Red Rock Resorts (RRR) 3 Aug 232023 Q2 Earnings call transcript

Good afternoon, and welcome to Red Rock Resorts Second Quarter 2023 Conference Call. All participants will be in a listen-only mode. Please note, this conference is being recorded.

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.

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

results Kreeger on our that me include Lorenzo team. projected. laws. the today like and harbor Scott I'd are management those our the and remind call statements today securities States Joining provisions federal to may executive of under from Frank United call forward-looking differ Fertitta, everyone and safe will Developments the

discuss non-GAAP also measures. this will During call, financial we

definitions our our these and refer release, being For Also, filed complete to figures call. note of X-K the were please and reconciliation is financial recorded. a that this GAAP, please to call afternoon investor Form earnings to deck, which in prior tables press this

into history the third Before in our XXXX another the of The any represented yet the details, surpassed quarter only the quarter our terms extremely quarter and adjusted same-store represented revenue, of with strong in quarter of the strong second quarter XXXX. adjusted second for EBITDA, company. net EBITDA company margin of second we best get

the May Within decline within in April the month of particularly our year's a year-over-year in line and and selling with June quarter, last accounted performing the the with majority provided quarter, comparison results for the tough of year-over-year more results.

of and as strategy Despite XX%. management excess the guests executed extremely the another adjusted keeping of EBITDA core XXth fresh quarter a consecutive properties marking the margins relevant with our company the quarter, April, our delivering tough on the strong and for team in delivered quarter

revenue from $XXX basis, quarter year's was second quarter. the second Adjusted million, million million, at down Now quarter let's a look million year-over-year. results. $XX.X On down take a $XXX.X EBITDA second prior $X.X consolidated was net our

for XX.X% decrease points basis year-over-year. was of margin a the quarter, XXX EBITDA adjusted Our

$XXX.X net $X.X year's million million quarter. Adjusted second $XXX.X from Las was to revenue operations, EBITDA second year-over-year. million quarter respect With prior the our was down Vegas $XX.X million, down

Our we basis $X.XX decrease XX.X%, margin cash EBITDA of the In per quarter, XX% adjusted or converted our $XX free was share. adjusted XXX EBITDA million generating operating a of flow points year-over-year. to

flow tax of Our was the the estimated our cash conversion quarter lower timing payments. to due free in

per our returned Durango second to free This our the combining was cash operating that in flow was [$X.XX] long-term it project, debt of strong significant shows level flow and XX% stakeholders first reinvested adjusted to to our strategy, flow, to growth quarters, where of we it generating dividends. or via share. paydown When cash continue our million $XXX.X cash converting EBITDA including generate

Throughout we quarter, national regional and from continue gaming quarter, entire strong our to When comparing remain strength, This local see across we revenue segments. EBITDA visit to on the our regional - quarter as coupled to enjoy and our last focused and our portfolio, segments. our us record visitation second with per near across strong in results adjusted spend - year's allowed guests and core national grow operationally continue as upside to well second segments. our results disciplined

year-over-year Turning hotel record our to continue Both in to profitability food segments. second grow and non-gaming beverage and quarter. and the delivered

across our its and in portfolio. revenue occupancy Our profit quarterly our driven by division company's history, higher highest hotel and ADR experienced hotel

average record strength and profitability across quarter Food our by outlets catering and continue record our and driven near second beverage revenue food beverage of quarter and experienced business. second check higher

year-over-year consecutive segment. continues this XXXX the catering to of the represented business double-digit in as growth quarter surpass quarter Our revenue levels, eighth

to nights regard grow our XXXX. group in half With we pipeline to back growth continue business, driven the room as and continues our see to sales of to momentum by positive ADR both

challenging face for stable, remain quarter, begin of third the gaming continue our the but our and segments across to nongaming the year. comparisons we year-over-year we remainder business As will

On the of providing top to become while customer look to more expense Las the our ways service to continue choice we in Valley. operationally efficient the and to best-in-class employer be for Vegas disciplined guests, remain side, and continue

tougher generate ability approach near to comparable, our year-over-year margin, capital our the record return long-term continued demonstrate to the and sustainability execute These management resilience the shareholders. our our strategy, in and company our team and returning was shareholders. financial our on take growth to a model, a balanced of Despite business results able to performance, to operating capital the of of

