And so I think what we’ve done is set up a really unique venue that has a lot of adjacency in terms of assets, restaurants, experiences, indoor/outdoor gaming, those kinds of things that will attract even more events over the course of the next year and for years to come.
Jack Vander Aarde: Got it. That’s helpful. A lot of helpful color there Michael, appreciate that. And then, next question, just I also appreciate the color on Phase II and the construction roadmap sounds like you expect the new hotel in the waterpark to both be open for business in 2024, which is great. Can you just share your perspective for us on the value of the waterpark and what it brings to the Village from a strategic perspective?
Michael Crawford: Absolutely. Well, look, we are in Ohio. And if you took a look outside the window today, it’s pretty chilly and gloomy. And so I think the region itself, I can’t tell you the number of people that come up to me and say we have needed something like this for a very long time, a high quality entertainment in a box sort of destination. And waterparks in Ohio are frankly quite profitable and well attended. You’re talking about assets that generate usually between I’ll call it 800,000 to 1.5 million attendees per year. And so for us, it’s a strategic attendance driver. The revenue and EBITDA associated with that asset are very strong, maybe the strongest of any of the assets we’re creating. The hotel allows for that stay and play kind of environment to occur.
It already is happening with our Downtown Hotel just 5, 10 minutes away. And so when we’ve built, and I’ve done this a lot in my past, when we build these two assets, now you have a more complete collection of experiences between the Pro Football Hall of Fame, outdoor attractions, indoor gaming, sports betting, different big large scale events, concerts, comedians, sporting events and indoor waterpark. You can now really bundle a lot of these experiences together, sell them as packages, it enhances the length of stay and the repeat visitation. When those things occur, the dollar value to the company goes up. The longer people stay, the more they play and spend and enjoy themselves, the more they come back and do the same thing. So it’s a direct revenue driver that we are excited about in the tens of millions of dollars on an annual basis both from revenue and EBITDA, but also it’s an indirect driver of attendance for all the other experiences, which will create a larger length of stay and a greater repeat visitation.
And honestly, coming from Ohio, I can tell you, people live for these kinds of experiences and there’s six months out of the year where there’s just not a whole lot to do. You either have to fly South or West to escape and get into entertainment experiences. So we’re excited about the waterpark and the only football themed waterpark in America, in fact, I just visited Disney this past week and walked with their waterpark operators, such high quality assets they have there. A fantastic company and it was great to see a lot of what we’re doing is in line with the very best out there in the industry. So more to come, but exciting to get the groundbreaking underway this week.
