Operator: Our next question comes from Jordan Bender, JMP Securities.
Jordan Bender: I want to stick with the regional portfolio. It seems like the regional consumer is sticking in there, just based off of kind of your commentary. There is some phrase in the slide deck here calling out some sector softness. I was wondering, is that more specific to some of these properties, Atlantic City, Trop, that you were calling out, or is there anything within the overall sector that you’re starting to see kind of pull back?
George Papanier: Yes. I mean, it is sector-by-sector. I mean, listen, when you look at the market, we’re certainly seeing softness overall in all the markets. However, we’re up in 10 of those 13 markets that we operate in from a market share perspective. And we’re seeing a little bit of a customer shift. We tend to focus a little bit more on the higher customer segments of our business to where we’re seeing a better return on that. But we’re certainly getting some softness in the lower 50 minus type segments of our customer base.
Jordan Bender: Okay. And then just some of my follow up, in Rhode Island, you guys have the database, iGaming just being a higher spend, you stick your customer. I presume that should be in EBITDAR contribution positive state within ’24. Is that kind of the right way to think about your guidance that you just gave for your losses within ’24?
Marcus Glover: Rhode Island will be a positive iGaming margin generator. Just one thing on our guidance range, the way I look at it is, although we talk about our guidance, this has the $60 million of North America Interactive loss. That will go to zero. We will make sure that goes to zero. So I look at it with a $60 million swing in that. But yes, Rhode Island, we’re very excited by that opportunity. It will be a good profit contributor for us.
Operator: Our next question comes from Jonnathan Navarrete, TD Cowen.
Jonnathan Navarrete: My first question is with respect to Casino & Resorts in the third quarter. Margins decreased about 220 bps year-over-year, despite the record quarter revenue. And could you just walk us through the puts and takes of those segments that led to decrease, as well as if they are temporary in nature, how long can we expect them to last for?
George Papanier: Hey, Jonnathan, this is George. So you’re referring to a consolidated margin? I just spoke recently, just briefly — I just spoke a minute ago about how you take out the Trop and you take out Chicago and — as well as Atlantic City. And we’re at the levels that we’ve always guided the market to. So we’re going to have to see what happens with the Trop with the announcement of the A’s. So that’s continued to be seen what happens there. And as far as Atlantic City is concerned, there are pressures in that market. And that’s one of the markets that I talked about. There’s a little uptick in marketing spend. We’re not going to chase that, but it does cause us to react a little bit from a customer incentive perspective.
Jonnathan Navarrete: Understood. In your slides, you called out that Bally’s is taking a share from peers in certain markets. And can you maybe give us some examples of what the company is doing in those markets that are driving that market uptick?
George Papanier: Well, I’m not going to give away any marketing secrets. But I discussed this in previous calls is that we’re seeing a better opportunity at the higher end of our customer database, and we’re taking advantage of that.
Operator: Our next question comes from Jeff Stantial, Stifel.
Jeff Stantial: Today, starting out here, just on the guidance revisions, so full year EBITDAR lower — $25 million at the low end, $45 million at the high end. If I’m hearing you correctly, it sounds like the only real true incremental changes here are timing for the Chicago opening and the ramp, the changes at the Tropicana ahead of the A’s and FX. My question is, first off, am I correct in saying these three are really the only true incremental changes from the last time you updated guidance? And if so, I was hoping — wondering if you could sort of bucket them off in terms of how much each are sort of contributing to your guidance revisions?
Marcus Glover: Yeah. You’re dead on with your assessment. I won’t get into bucketing, but just to keep in perspective for you, the Chicago, we, again, feel very, very good about continuing to build upon that. The Trop, year-on-year, it’s one of those things where we just made the decision. Until we get more clarity on what the A’s are going to do, it’s very difficult to put any more investment in operational change to minimize that impact. And so, therefore, you’re seeing some of the revenue shortfall. But you’re dead on with your assessment of those primary things contributing to the difference between our last guidance and what we currently issue today in our earnings.
Jeff Stantial: Maybe taking a longer-term view here, right? Chicago, you walked through sort of the path and some of the expected phasing of the construction spend. Tropicana and New York, longer-term subject to decision making processes, whether regulatory or amongst the MLB that are sort of outside of your hands. But I guess my question is this, let’s say all three projects — sorry, Tropicana, you end up going through it with some sort of a development project and then New York doing the license. How much should we expect spend to be, I guess, overlapped between multiple projects? Or do you think there could be a scenario where there’s basically no overlap timing wise with any of the spend for the three various projects? And I recognize there’s a lot of variables here, but let me know if that question sort of makes sense the way I laid it out.
Soo Kim: So, this is Soo Kim, the Chairman. So maybe — Marcus asked me to take this one. Obviously, we have three large, exciting potential projects, and we’re going to need to make sure that we balance all of them. Look, our highest priority is Chicago. But the nice thing is that — I think what might be missing in people’s analysis is that we’re actually — we actually have a number to hit in terms of our spend, which is $1.34 billion, of which we’ve already spent almost $200 million. And so, the minute that number is hit — and I think Charlie walked through a little bit of the various ways to finance that. There’s — obviously, we have our land bank. We have the S1 still, so we’re going to bring in some minority investors.