While, and of footprint we strategy, our new rooms which to we in Red committed core Las guests upon slot Building investing our casino to our high well Rock and amenities the Resort. bar our the a macroeconomic guests picture, vigilant new remain - our Vegas our investing in in expanding amenities openings includes are to successful table to limit as locations. and as at bring new existing Casino disciplined

from at results to This early new have high-end forward a Valley very later Resort. Green our bringing quarter, The amenities Green we we property Ranch Valley complementary year. been promising, this up additional and located our opened casino amenity this bar look Polaris, to

Now $X.X of capital let's $XXX.X $X.X items. billion, the and principal total billion. quarter cash cover debt outstanding at second a the in of end few cash debt million, and equivalents of were resulting amount net The balance company's the sheet and was

company's times second of were of ratios and net As quarter, the coverage the respectively. EBITDA to interest and debt the times X.XX end X.X

Durango we will we As the our tick leverage of in as to calls, our our complete construction upwards stated continue earnings project. previous

leverage. of to delever we times, On expect the completion long-term target leverage our towards net net three Durango, of

includes was $XXX.X inclusive million in Capital Durango $XX.X in capital as spend well approximately maintenance $XXX.X capital. in quarter million, as of million investment which the second

$XX of expect $XXX million XXXX, inclusive spend between $XX capital, capital a we in to and growth For million full to in the million of million year total Durango. maintenance and $XXX

the Resort. November date provide Durango to development, targeting Starting as opening announce our the are are an our XX, we Durango on development Now, let's we pipeline. update with excited for that Monday,

which As XXX is Vegas we've this the site ideally mentioned excited on XX-acre a Las off about the in drive in located Durango before, situated we're expressway Valley. project, extremely Southwest

Las fastest-growing favorable The project Valley is a demographic in located gaming five-mile Vegas with the unrestricted profile radius. the in very no in competitors and area the

This out of a up well commence quarter, resort the we we as of fit powered the move as central to as the resort. completed the enclosure plant

design As at in we The our company with developments. progress remains resort our opening. the profile through preparing still project. Greenfield the current and the be for areas quarter, return and expenses costs, any million, associated Durango beginning construction to we to over prior costs consistent $XXX are which includes key staff all the The anticipates hand start budget soft resort our current costs, unchanged hard approximately with preopening of operational financing to to for order

Turning now Fork. to North

all will other the ability of or remaining litigation, As last the interfere land. this Fork case a on the right courts. California believe trust single noted favorably has the quarter, of tribe with gaming we not resolving case We in conduct federal to its after North do its

with And and talks to continue working lending with the efforts project, to development partners. we our our preliminary our this - on and including respect tribe progress respective the toward work work continuing design to the having of management with agreement approval

earnings quarterly We on will our continue to calls. updates provide

Station have On significant that the in the and sale Rancho with real we respect have press progress front, estate Fiesta made may read former of the to properties. you Texas our

report the parcels believe may of real two the cannot we While in on be position terms, the a we closing disclose coming these in we months. to estate

next for These long-term our the and reposition represent real continued at our Casinos. strategy transactions portfolio upgrade development the of we estate potential execution Station growth chapter as estate real look to of

desirable September a dividend our payable With of and current Lastly, on in August best-in-class on of XX coupled on locations in cash A Las the pipeline common Valley. X, of declared our assets Class shareholders locations, company's the A to record per located sites $X.XX Vegas owned Directors of development Board Class seven with development September XX. share most

unparalleled hard story barriers to an characterize of will trends high entry that team favorable allow long-term of growth us all the our have their work. Vegas members demographic and capitalize recognize the and thanks size Las locals to for our to and like market. the We'd double our very extend on portfolio to to We

our the why and success to Our time-after-time. starts reason continue be with they them, return guests primary

to them the for year. Las voting Valley as consecutive top like the employer in casino for thank again third Vegas would We

Casino We consider And support our each we efforts, are also the and for very Spa like resort - Rock the last we'd our finally, guests Forbes of recognition Resort which in as hotel loyal members. top of six those proud and overall casino Red to to of selected share team Vegas, that their Las a decades. thank in our tremendous

to prepared remarks for the our and turn concludes over to this we'd Operator, like take questions. call today,

