Ray Zhong: Hi, good morning. I appreciate the color earlier. I have a question on other income line. I know you guys mentioned the operating assets are all in there. So assume Cartwright is there and operating there. I know you guys mentioned the theaters were actually at a little bit of loss this quarter. Just kind of help us out in terms of modeling maybe moving forward? I know you guys talked about the — if the box office is $9 billion, what the other income should be for next year on the theaters, what about Cartwright, can you guys help us out a little bit on the seasonality and the magnitude how far is it from stabilized amount from here? Just anything help there would be appreciated. Thank you.
Mark Peterson: Yes. So other income versus other expense, we were down about $900,000 this quarter. And really, there’s a couple of things going on there. We had additional — the loss we said from taking on those five theaters, which was about $400,000 to $500,000, and we expect that to reverse in the fourth quarter and still more or less breakeven in terms of that. In terms of Cartwright, Greg mentioned the expense pressure on some of the — some of our experiential lodging and actually the margin decrease there. And so that was the other contributor to that $900,000, if you will, degradation versus last year, both the operating theaters operating loss for the quarter and then the Cartwright having a slight increase in expenses that reduced their margin.
If you go to the fourth quarter, this year, other income over — this quarter, other income over expense was $1.3 million. We expect that number to be a slight loss in Q4 just due to the seasonality of the managed properties. If you think about Cartwright, that’s its off-season theaters will do better, that will slightly offset the Cartwright. In fourth quarter, but really Cartwright off season is what’s going to drive that number down in — kind of net profit down in Q4.
Ray Zhong: Got it. And then just kind of is that a fair run rate on the Cartwright piece moving forward to think about a little over $1 million quarter on the 2Q and 3Q? Or is that — there’s still some run rate to stabilization there?
Mark Peterson: Well, Cartwright has been interesting. It was this kind of the first year it’s been open for a full year, and there was some balcony construction going on there. So we do expect that to improve hard to say with the expense pressure, how much that will improve. Remember, too, when you talk about run rates, you’re going to have first and fourth quarter be lower than second and third quarter with respect to Cartwright because you have in-season second and third quarter and you have off-season sort of first and fourth quarter. So just make sure you get the timing of that right. But I do think we’re hopeful that Cartwright improves over this year given the kind of the next year after the first year out of COVID having a full year and sort of having this balcony issue, which shut down some rooms for a while that will be fully open next year.
So we’re hoping for improved performance. But again, there is some expense pressure we’re seeing in that regard — in that property.
Ray Zhong: Got it. Appreciate it. Thank you.
Operator: Thank you. And I’m not showing any further questions in the queue. I’d like to turn the call back over to Greg Silver, CEO, for closing remarks.
Gregory Silvers: Well, thank you, Victor, and thank you, everyone, for joining us today. We look forward to talking to you on our next call, and have a wonderful day. Thank you.
Operator: And with that, this concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.
