Dan Politzer

Can you just remind us what the exposure in terms of EBITDA or fees across your businesses there

how close are you to maybe announcing some partnerships there, if that's on the horizon

Can you maybe parse that out as we think about going forward between your expectations for conversions next year versus some of the newer brands that you've launched

I guess what's driving the reinforced confidence there? Has there been a pivot in the conversations that you've had in the development community

Guys called out the strong occupancy trends particularly in December. Was that mostly in U.S.? Was it international

is there some element of conservatism in there as we think about the path getting back to $160 million? And what are the puts and takes to that 2026 outlook

Is there any more detail in terms of like lead volumes, corporate versus association? And then are you seeing actual changes in terms of the spending patterns from these groups

in terms of the market growth that you have to get there, I mean, how -- at what level do you have to see the overall market or mass grow

you had $18 billion of rolling ships in the quarter. I mean I guess, how do you think about what's driving this

the VIP rolling chip volume acceleration was notable. You saw obviously an acceleration across the board on the gaming side. I mean, where -- what particularly is driving that

On a hold-adjusted basis, EBITDA margin is down quarter-over-quarter. I mean, how much of this is just the OpEx environment

is there any impetus or desire or potential to raise the mass hold because that one has been going up, too

Can you kind of talk about that path back to $2.7 billion, $2.8 billion of EBITDA that you kind of laid out is maybe a soft target last quarter

Is there any way to kind of wrap our heads around that sudden acceleration in those gaming volumes

Is there a targeted EBITDA share that we should think about that kind of gets you to where you want to be

How do you think about I guess the return on this? Is this consistent with some of your other properties in the mid-19s

Last couple quarters, it looks like mass volumes have slowed a bit there. Can you maybe talk about a little bit what's going on with that property

you mentioned that select service really seemed to start to inflect in the first quarter

Can you maybe talk about why now, why were you able to kind of increase the royalty rate, what drove that, any order of magnitude on that rate?

maybe you can unpack that a bit in terms of what you're seeing across leisure, business transient and group for next year?

Can you maybe unpack that a little bit in terms of what you're seeing in terms of lead volumes versus some of the deferrals possibly?

is this something just to think about more commonly that this could be impacting results and bearing in mind it does sound onetime in nature?

Can you maybe talk about the first quarter kind of progressed and how you kind of saw that resonate in your customer base?

were there any other one-offs in particular in the fourth quarter, either in Las Vegas or any of the other segments you would call out just for modeling purposes?

other than the second half comparisons getting easier, I guess, how do you think about the path forward in terms of the first quarter and second quarter in terms of getting back to normalized EBITD...

Have you seen maybe a widening in the performance between these segments of your portfolio? And if so, kind of what are the adjustments or levers you can make going forward

can you just talk about the appetite for a more diversified cash flow stream as you think about the things that you're seeing in your portfolio now?

if I think about the $25 million from MGM Grand disruption and then you're lapping a $37 million impact from insurance

is there anything you can kind of pinpoint and what's driving this decline in visitation?

How would you classify demand there versus Caribbean given seemingly different supply and demand dynamics

there's obviously been some headlines lately from the current administration on taxation of the cruise industry

can you talk about what have you been doing differently over the past few months to ensure the project stays on track to the extent that it's within your control?

why now? Will this have a gaming element? How do you think about disruption or potential returns on that $900 million to $950 million investment?

Is there any kind of parameters to which you think about the OpEx growth in Vegas as well as Macau for 2026?

how do you think about the path to growing in Vegas in 2026?

do you feel like the environment has improved as we've kind of moved out of the summer and you build in that group calendar? And then as you look out to '26, what is your expectation there for grow...

given that it doesn't seem like there's competitors there, where does that maybe put you right now?

How much of this outperformance do you attribute to positioning at the high end of the market

What do you attribute that inflection to? Is that -- are you seeing a difference in terms of the actual fundamentals

relative to three or six months ago, what what do you feel like has fundamentally changed, if anything?

is there a leverage threshold which, you know, to think about the amount of capital you would allocate here.