Robeson Reeves: Thanks, Jeff. So just on the white paper overall, we’re working very closely with the Gambling Commission and DCMS, the government body aligned to those areas. The paper is still progressing slowly. I feel very comfortable with every discussion that we’re having is rational, with a genuine focus on protecting the consumer, which I care a lot about. We have been very flexible when it comes to how we operate our business. So I’m not concerned at all, to be honest, about these regulatory changes. I think it makes for a better market. Even if there is a degree of displacement from any of the larger operators, this will impact much smaller operators more severely. So you’ll pick up share that way. I think some of you may have seen headlines released today over the past few days on state limits, slot state limits online.
So essentially what the press is saying, and I suspect it will be very close to this, is that under 25s will have a £2 state limit and over 25s will have a £5 state limit. Probably implemented somewhere in my gut feel is somewhere in the July to September window. I feel good about that. All that ends up resulting in is much more sustainable play. Again, it means that there’s greater longevity for this business. This model is very robust when it comes to recession and the challenges that people face there. And when I look at our business performance right now in the U.K., I feel great. Even if — I’ll just add a bit more colour. Even if there are any impacts, we will be rolling out sports into the U.K. market and we also will be investing further in our Valley brand in that market.
I always take the lens in saying we are the biggest iGaming operator in the U.K. without sports. This will aid the funnel. The same principles apply to North America as apply to the U.K. there. So I feel good. I feel good about the U.K.
Jeff Stantial: Okay, great. That’s really helpful. Thank you for that. And then sticking on the international segment, can you just expand a bit more on some of your commentary? With regards to what you’re seeing in Japan, when you talk to stabilisation, is that mostly a function of – sort of the comps normalising? Are you seeing actual uplift or improvement in underlying consumer trends? Any additional colour you can offer would be helpful. Thanks.
Robeson Reeves: Yes, so we’re B2B in Asia and what we’re seeing is that the market sentiment from players engaging with the product, it’s building back. So there’s more new customers coming into the funnel and they’re still loving our product and engaging with it. We’ve added extra types of content which has appealed to different audiences. Yes, so it feels like Asia, stable, feels like it’s under control and we’ll see consistent revenues from that area. As you can see in our International Interactive performance in ’23, U.K. was really kind of holding that thing up. I’m hoping everything can contribute this year.
Jeff Stantial: Okay, great. And then if I could just squeeze in one more here and apologies if I miss this, but the $50 million EBITDA target for the Chicago Temporary Facility, is that still intact? Is that what’s embedded in guidance for ’24?
Marcus Glover: Yeah, so to answer your question in short, yes. We are projecting toward that. Just a moment of clarity and a couple of things as it relates to Chicago. The George and team, as you guys can see, are making pretty substantial progress toward our goal. We’ve contemplated driving revenues, but there are some costs that we are overcoming in that. And so to answer your question in short, yes, that contemplates hitting our run rate that we’ve shared ending third quarter, that still holds true today.
Jeff Stantial: Okay, great. Very helpful. Thank you all.
Operator: We’ll take our next question from Jordan Bender with JMP. Please go ahead. Your line is open.
Jordan Bender: Good afternoon. I want to touch on Barry’s question and the C&R guidance. Presumably, Trop should help the overall margin profile for that segment. So with margins guided down about 200 basis points year-over-year, it implies that a lot of that down year-over-year should happen in the first quarter. Is that fair to assume that the weather plus the ramp in Chicago are the major hits and then Q2 through Q4 should be more stable? And then are there any run rate losses implied with TROP being closed?
Marcus Glover: Yeah, so with Trop being closed, that definitely is incorporated in our model and what we’ve shared with you for guidance. Weather definitely on the first half of the year is going to impact that guidance as well. But one thing, and George kind of teased this a little bit we’re seeing and focusing on the top end of our database and ensuring that that stickiness stays in place. We are keeping a cautious eye to the lower ends of our database and the unrated segment. And so some of that free business could materialize into some margin impact. We haven’t experienced that yet, but we are contemplating that being a case as we enter some of our more competitive markets.
Jordan Bender: Great. And then switching to the North American Online, last year you kind of shifted the strategy into iGaming. So as you assess your market position in some of these sports-betting-only markets, would you look to exit any of these states, I guess particularly New York? We’ve seen what a skin price would go for in the state. Thank you.
Robeson Reeves: Hi, Robeson here. No, we don’t have any intention to leave any of these markets. We’re being very measured, as we’ve said in our marketing approach. We have got a great partnership with both Kambi and White Hat, which has enabled us to manage the appropriate investment costs across all of these states. We do view sports as the pathway to iGaming. Today, we will stay in all these states. We’re very focused on investing in iGaming as that’s where we’re achieving our greatest return.
Jordan Bender: Thank you very much.
Operator: We’ll take our next question from Chad Beynon with Macquarie. Please go ahead. Your line is open.
