Red Rock Resorts, Inc. (RRR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Red Rock Resort's second quarter 2026 conference call. (Operator Instructions) Please note, this conference is being recorded.

下午好，歡迎參加 Red Rock Resorts 2026 年第二季電話法說會。(接線員指示) 請注意，本次會議將被錄音。

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

現在我想將會議交給 Red Rock Resorts 執行副總裁、財務長兼財務主管 Stephen Cootey。請開始。

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resorts second quarter 2026 earnings conference call.

謝謝，接線員，大家下午好。感謝各位今天參加 Red Rock Resorts 2026 年第二季財報電話會議。

Joining me on the call today are Frank and Lorenzo Fertitta, Scott Kreeger and our executive management team.

今天與我一同參與電話會議的有 Frank 與 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測有所不同。

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

在本次會議中，我們也將討論非 GAAP 財務衡量指標。關於這些數字的定義以及與 GAAP 的完整調節，請參閱我們在本次電話會議前於今日下午提交的財報新聞稿、Form 8-K 與投資人簡報中的財務表格。

Also, please note that this call is being recorded. Before we begin discussing our second quarter results, I'd like to take a moment to recognize an important milestone for our company.

另外，請注意本次電話會議正在錄音。在我們開始討論第二季業績之前，我想花一點時間表彰公司的一個重要里程碑。

On July 1, StationCasinos officially kicked off celebrating our 50th anniversary at Palace Station, the property where our story began.

7 月 1 日，Station Casinos 正式在 Palace Station 展開 50 週年慶祝活動，該物業正是我們故事的起點。

Throughout the summer, we are celebrating the history of our company, our incredible team members, our loyal customers and the Las Vegas community.

整個夏季，我們將慶祝公司的歷史、我們卓越的團隊成員、忠誠的顧客，以及拉斯維加斯社區。

As part of this celebration, we will incur approximately $8 million onetime anniversary and brand marketing expense, which will be reflected in our third quarter corporate expense.

作為慶祝活動的一部分，我們將發生約 800 萬美元的一次性週年與品牌行銷費用，該費用將反映在第三季的公司費用中。

We view this as an investment in honoring our history, recognizing our team members, loyal customers and local community that have made our success possible.

我們將此視為一項投資，用以致敬我們的歷史、表彰我們的團隊成員、忠誠顧客與在地社區，正是他們讓我們的成功成為可能。

The celebration also marks the launch of our new brand campaign, from vegas, for vegas, always vegas, reflecting our enduring commitment to the city we have proudly called home for the past 50 years and our confidence in the next chapter of our company's growth.

本次慶祝活動也標誌著我們全新品牌宣傳活動的啟動——「from vegas, for vegas, always vegas」，反映我們在過去 50 年來對這座我們自豪稱之為家園的城市的長期承諾，以及我們對公司下一階段成長篇章的信心。

Our second quarter results demonstrate the company we have built over the past five decades is as strong as it's ever been.

我們第二季的業績顯示，過去五十年所打造的公司比以往任何時候都更強健。

Even against the strongest operating quarter in the company's history a year ago, our Las Vegas operations delivered the second highest second quarter net revenue and adjusted EBITDA in our history while maintaining near record adjusted EBITDA margin.

即使相較於去年公司史上最強的營運季度，我們的拉斯維加斯營運仍繳出公司史上第二高的第二季淨營收與調整後 EBITDA，同時維持接近歷史高點的調整後 EBITDA 利潤率。

These results demonstrate the strength, consistency and resilience of our operating model and our ability to deliver long-term shareholder value through strong operational performance and disciplined capital allocation.

這些結果展現我們營運模式的強度、一致性與韌性，以及我們透過強勁的營運表現與嚴謹的資本配置，為股東創造長期價值的能力。

Our Durango property continued to perform exceptionally well despite ongoing construction impacts and has firmly established itself as a meaningful growth driver within the Las Vegas Locals market.

我們的 Durango 物業在持續施工影響下仍表現出色，並已穩固成為拉斯維加斯在地客市場中具意義的成長驅動力。

The property's continued success reinforces our long-held understanding that investing in best-in-class integrated resorts can expand the market rather than simply redistribute existing demand.

該物業的持續成功再次印證我們長期以來的理解：投資於同級最佳的一體化度假村，能夠擴大市場，而非僅僅重新分配既有需求。

Equally important, our core properties continue to generate growth, further demonstrating the strength of our broader portfolio.

同樣重要的是，我們的核心物業持續帶來成長，進一步展現我們整體資產組合的實力。

Building on Durango's continued momentum, construction of the Durango North expansion is progressing well and remains on schedule to open in the second half of 2027.

在 Durango 持續動能的基礎上，Durango North 擴建工程進展順利，並仍按計畫於 2027 年下半年開幕。

The continued strength of our existing property, together with the significant residential growth occurring in the Southwest Las Vegas reinforces our confidence in the expansion and its long-term growth prospects.

既有物業的持續強勁表現，加上拉斯維加斯西南區顯著的住宅成長，進一步強化我們對本次擴建及其長期成長前景的信心。

Just as importantly, Durango continues to validate our approach to capital allocation, and we believe this expansion will further strengthen the property's competitive position, expand the Las Vegas locals market, gain market share and generate superior long-term shareholder value.

同樣重要的是，Durango 持續驗證我們的資本配置方法；我們相信此次擴建將進一步強化該物業的競爭地位、擴大拉斯維加斯在地客市場、提升市占率，並創造優異的長期股東價值。

Now let's take a look at our second quarter results. With respect to our Las Vegas operations, our second quarter net revenue was $503.2 million, down 2% from the prior year second quarter.

現在讓我們看看第二季業績。就拉斯維加斯營運而言，第二季淨營收為 5.032 億美元，較去年第二季下降 2%。

Our adjusted EBITDA was $227.5 million, down 5% from the prior year second quarter. Our adjusted EBITDA margin was 45.2%, a decrease of 143 basis points from the prior year.

調整後 EBITDA 為 2.275 億美元，較去年第二季下降 5%。調整後 EBITDA 利潤率為 45.2%，較去年下降 143 個基點。

On a consolidated basis, our second quarter net revenue, which includes $3.8 million from our North Fork project, was $510.3 million, down 3% from the prior year second quarter.

以合併基礎計算，第二季淨營收（包含 North Fork 專案的 380 萬美元）為 5.103 億美元，較去年第二季下降 3%。

Our adjusted EBITDA, which includes $2.8 million from our North Fork project, was $208 million, down 9.3% from the prior year second quarter.

調整後 EBITDA（包含 North Fork 專案的 280 萬美元）為 2.08 億美元，較去年第二季下降 9.3%。

Our adjusted EBITDA margin was 40.8% for the quarter, a decrease of 281 basis points from the prior year.

