Jordan Bender: Great. And then just, kind of led into my follow-up question here. I think the original benchmark for Colorado was about $50 million at the EBITDA. Is that still kind of the right way to think about the project return with, where you guys sit now, about a month and a half out?
Dan Lee: Yes, I think so. But don’t expect us to do, you know, $6 million in January. I mean, it takes a while to get there. I mean, Monarch is doing north of 100 million. In fact, I heard somebody talk – somebody — I said that to somebody who was a big shareholder there who said, no, no, they’re doing like 120 now. And I said, well, that’s great news. They are 500 rooms worth 300 rooms. And the casinos aren’t much different in size. So, if we could do 50, I’d be pretty happy. And that’s less than half of what they’re doing. And, they’re the principal competitor. Our ads quite clearly say we’re the best casino in the state. They’re pretty good too. I mean, I think we’re better because we have a better footprint. Their footprint, they had to be very long and narrow. But the actual quality of the experience is pretty similar between the two of us and everyone else pales in the state.
Jordan Bender: And by the way, no comparison in Cripple Creek. Zero.
Dan Lee: Oh, yeah, zero comparison in Cripple Creek. Yeah. Ameristar is very successful. It’s gotten old. They need to refurbish it. It’s not a bad property. And the next best property is a Isle of Capri. It’s got the Caesar’s name on it, but it was built by Isla Capri, who we used to jokingly refer to it as a pile of debris.
Lewis Fanger: And if you think about when we first bought that property, that was, my gosh, Dan, 2015, I think when we bought Bronco Billy’s. And that’s when we first started looking at the expansion. But since that time, and certainly since we put a shovel in the ground there, the town of Colorado Springs has continued to grow pretty massively. We always talk about there being a million people in our broader feeder market. That’s really Colorado Springs, Devi, what am I missing, Dan? Woodland Park.
Dan Lee: Pueblo.
Lewis Fanger: Pueblo. But what it doesn’t include is all of the suburbs to the south of Denver. So kind of Castle Rock and going to the south. And if you were to try and drive from Castle Rock to Black Hawk on a Friday or Saturday, the traffic is so bad that it will be quicker for you to make it to us instead. And so that whole area is above and beyond the million people that we talk about. And we will market to those people. So I think there’s room for…
Dan Lee: And we will grow the market. I mean, we talk about Colorado Springs being an underserved market. Denver itself is also an underserved market. And so I don’t think we’ll have a negative impact on Monarch or Black Hawk at all. I think we will grow the market. But it’ll happen over time. And 50 million is not an aggressive number on this property. Just don’t expect it to get there overnight.
Lewis Fanger: Yes, and sorry, my point was only that the feeder market is a lot bigger than what it was four years ago when we started this whole process. We also eliminated table game limits. You did, that’s right. It’s like a betting limits. There were betting limits.
Dan Lee: Are we up to half hour?
Lewis Fanger: We are, but we have a few more people in the queue. All right, I’ll try to be succinct. Go ahead.
Operator: Next question, John DeCree with CBRE. Please go ahead.
Unidentified Analyst: Hi, this is Max Marsh [Ph] on for John DeCree. Congrats on the great quarter guys. Looking at the strong results out of Waukegan, I’m curious if you have any updated view on elevated marketing in that environment, whether you’re still sticking to that elevated marketing or maybe you’re seeing the ROI here and giving you an opportunity to back off.
Dan Lee: Well, I mean, we’re still being pretty aggressive with the free play. We were a little quiet with the advertising in October. We’re about to go back up. And it’s a little bit of the experimentation is like does advertising drive business at this location? Every market’s a little different. And so we’ll see. We’re still learning. And we are still spending quite a — between the free play and the reboot of the advertising. I mean, if you were to look at it on a quarterly basis, you wouldn’t see it. But on behind the scenes, we watch it week to week. And it’s like, well, what did we spend advertising this week? What were our revenues this week? And you try to figure out, do you target it differently? The new ads have a little different look and feel to them. And we’ll see. That was just part of fine tuning. Yes, you should expect more of that, though, throughout the fourth quarter, Max.
Unidentified Analyst: Okay, understood. Thank you. And then just one quick follow up on the opening of the Circa sportsbook. Any commentary on that? And if you’re maybe seeing some elevated play on heavy sports days or any additional color there would be great. Thanks.
Dan Lee: It’s clearly a positive. It’s not a big positive, but it does bring people into the property. Of course, from Circa’s point of view, most of their revenue comes from the app, which is because they can access everybody in the state of Illinois. You can be down in East St. Louis and play some bat with Circa. And so the 5 million a year, well, the percentage of revenue with a floor of 5 million a year is based on the statewide ability to operate sports betting. And does it bring people into our property? Yes, it does, but it’s not a huge number. And by the way, that’s true in Las Vegas as well. I mean, the sportsbooks have always been relatively modest amenity to the casino, except at Circa itself who made a big deal out of it. And in our permanent casino at American Place, we have a bigger sportsbook similar to what they have at Circa downtown.
Unidentified Analyst: Great. Appreciate it, guys. Congrats on a good quarter.
Dan Lee: Thank you. By the way, the steakhouse will probably have a bigger impact because right now we don’t have a fine dining amenity and most of our, all of our competition does.
Operator: Next question comes from Ricardo Chinchilla with Deutsche Bank. Please go ahead.
Ricardo Chinchilla: Hey guys, thank you so much for taking my question. I was wondering if you could comment a little bit on deleveraging expectation for the business. What’s like, let’s say, the 2-year target for you guys where you would feel comfortable with the balance sheet before moving to some of the other opportunities that you have talked to about in the call and that could provide strong returns on investment?
Dan Lee: Well, it’s actually hard to look at our leverage because as kind of the way we’ve been developing this, we borrowed all the money up in advance to build both American Place and Chamonix. And so now we’re about to open all that. And so if you were to look at trailing 12-month earnings compared to debt, it looks like we’re over levered. And if you look ahead and say, well, what are earnings likely to be in, say, 2025 versus our leverage, we’re probably under levered. And I think as we grow in our scale here, you won’t see as big a swings on that. Our obligation to build the permanent American Place will not be as big a jump because the company is bigger as we did last time, I mean, when we went, let’s say, we built what to be about the $500 million worth of stuff on the backs of casinos that we’re doing $40 million of EBDIT.
