Ark Restaurants (ARKR) 13 Aug 242024 Q3 Earnings call transcript

Greetings, and welcome to the Ark Restaurants Third Quarter 2024 Results Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Christopher Love, Secretary for Ark Restaurants. Thank you.

begin. may You

I Good Michael on operator. our Weinstein ended co-COOs. thank for Anthony the CFO; Love, you XX, Restaurants. our of Thank me Sirica, our With conference morning, Jennifer Chairman call and joint us on and Christopher is our My today quarter Sam the for joining Jordan, Secretary XXXX. Ark is you, call name and am Weinstein, the and June CEO; third and

have yet and of over To obtained our who on of you the press release, issued full copy that website. of was our along to with homepage the associated those For at text not release review the our is financial www.arkrestaurants.com. a press go it tables, yesterday newswires available please

We however, that like statement. performance, of refer everyone for are of on our the our Commission operating bearing Exchange future discussion the safe a begin, not and be to everyone it. include we will more these undue and and morning placed therefore, performance read I'd forward-looking that condition. I'll harbor now have remind call to filings financial the statements statements over discussion part our results, to detailed may and the a Securities of our with direct turn reliance CFO. need should risks I to guarantees Before not that on this Anthony,

of of to I $X.X on the and his things Good Michael A with We wanted touch quarter cash of morning, debt. million couple everyone. million ended commentary. before $XX.X provides

now. debt our of All current is

month on of with a X. bank million. December have in payments We'll be and next agreement payments discuss or quarterly more June We $X.X have X due $XXX,XXX to credit the balloon September, February, we then over X, new meeting the and of

item Sequoia the we of the note impairment restaurant. on other is that took charge The

to performance was look of the expected. restaurant, and than continue lower it We at the

an we asset flow a million, broken and think, independent right-of-use then considered and charge that cash market $X.X impairment triggering up third-party to an event. on was a $X.X engaged long-lived analysis, rent study, had We $XXX,XXX the million. was do was between discounted of assets, I based that with which of So a and

monitor balance we than go forward. stable get sheet We better. relatively to we the revised I the other will hope that was projections, continue rest prior on as And the of Based compared and think that, year-end. quarter to things

Michael? So

everybody. Hi,

struggling we're with obviously, So sales here.

just did think The Gallagher's year and qualified find things us operate fill at it's people terms obviously. from this Gallagher's remove year, that costs are other X% if compare going up. just more pricing, and isn't are apples-to-apples, in not level. find also people the we're higher just we we down up increased in going the to Insurance trying of down they're jobs, close try where the food last business of fulfill payrolls, which sales, to and -- any for other still sales. The while the them you comp other substantially beverage, to we responsibilities in Legislation to it I hard various amount for that, wage. is problem venues comp problem than in minimum has management need slightly things

the So haven't Again, margins. $X.X gross expenses companies. prices combination scenario. as not as other we result, pressures and I'm the lackluster squeezed that of inflationary to raised given responding sales aggressively million with unpleased

I stood think us has well. that

for Alabama full-service thing position come us. are better in down was I us all most put They Vegas in that by will we Florida. of the think has -- sales. The lackluster us substantially right. I as headcounts. period out this go been restaurant to in the it great just were for a if continue restaurants hurt venue,

the of York driven bad by Sequoia lot can the D.C. Bryant from just influences been to been in and difficult. be New Park a -- city. seems suffering events a We Washington, good, a point in little Washington, lot has whole of Robert. area has to

competition and We're basically, spending in to now with branding. what the our be from sites. company a might a obviously, doing restaurant in better probably we're for more trying needs other is the restaurants. have lot We waterfront that refresh in time Sequoia, maybe and there, affordable, even menu a out of one menu all figure But that Sequoia

of have been those. months. have following put on lots X in in last of up terms that opportunities acquisitions We We're the of front in us

also Vegas, lots signed a in of new lease. we in responsibilities terms We refurbishing Las costs of have contractual when

into sort the if going silence. just not attention judgment given not and Vegas, to or the issued has the the those. had park are the always to cash not development it our right be we've lackluster to new We and somebody they're to the or in continue now that but or moment company just required that's Park. seem with continuing about -- any lease segue award So eliminate refurbishing of to flow ways been will we're There not new of whether rumors, the also preserve the conversation Bryant still progress for sort sales cash. That dividend decided radio with paying to to on we still It's else.

