Ben Briggs: Okay, $126 million.
Peter D. Thompson: Yeah.
Ben Briggs: Okay. So $126 million, $127 million. And then if I subtract out, call it between $60 million and $65 million of interest expense, and some CapEx, it looks like you guys on an EBITDA minus interest minus CapEx basis should still be comfortably free cash flow positive in fiscal year ‘23. Is that a safe assumption?
Peter D. Thompson: Yeah, I’ve got us kind of mid-60s in free cash flow. Depending on where CapEx comes out, we’ve got couple of figures, pointers, consolidating in Indianapolis and in Charlotte, but probably we don’t get to spend all of that this year. So that’s why mid-60s of free cash flow is what we’re come to putting out for this year.
Ben Briggs: Okay, perfect. That’s right around where I was getting to. Thank you. And then the second question. So Churchill Downs, thank you for the clarity on what size the equity check might be and a little bit about what your thought process is there. Could you give a couple more details on what the operations of that might look like? So, I know obviously with MGM casino, that was very much you guys were essentially silent partners, not like you had a hand in operating the casino. You left that to them. Is the Churchill Downs project going to be similar or are you going to be taking a more hands on approach with this opportunity?
Alfred C. Liggins: They’ll be the operator. We’re just going to own it fifty-fifty with them and they’ll be responsible for operating. However, they’ll use their corporate expertise to work with us to build a management team locally at the property. They’ve got a number of partnerships with other people, including one with Rush Gaming in Chicago and Des Plaines. I think they’ve got one in Miami with Delaware North, I think it’s Miami. So they’ve got — good thing about them, they’ve got experience with having large partners, meaning not somebody who owns 7% but somebody who owns 50% along with them, right? So — but we will be relying on them to be the operator.
Ben Briggs: Okay. Got it. Got it. Okay. Thank you. And then finally, and I’m hoping you can answer this. So obviously you just released fiscal year ‘22 10-K. Do you — and I know this is officially the fiscal year ‘22 conference call. Do you know when you might release the first quarter ‘23, 10-Q?
Peter D. Thompson: We haven’t set a date. I think we’ll know more next week. We’re just working through some stuff there in terms of timing of that. And obviously, we’re mindful of — we got an extension from NASDAQ through 09/27/2023. We don’t want to take that length of time. But I think we’ll put something out next week, which will shed some light on that in terms of timing of filing that.
Ben Briggs: Okay, great. Thank you very much for holding the call and answering the questions. Have a great day, guys.
Alfred C. Liggins: Thank you.
Operator: Our next question will come from the line of Matt Swope with Baird. Go ahead.
Matt Swope: Good morning, guys. Peter, could you give us a sense for, out of that large cash number you’ve mentioned, what tax it will be around MGM and any other sort of unexpected or unusual uses that we should think of coming out of that cash number?
Peter D. Thompson: Yeah. You just went a bit out as you said it, but I think you’re asking is there any tax leakage on the MGM sale, right?
Matt Swope: That’s right. Yeah.
Peter D. Thompson: Yeah, minimal because we got enough NOLs to cover it. So it’s definitely $100 million gain. And what it will do, it will burn through our NOLs faster. So it probably accelerates us becoming a federal taxpayer from 2027 to 2026, somewhere in that region. So the good news is we’ll have the cash on the balance sheet and there’ll be minimal tax leakage.
