area, this next phase will expand the podium along the north side of the existing facility by more than 275,000 square feet.

隨著這一階段接近完成，我們現在將注意力轉向杜蘭戈總體規劃的下一階段，我們將繼續鞏固該物業早期取得的成功和強勁的客戶需求。在強勁的市場基本面和周邊地區快速發展的支持下，下一階段將擴大現有設施北側的裙樓超過 275,000 平方英尺。

The expansion will add nearly 400 additional slot machines and ancillary gaming to the casino floor, as well as introduce a range of new amenities designed to enhance the guests' experience and deliver on what our customers are asking for, including a state-of-the-art 36-lane bowling facility, luxury movie theatres, a mix of new restaurant concepts and food hall tenants, and multiple entertainment venues designed to drive repeat visitation and broaden our customer appeal.

此次擴建將在賭場內增加近 400 台老虎機和輔助遊戲設施，並引入一系列旨在提升賓客體驗並滿足客戶需求的新設施，包括最先進的 36 道保齡球館、豪華電影院、各種新式餐廳和美食廣場商戶，以及多個旨在吸引回頭客並擴大客戶吸引力的娛樂場所。

Construction is expected to begin in January and will take approximately 18 months to complete. The total project cost is estimated at approximately $385 million and will be executed under a guaranteed maximum price contract.

預計1月開工建設，工期約18個月。該項目總成本預計約為 3.85 億美元，並將按照最高限價合約執行。

We are excited to embark on this next phase of growth at Durango, and upon completion, we believe the property will be even better positioned to capture additional market share and drive sustained growth in the local market, which is expected to add more than 6,000 new households within a 3-mile radius of the property over the next few years complemented by the continued build out of downtown Summerlin and Summerlin West, which together are projected to add approximately 34,000 new households.

我們很高興開啟 Durango 的下一個發展階段，我們相信，項目完成後，該物業將佔據更有利的地位，從而獲得更多市場份額，並推動當地市場的持續成長。預計未來幾年，該物業方圓 3 英里內將新增 6000 多戶家庭，同時，Summerlin 市中心和 Summerlin West 的持續建設也將相輔相成，預計兩者加起來將新增約 34000 戶家庭。

Now let's take a look at our third quarter. With respect to our Las Vegas operations, our third-quarter net revenue was $468.6 million, up almost 1% from the prior year's third quarter. Our adjusted EBITDA was $209.4 million, up 3.4% from the prior year's third quarter.

現在讓我們來看看第三季的情況。就我們在拉斯維加斯的業務而言，我們第三季的淨收入為 4.686 億美元，比去年同期成長了近 1%。我們調整後的 EBITDA 為 2.094 億美元，比去年同期成長 3.4%。

Our adjusted EBITDA margin was 44.7%, an increase of 110 basis points from the prior year. On a consolidated basis, our third-quarter net revenue, which includes $3.9 million from our North Fork project, was $475.6 million, up 1.6% from the prior year's third quarter.

我們調整後的 EBITDA 利潤率為 44.7%，比前一年成長了 110 個基點。從合併層面來看，我們第三季的淨收入（包括來自 North Fork 專案的 390 萬美元）為 4.756 億美元，比去年同期成長 1.6%。

Our adjusted EBITDA, which also includes $3.9 million from our North Fork project, was $190.9 million, up 4.5% from the prior year's third quarter. Our adjusted EBITDA margin was 40.1% for the quarter, an increase of 110 basis points from the prior year.

我們調整後的 EBITDA（其中也包括來自 North Fork 專案的 390 萬美元）為 1.909 億美元，比上年第三季成長 4.5%。本季調整後的 EBITDA 利潤率為 40.1%，比去年同期成長了 110 個基點。

In the quarter, we converted 67.3% of our adjusted EBITDA into operating free cash flow, generating $128.5 million or $1.21 per share. This brings our year-to-date cumulative free cash flow to $335.3 million or $3.17 per share. The strong level of free cash flow was strategically deployed to support our long-term growth initiatives, including the most recent projects at Durango, Sunset Station, and Green Valley Ranch, or return to our stakeholders through debt reduction, dividends, and share repurchases.

本季度，我們將調整後 EBITDA 的 67.3% 轉化為經營自由現金流，產生了 1.285 億美元，即每股 1.21 美元。這使得我們今年迄今的累計自由現金流達到 3.353 億美元，即每股 3.17 美元。我們策略性地運用強勁的自由現金流來支持我們的長期成長計劃，包括最近在 Durango、Sunset Station 和 Green Valley Ranch 的項目，或透過減少債務、分紅和股​​票回購來回報我們的利害關係人。

As we begin the fourth quarter, we remain focused on our core local guests while continuing to grow our regional national customer segments across the portfolio. Compared to the third quarter of last year, we saw continued strength in carded slot play across our database, including our regional and national segments. Robust visitation and net theoretical win helped drive the highest third-quarter revenue and profitability in our gaming segment in the company's history.

第四季開始，我們將持續專注於服務本地核心客戶，同時持續拓展旗下各區域和全國客戶群。與去年第三季相比，我們在資料庫中（包括區域和全國部分）都看到了持卡老虎機遊戲的持續強勁增長。強勁的客流量和淨理論收益推動公司遊戲部門實現了有史以來最高的第三季營收和獲利能力。

Turning to our non-gaming operations, both hotel and food and beverage delivered another strong quarter, achieving near record revenue and profitability in the quarter. The hotel segment performed exceptionally well, generating near record results despite the West Tower Green Valley Ranch being offline for renovation driven by our team's success and increasing occupancy across the portfolio.

再來看我們的非博彩業務，飯店和餐飲業務都取得了又一個強勁的季度業績，本季營收和獲利能力均接近歷史最高水準。儘管西塔綠谷牧場酒店因翻新而停業，但由於我們團隊的成功以及整個酒店入住率的提高，酒店業務表現異常出色，取得了接近歷史最高水平的業績。

The food and beverage segment achieved record revenue and near record profitability for the quarter, supported by higher cover accounts across our outlets. In group sales and catering, our teams deliver near record third-quarter revenue, and we continue to see positive momentum in both business lines to the balance of 2025 and into early 2026.

食品飲料業務在本季度實現了創紀錄的收入和接近創紀錄的盈利能力，這得益於我們各門店客流量的增加。在團體銷售和餐飲方面，我們的團隊實現了接近歷史最高水準的第三季收入，我們預計這兩個業務線在 2025 年剩餘時間和 2026 年初將繼續保持積極的成長勢頭。

As we look ahead to the fourth quarter, we are seeing continued stability in our core slot and table games business within the locals market and across our carded database. We've also seen a return to a more normal hold in our sports business as we start the fourth quarter. While we do expect near-term disruption impact from our ongoing construction projects at Durango, Sunset Station, and Green Valley Ranch, we remain as confident than ever in the strength of our business and long-term growth prospects.

