Financial Data and Key Metrics Changes - The company's cash position is $11.3 million, slightly up from $10.2 million last year [4] - Total debt stands at $3.6 million [4] - Adjusted EBITDA for the full year decreased to $1.4 million from $6.1 million last year, primarily due to increased legal fees and impacts on the catering business related to Bryant Park [4] - For the current quarter, EBITDA was -$1 million compared to $500,000 in the same quarter last year, again attributed to Bryant Park [5] Business Line Data and Key Metrics Changes - The company has seen improved cash flows in Las Vegas and Alabama, while Florida properties are experiencing revenue declines of 5% to 7% [6][7] - The catering business in Washington, D.C. has been negatively impacted, affecting overall performance [8] Market Data and Key Metrics Changes - The company is facing challenges in Florida, with revenue deterioration noted across full-service restaurants [6][7] - The Meadowlands Racetrack may benefit from new casino licenses issued in downstate New York, which could enhance the company's position if a casino is established [9][10] Company Strategy and Development Direction - The company is optimistic about the Meadowlands despite increased competition from new casinos in New York [20][22] - Management is actively seeking new properties and has two letters of intent out for potential acquisitions [25][26] - The focus remains on improving operational efficiency and managing rising costs in labor and materials [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the difficulties in the current operating environment but remains hopeful about the future, particularly regarding the Meadowlands and ongoing litigation at Bryant Park [30][31] - There is a belief that the company has a strong position in the Bryant Park litigation, which could positively influence future operations [30][31] Other Important Information - The company is experiencing a challenging environment for acquisitions, with many potential deals deteriorating during the due diligence process [26] - Management emphasizes the importance of not relying on press narratives regarding the Bryant Park situation [30][32] Q&A Session Summary Question: What is the strategy going forward to turn the core business around? - Management expressed optimism about the Meadowlands and stated that they are actively looking for new partners and properties [20][22] Question: Why not leverage successful management from Vegas to improve other properties? - Management acknowledged the success in Vegas and indicated they are looking for ways to replicate that success across other locations [24][28] Question: Concerns about the litigation at Bryant Park and its impact on the business? - Management believes they have a strong position in the litigation and that it has not negatively impacted their ability to operate [30][31] Question: Why is there no insider buying at current stock prices? - Management stated that insider decisions on buying stock are personal and not necessarily indicative of the company's value [39][41]

Financial Data and Key Metrics Changes - Cash balance increased to $11.3 million from $10.2 million year-over-year [4] - Adjusted EBITDA for the full year decreased to $1.4 million from $6.1 million, primarily due to issues at Bryant Park and increased legal fees [4] - Current quarter EBITDA was negative $1 million compared to positive $500,000 in the same quarter last year [5] Business Line Data and Key Metrics Changes - The catering business has been significantly impacted, costing nearly $2 million [4] - Performance in Las Vegas has improved, with better cash flows reported [6] - Revenue deterioration observed in Florida properties, down 5-7% [7] Market Data and Key Metrics Changes - Southern Florida continues to show negative revenue trends, affecting overall performance [7] - The event business in Washington, D.C. has been adversely affected, impacting catering revenues [8] Company Strategy and Development Direction - The company is focusing on the Meadowlands and Bryant Park, with optimism about potential casino developments [9][10] - There is an ongoing litigation at Bryant Park, which has created uncertainty but is expected to stabilize operations [11][12] - The company is actively seeking new properties and has two letters of intent out for potential acquisitions [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in the operating environment, including rising input costs and labor expenses [22] - There is a belief that the Meadowlands opportunity is not a "Hail Mary" and that new partnerships can be formed [21] - Management is working on improving efficiency and has seen positive developments in Las Vegas [23] Other Important Information - The company has faced difficulties in concluding acquisition deals due to deteriorating financials of targets [24] - Management emphasizes the importance of not relying on press narratives regarding litigation outcomes [28] Q&A Session Summary Question: What is the strategy going forward to turn the core business around? - Management expressed optimism about Meadowlands and stated they are looking for new properties despite challenges [19][21] Question: Why not leverage successful management from Vegas to improve other properties? - Management acknowledged the need for better management across properties and is exploring options [26] Question: Concerns about the litigation at Bryant Park and its impact on the business? - Management believes they have a strong position in the litigation and that it will not disrupt operations significantly [28][30] Question: Why is there no insider buying at current stock prices? - Management indicated that insider decisions on buying stock are personal and not necessarily reflective of company value [36][38]

