Red Rock Resorts, Inc. (RRR) 2026 Q1 法說會逐字稿

Good day, and welcome to the Red Rock Resorts first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Red Rock Resorts 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把會議交給 Red Rock Resorts 執行副總裁、財務長兼司庫 Stephen Cootey 先生。請開始。

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resorts first-quarter 2026 earnings conference call. Joining me on the call today are Frank Lorenzo Fertitta, Scott Kreeger and our executive management team.

謝謝接線員，各位下午好。感謝各位今天參加 Red Rock Resorts 2026 年第一季財報電話會議。今天與我一同出席的有 Frank Lorenzo Fertitta、Scott Kreeger 以及我們的高階管理團隊。

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.

我想提醒各位，我們今天的電話會議將包含依據美國聯邦證券法安全港條款所作的前瞻性陳述。實際發展與結果可能與預期不同。

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

在本次電話會議中，我們也將討論非 GAAP 財務衡量指標。關於定義以及與 GAAP 的完整調節，請參閱我們今日下午在會議前提交的財報新聞稿 Form 8-K 與投資人簡報中的財務表格。另外，請注意本次電話會議將被錄音。

Let's start by noting that the first quarter represented another strong quarter for the company across all key measures. Our Las Vegas operations delivered the highest first quarter net revenue and the second highest first quarter adjusted EBITDA in our history while maintaining near record adjusted EBITDA margin. This performance was achieved despite several headwinds later in the quarter including higher gas prices, air travel-related disruption and temporary construction impacts at and around several of our properties, underscoring the strength and resilience of our business model.

首先要指出，第一季在所有關鍵指標上再次展現公司強勁表現。我們的拉斯維加斯營運創下歷史上最高的第一季淨營收，以及歷史上第二高的第一季調整後 EBITDA，同時維持接近紀錄水準的調整後 EBITDA 利潤率。即便在季末面臨多項逆風，包括油價上升、航空旅行相關干擾，以及我們多處物業內外的短期施工影響，仍能達成此表現，凸顯我們商業模式的強度與韌性。

In addition to delivering strong first quarter results, we remain very pleased with Durango's performance and the successful revenue backfill at our core properties. Durango continues to expand in the Las Vegas locals market and drive incremental play from our existing customers reinforcing its position as a meaningful growth driver in our portfolio.

除了交出強勁的第一季成績外，我們也對 Durango 的表現以及核心物業成功的營收回補感到非常滿意。Durango 持續在拉斯維加斯在地客市場擴張，並帶動既有客戶的增量遊玩，進一步鞏固其作為我們投資組合中重要成長動能的地位。

Since completing our December expansion, adding more than 25,000 square feet of casino space, the premier high limit slot area, and nearly 2,000 additional covered parking spaces. We've continued to see strong financial performance alongside positive guest feedback. With more than four months of operating history for the new high limit slot area, results continue to validate our strategy of investing in premium slot and table offerings across our portfolio.

自我們完成 12 月擴建以來，新增超過 25,000 平方英尺的賭場空間、頂級高額（high limit）角子機區，以及近 2,000 個新增的有遮蔽停車位。我們持續看到強勁的財務表現與正面的賓客回饋。新高額角子機區營運已超過四個月，結果持續驗證我們在整體投資組合中投資高端角子機與桌上遊戲產品的策略。

Building on Durango's momentum, we continue to advance the next phase of the property's master plan, the Durango North expansion. With more than 6,000 new households expected with a 3-mile radius over the next few years, this expansion is designed to broaden Durango's customer appeal and strengthen its competitive position.

在 Durango 動能的基礎上，我們持續推進該物業總體規劃的下一階段——Durango North 擴建。未來幾年在 3 英里半徑內預計將新增超過 6,000 戶家庭，本次擴建旨在擴大 Durango 的客群吸引力並強化其競爭地位。

The project will add more than 275,000 square feet on the north side of the property, including nearly 400 additional slot machines and other gaming along with new amenities to drive repeat visitation, highlighted by a 36 lane bowling facility, luxury movie theaters and new dining and entertainment venues, including our partnership with Moonshine Flats, which brings its signature Country Western Bar and live music concept to Las Vegas for the first time. The project is scheduled to open in the summer of 2027 with a total cost estimated at approximately $385 million.

該專案將在物業北側新增超過 275,000 平方英尺空間，包括近 400 台新增角子機及其他博彩項目，並增設可帶動回訪的新設施，重點包括一座 36 道保齡球館、豪華電影院，以及新的餐飲與娛樂場域；其中包含我們與 Moonshine Flats 的合作，將其招牌的鄉村西部酒吧與現場音樂概念首次帶到拉斯維加斯。該專案預計於 2027 年夏季開幕，總成本估計約為 3.85 億美元。

Now let's take a look at our first quarter. With respect to our Las Vegas operations, our first quarter net revenue was $499.5 million, up 0.9% from the prior year's first quarter. Our adjusted EBITDA was $232.4 million down 1.5% from the prior year's first quarter. Our adjusted EBITDA margin was 46.5%, a decrease of 113 basis points from the prior year.

現在來看第一季表現。就拉斯維加斯營運而言，第一季淨營收為 4.995 億美元，較去年第一季成長 0.9%。調整後 EBITDA 為 2.324 億美元，較去年第一季下降 1.5%。調整後 EBITDA 利潤率為 46.5%，較去年下降 113 個基點。

On a consolidated basis, our first quarter net revenue which includes $4.7 million from our North Fork project, was $507.3 million, up 1.9% from the prior year's first quarter. Our adjusted EBITDA, which includes $2.9 million from our North Fork project, was $212.6 million, down 1.2% from the prior year's first quarter.

以合併基礎計算，我們第一季淨營收（包含 North Fork 專案的 470 萬美元）為 5.073 億美元，較去年第一季成長 1.9%。調整後 EBITDA（包含 North Fork 專案的 290 萬美元）為 2.126 億美元，較去年第一季下降 1.2%。

Our adjusted EBITDA margin was 41.9% for the quarter, a decrease of 129 basis points from the prior year. In the quarter, we converted 50.3% of our adjusted EBITDA into operating free cash flow, generating $107 million or $1.03 per share. The significant level of free cash flow was strategically deployed to support our long-term growth initiatives, including our most recent projects at Durango, Sunset Station and Green Valley Ranch and returning capital to our stakeholders through dividends and share repurchases.

本季調整後 EBITDA 利潤率為 41.9%，較去年下降 129 個基點。本季我們將調整後 EBITDA 的 50.3% 轉化為營運自由現金流，產生 1.07 億美元，或每股 1.03 美元。這筆可觀的自由現金流被策略性運用以支持我們的長期成長計畫，包括近期在 Durango、Sunset Station 與 Green Valley Ranch 的專案，並透過股利與庫藏股回購向利害關係人返還資本。

As we begin 2026, we remain focused on our core local guests, which continue to grow our regional and national customer segments across our portfolio. Compared to first quarter last year, we saw continued strength in Carter slot play across the majority of our database, robust spend per visit and net theoretical win across our local, regional and national customer segments, helped drive the highest first quarter gaming revenue and profitability in the company's history.

