Episode Transcript
[00:00:15] Speaker A: Hello, everybody. Welcome back to Right to the Source. My name is Robin Harrison and I'm here as ever with the Rizzo to my Gonzo. Nice little reference to A Muppets Christmas Carol there, Mr. Ed Birkin. Ed, how are you this week? Has that thrown you as the last few have?
[00:00:34] Speaker B: I have no idea what on earth that is. The Muppets Christmas Carol. Well, no. Isn't that just like a Muppets version of Scrooge, which seems completely ridiculous concept.
[00:00:45] Speaker A: Yes, but with Michael Keane as Scrooge, who plays it as seriously as he possibly can. So he, Michael Caine is acting like he's in Shakespeare, but everyone else in the film is a Muppet.
[00:00:58] Speaker B: Okay, so I was watching Disney plus last night quite late as you were making me work on something and.
[00:01:07] Speaker B: They'Re advertising something at the top with Donald Duck in it from 1941 about him traveling to South America. I mean, the story's going nowhere. But just as you're talking about random animated or pseudo animated programs. Yeah. I went down this weird thing of watching five minutes of 80 year old cartoon. It was very strange.
[00:01:29] Speaker A: Excellent.
[00:01:29] Speaker B: Good chat. Should we talk about gambling?
[00:01:31] Speaker A: Yeah, go on then. Yeah. So two weeks ago we said we would talk about Monarch Casino Casino and resorts. Monarch Casino Resorts, Correct.
[00:01:42] Speaker B: Are we actually going in three minutes into the podcast to actually talk about what we were meant to be talking about? It's quite settling.
[00:01:49] Speaker A: Is it?
[00:01:49] Speaker B: No, no, it doesn't feel like. Give me, go and give me a. Give me a story of the week.
[00:01:53] Speaker A: Story of the week.
[00:01:54] Speaker B: Good prep, good prep. I like it.
[00:01:55] Speaker A: Yeah. I'm just trying to think. We've had some really good stuff this week in terms of what is kind of stuck out to me as interesting.
[00:02:05] Speaker B: Apart from my story on Donald Duck.
[00:02:07] Speaker A: Apart from your story in Donald Duck. Trying to think. I mean, I mean, obviously the WIN update on Marshan island is interesting. It's quite. If you kind of look at that investor presentation, really, it's kind of. Yes, it's talking about the property and, you know, the revenue, but it's also talking about the ripple effects. Like, let's face it, probably very few people knew much about Ras Al Khaimah, at least in the industry before that started. But there's, there's a real kind of sense of momentum, new developments coming around that property. So I thought that was quite interesting, a really good one about the New York downstate casino licenses being awarded or not awarded, but being.
[00:02:48] Speaker B: Well, that's not interesting. They just said yes to the only three that were left, which by the way I think is, isn't really great from I think the whole process. The fact that it ended up with these three, it's hardly revenue maximizing, is it?
[00:03:03] Speaker A: These haven't been ratified yet. So there are still steps to go. And that's why the story was interesting because it's kind of like talking around that it's actually saying, are these guys all going to get approved? And I mean let's.
[00:03:15] Speaker B: It's hardly interesting. It'd be interesting if there were like five and three of them had been like put forward but there were only three left in it and they're like, yeah, okay, we put all three forward for you to decide if they're okay. Like it was pretty much a non event. No, no.
[00:03:28] Speaker A: But I mean if you look at the underlying analysis, there was actually quite a lot of disquiet.
Like people, you know, it's not been a slam dunk. It's not been like yet. These three are brilliant. They do actually pick apart a lot of things. And this still needs to go through an approval process to actually be officially awarded. It could, this could, it could still not be all three. I think is the underlying message they're in pole position. Yes. I mean, I mean it's quite easy to put them in that position, but might not be such a sure thing.
[00:03:58] Speaker B: I mean obviously they're in pole position because they only three people left.
Yeah, I think they've.
I think they missed a trick not having one in Manhattan personally. But whether that be the Time Square one or the Hudson Yard one.
Look, I think the Times Square one would have been pretty iconic. I think the Hudson Yard one would have been a one where it's kind of a bit more out of the way because of the bigger property. You know that area, whole area is being redeveloped. Yeah, I know there's probably traffic concerns around it and everything. So nothing's perfect.
[00:04:29] Speaker A: But also it would have been when it would have been incredible.