with for of to York relation New are, think not applications. responsibilities and Meadowlands, the Park is casino their just moved wise Bryant quarter our we this the move. In State has what the again, So eliminating a on that uncertainty dividend

see casinos York New activity we stated some York. New reluctant before, to need They casinos. As Jersey downstate City unless is New in anything do in they

a though we're entertain some to really been licensee at I'd of that, we'd like believe even point. With going quiet, questions. that's to any So kind be

from Jeffrey [Operator Instructions] the question with Our comes first Consultants. JJK Kaminsky of line

in Florida, cetera, Florida, the et challenges, you're it's played Michael, in the payroll And costs, call, particular, et the pretty [indiscernible]. there. Once with specifically market highlighting has in again, although insurance industry a on weakness which cetera, same and robust

our made. And answer new I are that consistently forward. and being buy, what lookout you strategy going acquire restaurants, always to changes portfolio. the been, I and it As into to has because are on past, fold question properties a the would have always the The discussed, is in really we're an answer, like discussed there there

maintaining hear these you change around? revenues Okay. you to calls current still weakness have And That that, forward. in the a I to there's discussion existing going move market about that's -- going things flourishing. what we're properties you're do but about never with market going to how to how generally any is maintains a Ark and on Because in the a strategy would big like in Florida, something

I'd like because to to very the has news I'd me, there out put not so for been to that worse the is And vision a the what better, in and and this getting hear the company future. frustrating like is immediate investment

but the broke times So I during that and question, of up it I get think answering a few I it, gist I'm hope Jeff, you correctly.

So XX% every those talk looking will part at first the Florida, in one-offs. brokers in been months down companies all, businesses everybody XX%. to deal XX deteriorating when restaurants. of because they at or either Florida, several -- has And in to When tell you in is we've well-established are last we numbers, and fallen, numbers looking over we're

rent. they Delray, and top is coming restaurant hot, up has when look getting because spaces and and you can't very afford flow cash they the the city hot still things been which for are like probably a have slowed was vacancies day, every were very, are now at while, down in If business rents hot squeezed, a restaurants'

your you in make you performance, we've than to try for great is which which that I for, but We more we to at we -- things make circumstances think Our there just strategy with and years maybe -- buy we management. In if the make. Right think the good locations money is look is every years the that. Florida. outside in deserve you are world, satisfy this to now, you're you doesn't would there accomplished case, have to don't you And in my what -- that true. money in Florida, institutions like way are latter in looking of

One increases. excellent. Every this the but revenues of year, once and from that our Florida But the see past been doesn't good part, roof performance squeezing wind for that's properties, you the water, have a at is gone that headcounts insurance price as those if the a had the it way, are, while, property us disadvantages in most the and by and they're above margins. But up of have we for level, general, has locations, in the the reviews those all look past. been through as in some are on all been restaurants, last our that they're the in insurance that of because months XX there mean not creeping

acquiring that's up Michael, that strategy buy me money. the you where apologize. right before. I second. it let some to could a broke I for make Perhaps be you at I properties recognize think and [indiscernible] price your where continues

aside happen current What hours, around? the Let's that them not at strategy happy properties it all for the entertainment, all. happening things that recently. new drives turning the happen the That's quickly, may people. It moment. may put Menu of not is and changes,

as one, making function as that's things. the to used it make. just They're for not They're well. things be, they assumption general, making money performing as to you're making there. They're used is as traffic a restaurants X well. all strong all Jeff, much these down that money. Number doing not in aren't And full-service of

before X restaurants in get a or X:XX where point always you you XX:XX. reservation X or the to exist. after That will Now can't hot market can every

not are doing are not not Our that, They're DJs. right? There bottle that. We're restaurants all service. no

level restaurants presently the that at are performing these well sales So exist. of

had question is my past, strong Number you and gross Yes. problem make their relation lot squeeze the expenses. it's in customers beyond problem are -- people the out is the can all reluctance raised now up can necessarily read current of circumstances. honestly, a are at having pricing in are My the absorb. problems. There to of that is do and to customer is appropriate, my they Starbucks to they? struggling on figure not prices profitable? where things. strong look traffic one, but as problem because and So Yes, Have is X they a problems analogies for reluctance. reputations the trying prices right? to margins. And having raise I economic brand identity McDonald's And The increased they that