Please JPMorgan. Instructions] [Operator Joe comes you. go question with Our first ahead. Greff from Thank

decline afternoon, April. Good they at And about think either do April? what you the the you our I really Obviously, actually transpired have I reported. on and has Steve, July? happens why when out follow-up? of think took you - you in then And one a think calls, April? thing your don't everybody. a of of do said in in kind May place Boyd quarter majority friends your I earnings What changed called prior think comments and mean, ago with the same that June consumer in XQ do

tough to Scott. and think - are foremost, it I I'll mean, with over incredibly March, and we first particularly mean, comparables, particularly I in in I Sure. dealing start I'll hand I the mean, April.

a the you in of April second you day of history got month an represents XX history the the EBITDA represents of best XX-day April best basis, XX in company. at XX our XX back the If April the company. calendar, XX per history look on our and April because years

do I consumer more we're huge making. think do about a with and less just the to to climb uphill it's So,

Yes.

I I could a add that. to bit think

the represents through - the in quantum of was gaming piece XX% of nuance that the it Cup. in in the did have And the decline to hold another Golden unfavorable Stanley Just quarter there's that, we about for road of Knights April.

local relates had well with as July, line if you gaming are the we've side well. see just been out and for didn't we and May, attributed in the lot and of even to what But and that it that, look revenues April hold June of the we folks parse year. on rest that Golden into at Night the So, experiencing a as

line? see in How you versus little guess revenues if do be between I Or expenses And be with that you the the that year-over-year just you're Is costs flattish it's helpful. there variance you a a to Obviously, trend? things do is front sort a sort Durango, that we're you bit capitalized. revenue in Steve, way that That's and can more going forward in how OpEx year-over-year OpEx down something whether - environment bit see QX. a whether can you us terms revenues then are expenses? or carrying there revenues help in year-over-year in down in of variance which understand little and do trends had year-over-year? those relationship operating are more - a we down Great. if in that, - match But margin will of labor, where of of up revenue

Sure. issues, you that the margin not again, row majority year-over-year. a and the million this spent maintenance that margins that hold of dealing pointed and want I issue also Scott Scott April And reemphasize, And - as as in XX%. just the the I $X.X only to that but we you're decline. mentioned. was to just additionally, in repairs margin, decline well, gaming was mentioned, with decline And mean, majority the - really is experience due of in while and a over the over we've we and slight did held out yes, XXth quarter

decision on our view And And that small not properties And a guests. that prevents dealing that's quote operating to estate. it's a strategy - long it's problem our the and is with keeping is real down of we fresh own quarter-by-quarter problems inviting now our that we're our road. making larger a our important

no fantastic in care good said, feel That why R&M, There that's - are maintenance of - we costs. deferred have our properties we we shape. take are So it.

we if So, to forward, can road. going is down going that needed pull get lever the a that we

consistent slightly was The kind margins of roughly going to graded experienced Valley. be material Vegas I across entire other would in the a $XXX,XXX think out that's Las increase cost, point And we I utilities. that, the

station, a a station. not that's So nuance

later flight us Thanks. in my you Great. from with off the help opening, November Durango that's that. opening put versus respect opening. after the opening? to years. a my you a to with And the Is go the explain that me? question And last to that guys can then Is XX get year all I that I'll full-fledged soft call around

the aspect will This day. open but property is properties, on it Yes, we ready be will Lorenzo. and is open opening. full-fledged to let the When that Joe. open every so so customers, for full go. doors be a Yes, of We'll in that

Thanks Great. guys.

question comes ahead. Carlo go Bank. Please next Deutsche Our from Santarelli with

Good in look, of at terms afternoon. kind challenging you currently imagine, know, some followed want last to current unusual, that the that you're kind of involved? guys. I last year. When cost when review. of look comparison Hi you XQ that - XQ year at XQ second right, the the seeing everybody say the that from demand that XQ. But and verify you're was most of somewhat just headwinds that's strong quarter, the tougher the really and way you was Obviously, levels looking I of of in the guys categorize I and would and your year 'XX in benefited would would you that, it of how are a

tough look Yes, up think look call we're can been we when one inclusive we're in projections, comps headed, headed. certainly that XX-day tough that. we July, is of If against and at we Scott. I a where like of the Look, where been April, we've Carlo, at we've look where I it, was we're Yes. take forward mentioning this ones.

