Keith Smith : I think that the 65-plus demographic performed extremely well, probably stronger than many other parts of the database. And so we’re very pleased with how it performed. So…
Edward Engel : Got it. Helpful. And then it looks like just across the portfolio, your kind of core OpEx increased a bit Q-over-Q. Is that a fair run rate to kind of think about the rest of the year? Or are you still seeing some inflationary impacts that might continue to drive that higher?
Keith Smith : I think if you’re projecting out, that’s probably a fair run rate to use. Most of the costs have settled in as we look at the business, it’s probably a good number to use going forward.
Operator: Our next question comes from Joel Stauff with Susquehanna.
Joseph Stauff : Good afternoon, Josh. Good afternoon, Keith. I wanted to ask you your commentary, Keith, about core customers. You had mentioned that average spend was up about 3%. But I wanted to know about just, say, volume. You also mentioned it growed — it grew, sorry. But I was curious to see — did it — I’m just learning English now. If it was a function of customers kind of moving up in the loyalty database in terms of total spending or that it was just kind of new customers coming into the casino?
Keith Smith : So I think depending on which region, obviously, the numbers move around. But overall, we saw an increase in play from our core customers, and we saw increased counts of core customers. So total guest counts were up and play was up. So it’s a combination of both.
Josh Hirsberg : Joe, just to add to that. First, I’m learning to speak English as well. So I think…
Joseph Stauff : Let me know when you get there, Josh.
Josh Hirsberg : Yes. And I think from the perspective of — we continue to see good health and not only Keith alluded to growing customer counts, but adding to the overall database as well. So sign-ups are improving and the value of those sign-ups has been improving really since we reopened from COVID. So that’s been a theme as well. So we’re site. The database overall is growing and the health of the database continues to be pretty good.
Joseph Stauff : Got you. Perfect. And if I could have a follow-up. I just wanted to figure out maybe selling an update in some of the competitive markets that you have. And have you seen — I guess, in particular, in those markets, one would think that promotional spending is higher, say, than certainly other markets without new supply, but if you can just comment maybe what you’re seeing. .
Keith Smith : Sure. So I’d say all of our markets are competitive. I don’t think we have — we don’t have the good fortune of operating many parkers that aren’t competitive. I think when we look at marketing spend, kind of across the portfolio, whether it’s here in Las Vegas or downtown or across the Midwest and South, I would describe the landscape is rational, that most competitors have kind of fallen into kind of a steady cadence when they came out of COVID in terms of how they’re going to market, some being much more aggressive operating free cover some being much more disciplined. And that hasn’t changed much in Q1 or frankly, last year. And so here in Las Vegas, the market remains rational. Those that have been disciplined or disciplined, those that have been a little more aggressive, continue to be more aggressive. So nothing new there, and that same trend exists kind of across our portfolio of properties.
Operator: Our next question comes from Chad Beynon with Macquarie.
Chad Beynon : Given some of the stats that you gave on the broader Downtown visitation just in terms of overall engagement in that area. In addition to the strong growth that you put up at the Fremont post the December expansion, how are you thinking about additional opportunities down there? I know you said the Hawaiian customers are coming back. But are there opportunities for you to either expand or renovate kind of similar to what your — what you did at Fremont given that it seems like a high return opportunity for the next several years.
Keith Smith : Sure. Was your question related to the assets Downtown or across the portfolio?
Chad Beynon : Downtown.
Keith Smith : Yes. So the Fremont has gone through a pretty full renovation. We’ll complete it later this year with a remodel of other hotel rooms that was completed within the last 18 months, the expansion the new food hall and the new sports book and some additional casino space that opened in December. And once again, we’re just finishing the renovation of the rest of the casino space over the next several months. So that property will be complete, and there’s really no additional square footage to expand into at that property. California hotel and Casino, which is just a block away from the Fremont was fully renovated about 2 years ago. And so whether it’s rooms or the casino floor, it’s got a brand-new fresh look. The Main Street Station, which is across the street from the California hotel connected by a bridge over the street is going through a room renovation in the very, very near future.
And so the entire kind of suite of assets Downtown will be at a fully updated, I’d say, by the end of the year.
Chad Beynon : Okay. Great. And then in terms of how you’re how you’re thinking about the capital returns, this $100 million quarterly repo number has kind of been the bogey for several quarters. You executed on that this quarter and in the fourth quarter. Given that business sounds largely better kind of across the entire portfolio, what would it take to get you to change either overall capital allocation or just the repo number that you’re thinking about here?
Keith Smith : Look, I think we’d have to just have the passage of time and more certainty about kind of where the overall economy is going, right? I think it is clearly still an uncertain economy out there, we’re being cautious. We’ve done a great job managing through this. We have a solid business model. But in terms of taking the share repurchase number up higher, I think we’re comfortable in the $100 million a quarter and committing to that, we’ve talked about that, I think, for more than a year now. And I just — I don’t see us kind of moving off of that any time in the near future. We just have to see business improve significantly and have more comfort about the broader economy and what’s going on.
Operator: Our next question comes from John DeCree with CBRE.
John DeCree : Just wanted to follow up on Joe’s question related to promotional activity. I think you answered it pretty clearly, but maybe to try another angle as it relates to Louisiana and Mississippi, where you’ve seen some softness in the last 2 quarters. Have those markets seen an increase in promotional activity relative to some of your other markets? Have competitors started to respond maybe a little more aggressively when there’s been pockets of softness?
Keith Smith : Nothing unusual once again, I would have called it out. But so as we look at Louisiana, Mississippi, once again, use that we’re very rational, pretty stable from a marketing or promotional standpoint. We’re not jumping out and doing anything crazy and we’re not seeing competitors do anything that unusual. Again, nothing is consistent from month to month, but there’s nothing unusual going on.
John DeCree : I appreciate the additional color. And then lastly, I don’t think we could get you off the call without asking you about M&A. I know the environment’s obviously have been not that active in your capital allocation policy is pretty clear. But I’m sure you guys get a good look at anything and everything that comes out there. So curious whether it might be land-based or digital if there’s any increase in activity or things that you’ve seen over the last quarter or so, any change in the M&A environment or your thoughts as to how you might deploy capital?
Keith Smith : I think — I don’t think we have a whole lot of comments look. When we bought Pala now known as Boyd Interactive, I think we’re pretty clear about that was, as we viewed it a complete platform that gave us what we needed to head into the online digital space. And so there’s really no additional acquisitions in that space like foresee — and yes, we’ve grown a lot over the last 20 years through M&A, but nothing interesting to talk of.
Operator: Our final question will come from Stephen Grambling with Morgan Stanley.
Stephen Grambling : A quick follow-up on Brandt’s earlier question. I think your comments about the events calendar in Las Vegas. We’d love to hear any thoughts you have on how more convention centered events like typically impact the Locals and Downtown segment versus some of the upcoming events on the strip like Formula One or the Super Bowl or perhaps get more of a leisure-oriented customer?
