William Hornbuckle: Yes. I mean, look, we think so. Obviously, we’ve got boots on the ground. I think you all understand our former CEO is now Chair of the Gaming Commission there, which is very real. And so they’ve taken a swag at it. You all know what Wynn is doing. We like Dubai for all the obvious reasons. There’s 20-odd million visitors, they’ve got 140,000 hotel rooms. That sounds familiar. The current structure we have is hospitality management only. To the extent we actually get into casino, it’s obviously we’re not a management company for a casino. We will look to invest equity. Or we will lease the casino. We just don’t know. It depends on what a partner and potentially our existing partner wants to do, but know that we literally have somebody on the ground today in discussion.
And so it’s very front and center with us. It’s something we’d like to participate in. We think it could be very meaningful for the company and frankly, the industry, and so we’re there at scale.
Operator: The next question is from Robin Farley with UBS. Please go ahead.
Robin Farley: Great. Thank you. I had a question about, if I’m understanding the slides correctly. You talked about the decline in Vegas, and you said $80 million was due to the cyber issue. And I guess total EBITDA was down $91 million and maybe would have been more without some hold. I know it’s — you won’t quantify, but if we — so if we’re thinking about that other $10 million, is that — is there anything else you would call out because it looks like, I guess, same-store EBITDA would have been down a little bit even without the cyber issue. So just anything else you’d call out there?
Jonathan Halkyard: Not in particular, only just differences year-over-year that occur. Sometimes it’s in gaming results. Sometimes it’s in other cost elements, but other than the things that we called out, nothing in particular that we would.
William Hornbuckle: Programming. And I think obviously, 2022, particularly third quarter was an all-time quarter. And so just as an equal comparative, you’ve got to keep that in perspective.
Robin Farley: Okay. Great. Helpful. And then just as a follow-up, looking at the level of repurchase. I know I think at times during the third quarter, you talked about sort of potentially looking at different international iGaming opportunities. And should we conclude given the amount of repurchase, if you continue with this rate, you will have kind of used up maybe, I think you can call it excess liquidity or something in your slides that, that will be down to just a couple of hundred million by the end of the year if you kind of maintain the same rate of repurchase that we saw here. Should we think about that as a sign that you’re less interested in making an acquisition in iGaming internationally?
William Hornbuckle: Well, look, if you’re referencing Entain, which I think you are, our position has not changed. If we think about iGaming and the platform, obviously, we’ve gotten aggressive in U.K. and we’re excited by what that opportunity brings. Obviously, it’s a highly developed market, but we’ve taken some share. We’ve got a meaningful brand, and it’s good to see our LeoVegas team go up against, I think, some of the best and say all they can do. We look to take that to other places. We’re looking at Brazil closely. We’re looking at other European countries closely. We — obviously, with the advent or the purchase of push gaming, we’re in the content business now, both for ourselves, hopefully for BetMGM and for other customers that they had when we acquired them. And so we’ll continue to look to expand internationally. Gary Fritz is leading that effort. — mostly through our LeoVegas enterprise, and we’ll see where it all goes.
Robin Farley: And I thought that you might — last week and he said something about how they expect to invest more in the joint venture next year even though you guys have talked about being EBITDA positive. And you didn’t necessarily call that out, but would we assume that you would invest equally. In other words, that you would maintain that 50%, if they’re talking about investing more, you’re thinking about doing the same thing for BetMGM. And then that’s it?
William Hornbuckle: Okay. Thanks, Robin. And look, I’d love them to invest more than us, but that’s not the way it’s going to work. So yes, we’ll invest purpose side by side. We believe in that business, we recognize, particularly as it relates to sports that our product over the last 18 months wasn’t where it needed to be. And you’ve seen us do a great deal of work around single account, single wallet and Tan bought Angstrom, which we think will be a very — not will be is, and becoming a very good push for us with Parley product for odds, the quantum of ads that we set, the amount that we can put out there. And so we’re excited by that acquisition and what that’s brought to the business. Ultimately, we will get attained in Nevada, we believe, in the first quarter.
which will then make single wallet available and therefore, omnichannel throughout our network, principally here with our decisive advantage of Las Vegas as a single wallet account. We think that will be meaningful. And we will then see once product is understood, more clearly how much to invest. But when you talk about a quantum of dollars and you think about the overall scheme of what’s been accomplished, it won’t be large. It’s not like where we’ve been. But if somebody said you need to invest another $50 million to make sure your long-term value is there. I’m shooting for end of ’25 as a goal. Where are we going to be? Has this thing really begun to do the kinds of things I think we all think and expect and hoping to do. And so we’ll continue to invest accordingly and appropriately and purpose with these guys because we believe — look, we’re still #3.
We’re still #1, although I noted Draft Kings this month. But year in and year out, we’ve been number one in iGaming. And so we’ve got a very big position we want to protect and we’ll continue to do so.
Operator: The next question is from Barry Jonas with Truist Securities. Mr. Jonas, perhaps your phone is on mute.
Barry Jonas: Yeah, I would hear drop. Hey I appreciate the commentary on F1, but curious if you can provide any additional color or metrics on how Super Bowl is shaping up?