展望第四季度，我們看到本地市場和我們所有持卡資料庫中的核心老虎機和桌上遊戲業務持續保持穩定。隨著第四季的開始，我們的體育業務也逐漸恢復了正常水平。雖然我們預計在杜蘭戈、日落車站和綠谷牧場的在建項目會在短期內造成一些幹擾，但我們對公司業務的實力和長期成長前景仍然充滿信心。

Now let's cover a few balance sheet and capital items. The company's cash and cash equivalents at the end of the third quarter were $129.8 million and the total principal amount of debt outstanding $3.4 billion resulting in net debt of $3.3 billion. At the end of the third quarter, the company's net debt to EBITDA ratio is 3.89 times.

現在我們來看看資產負債表和資本項目的一些內容。截至第三季末，該公司現金及現金等價物為 1.298 億美元，未償債務本金總額為 34 億美元，淨負債為 33 億美元。第三季末，該公司的淨負債與 EBITDA 比率為 3.89 倍。

During the third quarter, we made total distributions of approximately $27.8 million to the LLC unit holders' Station Holdco, including a distribution of approximately $16.3 million to Red Rock Resorts. The company used its portion of the distribution to pay its previously declared quarterly dividend of $0.25 per class A common share and repurchase approximately 92,000 class A common shares under its previously announced 600 million share repurchase program.

第三季度，我們向 LLC 單位持有人 Station Holdco 分配了約 2,780 萬美元，其中包括向 Red Rock Resorts 分配了約 1,630 萬美元。該公司利用其分紅份額支付了先前宣布的每股 A 類普通股 0.25 美元的季度股息，並根據先前宣布的 6 億股股票回購計劃回購了約 92,000 股 A 類普通股。

Prior to the earnings call, our Board authorized an extension of our existing share repurchase program to December 31, 2027, as well as authorized an additional $300 million for our existing share repurchase program, giving us $573 million of availability for future share repurchases.

在財報電話會議之前，我們的董事會批准將我們現有的股票回購計畫延長至 2027 年 12 月 31 日，並批准為我們現有的股票回購計畫追加 3 億美元，使我們未來可用於股票回購的資金達到 5.73 億美元。

As a reminder, since we began purchasing shares either through our share repurchase program or the 2021 tender, we have purchased approximately $15.2 million class A shares at an average price of $45.53 per share, reducing our share count to approximately 105.9 million shares.

提醒一下，自從我們開始透過股票回購計畫或 2021 年要約收購購買股票以來，我們已經以每股 45.53 美元的平均價格購買了約 1520 萬美元的 A 類股票，使我們的股票數量減少到約 1.059 億股。

As mentioned in our previous earnings call, there was no estimated cash tax payment for Red Rock Resorts in the third quarter, and we do not anticipate one occurring in the fourth quarter through the passage of the One Big Beautiful Bill Act earlier this year.

正如我們在之前的收益電話會議中提到的，Red Rock Resorts 在第三季度沒有預計的現金稅款支付，而且由於今年早些時候通過了《一項偉大的美麗法案》，我們預計在第四季度也不會有現金稅款支付。

Capital spend in the third quarter was $93.7 million, which includes approximately $70.5 million in investment capital, as well as $23.2 million in maintenance capital. This brings our year-to-date capital spend to $240.1 million, which includes approximately $163.1 million in investment capital as well as $77 million in maintenance capital.

第三季資本支出為 9,370 萬美元，其中包括約 7,050 萬美元的投資資本，以及 2,320 萬美元的維護資本。這使得我們今年迄今的資本支出達到 2.401 億美元，其中包括約 1.631 億美元的投資資本以及 7,700 萬美元的維護資本。

For the full-year 2025, we now expect to spend between $325 million and $350 million, down $25 million from our previous earnings call, mainly due to the timing of capital expenditures. The full-year capital spend includes $235 million to $250 million in investment capital, as well as $90 million to $100 million in maintenance capital.

我們現在預計 2025 年全年支出將在 3.25 億美元至 3.5 億美元之間，比我們之前的收益電話會議減少了 2500 萬美元，這主要是由於資本支出的時間安排。全年資本支出包括 2.35 億美元至 2.5 億美元的投資資本，以及 9,000 萬美元至 1 億美元的維護資本。

In addition to our continued investment in our Durango property, we are making significant investments in our Sunset Station and Green Valley ranch properties. At Sunset Station, we continue to advance our podium refresh to better position the property for continued growth in Henderson, particularly for the master planned communities of the Sky and Cadence, which are expected to deliver over 12,500 new households at full build out.

除了繼續投資我們在杜蘭戈的房地產外，我們還在日落車站和綠谷牧場進行了大量投資。在 Sunset Station，我們繼續推進裙樓的翻新，以便更好地為亨德森的持續增長做好準備，特別是為 Sky 和 ​​Cadence 這兩個總體規劃社區，預計全面建成後將提供超過 12,500 個新家庭。

The $53 million renovation includes an all-new country western bar and nightclub, a new Mexican restaurant, a new center bar, and a fully renovated casino floor. We are pleased to report that customer feedback and initial financial performance on the completed portions of the renovation have been overwhelmingly positive, reinforcing our confidence in the project's direction.

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和夜總會、一家新的墨西哥餐廳、一個新的中心酒吧以及一個全面翻新的賭場樓層。我們很高興地報告，客戶對已完成部分的翻新工程的回饋和初步財務表現都非常積極，這增強了我們對專案方向的信心。

The project remains on budget, with the new amenities expected to come online throughout the remainder of 2025 and into the first half of 2026. At Green Valley Ranch, we've commenced a comprehensive refresh of our guest rooms, suites and convention spaces, aligning the hotel experience with the recently renovated and well-received high limit table and slot rooms at the property.

該項目仍在預算範圍內，新的配套設施預計將在 2025 年剩餘時間和 2026 年上半年陸續投入使用。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，使酒店體驗與酒店內最近翻新並廣受好評的高額賭桌和老虎機房間保持一致。

Work on the rooms in the West Tower is currently underway and is expected to be completed by mid-November, at which point the East Tower will come offline. While we're still reviewing the East Tower and convention schedules, we now expect the timing for this portion of the project to extend into the summer of 2026. As with our other recently introduced amenities, we believe these upgrades will generate strong returns. However, we do anticipate some continued disruption of the property to the first half of 2026, as we bring these new offerings online for our guests.

西塔的房間裝修工程目前正在進行中，預計將於 11 月中旬完工，屆時東塔將停止運作。雖然我們仍在審查東塔和會議日程安排，但我們現在預計該計畫的這一部分將持續到 2026 年夏季。與我們近期推出的其他配套設施一樣，我們相信這些升級改造將帶來豐厚的回報。不過，我們預計在 2026 年上半年，飯店營運仍會受到一些幹擾，因為我們需要將這些新服務上線，以更好地服務我們的客人。

Turning now to North Fork, construction is progressing well. We expect to have the facility enclosed by the end of the month and permit power in place by December, keeping us on pace for an early fourth quarter of 2026 opening. The total all-in project cost remains approximately $750 million. It's fully financed and is being executed under a guaranteed maximum price contract.