本季調整後 EBITDA 利潤率為 40.8%，較去年下降 281 個基點。

During the quarter, we converted 48% of our adjusted EBITDA to operating free cash flow, generating $100 million or $0.95 per share. Year-to-date, we have generated $206.7 million of operating free cash flow or $1.97 per share.

本季我們將調整後 EBITDA 的 48% 轉化為營運自由現金流，產生 1 億美元或每股 0.95 美元。年初至今，我們已產生 2.067 億美元的營運自由現金流，或每股 1.97 美元。

This strong free cash generation continues to validate our operating model and disciplined approach to capital allocation, enabling us to invest in our properties while continuing to return meaningful capital to our shareholders through dividends and share repurchases.

這項強勁的自由現金創造能力持續驗證我們的營運模式與嚴謹的資本配置方法，使我們得以投資於各項物業，同時透過股利與庫藏股回購持續向股東返還可觀資本。

As we begin the third quarter, we remain focused on serving our core local guests while continuing to grow our regional and national customer segments across the portfolio.

進入第三季之際，我們仍專注於服務核心在地客，同時持續在整體資產組合中擴大區域與全國客群。

Compared to the second quarter of last year, we saw meaningful growth in overall carded spend per visit together with higher net theoretical win across our local, regional and national customers.

與去年第二季相比，我們看到整體持卡客每次到訪的消費金額顯著成長，同時在地、區域與全國客群的淨理論贏額（net theoretical win）也有所提高。

These trends drove the second highest second quarter gaming revenue and profitability in our company's history, surpassed only by last year's historic quarter.

這些趨勢推動我們創下公司史上第二高的第二季博彩營收與獲利能力，僅次於去年創紀錄的季度。

Turning to our non-gaming operations.

接著談談我們的非博彩業務。

Our hotel and food and beverage divisions delivered a strong revenue quarter, reflecting healthy underlying demand across both businesses and the diversification of our operating model.

我們的飯店以及餐飲部門本季營收表現強勁，反映兩項業務皆具健康的基本需求，以及我們營運模式的多元化。

During the quarter, Green Valley Ranch Hotel renovation reduced the available room night inventory by more than 21,000 room nights, impacting both revenue and profitability across both divisions.

本季 Green Valley Ranch 飯店整修使可供房晚庫存減少超過 21,000 房晚，對兩個部門的營收與獲利能力皆造成影響。

Even with this temporary disruption, hotel performance remained solid, supported by higher occupancy across the portfolio, while our Food and Beverage division benefited from higher guest volumes and higher check averages.

即便有這項短期干擾，在整體資產組合更高住房率的支撐下，飯店表現仍然穩健；同時餐飲部門受惠於更高的來客量與更高的客單價。

We look forward to once again offering our guests the full Green Valley Ranch hotel product beginning in late September. As we look ahead to the balance of the year, we are seeing stable trends in our core slot and table business across the Las Vegas locals market and within our carded database.

我們期待自 9 月下旬起，再次向賓客提供完整的 Green Valley Ranch 飯店產品。展望今年剩餘期間，我們在拉斯維加斯在地客市場以及持卡資料庫中，核心角子機與桌上遊戲業務的趨勢保持穩定。

While we expect ongoing disruption from construction activity at our Durango, Sunset Station and Green Valley Ranch properties, we are actively managing these projects to minimize operational disruption.

雖然我們預期 Durango、Sunset Station 與 Green Valley Ranch 物業的施工活動仍將帶來持續干擾，但我們正積極管理這些專案，以將營運干擾降至最低。

We believe these temporary disruptions are more than offset by the long-term benefits of these investments, which will enhance the guest experience, strengthen our competitive position and drive long-term shareholder value.

我們相信，這些短期干擾將被投資帶來的長期效益所大幅抵銷；這些投資將提升賓客體驗、強化競爭地位，並推動長期股東價值。

Now let's cover a few balance sheet and capital items.

接下來我們說明幾項資產負債表與資本相關事項。

The company's cash and cash equivalents at the end of the second quarter was $136.5 million, and the total principal amount of debt outstanding was $3.6 billion, resulting in net debt of $3.5 billion. As of the end of the quarter, the company's net debt-to-EBITDA ratio was 4.21 times.

公司於第二季末的現金及約當現金為 1.365 億美元，未償還債務本金總額為 36 億美元，因此淨負債為 35 億美元。截至季末，公司淨負債對 EBITDA 比率為 4.21 倍。

During the quarter, we made total distributions of approximately $59 million to the LLC unitholders of Station Holdco, including a distribution of approximately $34.5 million to Red Rock Resorts.

本季我們向 Station Holdco 的 LLC 單位持有人合計分配約 5,900 萬美元，其中約 3,450 萬美元分配給 Red Rock Resorts。

The company used its portion of the distribution to fund its previously declared quarterly dividend of $0.26 per Class A common share. When combining the dividends and share repurchases made during the year, we returned approximately $198 million to our shareholders.

公司使用其分配所得資金，支付先前已宣告的每股 A 類普通股 0.26 美元季度股利。合併今年以來的股利與股票回購，我們已向股東返還約 1.98 億美元。

Capital spend in the quarter was $139.8 million, which includes approximately $94.4 million in investment capital as well as $45.4 million in maintenance capital.

本季資本支出為1.398億美元，其中約9,440萬美元為投資性資本支出，另有4,540萬美元為維護性資本支出。

This brings our year-to-date capital spend to $257 million, which includes approximately $181.6 million in investment capital as well as $75.4 million in maintenance capital.

這使得我們年初至今的資本支出達到2.57億美元，其中約1.816億美元為投資性資本支出，另有7,540萬美元為維護性資本支出。

For the full year 2026, we still 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.

就2026全年而言，我們仍預期資本支出介於3.75億至4.25億美元之間，其中2.75億至3.00億美元為投資性資本支出，另有1.00億至1.25億美元為維護性資本支出。

In addition to the continued investment in Durango, we are making significant investments in our Sunset Station and Green Valley Ranch properties.

除持續投資Durango之外，我們也正對Sunset Station與Green Valley Ranch物業進行重大投資。

At Sunset Station, we continue to make excellent progress on our podium refresh. The recently reopened Gaudi Bar has been met with positive customer feedback, and we are very encouraged by its early financial performance, reinforcing our confidence in both the renovation strategy and the underlying demand at the property.

在Sunset Station，我們的基座區翻新（podium refresh）持續取得極佳進展。近期重新開幕的Gaudi Bar獲得顧客正面回饋，我們也對其初期財務表現深受鼓舞，進一步強化我們對翻新策略以及該物業內在需求的信心。

In the coming weeks, we look forward to opening Stoney's Rockin Country, a new country western bar nightclub, which will further expand the property's entertainment offerings.