[00:04:33] Speaker B: Yeah. And I don't want to be biased.
[00:04:35] Speaker A: But when do have outstanding properties.
[00:04:38] Speaker B: They do, they do. Encore was my go to go to one in Vegas. I stayed somewhere else last year which is this year which was subpar.
But I think, I think the one in Times Square would have been pretty cool. That would have been a pretty awesome but completely different property. It would have been a bit less. You know, you would imagine that Wynn would have be a bit. Seem a bit more like a, a Wynn resort type thing. But like you know, getting that many people is pretty congested and, and getting down to there. But as the adage goes, you know, don't let whatever the adage is perfection, you know, don't let perfect get in the way of good. And I think that you know, maybe some slight issues around that. I don't know if it was that or the political things or whatever that meant that the kind of. Was it the zoning panel didn't allow either them. But so you kind of left with places I think aren't, you know, having two in Queens so close to each other and then one of the ballet at the golf course. I mean it's going to have to be a pretty exceptional place to. To be attracting the kind of spend that you'd get in Manhattan, isn't it?
[00:05:37] Speaker A: Yeah, I think that's fair. I mean I think the Queen's. The Queen's development will be really cool. And that's also next to Citi Field. So I mean, I mean I'd go there. I like Citi Fields.
[00:05:48] Speaker B: Yeah, look, I mean Citi Field has the advantage, I suppose. You know, it's. It's a. I mean it's a sports destination but there's a big area around it. You know, it's pretty easy. They're just going to start building on effectively a car park. You know, it's not like that have the issues of construction they have in Manhattan. But then you kind of have that a bit like a Bally's in. Is it in the Bronx Ballet one?
[00:06:08] Speaker A: Yeah, Bally's is a Bronx.
[00:06:10] Speaker B: So it's like okay, so fine. So you have one kind of further out of town that effectively people, a lot of people will get there, you know, maybe by car. Etc. You're not having the words of central Manhattan. So I get that. And you know, big property, just build it probably build a temporary one if you wanted to pretty damn quickly and chuck a load of slots in. You have one of the existing slot parlors, effectively one of the two massive slot parlors there. He's. Who's doing one. You know, MGM pulled out of it.
Then you know, the third one. I just kind of think it'll be a different type. But you know, having something in Manhattan is going to attract a very different caliber of person. And you don't want the same demographics split between three casinos.
[00:06:48] Speaker A: Yeah, that's totally fair. That is totally fair.
[00:06:50] Speaker B: Even if it was one, wasn't there someone who was looking to build a very small one above Tiffany's or something?
[00:06:57] Speaker A: Was it Saks Fifth Avenue?
[00:06:59] Speaker B: So some of that. So even like okay, I wouldn't have gone for that One personally. But compared to the three you've got left, if you're choosing kind of two of those three and then say, you know, even like a small uber exclusive kind of, you know, really high roller one or something for people in Manhattan. You know, we know how much high rollers contribute to the gaming side of things. And if you're trying to entice them away from other places, from Las Vegas, et cetera, quite frankly, you know, is that going to be where any of the three are? Like, look, they could build an amazing place and it could be so good that it doesn't matter where it is and people will go. So we don't know. I don't want to be unfair on that.
Manhattan's Manhattan. Yeah. It's like London's London. You can build the best casino in the world in Birmingham and there's not going to have the attraction of one in London.
[00:07:38] Speaker A: No, no, that's totally fair. Still sad. There's no Coney island casino. I think that would have been.
[00:07:43] Speaker B: I did, I did actually tour all of the casinos, potential casino sites, and I hadn't been to Coney island before.
[00:07:49] Speaker A: It's great.
[00:07:49] Speaker B: But I went down there. I mean, this was like winter time, so it wasn't like all open, but it was pretty cool. And then like having a hot dog. Yeah.
[00:07:58] Speaker B: It was.
[00:08:00] Speaker A: Yeah.
I love Coney Island.
[00:08:03] Speaker B: Brings back your childhood holiday memories.
[00:08:05] Speaker A: Because I never went there as a child, but when they're a.
[00:08:08] Speaker B: No, I was thinking of just like a cold, you know, cold coastal place near a city. Whatever the Scottish equivalent of Scarborough or Blackpool is.
[00:08:17] Speaker A: Coney island probably. Largs does have a very famous cafe called Nardini's.