現在來看北福克，建設進展順利。我們預計本月底前完成設施封閉，12 月前完成電力供應，這將使我們能夠按計劃在 2026 年第四季初開業。該項目的總成本約為 7.5 億美元。該專案資金已全部到位，並按照最高限價合約執行。

When complete, this best-in-class resort will feature approximately 100,000 square feet of casino space with over 2,400 slot machines, including 2,000 Class 3 games, 40 table games, two food and beverage outlets, and a food court with many exciting options.

建成後，這座一流的度假村將擁有約 10 萬平方英尺的賭場空間，配備 2400 多台老虎機（包括 2000 台 3 類老虎機）、40 張賭桌、兩家餐飲店和一個提供眾多精彩選擇的美食廣場。

At the end of the quarter, Red Rock's outstanding [no balance due from the tribe] stands at approximately $75.2 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.

截至本季末，紅岩的未償債務（部落無欠款）約為 7,520 萬美元。我們對這個專案感到非常興奮，對施工進度非常滿意，並期待在未來的財報電話會議上提供更多最新進展。

Lastly, the company's Board of Directors has approved an increase in our regular quarterly cash dividends of $0.26 per Class A common share payable on December 31 to shareholders of record as of December 15. The decision to raise our regular core dividend reflects the continued strength we are seeing in our business and the confidence we have in our long-term earnings power of our operating model. Including the dividend and the share repurchases completed during the quarter, we will return approximately $221 million to our shareholders year-to-date, demonstrating our ongoing commitment to disciplined capital allocation and delivering sustainable long-term value to our shareholders.

最後，公司董事會已批准將季度現金股利增加至每股 A 類普通股 0.26 美元，將於 12 月 31 日支付給 12 月 15 日登記在冊的股東。提高常規核心股利的決定反映了我們對公司業務持續強勁發展的信心，以及我們對公司營運模式長期獲利能力的信心。包括本季完成的股利和股票回購在內，我們今年迄今將向股東返還約 2.21 億美元，這體現了我們對嚴謹資本配置的持續承諾，以及為股東創造可持續的長期價值。

With a third record quarter behind us, strong momentum from the start of the year has continued, and we remain confident in the strength and resilience of our business. 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 and highly desirable locations across the Las Vegas Valley.

第三個創紀錄的季度已經過去，年初以來的強勁勢頭得以延續，我們對公司業務的實力和韌性仍然充滿信心。Durango 專案持續驗證了我們的長期成長策略，並凸顯了我們自身開發專案和房地產儲備的價值，其中包括拉斯維加斯山谷超過 450 英畝的可開發土地和極具吸引力的地段。

Combined with our portfolio of best-in-class assets and premier locations, this pipeline positions us for significant long-term growth and allows us to fully capitalize on the favorable demographic trends and high barriers to entry that define the Las Vegas local's market. Looking ahead, we remain focused on executing our development pipeline, maintaining operating discipline, and enhancing shareholder returns through a balanced and consistent capital allocation strategy.

結合我們一流的資產組合和優越的地理位置，這項專案儲備使我們能夠實現顯著的長期成長，並充分利用拉斯維加斯本地市場有利的人口趨勢和高進入門檻。展望未來，我們將繼續專注於推進我們的開發項目，保持營運紀律，並透過平衡和一致的資本配置策略來提高股東回報。

Finally, we 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. They are the driving force behind the exceptional guest experience to keep our guests coming back time and again.

最後，我們要藉此機會衷心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。他們是打造卓越賓客體驗、讓賓客一次又一次光臨的驅動力。

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

感謝他們的努力，我們很自豪地獲得了多項榮譽，包括連續五年被評為拉斯維加斯谷最佳賭場雇主，連續四年被認證為最佳工作場所，並連續第二年被《福布斯》評為美國最佳州內雇主之一。

We were 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. Lastly, we extend our heartfelt gratitude to our loyal guests for their unwavering support over the past six decades.

我們也榮獲《今日美國》評選的最佳工作場所之一的稱號，最近又被《新聞周刊》評為內華達州美國最佳工作場所之一。最後，我們衷心感謝各位忠實顧客在過去六十年中始終如一的支持。

With that operator, we're happy to open the line for questions.

我們很高興透過該接線員開通線路，接受提問。

(Operator Instructions) Dan Politzer, JPMorgan.

（操作員指令）Dan Politzer，摩根大通。

First, Durango, I guess we can call it Phase 3 if you will. Can you maybe talk about the rationale there for adding on, as you kind of finish up this initial phase, the disruption impact? And maybe how to frame returns just given there is a big component of this project that's going to be clearly non-gaming.

首先是杜蘭戈，我想我們可以稱之為第三階段。您能否談談在完成初始階段的同時，為何要加入「顛覆性影響」這一因素？或許應該考慮如何看待回報問題，因為這個項目中有一個很大的組成部分顯然與遊戲無關。

Sure. This is Lorenzo. Obviously, as you know, Durango opened very strong two years ago. Guests really have taken to the property, and we've been very happy with the results so far. Going back to the overall premise of the Durango investment, looking at the fact of where the location exists, there's no competition within 3 miles in a growing submarket in Las Vegas.

當然。這是洛倫佐。顯然，正如你所知，杜蘭戈兩年前開業時發展勢頭非常強勁。客人們都很喜歡這處房產，我們對目前的結果非常滿意。回到 Durango 投資的整體前提，看看它所處的地理位置，在拉斯維加斯不斷增長的次級市場中，方圓 3 英里內沒有競爭對手。

And then when we look at demand there, particularly for entertainment assets at that property, we felt like that there was the ability to drive additional traffic and additional guests by adding some additional capacity as well as additional entertainment assets there.

然後，當我們考察那裡的需求，特別是該物業的娛樂設施需求時，我們覺得可以透過增加一些額外的容量和娛樂設施來吸引更多的客流量和更多的客人。

And look, and the reality is that from a return standpoint, we expect to get similar returns on the expansion that we have gotten so far on the initial build, which is right in line with what we had communicated to everybody when we announced the project.

實際上，從回報的角度來看，我們預計此次擴建將獲得與目前為止在初始建設中獲得的類似回報，這與我們宣布該項目時向大家傳達的信息完全一致。

And of all the customer surveys that we've done since we opened, the one thing that our customer base expects is all these other entertainment amenities, like movie theatres and bowling and things of this nature. So we're basically giving our customers what they're asking for. And that's really what we build as regional entertainment destinations in the best locations with the best amenities at the facilities. That's what's allowed our company to grow the way that it has.