在接下來幾週，我們期待開幕Stoney's Rockin Country——一間全新的鄉村西部風格酒吧夜店，將進一步擴充該物業的娛樂選項。

The renovation remains on budget with the remaining amenities expected to come online throughout 2026. Building on this momentum, we continue to execute the next phase of Sunset Station redevelopment.

翻新工程仍在預算內，剩餘設施預計將於2026年陸續啟用。在此動能之上，我們持續推進Sunset Station重建開發的下一階段。

This phase includes enhancements to the movie theaters, the relocation of the temporary bingo operation into a permanent location and the redevelopment of the former buffet space into a premium steak club, steakhouse and high-limit slot and table game area.

此階段包括影城設施升級、將臨時賓果營運遷入永久據點，以及把原自助餐廳空間重新開發為高端牛排俱樂部、牛排館與高限額角子機及桌上遊戲區。

These investments build upon a proven strategy that has consistently generated attractive returns across our portfolio, further strengthening our confidence in the long-term opportunity at Sunset Station.

這些投資延續一項已被驗證的策略，該策略在我們的資產組合中一貫帶來具吸引力的報酬，並進一步強化我們對Sunset Station長期機會的信心。

Construction remains on schedule with the balance of the project expected to be completed throughout 2026 and into 2027. The total project cost remains $87 million.

施工進度仍按計畫推進，專案其餘部分預計將於2026年並延續至2027年完成。專案總成本仍為8,700萬美元。

At Green Valley Ranch, we continue to make excellent progress on the comprehensive renovation of our hotel product.

在Green Valley Ranch，我們對飯店產品的全面翻新持續取得極佳進展。

The West Tower and convention space have reopened to positive customer feedback and encouraging financial performance, validating our investment in the property.

西塔樓與會議空間已重新開放，獲得正面顧客回饋與令人鼓舞的財務表現，驗證了我們對該物業的投資。

We expect to have the full East Tower hotel product back online in September, completing the renovation of all of our guest rooms and suites.

我們預期於9月讓東塔樓的完整飯店產品恢復營運，完成所有客房與套房的翻新。

Upon completion, Green Valley Ranch will feature one of the finest hotel products in the Las Vegas Valley, complementing the recently renovated high limit slot and table game areas and further strengthening its competitive position as one of Southern Nevada's premier integrated resorts.

完工後，Green Valley Ranch將擁有拉斯維加斯谷地最頂級的飯店產品之一，並與近期翻新的高限額角子機及桌上遊戲區相互加乘，進一步鞏固其作為南內華達州頂尖綜合度假村之一的競爭地位。

Building on the momentum of these investments, we continue to execute the next phase of Green Valley Ranch's long-term redevelopment strategy.

在這些投資動能之上，我們持續執行Green Valley Ranch長期重建開發策略的下一階段。

This phase includes a comprehensive casino floor refresh, enhancements to its food and beverage offerings and upgrading entertainment amenities.

此階段包括賭場樓層的全面翻新、餐飲（F&B）供應的強化，以及娛樂設施的升級。

Construction is underway and is expected to extend into 2027, with a total project cost estimated at approximately $56 million.

工程已開工，預計將延續至2027年，專案總成本估計約為5,600萬美元。

Turning to North Fork.

接著談North Fork。

Construction continues to progress well as we move closer to opening. Last month, we successfully completed the turnover of the first phase of the casino podium and have begun installing slot machines and other gaming equipment.

隨著我們更接近開幕，施工持續順利推進。上個月，我們成功完成賭場基座第一階段的移交（turnover），並已開始安裝角子機及其他博彩設備。

We expect turnover of the next phase of the podium later this month, keep us on pace for an early fourth quarter 2026 opening.

我們預期本月稍晚完成基座下一階段的移交，使我們仍可按進度於2026年第四季初開幕。

The project remains on budget and is fully financed with total all-in costs expected to remain approximately $750 million.

該專案仍在預算內，且已全數到位融資，預期總全包成本（all-in costs）仍約為7.5億美元。

As of quarter end, the Red Rock's outstanding note receivable from the Tribe was approximately $83.4 million.

截至季末，Red Rock對該部落（Tribe）的應收票據（note receivable）未償餘額約為8,340萬美元。

With construction progressing well and the project moving into its operational readiness phase, we remain excited about this best-in-class development and look forward to welcoming our first guests later this year.

隨著施工進展良好且專案進入營運就緒階段，我們對這項同級最佳（best-in-class）的開發案仍感到振奮，並期待在今年稍晚迎接首批賓客。

The company's Board of Directors has also declared a regular cash dividend of $0.26 per Class A common share payable on September 30 to Class A shareholders of record as of September 15.

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9月30日支付給截至9月15日登記在冊的A類股股東。

As we look ahead, we remain confident in the strength and resilience of our business model and long-term opportunities across our portfolio.

展望未來，我們對自身商業模式的強勁與韌性，以及整體資產組合的長期機會仍充滿信心。

Our recent capital investments continue to perform well, reinforcing our disciplined approach to reinvesting in our existing properties while advancing our development pipeline.

我們近期的資本投資持續表現良好，強化了我們在推進開發管線的同時，對既有物業進行再投資的紀律化做法。

Continued success at Durango validates our long-term growth strategy and the embedded value of our more than 450 acres of owned development land located in some of the most attractive submarkets across the Las Vegas Valley.

Durango的持續成功驗證了我們的長期成長策略，以及我們在拉斯維加斯谷地多個最具吸引力的次級市場中所擁有逾450英畝開發土地的內含價值。

Combined with our portfolio of best-in-class assets, this unmatched development pipeline positions us to capitalize on the very favorable demographic trends and high barriers to entry that continue to define the Las Vegas locals market.

結合我們同級最佳的資產組合，這條無可匹敵的開發管線使我們得以把握極為有利的人口結構趨勢，以及持續定義拉斯維加斯在地客市場的高進入門檻。

And before we wrap up, we'd like to sincerely thank all of our team members for their continued hard work, dedication and commitment to delivering exceptional guest experiences every day.

在結束之前，我們想誠摯感謝所有團隊成員持續的辛勤付出、奉獻精神，以及每天致力於提供卓越賓客體驗的承諾。

They are the foundation of our company's success and the driving force behind the results we continue to achieve. Their efforts continue to be recognized both locally and nationally.

他們是公司成功的基石，也是我們持續取得成果背後的驅動力量。他們的努力也持續在地方與全國層面獲得肯定。

During the year, Station Casinos was recognized by Forbes and Statista as one of America's Best Large Employers of 2026, by Newsweek as one of America's Greatest Workplaces by State for the second consecutive year, as a top workplace in Nevada for the sixth consecutive year and as the USA TODAY Top Workplace for the fourth consecutive year.