Financial Data and Key Metrics Changes - Cash increased to $11.3 million from $10.2 million year-over-year, while debt remained at $3.6 million [4] - Adjusted EBITDA for the full year decreased to $1.4 million from $6.1 million, primarily due to increased legal fees and impacts on the catering business related to Bryant Park [4] - For the current quarter, EBITDA was negative $1 million compared to positive $500,000 in the same quarter last year, again attributed to Bryant Park [5] Business Line Data and Key Metrics Changes - The performance of restaurants in Las Vegas and Alabama improved, while Florida properties experienced revenue declines of 5-7% [6] - The catering business in Washington, D.C. faced challenges, impacting overall performance [7] Market Data and Key Metrics Changes - The issuance of casino licenses in downstate New York may affect the competitive landscape for the Meadowlands, with three licenses issued in early December [8][9] - The company is optimistic about the potential for a casino at the Meadowlands Racetrack, which could significantly enhance business operations if the referendum passes [10] Company Strategy and Development Direction - The company is focusing on improving operational efficiency and cash flows, particularly in Las Vegas, while exploring new property acquisitions [6][24] - Management is actively seeking new partnerships and acquisitions, with two letters of intent currently out and negotiations ongoing for a brand [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the operating environment, including rising input costs and competition, but expressed optimism about the Meadowlands project and ongoing business improvements [20][24] - The litigation at Bryant Park is seen as a distraction, but management believes they have a strong position in the case [31][32] Other Important Information - The company has faced difficulties in finding suitable acquisition targets due to deteriorating financials of potential properties [25] - Management emphasized the importance of not relying on press narratives regarding the Bryant Park litigation and encouraged stakeholders to focus on factual court decisions [46] Q&A Session Summary Question: What is the strategy going forward to turn the core business around? - Management expressed optimism about the Meadowlands project and stated they are actively looking for new properties and partnerships [20][22] Question: Why not leverage successful management from Las Vegas to improve other properties? - Management acknowledged the need for better management across properties and is exploring options to enhance operational efficiency [24] Question: Concerns about the litigation at Bryant Park and its impact on business? - Management believes they have a strong position in the litigation and that it has not significantly hindered operations [31][32] Question: Why is there no insider buying at current stock prices? - Management indicated that insider buying decisions are personal and not necessarily reflective of the company's value [40][41]

Financial Performance - Total revenues for Q3 2025 were $929 million compared to $910 million in Q3 2024[37] - Restaurant-Level Operating Income was $84 million in Q3 2025, compared to $98 million in Q3 2024[37] - Adjusted Restaurant-Level Operating Income was $87 million with a 9.5% margin in Q3 2025, compared to $98 million with an 11.1% margin in Q3 2024[37] - The company reported a GAAP Loss from Operations of ($36) million in Q3 2025, compared to an Income from Operations of $9 million in Q3 2024[37] - Adjusted Income from Operations was $8 million with a 0.8% margin in Q3 2025, compared to $21 million with a 2.3% margin in Q3 2024[37] - Adjusted EBITDA was $52 million with a 5.6% margin in Q3 2025, compared to $65 million with a 7.1% margin in Q3 2024[37] - The GAAP Diluted Loss per Share was ($0.54) in Q3 2025, compared to ($0.01) in Q3 2024[37] - Adjusted Diluted Loss per Share was ($0.03) in Q3 2025, compared to earnings of $0.11 in Q3 2024[37] Sales and Traffic - U S Comparable Sales increased by 1.2% and Traffic decreased by (0.1%) in Q3 2025[35, 36] Brazil Transaction - The company sold 67% of its Brazil operations for R$1.4 billion, equivalent to $225 million USD[38] - The company expects to receive ~$122 million in November 2025 from the Brazil transaction[39] Guidance - The company updated its full-year 2025 U S Comparable Sales Growth guidance to 0% to 0.5%[40]