自從我們開業以來，我們進行了大量的客戶調查，結果顯示我們的客戶群最希望看到的就是其他娛樂設施，例如電影院、保齡球館等等。所以，我們基本上是在滿足客戶的需求。而這正是我們致力於打造的區域性娛樂目的地，我們在最佳地段配備最佳設施。正是這一點讓我們的公司得以成長。

Got it. That makes sense. And then just in terms of the quarter, Steve, I think you alluded to something along the lines of sports betting hold. I don't know if you can quantify what that might have been in the quarter and then along those lines anyway to kind of get a sense of what that disruption impact, where we stand year-to-date versus, I think that $23 million. Although given, it sounds like they're --

知道了。這很有道理。史蒂夫，就本季而言，我想你之前提到過體育博彩方面的情況。我不知道你是否可以量化這個季度可能受到的影響，然後沿著這個思路，大致了解一下這種幹擾的影響，以及我們今年迄今為止的狀況，我認為是 2300 萬美元。雖然如此，但聽起來他們好像是--

It's really that last year was like a not normal sports hold last year given the way the NFL had most of the favorites winning every game.

去年確實不像往常那樣是一場正常的體育賽事，因為 NFL 的大多數奪冠熱門球隊都贏得了每一場比賽。

Yeah. If you recall last October, we announced -- last third-quarter call, we announced we had $4 million of unfavorable hold. So I just wanted to remind everyone that we're back to a normal hold as Q4 is progressing.

是的。如果你還記得去年十月，我們在第三季財報電話會議上宣布，我們有 400 萬美元的不利評級被擱置。所以我想提醒大家，隨著第四季的推進，我們又恢復了正常的暫停狀態。

In terms of I think disruption, I think this quarter was a really outstanding quarter by every measure, even despite the disruption we had at [both] our Green Valley Ranch where the hotel remains offline through mid-November. It probably impacted our results about $2.5 million to $3 million to the quarter after which the East Tower will [then] go right down.

就我認為的干擾而言，我認為本季度在各個方面都是一個非常出色的季度，即使我們在綠谷牧場酒店遭遇了乾擾，該酒店將持續停業至 11 月中旬。東塔倒塌後，接下來的季度我們的業績可能會損失 250 萬至 300 萬美元。

We also did experience some disruptions, especially during peak parking times at Durango. And at Sunset Station as we're during peak construction times. As mentioned with the Green Valley Ranch project extended, we expect that disruption to extend beyond 2025 and into 2026. For Q4, we're estimating Green Valley disruption probably around $8 million.

我們也遇到了一些幹擾，尤其是在杜蘭戈的停車高峰時段。而且我們正處於日落車站的施工高峰期。正如先前提到的綠谷牧場計畫延期一樣，我們預計這種幹擾將持續到 2025 年以後，甚至延續到 2026 年。我們預計第四季綠谷地區造成的損失可能在 800 萬美元左右。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

So Steve, you called out in the hotel business exceptional success. Obviously, one of your peers has an asset that's a little bit closer to The Strip that was feeling it right from the sort of, Las Vegas softness, and I know you guys are sort of running a different model, a different customer, different regional location.

史蒂夫，你在酒店業取得了非凡的成功。顯然，你們的一位同行擁有的資產離拉斯維加斯大道更近一些，受到了拉斯維加斯整體疲軟的影響。我知道你們的經營模式、客戶群和地理位置都與拉斯維加斯大道有所不同。

But maybe you could just comment on what you did see, in terms of The Strip weakness over the summer in your business. You guys have been taking share from The Strip on VIPs. Did that kind of hold its own, even with what's going on over there?

但或許您可以就您業務在夏季期間拉斯維加斯大道疲軟的情況發表一些評論。你們一直在搶佔拉斯維加斯大道 VIP 客戶的市場份額。即使考慮到那邊的情況，它是否也經得起考驗？

Hi, Grant, this is Scott. Maybe I'll take this one. For the quarter, we were very happy with the hotel performance. We look at the choppy market in the city, and we felt like we were very resilient in regard to the performance. One thing to caveat, look at hotel revenues being down, it's largely a function of the Green Valley rooms being offline.

你好，格蘭特，我是史考特。或許我會選這個。本季度，我們對酒店的業績非常滿意。我們觀察了該市動盪的市場，並認為我們在業績方面表現出了很強的韌性。需要說明的是，飯店收入下降主要是由於綠谷飯店客房停用所致。

So if you take that out, we actually perform quite well. Occupancy was up about 244 basis points. And when you look at revPAR, we were only off by about 1.3%. And if you added back in the GVR rooms to that revPAR, we probably would have been positive in revPAR for the quarter.

所以如果去掉這個因素，我們的表現其實相當不錯。入住率上升了約 244 個基點。從每間可供出租客房收入（revPAR）來看，我們只比預期少了約 1.3%。如果將 GVR 客房的收入加回每間可供出租客房收入 (revPAR) 中，我們本季的 revPAR 可能就會為正。

Probably the one thing that you're most interested in is ADR. And we kind of mirrored the rest of the city where you saw luxury properties performing a little bit better, and ADR year-over-year comparison to, say, something that's more two- or three-star level. We saw the same thing. But if you look at overall ADR for our company against The Strip, we outperformed them by about 25% on a on an ADR basis.

你最感興趣的可能是ADR（替代性爭議解決機制）。我們的情況與城市其他地區的情況大致相同，豪華酒店的表現略好一些，與二星級或三星級酒店相比，其平均房價同比有所上漲。我們也看到了同樣的情況。但如果你看一下我們公司與拉斯維加斯大道相比的整體平均每日出價 (ADR)，我們以平均每日出價計算的表現比他們高出約 25%。

Okay, great, thanks for that. And then just to circle back on one of Dan's questions, I don't know if I caught it, but Phase 3 Durango disruption potential, so not that big of a deal. I mean, it's on the north side. And so maybe it's not a big deal and you guys didn't -- but you didn't talk about it. Making sure we didn't miss anything there.

好的，太好了，謝謝。然後，我想再回答一下丹提出的一個問題，我不知道我有沒有聽到，但是杜蘭戈第三階段的潛在破壞性，所以這並不是什麼大事。我的意思是，它在北邊。所以也許這不是什麼大事，你們也沒——但你們沒有談論這件事。確保我們沒有遺漏任何內容。

No, Brandt, you didn't miss anything. I think we're still working through the details as we're getting for the construction launch in January. But we do feel that disrupting the north side of the resort is going to cause some significant disruption.

不，布蘭特，你沒錯過什麼。我認為我們仍在敲定細節，以便1月啟動建設項目。但我們認為，擾亂度假村北側的營運將會造成一些重大影響。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Just to follow-up on Brandt's question about The Strip, just maybe more broadly, how do you think about the health of The Strip and its impact on your business? And should we be thinking that maybe historical correlations are not potentially useful at this point?