今年，Station Casinos獲Forbes與Statista評選為「2026年美國最佳大型雇主」之一；連續第二年獲Newsweek評選為「按州別的美國最棒職場」之一；連續第六年成為內華達州頂尖職場；並連續第四年獲選為《USA TODAY》頂尖職場。

Finally, as we celebrate our 50th anniversary, we want to extend our sincere gratitude to our loyal guests and the communities we have proudly served over the past five decades. Their trust and support has made this milestone possible.

最後，在我們慶祝50週年之際，我們要向過去五十年來一直支持我們、且我們引以為傲所服務的忠實賓客與社區致上誠摯謝意。他們的信任與支持讓這一里程碑得以實現。

As we look to the future, we remain committed to investing in our team members, our properties and our communities as we continue building on the foundation established over the past 50 years.

展望未來，我們仍將致力於投資我們的團隊成員、物業與社區，並在過去50年所建立的基礎上持續前進。

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

接下來，接線員，我們很樂意開放電話線供提問。

(Operator Instructions) Ben Chaiken, Mizuho.

(接線員指示) Ben Chaiken，瑞穗（Mizuho）。

Hey, how's it going? Thanks for taking my questions. Maybe if you could just take us through the cadence of the quarter to the extent you can. I think we had heard that maybe June was potentially softer in Las Vegas. Not sure if that's calendar related or maybe anything underlying. Just maybe what you're seeing to the extent you can break it down.

嗨，近況如何？謝謝讓我提問。如果可以的話，想請你帶我們了解一下本季的走勢節奏，在你能分享的範圍內。我想我們有聽說6月在拉斯維加斯可能偏弱一些。不確定是否與日曆因素有關，或是否有其他基本面原因。想請你在可拆解的範圍內分享你所觀察到的情況。

Hey, Ben, this is Scott. Thanks for the question. Let's start with slot revenue, which for us is our primary source and most important aspect of our business.

嗨，Ben，我是Scott。謝謝你的問題。我們先從角子機收入談起，這對我們而言是主要來源，也是業務中最重要的部分。

Actually, we were very consistent across all 3 months of the quarter. And then if you look at April was definitely better than May and June, but only by a certain amount of whole percentage difference in race and sportsbook and table games, but otherwise, pretty consistent across the quarter.

其實，我們在本季三個月份的表現都非常一致。若看4月，確實比5月與6月好一些，但差異主要是賽馬與運動博彩（race and sportsbook）以及桌上遊戲的整體百分比差距所致；除此之外，本季整體相當一致。

We actually got quite a pick up on -- from the World Cup in June. Our properties really leaned into activation and promotion for the event, drove a lot of bodies and overall it was -- I think it helped June from a traffic standpoint. So it was positive.

我們在6月其實因世界盃而明顯受益。我們的物業在該活動上非常著力於活動導流與促銷，帶來大量人潮，整體而言——我認為它在客流量方面對6月有所幫助。所以是正面的。

Understood. That's very helpful. And then maybe just from a modelling standpoint question, I would love to touch on seasonality. Just as we sit here today, what's your best take on 3Q, at least historically?

了解。這非常有幫助。另外從建模角度我想談談季節性。以目前來看，你對第三季（3Q）至少就歷史而言的最佳看法是什麼？

Yes. Thanks, Ben. Looking forward, typically from Q2 to Q3, season with Q3 being one of our softer quarters, usually you see you're down 10% from Q2 to Q3.

是的。謝謝，Ben。往前看，通常從第二季到第三季，因為第三季是我們相對較淡的季度之一，一般會看到從Q2到Q3下滑10%。

Appreciate it.

感謝。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Hey, guys. Thanks for the question. Just wondering if you guys in the past have given some helpful detail around kind of the numeric impact of the disruption.

嗨，各位。謝謝讓我提問。想請教你們過去是否曾提供一些有用的細節，關於這些干擾在數字上的影響大概是多少。

As we think about Q2 and then kind of making our way through the balance of the year as some of these projects kind of finish up and come online, any sense of just the impact in Q2 relative to Q1 and then what it might look like for the next couple of quarters?

當我們思考第二季，並且在今年剩餘時間隨著部分專案陸續完工並上線，你們能否分享一下：第二季相較第一季的影響，以及接下來幾季可能會是什麼樣子？

Yeah, sure. I think the team did a great job managing disruption, both on-site at our Green Valley Ranch, Sunset Station and Durango properties as well as off-site as NDOT is engaged in pretty substantial infrastructure projects across near several of our properties, including Durango, Green Valley and Red Rock.

好的，當然。我認為團隊在管理干擾方面做得非常好，無論是我們 Green Valley Ranch、Sunset Station 與 Durango 物業的現場施工，或是場外 NDOT 在我們多個物業附近（包含 Durango、Green Valley 與 Red Rock）進行相當大規模的基礎建設工程。

While estimating disruption is never really an exact science, we did experience temporary disruption at Green Valley to the extent of about $7 million, which was slightly lower than the $9 million we have announced on our last earnings call.

雖然估算干擾從來都不是精準科學，但我們在 Green Valley 確實經歷了約 700 萬美元的短期干擾，略低於我們在上一通財報電話會議中公布的 900 萬美元。

And it was driven really by the primary loss of the 21,000 room nights as well as the associated gaming, food and beverage revenue at the property. Durango, the team did a great job managing disruption.

主要原因確實是少了 21,000 個間夜，以及該物業相應的博彩、餐飲收入。至於 Durango，團隊在管理干擾方面做得非常好。

We really did not see too much disruption in Q2, but still stick to our guidance as construction, both on-site and off-site is kind of progressing.

我們在第二季其實沒有看到太多干擾，但由於場內與場外施工仍在推進，我們仍維持原先的指引。

And so we're still guiding about $2.5 million in Q3 and then each quarter subsequent to the project completes in the back half of 2027.

因此，我們仍預估第三季約 250 萬美元，之後每一季也會有影響，直到該專案於 2027 年下半年完工為止。

I do want to remind everyone, by the way, that these income -- these impacts are temporary in nature, and they are more than offset by the long-term benefits of the investments that we're making.

另外我也想提醒大家，順帶一提，這些收入——這些影響本質上都是暫時性的，而且長期而言，會被我們正在進行的投資所帶來的效益遠遠抵消。

And then if I could just get a follow-up. I appreciate the call out of the $8 million impact from the 50th anniversary this quarter. Just offsetting that, anything that we should expect to see kind of from a top line perspective? Or just any further detail on what that means from the model, that would be super helpful.

另外我想追問一下。感謝你們提到本季 50 週年帶來 800 萬美元的影響。就抵銷這部分而言，從營收端（top line）的角度，我們是否應該預期看到什麼？或是就模型（model）而言，能否再多提供一些細節？那會非常有幫助。

I think -- this is Scott. I think certainly, there's a good degree of brand awareness and goodwill that comes into what we're doing here. We're part of the community and being out in the community with the message is certainly going to have a positive impact going forward.

