Stephen Cootey: Yes. And to echo, Joe, what Frank said, I mean, we’re moving forward the entitlement process across all of our development properties with the goal to have these all shovel-ready. And this just gives the team — the management team maximum optionality moving into, let’s call it, the stability point of Durango to assess the macro environment, assess the balance sheet and our ability to generate return for our shareholders to determine the next project. And as Frank mentioned, the balance sheet is in good shape. We have a low — very low cost of capital, no long-term maturities, we have plenty of liquidity to go around. So, we feel we can execute that strategy. And as I also mentioned in the remarks, the leverage will be trending upward as we go through Durango.
This has been expected and I think well communicated to the Street. But as Frank alluded to, once Durango hits, we expect that leverage to come down and start moving slowly toward our long-term leverage target of 3x net.
Joe Greff: Thank you very much.
Operator: The next question comes from Carlo Santarelli with Deutsche Bank. Please go ahead.
Carlo Santarelli: Hi, everybody. Thank you. Guys — Steve, you kind of outlined the CapEx. I thought you said $256 million or something like that, that had been spent on Durango this year, and then, obviously, the bulk will be spent in 2023. I guess, my question is, it looks like embedded within the $550 million-$600 million growth CapEx seems to be $100-or-so-odd-million of other. I was just wondering how much of that relates to development activity of new stuff versus core reinvestment, new amenities at existing assets?
Stephen Cootey: Yes, I think if you just — if you break that out and — so, yes, Durango was probably about $230 million, let’s call it, life-to-date. We have about $518 million to $520 million left to spend on Durango. We still have about $9 million of — related to the opening of Fremont, which was — is obviously committed, the project is opening up literally this week. The rest of the CapEx is related to strategic investments, mostly in our same store to improve the amenities and offerings to our existing customers.
Carlo Santarelli: Got it. And then, just a follow-up. Historically speaking, if I’m correct or I should say the model I’m looking at is accurate, 1Q has historically been seasonally better in the locals market than 4Q from a revenue and EBITDA perspective. Is there anything different about the seasonality now or as we look into 2023 throughout the year that you would expect to see or anything that we need to be mindful of in terms of changing patterns or habits?
Stephen Cootey: No. I mean, you’re spot on. Generally, Q1 is the strongest of the quarters in Las Vegas. I think last quarter, we saw probably a little bit flatter, if flatter in terms of what you’d expect in seasonality, but there’s nothing in 2023 that would tell us that seasonality is not going to return.
Carlo Santarelli: Great. Thanks, Steve.
Operator: The next question comes from Shaun Kelley with Bank of America. Please go ahead.
Shaun Kelley: Hi, good afternoon, everyone. Thanks for taking my question. Just high level, you all have great insights on broader commercial real estate market and clearly with some of the land deals you guys have been pretty active there. Was kind of hoping for a little bit of color on just what you’re seeing from maybe on the buy and sell side of some of that activity? Is there still meaningful continued interest in the Valley? Any changes in behavior from developers or how they’re kind of looking at underwriting Las Vegas in the future?
