Jay Snowden: Yes. Ryan, sorry, if there’s any confusion. I don’t think we referenced sales at all or margin. We’re talking about EBITDA on the retail side of the business at the midpoint, for the year was $2.022 billion. And we believe we’ll end the year on the retail side within 1% of that number. Interactive separately will be between $100 million and $150 million EBITDA loss for the fourth quarter.
Operator: Our next question comes from Daniel Guglielmo with Capital One Securities.
Daniel Guglielmo: Just on the brick-and-mortar side, it seems like the gaming names of near-term development projects have traded a little better over the last few months. And you highlighted your developments coming up. Would you ever think about accelerating any of those developments or adding additional properties to the pipeline?
Jay Snowden: Dan, I would say for now, there’s not a plan to do anything on an accelerated basis. It’s sort of really driven by the market and supply chains and construction schedule. So there’s not a lot you can or would do to accelerate those. I think the timeline that we provided for those between end of ’25 and early ’26 is that’s the right time line to think about. We’re always looking at opportunities to invest in our businesses. You don’t always have an opportunity to relocate properties. I mean these Aurora and Joliet projects are sort of once in a decade, you get a chance to greatly improve your location, greatly upgrade your offerings, both on the gaming and nongaming side, go from a riverboat to land based and all the efficiencies that come with that and you get out of the deferred maintenance CapEx mode into growth mode.
So we couldn’t be more excited about those 2. And of course, the hotels at M and Columbus are long overdue we’ve had demand for hotel addition and a new hotel, the first one at Columbus for years. And for lots of reasons, we just — we couldn’t or didn’t pull the trigger. But we’re always looking internally at projects like that, and there could be more down the road. We don’t have anything right now that we’re ready to announce. Todd, you want to add anything?
Todd George: Yes. Great answer, Jay, I think the only thing I would add is these are already fairly aggressive time lines for all the reasons that Jay mentioned, especially with the time line and labor force and everything else. So again, we feel very comfortable that we can hit these targets. And to Jay’s point, we constantly look at our capital for options that are out there. But these 4 make make a ton of sense.
Daniel Guglielmo: Great. And then just on the funding side for those 4 developments, is there a time frame for when you need to decide how and when you would get the funding from GLPI?
Felicia Hendrix: No. Thanks. No, there’s no time line. What we’ve said in the past is that we’ll take the funding at the end of the project. So as we’re opening and if you think about it, we wouldn’t want to take the funding before they open because then we would be paying rent on projects, that were not generating EBITDA. So you want to have that matching. So I would — as you model it out, I would assume that we take the funding as the projects complete.
Operator: Mr. Snowden, there are no further questions at this time.
Jay Snowden: All right. Great. Frank, and thanks, everyone, for dialing in. Great questions, and we look forward to speaking with you again in February.
Operator: That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.