我想——我是 Scott。我認為，當然，我們在這裡所做的事情，確實能帶來相當程度的品牌知名度與商譽。我們是社區的一部分，走入社區並傳遞這個訊息，未來肯定會帶來正面影響。

I can tell you, looking at the quarter thus far, we're happy with the way things are going. And if we stay on this track, I would imagine there is a net positive effect from the top line.

我可以告訴你，就目前這一季的進展來看，我們對事情的走向感到滿意。如果我們能維持這個軌道，我認為從營收端來看會有淨正面效果。

Great. Thanks all.

太好了。謝謝各位。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Hey, good afternoon. This is [Aaron] on for Chad. Thank you for taking our question. Maybe to start with just a higher-level question. We continue to hear about the C-shaped economy versus the K-shaped economy. Are you seeing any notable differences in visitation or spend between your lower worth and higher worth customers?

嗨，午安。我是 [Aaron]，代 Chad 提問。謝謝你們回答我們的問題。也許先從一個較高層次的問題開始。我們持續聽到所謂的 C 型經濟相對於 K 型經濟。你們是否看到低資產與高資產客群在到訪或消費上有任何顯著差異？

No. Actually, I mean, I think as I mentioned, the trends are pretty stable across our entire business, both slots and tables. And that stems to, I think, both from the high end to low-end customers.

沒有。其實，我的意思是，正如我提到的，我們整體業務的趨勢相當穩定，無論是角子機還是桌上遊戲。我認為這反映在從高端到低端客群都是如此。

Okay. Got you. Great to hear you guys did well on the World Cup. Just kind of sticking on the event theme. The third F1 Las Vegas race is coming up.

好的。了解。很高興聽到你們在世界盃期間表現不錯。延續活動主題。拉斯維加斯第三場 F1 賽事即將到來。

And I know in the past, you've said that F1 isn't really an event for your company. So just curious if that's still the case or maybe if the programming around it or the understanding of visitation and customer behaviour has changed where there could be some opportunities for you guys?

我知道你們過去曾說過，F1 並不算是你們公司的活動。所以想請教這是否仍然如此？或者圍繞它的節目安排、以及對到訪與顧客行為的理解是否有所改變，讓你們可能有一些機會？

Yes, this is Lorenzo. The F1 event in Las Vegas is primarily tourist-driven as we see it. You don't get a lot of rallying behind it from a local perspective.

是的，我是 Lorenzo。我們認為拉斯維加斯的 F1 活動主要是由觀光客帶動。從在地角度來看，並沒有太多群眾的熱烈支持。

The World Cup worked for us because the local fans were really into it, obviously, with the different countries participating, depending on what game was going on. I mean our sports books were just billowing with people all over.

世界盃之所以對我們有效，是因為在地球迷真的很投入，當然也取決於有哪些國家參賽、當時在踢哪一場。我們的體育博彩區幾乎到處都是人潮，擠得水洩不通。

It was actually very, very positive, like I said, from a traffic standpoint. But for us, specifically, F1 doesn't really move the needle at all. And we don't really lean into anything relative to participating in promotion. My understanding is it's obviously very good for the higher-end properties on the Las Vegas Strip though, so.

就像我說的，從人流角度來看其實非常、非常正面。但對我們而言，特別是 F1 幾乎完全不會帶來明顯影響。而且我們也不太會在參與促銷方面投入。不過據我了解，對拉斯維加斯大道（Strip）上的高端物業來說，顯然是非常有利的。

Joe Stoffs, Susquehanna.

Joe Stoffs，Susquehanna。

I was wondering if you could give maybe an assessment of the level of demand you're seeing or you saw in the second quarter and what you're seeing thus far as far as you can see it for destination and regional demand?

我想請問你們能否評估一下第二季你們看到或感受到的需求水準，以及截至目前你們所能看到的情況：就目的地型與區域型需求而言，表現如何？

And then maybe an update with respect to the road work and all the things that the state is doing in and around the Durango property? Is it worsening? Is it the same as, let's say, it was a month or two ago? Just trying to assess that level of disruption there.

另外，關於 Durango 物業周邊的道路工程，以及州政府正在進行的各項工程，能否提供最新進度？情況有變得更糟嗎？還是跟一兩個月前差不多？我想評估那邊的干擾程度。

Yes, Joe, it's Scott. I'll take the first question and leave it up to maybe Steve to talk about the second. If I were to gauge demand, I'd look at kind of two areas, inbound gaming and then inbound hotel.

是的，Joe，我是 Scott。我先回答第一個問題，第二個問題可能交給 Steve 來談。如果要衡量需求，我會看兩個面向：外來博彩需求，以及外來飯店需求。

We like the way the database and the customer segments performed in the quarter. We like what we're seeing in July and into the future relative to the gaming database and specifically our regional, which is essentially drive market and out of town, which is fly market.

我們喜歡本季資料庫與客群分層的表現。就博彩資料庫而言，我們也喜歡我們在 7 月以及未來所看到的情況，特別是我們的區域客群——基本上是自駕市場（drive market）與外地客（out of town），也就是飛行市場（fly market）。

So we see positive trends there. From a hotel perspective, ex the GVR impact of having about 21,000 rooms out in the quarter from GVR, the hotel -- our same-store hotel performed very well for the quarter, quarter 2. We like the trends there. We like the trends in occupancy, ADR. We outpaced the Strip from an ADR perspective.

因此我們看到正向趨勢。從飯店角度來看，若排除 GVR 因約 21,000 間夜在本季無法供應所造成的影響，我們的同店飯店在第二季表現非常好。我們喜歡那裡的趨勢。我們喜歡住房率與 ADR（平均每日房價）的趨勢。就 ADR 而言，我們的表現超越了拉斯維加斯大道（Strip）。

And then as we look into the future into Q3 and then look at forward group sales bookings, we see green shoots and positive performance. Keeping in mind that the GVR rooms are going to come online in mid-September, and that's really going to put wind in the sails for us from a destination perspective.

接著展望未來到第三季，並看前瞻性的團體銷售預訂，我們看到一些萌芽的正向訊號與良好表現。同時也要記得，GVR 的客房將在 9 月中旬重新上線，這將從目的地需求的角度為我們注入強勁動能。

Sure, maybe to tackle the second question, Joe. I mean, in terms of probably three or four items that are going on right now around Durango, so from a Roy Horn perspective, that was the construction we talked about.

好的，Joe，我來處理第二個問題。我的意思是，就 Durango 周邊目前正在進行的事情而言，大概有三到四項。以 Roy Horn 這一塊來說，那就是我們談過的施工。

Earlier this year. That has been since completed. That was the connection, really the infrastructure connectivity into the multifamily development that's going up right next to Durango. But both westbound on-ramp, eastbound on-ramp are kicking off actually in June of '26 and expected to last pretty much the next year as well as the triple left on Durango South. So three of the major infrastructure projects are just kicking off.

