Brandt Montour

How do you think about the opportunity to do more direct integrations with AI and LLM companies out there that do travel?

could get in the weeds and kind of help us understand if you have a little bit of different mix versus what you guys see coming into that market

as you guys have chosen to take any volume at the expense is slightly less pricing growth this year, if that was a strategy at all for you guys?

do you feel like you want to go in kind of similar to you were last year? Or was there learnings from last year where that might not be perfectly optimal?

are you seeing any sort of behavioral shifts within your loyalty set or people maybe trading down between shore excursions

The lower income consumer we're seeing some struggle in that segment across other travel verticals.

is it fair to say that the fourth quarter just has a sequential lift implied from the ramp up of the island?

if there's a slowdown in bookings, industry-wide or let's just even say away from you, how do you perceive the industry's current willingness to sort of hold price or act more rationally than it ha...

I'm curious if you're seeing any sort of relative differences between onboard and consumer booking behavior between Europe and America as well as between drive to and fly to.

How much of that effectively do you get back in 2025 and sort of how should we think about the timing

does the pricing look any less robust than this time last year, perhaps tougher comps

it does imply a pretty big fourth quarter. And I'm just curious if you could give us some sense for how you think the sort of building blocks can get you there

I was hoping maybe you could just flesh out a little bit more about what you've learned so far about the Prediction customer

what is that gap broken out between higher promo than expected spend at this maybe early spend with the ESPN partnership, NBC spend

I was hoping maybe you could just give us a walk on the '25 -- 2025 EBITDA reaffirmation at the midpoint.

could you remind us what is implied for structural hold in the second half of ’25 guidance, particularly NFL

the long-term ceiling for hold is higher than you thought. Could you just maybe flesh that out for us?

are you actually seeing in the year, for the year group bookings materialize better than planned?

a PACE for 26 would be would be helpful. And then and then the real question though is really about how

Does it tell a bit of a story in terms of which corporates are putting their people on the road large companies or small companies

could you guys unpack the 2Q guidance, the guidance a little bit more specifically looking at what you're expecting for domestic RevPAR versus international

the the bottom end of the EBITDA guide is right there in line. It makes sense with your RevPAR it looks like the EPS is still a little lower

table drop in the quarter was up 15%. You highlighted that, Patrick, in your prepared remarks. Would you be willing to

are you guys seeing a change in betting behavior or any type of reversion away from side bets

just anything that you guys check or watching from what you -- sort of KPIs and things that you watch on the macro level that gives you any sort of confidence

do you -- has there been any shift in strategy in terms of your relative focus on the VIP part of the business

there are some concerns out there that World Cup could have some level of impact, folks staying home to watch the games

does that require a broadening out of the depth and breadth of base mass? And are you seeing early signs of that inflection

how should we think about how impactful that event is that sort of has now moved into the fourth quarter

Am I to read between the lines that the Londoner is the property that has received the most incremental reinvestment activity

looking at your slides, it looks like base mass per table actually did better. So maybe you could just provide a little more color on who's spending more where

there's been some commentary from the government from other sources that there's a pretty decent momentum into Golden Week in May

what about The Venetian? Is there something -- can you kind of walk us through maybe the monthly results in that property

Can you give us a sense on how you activate the casino floor and if 1,000 rooms would be enough natural foot flow to actually create a buzz

how you think about those two markets vis-à-vis each other, and if they sort of are totally separate opportunities

from what you're seeing on the ground today, what is your sense on where it's -- how it's evolving

does this adjustment change the way that we should think about upside from the ongoing negotiations?

how much of that was the government shutdown or government-related and ex government, have you seen trends stabilize or any sort of green shoots

maybe if you could break out nongovernment business transient and just give us a sense on what you've sort of baked into your assumptions

the percentage of pipeline that's China, the percentage of pipeline under construction of your pipeline under construction that's China

Is the conversation that usually happens around increased conversions with your developers happening, i.e., when things are slowing down, conversions pick up

leisure commentary, Tony, which sounded like it was the big surprise for you in the fourth quarter. And yet, the commentary about the full year guide was sort of flat to up

the availability of capital is something you've talked a lot about at panels and conferences and things. I mean rates are high, but they've been high for a while

Looking back to the last 3 quarters, it just seems like you guys have had a really nice run of hold.

when you made that comment, Bill, about volumes recovering sharply in July, what I was hoping you could clarify

How should we kind of think about target margins for that segment under this new structure?

Maybe you could kind of open the hood and share some metrics on sort of what a typical first-time Vegas visitor kind of behaves like what the retention is like

when you think about monthly October, November, December to January, what does the stabilization look like from a KPI perspective?

you guys had a saving programs of about $150 million. Some of that was taking price in certain areas. And I was hoping you could give a refresh on that program

what can you tell us about, what you realized in the second quarter, what you realized in the first half and sort of how to think about the second half?

talk about what you're seeing maybe near term in that fit customer in the sort of the next 4 to 12 weeks booking trends?

I was wondering if you could just unpack that April comment in terms of the major KPIs, which of those KPIs are growing stronger, which are a little weaker?

specifically regarding your higher end, which we would think would skew even more toward that type of business, how are you able to make up for that?

I would love for you to go into January, Jonathan, in terms of non-gaming versus gaming. And definitely, I want to hear about sort of your thoughts on room rates

is there a sense that your -- that the consumer just feels better post-election? Do you feel like there's a trend change there?

trying to convince them not to wait for a lower price and that the price is not going to go lower into sailing date

have you guys seen any sort of signs of stabilization over the last two weeks?

have you seen or do you expect to see near-term bookings pressure on other international itineraries

can you give us some sort of additional insights into how that mix shift would affect yields for next year

if this sort of reacceleration kind of came more organically and if you've been able to call any of those activities

Why do you think there's American hesitation to go to Europe this summer

why you guys are penciling an occupancy loss ex the first quarter looks like one point in your guide

pre post-election, if you're seeing -- if you saw any sort of change in booking behavior

does that affect your target of Western, Eastern Caribbean sort of 50/50 split in 2028, 2029 time range?

Does it feel I mean, Jason, you've been watching this industry for a long time. Does it feel like, you know, a little bit more or less rational than maybe what this type of environment would have e...

if you look at your guidance for the fourth quarter net yields and you add back the 90 basis points or so from the comparison issues that you laid out

the operational expectation for that destination out of the gate

Are you seeing any one trade down between ships, between brands, just looking for more value within the system

do you foresee the Celebrity brand sort of sliding in the river market below that luxury per diem, general area

just wondering if it still feels that way for you guys sort of being insulated there

one of your peers this earnings season did call out an elevated level of sort of related claims and liabilities related to labor that did sound sort of Las Vegas wide in nature.

are you underwriting to a promotional environment or competitive environment similar to today in the premium mass

Can you just help us understand what's driving that? Is there more -- are you guys doing more direct lending as part of that rolling ship business?

the sort of the convention calendar for you guys for the year by quarter. Any sort of what should we think about in terms of year-over-year comparisons

when do you start to go out and build excitement and buzz with some of the bigger global players in your database now

Is that all from mix and rate compression from group? Or are you actually seeing some recovery in leisure occupancy?

how you're able to keep OpEx per day flat with that opening

The decks that you put up, it doesn't look like there's much difference for the Encore Tower shifting.

I wanna ask a question about room rates. You know, I understand that the the view is that there hasn't been any sort of trend change, maybe post election

the refresh and the renovations, I was curious if you could just, flesh out, you know, timing, sort of rooms, out of service