Barry Jonas

Molino redirected to revenue and EBITDAR growth and called RevPAR a non-cash metric. She did not give a path or timing for RevPAR returning to growth this year.

Hornbuckle gave the projected visitation and venue size, expects to capture more than fair share given proximity and shared parking placing visitors in MGM's casino.

Bill said only 2-3 markets could accommodate viable projects. Political will uncertain given first-round experience. In 17th year of Japan involvement. Additional license would not impact MGM too quickly and better terms would only benefit them. 120 million people to share.

Bill confirmed construction unimpacted by Iran conflict. Tourism in region down with occupancies impacted. Casino space (250K sq ft) reserved on podium floor pending gaming decision. Not focused on Abu Dhabi. Long-term excitement unchanged.

Ayesha said slot handle remained strong into Q1 despite the regulation taking effect. Partnering with industry colleagues to advocate for a fix. Watching closely but no observable impact yet.

Bill dismissed trade-down narrative citing Michigan where robust digital business coexists with property share gains. Digital is additive through omnichannel database building. BetMGM app extends experience post-visit.

Corey said would need to get back on specific conference names but confirmed better mix, more room nights, and extremely strong first half with 20%+ convention mix in Q1 and Q2 allowing rate yield-up.

Bill said Maryland and New Jersey most competitive. Borgata repositioned with new VIP areas, repositioned aircraft for high-end personalization. Not competing on direct mail but host-level offers. Corey confirmed reinvestment close to prior year with 30.1% regional margin.

Bill said luxury pricing strong with Bellagio ADR up 4% and $250K+ play up 25%. Value properties experiencing real pressure from macro environment but represent smaller share of profitability.

Jonathan confirmed $65M total impact compressed into 9 months. About $40M absorbed in first half with remainder through October completion.

Bill described meeting with Dubai prince to pitch integrated resort concept including gaming. Building on 5th floor, due to complete Q3 2027. Gaming decision rests with local rulers.

Jonathan said limited tariff impact. Slot purchases done, technology refreshes completed. New York not a high-rise so steel impact de minimis.

Corey acknowledged ADR lift expected from suite conversions and higher minimum rates but declined to quantify the specific ROI.

Bill said Maryland tax issue was resolved through direct engagement with Governor. Acknowledged ongoing digital tax challenges but expressed confidence overall.

Asked by Jeremy standing in for Barry Jonas ("This is Jeremy on for Barry"); attributed to the covering analyst Barry Jonas per rule 5b (stand-in inferred, exchange captured not dropped). John Payne framed regional M&A as common in net lease and an attractive growth solution for partners; did not directly address whether regional valuations are reasonable.

COO described three active pillars: gaming opportunities globally, new experiential categories (attractions, sports, golf), and capital deployment into existing tenant property amenities.

CFO described loans at high single digits of total assets, noting they develop relationships and may convert to real estate or incremental credit opportunities when repaid.

COO expressed strong enthusiasm for Wasserman joining business development, noting he's already been working primarily on nongaming and experiential for past couple months. New CAO Jeremy Waxman promoted internally.

COO reiterated fee-simple ownership as priority with loans as relationship-building tools. Reminded listeners that Golden and Red Rock partnerships were not even announced at this point last year.

CEO confirmed single-asset single-tenant lease logically requires higher coverage than position within a large master lease with bigger tenant.

CFO confirmed they see most gaming opportunities and hope to participate. CEO noted a rough week for gaming operators could lead some to consider exits.

COO confirmed no changes in deal activity in past 90 days; funnel continues expanding across sectors with credit book building new relationships.

Management took a more neutral stance than GLPI, monitoring iGaming as part of tenant credit assessment. CEO characterized gaming regulation as a 'lively experiment' for states to manage.

Management expressed confidence in experienced partners managing tariff impacts, citing Cain's hedging strategies around raw materials and Red Rock's $9B development track record.

CEO acknowledged still in learning phase on tribal sale-leasebacks due to inability to operate gaming in default scenario, but comfortable with lending structure given Red Rock involvement.

COO acknowledged awareness but didn't commit to exercising the option, saying they will continue to study it as the time period approaches.

CEO clearly stated this is not in their plans due to REIT legislation constraints on casinos with hotel rooms in TRS structures.

Robins said predictions aid legalization momentum (DMV, Maryland, Ohio) and have curbed tax increases, with no tax hikes so far this year.

Robins said no cohort shows differential performance and reiterated the $1 billion authorized buyback after $140 million in Q1.

Robins said reduced promo and marketing in Illinois offset part of the tax; broader business strength preserved the EBITDA guide.

Jonas asked how much non-gaming concession spend remains; management said $2.6 billion total was committed, $1.6 billion of it CapEx, and it is tracking well.

Jonas asked about the Las Vegas promotional environment; management said competitors' all-inclusive offers don't affect Wynn's upper-end gaming customer.