為了進一步回答 Brandt 關於拉斯維加斯大道的問題，或許可以更廣泛地問一下，您如何看待拉斯維加斯大道的現狀及其對您業務的影響？我們是否應該考慮，歷史相關性在目前可能並不具潛在用途？

There's been a lot of discussion since [G2E] about the recent softening trend from The Strip and really whether these things are going to spill over in the locals' market. And I think the first thing to do is really differentiate the business models. The past 50 years, we've viewed the Las Vegas locals market as just a fundamentally different business. One unlike The Strip, it doesn't rely on heavy tourism, doesn't rely on conventions, nor is it hotel driven.

自 [G2E] 以來，人們一直在討論拉斯維加斯大道近期的疲軟趨勢，以及這些趨勢是否會蔓延到當地市場。我認為首先要做的是真正區分不同的商業模式。過去 50 年，我們一直將拉斯維加斯本地市場視為一個截然不同的市場。與拉斯維加斯大道不同，它不依賴旅遊業，不依賴會議，也不是以酒店業為主導的。

Instead, our locals market is anchored by in the gaming centric business model that offers value propositions to build local guests as well as out of town guests and, at its core, is supported by incredibly loyal guests, who, in our case, over 50% of our card revenue sees guests come over 8 times a month. And then further, the market continues to display resilience and stability within this market.

相反，我們的本地市場以遊戲為中心的商業模式為基礎，提供價值主張來吸引本地顧客和外地顧客，其核心是極其忠誠的顧客，就我們而言，超過 50% 的信用卡收入來自每月光顧 8 次以上的顧客。此外，該市場持續展現出韌性和穩定性。

We believe we're best positioned to capture our fair share of that market in the Las Vegas Valley, and this is demonstrated by our financial results. We have nine record quarters of revenue and five record quarters of EBITDA.

我們相信，我們有能力在拉斯維加斯谷市場佔據應有的份額，而我們的財務表現也證明了這一點。我們實現了九個季度營收創紀錄和五個季度 EBITDA 創紀錄。

Makes sense. And then you've got a lot on your plate. I recognize the different projects. But if we look further out to some of the new development opportunities out there, just given the confidence that it sounds like you have in some of these projects, does it change how you think about either the magnitude or what projects or even the ROIC that you could have on some of the land that you could still develop going forward.

有道理。然後你就有很多事情要忙了。我認出了這些不同的物品。但是，如果我們把目光放得更遠一些，看看未來的一些新的發展機遇，鑑於您對其中一些項目表現出的信心，這是否會改變您對未來可以開發的土地上項目的規模、類型，甚至是投資回報率的看法？

Well, Scott, that's a great question. I don't think that anything has really changed in our view and what we've said in the past. The announcement of Durango North is really just about the fact that Durango North is shovel ready, so it's the quickest project we can get in the ground. That does not slow us down in any way in our master planning, entitlement, or cost analysis of the other projects that we've talked about, namely Cactus and Inspirada.

斯科特，你問得好。我認為我們的觀點和我們過去所說的話並沒有真正改變。Durango North專案的宣布其實只是因為Durango North專案已經做好開工準備，所以這是我們能夠最快開工的專案。這絲毫不會影響我們對其他項目（即 Cactus 和 Inspirada）的總體規劃、審批或成本分析。

And perhaps the Durango hotel rooms.

或許還有杜蘭戈的飯店房間。

Yes, Lorenzo. We're continuing to plan and design and move forward with entitlements and we're as bullish, as we've ever been relative to the future development of the company and our ability to generate returns.

是的，洛倫佐。我們正在繼續進行規劃和設計，並推動各項權益的落實。我們對公司的未來發展和獲利能力一如既往地充滿信心。

David Katz, Jefferies.

David Katz，傑富瑞集團。

So just to follow on to that a bit, I know Steve and everyone, we've had the discussion about potentially having two projects kind of in the ground and spending at once, and that was possible, but it didn't seem all that likely. Can you sort of give us your updated perspective on that?

所以，我再補充一點，我知道史蒂夫和大家討論過同時啟動兩個項目並同時投入資金的可能性，這雖然是可能的，但似乎不太可能。您能否就此問題談談您最新的看法？

Look, we definitely could have two projects in the ground at the same time, but I don't think that would be more than a minor overlap in my opinion. One project may be winding down with another project starting up.

你看，我們當然可以同時開工兩個項目，但我認為這不會造成太大的重疊。一個項目可能即將結束，而另一個項目可能正在啟動。

And that said, David, when you talk about major developments, we just announced Durango North, which we view as an extension of a new build. At the same time, we're doing an extensive remodel at Green Valley. We're doing an extension remodel at Sunset Station.

話雖如此，大衛，說到重大發展，我們剛剛宣布了杜蘭戈北區項目，我們將其視為新建築的延伸。同時，我們正在對綠谷進行大規模的改造。我們正在對日落車站進行擴建改造。

And we're working on our Greenfield projects.

我們正在推進我們的綠地專案。

Okay, lots of balls in the air. And Steve, I just want to make sure I heard correctly. Fully loaded leverage is 3.89 times. Just looking through the next 12 months, is that a neighborhood that we should expect you to kind of stay in, or does that start to ramp up in your model?

好吧，現在事情太多了。史蒂夫，我只是想確認一下我沒聽錯。滿載槓桿倍數為 3.89 倍。展望未來 12 個月，我們是否應該預期您會繼續留在那個社區，還是說在您的模式中，這種情況會開始加劇？

Right now, they were very comfortable with the leverage. This quarter marked the sixth quarter in a row of deleveraging. And as I mentioned earlier, we converted 67% of our EBITDA to free cash flow. So we do plan on funding these resorts out of free cash [leverage] if it does spike up because of the development of these projects would be temporary in nature, as we get these projects up and running, particularly our Green Valley project and Sunset Station projects online and generating cash.

目前，他們對自己的優勢感到非常滿意。本季是連續第六個季度降低槓桿率。正如我之前提到的，我們將 67% 的 EBITDA 轉化為自由現金流。因此，我們計劃利用自由現金流（槓桿）為這些度假村提供資金，如果由於這些項目的開發而導致價格飆升，那麼這種飆升將是暫時的，因為我們會讓這些項目投入運營，特別是我們的綠谷項目和日落車站項目上線並產生現金流。

You don't expect to be a cash taxpayer in the near term.

短期內你不太可能成為現金納稅人。

No. I think as Frank alluded to, the tax bill is going to be incredibly favorable for these development projects. We took an initial look and there's still some wood to chop in this analysis, but we would expect 100% of the Sunset Station project that's currently scoped to be allowed to accelerate depreciation, about 40% of the GDR project to be accelerated, 40% of the Durango North project to be accelerated, and about 10% of the current Durango South garage to be accelerated.

