Welcome to the MGM Resorts International Q3 2025 financial update. Joining from the company today are Adam Greenblatt, Chief Executive Officer, and Gary Deutsch, Chief Financial Officer. At this time, all participants are in a listen-only mode. After the opening remarks, there will be a 30-minute question and answer session. To ask a question during this session, you will need to press star 1 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 again. Please be advised that today's conference is being recorded. I would now like to turn the call over to Adam Greenblatt. Please go ahead. Good morning everyone. Thank you for joining us today. After my prepared remarks, I'll of course open the floor to your questions. To start, two quick headlines. First, BetMGM today sits on significant excess cash and we will be returning at least $200 million of cash combined to the parent companies before the end of the year. Second, given the continued momentum in our business, we are upgrading our full year guidance once again. We are now expecting 2025 EBITDA to be approximately $200 million, up from prior guidance of at least $150 million. We are now expecting revenue to be at least $2.75 billion, up from at least $2.7 billion which was previously guided onto results. We are pleased to share that our strong year to date performance has continued in Q3. We delivered net revenue of $667 million, representing 23% year on year growth, and EBITDA of $41 million. Year to date revenue is up 31% year on year with EBITDA standing at $150 million. We've maintained year to date revenue growth north of 30%. As expected, quarter over quarter growth has eased slightly as we've begun lapping key strategic initiatives and investments implemented in the second half of last year, as well as comping to an exceptionally strong start to the NFL season in 2024. This is simply a point about the comp to last year, not a slowing in business momentum. I'm now going to dive deeper into online sports, unpacking a third quarter which concluded with the high profile and eventful start to the NFL season. Our online sports business continued its strong 2025 growth inflection. OSB revenue in Q3 was $202 million, up 36% from Q3 2024. It was also contribution positive. Our performance was underpinned by our disciplined approach to acquiring and reactivating players, particularly in our premium mass sweet spot. As expected and seen in the first half of the year, Q3 average monthly actives were slightly lower year on year. As we continue to execute our strategy and deploy capital towards players with higher predicted returns through our improved retention capabilities and active player management, we are seeing significantly improved payback. Economics on both new and tenured cohorts in Q3 hold was 10.1%, slightly higher than Q3 last year. Sports results were stronger than expected in July and August, which helped absorb the well documented player friendly football result in September. Handle growth and NGR margin expansion drove the Q3 top line with handle up 13% and NGR margin up 110 basis points in the quarter. Sports results aside, the first month of the NFL season is particularly important for new player acquisition and reactivation, setting up for the balance of the year and building momentum for 2024. We are pleased with our progress on these fronts, our acquisition funnel performance and player management techniques combined with impactful product enhancements and a comprehensive brand relaunch to fuel our momentum on product. Our app is much faster, has improved and extended features, and is more stable than ever before. Ahead of this football season, we significantly upgraded the app's visual design and unveiled a suite of new features. We launched live Same Game Parlays (SGPs) in time for the NFL season along with SGP cashout capabilities during the game, and our rewards dashboard was upgraded, now integrating player rewards more seamlessly so players can more easily see their points, balance, track tier progress, and redeem points from the BetMGM rewards store. We also launched BetMGM's new brand positioning with our Make It Legendary campaign featuring award-winning actor Jon Hamm as well as other brand ambassadors including the great Derek Jeter. The campaign, which includes six new TV commercials throughout the season, highlights our commitment to providing our players elevated entertainment experiences and exceptional hospitality, ultimately unlocking the benefits of our full entertainment ecosystem. All of these brand and loyalty features and upgrades apply equally to our very large and market-leading iGaming business. In Q3, iGaming maintained its strong growth with net revenue up 21%, delivering $128 million of contribution. Our performance is driven by new exclusive and best-in-class content offerings as well as improvements to our player management. Player metrics including actives growth and player values remained robust as we continue to acquire and retain players at attractive payback economics. We continue to be delighted with our growth in actives, up 21% in the third quarter despite there being no new iGaming market launches since 2022. Also encouraging is that the predicted value of players acquired this year continues to be higher on average than the players acquired last year. Simply, the depth of the iGaming market continues to impress. It's worth noting that while our net revenue grew meaningfully in the quarter, the pace of growth was slightly below our year to date rate as we are now lapping the improvements we made in iGaming in the second half of last year. As I flagged for sports growth, the easing pace of growth is due to the last year