Q2 2025 VENU Holding Corp Earnings Call

August 14, 2025

Speaker #1: Good afternoon, and welcome to Venu Holding Corporation's second quarter 2025 financial results and business update. Earlier today, Venu, trading under the ticker symbol V-E-N-U, issued a press release summarizing the company's second quarter 2025 performance.

Speaker 4: Good afternoon and welcome to Venu Holding Corporation's second quarter 2025 financial results and business update. Earlier today, Venu, trading under the ticker symbol VENU, issued a press release summarizing the company's second quarter 2025 performance following the filing of its quarterly report on Forms 10-Q for the period ending June 30, 2025. This conference call is being recorded and will be available online along with the earnings press release at venu.live, in accordance with the company's retention policies. All participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for a Q&A session. At this time, I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of Venu Holding Corporation. Heather, please go ahead.

Speaker #1: Following the filing of its quarterly report on Form 10-Q for the period ending June 30, 2025, this conference call is being recorded and will be available online along with the earnings press release at venue.live.

Speaker #1: In accordance with the company's retention policies, all participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for a Q&A session.

Speaker #1: At this time, I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of Venu Holding Corporation. Heather, please go ahead.

Speaker #3: Thank you all for joining Venu Holding Corporation's June 30th, 2025, second quarter earnings call and business update. On the call today, we have our senior leadership team, myself, Founder-Chairman, and CEO, J.W.

Heather Atkinson: Thank you all for joining Venu Holding Corporation's 30 June 2025 Q2 Earnings Call and Business Update. On the call today, we have our senior leadership team, myself, Founder, Chairman, and CEO, J.W. Roth, COO and President Will Hodgson, President Tom Ashley, and President Terri Liebler. Following the safe harbor statement, J.W. will begin with a review from across the business and key highlights from the quarter. I will then present a summary of our quarterly financial results. After that, Will is going to provide details and operational insights. Finally, as our operator mentioned, we'll open the call for questions. We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Heather Atkinson: Thank you all for joining Venu Holding Corporation's June 30, 2025 second quarter earnings call and business update. On the call today, we have our senior leadership team, myself, founder, chairman, and CEO J.W. Roth, COO and President Will Hodson, President Tom Ashley, and President Terry Liebler. Following the safe harbor statement, J.W. will begin with a review from across the business and key highlights from the quarter. I will then present a summary of our quarterly financial results. After that, Will is going to provide details and operational insights. Finally, as our operator mentioned, we'll open the call for questions. We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Speaker #3: Roth, COO and President, Will Hodgson; President Tom Ashley; and President Terry Liebler. Following the safe harbor statement, J.W. will begin with a review from across the business and key highlights from the quarter.

Speaker #3: I will then present a summary of our quarterly financial results. After that, Will is going to provide details on operational insights. Finally, as our operator mentioned, we'll open the call for questions.

Speaker #3: We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions. Under the private securities litigation reform act of 1995, Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ.

Heather Atkinson: Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's annual report, annual report on Form 10-Q for the quarter ended June 30, 2025, and on our other filings with the SEC, all of which can be reviewed on the company's website at venu.live, spelled V-E-N-U dot L-I-V-E, or on the SEC's website at sec.gov. Any forward-looking statements made on this conference call speak only as of today's date, Thursday, August 14, 2025, and Venu does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as may be required by federal security laws. With that, I'd like to turn the call over to our founder, chairman, and CEO, J.W. Roth. J.W.

Heather Atkinson: Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's annual report, annual report on Form 10-Q for the quarter ended 30 June 2025, and on our other filings with the SEC, all of which can be reviewed on the company's website at venue.live, spelled V-E-N-U dot L-I-V-E or on the SEC's website at sec.gov. Any forward-looking statements made on this conference call speak only as of today's date, Thursday, 14 August 2025, and Venu does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as may be required by federal security laws. With that, I'd like to turn the call over to our founder, chairman, and CEO, J.W. Roth. J.W.?

Speaker #3: Materially from those indicated, including risks described in the company's annual report, annual report on Form 10-Q for the quarter ended June 30th, 2025, and on our other filings with the SEC.

Speaker #3: All of which can be reviewed on the company's website at venue.live, spelled V-E-N-U dot L-I-V-E, or on the SEC's website at sec.gov. Any forward-looking statements made on this conference call speak only as of today's date.

Speaker #3: Thursday, August 14, 2025, and Venu does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as may be required by federal securities laws.

Speaker #3: With that, I'd like to turn the call over to our Founder, Chairman, and CEO, J.W. Roth. J.W?

Speaker #4: Great. Thank you, Heather. and thanks to me and to all of you for being here. I'm going to dig into some prepared remarks and then we'll move on to our question and answer session.