在今年稍早。那部分已經完成。那主要是連接到緊鄰 Durango、正在興建的多戶住宅開發案的基礎設施連通工程。不過，西向匝道、東向匝道其實會在 2026 年 6 月啟動，預計大致會持續接下來一年，另外還有 Durango South 的三車道左轉（triple left）。所以三個主要的基礎建設專案才剛開始啟動。

And the same thing in Red Rock as well as in Greenbound Valley.

在 Red Rock 以及 Greenbound Valley 也是同樣的情況。

And the incremental $8 million that you're spending, just for clarification, if you're kicking off a marketing campaign, is it fair to say that some level of spending might stick in that corporate line, say, in fourth quarter out to maintain that marketing campaign to some degree?

另外，關於你們增加支出的 800 萬美元，想再釐清一下：如果你們正在啟動一個行銷活動，是否可以說為了在某種程度上維持該行銷活動，到了第四季仍可能會有一定程度的支出留在公司費用那一行？

If you're referring to the $8 million. I mean, we -- look, me and Frank, it started as a family business. We've been -- the business has been around for 50 years.

如果你指的是那 800 萬美元。我的意思是，我們——你看，我和 Frank，一開始是家族企業。我們——這家公司已經有 50 年歷史了。

We thought that the anniversary was a great opportunity for us to kick off so-called branding campaign to reinforce our position in the market here in the locals market, a market that was really created by our dad. And we just felt like that it was a perfect point to kick something like that off.

我們認為 50 週年是個很好的機會，讓我們啟動所謂的品牌行銷活動，以強化我們在本地市場的定位——這個市場其實是由我們父親一手打造的。我們只是覺得這是一個啟動這類活動的完美時點。

We've had a ton of good feedback. There's been a lot of media coverage in PR and earned media as well, along with the media spend that we have in the marketplace around the brand campaign, which also right now is featuring a lot of our long-term team members, some of which have been with us almost 50 years.

我們收到了大量正面回饋。也有很多媒體報導，包括公關與口碑（earned media），再加上我們在市場上針對品牌活動所投入的媒體採買；而且目前活動內容也呈現了許多長期團隊成員，其中有些人幾乎跟著我們快 50 年了。

So look, we think that we're going to get benefit from this for a lot of years to come. We've done this in the past.

所以你看，我們認為未來很多年都會從中受益。我們過去也做過這類事情。

We've had a number of different brand campaigns from we love locals to we've been doing it for a long time, and we just felt like it made sense to do it around the 50th anniversary.

我們做過好幾個不同的品牌活動，從「we love locals」到「we've been doing it for a long time」，我們只是覺得在 50 週年這個時點做很合理。

Look, they do cost money, and it is a charge that's going to hit the quarter in the third quarter. But overall, we think it's the right thing to do for the long-term benefit of the business.

你看，這些確實要花錢，而且這筆費用會在第三季入帳。但整體而言，我們認為為了公司長期利益，這是正確的事。

Makes sense.

了解。

Thank you.

謝謝。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行。

Hey, good afternoon, everybody, and thank you for taking our questions. As some of the ROI projects come back online and start contributing, how should we think about how fast the ROI projects ramp as we build a bridge in our models into 2027?

嗨，各位午安，謝謝你們回答我們的問題。隨著一些 ROI 專案重新上線並開始貢獻，我們在模型中建立到 2027 年的銜接（bridge）時，應該如何看待這些 ROI 專案的爬坡速度？

I think we've always been pretty consistent in terms of targeting these projects over a three year lifespan. So the first year generally is around 10%. The first project, the major project coming online is really the Green Valley, which should be online as of Q4.

我想我們一直都相當一致地把這些專案的目標設定在三年的生命週期。所以第一年通常大約是 10%。第一個上線的主要專案其實是 Green Valley，預計在第四季上線。

Okay. And just as a follow-up, have you seen any impact from the Strip operators becoming more aggressive on value, including all-inclusive offerings and promotional packages? Or has demand in the locals market remain largely insulated?

好的。再追問一下：你們是否看到大道（Strip）業者在價值訴求上變得更積極的任何影響，包括全包式方案與促銷套裝？或者本地客市場的需求仍大致上不受影響？

Steve, this is Scott. First of all, we love what the Strip did this summer by kind of offering an all approach, if you will, for value packages. I think it only helps the city.

Steve，我是 Scott。首先，我們很喜歡大道今年夏天所做的事情，也就是推出某種「全方位」的超值套裝方案。我認為這只會對這座城市有幫助。

We provide value every day. It's in the core of what we do. Our model is a high-frequency model. So we make sure that -- but value is relative. Value is just about price.

我們每天都在提供價值。這是我們核心業務的一部分。我們的模式是高頻率模式。所以我們會確保——但價值是相對的。價值不只是價格。

Yeah. It's based on convenience, value and friendly service, the fact that our employees know our customers, there's a relationship there. We've kind of been asked this question literally ever since we went public the first time in 1993. It's the same thing. The locals want to be at a convenient, value-oriented rate that is consistently delivering to them what they want.

對。它是基於便利性、價值與友善服務；我們的員工認識我們的客人，彼此之間有關係。自從我們 1993 年第一次上市以來，幾乎一直被問到這個問題。情況都一樣。本地客想要的是方便、以價值為導向的價格，並且能持續提供他們想要的體驗。

And so no, I don't believe that we've seen any impact on us as a company from that. But I do think it is good for the Strip long-term to offer value to their customers. So net-net, it should long-term be good.

所以不，我不認為我們公司因此受到任何影響。但我確實認為，從長期來看，大道向他們的客戶提供價值是好事。所以整體而言，長期應該是正面的。

Thank you. I appreciate it.

謝謝。我很感謝。

David Katz, Jefferies.

David Katz，Jefferies。

Hi. Hi. Afternoon, everybody. First, I wanted to -- looking ahead, seeing a lot of these projects sort of getting to their final stages and in good form. How soon might we be talking about kind of the next casino project and where it would be and we're just anxious to start modelling that stuff into.

嗨。嗨。各位午安。首先我想——往前看，看到很多這些專案似乎都進入最後階段，而且狀況良好。我們大概多快會開始談下一個賭場專案、以及會在哪裡？我們只是很想把那些內容開始納入模型。

Sure. This is Lorenzo. I think consistent with what we have been talking about the last couple of quarters, we're currently working on multiple projects from a design standpoint, both new build, greenfield projects.

當然。我是 Lorenzo。我想跟我們過去幾季所談的一致，我們目前從設計角度正在推進多個專案，包括新建案、綠地（greenfield）專案。

We've got two that we're actively working on right now, and we're going to have to figure out and determine which one is going to go first as well as a master planned expansion we've been working on to add rooms and a spa facility at Durango.