rest But the we We year we all, feel expect do consensus, year, tough of midpoint are for full against the like like in the comps well. the year. where has as to what the of at we

year-to-date, we are we the are face while operating where ready necessary So, to any of our with expense management. teams and encouraged are challenge

talking year. focused think sales, pretty we're we pressures. these all be They're well, competitive to about of the being is remainder already what doing for a cost things great labor, job very these of are managed inflationary the you're of of when all that comps on very going But of

until if for as little hiring you're terms I the about - Scott. that less start of in in then, opens. you stretch, you Could up Durango And you XX-day experience of that bit a Thank or to thus Great. environment far could, the property? talk staffing kind guys the maybe just

Yes, this is Scott again.

down in So stretch. final you're We're right. the

I we're about think of days. inside XXX

properties. come So, done have members We lot to the our had recruitment we internal team over campaign. to a of new interested

is employee of And of employment D&A that's kind So understands over company loyal and the do. that the our to pool. the brings really base of an that's we our brand what

on to and about getting interest. are XXth, We the kick off the external campaign we're unsolicited already

confident feel fill able we're we employees. So, going employment to be needed to our that high-quality with

If long ago, at previous what right-sized said our ranges, we calls, pay our in go and time back look we a you benefits.

probably got the are market, coming year in we this this and We best-in-class we a knew and employer was ahead of ago. well a over

do completely Fountain online. online. immune the We have competitive So do that coming we to be We the coming other factors. wages, have competitive there had not to benefits. Blue - And - sphere

we're a to well. is but very out there, think compete there competitive we going market So,

Thank again. Thanks guys. you

comes Wieczynski question Please next from go Our ahead. Stifel. with Steve

Yes. Hi guys. Good afternoon.

to question. be going it's another So, margin

with bear So me.

April. the you occurred Steve, pressure mentioned margin So the of majority in

of not is you May, out things that? there and you in called last or So and of based July that what be you status July in assuming in you range June have and quo? do half kind on to in it's Or back utilities this year? now belt other the allow witnessed June, I the possible think as the like margins May are factors is saw might well. of higher you assume for And Do to your year you have what

We've yes, to as we we that driven labor. can. that already to, have lot the the Yes. think with expect is pressures job in I historical are top built very The we a consistent alluded we through message team line by And labor, inflationary managing answer the now of mean new fantastic range, most volume-based doing - be Scott in. is a part, them that the been I right? for

on payrolls going fill more particularly we So our segments. as up in bring demand, non-gaming to people

sold, flat. goods of relatively Cost

then, through can managing variety are we and so. other there's those a I that so, levers with mentioned, And of we probably And as R&M hold.

we the of But need that feel good strategy. And So pull we to we don't controllables, out now, pretty there's cost be. right if business. a we current reason any feel of structure could lot our the in see change

Yes, Steve, Lorenzo. I mean, this is

current the by to I margins. revenue margin in question be the believe able and to well, think - the calls maintain as if as be going and that maintain part own, we be able of determined able have gaming to we should we well, as we're to, right? of we So, will mentioned is our prior

very expenses Steve said, As laser throughout focus we the have a on company.

last still one rational of a change expect very And are promotional market, and the year. stable enjoying and rest to don't We costs. is factor we acquisition the that through

that And were mentioned on sure, quarter, like you. Got side. seems kind ahead? color. - guess. if question up were of I the know, Okay. then Steve, my the yes, as Scott, can you probably ADRs if hotel not in I'm Thanks go where And you slightly they but it second don't for

cut I you off. Okay.

no. no, Oh

room see to real if room if of action side. there's - continuing views comment point So you at just push on in taking been that And basically, this I kind on yet just price to how Scott wanted of he you - pushback and any trying to on terms rates? understand the guys

least the Scott facts get Scott. and can start I'll the with at So, hard question,

about was ADR X.X%. mean, I So up

to that our up going XX%, pre is lead - to that well basis pricing, points. we're COVID. on which We're go. think we're occupancy, standpoint, say in all XXX still below COVID an going from We're XX.X% levels mark, is Scott's into $XXX at But almost above. that's we're pretty So, I we're occupancy what

to there's occupancy So, still on side. room grow the

Yes. I'll jump And here. in

Just all RevPAR. to that comes down

about deeper a So then that components X%. was the RevPAR into of And catering up you at was look XX% year-over-year. if little up

catering associated to at get to with tell you so, relates XXXX room we is I also comparable, to point. it are us in and comparison I point, to a be at there about there's nights, this XXXX. as always And group one we're recall saying question and where And can

above we're sales. about XXXX XX% numbers year, in This catering

forward-looking, we the revenue books revenue on catering look and XX%, and is into call what's on Sales was forward-looking last up year, what forward we about now last about what same As year. up meaning was time the books XX%.

