Marc Swanson: Yes. So Chris, look, I don’t know that I can comment on the other parts. I mean, you can read up on like Orlando tourist tax collections and things like that which, to your point, had been negative for, I think, a couple of months. But in general, we have a lot of factors that impact our attendance. Certainly, weather is one that is probably a little more quantifiable, and then you have calendar impacts and other things. But there’s a lot of factors. But I think in general, when I look at our Orlando parks, yes, we’d like to be, obviously, do a little bit better, but I don’t think we’re at all like down on the — on the market or our parks or anything like that. I think we offer a very compelling product here.
And as I’ve said previously, we get a lot of our attendance in the Orlando market from the state of Florida. So I think as people continue to look maybe if you’re alluding to like taking closer in trips, I think that is helpful to parks like ours, whether it’s in Orlando specifically or even down in Tampa. But we’re working hard to make sure between the concluded Halloween events and then our Christmas events that we give people a reason to come and visit. Even if, to your point, maybe the tourism in that destination is down, we want to make sure we capture more locals and people that are nearby as much as we can.
Chris Woronka: Okay. And then follow-up is on the hotel strategy. You gave a lot of details already. I know there’s more to come. My question would be, it sounds like you know what you want to do. And it sounds like as of now, you would go on balance sheet. Is there any thought longer term to either work with a partner or really just kind of getting those off the balance sheet? Are there any structural reasons why you couldn’t consider it or why you might consider it?
Marc Swanson: Yes. Chris, what I would just tell you, I mean, I think in my prepared remarks, I alluded to that there are several options when we look at how you would approach the hotels from a funding standpoint. So I don’t I think there’s multiple ways you can do it. You’ve kind of alluded to one already. So I think we — like anything else, we would work together with our Board to determine what is the best option for us at the time. I said you can kind of assume we would probably do some sort of debt and internal cash combination. But again, I think we’re open to looking at other options in which there are several, as you noted.
Operator: Thank you. And our next question is from Thomas Yeh from Morgan Stanley. Please go ahead.
Thomas Yeh: Thanks so much. Just following up on that last question, is one of the alternatives still also just owning the hotels outright? And maybe at a broader level, whether it’s thinking about M&A or organic investments, what’s the right leverage target that you’re comfortable with as we think about maybe financing some of it through debt?
Marc Swanson: Yes. I appreciate the question, Thomas. I mean, look, we’re — I think we’re comfortable where we are now and not to say that, as we’ve said in the past, that we wouldn’t be comfortable at something higher than that. But again, I think it’s just — that’s sitting here today and given the markets today and things like that. So I think you also got to think a little bit about our ability to generate cash flow, as I noted, I think, is strong. So I think between some combination of cash flow and debt financing, I think we feel comfortable where that would put us from a leverage ratio, sitting here today.
Thomas Yeh: Okay. I appreciate that. And then on the Abu Dhabi contribution, it sounds like its trending better. Can you maybe just help us with 3Q, how much it contributed to the in-park per cap and what it might have looked like excluding it?
Marc Swanson: I mean, look, we’re pleased with the performance of — as I noted, the performance, the attendance there is above original expectations. I think I gave you some color in the past on how to think about that. So I don’t know that it’s anything that we’re going to guide to a whole lot. I would just leave it at that.
Operator: Thank you. And the next question will be from Barton Crockett from Rosenblatt. Please go ahead.
Barton Crockett: Hi, I’m kind of going ahead and just ask a question about just the obvious point here, just to make sure that we get as clear on this as we can. So with the proposal of the mergers of Cedar Fair and Six Flags, you guys have in the past had some interest in Cedar Fair that you pulled back from. This merger has been announced. There’s been somewhat kind of real estate-driven activist investor of some sort at Six Flags that kind of vote against the merger. And you guys have said really you’ve been very silent on this. I’m just wondering, is it reasonable for your shareholders to assume right now that you guys are closing the door and making a run at one or the other company in that merger process? Or is that not the case right now?
Marc Swanson: Yes, Barton. I mean what I’ll tell you is, obviously, we’re not going to really comment on M&A. I mean I think what you can assume is that our Board is aware of this and have studied the transaction. But beyond that, we’re not going to comment on it.
Barton Crockett: Okay. All right. And then you made the comment about — back to your business, the double-digit rise in group, and Discovery Cove is kind of a positive indicator for next year. To what extent historically has that been predictive? Is that really a good data point to tell you what’s going to happen? Or not, because it’s in particular small part of your business? But how good of an indicator is that?
Marc Swanson: I mean — what I would tell you is it’s obviously, I think, a positive, stating the average, or a positive that those things are doing what I said they were doing. It’s just one of many things we look at. I don’t know that we’ve ever looked at like how predictive it is. But certainly, I guess my point is, if people were suddenly not interested in our parks or pulling back, not wanting to go to Discovery Cove or not wanting to hold their group event at one of our parks. I mean I would think that would show up in the numbers. So the fact that those things are moving on a revenue basis, up double digits percentages, I think is a positive indicator.