進入 2026 年，我們仍聚焦於核心在地客群，同時持續在整體投資組合中擴大區域與全國客群。與去年第一季相比，我們在資料庫多數客群中看到 Carter 角子機遊玩持續強勁、每次到訪消費穩健，以及在地、區域與全國客群的淨理論贏額（net theoretical win）表現強勁，進而推動公司史上最高的第一季博彩營收與獲利能力。

Turning to our non-gaming operations. Both the hotel and food and beverage divisions delivered a strong quarter, achieving near record revenue and profitability. The hotel operations performed well, generating near record results, driving higher ADR across the portfolio despite the loss of room nights at Green Valley Ranch due to the renovation of our hotel product.

接著談非博彩業務。飯店與餐飲部門皆交出強勁的一季，營收與獲利接近紀錄水準。飯店營運表現良好，創下接近紀錄的成果；儘管 Green Valley Ranch 因飯店產品整修而減少可售房晚，整體投資組合的平均每日房價（ADR）仍提升。

Not to be outdone, the Food & Beverage division delivered its second best first quarter revenue in our history and its third best first quarter profit in our history, supported by higher cover counts and higher average guest checks across our outlets. In group sales and catering, our teams delivered their third highest first quarter revenue in our history. And if we exclude the lost room nights from our Green Valley Ranch room renovation, we continue to see positive momentum into the first half of 2026.

餐飲（Food & Beverage）部門同樣不遑多讓，創下公司史上第二高的第一季營收與第三高的第一季獲利，主要受惠於各餐飲據點更高的來客數（cover counts）與更高的平均客單價。在團體銷售與宴會餐飲方面，我們的團隊創下公司史上第三高的第一季營收。若排除 Green Valley Ranch 客房整修造成的房晚流失，我們在 2026 年上半年仍持續看到正向動能。

As we look ahead into the second quarter, we are seeing stable trends in our core slot and table business across the Las Vegas locals market and within our gardens database, consistent with a return to more typical seasonal patterns, but we continue to where we expect continued near-term disruption from our ongoing construction at and around Durango Sunset Station and Green Valley Ranch, and we're actively managing these impacts to minimize operational disruption.

展望第二季，我們在拉斯維加斯在地客市場以及我們的 Gardens 資料庫中，核心角子機與桌上遊戲業務趨勢保持穩定，符合回歸較典型季節性型態的表現；但我們仍預期 Durango、Sunset Station 與 Green Valley Ranch 內外持續施工將在短期內帶來干擾，我們正積極管理以將營運影響降至最低。

We remain highly confident in both the strength for our business and the investments we are making at these properties, which we believe support our long-term growth trajectory. Now let's cover a few balance sheet and capital items.

我們對業務的強勁基本面以及在這些物業所進行的投資仍高度有信心，並相信這些投資將支持我們的長期成長軌跡。接下來說明幾項資產負債表與資本配置事項。

Company's cash and cash equivalents at the end of the first quarter was $134 million, and the total principal amount of debt outstanding was $3.6 billion, resulting in net debt of $3.4 billion. As of the end of the quarter, the company's net debt-to-EBITDA ratio was 4.07 times. During the quarter, we made total distributions of approximately $139.9 million to the LLC unitholders of Station Holdco, including a distribution of approximately $82.1 million to Red Rock Resorts.

公司於第一季末的現金及約當現金為 1.34 億美元，未償還債務本金總額為 36 億美元，淨負債為 34 億美元。截至季末，公司淨負債對 EBITDA 比率為 4.07 倍。本季我們向 Station Holdco 的 LLC 單位持有人合計分配約 1.399 億美元，其中約 8,210 萬美元分配給 Red Rock Resorts。

The company used its portion of the distribution to fund its previously declared special dividend of $1 per Class A common share, its previously declared quarterly dividend of $0.26 per Class A common share and to fund a portion of the repurchase of approximately 635,000 Class A common shares at an average price of $6.32 per share under its previously announced $900 million share repurchase program, reducing total shares outstanding to approximately 104.4 million.

公司使用其分配所得資金，支付先前宣告的每股 A 類普通股 1 美元特別股利、先前宣告的每股 A 類普通股 0.26 美元季度股利，並在先前公布的 9 億美元庫藏股回購計畫下，以每股平均 6.32 美元回購約 63.5 萬股 A 類普通股的一部分資金，使流通在外股數降至約 1.044 億股。

When combining the dividends and the share repurchases made in the quarter, we returned approximately $170.5 million to shareholders. demonstrating our ongoing commitment to disciplined capital allocation and delivering sustainable long-term value to our shareholders.

合併本季發放的股利與進行的股票回購，我們向股東返還約 1.705 億美元，展現我們對嚴謹資本配置與為股東創造可持續長期價值的持續承諾。

Capital spend in the quarter was $117.2 million which includes approximately $87.2 million in investment capital as well as $30 million in maintenance capital. For the full year 2026, we expect to spend between $375 million and $425 million, which includes $275 million to $300 million in investment capital as well as $100 million to $125 million in maintenance capital.

本季資本支出為 1.172 億美元，其中包括約 8,720 萬美元的投資性資本支出以及 3,000 萬美元的維護性資本支出。就 2026 全年而言，我們預期資本支出介於 3.75 億至 4.25 億美元，其中包括 2.75 億至 3.00 億美元的投資性資本支出，以及 1.00 億至 1.25 億美元的維護性資本支出。

In addition to our continued investment at our Durango property, we're making significant investments at our Sunset Station and Green Valley Ranch properties. At Sunset Station, we continue to make strong progress on the podium refresh. The $53 million renovation is well underway and includes an all-new country Western bar night club, a new Mexican restaurant, a new center bar and a fully renovated casino floor.

除了持續在我們的 Durango 物業投資外，我們也正在對 Sunset Station 與 Green Valley Ranch 物業進行重大投資。在 Sunset Station，我們在中庭（podium）翻新方面持續取得顯著進展。這項 5,300 萬美元的整修工程已全面展開，內容包括全新的鄉村西部風格酒吧夜店、一家新的墨西哥餐廳、一個新的中央吧台，以及全面翻新的賭場樓層。

Customer feedback and performance from the completed portion of this project have been encouraging, reinforcing our confidence in the direction of the renovation and the underlying demand in the property. The project remains on budget with the remaining amenities expected to come online throughout 2026, including the iconic gouty bar, which is expected to reopen in the coming weeks.

已完成部分的顧客回饋與營運表現令人鼓舞，進一步強化我們對翻新方向及該物業內在需求的信心。專案仍維持在預算內，其餘設施預計將於 2026 年陸續啟用，包括具代表性的 gouty bar，預計在未來幾週內重新開放。

Building on this momentum, we are advancing the next phase of Sunset Station designed to further strengthen the property's competitive position and broaden its customer appeal, positioning it to capitalize on the continued growth in Henderson market, particularly from the master planned communities of a Skye and Cadence. This phase will continue with the comprehensive casino refresh, including the expansion and enhancement of the movie theaters as well as the relocation of the temporary bingo area to a new permanent location.

在此動能基礎上，我們正推進 Sunset Station 的下一階段工程，旨在進一步強化該物業的競爭地位並擴大其對顧客的吸引力，使其能把握 Henderson 市場的持續成長，特別是來自 Skye 與 Cadence 等總體規劃社區的成長。此階段將持續進行全面的賭場翻新，包括擴建並升級電影院，同時將臨時賓果區遷移至新的永久位置。

Upon completion of Bingo relocation, the former buffet space will be converted into a new Highland steakhouse and the high limit table games room leveraging a proven strategy that has consistently generated strong returns across our portfolio. Work in this space is expected to begin this quarter with the remainder of the project commencing in the back half of 2026 and extending into 2027. The total cost of this phase remains approximately $87 million.