they of think sales. -- I all food restaurants But major with these are are all all in Our profitable So in that service if think stand these given very, right, -- start restaurants have on, all and XX%, think Las in because accept is are changing. that you fact that is good we and on service they and that costs in a restaurants at have roof XX%, they rip No. And well going and We're Vegas. through and more cash they're Yes. to are new locations, again? in look building that mean terms at our given all need to and menus and try less great food we the to I all we laboratory one cost, to flow up fast terms they're Vegas. a and we're in have look bring prepared apart they fast building going we're hold we the that entice that XX%. of there full execution performing be We're Anthony, [indiscernible]? them very over their don't right? Do menu Hollywood, and telling: product customers? Las execution casinos, in efficient

yes. Hollywood,

suffering? a is In little our we in ], full fast shop get Hollywood I can't In coffee down no the coffee They're suffering, restaurant, restaurants. a be afford So there. There people Rock, Village maybe closed shop right? stingy. right them wasn't they're is is doing at every Because Hard so now, benefit, it week, but Why because morning now. Village the well, any being there's traffic coffee they service more, all even single switching good doing fast Streets great. you pocketbook to according but to right? to the food. all restaurants, bit line telling there to was of can Streets every too they are It's single are breakfast right they're line place, our shop the where switching would tell expensive. sort getting our that To Eggs Boiled product food. their the customer's got extremely Vegas, because is [ every the because the And

that, that will that the sales doesn't all were we be prior right? period mean continue And of which so rip used they to time in but will we to everything. stingy, to not see we apart it

and what a you that, to reservation about not need I'm said. I X:XX. in Okay. X:XX was can't have the between Well, Caminos, ]. that referring you [ past, at West talking I Grill afternoon. They're know to blooming X:XX that from El in ] to you a you Florida places the are Palm ]. restaurants just hour happy and the Henry's know respond These capitalizing work [ Mercato to in the X:XX get their and restaurants crowd. especially the reservation, [ home Ke'e [indiscernible] group and or is on all the owns that

get $XX trade -- pandemic we And is X:XX, leave dividend X:XX, has for that going referring stock It's this earnings they or half. stay a bar And at the they they speak. That's just home cut discontinued you've to. call, since they of go the in lows. the that to remind already I'm as So out is to to COVID what dinner. shareholder and you, near been the

the Starbucks. group but McDonald's, been you've test well, going under referenced to The pressure, eliminated and dividend. that most hospitality has now way we pandemic And You lows. are above are

of as to a a as talking you I'm restaurant. not your So shareholder, patron

to net us aware I'm sympathize my $XX part significant ago. It but stock from it. is doesn't happy reasons point that Nobody way I'm the at good are. helpful looking on I worth. different like the me passed certainly the the a stead. And falling Sam going represents in happy. our like see that down it. things of or criteria. It's a effort year on the in where lack It feel that $XX is of and down deals I that's the make of looked past, one Jennifer is at job. We sort has And don't found are held with conservative things a too restaurants in do a that's on $XX perform. seeing at just little meet certainly, they of we of and always, and I been on, haven't with forward. we've things a the board But view, company maybe of not we're to in new former from the

part the -- falling also things we're at before so the because at the we're apart numbers -- when looking you of said ahead. One beginning seem look deals I of the we to to restaurants fall so go are in apart,

we we've what's to on at comps and looked the pricing year-to-date on at in happened off year, the of So and every they're deal EBITDA. last numbers last almost XX% they're the look XXXX, and year down XXXX then sales

trying Xx XX%, X they're saying $X million. X and at to the less. want down million. of XXXX months they're we take want income, ended, off it they to look or for numbers we They price $X XX%, don't XX% want and XX%, So the Then

to going not we're either. So overpay

and an we event initiative business event down substantial The working on the Florida, at -- in are and the D.C., other in at have expand business. of thing business end event to and a way corporate working people a properties Blue we there, right are that's now particular business, the expanding JB's in a doing of we profitable because we York couple very our in New Moon the have on

wanted same, people or at or the bit now just themselves, that to We XX%, dishes. King all or what but X product. last premise right? product they're People doing to things Rustic. I a It's to XX% my little for X.X now, Crab Legs more headcounts the great. weeks, -- X-pound is or it's were Rustic, -- Jeff, we now One you for is seeing weeks, with a down weeks, were And people same would be, the little serving, last that X at people maybe their just are a headcounts were the right less consistently at right X always few tell the get X Rustic, other what of but we've before $XXX. the sharing. hopefully We're income. at X-star squeezed argue in for seen, but pounds to used are bit weeks disposable sales sharing their Rustic, the

