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Analyst
Carlo Santarelli
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q1 (2 quarters).
- Questions
- 15on tracked calls
- Challenge rate
- 0%none of 15 questions
- Companies
- 5questioned at least once
- Reporting periods
- 2with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 15 of 15 questions from 5 companies
LVSLas Vegas Sands4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
how are you guys kind of balancing the way you more or less go about those allocations right now
Show response
Patrick signaled aggressive LVS buybacks at current valuation while continuing SCL purchases toward the 74.9% limit.
is there any way you guys could maybe outline how you think about the potential EBITDA benefits that stem from that
Show response
Rob explained that hold depends on betting composition, not customer segment, and that smart tables will soon provide mathematically perfect measurement.
Calendar 2024 Q4
How much of that do you think is, I don't know, maybe exogenous or maybe and I don't want to say one-time, but a result of some other things going on in the market
Show response
Rob emphatically rejected the one-time framing, describing Singapore momentum as structural and driven by asset quality in a strong market.
is your thinking changed at all around the way you allocate capital, perhaps maybe being more advantageous looking forward with respect to the SCL shares
Show response
Patrick directly stated intent to increase SCL ownership and remain active buyers, signaling strong conviction in SCL value.
MGMMGM Resorts4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
As it relates to the business interruption insurance, is that in revenue and EBITDAR or just EBITDAR?
Show response
Jonathan clarified BI is in EBITDAR not revenue. Over $100M collected in past 6 months. Over 50% of expected total received but more lumpy proceeds expected.
Could we kind of read into that, that part of that is the efforts as part of the $150 million that you expect to achieve this year?
Show response
Jonathan confirmed FTEs down across regions, Vegas, and corporate. Bill added digital interfaces now carry 80% of concierge/call traffic, reducing labor needs.
Calendar 2024 Q4
when you think about kind of the impact of the Super Bowl in the first quarter, is the goal to be able to kind of offset that as we move through the year?
Show response
Jonathan confirmed $65M Super Bowl headwind and said goal is to overcome through growth programs plus organic growth.
what do you see in kind of a flat demand environment just in terms of some of the pricing measures that you've put in, in terms of the magnitude of the head start
Show response
Jonathan quantified revenue initiatives as tens of millions and noted most were implemented in December for a head start.
WYNNWynn Resorts4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
How should we think about the cadence of kind of that remaining $650 million to $725 million?
Show response
Julie Cameron-Doe confirmed equity deployment follows construction curve through remainder of 2025 and into 2026, deployed pro rata alongside bank financing.
I was wondering if there's been any change there or if just a lot of what we're seeing is the Super Bowl comparison
Show response
Management confirmed promotional spend decline correlates with ADR and is entirely Super Bowl comp-driven since reinvestment is heavily in the form of rooms.
Calendar 2024 Q4
Should we take from those comments that from an EBITDA perspective, you are seeing growth in January and February with exception of of that Super Bowl period
Show response
Management confirmed volume metrics up across the board from start of year through pre-Super Bowl weekend, with strong expense management driving healthy margins.
what win rate are you putting that back to? Is that like a 22% embedded table hold?
Show response
Management confirmed they use 22% as normalized hold. Santarelli questioned whether this is still appropriate given 25%+ hold persisted for two years.
HLTHilton Worldwide2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
what is your perception of the much-feared and often talked about recessionary environment? What are some of the things you guys are seeing right now
Show response
Nassetta argued market is asymmetrically overweighting downside risk; expects legislative progress on tax/regulation and trade deals to create more certainty by summer.
Calendar 2024 Q4
conversions as a percentage of of your unit growth in twenty-four and then kinda how you see how you see that shaping up for twenty-five
Show response
Nassetta said FY2024 conversions were ~45% with partnerships, ~33% organic; FY2025 expected ~33%. Jacobs noted Q1 EBITDA comp tough due to one-time items and FX.
DKNGDraftKings Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
if you just look at the 35% revenue guidance, and factor in kind of the improvement in structural hold.
Show response
Robins agreed with the reconciliation and pointed to upside from handle, GGR and promo-efficiency initiatives against a prudent guide.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| LVS Las Vegas Sands | 4 | 0%none of 4 questions |
| MGM MGM Resorts | 4 | 0%none of 4 questions |
| WYNN Wynn Resorts | 4 | 0%none of 4 questions |
| HLT Hilton Worldwide | 2 | —Rate withheld: fewer than 3 questions |
| DKNG DraftKings Inc. | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 8 | 0%none of 8 questions | 5 |
| 2025 Q1 | 7 | 0%none of 7 questions | 4 |
- 2024 Q48 questions · challenge rate 0% (none of 8 questions) · 5 companies
- 2025 Q17 questions · challenge rate 0% (none of 7 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth9
- Demand5
- Capital Allocation2
- Geographic Expansion2
- Pricing2
- Macroeconomic1
- Innovation & R&D1
- Cost Pressure1
- Labor Market1
- Capex Investment1
Show all 12 topics
- Guidance Reliability1
- Margin1