J.W. Roth: Great. Thank you, Heather. Thanks to me and to all of you for being here. I'm gonna dig into some prepared remarks. We'll move on to our question-and-answer session. As we close out this quarter, we're seeing the pieces come together for what's going to be a defining moment in our growth history. While our attention this quarter has been heavily on our balance sheet, it's all with the P&L in mind. Every decision that we make today, every ticket that we sell, every alliance that we form, and every strategic transaction is designed to fuel long-term profitability. We're building the foundation today to keep pace with and sustain our growth. Here's the deal. Our growth is guided by four clear priorities. First, expanding our markets across the nation.

J.W. Roth: Great. Thank you, Heather. And thanks to me and to all of you for being here. I'm going to dig into some prepared remarks, and then we'll move on to our question and answer session. As we close out this quarter, we're seeing the pieces come together for what's going to be a defining moment in our growth history. While our attention this quarter has been heavily on our balance sheet, it's all with the P&L in mind. Every decision that we make today, every ticket that we sell, every alliance that we form, and every strategic transaction is designed to fuel long-term profitability. We're building the foundation today to keep pace with and sustain our growth. Here's the deal. Our growth is guided by four clear priorities. First, expanding our markets across the nation. Second, bringing current developments over the finish line and packing their calendars with great content.

Speaker #4: As we close out this quarter, we're seeing the pieces come together for what's going to be a defining moment in our growth history. While our attention this quarter has been heavily on our balance sheet, it's all with the P&L in mind.

Speaker #4: Every decision that we make today, every ticket that we sell, every alliance that we form, and every strategic transaction is designed to fuel long-term profitability.

Speaker #4: We're building the foundation today to keep pace with and sustain our growth. Here's the deal: our growth is guided by four clear priorities. First, expanding our markets across the nation.

Speaker #4: Second, bringing current developments over the finish line. And packing their calendars with great content. Third, growing our fire pit suite sales, with a focus on high-impact, triple-net transactions, that go straight onto our balance sheet.

J.W. Roth: Second, bringing current developments over the finish line and packing their calendars with great content. Third, growing our Fire Pit Suites sales with a focus on high-impact triple net transactions that go straight onto our balance sheet. Finally, unlocking strategic value through high-value opportunities like naming rights and sale leasebacks. Let's start with our pipeline. We've built a powerful development engine anchored by a rigorous site selection process that ensures every location we choose is backed by a strong public-private partnership. Our municipal pipeline now includes 38 communities engaged in conversations about bringing Venu to their area. To accelerate these agreements, we have a strong partnership with industry leader Ryan, LLC. This 3-year partnership is tasked with delivering 2 new municipalities every quarter.

J.W. Roth: Third, growing our fire pit suite sales with a focus on high-impact triple net transactions that go straight onto our balance sheet. And finally, unlocking strategic value through high-value opportunities like naming rights and sale leasebacks. Let's start with our pipeline. We've built a powerful development engine anchored by a rigorous site selection process that ensures every location we choose is backed by a strong public-private partnership. Our municipal pipeline now includes 38 communities engaged in conversations about bringing Venu to their area. To accelerate these agreements, we have a strong partnership with industry leader Ryan LLC. This three-year partnership is tasked with delivering two new municipalities every quarter. And on average, we can expect to add between $150 to $300 million to our balance sheet with each delivered development agreement.

Speaker #4: And finally, unlocking strategic value through high-value opportunities like naming rights and sale-leasebacks. Let's start with our pipeline. We've built a powerful development engine, anchored by a rigorous site selection process that ensures every location we choose is backed by a strong public-private partnership.

Speaker #4: Our municipal pipeline now includes 38 communities engaged in conversations about bringing venue to their area. To accelerate these agreements, we have a strong partnership with industry leader Ryan LLC.

Speaker #4: This three-year partnership is tasked with delivering two new municipalities every quarter. And on average, we can expect to add between 150 to 300 million dollars to our balance sheet with each delivered development agreement.

J.W. Roth: On average, we can expect to add between $150 million to $300 million to our balance sheet with each delivered development agreement. Typically, this process takes about 12 to 14 months to break ground and then another 14 months or so to build. Depending on market size, site selection includes amphitheaters and indoor entertainment campuses. The demand is undeniable. While not every municipality will ultimately see a world-class venue within their city limits, the sheer volume of interest speaks to scale of our outreach. On the construction side, we have a big year ahead. Currently on track to open 3 new amphitheaters that will host year-round programming, as well as 1 new entertainment campus in Centennial, Colorado, set to open in 2026. As mentioned in previous reports, Luxe FireSuite sales are the backbone of everything we're building.

Speaker #4: Typically, this process takes about 12 to 14 months to break ground, and then another 14 months or so to build. Depending on market size, site selection includes amphitheaters and indoor entertainment campuses.

