Ben Chaiken

Josh described strong Northern Europe demand (fjords, Baltics, Iceland) for both North Americans and European brands, calling it an emphasis rather than a new strategy.

Bernstein confirmed a little over 1 point of 2026 one-time costs, noted destination ramp timing, and flagged 5 Evolution ship dry docks in 2027 vs 2 while expressing cost confidence.

Management quantified the return hurdle for refurbishment investments at high teens, with cabin additions paying back in a couple of years.

Bernstein confirmed opportunistic buybacks. CapEx predictability (1 ship/year, ~$2.4B non-newbuild) enabled triangulating 40%+ of cash from operations to shareholders.

Bernstein said the CapEx/OpEx split varies yearly based on accounting rules. The 0.6% impact on cruise costs was from a small percentage movement on over $1 billion in dry dock spending.

Bernstein confirmed the EU emissions allowance step-up to 100% is complete, with the year-over-year increase of about $80 million.

Bernstein said the CapEx/OpEx split shift is small (a handful of percent on over $1 billion) and varies year to year based on the nature of work.

Weinstein noted Q3 ended strong but reiterated that outperformance by 200-250bps as seen in H1 would be hard to replicate in H2.

Weinstein indicated dividend reinstatement is the priority, with buybacks also possible over time. Expects to be positioned to start in early 2026 at 3.5x leverage.

Weinstein confirmed Celebration Key is seeing a premium in line with expectations and marketing dollars are being shifted to lean into the destination.

Weinstein clarified the loyalty program is not a push for direct bookings; travel agent bookings receive the same benefits.

Bernstein explained the yield beat flowed through to the full year while cost favorability was mostly timing between quarters, with about a third being permanent savings.

Weinstein confirmed Wave season was a record success with historic occupancy and price, maintaining yield guidance for the rest of the year over 4%.

Weinstein outlined a broader strategy to market existing Caribbean destinations as demand drivers, not just add-ons.

Weinstein acknowledged awareness is still building since the destination doesn't exist yet, but bookings are shaping up as expected.

Robins said spend shifts across verticals; core OSB CAC was the best since Q1 2025 (acquisition +40% YoY), aided by the World Cup and unified messaging.

Robins said Super App retention could cut money movement and payment costs, and rates keep improving with volume; more opportunity in 2027+.

Robins said DraftKings' pricing models and trading desk make it a differentiated market-maker, positioning it to become one of the largest.

Robins said predictions uses a similar approach with materially shorter than 3-year paybacks, staying conservative given no first-party data yet.

Robins expected a Missouri ramp similar to recent launches (mid-single-digit penetration) with strong CACs given the NFL/NBA timing.

Robins said digital softening and the Texas exit roughly offset, keeping marketing spend on track for the year.

Robins said stablecoin is under consideration but gated by state regulator comfort, currently limited to a handful of states.

Management said it is too early to call North America-to-Europe demand but later-2027 bookings are improving.

CEO pointed to building out marketing and revenue management teams as the multi-quarter fix; no specific 2027 booking figures provided.

Kempa explained Europe pressure stems from open-jaw itineraries creating booking friction, a separate commercial misalignment issue from Caribbean.

Chidze described siloed operations, lack of urgency, and underinvestment in technology and revenue management as key problems, with biggest opportunity on the revenue side visible in 2027.

Kempa described methodical efficiency gains plus Caribbean mix benefiting unit costs, with very little marginal cost from higher third/fourth guest occupancy.

Sommer confirmed low-to-mid-single-digit yield growth algorithm for 2026 with Caribbean shift being a margin tailwind.

Sommer confirmed GSC investments meet long-term ROI thresholds and will drive both cruise pricing and on-island spend, with marketing ramp beginning immediately.

Jason corrected that River sold out in minutes not hours. Emphasized getting the product right before accelerating and confirmed this is not a hobby, expects to be a substantial player in river cruising with options for much more than the initial 10-ship order.

Michael Bayley estimated 33% attach rate with 1M Beach Club capacity against 3M Nassau guests, suggesting demand may exceed supply requiring dynamic pricing.

Jason confirmed Magic Kingdom footprint comparison, described neighborhoods including world's largest lazy river, Vegas-style beach party, pools and family zones.

Naftali explained Star enters late August vs Utopia's early July last year, creating lower APCDs and load factor ramp-up headwind concentrated in Q3.

Michael Bayley deferred pricing details to an upcoming New York event in a couple of weeks where the destination portfolio will be unveiled.

Michael Bayley disclosed 1M first-year guests and 1.5M at full operation, but deferred pricing details until April product launch.

Naftali acknowledged less scale than CocoCay (3.5M guests) but still attractive margins. Jason noted it remains a very accretive investment with some ramp-up costs in Q4.

Mix will fall between Vegas (majority non-gaming) and Macau (majority gaming). Market is extremely supply constrained on gaming side. Expects very strong non-gaming demand with substantial ADRs and F&B willingness to spend.

Management outlined: Mayfair casino for pipeline, hosting leads on staff, presence at regional events, nightlife partnerships with pre-marketing, and luxury brand campaign. First opening under this team.

Management drew analogies: RAK inbound visitors like Vegas Strip walk-ins, Dubai residents like Boston locals market, destination travelers like Vegas fly-to-market. Each important from EBITDA and programming perspective.

Management outlined three cohorts: Ras Al Khaimah inbound visitors (~2M/year by opening), Dubai residents with high GDP per capita, and global luxury/gaming destination travelers.

Management expressed strong confidence in first-mover advantage, noting no line of sight on a second license and minimum 4-year build time for any competitor, giving Wynn a very healthy lead.

Hornbuckle described the bifurcation between a strong top end and pressured value customers and pivoted to the events strategy, without quantifying underlying EBITDA.

Hornbuckle conceded revenue growth is clear but EBITDA faces challenges, deferring the affirmative answer to the long haul rather than the current quarter.

Jonathan confirmed Q2 2025 had MGM Grand renovation and ~$20M negative hold. Both provide easier comps for Q2 2026. Small fine in Q1 2025 also a prior-year item. VIP marketing event held again this year and performed well.