comp not slowing momentum. Operationally, we continue to be the destination for all our gaming players by offering the most exciting content and experiences. This quarter we launched an exclusive new omnichannel title Rake and Bacon, available both digitally and on property at the Borgata, New Jersey and at the MGM Grand Detroit. The title is off to a tremendous start, ranking as a top five launch for us this year. Additionally, we've now released the first four branded casino games in The Price is Right franchise in partnership with Fremantle, the latest of which, Goldblitz Ultimate, was launched just earlier this month. All signs are showing early success and we're excited for what's to come there. Finally, we launched several casino games ahead of this NFL season in partnership with the Detroit Lions, Philadelphia Eagles, and Pittsburgh Steelers. These sports branded games, along with showcasing our casino promotions within our online sports offering, have helped drive strong cross-sell this football season. Looking ahead into Q4, we're feeling good. The momentum in the business is strong across both online sports and iGaming, similar to Q3. Although growth rates are likely to moderate as we track against similar periods of improvement last year, the strong underlying momentum in the business remains and we look forward to further realizing the benefits of our significant product enhancements and player management initiatives to close out the year. We're very excited to be launching online sports in Missouri this December. It will be our first new jurisdiction since North Carolina in March of 2024. Now to guidance for 2025. As I mentioned at the start, we are increasing our 2025 guidance to at least $2.75 billion of net revenue and approximately $200 million of EBITDA, driven by strong underlying metrics, cost management, and our outperformance in July and August. As always, this is based on the assumption of normal or theoretical sports results through to the end of the year. It's worth remembering that as our industry has seen previously, volatility in NFL results can drive big swings in revenue and profitability. At the thresholds of revenue and at EBITDA guidance, net revenue growth year on year would be 33% and year on year EBITDA improvement would amount to nearly $450 million. Naturally, we still expect to be full year contribution positive in online sports. With our exceptional year over year progress, we've reached a particularly gratifying moment that signals a new era for our shareholders. That is our return of cash to Entain and MGM Resorts International. Over the course of the year, BetMGM has built up a stockpile of excess cash and we will soon be distributing a major portion of that to Entain and MGM Resorts International by the end of Q4. This year we project having an unrestricted cash balance of over $300 million and we will send at least $200 million back to the parents at year end after this distribution. We are targeting ending the year with about $100 million of unrestricted cash on the balance sheet, which will act as our target minimum balance for the time being. Going forward, our plan is to distribute excess cash above that minimum on a quarterly basis. We will have ample liquidity to operate the business between that $100 million cash flow and the $150 million credit line we have in place. To date, we have not drawn upon the credit line. Lastly, on financials, with the end of Q2 we began reporting both our EBITDA and our CapEx. EBITDA minus CapEx is the best proxy for cash generated by BetMGM as we are not expected to incur material cash interest nor taxes. As a result, we expect annual cash distributions to be more or less equal to EBITDA minus CapEx going forward starting in 2026. Before wrapping up, I want to briefly address the surge in market, industry, and press focus surrounding prediction markets. Our position is clear and aligned with almost 40 state attorneys general, our regulators, and our tribal partners. As the law stands today, sports prediction markets are, in essence, illegal. Sports betting prediction market operators have no requirements to protect consumers as licensed sports betting operators do. They do not uphold responsible gaming principles. They do not have self-reporting obligations for compliance failings and do not have whistleblowing and information sharing obligations to ensure the integrity of sports. Additionally, and importantly, they're not paying gaming taxes to the states in which they are operating. The list could go on. I expect we'll hit on this more during the Q and A to conclude my prepared remarks. In summary, our business in 2025 remains healthier than it's ever been, and we're looking forward to carrying this momentum through the final quarter and into 2026. As ever, this would not have been possible without the tireless efforts of our talented BetMGMers, to whom I am grateful every day. With that, I'll hand over to the operator to open the line for questions. We will now begin the question and answer session. As a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one. Again, we ask that you limit yourself to one question and one follow up. Please stand by while we compile the Q&A roster. Our first question comes from the line of John DeCree of CBRE. Please proceed with your question. Hi everyone. Hi Adam. Thanks for taking my questions. I guess, as you alluded, we'll probably talk about prediction markets, so maybe we should start there. I think one question that you and your peers probably keep getting is do you think you're seeing an impact on your business or the industry in terms of volume based on the level of volumes that some of the