[00:08:23] Speaker B: I think you're overplaying the words. Very famous right now.
[00:08:27] Speaker A: It's got famous in the west of Scotland. Cafe called Nardini's.
[00:08:33] Speaker B: Okay, there we go.
[00:08:34] Speaker A: Cool.
[00:08:34] Speaker B: Okay. That's your story of the week.
[00:08:36] Speaker A: Yeah.
[00:08:37] Speaker B: Do you want to know my fact of the week? Of course you do.
[00:08:39] Speaker A: Of course.
[00:08:39] Speaker B: It's to do with the NFL. Is it to do with the NFL? Yes.
[00:08:43] Speaker A: Is it to do with the Jacksonville Jaguars?
[00:08:46] Speaker B: In part, yeah.
[00:08:48] Speaker A: Okay.
[00:08:48] Speaker B: There's. There's two games in.
Do you know how the playoffs work, the seeding for etc. Effectively, for those who don't, keep it brief, the NFL is split into two divisions.
[00:09:00] Speaker A: Conferences. Oh, no. It's divisions.
[00:09:03] Speaker B: Is it conferences, Divisions. Wants conferences, I think NBA's, conferences, divisions. No, no, two conferences each split into four divisions anyway, two bits. So this is smooth. So you have the NFC and the AFC. Okay.
[00:09:18] Speaker A: Yep.
[00:09:18] Speaker B: The AFC is the one that, let's be honest, we all care about because that's the one that drags in. Anyway. What happens is that's split into four. Okay. And the winner of each one of those and the top two. Perhaps I should know this better. Two or three second place teams, right. Go through the playoffs. Okay. Then when you win that, then, then, then when you win that, you get to the consequence and then you get through to the, whoever wins the AFC and the nfc, then they get through to the super bowl where we are. Even though it's only week, there's week 14. Still a few more weeks. Yeah, there's two teams, well, there's two of them in the AFC. There's Jaguars who are in the AFC South, I believe, who are joined on points with the Colts and the Colts won the last two games. Jags are done and they're playing each other this weekend. And there is also the Ravens who are joined on points on with the Steelers and they're playing each other. Now. Why is this important? Because obviously whoever wins this is going to be big favorites to win their division. And whoever finishes second probably doesn't have enough points or be very tough for them to get in the playoffs as the highest, second and best team. Okay, so there's a really cool website on the NFL website but on it which shows the chances of each team reached in the playoff and then the chances of probability of them if they win the next game. And the problem is they lose the next game. Now being early in the season, the next game hasn't had much of an impact. But if you look at the Jags, for example, they have a 79% chance of making the playoffs. If they win the next game, that goes up to 95%. If they lose it, it goes to 67%. So that's a pretty big swing. Yeah, but if you look at the Ravens, okay, they have a 69% chance of winning the playoffs, not winning of the playoffs. Bear in mind this is just one out of like, you know, you know, a large number of games, 17 odd games. If they, if they win, that goes up to 84 chance, very high. If they lose, it drops down to a 38 chance less than half. Like that is the kind of statistics you expect right at the very end of the season. So just because of how these, these, these two games are poised, these two games, the weekend are going to be so key that normally you lose a game, it's like it doesn't really matter. There's Plenty of more games to play. But this still rel. You know, not late point of the season to have so much riding on those games. I think that's a pretty. Pretty cool statistic if you're into probabilities in NFL.
Okay, do you want a.
Do you want another statistic?
[00:11:39] Speaker A: Yes.
[00:11:40] Speaker B: Minus 10. That's how many points Sheffield Wednesday have.
[00:11:42] Speaker A: And yet.
[00:11:43] Speaker B: And I honestly believe we. I honestly believe there's still two points.
[00:11:47] Speaker A: Ahead of Sheffield United.
[00:11:50] Speaker B: No, Sheffield United have pulled it back. They're out the relegation zone. I honestly believe we could finish the season on minus on negative points. And the lowest score. Championship score, I believe was Rotherham.
[00:12:03] Speaker B: On like 29. And we're gonna 23. And we're. I mean, we. We may struggle to actually get positive points. But anyway, yeah, so it's two conferences and they're split into four divisions. We are in the AFC south and it's the AFC North, Ravens and Steelers. So, yeah, I think it's gonna be fascinating this weekend. Right, Monarch, right?