J.W. Roth: Typically, this process takes about 12 to 14 months to break ground and then another 14 months or so to build. Depending on market size, site selection includes amphitheaters and indoor entertainment campuses. The demand is undeniable. While not every municipality will ultimately see a world-class venue within their city limits, the sheer volume of interest speaks to scale, of our outreach. On the construction side, we have a big year ahead, currently on track to open three new amphitheaters that will host year-round programming, as well as one new entertainment campus in Centennial, Colorado, set to open in 2026. As mentioned in previous reports, Luxe Fire Suite sales are the backbone of everything we're building. And remember, these sales go directly onto our balance sheet. Until now, these opportunities have been sold through upfront cash or structured financing models.

Speaker #4: The demand is undeniable. Why not every municipality will ultimately see a world-class venue within their city limits? The sheer volume of interest speaks to scale.

Speaker #4: of our outreach. On the construction side, we have a big year ahead. Currently on track to open three new amphitheaters that will host year-round programming, as well as one new entertainment campus in Centennial, Colorado.

Speaker #4: Set to open in 2026. As mentioned in previous reports, Lux Fire Suite sales are the backbone of everything we're building. And remember, these sales go directly onto our balance sheet.

J.W. Roth: Remember, these sales go directly onto our balance sheet. Until now, these opportunities have been sold through upfront cash or structured financing models. Back in May, we announced the newest way to ownership, a triple net real estate leaseback model, sold both directly and through our partners at Sands Investment Group. Unlike traditional sales, triple net deals not only generate upfront cash, but also deliver lasting impact on future earnings with the retention of premium inventories. Since that announcement, we have seen an immense surge in that demand. This program is growing fast and has far exceeded early forecasts. We believe that this will eventually become the new flagship program in our ecosystem here at Venu. Further, one of the most exciting milestones is a potential year-end sale leaseback that is currently on the horizon.

Speaker #4: Until now, these opportunities have been sold through upfront cash or structured financing models. But back in May, we announced the newest way to ownership, a triple-net real estate leaseback model, sold both directly and through our partners at Sands Investment Group.

J.W. Roth: But back in May, we announced the newest way to ownership, a triple net real estate leaseback model sold both directly and through our partners at Sands Investment Group. Unlike traditional sales, triple net deals not only generate upfront cash but also deliver lasting impact on future earnings with the retention of premium inventories. Since that announcement, we have seen an immense surge in that demand. This program is growing fast and has far exceeded early forecasts. We believe that this will eventually become the new flagship program in our ecosystem here at Venu. Further, one of the most exciting milestones is a potential year-end sale leaseback that is currently on the horizon.

Speaker #4: Unlike traditional sales, triple-net deals not only generate upfront cash, but also deliver lasting impact on future earnings, with the retention of premium inventories. Since that announcement, we have seen an immense surge in that demand.

Speaker #4: This program is growing fast and has far exceeded early forecasts. We believe that this will eventually become the new flagship program in our ecosystem here at Venu.

Speaker #4: Further, one of the most exciting milestones is a potential year-end sale leaseback that is currently on the horizon. From the day we began our journey, we have been clear on how we intend to fund all of our expansion.

J.W. Roth: From the day we began our journey, we have been clear on how we intend to fund all of our expansion, partially through public-private partnerships, partially through the sale of our Fire Suites, and then toward the end of every project, the sale leaseback of the ground underneath the development. The current opportunity is intended to complete the financing of our entire project and will likely result in a development profit. We have been presented with a significant opportunity, I'm sorry, to activate sale leaseback opportunities. Once completed and accepted, the current one is expected to generate $188 million and a development profit of roughly $35 million in Q4 of this year, with another $35 million expected in Q4 of 2026.

J.W. Roth: From the day we began our journey, we have been clear on how we intend to fund all of our expansion, partially through public-private partnerships, partially through the sale of our fire suites, and then toward the end of every project, the sale leaseback of the ground underneath the development. The current opportunity is intended to complete the financing of our entire project and will likely result in a development profit. We have been presented with a significant opportunity to alleviate, I'm sorry, to activate sale leaseback opportunities. Once completed and accepted, the current one is expected to generate $188 million in, $188 million and a development profit of roughly $35 million in the fourth quarter of this year, with another $35 million expected in the fourth quarter of 2026. If Q2 proved anything, it's that the foundation is set and we are roaring ahead.

Speaker #4: Partially through public-private partnerships, partially through the sale of our fire suites, and then toward the end of every project, the sale leaseback of the ground underneath the development.

Speaker #4: The current opportunity is intended to complete the financing of our entire project, and will likely result in a development profit. We have been presented with a significant opportunity to alleviate--I'm sorry, to activate sale leaseback opportunities.