賓果區遷移完成後，原自助餐廳空間將改建為新的 Highland 牛排館以及高額桌上遊戲室，延續一項在我們投資組合中一貫帶來強勁回報、且已被驗證的策略。該空間工程預計於本季開始，其餘專案將於 2026 年下半年啟動並延續至 2027 年。本階段總成本仍約為 8,700 萬美元。

At Green Valley Ranch, we continue to make strong progress on the comprehensive refresh of our guestrooms, suites and convention spaces, align the hotel experience with the recently renovated and well-received high limit table and slot rooms at the property.

在 Green Valley Ranch，我們持續在客房、套房與會議空間的全面翻新上取得良好進展，使飯店體驗與該物業近期翻新且廣受好評的高額桌上遊戲與高額角子機房相一致。

Renovations to the West Tower and convention spaces are now complete with both the tower and convention areas have reopened to strong customer views and encouraging financial performance despite ongoing property disruption. Renovations to the East Tower are well underway and are expected to extend into late summer 2026.

西塔（West Tower）與會議空間的翻新現已完成，塔樓與會議區域均已重新開放，並在物業仍受施工干擾的情況下，仍獲得強勁的顧客評價與令人鼓舞的財務表現。東塔（East Tower）翻新正在順利進行中，預計將延續至 2026 年夏末。

Continuing with Green Valley Ranch long-term development, redevelopment strategy, we're advancing the next phase of enhancements of this resort. This phase is designed to further strengthen the property's competitive position as one of the premier resort destinations in Las Vegas and broaden its customer appeal through a fully refreshed casino floor, along with upgraded food and beverage and entertainment offerings.

延續 Green Valley Ranch 的長期開發與再開發策略，我們正推進該度假村下一階段的升級。本階段旨在進一步鞏固該物業作為拉斯維加斯頂級度假目的地之一的競爭地位，並透過全面翻新的賭場樓層，以及升級的餐飲與娛樂供給，擴大其顧客吸引力。

These enhancements build on the performance we are seeing from the high limit product and the renovated room and convention inventory and our intent to drive increased visitation and deeper customer engagement. Work in the space is underway and is expected to extend into 2027 with the total cost of this space estimated at approximately $56 million.

這些升級建立在我們從高額產品、以及翻新後的客房與會議庫存所看到的表現之上，並反映我們希望提升到訪人次與加深顧客互動的意圖。相關工程已在進行中，預計將延續至 2027 年，該部分總成本估計約為 5,600 萬美元。

Turning to North Fork. Construction continues to progress. The facility now is permanent power, and we're working toward turnover of the first phase of the casino floor in late June, keeping us on pace for an early fourth quarter 2026 open. Total all-in project cost remains approximately $750 million and the project is fully financed.

接著談 North Fork。施工持續推進。該設施目前已接入永久電力，我們正朝著在 6 月下旬交付賭場樓層第一期的目標前進，使我們仍可按計畫於 2026 年第四季初開幕。專案總投入成本仍約為 7.5 億美元，且專案已完成全額融資。

As of the end of this quarter, Red Rock's outstanding note balance due from the Tribe was approximately $80.6 million. We remain excited about this best-in-class development and are pleased with the continued progress of construction and look forward to providing further updates on future earnings calls. The company's Board of Directors has also declared its regular cash dividend of $0.26 per Class A common share, payable on June 30 to Class A shareholders of record as of June 15.

截至本季末，Red Rock 對部落（Tribe）應收的未償票據餘額約為 8,060 萬美元。我們對這項同級最佳（best-in-class）的開發案仍感到振奮，並對施工持續進展感到滿意，期待在未來的財報電話會議中提供更多更新。公司董事會亦宣告每股 A 類普通股 0.26 美元的例行現金股利，將於 6 月 30 日支付給截至 6 月 15 日登記在冊的 A 類股東。

With the first quarter behind us, we remain highly confident in the strength and resilience of our business model, as well as in the recent capital investments we have made across the portfolio. Durango continues to validate our long-term growth strategy and underscores the value of our owned development pipeline and real estate bank which includes more than 450 acres of the developed land in the highly desirable locations across the Las Vegas Valley.

第一季已過，我們對商業模式的強度與韌性，以及近期在整體投資組合所進行的資本投資，仍保持高度信心。Durango 持續驗證我們的長期成長策略，並凸顯我們自有的開發管線與土地儲備（real estate bank）的價值，其中包括在拉斯維加斯谷地多個高度理想地段、超過 450 英畝的已開發土地。

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

結合我們位於核心地段、同級最佳資產的投資組合，這條開發管線使我們具備顯著的長期成長潛力，並讓我們得以把握有利的人口結構趨勢，以及界定拉斯維加斯在地客市場的高進入門檻。

Looking ahead, we remain focused on executing our development pipeline, maintaining operational discipline and delivering enhanced shareholder returns through a balanced, consistent and disciplined capital allocation strategy.

展望未來，我們仍專注於落實開發管線、維持營運紀律，並透過均衡、一致且嚴謹的資本配置策略，為股東帶來更高的報酬。

Before we wrap up, we'd like to sincerely thank all of our team members for their continued hard work and dedication. They are the heart of the company and the driving force behind the exceptional guest experiences to keep our customers coming back time and again. In recognition for their efforts, we are proud to share that Station Casinos has been recognized by Forbes and Statista as one of America's best large employers in 2026.

在結束之前，我們想誠摯感謝所有團隊成員持續的努力與投入。他們是公司的核心，也是打造卓越賓客體驗、讓顧客一再回訪的推動力量。為表彰他們的付出，我們很自豪地分享：Station Casinos 已獲 Forbes 與 Statista 評選為 2026 年美國最佳大型雇主之一。

We are also proud to have been recognized for the sixth consecutive year as Top Workplace in Nevada. In addition, we've earned national recognition as USA TODAY Top Workplace for the third consecutive year and for the first time as a top workplace in the hospitality industry.

我們也很自豪連續第六年獲評為內華達州最佳職場（Top Workplace）。此外，我們連續第三年獲得《USA TODAY》全國最佳職場肯定，並首次獲選為餐旅業的最佳職場之一。

Lastly, as we approach our 50th anniversary, we extend our heartfelt gratitude to our loyal guests for their unwavering support. We are deeply thankful for the trust they place in us and look forward to continuing to serve our communities for many years to come.

最後，隨著我們即將迎來 50 週年，我們向忠誠的賓客致上由衷的感謝，感謝他們始終如一的支持。我們對他們給予的信任深表感激，並期待在未來多年持續服務我們的社區。

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

以上，接線員，我們很樂意開放電話線路進行提問。

Thank you. We will now begin the question-and-answer session.

謝謝。現在開始問答環節。

(Operator Instructions)

（接線員指示）

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

Hi, this is Zach Silverberg here filling in for Trey. In your prepared remarks, you mentioned a couple of headwinds. I'd like to touch on the first two, the higher gas prices in their travel. Could you quantify those two buckets what the impact was in 1Q and kind of what you're seeing in 2Q thus far?

嗨，我是 Zach Silverberg，代替 Trey 發問。您在事先準備的談話中提到幾項逆風。我想先談前兩項：油價上漲以及航空旅行。您能否量化這兩個項目在第一季的影響，以及目前為止在第二季看到的情況？

No. I mean I can qualify, I mean clearly, we're experiencing higher gas prices in Nevada. I think we're in early days. as judged by our Q1 performance and what we're seeing in April, we've seen no impact from higher gas prices. And what was the second one, Zach?