我們現在有兩個正在積極推進的案子，接下來必須評估並決定哪一個會先上；另外我們也在做一個總體規劃的擴建案，計畫在 Durango 增加客房與 SPA 設施。

Obviously, on the heels of after -- potentially after opening this North expansion that we have going on now, which has all the different entertainment components. We're currently working with multiple GCs out in the market to determine pricing as we have, for the most part, kind of decided on scope of the various projects.

顯然，在——可能在我們目前進行中的北側擴建（North expansion）開幕之後，該擴建包含各種不同的娛樂組件。我們目前正與市場上的多家總承包商（GCs）合作以確認報價，因為我們大致上已經決定各個專案的範疇。

So right now, we're kind of actively trying to get our head around where pricing could potentially come up and whether or not we need to make any changes to design or VE anything, and we're just working through it.

所以目前我們正積極掌握價格可能落點，以及是否需要對設計做任何調整或進行價值工程（VE），我們正在逐步推進。

We're hoping to have more information as we kind of turn the corner and get into the early part of 2027. And believe me, we're as anxious as anybody to get going with another project.

我們希望在進入 2027 年初、情勢逐漸明朗時能有更多資訊。而且相信我，我們跟任何人一樣都很迫不及待想啟動下一個專案。

We're a development company. We've had our best success by building projects from the ground up. We've been able to have some of the highest returns in the gaming industry by doing that.

我們是一家開發公司。我們最成功的方式就是從零開始興建專案。透過這樣做，我們在博彩產業中取得了一些最高的報酬率。

And obviously, off the success we've had with Durango, we're anxious and ready to go, but these things just take time to gestate and got to kind of slot them in at the right time, but we're actively working on it, and we'll have more news to come shortly.

而且顯然，基於 Durango 的成功，我們既期待也準備好了；但這些事情需要時間醞釀，也必須在對的時間點排進去。不過我們正積極推進，之後很快會有更多消息。

Appreciate that. And as my follow-up, I just wanted to ask about the advent of major sports in the valley, right?

感謝說明。我的追問是，我想問一下山谷地區大型職業運動的到來，對吧？

I mean the -- A's are coming. We heard some talk this quarter about an NBA facility, which has been talked about for a while. What strategy, if any, makes sense in leaning into those major sports in the valley? And do you get any tangible benefit from it?

我的意思是——A's 要來了。我們這一季也聽到一些關於 NBA 場館的討論，這其實已經談了一段時間。在因應山谷地區這些大型職業運動方面，有沒有什麼策略是值得加碼投入的？你們是否能獲得任何實質效益？

I think -- I mean, I think there's a number of different benefits we get. Obviously, there is a lot of interest as these professional teams come to Las Vegas, they generate and draw a lot of fans, which helps the overall hotel room base for the city.

我想——我的意思是，我們獲得的好處有好幾種。顯然，隨著這些職業球隊來到拉斯維加斯，市場關注度很高，他們會帶來並吸引大量球迷，這有助於提升全市整體的飯店客房需求基礎。

For us specifically, we've had a lot of success partnering up with the Golden Knights. We do a lot of promotional activity around them. There's a large fan base and a lot of affinity for Knights here. Obviously, the Raiders have been great as well.

就我們而言，我們與 Golden Knights 的合作非常成功。我們圍繞他們做了很多促銷活動。這裡有龐大的球迷基礎，大家對 Knights 也很有認同感。當然，Raiders 也很棒。

And the visiting teams want to stay at our properties.

而且來訪的球隊也想住在我們的物業。

Yeah, we do have a lot of the visiting NFL teams that stay at our properties. And I think you're going to see more of the same with the A's.

對，我們確實有很多來訪的 NFL 球隊會住在我們的物業。我想你也會在 A's 身上看到更多同樣的情況。

And potentially with an NBA franchise coming to Las Vegas. And I think you start to get just that amount of heft and that amount of activity. And Las Vegas is really turning into an events city.

而且拉斯維加斯也可能迎來一支 NBA 球隊。我認為你開始會看到那種份量與那種活動量。而拉斯維加斯確實正在轉型成為一座活動之城。

That's really what's driving a lot of these weekends is what's the big event, whether it's a major sporting event, a fight, entertainment, obviously. So there always seems to be something going on.

真正帶動許多這些週末的，就是「大型活動是什麼」——不論是重大體育賽事、拳賽、娛樂活動，當然還有其他。所以似乎總是有事情在發生。

All this critical mass is net-net going to be a positive for the city of Las Vegas. Which we're a microcosm of the entire city and how it's doing.

所有這些臨界規模，整體而言（net-net）都會對拉斯維加斯這座城市帶來正面效益。而我們是整座城市及其表現的一個縮影。

And it helps our high-end play, too. We're starting to develop a lot more robust business on our high-end table games play. And any time there's a large boxing event or UFC event, we see a lot of benefit from that people flying in wanting to stay with us at Red Rock, Durango, and GVR.

這也有助於我們的高端客群博彩。我們正在把高端桌上遊戲的業務做得更扎實、更具規模。而只要有大型拳擊賽或 UFC 賽事，我們就會看到不少效益，因為會有很多人飛來並希望入住我們在 Red Rock、Durango 與 GVR 的飯店。

And from a local guest standpoint, I think our casino marketing department does a good job taking a lot of our higher-end local guests to Golden Knights games and to Raider games and really just use them as the other casino properties do as a benefit and amenity to create brand loyalty and as a way to excite our guests about staying with us or playing with us. So overall, it's just a big net benefit.

從本地客人的角度來看，我認為我們的賭場行銷部門做得很好，會帶不少高端本地客人去看 Golden Knights 的比賽以及 Raiders 的比賽，並且像其他賭場物業一樣，把這些當作福利與設施，用來建立品牌忠誠度，也用來讓客人對入住我們或在我們這裡玩感到更興奮。所以整體而言，這就是一個很大的淨利多。

Appreciate that.

感謝分享。

Thank you.

謝謝。

Brandt Montour, Barclays.

Brandt Montour，Barclays。

Hey, guys. It's [Christy] on for Brandt. Thanks for taking our question. Just as it relates to the next growth phases at GVR and Sunset are coming online in '26 and in '27, what percentage enhancement would you say would be coming online by year-end '26?

嗨，各位。我是代替 Brandt 的 [Christy]。謝謝你們回答我們的問題。關於 GVR 與 Sunset 的下一階段成長計畫，將在 2026 年與 2027 年上線；你們會說到 2026 年底為止，上線的增量大概占多少百分比？

In terms of the second piece, well, in terms of the majority of the first piece of Sunset will be coming online. Really the only remaining pieces of Leticia's and Rosalita's, right? Those are the only 2 real remaining items. The rest of the items I can see coming online, maybe Bingo is going to be late this year, but then the rest of the remaining items will be 2027. From a Green Valley perspective, we're really focused on getting the hotel across the finish line.