Speaker #4: Once completed and accepted, the current one is expected to generate 188 million dollars in, 188 million dollars. And a development profit of roughly 35 million dollars in the fourth quarter of this year, with another 35 million dollars expected in the fourth quarter of 2026.

Speaker #4: If Q2 proved anything, it's that the foundation is set, and we are roaring ahead. The fans are getting what they've always deserved, our model is working, municipalities are hungry, momentum is real, and the market is ours to take.

J.W. Roth: If Q2 proved anything, it's that the foundation is set and we are roaring ahead. The fans are getting what they've always deserved. Our model is working, municipalities are hungry, momentum is real, and the market is ours to take. In closing, everything that we've been working on is pointing to a development profit in Q4 of this year and operationally profit in Q3, Q4 2026. The future we've been building toward is right in front of us, and it's coming fast. We are on pace to add more than $5 billion in completed project value over the next 36 to 48 months. If Q2 is any sign, we've laid the foundation for big things to come. With this strong momentum in mind, I will now turn it over to our Chief Financial Officer, Heather Atkinson.

J.W. Roth: The fans are getting what they've always deserved. Our model is working. Municipalities are hungry. Momentum is real, and the market is ours to take. In closing, everything that we've been working on is pointing to a development profit in the fourth quarter of this year and operationally profit in third quarter, fourth quarter of 2026. The future we've been building toward is right in front of us, and it's coming fast. We are on pace to add more than $5 billion in completed project value over the next 36 to 48 months. And if Q2 is any sign, we've laid the foundation for big things to come. With this strong momentum in mind, I will now turn it over to our Chief Financial Officer, Heather Atkinson.

Speaker #4: In closing, everything that we've been working on is pointing to a development profit in the fourth quarter of this year, and operationally profit in third quarter, fourth quarter of 2026.

Speaker #4: The future we've been building toward is right in front of us, and it's coming fast. We are on pace to add more than 5 billion dollars in completed project value over the next 36 to 48 months.

Speaker #4: And if Q2 is any sign, we've laid the foundation for big things to come. With this strong momentum in mind, I will now turn it over to our chief financial officer, Heather Atkinson.

Speaker #3: Great. Thank you so much, J.W. Now, to dig into the quarterly and year-to-date figures a bit more, our total assets increased to $242 million, up $63.6 million or 36 percent as of June 30, 2025.

Heather Atkinson: Great. Thank you so much, J.W. Now to dig into the quarterly and year-to-date figures a bit more. Our total assets increased to $242 million, up $63.6 million or 36% as of 30 June 2025. This is up $178.4 million from 31 December 2024. Our property and equipment increased to $199.2 million, up $62 million or 45% as of 30 June 2025, from $137.2 million at 31 December 2024. Our Luxe FireSuite and Aikman Club sales reached $61.3 million through 30 June 2025, up $15.5 million or 34% from $45.8 million from 30 June 2024.

Heather Atkinson: Great. Thank you so much, J.W. Now, to dig into the quarterly and year-to-date figures a bit more. Our total assets increased to $242 million, up $63.6 million, or 36% as of June 30, 2025. This is up $178.4 million from 12/31/2024. Our property and equipment increased to $199.2 million, up $62 million, or 45% as of June 30, 2025, from $137.2 million at December 31, 2024. Our Luxe Fire Suite and Aikman Club sales reached $61.3 million through June 30, 2025, up $15.5 million, or 34% from $45.8 million from June 30, 2024. This included sales of Luxe Fire Suites through traditional cash sale, fractional financing, and the start of our triple net lease interest in fire suites as well.

Speaker #3: This is up 178.4 million dollars. From 12/31/2024, our property and equipment increased to 199.2 million dollars, up 62.2 million dollars or 45 percent as of June 30th, 2025.

Speaker #3: From 137.2 million dollars at December 31st, 2024, our Lux Fire Suite in Akeman Club sales reached 61.3 million dollars through June 30th, 2025. Up 15.5 million dollars or 34 percent.

Speaker #3: From $45.8 million as of June 30, 2024, this included sales of Lux Fire Suites through traditional cash sales, fractional financing, and the start of our triple-net lease interest in fire suites as well.

Heather Atkinson: This included sales of Luxe FireSuite through traditional cash sales, fractional financing, and the start of our triple net lease interest in Fire Pit Suites as well. Our total revenue of $4.5 million rose 7% or $312,000 for the three months ended 30 June 2025, compared to the three months ended 30 June 2024 of $4.2 million. The overall increase in the three months ended 30 June 2025, was primarily attributable to Ford Amphitheater being open in the three months ended 30 June 2025, compared to not yet being open for the three months ended 30 June 2024.

Speaker #3: Our total revenue of 4.5 million rose 7 percent or 312,000 for the three months ended June 30th, 2025. Compared to the three months ended June 30th, 2024, a 4.2 million.