不。我是說我可以做定性說明；很明顯地，我們在內華達州正面臨較高的油價。我認為目前仍在早期階段。從我們第一季的表現以及 4 月看到的情況來看，油價上漲尚未對我們造成影響。那第二項是什麼，Zach？

The air travel.

航空旅行。

The air travel, given the fact, while 87% of our hotel guests are generally out of town, the majority of these folks are driving from the regional states. So the TSA impact has been de minimis.

航空旅行方面，雖然我們約 87% 的飯店住客通常來自外地，但其中大多數是從周邊州開車前來。因此，TSA 的影響可忽略不計（de minimis）。

Okay. And just, I appreciate the color. And just for the follow-up, just on seasonality for 1Q to 2Q. Could you remind us of the typical cadence? And are there any one-timers to call out either last year or this year that could affect performance? Thanks.

了解。謝謝補充說明。追問一下，關於第一季到第二季的季節性變化，能否提醒我們典型的節奏？另外，無論是去年或今年，有沒有任何一次性因素需要特別指出、可能影響表現？謝謝。

Yeah, sure. I mean I think generally, seasonality, Q1 is definitely our peak quarter moving from Q1 to Q2, generally were down 8% to 9%. From a onetime, there's no real one timers other than the $9 million disruption number that we've previously quoted in our last call, which still stands. In Q2, given some of the construction delays we're seeing at Green Valley. We're expecting another $9 million of disruption to occur in Q2. And then as we start bringing cranes, cement trucks and start erecting steel at our Durango site, we're anticipating another $2 million to $3 million of disruption starting next quarter.

好的，當然。我認為一般而言，季節性方面，第一季確實是我們的高峰季度，從第一季到第二季通常會下滑 8% 到 9%。一次性因素方面，沒有真正的一次性項目，除了我們在上次電話會議中先前提到的 900 萬美元施工干擾金額，這個數字仍然成立。第二季方面，鑑於我們在 Green Valley 看到一些施工延誤，我們預期第二季還會出現另外 900 萬美元的干擾。接著，當我們開始在 Durango 工地引入吊車、水泥車並開始架設鋼構時，我們預期從下個季度起還會有約 200 萬到 300 萬美元的干擾。

Thank you.

謝謝。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Hey, guys. Thanks for taking my questions. Steve, just wanted to follow up on Durango. Obviously, you got a new slide in the deck somewhat detailing and there's a great video there, too. I was just curious, I think the projects in the vicinity goes through July of '27. How should we be thinking about disruption between now and then beyond the, what you outlined for next quarter?

嗨，各位。謝謝回答我的問題。Steve，我想追問一下 Durango。顯然你們在簡報中新增了一張投影片，對細節有更多說明，還有一段很棒的影片。我只是好奇，我想附近的工程會一路進行到 2027 年 7 月。我們應該如何看待從現在到那時之間的干擾程度，除了你剛才提到下個季度的部分之外？

Sure. I mean, I think as you saw from the video and from the map, we did experience significant traffic disruption in the first quarter. I think the team on the ground did an exceptional job managing through that disruption that this is early days in a $385 million construction project. So now we start beginning the heavy lift and the cement has effectively poured. We're starting to mobilize cranes early this quarter and we're going to start erecting steel. So this is why we're expecting a bit more significant disruption as we go through the main poor part of the build. So the $2 million to $3 million estimate for disruption sticks pretty much through the summer to the completion of the project.

當然。我的意思是，我想如你從影片和地圖所看到的，我們在第一季確實經歷了相當嚴重的交通中斷。我認為現場團隊在管理這些中斷方面表現非常出色，畢竟這只是這個 3.85 億美元建設專案的早期階段。現在我們開始進入重型施工階段，水泥基本上已經澆置完成。我們在本季初開始調度吊車，並將開始架設鋼構。因此，當我們進入建造的主要澆置階段時，預期會出現更顯著的中斷。至於中斷影響的 200 萬至 300 萬美元估計，基本上會一路延續到夏季，直到專案完工。

Understood. And just for a follow-up, tax refunds are sort of kicking in now. Curious if that's showing in your business at all, especially with the no tax on tips and some of the other positives in the one big beautiful bill? Thank you.

了解。再追問一下，退稅現在差不多開始發放了。想請教這是否在你們的業務上有任何反映，特別是「小費免稅」以及那項「一個又大又漂亮的法案」中的其他利多？謝謝。

I mean, Barry, I think the build is job. I think you saw where return processing was pretty constant. The amount of refunds this year versus last year was almost $43 billion to the United States economy up 17%. And the average refund was up almost $333 or 11%. So the build did have its intended consequence of providing more discretionary income into the economy from our perspective where there's a lot of moving parts in the quarter, as you know. But I think we clearly demonstrated we had a great quarter in Q1, our second best Q1 on record. And then what we're seeing in April, we like what we're seeing in April.

我的意思是，Barry，我認為這項法案確實發揮作用。我想你也看到退稅處理量相當穩定。今年的退稅金額相較去年，為美國經濟增加了將近 430 億美元，年增 17%。平均退稅金額也增加了將近 333 美元，約 11%。因此，從我們的角度來看，這項法案確實達到其預期效果，為經濟注入更多可支配所得。當然，如你所知，本季有很多變動因素。但我認為我們清楚展現了第一季表現非常好，是我們有紀錄以來第二好的第一季。而我們在四月看到的情況，我們也很喜歡四月的表現。

Thank you.

謝謝。

Joe Stoff, Susquehanna.

Joe Stoff，Susquehanna。

Steve, on your comments about, say, the new phases at Suncoast and GVR. I was just wondering what the update is on the greenfield project and how you think about maybe when those might layer in at this point?

Steve，關於你提到 Suncoast 和 GVR 的新階段。我想請問一下綠地（greenfield）專案的最新進度，以及你們目前如何看待這些專案可能在什麼時點開始納入？

I want to comment on Suncoast.

我想先評論一下 Suncoast。

Well, the sunset and the Green Valley projects, Joe, I think as I articulated in the marks. We are progressing on said we are progressing well. We're going to open the Gaudi Bar in the weeks and then we expect the rest of the menus in our phase to open up throughout 2026.

嗯，Suncoast 和 Green Valley 的專案，Joe，我想如我在備註中所說，我們進展順利。我們將在未來幾週開幕 Gaudi Bar，然後預期我們這一階段其餘的餐飲項目會在 2026 年期間陸續開放。

In terms of Green Valley, the West Tower and the convention center have been open, and we have seen very promising financial results, even though they're early days. the East Tower, we're limping along a little bit, and so we're expecting kind of the suite product and the final rooms to be delivered in mid-September.

至於 Green Valley，西塔（West Tower）和會議中心已經開放，雖然仍在早期階段，但我們已看到非常令人鼓舞的財務成果。東塔（East Tower）方面，我們進度稍微有點吃力，因此我們預期套房產品以及最後一批客房將在 9 月中旬交付。

Yeah. This is Lorenzo. Look, we're continuing to work through the pipeline that we have. We're currently working on what is a potential to add rooms at Durango, rooms, spa, handsome additional meeting space, in addition to that, we're actively working on two additional new greenfield projects going through the process of working on the plans, the scale of the project, working on pricing and as that process goes, it's really not something that you can necessarily rush. There's times when we go through it and we sit back down and start over again because it's not perfect.