不。我認為正如弗蘭克所暗示的那樣，這項稅收法案對這些開發項目來說將非常有利。我們進行了初步研究，發現這項分析還有一些工作要做，但我們預計目前已規劃的 Sunset Station 項目將有 100% 的部分可以加速折舊，GDR 項目將有約 40% 的部分可以加速折舊，Durango North 項目將有 40% 的部分可以加速折舊，而目前的 Durango South 車庫將有約 10% 的舊部分可以加速舊。

When you kind of put all that together, that's a little bit over $300 million of capital that we're going to put to work that we'll be able to accelerate depreciation and take advantage of the tax bill.

把所有這些加起來，我們將投入超過 3 億美元的資金，用於加速折舊並利用稅收優惠。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, just to follow-up on the tax benefit that you were just running through, I guess now that you have a better view of what the capital outlays will look like in '26, could you help us with the free cash flow conversion next year, EBITDA to free cash flow?

嘿，關於你剛才提到的稅收優惠，我想現在你對 2026 年的資本支出情況有了更清晰的了解，你能幫我們計算一下明年的自由現金流轉換，也就是 EBITDA 到自由現金流的轉換嗎？

Well, I mean, we're still in the throes of actually doing our operating budget and our capital planning for 2026. What we (technical difficulty) was able to focus on is our capital and our existing projects. I mean, that's really where the extent of it. As you've seen over the last several quarters, we've reduced capital outlays by $25 million namely due to the timing of those projects.

嗯，我的意思是，我們目前仍在緊鑼密鼓地制定 2026 年的營運預算和資本計畫。由於技術上的困難，我們能夠集中精力的是我們的資金和現有項目。我的意思是，事情的嚴重程度也就僅限於此了。正如您在過去幾個季度所看到的，由於這些項目的時間安排，我們已經減少了 2500 萬美元的資本支出。

So these three same projects -- the Sunset is currently scoped, Green Valley, the hotel and convention, as well as the Durango South, the garage, which is going to be opening in mid December. About $175 million of capital related to those projects will spill over into 2026, just as a matter of timing. And hopefully that helps then.

所以這三個項目——日落區（目前正在規劃中）、綠谷（酒店和會議中心）以及杜蘭戈南（停車場，將於 12 月中旬開放）——都是相同的項目。與這些項目相關的約 1.75 億美元資金將延至 2026 年，這只是時間上的問題。希望這能有所幫助。

Yeah, that's very helpful. Appreciate it. And then just kind of like more modeling related. In the past, you've -- last couple quarters, you've given us some seasonality color. Is there anything notable we should consider as we close out the year? I think you mentioned $8 million of construction disruption. Just anything else you'd like.

是的，這很有幫助。謝謝。然後還有一些跟模特兒相關的其他內容。過去幾個季度，你們為我們帶來了一些當季色彩。在即將結束這一年之際，有什麼值得我們特別關注的事情嗎？我想你有提到800萬美元的施工幹擾費用。你想要的其他任何東西。

I mean, typically Q4 to Q3 -- Q3 to Q4 seasonality is usually up about 10% to 11%. Right now, at least we haven't seen anything that would argue differently. But then -- and as you mentioned, that's going to be offset by there's some Green Valley disruption, about $8 million and probably Sunset Station in the tune of $1 million to $1.5 million.

我的意思是，通常情況下，第四季到第三季——第三季到第四季的季節性波動通常會上升 10% 到 11%。至少目前為止，我們還沒有看到任何與之相反的論點。但是——正如你所提到的，這將被綠谷的一些幹擾所抵消，損失約為 800 萬美元，日落車站的干擾可能約為 100 萬至 150 萬美元。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Maybe a question operationally. You talked a little bit about, on the hotel side, the performance on luxury versus more value-oriented options. I wonder if you could speak to the gaming business, perhaps the database. And Steve, you may have touched a little bit on this in the prepared remarks. But what are you seeing across the database kind of upper tiers versus lower tiers? And any trends in kind of unrated play? It's not a huge piece of your business, but from a consumer perspective.

或許是個操作方面的問題。您剛才稍微談到了酒店方面，豪華酒店與更注重性價比的酒店之間的表現差異。我想知道您是否可以和遊戲產業談談，或許可以談談資料庫方面的事情。史蒂夫，你可能在事先準備好的演講稿中稍微提到這一點。但是，您在資料庫中觀察到了哪些層級，例如上層和下層？非分級比賽有趨勢嗎？雖然這並非你業務的主要組成部分，但從消費者的角度來看卻很重​​要。

Hi, John. This is Scott. I'll take that one. For the quarter, we saw meaningful increases in carded and uncarded slot win. It's really been consistent and stable performance, and it's really a function of us prioritizing investments around our higher valued customers. So whether that's having some of the best-in-class, high-limit rooms in town, new relevant amenities, best-in-class assets, keeping them clean and fresh.

嗨，約翰。這是斯科特。我選那個。本季，持卡和不持卡老虎機贏錢次數均有顯著成長。業績一直保持穩定，這主要歸功於我們優先投資高價值客戶。所以，無論是擁有城裡一流的高檔客房、全新的配套設施、一流的資產，還是保持它們的清潔和清新。

And really that's -- what I was just going to say is the fact that we're positioned in these high net worth, high-growth areas on arterial freeways is really shining through in the database. So when you look at our local, our regional, and our national customers, all of those groups or those categories are up meaningfully, with particular growth in VIP, regional, and national, while the lower segments remain stable. And then I also mentioned in (inaudible) uncarded is also up for the quarter.

實際上，我剛才想說的是，我們位於這些高淨值、高成長地區的主要高速公路沿線，這一事實在資料庫中得到了充分體現。因此，當我們審視本地、區域和全國客戶時，所有這些群體或類別都顯著增長，其中 VIP、區域和全國客戶的成長尤為顯著，而較低級別的客戶則保持穩定。然後我還提到（聽不清楚）未開卡消費也將在本季上漲。

And then maybe an easy one on the promotional environment. Las Vegas is kind of separate market, but we're kind of seeing and hearing outside of Las Vegas regionally a little bit of uptick in promotional activity. Have you guys noted or seen anything, of course throughout the summer or currently in terms of changes in competitive behavior in the market?

然後或許可以問一個關於促銷環境的簡單問題。拉斯維加斯是一個相對獨立的市場，但我們在拉斯維加斯以外的地區也看到和聽到了一些促銷活動的增加。各位有沒有註意到或看到任何變化，當然是指整個夏季或目前市場上的競爭行為變化？

No, it's been business as usual for us, so it remains very constant and rational.

不，對我們來說一切照常，所以一切都保持著非常穩定和理性的狀態。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Flow through in the quarter was slightly better than, I think, what most expected given the disruption that you called out and OpEx per day was down for the first time in several years. Can you just talk about if this is sustainable from a cost standpoint and anything else that we should be thinking about from a labor utility, et, cetera, standpoint for expenses in the next couple quarters. Thank you.

