Jonathan Halkyard: I would say no. I’ve been at MGM for three years, and I’ve been amazed at our operator’s ability to manage through disruption and room renovations as well as on the casino floor, but mainly in the room renovations. If you think what we’ve done just in the last year or so with New York-New York, the spa tower, The Water Club, the Borgata, et cetera. This year, we have, the ones I mentioned, Chelsea suites, we’re starting in the MGM Grand and so on, and also in the Bellagio Main Tower suite. So no, I would not advise you to really incorporate any disruption from those investments.
John DeCree: Great. That’s my picture. Thanks, Jonathan. Appreciate the color.
Operator: The next question is from Steve Wieczynski with Stifel. Please go ahead.
Steven Wieczynski: Hey, guys. Good afternoon. So real quickly, just two quick questions for me, but when we think about margins in the regional markets, look, I understand there was a material impact in the fourth quarter from the strikes and the customer at National Harbor, but Jonathan, maybe just how are you guys thinking about the way margins could look for this year?
Jonathan Halkyard: Yes. There were a lot of things going on this quarter. I would say that we can do 30% margins in the regions. We do have a number of tools at our disposal, but we’re also facing some labor cost increases there. But when we do the forensics on the fourth quarter and look ahead to this year, we believe that, that’s achievable.
Corey Sanders: And in the regionals, especially fourth quarter because of weather and it’s a little slower, you’ll have a little bit lower margin in the fourth quarter, but 30% for the year is attainable.
Steven Wieczynski: Okay. Great. Thanks. And then Bill and Jonathan, you’ve given us a lot of color around the gives and takes for this year in Vegas. So without getting too much into guidance, I’m going to try to ask this question and see if I’ll get an answer out of you, but I guess the simple question is, do you think it’s actually possible to grow full year EBITDA this year? Are the overall comparisons, the hold comparison, is just going to be too tough to overcome?
William Hornbuckle: No. Look, I think the answer is yes. I think we’ve budgeted to that. We’ve convinced our Board of that. We’re incentivized to do that. And I think the answer is yes. Obviously, ’23 was an amazing year. We’ve got some headwinds with particularly labor costs. But there’s enough programming out there, enough momentum that, in macro, we think we surpass. And so it’s not going to be like double-digit, I can assure you, but I think we surpass.
Steven Wieczynski: Okay. Great. Thanks, guys. Really appreciate it.
Operator: Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Bill Hornbuckle for any closing remarks.
William Hornbuckle: Thank you, operator. Thank you all for joining us today. Just a couple of thoughts. I mentioned this word earlier, again, resiliency, our troops have demonstrated, so I again want to thank them. ’23 was an incredible year. We had an all-time EBITDA year, seven of our properties continue to break records, and so we’re anxious for the future. Macau is well positioned. We’ve ended up in a great space in digital, and we’re in the game for real for the long haul, and so you’ll see us continue to do that. And we launched our own digital brand and business in rest of world, and so excited by it, excited by the balance sheet and the development opportunities. Remember in ’23, Japan came our way, which is one and only and a very unique thing for the company in the long term.
And so we’re excited by that and potentially the opportunity that New York may bring. So ’23 was a great year. We hope to replicate it and then some in ’24. And we thank you for your time.
Operator: The conference has now concluded. Thank you for your participation. You may now disconnect your lines.