對。這裡是 Lorenzo。你看，我們持續推進現有的開發管線。我們目前正在評估在 Durango 增加客房、客房與水療（spa）、相當可觀的額外會議空間的可能性。除此之外，我們也正積極推進另外兩個全新的綠地專案，正在進行規劃、專案規模評估，以及價格測算。在這個過程中，確實不是你想加速就能加速的。有時我們做著做著會回頭重新坐下來從頭再來，因為它還不夠完美。

So we are making progress, and we don't have anything to announce now or necessarily in the very near future. But as we kind of turn the corner into next year, I think we'll have more visibility into what the development plan is going to look like. I mean we do have six development properties here in Las Vegas, plus one up in Reno for a total of seven, which is, we believe, the most robust pipeline anybody has in the gaming industry. So we're very bullish on it. We just want to make sure we get things right. It takes time to develop these projects.

所以我們確實在取得進展，但目前沒有任何可以宣布的事項，也不一定會在非常近期宣布。不過，當我們進入明年之後，我想我們會對整體開發計畫的樣貌有更高的能見度。我的意思是，我們在拉斯維加斯有六個開發用地，再加上雷諾（Reno）的一個，合計七個；我們相信這是博彩產業中任何公司都沒有的、最強健的開發管線。因此我們非常看好。我們只是希望確保把事情做對。開發這些專案需要時間。

Makes sense. Thank you.

合理。謝謝。

Dan Pulitzer, JPMorgan.

Dan Pulitzer，JPMorgan。

Hey, good afternoon, everyone, and thanks for the question. It's been a few months since you opened the new part of Durango. Can you talk about what you've seen there and how you're thinking about the returns? I know it's still relatively early, but at this point, you should have, I think, probably a good idea of how that's progressing.

嗨，各位下午好，謝謝讓我提問。你們開放 Durango 新區域已經幾個月了。能否談談你們在那裡看到的情況，以及你們如何看待投資報酬？我知道仍算相對早期，但到目前為止，你們應該已經大概能掌握進展如何。

Hi, Dan, this is Scott. Yeah, we're really happy with the early results of the Durango expansion. If you recall, we not only increased the casino floor with slot machines, but also added the new slot limit room. And just about every quarter Steve have been reporting on what we call the Durango zone. And that area saw notably increased net deal for the quarter over last year.

嗨，Dan，我是 Scott。是的，我們對 Durango 擴建的早期成果非常滿意。如果你還記得，我們不僅擴大了賭場樓面、增加了吃角子機，也新增了新的高額吃角子機室（slot limit room）。而且幾乎每一季 Steve 都會報告我們所稱的「Durango 區」。該區域本季相較去年，淨贏額（net win）明顯增加。

And it really is confirming the thesis that continued capital investment in Durango is a good thing. And that's with the team fighting through some of this disruption that you probably see on the investor deck with the traffic situation. So we're really encouraged with what's going on there.

這也確實驗證了我們的論點：持續在 Durango 進行資本投資是好事。即便團隊仍在克服一些你可能在投資人簡報中看到、與交通狀況相關的干擾。我們對那裡正在發生的事情感到非常鼓舞。

Got it. Thanks. And just for my follow-up, just to clarify, the disruption for the second quarter, you said $9 million for GVR and then an incremental $2 million to $3 million related to Durango. So just 11% to 12%, correct? Just clarifying that.

了解，謝謝。再追問一下，想確認第二季的干擾影響，你說 GVR 是 900 萬美元，另外與 Durango 相關的增量是 200 萬到 300 萬美元。所以合計就是 1,100 萬到 1,200 萬美元，對嗎？只是想確認一下。

That is correct, Dan.

沒錯，Dan。

Got it. Thanks so much.

了解，非常感謝。

John DeCree, CBRE.

John DeCree，CBRE。

Hi, thanks for taking my question. I would love a little bit more detail on the EBITDA margin declines year over year, trying to unpack what might be attributable to disruption in the quarter and transitory versus perhaps a little bit more persistent OpEx inflation?.

嗨，謝謝回答我的問題。我想更深入了解 EBITDA 利潤率年對年下滑的細節，試著拆解其中哪些可歸因於本季的施工/營運干擾與短期因素，哪些可能是較為持續的營運費用（OpEx）通膨。

Not a problem. But one thing I did want to point out that from an EBITDA perspective, we feel very comfortable with our margins given some of the structural changes we've made over the last several years in terms of our business and proud to say that Q1 represented the [22] to 21st quarter of the last 23 since Cove where Las Vegas operations was about 45%.

沒問題。不過我想先指出一點：就 EBITDA 而言，考量到過去幾年我們在業務結構上做的一些調整，我們對目前的利潤率感到非常安心；也很自豪地說，第一季是自 Cove 以來、過去 23 個季度中的第 [22] 到第 21 個季度，而拉斯維加斯營運的占比約為 45%。

But then to get to your question, I think we've done a great job managing payroll. Payroll is probably up a little under 3%, which is in line with the Valley COGS, which is another large cost flat to down, really, the majority of the EBITDA margin degradation can be contributed to the really-the Green Valley hotel disruption, which is probably almost half of that margin degradation and then a few uncontrollable such as we had elevated utilities costs this quarter as well as loss and some loss of damages.

回到你的問題，我認為我們在薪資管理上做得很好。薪資大概只上升不到 3%，與山谷地區的銷貨成本（COGS）一致；而 COGS 這個另一項大成本則持平到略降。EBITDA 利潤率下滑的大部分，主要可歸因於 Green Valley 飯店的干擾，這大概占了利潤率下滑將近一半；另外還有一些不可控因素，例如本季公用事業費用偏高，以及一些損失與損害賠償。

Great, thank you for that. And just as a quick follow-up, any insight into hotel demand at the renovated Green Valley Ranch rooms or the business more broadly as we think about differentiating that hotel customer from the strips hotel customer that's facing some weakness right now?

很好，謝謝。再快速追問一下，對於翻新後的 Green Valley Ranch 客房的住房需求，或更廣泛的業務表現，你們是否有任何觀察？我們在區分這類飯店客群與目前面臨一些疲弱的拉斯維加斯大道（Strip）飯店客群時，想聽聽你們的看法。

Hi, this is Scott. Let me take the broad-based performance. We were really happy with the performance in the hotel for the overall brand. Now you have to caveat that we had about 27,000 room nights offline or about 10% of our inventory at Green Valley Ranch. Given that we still were positive year over year in hotel revenue.

嗨，我是 Scott。我先談整體表現。我們對整體品牌的飯店表現非常滿意。不過要補充的是，Green Valley Ranch 約有 27,000 個間夜（room nights）暫停營運，約占我們庫存的 10%。即便如此，我們的飯店營收仍然年對年成長。

So the rest of the portfolio did a nice job of addressing some of the headwinds that Steve talked about with TSA issues, fuel prices and then, of course, those units being done. As far as the West Tower that is available and the new banquet space, customer feedback, both from a transient customer and from a sales customer standpoint, it's been phenomenal. And it's our view that those rooms are probably the nicest rooms in town right now from a competitive standpoint and a quality standpoint. We're seeing increased ADR growth as we expected out of refreshing those rooms.