就第二部分而言——嗯，就 Sunset 的第一部分來說，大部分都會上線。真正剩下的只有 Leticia's 和 Rosalita's，對吧？那是僅剩的兩個主要項目。其餘我看到的項目都會上線；也許 Bingo 會延到今年稍晚，但剩下的其他項目會在 2027 年。至於 Green Valley，我們的重點是把飯店專案順利完成。

And so that's the asset that you're going to see placed in service in '26 with the remainder coming online in '27.

因此，你會在 2026 年看到該資產投入使用（placed in service），其餘部分則在 2027 年上線。

Got it. And then just a clarification on the seasonality comments, either in relation to 3Q, but more specifically 4Q, I know in the past, you guys have said that 4Q from 3Q is up 10% to 11% sequentially. Is that a consolidated comment? Or is that specific to Las Vegas operations?

了解。另外針對季節性（seasonality）的說法想再確認一下，可能與第三季有關，但更具體是第四季；我知道過去你們曾說第四季相較第三季，季對季（sequentially）會成長 10% 到 11%。這是合併口徑的說法嗎？還是只針對拉斯維加斯營運？

Las Vegas operations, I think that's going to be a much more important distinction as we open up North Fork to our guests in Q4.

拉斯維加斯營運。我認為當我們在第四季把 North Fork 對客人開放後，這個區分會變得更重要。

Okay, great. Thank you guys so much.

好的，很棒。非常感謝各位。

Barry Jonas, Truist.

Barry Jonas，Truist。

Hi, this is [Jeremy] on for Barry. Thanks for taking our questions. Can you talk about the promotional environment in the local market right now and any changes in competitive behaviour?

嗨，我是代替 Barry 的 [Jeremy]。謝謝你們回答我們的問題。可以談談目前本地市場的促銷環境，以及競爭行為是否有任何變化嗎？

Hey, Jeremy, it's Scott. Yeah, as we talked about in previous quarters, it's very irrational. And so we don't see any change in the market nor anything that would change us or make us change our strategy.

嗨 Jeremy，我是 Scott。是的，正如我們在前幾季談到的，這非常不理性。因此我們沒有看到市場有任何變化，也沒有任何事情會讓我們改變策略。

Got it. And then how has the Tavern business trended? Have you seen any notable cross-sell from customers sourced there to your casino properties?

了解。那 Tavern 業務的走勢如何？你們是否看到從那裡導入的客戶，對你們賭場物業有任何顯著的交叉銷售（cross-sell）？

Yeah. So we're -- we just opened up our six of eight taverns. We have two more to go, one in October, one at the end of the year. We got into the tavern business for a couple of key business reasons, one of which was to get entrance into underpenetrated areas around the valley. And so we do see incremental pickup in new customers that we didn't -- that are new to brand.

有的。所以我們——我們八家 tavern 已經開了六家。還有兩家要開，一家在十月，一家在年底。我們進入 tavern 業務有幾個關鍵的商業原因，其中之一是進入山谷周邊滲透率較低的區域。因此我們確實看到新增客戶的增量提升——也就是我們以前沒有觸及、對品牌而言是新客的客戶。

And we also do see crossover play with customers that go to our big boxes as well. So, so far, we like the performance of the taverns, and we're excited about the two additional taverns to come online by the end of the year.

我們也確實看到，會去我們大型場館（big boxes）的客戶也有交叉到 tavern 消費。所以到目前為止，我們喜歡 tavern 的表現，也很期待今年底前另外兩家 tavern 上線。

Dan Politzer, JPMorgan.

Dan Politzer，JPMorgan。

Good afternoon, everyone. Thanks for the question. I wanted to touch on OpEx a bit. I mean, can you talk a little bit about what you're seeing in terms of labor, utilities, insurance? We've heard that some of those trends have been getting better. And then I guess, more broadly, as you think about those investments ramping and taking into account the OpEx environment, how should we think about the margin lift into 2027?

各位下午好。謝謝讓我提問。我想稍微談一下營運費用（OpEx）。你們能否談談在人力、公共事業費用、保險方面看到的情況？我們聽說其中一些趨勢正在改善。另外更廣泛地說，當你們考量這些投資逐步爬坡（ramping），並把 OpEx 環境納入考量時，我們應該如何看待到 2027 年的利潤率提升（margin lift）？

Sure. I will start. From a labor perspective, we're in line with salary and wages up around 3% year-over-year. Utilities continue -- particularly electric continues to be a drag on OpEx. And my sense is we will continue to be a drag for the remainder of the year.

當然。我先開始。在人力方面，我們的薪資與工資年增大約 3%，與預期一致。公共事業費用持續——尤其是電費——仍然對 OpEx 造成壓力。我的感覺是，這種壓力在今年剩餘時間仍會持續。

In terms of margin, when you take a look at our margin, our margin was down year-over-year, but that was primarily due to Green Valley Ranch disruption, which we'll be getting our full suite of products back in at the end of September.

就利潤率而言，當你看我們的利潤率，確實年對年下降，但主要是因為 Green Valley Ranch 的施工干擾；我們會在九月底把完整的產品組合恢復到位。

There's also the absence of the North Fork catch-up payment that we recognized prior year. And in addition, there are several onetime repair and maintenance items and contributions we made during the quarter. And so I think this was kind of an anomaly from a margin perspective, we're hoping be getting back.

另外，去年我們認列了 North Fork 的一次性追補款（catch-up payment），今年則沒有。此外，本季還有幾項一次性的修繕與維護項目，以及我們做出的捐助。因此我認為從利潤率角度看，這一季算是比較異常，我們希望能回到正常水準。

Got it. And then I'm sorry if I missed it, but were there any share repurchases in the second quarter? And if not, was there any reason for that?

了解。另外如果我漏聽了先說抱歉，第二季有進行任何庫藏股回購（share repurchases）嗎？如果沒有，是有什麼原因嗎？

No, no. I think we've been very consistent with the balanced approach -- taking a balanced approach to capital allocation.

沒有，沒有。我想我們在資本配置上一直非常一致——採取平衡的方式。

This quarter, we heavily spent on our existing projects, both Durango cleaning up Durango Garage, which still have the retention payments as well as rounding out sunset and Green Valley Ranch project spend.

本季我們在既有專案上投入很多資本支出，包括 Durango（整理 Durango Garage），其中仍有保留款（retention payments）；同時也持續投入 Sunset 與 Green Valley Ranch 的專案支出，以完成收尾。

Got it. Thanks so much.

了解。非常感謝。

No problem.

不客氣。

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

問答環節到此結束。我想把電話會議交回給 Stephen Cootey，請他做結語。

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

好的，謝謝各位參與本次電話會議，我們期待大約 90 天後再與各位交流。保重。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。