Barry Jonas : Tom, are you surprised at how resilient the consumer has been? Anything you think could explain it? And then just as a follow-up, as you think about digital versus land-based players, where do you expect to see more recession or macro resistance?
Tom Reeg : Yes. I mean, I don’t — I’m no economist. So I don’t know that I’m surprised by what’s happening. I think we lock people up in their homes to for some period of time throughout the country. And then we’re comparing periods of time that are not apples-to-apples because that’s never happened before. So I don’t know if you think about how lives have been reordered in terms of time as an example. There’s less working from an office, there’s more working remotely. We’ve always viewed these businesses as the limiting factor was cash. If your customer didn’t have — your customer your business is going to fluctuate based on how much cash your customer has. Obviously, that’s going to have significant correlation. I don’t know if time was a limiting factor as well, that people can now spend time doing things that they enjoy longer than they could before because they’re not commuting to a city center, and they’re not spending the money to do that.
But all I can tell you is what we see in the business is continued strength and where you know we’re up against strong comps going back for a few quarters now, and we’re still growing. So with all the handing over what will happen, I expect when we do get a turn in the cycle, I’m expecting a normal business cycle recession where you get a substitution effect two regional properties out of destination, but we certainly don’t see anything in our destination business today that suggests that, that’s on the horizon.
Barry Jonas : That’s great. And then just a follow-up was I’m curious to get your thoughts on the digital versus the land-based player. Obviously, there’s some overlap. But as you think about a recession or some macro hits which player do you think would be more resistant?
Tom Reeg : I mean that’s another — that’s more uncharted territory. The answer is we don’t know, suspect that the digital player is more just money if you’re looking at money versus time constrained, I suspect the digital player is more — leans toward money as they achieve constraint and brick-and-mortar is a mix. But how will they behave in a downturn? I don’t know that there’s enough difference between the two to say you’re going to see a significant divergence.
Operator: Our next question comes from Steven Wieczynski with Stifel.
Steven Wieczynski : Tom, I don’t think you mentioned in your prepared remarks — and I know you said besides weather, there’s nothing you can really point to in terms of consumer weakness. But maybe can you provide us any comments around what you’ve seen from unrated play and maybe how that’s fared recently? And have there been any material changes in your — the spend patterns across your database peers, meaning that low tier rated player? Has there been any softness there? I would assume the answer is probably no, though.
Toms Reeg : Yes. Your last question, there is — no. In terms of unrated, you saw — we saw a material step down in unrated as we anniversaried stimulus, but that’s behind us now. And you’ve seen the results, including the fourth quarter and into the first quarter. So unrated kind of peaked when stimulus checks were going out. rated continues to behave strongly and on rate still is holding in after that initial stepped up.
Steven Wieczynski : Okay. Got you. Second question, and look, I’m not even sure this is even relevant, but we’ve gotten this question a couple of times from investors. And is there any way to help us understand if there’s any impact we need to think about around the William Hill malfunctioned in Nevada around the Super Bowl? Or is that kind of over and done with at this point?
Tom Reeg : That’s over and done with. That’s a technology issue. We’re running Nevada on old technology, not Liberty. Liberty needs approval. It’s actually the PAM provider that needs approval. We expect that relatively soon, and so we expect Nevada to be on Liberty for next football season. So that’s certainly not something that we were — that we enjoyed while it was going on, but it’s in the rearview mirror at this point.
Operator: Our next question comes from David Bain with B. Riley.