Heather Atkinson: Our total revenue of $4.5 million rose 7%, or $312,000 for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, of $4.2 million. The overall increase in the three months ended June 30, 2025 was primarily attributable to Ford Amphitheatre being open in the three months ended June 30, 2025, compared to not yet being open for the three months ended June 30, 2024. Our total revenue of $8 million for the six months ended June 30, 2025, as compared to $8.1 million for the six months ended June 30, 2024, was a decrease of 2%, or $128,000. This overall decrease was primarily attributable to the decrease in overall restaurant sales period over period.

Speaker #3: The overall increase in the three months ended June 30th, 2025 was primarily attributable to Ford Amphitheater being opened. In the three months ended June 30th, 2025, compared to not yet being opened, for the three months ended June 30th, 2024.

Speaker #3: Our total revenue of $8 million for the six months ended June 30, 2025, as compared to $8.1 million for the six months ended June 30, 2024, was a decrease of 2 percent, or $128,000.

Heather Atkinson: Our total revenue of $8 million for the six months ended 30 June 2025, as compared to $8.1 million for the six months ended 30 June 2024, was a decrease of 2% or $128,000. This overall decrease was primarily attributable to the decrease in overall restaurant sales period-over-period.

Speaker #3: This overall decrease was primarily attributable to the decrease in overall restaurant sales period over period. The company's operational management team is laser-focused on growing top-line revenue.

Heather Atkinson: The company's operational management team is laser-focused on growing top-line revenue at the restaurants during the second half of 2025 that Will is going to describe in greater detail in the operational update here in a few moments. Our amphitheatre operations generated net revenue to Venu, which is defined as profit after Venu split with AEG, who is the operator of Ford Amphitheatre, with receipts from our naming rights agreements, which are outside of Venu's AEG partnership agreement, combined for $598,000 for the three months ended June 30, 2025, and $769,000 for the six months ended June 30, 2025. Over the start of our 2025 season at Ford Amphitheatre, with just 10 shows through June 30, 2025, this location generated gross receipts of $4.7 million.

Heather Atkinson: The company's operational management team is laser-focused on growing top-line revenue at the restaurants during the second half of 2025 that Will is going to describe in greater detail in the operational update here in a few moments. Our amphitheater operations generated net revenue to VENU, which is defined as profit after VENU split with AEG, who is the operator of Ford Amphitheater, with receipts from our naming rights agreements, which are outside of VENU's AEG partnership agreement, combined for $598,000 for the 3 months ended 30 June 2025, and $769,000 for the 6 months ended 30 June 2025. Over the start of our 2025 season at Ford Amphitheater, with just 10 shows through 30 June 2025, this location generated gross receipts of $4.7 million.

Speaker #3: At the restaurants during the second half of 2025, Will is going to describe in greater detail in the operational update here in a few moments.

Speaker #3: Our amphitheater operations generated net revenue to venue which is defined as profit after venue split with AEG, who is the operator of Ford Amphitheater, with receipts from our naming rights agreements, which are outside of venue's AEG partnership agreement, combined for 598,000 for the three months ended.

Speaker #3: June 30th, 2025, and 769,000. For the six months ended June 30th, 2025. Over the start of our 2025 season at Ford Amphitheater was just 10 shows through June 30th, 2025.

Speaker #3: This location generated gross receipts of 4.7 million. These gross receipts, which are inclusive of ticket sales, concessions, ticketing fees, premium upgrades, merchandise, as well as other receipts, are subject to the split with AEG.

Heather Atkinson: These gross receipts, which are inclusive of ticket sales, concessions, ticketing fees, premium upgrades, merchandise, as well as other receipts, are subject to the split with AEG. This concludes our review of the quarterly and year-to-date financial results. I will now hand it over to Will to walk us through the operational insights and key drivers from this quarter. Will?

Speaker #3: This concludes our review of the quarterly and year-to-date financial results. I will now hand it over to Will to walk us through the operational insights and key drivers from this quarter.

Speaker #3: Will?

Speaker #4: Thanks, Heather. Great to have everybody here on the call with us today. We continue to fine-tune operations across the board. We're pursuing every opportunity to maximize returns and smooth out inefficiencies.

Will Hodgson: Thanks, Heather. Great to have everybody here on the call with us today. We continue to fine-tune operations across the board. We're pursuing every opportunity to maximize returns and smooth out inefficiencies. Our approach is focused on operational discipline while finding creative ways to enhance the guest experience and leverage insights to improve our margins along the way. To get into some examples of that in action this quarter, Colorado transitioned one of its restaurants, Notes Eatery, in 2025 to a weekend brunch and private events model, resulting in an overall 10% Q2 revenue decline versus last year, but ultimately delivering a profitable sale of the property and reducing overall drag on the complete portfolio. The rest of the restaurant's division's direct sales, however, held steady in Q2 as we continue to position ourselves for strong growth moving forward.

