Operator: The next question comes from Stephen Grambling with Morgan Stanley. Please go ahead.
Stephen Grambling: Hi, thanks. A couple of follow-ups. First on Durango, I know you’ve talked about this a little bit, but as you see the market continue to evolve, how do you think about the ramp of the property? And where growth will come from, if we think about new customers are growing the market versus any kind of cannibalization of other properties versus taking share from competitors?
Scott Kreeger: Yes. Hi, Steve, this is Scott. I think let’s address ramp. Each property has its unique demographic profile and economic profile, but we expect Durango to ramp two-year period, if we look at historical ramps in the Valley. And we do find that we grow markets. So, what the demographics are today will grow as we bring those products online and bring those to the neighborhood. Also, as we look at new amenities and adjust the model of the property, we see upside there as well. And then, I think past that, we look at other opportunities in the Valley to grow once we get Durango up and operate. .
Frank Fertitta: Steve, I mean, we’re talking about there’s no competitor within the five-mile radius. And where this is the — that Southwest Vegas is part of the Valley is where the fastest-growing demographic in the Valley.
Lorenzo Fertitta: And with the highest income?
Frank Fertitta: That’s right.
Stephen Grambling: Fair enough. And then, second, just following up on the group and catering strength, clearly a very good calendar for the Strip in the year ahead with (ph) and Formula 1. Can you remind us what you typically see when ConAg hits and maybe even compare and contrast what that might look like for you all relative to what’s going on with Formula 1 as you look ahead?
Frank Fertitta: Well, let’s take a step back and maybe talk more broadly about what we’re seeing in hotel sales pace, meaning that those are hotel rooms coming from events or group. We’re seeing pretty strong increases as we look at the fourth quarter and look forward into 2023. We’re looking at room night bookings in the 20 percentile increases and revenue up quite substantially. And then, when we look at the catering revenue that’s on the books as a function of those hotel rooms, we’re seeing quite substantial increases in catering revenue as well. So, when we look in our committed bookings throughout the rest of 2023, it’s very encouraging.
Stephen Grambling: Got it. Thanks so much.
Operator: The next question comes from Dan Politzer with Wells Fargo. Please go ahead.
Dan Politzer: Hey, good afternoon, and thanks for taking my questions. I was hoping to get just some color on kind of the real-time trends that you’re seeing in the residential real estate market? And to what extent does that — helps that market impact the consumer psyche versus other metrics such as unemployment or income levels?
Stephen Cootey: In terms of the impact of the housing market, obviously, I mean, you’re hard back to the 2007, 2008 kind of impact of the housing market. I just wanted to — what’s going on here from an economic perspective while you’re seeing some prices down, you’re also seeing transactions down, which is kind of — and the housing market is actually fairly stable. And it’s not a reiteration of what 2007, 2008 is. You have a lot of folks that are in fixed loans as opposed to variable rate loans like they were in the recession. And for the most folks, even despite maybe a slight priced downward, they’re all positive equity. So, there’s no reason to sell. And then, I think as Frank has always reiterated, from a housing perspective that we love the long-term demographic profile of Las Vegas and people continue to walk here, which drives demand for housing.
