Lorenzo Fertitta: And to add to that, Frank, I think you see that most Las Vegas locals are spending more time in their local neighborhood properties like ours versus going to the Strip. So, the difference between five years ago and now is we’re providing amenities that give — that remove the reason for you to need to go to the Strip if you’re a local resident.
Chad Beynon: That’s great. Thank you very much.
Operator: The next question comes from John DeCree with CBRE Securities. Please go ahead.
John DeCree: Hey, everyone. Thanks for taking my questions. Wanted to ask about a smaller piece of your kind of capital allocation that is on your kind of same store amenity upgrades across the portfolio that are pretty much been a pretty good core piece of your business. But I was wondering if you could kind of qualify or give some color on your kind of ROI expectations for those investments and where you see that stuff and some things have come online recently. And you’ve talked in your prepared remarks about recovery in non-gaming. I don’t know if you’d venture a guess as to how much is being driven by your recent investments versus just broader recovery in the market, that would be helpful.
Frank Fertitta: I mean, well, John, I’m going to keep this a little bit high level rather than going into the returns of every single asset that we focus on. Amenities are our most recent additions to the Red Rock, right, with high-level table room, high-level slot room, we put in the casino bar, we also put in Lotus as I alluded to. We’re also getting the Rouge Room and then our Greek restaurants opening up in the next couple of weeks. We’re incredibly happy with the returns on those assets, which is why we’ve allocated that additional capital to strategic investments across the balance sheet. .
John DeCree: Got it. That’s fair. Maybe one on wages and we kind of talked about it a little bit throughout the call, I think specifically about sort of security increase. But private payrolls, wages in Las Vegas are certainly outpacing a lot of other markets and the folks that are moving from California coming from high-income jurisdictions. At the same time, we still get the question about spend per visit being elevated relative to 2019. We talked about real estate. How important do you look at the wage growth side of things as a driver of the business? And if you think that’s one of the reasons that the spend per visit that we’re seeing is sustainable? Just maybe your thoughts on private wage growth in Las Vegas and its impact on your business?
Scott Kreeger: Yes, I can start and Steve can direct you towards the page. But in the investor deck, we have couple of slides on the average income of Las Vegas workers and incoming average income. And over the next five years, that looks really strong. And of course, the more money you make, the more discretionary income you have and we’re starting to see those effects at the properties as well, bringing on new amenities that are incremental to just gaming and making our properties kind of local regional destination centers. Steve, maybe you want to give them some more detail on the exact numbers?
Stephen Cootey: Yes, I mean, John, this is all in the investor deck, but we’ve kind of showed you that average minimum wages from basically year-over-year Las Vegas probably one of the top cities in the Western United States growing 6.7%. And then, as Scott alluded to, from a personal income per capita, we’re expected to grow almost 17% over the next five years. So, as migrants come in from wealthier areas of California, they’re bringing with them higher disposable discretionary income. I think you’re saying, our business model is built off people and disposable income. So that’s a good thing for us.