考慮到你提到的干擾因素，我認為本季的營運情況略好於大多數人的預期，而且每日營運支出幾年來首次下降。您能否談談從成本角度來看，這是否可持續，以及從勞動力成本等方面來看，在接下來的幾個季度中，我們還應該考慮哪些其他費用問題？謝謝。

I can take the OpEx part. Maybe you take the free cash flow part. Really, you said it. Overall, operating expenses were flat to down for the quarter. When you look at COGS as a percentage of revenue, we were flat. When you look at utilities and repairs and maintenance, we were down slightly.

我可以承擔營運支出部分。或許你可以考慮自由現金流部分。真的，你說出來了。整體而言，本季營運支出持平或有所下降。如果以銷售成本佔收入的百分比來看，我們的銷售成本持平。從公用事業、維修和保養方面來看，我們的支出略有下降。

So payroll, we were up a bit, but that was a function of us giving a 3% raise in the middle of the year to salary and hourly employees, which is really kind of a CPI pacing pay raise. But fundamentally, as long as marketing remains rational, which it has for the last several years, these are completely sustainable efforts. And kind of a shout out to our operating teams in the field. They're incredibly focused on margin control and expense management and the GMs and their teams out in the field do a great job.

所以，總薪資略有成長，但這主要是因為我們在年中給領固定薪資和按小時計薪的員工加薪 3%，這實際上是一種與消費者物價指數 (CPI) 同步的加薪。但從根本上講，只要行銷保持理性（過去幾年一直是如此），這些努力就是完全可持續的。也要特別感謝一下我們第一線的營運團隊。他們非常注重利潤控制和費用管理，總經理及其團隊在一線工作中做得非常出色。

And just to (inaudible) Scott said and I was going to give a similar [shot up] on the revenue side. I mean, this is really -- it's about operating leverage and a flow through [of] operating leverage. So as Scott mentioned, the database is healthy, the business is healthy despite some disruption at three of our properties.

史考特說（聽不清楚），我也打算在收入上做類似的努力。我的意思是，這其實是──這關乎經營槓桿以及經營槓桿的傳遞。正如 Scott 所提到的，儘管我們三處房產出現了一些中斷，但資料庫運作良好，業務也運作良好。

So if we keep that up, flow through should be sustainable. Consolidated flow through, Chad, is probably a little bit wonky, just given the fact that there's the North Fork development fee embedded in that. But other than that, it's business as usual.

所以如果我們保持這種勢頭，流量應該可以持續下去。查德，由於其中包含了北福克開發費，所以合併後的資金流動可能有點問題。除此之外，一切照常。

And then, actually a good segue to my next question. Just in terms of the fee, so you said opening for North Fork, you said Q4 '26. When will you start to receive some of those top and bottom-line economics? Do those flow through as the property ramps, or are there any deferred payments in terms of how that's structured?

然後，這正好引出了我的下一個問題。就費用而言，你說 North Fork 開業，你說 2026 年第四季。你們什麼時候才能開始收到一些關於盈虧的經濟數據？這些款項是隨著房產價值的提升而分期支付，還是在結構上有延期支付的情況？

Well, I think the first thing I think you'll see is that we've been accruing -- we accrued $10 million of the development fee last quarter, $3.9 million this quarter. We expect to accrue $3.4 million pretty much through the opening. That obviously is non-cash.

嗯，我想你首先會看到的是，我們一直在累積——上個季度我們累積了 1000 萬美元的開發費，本季累積了 390 萬美元。我們預計開幕初期就能獲得 340 萬美元的收入。這顯然不是現金交易。

Once the resort opens in Q4, per the development agreement, I would think about there's going to be an influx of cash from that development fee upon the resort's successful opening. There's probably (multiple speakers) and the note receivable. There's probably going to be a true up of that development fee, probably I would say a quarter behind that as we true up reconstruction cost. And as Frank's mentioning, the [$74.5 million] note payable goes cash interest immediately upon cash open. And then we will look to recoup that note as soon as the property starts cash flowing, at which point our seven-year management agreement kicks in the day we open. And we expect, if we're going to give guidance to that resort, we expect to generate $40 million to $50 million in management fees upon stabilization over that term.

根據開發協議，一旦度假村在第四季度開業，我認為度假村成功開業後，開發費將會帶來大量現金流入。可能有（多個發言者）和可收到的票據。開發費用可能會有所調整，我估計可能會比預計的晚四分之一，因為我們要調整重建成本。正如弗蘭克所提到的，這筆 7,450 萬美元的應付票據在現金開放後立即支付現金利息。然後，一旦物業開始產生現金流，我們將盡快收回這筆貸款，屆時我們的七年管理協議將在開業之日生效。我們預計，如果我們要為度假村提供指導，我們預計在穩定運作後，度假村將在指導期內產生 4,000 萬至 5,000 萬美元的管理費。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎哈納。

Just two quick ones. I was wondering if you can maybe just give us an update on the backfill process at Red Rock. I know there are a couple of things moving around in the quarter, with GBR out, the hotel offline, but I was wondering if you could comment on that. And just clarify, Scott, I think you had mentioned in a previous answer that both regional and national demand were up in the quarter. Is that right?

就兩個簡單的問題。我想問一下，您能否向我們介紹一下紅岩山的回填工作進度？我知道本季有一些變動，例如 GBR 退出，飯店下線，但我很想知道您是否可以對此發表評論。斯科特，我再澄清一下，我記得你在之前的回答中提到過，本季區域和全國的需求都有所增長。是這樣嗎？

That's correct.

沒錯。

On the (inaudible), we were on track. As you know, when we kicked off the Durango process in December '23, we said that we would experience cannibalization. We did. We expected within three years to backfill Red Rock and so we're kind of in year two and the throes of year two and we're on track to do just that.

在（聽不清楚）的時候，我們進展順利。如你所知，我們在 2023 年 12 月啟動 Durango 計畫時就說過，我們會經歷內部競爭。我們做到了。我們預計在三年內填滿紅岩，現在我們正處於第二年，而且正處於第二年的高峰期，我們正按計劃推進這項工作。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Just a couple of quick ones. Within locals, can you talk about if there was anything to call out from a cadence perspective intra quarter?

就簡單問幾個問題。就本地市場而言，您能否談談從節奏角度來看，本季內是否有需要特別注意的地方？

Okay. Cadence. No, I think it was pretty quarter, yeah.

好的。節奏。不，我覺得差不多是四分之一吧。

Okay, thank you. And then I might have missed it. Did you give a sports book hold impact for the quarter if there was one?

好的，謝謝。那樣的話，我可能就錯過了。如果有體育博彩公司停牌的影響，你是否考慮了該季度的影響？

No, we did. And what we did, I think prior question, we referenced it during the script because if you call last year during the third quarter call, we held unusually poorly and we called a $4 million number out last October. We just wanted to remind folks that the hold is normal through today.

