Chad Beynon

Halkyard declined outright, noting they stopped presenting hold-adjusted numbers years ago, and would only characterize the benefit as in the tens of millions.

Hornbuckle kept optionality open on assets that fit the portfolio but stated plainly that nothing is imminent, to the contrary.

Gary Fritz said largely fully deployed in capital commitment to international/digital business. No glaring portfolio holes. Would take something extraordinary to deploy additional capital. Deliberate asset assembly strategy.

Bill said limited improvement. Mexico visitation increasing. Successful baccarat tournament with full international player field. Despite overall international traffic decline mostly from Canada, rated and premium-rated play remains very healthy.

Kenny confirmed rational competition with stable reinvestment rates. Margins consistently delivered mid- to high-20s as guided. Very encouraging Lunar New Year booking trend with long waiting list for top-tier hotel products. Even ahead of holiday, no slow period observed.

Bill said first priority is refilling rooms (occupancy recovering easily), then ADR lift over time as product quality gets recognized. Taking balance of 2026 off room remodels. ARIA starts November 2026, principal work summer 2027. Jonathan added 2026 CapEx expected below 2025 even with ARIA start.

Kenny confirmed sustainable mid-teens market share with EBITDA margins in mid-20s to high-20s range. Hubert agreed, citing premium mass strategy and supportive product pipeline.

Gary said ex-Brazil portfolio near breakeven. Brazil investment concentrated in Q2 with strong early player values. Grupo Globo partnership provides operating flexibility. 2025 bottom line to mimic 2024.

Jonathan said no change in non-gaming spend trends. Corey confirmed revenue per occupied room up 3% ex-Super Bowl. Bill noted 500K more event seats available in Q2 vs Q1.

Bill said no change to thinking on room remodels (MGM this year, Aria next, Cosmopolitan 2027) or growth projects despite tariffs. Core CapEx ~$800M mostly non-tariff-impacted.

Bill confirmed positive outlook for top-end. Noted less than 10 premium customers represented $80M baccarat YoY variance in Q4.

Bill stated minimum 5% market share threshold for market entry, calibrated to maturity and competitive intensity of each market.

Beynon asked how Wynn would engage a potential Las Vegas NBA franchise; management said it would mainly benefit from premium visitation, as it does with the Raiders.

Beynon asked whether the buyback run rate is sustainable given UAE funding needs; management said repurchases follow a price-based grid that accounts for all funding needs.

Broad-based table drop growth though Baccarat grew more than non-Baccarat. Culmination of multi-year strategy across hosting, ML-driven offers, service levels, and new amenities. Focus on gaming market share, RevPAR, and retail as prime operating levers.

432 rooms constrained by available east-side parcel. Two larger parcels on other side of building remain fully available. Plans existed for years and are being revived with aesthetic/technology updates.

Management confirmed AI wealth creation already producing new customers. Internal focus on personalization, retention, ML for reinvestment optimization, and GEO (Generative Engine Optimization) for discoverability. OpEx efficiency gains expected over next several years as enterprise plumbing catches up.

Direct ADR impact expected in Boston. Vegas has targeted strategy to take advantage of proximity without needing mass volume. Helpful on the margin but not calling it out as specific 2026 driver.

Julie confirmed they operate off a price-based grid and didn't buy in Q3 as stock appreciated. Craig added they buy when excessively cheap, see continued room to run with 2027 FCF inflection from Al Marjan.

Management attributed growth to multi-year effort doubling down on service, amenities, and casino marketing. Growth is disproportionately premium hosted play from lodgers. Technology used differently on marketing side. Brian added F1 seeing solid pickup with 3-night minimum maintained.

Management clarified no expected tariff impact on OpEx due to alternative sourcing. Retail was essentially flat year-over-year on incredible comps including Super Bowl. No tenant price increases seen yet.

Julie Cameron-Doe declined specific ROI but framed Macau CapEx around entertainment (event center, theater, production show) and food hall to drive incremental visitation and market share.

Management dismissed FX concerns, noting they have significantly grown domestic table games and slots, making the property less dependent on international business than historically.

Management signaled intent to keep repurchasing aggressively given the new $6 billion authorization and value seen in LVS and SCL equity.

Grant argued geopolitical disruption is net positive for Macao and Singapore as short-haul destinations gain share from outbound Chinese travelers facing higher long-haul travel costs.

Patrick emphasized entertainment as a key driver of inbound tourism. Grant noted 11-12 shows in Q1 with ability to bring diverse content across Venetian Arena, London Arena, and smaller venues.

Patrick said after years of evaluation, nothing met the return threshold. Cost savings from development expense elimination, not super material.

Grant described a dynamic of constant competitive action and reaction. The positive is market GGR growth helping everyone, but intensity will persist.

Rob prioritized EBITDA over margin in the current environment. Patrick said they are not targeting a specific margin but expect it to follow as revenue grows.

Patrick said Thailand remains interesting if the framework is appropriate. Rob called it the greatest opportunity in Asia but acknowledged unpredictability.

Patrick offered a brief response with no new information, noting the legislative session had just started.

Grant explained the decline is a tough comparison against a 2023 all-time high driven by post-COVID luxury spending, with major flagship store openings planned for 2025.

Aron declined forward pricing guidance but cited past success raising premium-format prices and cutting prices (50% off Tuesdays and Wednesdays) to build traffic.

Adam answered directly that after nearly eight weeks of 2026 Europe is recovering faster than the U.S., and a weak dollar should further lift reported international results.

Sean answered directly: continued footprint optimization with ~10% of leases up for renewal yearly, closing more than opening, plus a small number of capital-light new locations inside the CapEx range.

Sean Goodman explained the depreciation and EBITDA-based interest deductions are beneficial but, given existing NOLs, deliver cash benefits only in 2027-2028 and beyond, not near-term.

Adam said closures have almost always removed money-losing theaters and that new openings out-gross them; a shift to net adds is likely eventually, possibly accelerated by attractive M&A.

Aron gave a thorough answer: Apple and Amazon are embracing theatrical, Netflix less so, and theatrical-first releases perform best on streaming.

Aron answered directly: CapEx stays around $200M until AMC secures growth capital, which it will flag well in advance rather than surprise investors.

Nassetta said inbound international was up mid-single digits in Q1 overall; Canada and Mexico each down high single digits but offset by stronger UK, Asia, Europe demand.

Nassetta confirmed corporate travel acceleration post-election with midweek strength; large, medium, and small accounts all signaling more travel and acceptance of higher rates.

Tony said growth is global. Mid-scale entry opens aperture for younger, less frequent travelers starting their travel journey. MGM and Starbucks partnerships to continue.

Tony noted Tier 1 cities positive and Hainan improving sequentially. Stimulus programs not yet materially impacting demand. Record deal volume in China despite operating weakness.