So, hopefully, that’s helpful.
Steve Wieczynski: That’s perfect. Thank you guys. Appreciate it.
Josh Hirsberg: Sure.
Operator: Thank you. The next question comes from Barry Jonas with Truist. You m ay proceed.
Barry Jonas: Great. Thanks. Guys, can you maybe just talk broadly about the M&A environment out there? How do you think about sale leaseback as a form of financing given where the capital markets are today? Thanks.
Keith Smith: Well, specific to your question about sale leasebacks, I think that we continue to believe, given our strong balance — well, first of all, given our strong balance sheet and our leverage, we really don’t have a need to transact or look at other forms of financing. If we did, we think they’re probably cheaper forms of financing for us out there, more traditional forms of financing that are pre-payable, that we can pay down. So, we don’t find ourselves kind of looking at that these days. In terms of M&A, I don’t know, from my perspective, it’s kind of quiet out there. But I don’t know, maybe Josh has heard things I haven’t.
Josh Hirsberg: I tell you everything I hear, Keith.
Barry Jonas: Okay, great. And just to follow-up. Nevada results, really strong. Just curious if you think you’re gaining share or just benefiting from market strength. The way the state reports Locals sometimes doesn’t match up exactly. So, curious if you think you’re a share gainer or just sort of seeing tailwinds from the market.
Keith Smith: Yes, I think it is just the strength of the overall Las Vegas market. I don’t think there’s a lot of share changing going on. I think everybody has settled into where they’re at. Promotional environment is relatively stable. Nothing has changed much there. So, it really is the strength of the overall Las Vegas market and increases in visitation and convention attendance.
Barry Jonas: Great. Thanks so much.
Keith Smith: Welcome.
Operator: Thank you. Our next question comes from Dan Politzer with Wells Fargo. Your line is open.
Dan Politzer: Hey, good afternoon everyone. Thanks for taking my questions. First one, Josh, I think you mentioned Louisiana and Mississippi. There’s been some softness there. Has there been any change in the promotional environment? Or is that more just something going on with the customer?
Josh Hirsberg: Yes, I’d say the promotional environment has been stable across the country, including in Las Vegas and in our Midwest and South assets. So, that’s not a driver of — really, we saw outsized performance in Q4 of last year in those assets, really even superior to what we had seen in the earlier quarters of a very strong 2021. And I just — it’s just really a comparison-related issue, could have had something to do with what was going on with weather or hurricanes, but that’s really hard to kind of quantify. So, we just know that kind of sequentially through 2021, Q4 was really strong for those — for a portion of those assets. And that’s what made the setup a little bit more difficult for that region so far in the fourth quarter.
Dan Politzer: Got it. And then I just wanted to clarify something. So, as I think about your growth levers for 2023, higher digital, Sky River, the Fremont return and then obviously kind of just the organic environment, and I think back to your comments on the actual overall EBITDAR for 2023 compared to 2022. I just want to clarify, so when you mentioned the Street was estimated down 7% or 8%, you thought that was overly conservative given the growth levers? Or am I misinterpreting something there?