因此，投資組合中的其他物業在因應 Steve 提到的一些逆風方面做得很好，包括 TSA 的問題、燃油價格，當然還有那些房間暫停營運的影響。至於已可使用的西塔以及新的宴會空間，無論是散客（transient）或銷售客戶（sales customer）的回饋都非常好。我們認為，從競爭與品質角度來看，這些房間可能是目前城裡最好的。我們也如預期看到翻新後帶來的 ADR（平均每日房價）成長。

And really, the story for Green Valley is to get through the rest of the room remodel and call it, late September to kick in to maximizing the full capital investment where we've got all the rooms up and running and we've got the banquet space. And so we look forward to that happen soon.

而 Green Valley 的重點，就是完成其餘客房翻修；我們預計到 9 月下旬左右，才能開始把整體資本投資效益最大化，屆時所有客房都能全面運作，宴會空間也到位。因此我們期待很快就能實現。

As far as general health going forward, we like where we are in April relative to hotel. It's early in the summer booking window. But if you kind of look at competitive set, let's call it, on the 60-day booking window, we are seeing green shoots in core and 5-star hotel ADRs. And we do like the fact that the strip is addressing some of the tourism concerns around value. There's a lot of inclusive packages available in the market for that customer that's seeking value. So we're optimistic about the summer, but it's really early in the booking window to come.

就未來的整體健康狀況而言，以飯店來看，我們喜歡我們在4月相較目前所處的位置。現在仍在暑期訂房窗口的早期階段。但如果你看看所謂的競品組合，在60天訂房窗口內，我們看到核心與五星級飯店的ADR（平均每日房價）出現一些回溫跡象。我們也確實喜歡大道（Strip）正在針對「性價比」的旅遊疑慮做出一些回應。市場上有很多全包式套裝方案，提供給尋求價值的客群。因此我們對夏季保持樂觀，但距離訂房窗口真正成熟還很早。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Hey guys, It's Christie off for Brad. I just wanted to clarify on the seasonality from 1Q to 2Q. I just want to make sure I heard that right that you said it was typically down 8% to 9%. And then in terms of, I appreciate the color on the 2Q disruption costs of $9 million at GVR and $2 million to $3 million at Durango I just wanted to clarify, what was that in 1Q? I think last quarter, you mentioned it was $9 million for GVR.

各位好，我是Christie，代替Brad。我想釐清一下從第一季到第二季的季節性。我想確認我聽得沒錯，你說通常會下滑8%到9%。另外，謝謝你們提供第二季在GVR的干擾成本為900萬美元、在Durango為200萬到300萬美元的資訊；我想再釐清一下，那第一季是多少？我記得上季你們提到GVR是900萬美元。

Yeah. So the clarification point, you did hear the seasonality, right, typically going back that we are down 8% to 10% between, excuse me, 8% to 9% between the first quarter and the second quarter. On terms of, or, I'm sorry, I lost your second question again, my apologies.

是的。先釐清第一點，你聽得沒錯：回顧過往，通常第一季到第二季之間會下滑8%到10%——抱歉，是8%到9%。至於第二個問題，呃，不好意思，我又忘了你第二個問題是什麼。

The, I appreciate the color on the 2Q disruption costs, but how did that compare to 1Q for GVR and Durango?

我很感謝你們對第二季干擾成本的說明，但它和第一季相比，GVR和Durango各是多少？

1Q GBR was, we previously announced $9 million that you came in pretty much spot on $9 million and Durango, despite seeing a lot of traffic disruption the teams kind of managed through it to have just a marginal impact.

第一季GVR方面，我們先前公布的是900萬美元，實際結果也幾乎就是900萬美元。Durango方面，儘管看到不少交通動線受影響，但團隊有妥善因應，因此影響相當有限。

Thank you. And then switching over to North Ford. Can you guys provide any color how you expect that property to ramp? I think in the past, you have seen a potential to be similar to Gun Lake?

謝謝。接著轉到North Ford。你們能否分享一下你們預期該物業的爬坡情況？我記得過去你們曾提到它可能會類似Gun Lake？

Yeah. I think. look, I think just optically looking at ramps, we're pretty good at understanding these traditionally, each market has its own competitive pressure. Certainly, there are three competitive properties in the area. We expected in the early days that they might be promotionary in how they approach our opening, but we expect in the typical projects, it may take a couple of years to ramp up and to really get the database acclimated and to grow that database. But given our location, given the quality of the product and our knowledge of that kind of, call it, mid-California market and the team that we have there, we expect to do quite well.

是的。我想，從爬坡曲線的角度來看，我們一向很擅長理解這些傳統模式；每個市場都有各自的競爭壓力。當地確實有三個競爭物業。我們預期在開業初期，他們可能會以促銷方式來應對我們的開幕；但就一般專案而言，可能需要幾年時間才能完成爬坡，讓資料庫（客戶名單）真正適應並擴大。不過考量我們的地點、產品品質、我們對所謂加州中部市場的理解，以及當地團隊的能力，我們預期表現會相當不錯。

Yes, we would expect the property to be profitable from day one. So it's just a matter of fine-tuning it and growing the revenue base and managing the expenses on a go-forward basis. So probably a little bit of a shorter ramp than, say, Las Vegas typical.

是的，我們預期該物業從第一天起就能獲利。接下來就是微調營運、擴大營收基礎，並在未來持續管理費用。因此爬坡期可能會比典型的拉斯維加斯更短一些。

Two years maybe.

也許兩年。

Typical Las Vegas as I think so

我認為典型的拉斯維加斯是這樣。

Yes. And then, and I think we've articulated maybe several quarters ago that stabilization this is about a $40 million to $50 million revenue product for us.

是的。另外，我想我們在幾個季度前也曾說過，達到穩定期後，這對我們而言大約是一個4,000萬到5,000萬美元營收規模的產品。

Awesome. Thanks, guys.

太好了。謝謝各位。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，摩根士丹利。

Thank you. Can you hear me?

謝謝。你們聽得到我嗎？

Can't see you?

看不到你？

Great. Maybe a follow-up just on GVR and the room renovations. What does the total spend of somebody who's staying on property there kind of compared to the average. I mean when you're quantifying that disruption, is that purely the hotel revenue that's come out? Or are you able to kind of decipher what other netting you can see if you get that customer coming back somewhere else or getting other spend?

很好。想追問一下GVR以及客房翻新。住在那個物業的客人，其在館內的總消費大概相較於平均水準如何？我的意思是，當你們量化這些干擾時，是否純粹只計入流失的飯店營收？還是你們能夠拆解出其他抵銷效果，例如客人改到別處回流或帶來其他消費？

Yeah. You can actually, it's pretty much by the room. So you can pretty much nail this. From a disruption standpoint, this is absolutely (multiple speakers)

是的，其實可以，基本上是以每間客房來看，所以你幾乎可以把它算得很準。就干擾的角度來說，這絕對是（多位講者）

It's come a, that's what I was going to say. And so, well, an exact size when it comes to rooms, there's more science to it. And so where Frank was getting to it's a combination. The majority is going to be room revenue majeure.

我正要說這個。所以，呃，當談到客房時，雖然要做到精確仍有更多科學方法。Frank剛才要講的是，這是一個組合；其中大部分會是客房營收的損失。

And then the second point is going to be convention revenue and catering, right? You'd expect that given the rooms that are out and the catering spaces are out. but then it's all, then there is a significant portion of food and beverage and gaming that are associated with those rooms.

第二部分會是會展收入與餐飲承辦（catering），對吧？你會預期如此，因為有客房停用、餐飲空間也停用。但除此之外，還有相當一部分與這些客房相關的餐飲（F&B）與博彩收入。

Right. And so I guess you're including that in that disruption as part of that estimate because I guess what I'm trying to think through is as we bring those rooms back, I imagine that's a higher spending customer, perhaps the benefit that you get is when it comes back, should be theoretically much bigger than the disruption that you're describing.

