Brandt Montour: Great. Thank you.
Operator: Thank you. Stephen Grambling with Morgan Stanley. You may go ahead, sir.
Stephen Grambling: Hey, thank you. I may have missed this, but I guess how are you thinking about looking currently at the Super Bowl, how that might compare to Formula 1? Is there any way to kind of back out how you think about the contribution from Formula 1 in the quarter and how that might grow next year?
Craig Billings: Yes, it’s a really good question. The Super Bowl is distinctly more corporate in terms of visitation. And so I think that’s an important point to keep in mind. So we have — I alluded to it actually explicitly stated in my prepared remarks, we have very strong front money and credit for Super Bowl about double what we had last year. And that will be a very important segment of our business over the course of the next week and I expect it will generate very strong results. We also have a lot of folks in house who will never go near a gaming table because there’s a lot of corporate visitation around this particular event. So the real answer to your question is, we don’t know. We’re going to see. But if we had to spitball it now, what I would say is that it’s not going to be as impactful in the casino, and it will be equally, if not more impactful when it comes to hotel revenue. Fair assessment, Brian?
Brian Gullbrants: Yeah, both hotel revenues and rates are very similar to Formula 1. The weekend Super Bowl event is another great match, I think, for our brand. And as you said, we’re going to have double the credit and track money we had previously. So I think we’re in for a great weekend here.
Stephen Grambling: Great. Thanks so much.
Operator: Thank you. Our next caller is John DeCree with CBRE.
John DeCree: Hi, everyone. Thanks for taking my question. Maybe two follow-ups. One is on F1, and we’ve had some conversations. This was the first year, obviously, quite successful for you. Curious how you think about next year and going forward? Is there opportunities to calibrate event and see growth and build upon this? Or do you have a view that the first one in Vegas might be the best. We’ve had some different folks, different opinions about that, whether next year is a tough comp or an opportunity perhaps to just continue to grow that event for you and for the city?
Craig Billings: Yeah. Great question. I guess I’ll answer that as a Las Vegan and someone who cares about the broader market and wanting to see everybody in the market participate and do really well. There’s clearly, I mean, look, the first time you do anything of this scale, you’re going to have learnings. And it’s just natural. And so I do think that there’s a lot that can be done to make the event more relevant for the town more broadly. And I think that F1 understands that. And I think, frankly, the operators in town understand that. Even those like us who disproportionately benefited. So I think the event is only going to get better and better. I think what this year approved is that the core contingent of people that travel to go to an F1 race is our customer.
And so you better believe that we will program the heck out of this place yet again, just like we did this F1, this last F1 this coming year, and we will do our best to attract the best customers in the market. And hopefully, again, there will be more opportunities for some of the other tiers of properties in the market to participate in the event this year as they continue to evolve and change the event.
John DeCree: Thanks, Craig. That’s helpful. Maybe one more top down on the other side of the world in Macau. We still hear from investors skittish about some of the uncertainty around the macroeconomic picture in China yet. We continue to see monthly numbers out of Macau and your performance things just continue to recover and grow. Curious if you want to take a stab or someone of the team to kind of weigh in on how Macau’s kind of fundamental recovery has been decoupled from that? What you’re kind of seeing that it gives some confidence that the recovery trend continues. And if you have any top-down high level comments? It would be helpful.
Craig Billings: Yes, I’ll leave the detailed China macro analysis to people who do that for a living. But there’s certainly a lot of crosscurrents to consider. You have tremendous pent-up demand still from several years of mirror closure. You have the ease of proximity to Macau, which actually benefits Macau when the economic situation perhaps isn’t as robust as it could be. And you have some modest stimulus efforts that we’ve seen. But you also, as you rightly pointed out, clearly, have a litany of difficult economic indicators. Yet Macau continues to tread along. So to us, it’s really the long-term viability of Macau. We’re thinking in kind of 5, 10-year increments. So it’s really the long-term viability of Macau that’s most relevant.
And we’re clearly already at levels that allow us the financial and operating flexibility to plan for that longer-term time horizon. So I think it’s well observed, maybe not well understood, but well observed that Macau’s trajectory does seem to be decoupled from the broader China macro. I think you saw that in 2009 as well. And I think that bodes well for the future. Does it bode well for next quarter? I don’t know. Does it bode well for the quarter after that? I don’t know. But it certainly bodes well for the future, and that’s what we’re thinking about.
John DeCree: Thanks for the — that long term outlook is great perspective. I really appreciate it. Congratulations on the quarter.
Craig Billings: Thank you.
Julie Cameron-Doe: Thank you, John. And operator, the next call will be — the next question will be our last.
Operator: Thank you. And our final question comes from Chad Beynon with Macquarie. You may go ahead, sir.
