Blake Sartini: Yes. And I’d like to just add to those last few comments to Charles, as I have said in my previous comments on previous calls and reiterate what Charles said in his prepared remarks, I believe owning our real estate offers us the ultimate flexibility. And by targeting a balance sheet that’s less than 3x levered, gives us plenty of opportunity to drive value within this company in other ways while maintaining that flexibility of owning our own real estate. So I think Charles outlined that very well. Obviously, there — as Charles said, we look at it as kind of optionality or a backstop if you will. But at this point in time, we believe where our balance sheet sits, there’s significant ways for us to drive value with this company without monetizing the real estate at this point.
Cassandra Lee: Great. And if I may just have a very quick follow-up since you mentioned strategic M&A, can you tell us what — how do you observe — has there been any change in kind of the industry’s M&A dynamic? Has valuation come down at all or went up since we last spoke?
Charles Protell: I think that the private valuations are still disconnected from the public valuations. I think you see private transactions, i.e., the private marketplace taking a longer-term view around value that we’re seeing in the public markets right now given where multiples are in the sector. . And that is still continuing. I think you’ll still see transactions that are accretive or at premiums to where the current sector trades. I think there will still be consolidation in the sector despite higher rates as strategics and private partners take a longer-term view on the strength of this business.
Operator: The next question will come from Ricardo Chinchilla with Deutsche Bank.
Ricardo Chinchilla: You guys mentioned that some of the proceeds from the sales will be used to take out debt. Have you guys decided how the capital structure moves towards the end of the year? Do — you guys are planning on taking out the bonds and changing the fixed versus variable debt mix? Or how are you guys thinking about any potential debt repayment?
Charles Protell: Yes. I mean, look, I think it’s a little early for that. We’ve certainly been thinking about it quite a bit. I think we’ll have more color around that when we have more visibility on the specific timing on the closing of Rocky Gap. I would say that having a less-than-3x-levered company doesn’t make it a discussion about can we do a refinancing in any way, shape or form we want to, it’s a question about what is the optimal refinancing for the company at the right time.
Operator: The next question will come from John DeCree with CBRE Securities.
John DeCree: I wanted to circle back to The STRAT. Charles, I think you gave a little bit of color in your prepared remarks. But if you wouldn’t mind rehashing where occupancy was in 4Q, I think you maybe said high 70s and where ’19 was and your kind of view on getting back to there. This year, we obviously have a pretty busy convention calendar in 1Q. So just kind of how you’re looking at the bridge and occupancy recovery and maybe some forward-looking commentary on your bookings for what looks like a pretty busy convention season in 1Q.