prediction market players are reporting on sports contracts? John, thank you for that. I think it's a very important question and I'm pleased that we're able to address that right at the start. Just follow the data. If you look at handle trends through the summer and then into the season, you'll see that there's been really no decay, no degradation of year on year handle growth in OSB, which frankly if I think the prediction markets were having an impact, we would have seen. The data says that there isn't an impact at an industry level. Frankly, just to supplement that, if you look at the search trends for the leading prediction market operators, you'll see a growing percentage of searches coming from states where the licensed sports betting industry is not operating. Certainly from our regulated term we're not seeing an impact at this point. Thanks, Adam. That's helpful. Maybe to pivot to the other big news this quarter, the distribution to the parents. I think you've articulated that quite well. It's probably a two-part question. The first is, help us understand why $100 million is the right liquidity or unrestricted cash balance. If you were to come across growth, new state launches, would you fund that through the undrawn revolver, or could you look to withhold dividends in a given quarter? Just trying to understand the policy a little bit more. Okay, I'm going to hand that over to Gary. Hi, thank you. This is Gary. We think basically from our operating experience that $100 million is the right number. There's a certain amount of cash that's at the edge of the network, as I would call it, that funds player wallets and our ability to get money back to the players as they win and withdraw. At MGM Resorts International, we had been operating earlier in the phase of the building of the company where we had a lower number. That represents our current status and volume. We have the ability to draw on the line if necessary, so we feel comfortable on the liquidity part. Yes to everything you said. We could withhold dividends if we felt there was a growth opportunity we're going to pursue. We have the ability to hit the $150 million line, so we have a lot of options. Our intent is to not. We're not using the line for purposes of paying a dividend to the parents. That's to fund operations. After we pay down to the $100 million each quarter, if there's a dip or something within the quarters, we'll use that for the foreseeable future. We don't expect it'll require much and we won't be hitting it much. We have it and if we need it, we have it. If I may just supplement that, John, you'll hear from Entain and MGM Resorts International in the coming days. What we're doing now is efficient and makes sense cash management insofar as there are growth opportunities outside of the ordinary course. In addition to the strong cash flow which BetMGM is generating, you know, between Entain and MGM Resorts International, it's from. In practical terms, it's fairly unlimited. That's perfect. Thanks, Adam. Thanks, Gary. Congratulations on all the progress this year. Thank you, John. Our next question comes from the line of Adrian Disant Hilaire of Bank of America. Please go ahead. Thank you very much. I've got two questions if you don't mind. First of all, to come back on the Q3 numbers on iGaming, it appears that the growth that you reported is a tad weaker than what the state data would suggest. Just curious if that implies that September was maybe a touch softer or have you been more promotional. Sorry to come back on the topic of prediction markets. I totally hear your comments, Adam, but it does not sound like we're going to have any clarification on whether they are legal or not for probably a while. What do you expect to do in the meantime? Do you want to let them proliferate or do you think there's a possibility for maybe partnerships or your own launchers while the regulatory background gets clarified? Thank you. Thanks for the questions, Adrian. I'll deal with the iGaming first. We took a deliberate strategy in the run up to the sports seasons to ramp up our investment in player acquisition to ensure that we had a really strong end to the year. You're absolutely right. We did dial up the promotional intensity in that quarter. That was completely deliberate. We have our promotional reinvestment absolutely in hand and we're seeing exactly the effect that we intended. Momentum in the business is great and very strong. On prediction markets, your catch-22 that you outlined is spot on. What does the regulated industry do in the meantime? As I said in my prepared remarks, BetMGM is not going to actively put ourselves on the wrong side of our state regulators first and foremost. Our regulators have been very clear that we are not able to participate in sports prediction markets until the legal situation is clarified. Where does that leave us? I wouldn't want to speculate about what might happen in the interim, but just know that for all the reasons I outlined in my prepared remarks, we believe that this is not good for the integrity of sports, our players, our states. Every effort is going to be made and is being made to ensure that there is a level playing field and an appropriate playing field. I wouldn't want to comment on that further. Understood. Thank you so much. Our next question comes from the line of Brandt Montour of Barclays. Please go ahead. Good morning everybody. Thanks for taking my question. When I drill into the guidance for Top Line and EBITDA into the year, it does look like you guys are modeling a really healthy acceleration and flow through in the fourth quarter. I think when we look at our math, it does seem like to get that