[00:12:20] Speaker A: Yes, Monarch. Now we're going to talk about Monarch Casino and Resort operating.
[00:12:25] Speaker B: Has Monarch Airlines gone bust?
[00:12:27] Speaker A: I think so. It's not like a Highlander. It's not like a Highlander situation where there can only be one 2017.
[00:12:34] Speaker B: It stopped. Anyway, I don't know why you're getting distracted. We're talking about Monarch Casino now. We don't need to talk about bus airlines. Come on. You want to be. You call yourself the host of the show. Come on, get a grip of it.
[00:12:44] Speaker A: Yeah, I mean, it's.
I don't even know if I'm the host anymore. I think this is just free.
I think we're back to freeform jazz again after a strange period of structure and order. But Monarch is an interesting business. So this is something that a few weeks ago, I think it was Jess Marquez from my team and I were talking about, because I, you know, I said to him, I mean, what sort of companies do you see as kind of like ones to follow, you know, like interesting businesses? And he actually picked out Monarch Lies.
Genuine.
[00:13:18] Speaker B: No offense to Monarch. We're going to talk about. And they're doing very well. But out of all the companies in gambling globally, anyone just randomly picked up Monarch?
[00:13:26] Speaker A: What? A company with a big property in Reno, a Reno native has spotted it and tracked its progress. Shock horror. So, look, I mean, genuinely, Jess brought up Monarch because. And the reasons that he brought up were actually very interesting. I think it speaks to some trends that we see in that sector. Two properties, one in Reno, which I think is The Atlantis and then one in Blackhawk. I think just Monarch Casino, Resort Spa, that kind of thing. Small business. But it kind of looks perfectly formed. I think that would be fair to say. Is that borne out by the data? And then I'll go into more about.
[00:14:06] Speaker B: I mean the data doesn't really tell me it's perfectly formed. However you want to talk about that. But it does in a way because they have, you know, 38% EBITDA margins adjusted EBITDA margins very strong. Pretty good.
[00:14:17] Speaker A: How does that compare to.
I don't know, like.
[00:14:22] Speaker A: It's obviously not a like for like. But what's the EBITDA margin at one of like the big scaled operators?
[00:14:28] Speaker B: Yeah, bit lower.
What are you talking about? Lambe? I'll look it up.
I've got more on it. I'll get model open. But let's look at revenue. So last year or $522 million, what percent do you think or how much of that do you reckon is casino versus hotel versus food and beverage?
[00:14:48] Speaker A: I would say vast majority it's casino.
[00:14:51] Speaker B: 55 or so.
[00:14:53] Speaker A: Okay.
[00:14:54] Speaker B: 2 or 4 million of it. Because you say they are big properties. So 127 million food and beverage, 76 million hotel, 25 million other potentially sparry type stuff. Retail.
[00:15:05] Speaker A: Retail.
[00:15:07] Speaker B: So they're doing well split across two properties. Good cost control. They are kind of very much destination places. They're investing more in the Reno property. Yeah, they're doing well. I mean in terms of wider numbers for where they sit. Let's have a look at. What do you think the size of the casino market in the US is.
[00:15:26] Speaker A: Trying to think earlier in the year, I think for a total US across all channels, was.
[00:15:35] Speaker A: It about 135 billion, something like that?
It's a stat that I pulled from H2.
[00:15:42] Speaker B: I mean it was a lot earlier in the year.
It's also not a number we had. I mean, you know, maybe not a million miles off. So if we look at gaming and gaming in total this year, it's gonna be about 110, 111 billion. Within that, if you look at casinos. So ignore card rooms, 6 billion gaming machines outside of casinos, VLT stuff, 16 billion. You're looking at just under billion for casinos of which surprisingly, or maybe not depending on how much you know about the market, about 50, 50 in terms of Native American versus commercial casinos.
[00:16:13] Speaker A: Yeah, I think post Pandemic I actually went 55, 45 in favor of a tribal.
[00:16:20] Speaker B: Yeah, 20, 21.
[00:16:23] Speaker A: I think I actually got that stat from H2 Yamling Capital.
[00:16:26] Speaker B: There you go, you remembered one of them.
So if we look so within that. So let's have a look at the 45 or so billion on commercial. You've got.