couldn't at call it's So I having resonate points. on And I in familiar with time price you're a those a restaurant. people a could there. be point convenient person what, you I we Milos if with because difficult used know to just people This eat, and back. paying afford in in not think now is don't our are guess not tables. where and to empty be can New once It any York. they're how a that to my cutting many they're and customer everybody. used are to the back. Well, the there walk there house, that's going cut may great price the get a while it to in go it's $XXX argument day

got longer on people are future It's blip, beginning the [indiscernible]. come numbers, pricing. right are the I it's on good want we'll environment increase living margins come to sellers sales back, pre-current to and realize XXXX a when, numbers. Yes. can't So have, It's and to but we be now. back? shape we will and no we expand, restaurants People to more on or finally in predict current would still Will reasonable acquisitions, it little it you're be starting sell in and with not that The have. pricing. it they've like will restaurants will

will help us. So hopefully, that

I'll this you. other the Mr. to we floor one have Weinstein, I'm showing no do back question. at other I'm turn sorry, questions time.

Ventures. Geller with of the a have We Geller question from coming line Bruce

on it's side pressures to those discussed hard on the of moment. macro much see relief costs. either environment, on at and the You both Based the sales

self-help the of additional adding can what Because isn't the previous enough. of waiting you to put for to line kind to address going be to curious, environment I'm get this environment? better questioning, into place measures on just So

Yes.

with brand, weeks -- Lucky thing Pig. Lucky We've one away looking we're never a very Pig. immediately. but That Bruce, there's So expandable, doing. brands, Las to brands. beyond look it's think New We're we're in new what? done have what And if we're, we Six doing to the and from would further interest some us, something the nothing in opening when Sam, York, New successful, is like Vegas up York, excited be for marketplace, area,almost that's we And about. expand we it's do we're

So better also buy price, job we another than think a fair a we're again, some price. of expandable. one at we're have They're in better leases. their what do could brand that. be speaking And is a trying small the that in there's looking than to some very with interest may to could it issues And buy could the The doing. correct We that we we a things the and -- now owners. reasonable current them. that's at landlords. a think We're sale. looking the at They of job for owners brand do right current can South it's They're we

those in we're forefront. X There been We've So the at, at we're that at. looking the are things but other those things looking are looking X automation. are are

the enough excuse janitor sensational, save test dishwashers. the that active find which to ways me, line, the a winding And it's business didn't I mean, support established young you're we've will and and make at, machine janitors and coming have will robot in trying plan, one been burger-making that a a maintenance of that to They're They capital things sensational, orders X got but it your company. no, with I dishwashing We sold that I line, enough a months mean looking not save looked of, -- is in Korea, us we're some their but sustain company And they at, up Even on of the your support. very at changing labor. really that the robotic we probably maker has think. no to you've the they've units looked closed. robotic labor. The so We've cooking XX was here. next burger machine to here, have that within have sure was problem with

this at So we're -- but stuff. looking

the area so can biggest we're is supported if the are problems know biggest labor, hard is is the at find alleviate turnover the manufacturer. do by find have we we long equipment we we that that dishwashing. prepared The Dishwashers can would hourly it And cost to as and we're something great. that honestly, to the that with, that as pay,

at So to to it. it's impact not try stuff looking not like we're

We have insurance.

have insurance that doing you're to with because stayed long created is they're -- our me, are insurance. find They and We mammoth-ly insurance get reason switched Florida, acknowledging that. our some wind we The only company insured just the insurance it's in by But do honestly, have one insurance with in brokers. calling sort conversations and get writing relationship insurance. health companies insurance? we've of restaurants we're Property can't we forever, savings insured, We and I been crazy. lucky how

can't I those frustrating. anything very, premiums. It's do very about So

We at keep worked X are comp costs, years. the safety on claims effective restaurants at has workman's down, to been last We've other initiatives pretty costs. actually which other driving cutting the at looking

at refund workers' line based save prior year doing on and mean down, just item looking for see a could I big gone we're -- received on the where have we're comp we premiums money. we to Our audit. every their