there's some healthy amount of decline in the sort of external marketing or OpEx or sort of those cost lines. Just curious if that math is correct, if that's how you see it, and where you're finding those efficiencies and where you see it coming from. Thank you, Brent. Thanks for that. Gary, would you like to handle that? Yep, thanks. I figured this question would be coming. There's nothing too much to read into it. It's two things in general. It's some cost management and some timing throughout the end of the year. As Adam mentioned in his opening remarks, the sports results in July and August, which came clear to us after we had given the guidance the last time, were better than expected. When we have sports, when we have revenue overperformance that's driven by high margin, that flows through better than our sort of normal growing revenue and what it would do at a regular state. It's the combination of the sort of the excess EBITDA that we generated from those months with this cost timing and shifting in cost management. We stand by what we've long said at a running business level that doesn't have any new launches, we're looking at about a 45% flow through for the business. Okay, that's super helpful, thank you. Hold came in sort of even year over year. One thing I didn't catch in the prepared remarks is any talk about structural hold or structural hold targets, and maybe a little bit of commentary about the parlay mix that you guys saw and what you're driving toward, through the lens of the fact that you are mix shifting toward a more VIP customer, if that is a shift that is dilutive to structural hold or not. Thanks. Okay, thanks Brad. As before, we're not guiding to long term structural hold. We have made progress year on year in relation to theoretical hold, notwithstanding the point you made about the success of our VIP strategy, of our premium math strategy, of our focus on higher value players in sports. To unpack that a little bit, we have been very successful through the year at recruiting and retaining a higher proportion of higher value lower margin players. That notwithstanding, our parlay mix has remained the same because our product resonates with all bettors, not just that segment. I think the fact that we have held margin consistent notwithstanding the growth in our lower margin top end is a real achievement and speaks to the robustness of our business. As I said in relation to parlay mix, it's been pretty consistent, not much to say there. Okay, thanks everyone. Our next question is from the line of Ed Young, Morgan Stanley. Please go ahead. Thank you. My first question is on Adam. Your comments around seeing ever higher player values in your acquired iGaming cohort and that's really interesting. Does that lead you to reassess at all how you think about NGR or user growth longer term in terms of where you see the maturity curve and does that cohort growth mean a faster path to maturity or does it potentially mean a higher long term baseline in your view? Second of all, you've talked in the release a lot about the multi product strategy working well, I wonder if you could talk about the other multi in terms of your update on where your multi channel strategy works to convert retail players across in your properties. Where does that sit right now? Thank you, Ed. Thank you for that it was good to see you in Nevada. Okay, higher player values in 2025, as you rightly point out, this is counterintuitive. We would expect there to be diminishing returns as you go deeper into the market. That's not what we're seeing. 2025 player values on average are higher than those that we acquired last year. I think there are a couple of factors here. One, the market is just so fabulously deep and I don't know that I can today with any confidence tell you where that ends because we're not seeing a shallowing of the water if you like. Zoom out, where does that lead us to? That leads us to question marks around TAM in iGaming. Is it actually bigger than we have forecast? The second part that I want to talk about is the improvements we have made, we at BetMGM have made in relation to how we recruit players, how we reinvest and manage players to drive efficiency and ultimately revenue flow through. The third point I would make is the importance of more iGaming states. We've got Alberta coming in 2026. All signs are pointing to probably second quarter mid year launch. Of course that's a multi product jurisdiction. It's a multi product jurisdiction in a state where frankly BetMGM is the largest gaming game in town. Really excited about that. We're working really hard to unlock further iGaming states. While we haven't made breakthroughs this year, we're optimistic for further states next year. Frankly, last point, 2/3 of BetMGM's revenue roughly comes from our iGaming business. All of that revenue really is sourced from four primary markets. Imagine a world where it's not 4, but it's 6 and it's 8 and it's 10. The outlook for BetMGM is really very very exciting. Now then, changing gears to the omnichannel strategy, in fact just this last week. We continue to recruit at pace from our physical venues in partnership with MGM Resorts, our omnichannel players, our omni players. Those that engage with us in multiple channels continue to be really very valuable and more loyal than average. Just this week or last week we have rolled out an improvement to the process of onboarding in Nevada that's proving to be stable. While it's too early to talk about the impact of that, we're excited for the potential of that to broaden our reach within those MGM properties and within the MGM footprint to drive the value that I started the response with. Happy