J.W. Roth: Thanks, Heather. Great to have everybody here on the call with us today. We continue to fine-tune operations across the board. We're pursuing every opportunity to maximize returns and smooth out inefficiencies. Our approach is focused on operational discipline while finding creative ways to enhance the guest experience and leverage insights to improve our margins along the way. To get into some examples of that in action this quarter, Colorado transitioned one of its restaurants, Notes Eatery, in 2025 to a weekend brunch and private events model, resulting in an overall 10% Q2 revenue decline versus last year, but ultimately delivering a profitable sale of the property and reducing overall drag on the complete portfolio. The rest of the restaurant division's direct sales, however, held steady in Q2 as we continue to position ourselves for strong growth moving forward.

Speaker #4: Our approach is focused on operational discipline while finding creative ways to enhance the guest experience and leverage insights to improve our margins along the way.

Speaker #4: To get into some examples of that in action this quarter, Colorado transitioned one of its restaurants, Notes Eatery, in 2025 to a weekend brunch and private events model.

Speaker #4: Resulting in an overall 10 percent Q2 revenue decline versus last year, but ultimately delivering a profitable sale of the property and producing overall drag on the complete portfolio.

Speaker #4: The rest of the restaurant's division's direct sales, however, held steady in Q2, as we continued to position ourselves for strong growth moving forward. We are actively testing menu innovations for Bourbon Brothers Properties, as well as limited-time offers and data-driven areas of growth by day part, meal period, and even by hour to give guests more of what they love.

J.W. Roth: We are actively testing menu innovations for Bourbon Brothers properties, as well as limited-time offers and data-driven areas of growth by day part, meal period, and even by hour to give guests more of what they love. In event operations, total tickets sold rose 8%, along with two additional shows compared to the same period last year. This partially offset softness in corporate private events, leading to a marginal overall revenue decline. However, to capture more growth, we're rolling out fresh sales strategies, new collateral, and targeted marketing aimed at the higher net worth event clients. Our partnerships with leading promoters and agencies and operators continue to expand, adding high-caliber events deep into the touring season. Several additional long-term agreements are expected in the weeks ahead, including those venues currently under construction across Texas, Oklahoma, and beyond. We're really moving there.

Will Hodgson: We are actively testing menu innovations for Bourbon Brothers properties, as well as limited time offers and data-driven areas of growth by day part, meal period, and even by hour to give guests more of what they love. In event operations, total tickets sold rose 8%, along with two additional shows compared to the same period last year. This partially offsets softness in corporate private events, leading to a marginal overall revenue decline. However, to capture more growth, we're rolling out fresh sales strategies, new collateral, and targeted marketing aimed at the higher net worth event clients. Our partnerships with leading promoters, agencies, and operators continue to expand, adding high caliber events deep into the touring season. Several additional long-term agreements are expected in the weeks ahead, including those venues currently under construction across Texas, Oklahoma, and beyond. We're really moving there.

Speaker #4: In event operations, total ticket sold rose 8 percent, along with two additional shows compared to the same period last year, this partially offset softness in corporate private events, leading to a marginal overall revenue decline.

Speaker #4: However, to capture more growth, we're rolling out fresh sales strategies new collateral, and targeted marketing, aimed at the higher net worth event clients. Our partnerships with leading promoters and agencies and operators continue to expand, adding high-caliber events deep into the touring season.

Speaker #4: Several additional long-term agreements are expected in the weeks ahead, including those venues currently under construction across Texas, Oklahoma, and beyond. We're really moving there.

Speaker #4: In Colorado, Ford Amphitheater concert operations didn't miss a beat from a stellar inaugural 2024 season, by hosting 10 shows in Q2, generating receipts of 4.7 million that Heather mentioned.

J.W. Roth: In Colorado, Ford Amphitheatre concert operations didn't miss a beat from a stellar inaugural 2024 season by hosting 10 shows in Q2, generating receipts of $4.7 million that Heather mentioned. Two important highlights of note: food and beverage sales increased by $1.90 per head, or 9% versus full season 2024, and operating costs were reduced by 10% per show on average versus last year. This is only the beginning. The remainder of the season will feature top touring talent such as Chicago, Miranda Lambert, and the Red Clay Strays at our Polestar-nominated Ford Amphitheatre. Now, adjacent to the venue, Ross Sea and Steak is on track for its fall 2025 opening. We are super excited with a team of Michelin-starred kitchen and world-class dining rooms. It will bring a premier fine dining experience to our campus.