What strategies to about other drive restaurants? the in existing revenue

in past. at, delineate it's we're the work the a essentially. one more active social and will because us one-offs, little hard So things doesn't becoming we're media. changing, It don't take our we're media. been to But good this and advertising we've social never of to advertise. effect. but for We've tried cause approach We is It advertising in while,

in units single try spending drive you're to instead a to get money market So to many of the to of a people the brand. unit of lot same

ineffective. So advertising is

unit is mean but go apart. less know have not that's making This just fallen this is effective. is Social I media want defensive, -- -- make used we a profitable. this every ahead. money It's it not I to sounds I to -- than be basically don't company could

was I and return little that No, really the past I'm from over surprised few shareholders here. dividend the minor the return, of sitting a here like with and net But a low And of have company I going that really suspending very on the suspending source to and confident don't saying is thought one the the company understand is cash that mean was dividend just in you're note, gotten behind sign you're future. years. say, confidence.

So about it's pretty to really a I'm disconnect, and disappointed hear this.

So I'd more love elaborate on to for it. you

$X was we costs we responsible have So by deal. or lease of when part in that the for $X of new signed the million refurbishing million that Vegas are we -- Las

the redone in Pig in in doing we've and of food to unit we're the court, will court in I units. people one process in food the as will the inhibit So the We're closes don't mean court building court. I the food think food court. redoing food Lucky Gallagher's. of gravitate the what revenues other

will that impact. So may it impact next America think an I we don't But do when have year. have an

cash well. and of designs America's from will spending we'll we're we're there -- So of we're may be and period the that flow and closed, again for while in time a as process not refurbishing, America there, finalizing closed we money be impact

X at looking be right X So inexpensive. not that's issue. We're now will that acquisitions

Bryant where another And with reason transparent. drag can or next preserve on this? could X week decision or months. great. to The to has not try communication are they make another happens cash. Park? then mean it they that's I what been becomes But tomorrow the has a who So process not And knows been question

to out this tomorrow don't find uncertainty. paying $X that that if a not sitting with I awarded thing, million don't we're want -- out we we plus year morning, So be

to and the could thinking will Vegas thinking it of that's so preserve So trying our cash obligations behind behind the take expand, it pay for we're what it. company its And expand that that in flow. that's care to things cash for The do. is Las

don't things Bryant that of don't We some are acquisition Like yet. haven't just know, these we hasn't just Yes. But happened happened. an Park, know.

potential about time. once... You've acquisitions been talking some could maybe I see quite for

or been what's and to, Every falling have close there them is we've been one numbers have the of that apart. X them, and been X of happening

everybody and to numbers like want have not to going the overpay. doesn't else's been we're falling the seller apart, adjust price, Just and

totally and I No. My that. was... respect totally understand point understand it,

see first finally they But business seeing to or they we're other reasonable this that want other for deals is because this apart, what are pressures Xx that they're operate seeing Bruce, X to reason, their is past, falling and not they prepared we're sellers and right don't now, in have -- environment on projections, and flow current take may own or cash they the time really that. whatever

to may we some think additional we So properties. secure be able

the for So reason decision. the that's dividend

There was a decision. was this we're Board-level I mean [ something that deciding ].

-- where It's a of sounds have discussing also some like cut are spending lot see same as it of cutting you're obligations, point discouraging it you're in kind the to place. the you items spending but like, lot as it's of definitive. at to little of Yes. a I money was stay a these opposed just feel a preemptive to it like possibilities

of but... a make these You lot investments,

optics. don't I with with I disagree don't optics. those disagree the

going here. Internally, capture It look we're But on right. anything. to right. are the to But optics, try flow. business. doesn't not working cash progress that's we You're But really we're trying in truth, like what's you're to doing the absolutely more

company doesn't but that you're anything. the spending on bringing obligations, these like it forward. of like you're looks not it's Well, not it's some It not doing look

worse. or a same the little remain results Your even And...

it No, But Bruce... works.

the so great a mean spent, Sequoia is no there's I example. but is capital And those being visible return on investments.

well and ton capital a a a new completely sign spent when lease, redo there. you of write-down to You taken now restaurant hasn't and you've that it gone

has worked not It out.