[00:16:39] Speaker B: Nevad Las Vegas about 11. Yeah, this 3 billion New Jersey, so 14. It's about 30 billion of I don't know if you call it all regional. I'm sure people in, you know, Pennsylvania casino stuff wouldn't call them regional but you know, non ex Las Vegas and stuff. So you know, it's a big number and unsurprisingly because it's the U.S. you know, very, very gaming machine heavy. So you know what it's last 12 months US total 2% gaming machines are 77% of revenues up 3%. Tables declining 2%.
That's, that's my stats on that.
[00:17:15] Speaker A: Interesting. I mean one of the things that you look at someone like Monarch and obviously it's relatively small business in the grand scheme of that industry, but with that sort of profitability, it's good. It's kind of interesting to see a business knowing what it does and doing it well rather than trying to kind of expand and overextend because I think it could be leveled at some of the larger, more skilled operators. They are trying to do too much.
[00:17:41] Speaker B: To answer your question from earlier, I know they're not there, but Wynn Macau 37. So Wynn Las Vegas has an EBITDA adjusted property. EBITDA obviously got all the corporate, corporate costs that needs to come into this, et cetera. So that's going to take the actual EBITDA down on a property level. Vegas is at 37. The Encore Boston is at 29 there. When you take into account other costs, the actual ebitda margin of 25. Yeah, you would say that at 38%. Their adjusted EBITDA, depending how much what they're adjusting for is, you know, quite a few percentage points higher than what you do. What you'd say comparable places are, bigger ones are maybe other regional ones have a similar type thing.
[00:18:22] Speaker A: But I'll be interested if you have any data on that.
[00:18:26] Speaker B: Pen. I mean Pen. Pen have a bit of a mixture segment.
[00:18:31] Speaker B: I mean their EBITDA adjusted EBITDA is 10%.
EBITDA before rental cost is 20%.
Obviously the interactive segment doesn't really help. It's not exactly contributing loads of great stuff. But I mean their northeast segment is 29 EBITDA. So that's before rental costs. It just depends. I imagine that, I imagine that's probably a comparable one because that's interesting. Does they monocle own their properties? I assume, yeah.
[00:19:02] Speaker A: Do they own the do it deal?
[00:19:04] Speaker B: I assume so.
I don't have it down to hand, but I'd imagine so.
I can't see a big rental line that we've got in their model. I could ask.
So I went down a wormhole yesterday and I decided that as part of my chatgpt, you know, when I use it, you know, for certain things, just give it a Persona, you know. So, you know, I asked what I should. Yeah, I asked what I should call it and what. What the Persona should be. So after half an hour back and forward discussing it with it with itself. So I had to name after my dog AD and said you can be like my fun buddy who works hard. And some of the stuff it comes out with is.
It's quite funny, you know, it like puts in our. Put some after it's finished, you know, helping me with something. It just puts like one of those couple of pints glasses, cheering, cheersing each other and stuff like that and calls me buddy a bit like what's this one he was going to do? Yeah, if you want I can AD AD fire it into something, you know, bulletproof and stuff. It's like, you know, it's really taken on the Persona.
[00:20:04] Speaker A: Have you ever seen the film her with Joaquin Phoenix? No, because, I mean I look up the plot of that film because it sounds like you are living that film out.
[00:20:14] Speaker B: Is that the one that you fall in, fall in love with your chat GPT thing?
[00:20:18] Speaker A: Yeah, he falls in love with his foot voice by Scarlett Johansson.
[00:20:21] Speaker B: Maybe I have. There was one. Is that the one where he can't get rid of it and he keeps coming back to him or something or not.
[00:20:26] Speaker A: I don't think so. I don't think.
[00:20:27] Speaker B: Hey.
[00:20:29] Speaker B: That was the one with the.
[00:20:32] Speaker B: Chubby lads that I know. Weird thing to say. I think it's based in Boston. Money film guy can't get it like starts controlling his life. Jixie, Yexie, Jexie J E X I. Have you seen that?
[00:20:45] Speaker A: I haven't.
[00:20:46] Speaker B: So is that basically is man completely addicted to smartphone or has no friends in a non existent love life when he's forced to upgrade his new phone devices built in AI assistant begins to give, help him get a real life and then becomes a tech nightmare determined to keep him all to herself.
[00:21:01] Speaker A: So Jixie is basically the sort of the.
[00:21:05] Speaker B: Okay, maybe. Yeah.