encouraged and really hotel with we're the the So, performance not forward look. on only quarter's but catering, also

to you're add sales, mix again, mix, because throughout to And Scott's in going point, to this the great, now and leads to corporate floor. of back is ancillary revenues predominantly corporate, - that the casino a group is other that great that

Okay. it. guys. color, Got Great Thanks. you. Appreciate

Our next question Please Truist Barry comes go Jonas from with Securities. ahead.

Barry. what be for you some Super FX will This there. talk long? event do impact about from Can up actually on the you is coming and Hi the think [indiscernible] with - Bowl calendar

there's on that - we're when every But a obviously, Super mean, I there's Lorenzo. excited for FX industry. Bowl. of around going is And been here, is this talk those and almost been the about know lot in like major Yes, is something sense it's Vegas weekends it as - talk about it in There's Las unbelievable both everybody weekend. we seems of the I

that X it's just [ph] be data to going X, we're So - points it's really great.

just up weekends two unfolding us, out a weekends coming lot it that as see are of us. our business we as of for for great But

as last as forward of - I that's outlined the kind part why does, in think looks our question. Scott So, it of look

it. quick Got just a And follow-up.

increase what's gaming out your on Now land to are on that there? the - Veeva value of A's entitlements potential view including sale, the

aware a of the of is it standpoint obviously and of site listen, could that I off we Strip you talking how didn't Tropicana. on out of the - excited end great come about one to is there a lot right I-XX that up the people obviously were Las the of we has that positive thing are opportunity It a with of acres Well XXX Vegas now were corner A's about. that happening. tell from that

has in a entire the of that we property had license full with that casino which some on casino for was for here. a time, property of we've gaming interested And The the worked West currently but the sales because number it, property on entitlements property a associated have currently Wild that people and inbounds parts we've number also development, or are property. also in years, of of for

But valuable resort be real have discussions. is is how those that I that having like that it piece of acres spotlight continue and of able put is property positive kind corridor. property big just out to a think of within we'll XXX came of magnitude to on to said, I So, how essentially what rare, is the the that

Thank much. you so

next with Our ahead. go comes Fargo. question Politzer Wells Please from Dan

mean cannibalization Hi. at maybe everyone. I about three in as than wanted taking Thanks thinking are on touch is to Good speed X my thinking that property about April, of question. bit fragile that saw ahead being about you for a afternoon, - it are you after you I And little still you expansion? just Phase still point? think Durango. blip demand ago, full in this of how terms more months

kind have on operated. a is working currently Phase always planning of just from standpoint, which we we're how So, X

is we and and successful anticipation want on going be there's our can be that - Phase soon in hit going X Durango the to makes sufficient pull that. that we're for returns. We to do able it's targeted Our it November XX, demand us going to a potential to a be be to as position on for to opening, as a sense to trigger open

options. entertainment gaming to looking as as be well additional some would We add capacity some

we're one of on. working the So that currently is projects

capacity area is mentioned well, got and as plans gaming as project, another without Inspirada great in that's demographics working of past a we well. entitlements we're lot in the As an located on location also the in area great Henderson, had which a in for great

be eight, if Phase actually a number projects the Durango to roll question? you that over those here. we company answer eight the that are to us company two that can we But gives the a that of would us next our those X include I in control the kind years So, for grow minds. as of of Did out line essentially would be the your two

Yes. Yes.

add, blip mentioned I And we though, in I Casino don't in mean at the too, and blip you would it's opened April, - view mean as like growing up the Resort Rock April look other in been point Durango I a XXXX I when Red April. ever since.

So, these are XX-year assets.

So blip, blip, was which - one that it a doesn't...

Probably history isn't greatest the the a blip the like blip just - [ph] from point it company. of in

right. It's Yes.