不，我們確實這麼做了。至於我們所做的，我認為在上一個問題中，我們在腳本中提到了這一點，因為如果你回顧去年第三季度的電話會議，我們的業績表現異常糟糕，我們在去年十月預測了 400 萬美元的虧損。我們只是想提醒大家，今天的凍結措施是正常的。

Jordan Bender, Citizens.

喬丹本德，市民。

Maybe to drill down on margins one more time. If I look at casino margins, they continue to improve to levels we haven't seen in over two years. Is this a function of mix? Is it Durango continuing the ramp? Or anything else you would point us to, to say, this is the right level for your casino margins looking forward?

或許應該再深入分析一下利潤率。如果我看一下賭場利潤率，它們持續改善，達到了兩年多來我們從未見過的水平。這是否與混合物有關？杜蘭戈還在繼續爬坡嗎？或者您還有其他建議嗎？例如，您認為這個水準是否符合貴公司未來賭場利潤率的預期？

I think it's a function of mix, but also I think the team has done a great job managing expenses.

我認為這取決於產品組合，但同時我也認為團隊在費用控制方面做得非常出色。

I think it's been a shift in our approach to the market post COVID where we shifted towards, high-limit slot rooms, high-limit table games, and I think we're doing a much better job post-COVID on attracting the high-end value customer.

我認為新冠疫情後，我們的市場策略發生了轉變，我們轉向了高額老虎機遊戲室和高額賭桌遊戲。我認為新冠疫情後，我們在吸引高端客戶方面做得更好了。

Understood. And just on the follow-up, the dividend increase went up $0.01 a quarter. I mean, is there any calculation behind why that went up $0.01? Or was it just arbitrary, that's kind of what you guys landed on?

明白了。隨後，股息每季增加了 0.01 美元。我的意思是，這其中有什麼計算依據嗎？為什麼價格上漲了 0.01 美元？或者這只是隨意決定的，你們最後就這麼定了？

Well, it's a whole number to start, so it took some convincing, but it's $0.01 a quarter so $0.04 a year. I think the Board recognized and the management team recognized the continued strength of the business and the long-term earnings power of the platform. The Board continues to evaluate its dividend policy every quarter. And so I think they set something up so that in the future they could re-evaluate quarterly earnings dividends increases.

嗯，一開始是個整數，所以需要一些說服，但每季是 0.01 美元，也就是每年 0.04 美元。我認為董事會和管理團隊都認識到了公司業務的持續強勁勢頭和平台的長期盈利能力。董事會每季都會持續評估其股利政策。所以我認為他們制定了一些機制，以便將來可以重新評估季度收益分紅的成長。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Hey, guys. It's Patrick Keough on for Barry tonight. Thank you for taking our questions. First, zooming out on the construction impact, you had previously pointed to around $25 million for the year. Where would you say you are cumulatively? And any reason that they could be tracking above or below that number for the full year? Thanks.

嘿，夥計們。今晚巴里隊將由帕特里克·基奧出場。感謝您回答我們的問題。首先，從更宏觀的角度來看建築業的影響，您之前曾指出，這一年的影響約為 2500 萬美元。你認為自己目前的綜合水準如何？有什麼原因可能導致他們全年的數據高於或低於這個數字嗎？謝謝。

I think we're tracking below that number and I kind of walk you through it. Sunset, we've seen marginal disruption in the past quarters. I expected $1 million to $1.5 million this quarter. Durango, Dave and the team down there have done an amazing job managing the disruption. So there's minor disruption there. It's tough to quantify because it's mainly peak parking time. And then Green Valley, I kind of walked you through what I think this quarter was about, $2.5 million to $3 million. Next quarter, I anticipate $8 million.

我認為我們目前的進度低於這個數字，我來給你詳細解釋一下。日落時分，過去幾季我們看到了一些輕微的干擾。我原本預計本季營收為100萬至150萬美元。Durango、Dave 和那裡的團隊在應對這次突發事件方面做得非常出色。所以那邊出現了一些小問題。很難量化，因為這主要是停車高峰期。然後是綠谷，我大致向你介紹了一下我認為本季的情況，收入在 250 萬美元到 300 萬美元之間。我預計下個季度營收將達到 800 萬美元。

(multiple speakers) sounds good. thank you. As a follow-up, we'd be interested to hear any early thoughts on the [Taverna] business. How many do you have open at this point? How have they performed relative to expectations, and what does your pipeline look like? Thank you.

（多人）聽起來不錯。謝謝。作為後續，我們很想聽聽您對 [Taverna] 業務的任何初步想法。目前你們有多少家店開門營業？他們的表現與預期相比如何？你們的銷售通路情況如何？謝謝。

Patrick, this is Scott. So we've got eight under contract, two are operational. We've got five coming online starting the early part of next year and all the way through to the summer. Early indicators are we're ramping to our investment thesis, so we're happy with the performance of the two taverns.

派崔克，這位是史考特。目前我們有8個項目在合約期間內，其中2個項目正在運作。從明年年初到夏季，我們將有五個項目上線。初步跡象表明，我們的投資理念正在逐步實現，因此我們對這兩家酒館的表現感到滿意。

And if we go back to the thesis a little bit of why we like the taverns. Tends to skew a younger audience. As we grow our database, we're seeing that come to fruition, that it's a younger customer base and the customer base we're trying to attract. Also because of the locations of the two open taverns, we're finding a pretty strong penetration into the unknown customers in those zones, so we're kind of reaching out and finding new customers that we didn't have in our bloodstream.

如果我們回到最初的論點，再來探討我們為什麼喜歡小酒館。受眾群往往偏年輕化。隨著我們資料庫的成長，我們看到這種情況正在成為現實，我們的客戶群越來越年輕，而這正是我們試圖吸引的客戶群。此外，由於這兩家已開業的酒館的位置，我們發現我們在這些地區的未知客戶群中滲透率相當高，因此我們正在接觸並找到我們以前沒有接觸過的新客戶。

And we are seeing those customers now migrate to our large box properties as well. So all of those original reasons why we got into the business, we're starting to see green shoots on. It's early days. As we open up more of the taverns, we'll kind of solidify the performance and the attributes of what we like about the taverns, but so far we're pretty excited about it.

我們現在也看到這些客戶正在遷移到我們的大型資料中心。所以，我們當初進入這個行業的那些原因，現在都開始顯現成效了。現在下結論還為時過早。隨著我們開設更多酒館，我們會逐步完善酒館的表現和我們喜歡的特色，但到目前為止，我們對此感到非常興奮。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Stephen Cootey for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我謹將會議交還給史蒂芬‧庫蒂先生，請他作總結發言。請繼續，先生。

Well, thank you very much for joining the call, and we look forward to talking again in about 90 days. Take care.

非常感謝您參加這次電話會議，我們期待在大約 90 天後再次與您通話。小心。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。