with how the recruitment part of the puzzle is developing. The other thing that we are actively investing in is omnichannel product. We have an exciting pipeline of new launches. You saw the live studio at MGM Resorts at the MGM Grand. That's exciting, the potential for that. We talked about more product, more live product, which really is in our sweet spot for omnichannel players. We've got a few exciting things lined up. We expect the impact of omni only to get stronger as we look to the future. Thanks so much. Our next question comes from the line of Dan Politzer of JP Morgan. Please go ahead. Hey, good morning, Adam. Gary, thanks for all the detail. First, I wanted to touch on promotions on the sports side. It looks like they came down pretty nicely in the quarter. You're focusing more on that premium customer. I guess how much more room is there to kind of cut that promo level? Is there kind of right level to think about that? Thank you for the question. Yes. The aggregate promo, your observation is absolutely correct. We've made great strides in reducing our promo level overall. The promo level overall is the combination of promo that we invest in new players and promo that we invest in existing players. Because we've become more refined on the acquisition side and are recruiting in a more focused way, just those players that we want, the weight of acquisition promo in the basket has reduced. As you know, the promo levels for new players are elevated as those players are onboarded. One of the things that you're seeing is the mechanical output of fewer players being acquired. The other part of it is the reinvestment in existing players. We don't believe that there is much more to go there. We believe that there is, of course, as always, an opportunity to continue to refine our reinvestment processes, our reinvestment framework, our segmentation framework. We've made tremendous strides, as you can see, in our financial performance. We've made tremendous strides over the last 12 months. I wouldn't pencil in meaningful reductions in promo levels. Got it. That's helpful. Just one more maybe to close the loop on sports prediction markets. If I think back to 90 days ago, this was something you said you were monitoring very closely, including all the court proceedings and some of the stuff you mentioned. Is there anything versus last time we spoke that you can point to specifically, that made you kind of draw the line in the sand here as to your decision not to enter, especially given some of your peers are talking about entering. Yes. We've received letters from a number of our state regulators where they have been really explicit about their perspective on prediction markets, and they have also raised, let me be clear, your license becomes questionable if you offer prediction markets in our state. We will also consider your license very carefully if you offer prediction markets anywhere. There's no ambiguity in that position. Right. As diligent and proper licensees, we take that very seriously. On top of which, at G2E last week in Las Vegas, we met a number of our regulators, and without fail, the position is consistent. Until this position, until the legal position is clarified and the position of our regulators is different from that which they hold today, I feel like as an industry the next step is pretty plain. Got it. Makes sense. Thank you so much. Our next question comes from the line of Joe Stahl, Susukui Hana. Please go ahead. Thank you. Good morning, Adam. Good morning, Gary. Wanted first question. If you could give us maybe the relative groupings or buckets of your user growth. You've mentioned this historically, and I'm mostly interested in saying or understanding kind of what's more Nevada, Las Vegas sourced versus your iGaming states versus other. Hey Joe, thanks for the question. I don't actually have that breakdown with me, and I wouldn't want to offer anything that's misleading. Suffice to say that MGM properties remain an important source of players for us, but our user acquisition is distributed with emphasis being on our multi product states where we over index relative to population because, of course, the state level economics, the state level unit economics are so much more favorable. That drives spend, which drives acquisition. Gotcha. Is there a difference as we think about those states, especially with MGM and multi products versus what you're sourcing out of Vegas? Is it harder to disaggregate? I guess is my question. I mean we've always been of the view that players that have a relationship with MGM Resorts, having been at the properties, are more likely to be real money bettors and we have better relationships in terms of value with them. The actual raw number of players, just that it's a physical place and a sign-up that we get in Las Vegas on the casino floor, is relatively small compared to the mass numbers that we're able to pick up through digital advertising and through other approaches. Vegas is important to the center of a core player group, but it's not a very significant part of the raw numbers of new players that we add in a given year. Gotcha, and then I was wondering if. You can give us maybe the delta on unfavorable OSB hold in September. Gary, do you want to take it? Sure. We just didn't suffer as bad as, you know, there's some press out there, different of our competitors having, you know, really bad September. It was not great, but it wasn't, you know, really impactful to us in the long term, and especially what we've seen with the start of October. We're really comfortable with how we are on track to hit our goals for the quarter and the full season. Is it fair to say October