Will Hodgson: In Colorado, Ford Amphitheater concert operations didn't miss a beat from a stellar inaugural 2024 season by hosting 10 shows in Q2, generating receipts of $4.7 million that Heather mentioned. Two important highlights of note, food and beverage sales increased by $1.90 per head or 9% versus full season 2024. Operating costs were reduced by 10% per show on average versus last year. This is only the beginning. The remainder of the season will feature top touring talent such as Chicago, Miranda Lambert, and The Red Clay Strays at our Pollstar-nominated Ford Amphitheater. Adjacent to the venue, Roth's Sea & Steak is on track for its fall 2025 opening. We are super excited with a team of Michelin-starred kitchen and world-class dining rooms. It will bring a premier fine dining experience to our campus.

Speaker #4: Two highlights, important highlights of note, food and beverage sales increased by $1.90 per head, or 9 percent versus full season 2024, and operating costs were reduced by 10 percent per show on average, versus last year.

Speaker #4: This is only the beginning, the remainder of the season will feature top touring talent such as Chicago, Miranda Lambert, and the Red Clay Strays, at our Polestar-nominated Ford Amphitheater.

Speaker #4: Now, adjacent to the venue, Ross Sea & Steak is on track for its fall 2025 opening. We are super excited with a team of Michelin-starred kitchen and world-class dining rooms.

Speaker #4: It will bring a premier fine dining experience to our campus. Now, for the balance of 2025, our focus remains on testing and scaling guest spend drivers, removing friction in sales to increase transactional speed, deploying intentional pricing and offers to boost frequency, curating immersive entertainment events, and deepening local connections in the communities we serve.

J.W. Roth: Now, for the balance of 2025, our focus remains on testing and scaling guest spend drivers, removing friction in sales to increase transactional speed, deploying intentional pricing and offers to boost frequency, curating immersive entertainment events, and deepening local connections in the communities we serve, driving both top-line growth and lasting brand loyalty. Looking forward, our team is already booking into 2026, pointing to a robust outdoor concert season across all our properties, coupled with elevated food and beverage offerings, premium experiences, and enhanced in-venue amenities. Three new amphitheatres and an indoor venue alongside fresh strategic alliances and strengthened community engagement initiatives are all on the horizon. As J.W. said before, we're building the foundation today to keep pace with and sustain our growth strategy. It's a super exciting road ahead of us, and with this pipeline of growth, we are well positioned to deliver.

Will Hodgson: Now, for the balance of 2025, our focus remains on testing and scaling guest spend drivers, removing friction in sales to increase transactional speed, deploying intentional pricing and offers to boost frequency, curating immersive entertainment events, and deepening local connections in the communities we serve, driving both top-line growth and lasting brand loyalty. Looking forward, our team is already booking into 2026, pointing to a robust outdoor concert season across all our properties, coupled with elevated food and beverage offerings, premium experiences, and enhanced in-venue amenities. Three new amphitheaters and an indoor venue alongside fresh strategic alliances and strengthened community engagement initiatives are all on the horizon. As J.W. said before, we're building the foundation today to keep pace with and sustain our growth strategy. It's a super exciting road ahead of us, and with this pipeline of growth, we are well positioned to deliver.

Speaker #4: Driving both top-line growth and lasting brand loyalty. Looking forward, our team is already booking into 2026, pointing to a robust outdoor concert season, across all our properties, coupled with elevated food and beverage offerings, premium experiences, and enhanced in-venue amenities.

Speaker #4: Three new amphitheaters and an indoor venue alongside fresh strategic alliances and strengthened community engagement initiatives are all on the horizon. As J.W. said before, we're building the foundation today to keep pace with and sustain our growth strategy.

Speaker #4: It's a super exciting road ahead of us, and with this pipeline of growth, we are well positioned to deliver. Thanks again for spending time with us today.

J.W. Roth: Thanks again for spending time with us today. Appreciate it. With that, I'll turn it back to J.W. Will, thanks a million. I'm going to kick it back to the operator for question and answers.

Will Hodgson: Thanks again for spending time with us today. Appreciate it. With that, I'll turn it back to JW.

Speaker #4: Appreciate it. With that, I'll turn it back to J.W. Will, thanks a million. I'm going to kick it back to the operator for, question and answers.

J.W. Roth: Will, thanks a million. I'm gonna kick it back to the operator for question and answers.

Speaker #1: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again.

Heather Atkinson: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q&A roster. Your first question comes from Martin Calvert with Morgan Stanley. Please go ahead.

Operator: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q&A roster. Your first question comes from Martin Calvert with Morgan Stanley. Please go ahead.

Speaker 7: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q&A roster. Your first question comes from Marty Calvert with Morgan Stanley. Please go ahead.

Speaker #1: We will pause for just a moment to compile the Q&A roster. Your first question comes from Marty Calvert, with Morgan Stanley. Please go ahead.