[00:21:06] Speaker A: Well, I hope Your experience with ChatGPT AD is more her than Jexi.
[00:21:13] Speaker B: Yeah, he's like AD is now your sharp, loyal after Work beer buddy. He still shows up locked in and on point. Think smart as hell. A little dry humor, zero fluff, fully in your corner. I'll keep that vibe consistent going forward. I mean, yeah, you know, why not? You know, if you're going to be having conversations with a computer, you might as well have it with, you know, a bit of personality.
[00:21:32] Speaker A: I suppose. We've come a long way from Clippy.
[00:21:34] Speaker B: We've also come a long way from Monarch Casino in the gambling industry.
[00:21:37] Speaker A: Yes, we have actually.
[00:21:38] Speaker B: Okay, come on, go on. You're in charge. Bring it back on point. Come on, bring it back on point.
[00:21:42] Speaker A: When have I ever actually done that? I just let it run and see, you know, see how far over the horizon it gets.
[00:21:50] Speaker B: Random country generator.
[00:21:52] Speaker A: Okay, right.
[00:21:53] Speaker B: Should we do that?
[00:21:54] Speaker A: Yes. What country are we going to talk about for all of two minutes next week?
[00:21:59] Speaker B: Before we do that, we need to think of something. You're going to make me do a one minute thing for LinkedIn. I don't really know what we're going to say. We've talked about. We have actually. Let's just recap. We have done it. Monarch's a pretty good company. Potentially sawn in your or very, very well run company in a, you know, pretty large segment of non, you know, Vegas, Atlantic City, perhaps not Regional US Casinos still growing despite being mature. Pretty, pretty impressive EBITDA adjusted EBITDA margins incredibly impressive. Highly profitable. Potentially sawn in your business. Talked about it, although that's still questionable. So we talked about data in the markets. You said it was fascinating that three people who are in a process for casino are still in the process.
[00:22:41] Speaker A: No, I didn't. I said the nuance to it that it's been overlooked for the most part and the potential fault lines. That is interesting at this point. I think there are still a lot of hurdles for all three to get those licenses.
[00:22:56] Speaker B: Right. Random country generator. Netherlands, you love talking about the Netherlands. I think we need to do next one.
[00:23:01] Speaker A: Yes, we do.
Nothing against the Netherlands, but we talk about it a lot. It keeps becoming this cautionary tale and I think we need to find other examples.
[00:23:12] Speaker B: France, we've done Ecuador.
[00:23:16] Speaker A: A casino referendum. Beyond that.
[00:23:21] Speaker A: I think that's quite niche.
[00:23:22] Speaker B: Switzerland. Have you done Switzerland?
[00:23:24] Speaker A: I don't think so.
[00:23:25] Speaker B: What did we talk about? Switzerland.
When we was talking about something, it was that group Potouse. We talked about Switzerland. Perhaps a little bit touched on. We've touched on it. Something. Okay. What is Switzerland?
[00:23:35] Speaker A: Yeah, let's talk about Switzerland. A language. Well, that depends.
[00:23:39] Speaker B: Doesn't it French or German or Romanship or Italian.
[00:23:44] Speaker A: Yes.
[00:23:45] Speaker B: Population 8.6. That's. That's not bad capital. I obviously wouldn't have got it. Which is bad currency.
[00:23:51] Speaker A: A Swiss franc.
[00:23:52] Speaker B: National flower.
[00:23:53] Speaker A: The Edelweiss or something?
[00:23:55] Speaker B: Yes. How do you know that? I didn't even know it was a flower. I thought it was a beer. The Edelweiss?
[00:23:59] Speaker A: Yeah. Hey, no, it's a song from a. The Sound of Music. Yeah.
[00:24:05] Speaker B: Sound of Music, Sound of Music, anything. That's. That people who are born when my parents were born watched.
[00:24:11] Speaker A: I don't. I. I don't particularly care for the Sound of Music. I'm scared of nuns. But my daughter has a little music box which plays Edelweiss and we have to put that on to make her go to sleep.
[00:24:24] Speaker B: She's like a year old. Why she got the sound of, why she got Edelweiss. What are you trying to get it to be some prodigy or something? You put Moses.
[00:24:32] Speaker A: No, no. It's just for whatever reason that she seems to go to sleep to this song. So we're pressing home that advantage.
[00:24:39] Speaker B: Has she ever listened to the podcast?