is kind of as expected, or modestly above or below that? I mean it's above, but it's early. We've been through 13 days, and the launching pad is blazed off. There's a lot of quarter left to go. You know, when seven and a half point dogs come out and win, that's good for the sector. Where we have upset, last night was a good couple of results for us as an example, and there's been a few upsets in the last few days. October has started really well. Of course, we expect results. We'll have some good weeks, some bad weeks, and we're planning for normalized results for the quarter. Understood. Thanks guys. Our next question comes from the line of Barry Jonas of Truist Securities. Please go ahead. Hey guys, congrats on a great set of results. We've touched on prediction markets plenty. I'm just curious, do you have any interest in entering non-sports prediction markets in the U.S.? Is that something you think state regulators would be more willing to accept until there's definitive clarity around sports? Thank you. It is an option. I feel like it wouldn't be an option. My comments around the position of our regulators extend to sports prediction markets only. I think in relation to financial prediction markets, regulators haven't expressed a position. My personal view is that we don't really have a right to win in that space today, and it's a market which is fairly well served. Certainly, if there was a way forward for sports prediction markets, I see no reason why financial prediction markets wouldn't be part of that package. Got it. Great, you touched on this a little bit. Curious if you can give any more color on the legislative environment. As you know, we head into early. Next year when the season kicks off. I'm curious if the threat of sports predictions has been influencing maybe some early discussion points you're hearing. Thanks. Yeah. Was your question around sports only or sports and iGaming? I guess both. Both would be helpful. Okay, starting with sports, given the relevance of prediction markets in the discussion, the couple of states that are top target state for 2026, probably Alabama and Nebraska. Others which have, I would say, meaningful possibility of passage based on how close they came in past legislative sessions, would include statewide Mississippi, Minnesota, and Georgia. On the iGaming side, you know, we've been talking in previous calls around Maryland, New York, and Illinois. I think as we look to 2026, the states that are most likely and where frankly we anticipate a reasonable and more favorable tax rate would be the states of Virginia, Indiana, and D.C. That'S great. Thank you so much. Congrats again. Sure. Good. Our next question comes from the line of Robin Farley of UBS. Please go ahead. Great, thanks. Most of my questions have been asked. I guess just on the parlay mix, you mentioned it was, you know, consistent year over year. You've talked about introducing some upgrades. In your Parlay product, is it reasonable to think that you do expect that to grow and then obviously would grow your structural hold as well? This is another one of those in the basket responses. Yes, we expect to grow in dollar terms, in absolute terms, because our strategy is proving to be effective and we are increasing high value, low margin play alongside the growth in parlays. We're actually expecting margin to remain consistent, but the size of the basket, the dollars in the basket, to grow meaningfully. Does that make sense? Yes. No, absolutely. Great. Thank you. Sure. We will now take our last question from Ben Shelley of UBS. Please go ahead. Hi team. Thanks for taking my question. When you look at the product offering of sports prediction market players, how does the assessment compare to what you or other licensed sportsbooks are offering? My follow up is what do you view as the barriers to entry for prediction markets to successfully provide more complex products like parlays? Thank you. Thank you for the question. We're starting. I don't want to be drawn on relative product competitiveness and the outlook for their potential for product development, because my starting point is different. My starting point is that there needs to be an underlying economic impact for a prediction market. That's according to the framework. That. Regulates prediction markets or the framework for prediction markets. When you get into complex and esoteric parlays, multi-leg parlays, five, six-leg parlays, which are frankly commonplace in our business, I struggle to see the fundamental, the underlying economic impact that is being hedged or swapped. Now, what is the potential for that? I think that's a question better for the prediction market operators themselves. We shouldn't even be having this conversation. That's the reality from our players' perspective. Our players can choose what they want. The building process is easy and flexible. We've introduced new ways to discover, to review, particularly outlines. These are recent BetMGM product improvements, by the way. From a side-by-side product experience perspective, player experience perspective, as we stand here today, it's chalk and cheese. Thanks very much, team. Ladies and gentlemen, that concludes our Q&A session. With that, I will now turn the call over to our presenters for their closing remarks. Please go ahead. Thank you all very much. We are really excited about the progress that we've made at BetMGM through this quarter. The momentum is continuing into the fourth quarter, and again, thank you for the questions and we'll see you next cycle. Thanks very much. This concludes today's business update. Ladies and gentlemen, thank you for participating. You may now disconnect.