Brandt Montour

Josh rejected fuel hedging as a short-term band-aid, emphasizing consumption reduction (down 26% since 2019) as the real lever.

Josh said the spring disruption was a longer burn that hit Q1 2027 exotic/long-haul, but Europe demand doubled down for next year.

Weinstein said AI is already changing consumer search behavior and teams are optimizing for AI engines. Cruises are more complex than retail so full AI booking will trail other sectors. Travel agents remain important.

Weinstein cited AIDA Evolution showing 18-year-old ships can match new ships. Best yields and NPS sometimes come from older ships. The 96-ship fleet drives improvement, not individual newbuilds.

Weinstein noted Carnival plays across short, 7-night, and longer Caribbean itineraries. 20% of Q1 Caribbean capacity comes from European brands with flare programs.

Weinstein didn't directly address the volume-price tradeoff but emphasized brand-level revenue optimization and strong momentum extending into 2027 and 2028 bookings.

Weinstein acknowledged the 2025 volatility is informing booking strategy for 2026, noting no election cycle next year reduces one source of uncertainty.

Weinstein reported no consumer differentiation across income segments. Carnival booked 8% more YoY with no capacity growth, setting up well for 2026.

Weinstein reported no differentiation in booking patterns across income segments, citing cruise's exceptional value proposition.

Weinstein confirmed Celebration Key contributes to Q4 sequential lift, but noted that on an absolute dollar basis, Q3 and Q4 increases are each $8 higher YoY.

Weinstein declined to speak for the industry but emphasized Carnival's strong position with no capacity growth and high booked occupancy.

Weinstein noted European brands continue to outperform on both price and occupancy while North American brands also perform well.

Weinstein acknowledged tougher comps but noted both occupancy and pricing are higher across all four quarters of 2025.

Weinstein explained the Red Sea recovery isn't a clean bounce-back because 2025 itineraries were knowingly sold without Red Sea routes.

Feng separated the two clearly: the market recovered nearly to Q1 levels while MGM's own visitation and normalized GGR already exceeded them, with weekly improvement.

Hornbuckle declined to change the modelling assumption, attributing the run to roughly a dozen high-volume customers who can swing either way, so no structural change claimed.

Bill said first-time visitors dropped from historical 20% to 8-9% last year primarily due to Canadian decline (down 30-40%) and international weakness. Many first-timers come through conventions then return as leisure. All-inclusive helping recover this metric. Ayesha confirmed customers engaging across all aspects of business with good flow-through.

Jonathan said property-level margins expected to continue mid- to high-20s even with new structure. After branding fee reduction, segment margin safely in mid-20s.

Bill declined to endorse higher hold as new normal but said premium customer activity and outsized baccarat share (high 40s% recently) driving the higher run rate rather than structural shift.

Jonathan detailed sequential monthly improvement in ADRs through Q4 into Q1. RevPOR (overall revenue per occupied room) actually up slightly in Q4. Casino driving growth through events, omnichannel, and more effective marketing. Continued stabilization developing in Q1.

Kenny said competition is rational and product-focused. MGM differentiating with Alpha Villas, Alpha Gaming Club, Fantasy Parks on peninsula where no competitive products exist. Converting 160 rooms to 63 two-bedroom suites at Cotai targeting H1 2026 completion.

Jonathan said over 90% of actions complete. Wouldn't undo anything on customer value side since changes responded to customer feedback. Bill acknowledged losing control of the narrative over summer. Resort fees remained but egregious pricing (e.g., $12 coffee at Excalibur with $29 rooms) corrected.

Bill noted 9-week booking decline starting May has reversed with 3 of last 4 weeks showing increases. Corey added large groups cycled out plus convention center construction creating unique summer dynamic.

Jonathan confirmed $80M realized in first half, similar expected in second half. Driven by 70-80 different initiatives including digital check-in, AI chatbot, QR ordering in restaurants.

Jonathan detailed record April across occupancy, rate, group performance. Marriott already at 440K room nights booked. Bill noted booking window extending to 43-44% within 30 days.

Jonathan said high-end unaffected. WestJet down 15% but MGM only down 3-4%. Marriott blocks, casino base, and BetMGM omnichannel offsetting.

Bill deflected direct election question but pivoted to Marriott partnership momentum with 20K+ room nights booked weekly for four consecutive weeks.

Jonathan detailed January records across occupancy, ADR, slot handle, and restaurant revenue. Guided mid-single-digit ADR growth ex-February.

Management declined to give the monthly breakdown but confirmed June was the impacted month.

Grant pointed to slot/ETG growth of 31% year-over-year as a positive base mass indicator, plus retail tenant sales hitting an all-time quarterly high with 37% growth.

Patrick explained the 3.6% theoretical was a barbell, high-volume traditional bettors mixed with side bet enthusiasts. Not a reversion trend but a reflection of the customer mix in that specific quarter.

Grant confirmed commitment to all segments. Rolling volume surged 60% year-over-year driven by adjusted programs, foreign Asian play, and super VIP segment success.

Rob dismissed World Cup concern as overblown, saying at the scale of their business it doesn't materially impact visitation.

Rob admitted difficulty predicting segment mix but said GGR acceleration is key. Grant noted base mass grew 18% year-over-year partly due to Londoner Grand casino reopening.

Patrick said F1 is great but MBS demand sustains regardless of when it falls. Rob added he doesn't think events matter as much as the structural strength of Singapore.

Grant clarified premium segments still drive growth but base mass showed sequential improvement partly driven by the Londoner opening.