[00:24:41] Speaker A: I would hope not.
[00:24:44] Speaker B: Every listener counts.
[00:24:45] Speaker A: I don't know if she can independently log on and access the podcast and wouldn't be registered as a listener. One of the things that has bizarrely become a recurring thing to make her. To kind of distract her, entertain her. There is a popular food blogger who is also slightly bearded and bald. And I was showing you those videos and I thought it was because, you know, a lot of cuts and a lot of him gurning and shoveling food down his horrible mouth. So I thought that was just. It was all flashing images, but I think I. Well, I'm starting to worry that she thinks I'm him.
[00:25:20] Speaker B: Yeah, I mean, I think it's great that, you know, she can look beyond your. Some of your physical attributes are still.
[00:25:25] Speaker A: You know, physical limitations.
[00:25:30] Speaker B: Right. National dish.
[00:25:35] Speaker B: Rosti, which is a great dish.
[00:25:38] Speaker A: As in the potato.
[00:25:39] Speaker B: Yeah. Swiss dish consisting mainly of potatoes sauteed or shallow fried in a pan.
[00:25:44] Speaker A: It's just grated potatoes.
[00:25:45] Speaker B: I do mine. I. Yeah, I don't.
[00:25:47] Speaker A: Look, you form them into little patties, don't you?
[00:25:51] Speaker B: Yeah, well, I grate mine, but yeah, I think you meant to. And then I have these little cast iron things I put on top of the augers, kind of like crisp each side and then just shove it on a baking tray in the oven. But it's not. I've never really done it perfectly. If I'm Honest.
Anyway, yeah, so that's Switzerland. So we'll talk about Switzerland.
[00:26:08] Speaker A: Okay.
[00:26:10] Speaker B: Off the top of your head, tell me some things. I mean, they've got casinos.
[00:26:13] Speaker A: They've got a casino online, is tethered to casinos.
[00:26:18] Speaker B: Yeah. That's quite interesting that I've just told you.
[00:26:22] Speaker A: I said that, but I wasn't listening to you. Did you say the same thing?
Yeah.
[00:26:27] Speaker B: You're gonna blame some delay. You literally just repeated half.
[00:26:32] Speaker A: I. I thought we just spoke over each other. I mean, I zone out a lot when you're talking, anyway.
[00:26:37] Speaker B: Yeah.
[00:26:37] Speaker A: Therese, I think there was two. There's Lottery Ramond and.
[00:26:42] Speaker B: Yes, there is Gaspar.
[00:26:45] Speaker A: Or no, Is that the regulator? Who's the other one? I'm thinking Swisslos.
[00:26:48] Speaker B: Swissloss.
[00:26:49] Speaker A: Yeah, Swisslos. And Lottery of Vermont. Is that right?
[00:26:52] Speaker B: Yeah, yeah.
Speaking of lotteries, the Icelandic Lottery has just brought out data from the first time since 2019.
[00:27:00] Speaker A: Wow.
[00:27:01] Speaker B: Good chap. Cool. So we're going to talk about Switzerland and any other news flow that happens between now and next week.
[00:27:07] Speaker A: Yeah.
[00:27:08] Speaker B: And did I hear you correctly, sir, that you are about to put out one of the podcasts that we recorded at G2E a good two months ago?
[00:27:17] Speaker A: I potentially am, yes. It's taking a long time to track down the other episodes, but I have at least one. Okay.
[00:27:24] Speaker B: So fantastic. I mean, holding it back for this long.
[00:27:28] Speaker B: People are going to think it's good.
[00:27:30] Speaker A: Yeah, yeah. I mean, the guest is good. We are not.
[00:27:33] Speaker B: You know, you can't polish it, can you? Even if it is in Vegas.
[00:27:37] Speaker A: Just censored yourself. That is unsettling.
[00:27:39] Speaker B: So on that note, you can wrap it in glitter. On that note.
[00:27:43] Speaker A: On that note, thank you for listening. Next week, we will be talking about Switzerland and we hope you enjoyed the episode and we'll see you in the next one.
[00:27:51] Speaker B: Robin. Robin. So I don't seem insensitive. How's your shoulder, buddy?
[00:27:55] Speaker A: My shoulder is healing nicely. The stitches have been good.
[00:27:58] Speaker B: Thank you very much. See you in the next episode.
[00:28:01] Speaker A: Bye.