了解。所以我猜你們在那個估算中也把這些納入干擾成本了。因為我想釐清的是：當這些客房重新投入使用時，我想那會是更高消費的客群；因此當它回來時，你們得到的效益理論上應該會遠大於你們現在描述的干擾。

Yes, absolutely. That's right.

是的，完全正確。

All right. That's it for me. Thank you.

好，我這邊就這樣。謝謝。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

Hi, everyone. Good afternoon. Thanks for the question. Steve, I want to go back to the higher gas price comments. You kind of made it sound like April were back to normal, and the consumer is acting normal. Were those comments in March, you were seeing higher gas prices impact, foot traffic into the casino? Or how should we think about that?

各位好，下午好。謝謝讓我提問。Steve，我想回到你提到油價較高的評論。你聽起來像是說4月已回到正常，消費者的行為也正常。那你在3月的評論，是因為你們看到油價上漲影響了進入賭場的人流嗎？我們該如何理解？

I mean, I think as we kind of go through the progression of the quarter, right, January was strong, February was strong. March was impacted by everything you read in the news, which included some higher gas prices. And then, but we were very happy with the way April right now is tracking to be one of the best Aprils on record. So far, gas, but we haven't seen too much of an impact from higher gas prices.

我的意思是，我們回顧本季的進程：1月很強、2月很強。3月受到你在新聞上看到的一切影響，其中包括油價較高。不過我們對4月目前的走勢非常滿意，正朝著成為史上最佳4月之一前進。到目前為止，油價方面——我們還沒有看到油價上漲帶來太大的影響。

Yes, March was a, it wasn't a bad month. It was fine, but we think it was affected by that, by gas, by the war, the uncertainty as well as just the TSA situation was a bit untenable. The goodness it's over and behind us, at least it seems. But for that two- or three-week period, I think people just were hesitant to get on a commercial airline because they didn't want to wait in the airport for 2 to 3 hours to get on their flight. So it definitely affected things. But in no way was it a bad performance money

是的，3月不是一個糟糕的月份，表現還可以，但我們認為確實受到那些因素影響：油價、戰爭、不確定性，另外TSA的情況也有點難以承受。幸好那已經結束並成為過去，至少看起來是如此。但在那兩到三週期間，我認為人們對搭乘商業航班有所猶豫，因為他們不想在機場等2到3小時才能登機。所以確實影響了表現。但無論如何，那並不是一個糟糕的表現。

Got it. Thank you. And then the other part, the construction disruption that you're seeing around town, are you able to capture those players at other properties via your database? Or are you just losing those visits from those players to specific properties?

了解，謝謝。另一個部分是，你們在城內看到的施工干擾，你們是否能透過你們的資料庫把那些玩家導流到其他物業？還是你們只是失去那些玩家對特定物業的到訪？

I think you hit it on the head. We -- quite a broad distribution of properties in very convenient drive times of each other, and we kind of call it crossover play. And what we'll see is, if we can't mitigate that disruption with the customer, they'll typically land in an adjacent property of ours. And we watch that very closely from a database perspective as well. So if we see decline in any known customer we certainly have programs to address that.

我想你說到重點了。我們的物業分布很廣，彼此之間的車程都很便利，我們稱之為交叉遊玩（crossover play）。我們看到的是：如果我們無法與客戶一起緩解該干擾，他們通常會轉到我們相鄰的另一個物業。我們也會從資料庫角度非常密切地追蹤。因此如果我們看到任何已知客戶的下滑，我們當然有相應的方案來處理。

Thanks, everyone.

謝謝各位。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Hi, good afternoon. You mentioned that you're starting to do some of the early work on additional greenfield projects. So with the outline CapEx that you have going on over the next 18 months, in the current leverage, what's the maximum leverage that you'd be comfortable levering up against in this market?

嗨，下午好。你提到你們開始對額外的綠地（greenfield）專案做一些前期工作。那在你們未來18個月的資本支出（CapEx）規劃，以及目前的槓桿水準之下，在這個市場環境中，你們可接受的最高槓桿倍數大概是多少？

We kind of articulate right now, we're about 4.07 times. The balance sheet is, we feel it's very strong. Interest expense has come down for the past four quarters in a row right now. There's no short-term maturities and the credit agreement is incredibly flexible. And as we said in the past, Chad, that while we'd love to keep maintaining leverage on and around four for the right opportunities that we would spike leverage up. I think once you start topping, that's really where you start kind of, kind of you start getting a little concerned Doria project.

我們目前大概在4.07倍左右。我們覺得資產負債表非常強健。利息費用已連續四個季度下降。短期沒有到期債務，而且信貸協議的彈性非常高。正如我們過去對你說過的，Chad，雖然我們希望把槓桿維持在4倍上下，但若有合適的機會，我們也會把槓桿拉高。我認為一旦開始超過某個水準，你就會開始有點擔心——（聽不清）專案。

Look, we have North Fork coming on. We have a note receivable from North Fort around $80 million we expect that thing to be profitable from the day that we opened it up. And we're going to continue to have some of these new investments come online where we're upgrading the properties we have at Sunset, Green Valley, et cetera.

你看，我們有 North Fork 即將上線。我們有一筆來自 North Fort 的應收票據，金額約 8,000 萬美元，我們預期那個項目從開業第一天起就會獲利。而且我們也會持續讓一些新投資陸續上線，包括我們正在升級 Sunset、Green Valley 等物業。

Durango (multiple speakers) the summer. So like Frank said, our expectation is that we'll be getting a return on the capital is currently in the ground. So our expectation is that EBITDA will grow. And then we're going to make a decision on what property or what project is next and how we're going to layer these things in. But I think we're very comfortable with (multiple speakers)

Durango（多位發言者）在夏季。所以就像 Frank 說的，我們的預期是，我們將能對目前已投入在地面的資本取得回報。因此我們預期 EBITDA 會成長。接著我們會決定下一個物業或下一個專案是什麼，以及要如何把這些項目分層導入。但我認為我們對此非常有信心（多位發言者）

And knowing that as you're investing in new assets, you're going to generate new EBITDA, which is going to once they open, obviously, get you back in line to where you want to be long term.

並且知道當你投資新資產時，你會產生新的 EBITDA，而一旦它們開業，顯然就能讓你回到長期想要達到的水準。

Okay. Yeah. That makes sense. Thank you. And then you kind of touched on this a little bit with the database and what's going on the strip with some of the all-inclusive deals. But are you starting to see strip operators start to market locals in a way that we haven't seen for several years, whether it's slot credits or hotel rooms or anything else that could increase the promotional or competition landscape in the near term.

好的。是的。這很合理。謝謝。然後你也稍微提到了一點，關於資料庫以及大道（Strip）上一些全包式方案的情況。但你們是否開始看到大道營運商以我們多年未見的方式來行銷本地客群，例如提供吃角子機點數、飯店房晚或其他可能在短期內提高促銷或競爭態勢的作法？

Yeah. We don't see anything that would cause us to change what we're hearing or expect that it was anything different than what's happened in the past

是的。我們沒有看到任何會讓我們改變目前聽到的訊息，或讓我們預期情況會與過去不同的事情。

Yeah, ship operators historically have always taken a shot at local some maybe with more success than others, but nothing has necessarily changed that I've seen. You haven't seen anything, Scott, right?