enterprise kind looking stock would is past, underlying I'm are the there underlying these the estimate? estate ballpark the In of at you locations. Some of What own? real you've with purchased value curious if great less million. value just the value a in in of had current curious, than I'm what to $XX these of in the of I'm estate you the a enterprise some that's real company is What waterfront some in XXs. deals. be value is estate properties just real the estimate,

owning of sale value. value the the The properties on would be leaseback. a That's

all terms included leaseback to only use development there's we the sales investigated of to value them we've a development them somebody Maybe sites, The if to but are would There own expansion. you like never around we because piece at in site. Rustic. It's wanted them a If hotel, a to we've big that look finance value any want that investigated. as never property. of We hotels property. to haven't that do be to additional would us as

tell I can't those you properties So of are. value what the

the comes next Walter investor. ] [ private Our of with sorry, I'm question Schild from -- line

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right. That's question. All a good

the the there's and study for restaurant those out, operations front much, probably have the Park flow when of in who have in people, with first XX the who house or of other front are us people the shy the for is would general all something going there over have the Park Bryant cafes time XXX all years. We house rest from years. with them are open just the over XX did, but have at years everything. X cash for XX of going years an over the service people, I'm who business tipped ourselves, been average Ark. Four back essentially, Bryant of there, who all, been and people is is us in and work of too for either company us in substantial. with for on The of or a XX working We people work sorry, operations, or manage of level, more, with of employees, So -- meaning full managers, XX and been XX us house for the and

would have we how And had that's because York legal essentially person painful -- think, -- we ethical terminate over would those So that sort our in they're space we to therefore, and department if that X the be probably are while expanding be event be instead be take to discussion of requires that what yesterday, the not responsibilities with we're would because get the we event X. not would people and if can in jobs. but we would of gutted New I other York, New with do next help care don't few these a in what months them Robert, our extraordinarily what of we them left only responsibilities, we and planning left jobs? The for office offer looking

Anthony $X unusual. $X.X be hit. is it to million, million the But million head the gave to would and [indiscernible]. shaking of all hit the like of EBITDA. we the be, it would I result to is rid He other after probably a that net which you number, be would save to a would So that million direct operation $X.X unrelated of used may you restaurant very have get $X things right painful, overhead on, and his

has But Rents lobbyists. so of environment. our even in unreasonably that And York that. that. the to are own We've -- the hostile also up we're and our are part nor the -- we is, fighting believe. So And by this environment costs make dividend the very million? dividend. I $X not is is How know thinking every was high, that -- that million, New reason work legislature We for unreasonably high. year, else, have in. anybody $X.X Construction a is the -- I'm eliminating the saying that we heard do nothing cut don't

effective. But And the minimum million close alone, is Park a been we've to to $X drop us tip for the tipped think that and be I higher credit wage employees. cost elimination in next shoe going of payroll. to Bryant additional would in

we have problems those don't So in Florida.

We have minimum -- higher have But those we problems in in those Florida and problems. they've don't Las we legislated because Vegas, Alabama, wages.

legislated in higher those D.C., We Washington, wages tipped their minimum employees. with have for problems

tips. am Bryant make always waitresses a we right. and at has hey, have complaint that to credit? So why tip are eliminating yes, $X,XXX $X,XXX in week Why -- the Our I been, waiters you you're Park

New pretty expand the but something more can move we're point overhead probably trying efficient move a said make corporate not licensed overhead. will Mary be one unknowns going much general York come the think we're have, dealing X years to as to what hostile. of sense, all any to or to but in Meadowlands our not the where Hail we we're does to been is the is a but I means, thinking going that in York South. York for X aggressively we that be it's and with New now, us, business for the by south, There What now there's that -- with we're forward. we've get going because not Honestly, New to for efficient big

the Jersey to casino for legislature they've they'd with done, Because in first environmental the be the be location in -- been New a give as you, license that phase been state casino. a the have it. literally seems a is and all has tell the, giving we as open X.X where to to of amenable would work the Meadowlands ever the months I only We could in north,

on I think feel license public to unless to amendment do the to the they north, moving York everybody a do in casinos, reluctance needs for -- there aware the that. We downtown successful the the don't casinos. unless State -- is to be is casino by a just be an voted New downstate which of seems be vote would

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floor other back for Mr. Weinstein, you the there comments. questions. are I'll final turn no to

Thank you. you next quarter. all See

everyone. you, Thank

concludes today's This you. Thank call. conference

may participation. at your for your lines time. you You this Thank disconnect