Speaker #5: Hey, J.W. and team. great quarter. it was fantastic. I just wanted to, you mentioned it in your prepared remarks about momentum, and it seems like you're getting momentum in pretty much every single one of your aspects of your business.

Martin Calvert: Hey, J.W. and team. A great quarter. It was fantastic. You mentioned it in your prepared remarks about momentum, and it seems like you're getting momentum in pretty much every single one of your aspect of your business. Can you talk about any of the drivers that you see going forward in that momentum and why that momentum is increasing in partnerships and, you know, the list goes on and on?

Marty Calvert: Hey, J.W. and team. A great quarter. It was fantastic. You mentioned it in your prepared remarks about momentum, and it seems like you're getting momentum in pretty much every single one of your aspect of your business. Can you talk about any of the drivers that you see going forward in that momentum and why that momentum is increasing in partnerships and, you know, the list goes on and on?

Marty Calvert: Hey, J.W. and team. A great quarter. It was fantastic. I just wanted to, you mentioned it in your prepared remarks about momentum, and it seems like you're getting momentum in pretty much every single one of your aspects of your business. Can you talk about any of the drivers that you see going forward in that momentum and why that momentum is increasing in partnerships and, you know, the list goes on and on?

Speaker #5: Can you talk about any of the drivers that you see going forward in that momentum and, and, and why that momentum is increasing in partnerships and, you know, the list goes on and on?

Speaker #4: Yeah, first, Marty, just thank you for your question and thank you for all your support and all that you do for us.

J.W. Roth: Yeah, first, Marty, just thank you for, thank you for your question and thank you for all your support and all that you do for us. You know, honestly, we're just excited about everything. I mean, the fractional ownership programs that we have here, they're roaring. I mean, the triple nets are coming on strong. You know, expect to close out the next two quarters with over $100 million in new sales. New market expansion is roaring. We have 38 communities that we're engaging right now that are going to result in, you know, a couple of new deals every quarter for the next year or so. The new revenue channels and next-gen revenue channels that we're working on are hitting on all cylinders. And so, you know, it's just exciting and disruptive stuff.

J.W. Roth: Yeah. First, Marty Calvert, just thank you for your question, and thank you for all your support and all that you do for us. You know, honestly, we're just excited about everything. I mean, the fractional ownership programs that we have here, they're roaring. I mean, the triple nets are coming on strong. You know, expect to close out the next two quarters with over $100 million in new sales. New market expansion is roaring. We have 38 communities that we're engaging right now that are going to result in, you know, a couple of new deals every quarter for the next year or so. The new revenue channels and next gen revenue channels that we're working on are hitting on all cylinders.

Speaker #4: you know, honestly, we're just excited about everything. I mean, the, the, the fractional ownership programs that we have here, they're roaring. I mean, the triple nets are coming on strong, you know, expect to close out the next two quarters with over 100 million dollars in, in new sales.

Speaker #4: new market expansion is roaring. We have 38 communities that we're engaging right now that are going to, result in, you know, a couple of new deals every quarter for the next year or so.

Speaker #4: The new rental, the new revenue channels, and next-gen revenue channels that we're working on are hitting on all cylinders. And so, you know, it's just exciting and disruptive stuff.

J.W. Roth: You know, it's just exciting and disruptive stuff. I, you know, I thank you for your question, but, and, and at the end of the day, I can just answer it by saying, you know, this team, it's just working. I can't be more excited about where we're at.

Speaker #4: So, I, you know, I, I thank you for, for, for your question, but, and, and, and, and at the end of the day, I can just answer it by saying, you know, this team is just, it's just working.

J.W. Roth: So I, you know, I thank you for your question, but, and at the end of the day, I can just answer it by saying, you know, this team is just, it's just working. And so, I can't be more excited about where we're at.

Speaker #4: And so, I can't be more excited about where we're at.

Speaker #5: Thank you, J.W.

Marty Calvert: Thank you, J.W.

Operator: Thank you, J.W.

Marty Calvert: Thank you, J.W.

Speaker #1: With no further questions, in queue, that concludes our conference call for today. Before we sign off, the company also wanted me to pass a friendly reminder.

Operator: With no further questions in queue, that concludes our conference call for today. Before we sign off, the company also wanted me to pass a friendly reminder. If you would like to receive alerts for news, reports, or other filings, you may subscribe to them at investors.venue.live. Thank you so much for your participation, and have a great evening.

Speaker 7: With no further questions in queue, that concludes our conference call for today. Before we sign off, the company also wanted me to pass a friendly reminder. If you would like to receive alerts for news, reports, or other filings, you may subscribe to them at investors.venu.live. Thank you so much for your participation and have a great evening.

Speaker #1: If you would like to receive alerts for news, reports, or other filings, you may subscribe to them at investors.venue.live. Thank you so much for your participation.

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