It's a blip. not

Red the Red broad its West] own I Rock moving trajectory valley. seeing mean the did surrounding you residential and to check look, Durango. But And Rock, will. out at into that Rock people mention [indiscernible] they relative hope development. and high we're That's And cannibalization. we go the look when [Summerlin our to net growth and wants in Red dynamic on everybody and worth you and

that any So cannibalization comes…

This will be short-term.

quickly. very will be backfill Durango, and short-term

just Got it. in terms heat pronounce result in Obviously, town the And out more my follow-up. then extreme leaving driving impact or West. any some seasonality? mean, there I that customer of pretty would for locals been maybe has alternatively there's been

No.

we've past. I think is in what in in seen with QX seasonality line the

mentioned, just the don't or which years. of It historical out 'XX very is what typically, tend they 'XX, But we do on seasonality, summer past - their didn't to norm in and heat relative here, Historically to but yes. see get we as locals Las outside I think vacation. the seasonality wherever vacation it's of the hot in Vegas mean, maybe obviously, any 'XX summertime. out to go seen in I to those 'XX, not go we've have of the of anything

Thanks. Appreciate the detail. all

Appreciate it.

next ahead. Our go with Macquarie. Please from question Chad Beynon comes

Good afternoon. Thanks for taking my question.

sure is of slot seen how to to gross really your of year on we've core wanted in talking what hold GGR customer. into just know did dig guys revenue. not versus is from table I the kind a of - the revenues XX% about? XX% months a gaming seeing that Thanks. some Is on that tables, well probably roughly comes from highlighting deteriorating slots numbers little slots. some were that numbers strong kind you the your up Just maybe But stronger more business? if were bit of some retail you were last that in the business And

Scott. Hi. This is

on environment. actually, I - largest drop, table were think actually - volume you look When the we're dollars, the from slots if look up. absolute we and that a look at at gains -

of Golden we [indiscernible] sports. they decline. really were we some we then had right a said, So, we contributed to that as it's that a try angulate sports, and look And the whole hold issue when at gains function against the Knights, can percentage and for

Thanks. Great. Okay.

strategy invested It's - our core cable up. rooms. kind of of is concise as to table We've a lot money our in

Yes.

on then, end we slots high-limit year. Ranch room new for the of Santa Green for And Valley a online. new have room high-limit high-limit also coming towards and tables coming at Fe new a have a We room the

investing net is in high worth, of this segments. part all us So, customer high-profit

when then the of you share and when And on just would repurchases forward Durango you next Thank returning the moving leverage would us from you. Thank capital Okay. standpoint, remind kind after or could you. start you opens start in to project fourth a allocation quarter?

I standpoint, we're walkthrough, get a kind going open. of think leverage Durango as to we from

up, naturally perspective delever perspective. considers every both Durango will a dividend out And loads capital it start quarter, then share Board The a ramps repurchase peak allocation leverage from QX. and up, down. to as as So we

more your the launches, I in to return to returning very we because made shareholders. point, think halted we're of capital repurchase balanced it the And we're a And once our program we've clear, past, that share in approach going to to Durango. to the throes

forward looking opening. it. Steve, Thanks appreciate the to I

with Our Please ahead. next comes Jefferies. from David question go Katz

taking everyone. Good afternoon, Thanks my for questions.

already. I thinking you're there omnichannel et An about wallet ground helpful, a update et out, to rolling digital, and strategy covered would wanted What you out, how technology, were is about be cetera. lot digital You of too? something ask working cetera, was

Yes.

out a rolling customer time the And bunch the it great friction revolves question. all device. mobile around a We're it's to ease and less and for of So new tech. ask transaction that

have the a This up a And features And is so, credit to Market which with for transactional customer. it we will mobile retail bring would complement products tracks, new starting digital of lines $X,XXX. cash, app. digital wallet. include

Microcredit.

enrollment new also then reservations different will then We'll a these system. to mobile functionality bunch like not app incorporate all applications. in and singular and of into it related And and construct be sports booking separately a all things add enroll of also And allows to the will the wallet singular different have new to password that. construct this Microcredit. under a that you it of

it was the the and them throes of our out. Durango, online, all out target of either to those having rolling So of things opening rolled in that have before or we're

Thank you.

David. Thanks,

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

the very for look the Take Thank talking approaches later and we joining everyone call, much as forward Durango more fall. you to this care.

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

You may now disconnect.