是的，大道營運商歷來一直都會嘗試爭取本地客群，有些可能比其他更成功，但就我所見，並沒有什麼本質上的改變。你也沒有看到什麼，Scott，對吧？

No.

沒有。

Thanks, guys. Appreciate it.

謝謝各位。感謝。

David Katz, Jefferies.

David Katz，Jefferies。

Hi, everyone. Thanks for taking my question. Heard some earlier this week commentary from a hospitality company on a little bit of change in the K-shape recovery and seeing some strength in the lower end, which has shown up in some of the hospitality numbers. Are you seeing anything like that? Because it's as though we've talked about the bottom of your database being a little pressured for quite a while.

嗨，各位。謝謝讓我提問。本週稍早我聽到一家旅宿公司提到，K 型復甦出現了一些變化，低端客群的表現更強，這也反映在一些旅宿數據上。你們有看到類似情況嗎？因為我們似乎已經談到你們資料庫底部客群承壓有一段時間了。

I think the place to look for any kind of change there is in the absolute discretionary. So if you look at eating out, I'll reference food and beverage and entertainment. We had a great quarter. We were up year-over-year. We increased cover count. We increased average check.

我認為要觀察那裡是否有任何變化，最好的地方是在「絕對可自由支配」的消費上。所以如果你看外食，我會以餐飲與娛樂為例。我們這一季表現非常好，年增為正；我們提高了用餐人次（cover count），也提高了客單價（average check）。

Overall revenue and profit in Food and Beverage is up. And to me, that's probably one of the more absolute discretionary items in our business, and it's kind of a bellwether for us as to the health of that customer. And like Steve said, we had a record gaming quarter. So they're also here plan slots and other gaming casino games. And so right now, it looks healthy.

餐飲（Food and Beverage）的整體營收與獲利都在成長。對我來說，這可能是我們業務中最屬於「絕對可自由支配」的項目之一，也算是我們用來判斷該客群健康狀況的風向球。而且如 Steve 所說，我們有一個創紀錄的博彩季度。所以他們也在這裡玩吃角子機以及其他賭場遊戲。因此目前看起來是健康的。

It's not that our low end has been under pressure for a while. It's Post-COVID, we changed our business level. And we've really reinvested in high limit slot rooms, high limit table games. We're not in the promotion business anymore we're relying on our best-in-class locations, best-in-class buildings, having the best employees to take care of the guests. And it's just -- it's been a pivot from what used to be a very promotional market. And it's just where our focus is. It's not that it's under pressure.

並不是說我們的低端客群已經承壓一段時間。疫情後，我們調整了我們的業務層級。我們確實加大投入在高額（high limit）吃角子機區、高額桌上遊戲。我們不再做促銷導向的生意；我們依靠的是一流的地點、一流的建築，以及最好的員工來照顧賓客。這只是——從過去一個非常促銷導向的市場轉向而已。這就是我們的重點所在，並不是它在承壓。

Yeah, I think that saying that customers basically doesn't have the discretionary income is probably not the way we look at it. We do have customers that seek value. So it's kind of a bit of a magic recipe as to how to provide what a customer perceives as value based on their demographic tier. And so we think we do a really good job offering a value to just about every demographic in the spectrum.

是的，我認為說客戶基本上沒有可自由支配所得，可能不是我們看待這件事的方式。我們確實有追求「划算」的客戶。所以如何提供讓客戶依其人口統計層級所感受到的價值，某種程度上是一個配方與藝術。我們認為我們在為光譜上幾乎每一個族群提供價值方面做得非常好。

Yeah. The art is having a hang in steakhouse under the same roof that you're serving $1.99 margaritas and balancing that.

是的，藝術就在於：同一個屋簷下既有高級牛排館，同時你也在賣 1.99 美元的瑪格麗特，並把兩者平衡好。

So you appeal to all the segments and the market demographically. So the one thing that we've done is try to provide a lot of value propositions for the repeat local customers and give them real value. And I think we do a better job at that than anyone else in the market

因此你能在市場的人口結構上吸引所有區隔。我們做的一件事，就是努力為重複來訪的本地客戶提供很多價值主張，給他們真正的價值。我認為在這方面我們比市場上任何人都做得更好。

Understood. And if I can just follow up quickly, do you, are you seeing anything? Or can you talk to destination volumes that impact the business? Probably not the core, but on the margin, is there any notable impact or trends you can cite?

了解。如果我可以再快速追問一下，你們是否看到任何情況？或者你們能否談談影響業務的目的地客流量？可能不是核心，但在邊際上，有沒有任何值得一提的影響或趨勢？

Well, look, I think the most finite place and measurable place to look is in our database out of town. And our database out of town, I don't know how many quarters it's been steep, but we are incredibly consistently growing that national and regional segment of our database, inclusive of the first quarter. So it continues to be an area of opportunity and growth for us.

嗯，你看，我認為最明確、也最可衡量的觀察點是在我們外地客的資料庫。我不知道已經連續多少季了，但我們非常一致地在擴大我們資料庫中的全國與區域客群，第一季也包含在內。所以這仍然是我們的機會與成長領域。

At least 10, these 10 quarters Scott.

至少 10 季了，Scott，這 10 季。

Thank you.

謝謝。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行（Deutsche Bank）。

Hey, good afternoon. Thank you for taking our questions. First, maybe we can get an update on what you're seeing in the promotional environment?

嗨，下午好。謝謝回答我們的問題。首先，也許我們可以請你更新一下你們看到的促銷環境狀況？

Stable. I think just as we've said in previous earnings calls, you do have the single proprietary one-off casinos that their kind of core DNA is to be a bit promotional. But nothing has changed there. And the market continues to be very stable, and we don't intend on changing any of our current strategies as a result of anything we're seeing

穩定。我想就像我們在先前的財報電話會議中所說，你確實會有一些單一、獨立的一次性（proprietary one-off）賭場，它們的核心 DNA 就是比較偏促銷。但那裡沒有任何改變。市場仍然非常穩定，而基於我們所看到的情況，我們也不打算改變目前任何策略。

Okay. Great. And then just as a follow-up, curious if the World Cup has had a material impact in the past more visitation perspective for you guys at your properties?

好的。很好。接著再追問一下，好奇世界盃過去是否曾對你們的物業帶來實質影響，更多是從來訪人次的角度？

Yeah, the World Cup is unique this year, and we really got ahead of it. The fact that of where it's located, the time slots for viewing and the number of games creates a great opportunity. We have the best race and sports book experiences in town. Customers know to come to our books for that kind of communal viewing experience. And so the operating teams have a very comprehensive plan to put our best foot forward during the World Cup.

是的，今年的世界盃很特別，我們也提前做了準備。考量其舉辦地點、觀賽時段以及比賽場次，這帶來了很好的機會。我們擁有城裡最好的賽馬與體育博彩（race and sports book）體驗。客戶知道要來我們的博彩區，享受那種社群式的觀賽體驗。因此營運團隊已制定非常全面的計畫，在世界盃期間全力以赴。

Thank you. I appreciate it.

謝謝。我很感激。

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.

接下來將結束問答環節。我想把電話會議交回給 Stephen Cootey 先生作結語。請繼續。

Well, thank you, everyone, for joining us. Take care.

好的，謝謝各位參與。保重。

The conference is now concluded. Thank you for your participation. You may now disconnect.

本次電話會議到此結束。感謝各位的參與。您現在可以掛線。