Scott Kreeger: Yes. Hi, Steve. This is Scott. Yes, specifically with the, let’s call it, 55, 65-plus demographic, we’re very encouraged. We’re seeing good growth in that demographic. And I know we’ve talked in previous calls about them coming back into the fold. I think we can say with confidence that they are back and producing positive gains for us. So, we’re really encouraged by that. And if you look at Las Vegas demographics and Las Vegas inbound resident profile, that age group profile not only is coming in at a greater capacity than other age groups to the tune of about 3.8 times the average, but also their average income is increasing quite a bit. So, we’re encouraged by all of those and we’re seeing that come through in the database.
Steve Wieczynski: Okay. Thanks for that Scott. And then, Steve, as we think about margins for this year, anything you would call out there in terms of headwinds or tailwinds to the margin structure that we should be thinking about? And I don’t know if you can help us with maybe how corporate costs will look this year and maybe interest as well?
Stephen Cootey: Yes. So, I mean, listen, I think, as you’ve seen, we’ve been pretty consistent with the margins, right? It’s our tenth quarter in a row generating exceptional margin. And so, while we expect headwinds such as utilities, it has been consistent on our side and we expect that to be consistent on our side as we move into 2023. That said, the team is executing all sorts of challenging macroeconomic environments and there’s nothing that would give us reason to believe we cannot maintain our margin into 2023.
Steve Wieczynski: And anything with — you would help us with corporate or interest side of things?
Stephen Cootey: Well, the interest, I mean, the interest is going to depend. The interest costs are up. I would say that we’re about 43% fixed. What that just means is every bump in interest 1% is about $17 million in interest expense. And as I mentioned, our interest expense should go up as we’ve alluded to before. I will be leveraging up as we go into Durango, but then interest expense is going to fall right down as we start deleveraging. Corporate, what you’re seeing right now is pretty much a good run rate. And so, we’d expect that to remain consistent.
Steve Wieczynski: Okay, great. Thanks guys. Appreciate it.
Operator: The next question comes from Barry Jonas of Truist Securities. Please go ahead.
Barry Jonas: Hey, guys. Actually, just following up, corporate was nicely ahead of us, G&A as well. Just curious if there are any call outs there? And how — it sounds like that — is that sustainable whatever you’re doing?
Stephen Cootey: Yes. I think G&A, if you kind of dig in deep into G&A, we made — our marketing and advertising is much more efficient year-over-year, as well as part of managing the — as we say controllables, we were able to reduce costs in consulting and outside services for the quarter, which resulted in lower G&A, and we do feel that’s sustainable.
Barry Jonas: Got it. And then, just for my follow-up. Red Rock is obviously be concentrated in the Las Vegas locals market. Recognizing North Fork and all your land holdings in the pipeline, are there any scenarios that would find you extending more beyond Las Vegas?
Frank Fertitta: Look, we’re always looking at opportunities evaluating them. And if it’s something that we think makes sense for the company, for the shareholders, we would take a look at that.
Barry Jonas: Great. Thanks so much.
