First off, I just wanted to - you already give us the answer, I believe, on the labor and cost environment. Operator: The next question comes from Shaun Kelley with Bank of America. Job bodes well for our business.Ĭarlo Santarelli: Great. So not only is the people that are moving here to Frank’s point, getting wealthier, but the economy is getting more diverse.

Stephen Cootey: And it’s not just people, it’s businesses. So we remain bullish on the Las Vegas story. And the fact is that people are moving here, have higher annual income than they’ve ever had in the past. I mean that’s kind of our long-term thesis is net inflow growing population here. And I think the population migration into Nevada remains totally intact. So we’re optimistic about going into 2024. We’re adding high-limit rooms across our brand, that have met with strong success in R&D at Red Rock. We’re entering markets that are underpenetrated. There’s no one more bullish than us about the Las Vegas market. It’s our thesis, and we believe in Las Vegas. But from a demand standpoint from a health of Las Vegas standpoint, is there optimism that you could see top line flattish to slight growth in 2024 on a same-store basis? And then just in terms of - as you look out to next year, obviously, you guys talked a little bit about the cost headwinds that are present in the market. And so we do see that ramping up as we go right up to the opening of Durango when we start in those expenses slip to operational.Ĭarlo Santarelli: Okay. Stephen Cootey: I think on the pre-open, Carlo, as we’ve been ramping up the project over the past year, you’ve been gradually seeing an increase in those expenses and they just happen to be in the write-offs and other line item below the line. Any callouts for preopening type of expenses or things like that, that will be excluded from EBITDA and anything else you could share on that front? So putting that kind of within the framework and then thinking about how we should contemplate the impact that Durango will have over the 26 days. Steve, just trying to kind of think from a modeling perspective and thinking about kind of the seasonality in Vegas, specifically the fourth quarter and how, generally speaking, historically, 1Q and 4Q were your best quarters. Please go ahead.Ĭarlo Santarelli : Hey everybody, good afternoon. Operator: The next question comes from Carlo Santarelli with Deutsche Bank.

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