Grant corrected the assumption, explaining reinvestment went across the full portfolio with smaller properties needing more recalibration given their size and product level.

Grant acknowledged a sharp premium mass decline at Venetian despite strong headcount growth, noting spend per head was lower and the segment needs higher-value customers.

Patrick flatly declined to discuss current quarter trends, consistent with LVS policy.

Rob explained the direct correlation between room keys and gaming revenue, expressing confidence that 2,400 keys will make Londoner a world-class performer.

Patrick and Rob both characterized Thailand as a separate opportunity. Rob stressed the massive underpenetration of Asian gaming capacity relative to population.

Montour asked whether Macau VIP rolling-chip declines and mass-drop share gains are linked; management said VIP tapered while mass strength returned.

Montour asked whether Wynn still feels insulated from the two-Vegases dynamic; management pointed to an exceptionally strong May and full-year '26 group pace ahead of '25.

Denied labor claims issue. Two drivers: signaled contractual wage increases and modest COGS pressure in F&B from food price volatility. Prefer not to adjust portion sizes for potentially transitory input cost moves due to brand/value implications. Will adjust price if needed.

Thesis is simple: same product, more customers through pre-existing facilities. Underwritten at known reinvestment rate without excessive consideration of promotional trends. Rooms are all suites, slightly larger than base Palace rooms, complementary aesthetic.

Management denied credit-driven volumes. In VIP, small number of players drive large turnover. Specific investments in VIP hosting teams and player development are paying off.

Brian noted Q1 higher than last year, Q2 slightly challenged due to Passover/Easter timing. Summer has holes but prospects are strong. Pacing nicely overall.

Management said RevPAR growth reflects health across the board with group compression helping. Brian confirmed great October start with teams yielding rates over peak demand. Some softness before/after F1 is typical.

Senior management already on board in UAE including marketing leaders. One-to-one player engagement ongoing for some time. Mass marketing to roll out as 2026 progresses. Mayfair showed extremely high database overlap with expected UAE customer base.

Julie noted delay is footnoted in deck but kept in forecast since it's not cancelled. Craig explained respec process for furniture and fixtures takes significant time for samples, testing, and feedback.

Julie noted Pavilion opened post-quarter. Management driving economies elsewhere to neutralize new OpEx. Craig emphasized incremental covers driving EBITDA that more than fades food hall OpEx.

Management noted Q1 ADR will show a decline due to Super Bowl comp but emphasized pricing power felt incredibly good through Q4 and into 2025.

Management described a 12-month renovation taking three floors at a time (one renovated, one above, one below), starting end of summer, pausing during peak demand. Said they won't call out disruption specifically.

CEO acknowledged an uncertain retraining timeline but expressed confidence it is the right long-run move.

CFO cited elevated European cancellations but some early green shoots; reiterated the difficulty of digging out from being behind the booking curve in May.

Chidze rejected scale disadvantage, expecting cost improvements in 2026-2027 and revenue benefits more in 2027-2028 given booking lead times.

Kempa reported no noticeable booking impact from Middle East events, with 51% fuel hedged for 2026 and declining fuel consumption per capacity day.

Sommer noted the 20% increase was broad-based across all three brands (not just Caribbean-driven) and reflects fundamentally stronger consumer demand.

Kempa clarified core pricing for first and second guests is growing meaningfully while children as third/fourth naturally dilute blended average, with low-to-mid-single-digit yield growth target maintained.

Sommer attributed the rebound primarily to improving macro conditions and brand repositioning toward top-of-funnel marketing rather than promotional activity.

Management candidly acknowledged they lack a clear explanation for the Europe-specific hesitancy, attributing it broadly to macroeconomic uncertainty.

Management dismissed election-week disruption as routine and reported normal booking patterns since.

Sommer explained the occupancy dip comes from higher Asia/Africa/Pacific deployment and larger ships on longer Alaska runs, not demand weakness.

Jason declined to comment on the Mahahual development status but said strong Galveston, Tampa and South Florida demand means minimal deployment impact is expected.

Jason pushed back on characterizing WAVE results as damage, noting it was moderation from exceptionally strong levels. Air costs spiked 40% then moderated to 15%. Limited remaining inventory constrains both upside and downside.

Jason described current industry promotional activity as very similar to prior years and 2018/2019 levels, much more rational than a decade ago. Emphasized cruise industry is somewhat insulated from competition by price gap to land-based vacations. Travel partners generating high-quality demand.

Naftali confirmed the math is directionally correct: adding back 90bps hardware/drydock headwinds plus storm impact gets to mid-3s normalized exit rate for Q4 like-for-like yield.

Michael Bayley reported strong early sales with dynamic pricing from $139 and Ultimate Family Cabana selling at $10,000. Jason emphasized deliberate slow ramp-up for operational excellence.

Jason attributed close-in strength to younger consumer mix and shorter-duration products, while 2026 book position is in line at higher rates, not cannibalization.

Jason was direct: no trade-down behavior observed, including in their research journeys where they are not searching for cheaper alternatives.

Jason deflected the hypothetical, emphasizing they are actively trying to increase load factors through ship modernization and cabin reconfiguration for families.

Jason noted Celebrity ocean pricing excludes all-inclusive elements that inflate river APDs, and that Edge-class design quality will attract high-quality demand.

Jason acknowledged the 40bps headwind from Q4 outperformance and difficult comps of 13.5% and 11.6% yield growth, but emphasized strong WAVE demand with highest booking week ever.