Dan Politzer

Politzer pressed on why September 2027 is the right opening date; management said it aligns with construction completion and operational handover.

Politzer asked what drove the post-World Cup Macau uptick; management called it a return to normal cadence, noting World Cup and seasonality are hard to disentangle.

Management emphasized team safety focus, 22K+ workers on site, construction continued throughout conflict. Supply chain showing flexibility with rerouting. Modest delay expected, word 'modest' used intentionally. Will quantify in coming months.

Running at 99% occupancy makes this non-speculative. Conservative $2,500 theo per room night yields ~$400M incremental GGR. No gaming element, minimal F&B since attached to existing Palace. High flow-through: $150-175M EBITDA. Construction disruption limited to east entrance area.

Julie confirmed Vegas OpEx outlook unchanged at $4.3-4.5M/day ex-events. Q4 came in at $4.6M due to F1, Concour, NYE. Macau OpEx $2.7-2.9M/day range also maintained with Gourmet Pavilion and cost of living increases baked in.

Management confident in 2026 performance as long as group pace plays out. Gaming volumes healthy. Wynn Las Vegas 'absolutely crushing it' by historical standards. Brian confirmed key business indicators all positive, noting out-of-order rooms as main challenge.

Management noted primary variable between base and upside case is GGR market size and their share. With 100% share early on and sell-side estimates as high as $8B, base case has conservatism. Not ready to revise Investor Day numbers yet.

Management confirmed summer softness was well-publicized, they reacted by prioritizing rate over occupancy. October momentum strong with group compression helping. Brian added team focused on yielding ADR over peaks, resulting in record August.

Management attributed outperformance to combination of luxury positioning, 3+ years of building improvements, gaming share gains (couple hundred bps), and disciplined operations.

Management attributed Macau strength to combination of entertainment, broader market dynamics. July remained strong even after concert events ended. Declined to provide forward guidance beyond what they've seen.

Management said leverage levels are very comfortable, fixed coupons provide incremental comfort, and they will continue supporting stock while conditions persist.

Management attributed continued strength to investments over past three years in marketing, technology, service delivery, F&B, and entertainment rather than any fundamental market change.

Management framed the step-up as the suite conversion and service upgrade, with future growth coming from yielding higher-value patrons.

Patrick said $700M is achievable with some market growth combined with execution on service and hospitality. Grant noted 14% market growth this quarter with LVS outperforming in every segment.

Patrick cautioned that VIP quarters can be highly concentrated and vary. IR2 will provide more product to address the high-end market. Mass win remains the primary profitability driver.

Rob characterized it as more of the same, great product and deep Asian customer base. Patrick noted no OpEx changes needed, just continued service improvement.

Grant attributed the decline to three factors: segment mix shift to premium/rolling, higher OpEx from events (NBA) and payroll for expanded table hours, and lower non-rolling hold by 140bps.

Patrick explained smart tables aren't yet deployed across the full mass floor due to game mix complexity, and mass hold isn't normalized the same way as rolling.

Rob said market growth is essential, estimated Macao GGR could reach $33-34B next year. Grant noted the company is outgrowing the market for the first time in mass GGR.

Patrick attributed acceleration to completed renovation, new customers attracted by improved product, and growing Southeast Asian wealth creation driving business and leisure tourism.

Rob laid out a detailed property-level EBITDA roadmap totaling $2.7B, acknowledging the current $2.2-2.3B pace is underperforming.

Patrick attributed the slowdown to the 25th anniversary disruption impacting base mass in the second half of Q4, calling it not representative of the forward run rate.

Patrick framed Londoner as a 30-year asset with very high return potential, noting the pre-pandemic $1.1B EBITDA run rate and structural advantages that are not replicable.

Hornbuckle gave the month-by-month cadence: April and May strong on events, June more challenged on summer heat, July good. Said they like Q3 but have work to do in Q4.

Halkyard confirmed the repurchase price and called it a good use of capital, but declined to update the sum-of-the-parts valuation beyond saying the view has not changed.

Bill said each month got successively better with March the best. Half of Spirit's lost capacity recovered. No slowdown seen despite headwinds. April is fine with successful Baccarat Tournament. May looks good. Short booking cycles make summer uncertain.

Jonathan said historically done annually but decided to do it twice this year. Expects accrual is adequate. Characterized as unusual onetime item. Results would have been much better on operating basis without the charge.

Bill cited CON/AGG return, stabilized occupancy, strong high-end luxury gaming (second-highest holiday gift shop ever), and full MGM Grand rooms online. Ayesha added Super Bowl driving excitement among meaningful customer base. Convention authority expecting 1 million more visitors.

Jonathan quantified hold benefit at approximately $20 million in Las Vegas. Unusual corporate expenses in Q4 and Q1 of prior year should not recur. Normalized corporate expense run rate around $110-115 million per quarter.

Bill said diversification key with combined digital businesses doing $3.5B revenue next year. Jonathan noted MGM China, BetMGM, and Digital growing at high rates making company more diversified. High bar for regional M&A - must be market-leading scale and brand-consistent.

Bill confirmed widening gap. Luxury properties maintaining rates and ADRs. Lost 400K airline seats from Spirit bankruptcy affecting value traveler. Southern California drive traffic down, Canadian inbound down. Corey added Bellagio shows no impact while Luxor/Excalibur have biggest challenges occupying midweek.

Jonathan said Q3 will be similar to June trends with value-property and MGM Grand impacts. Intentionally accelerating remodel to position well for Q4 with F1 and holiday season.

Bill cited international inbound down 6% (Spirit engines), Southern California quiet, Canadian decline. Luxury still strong but value segment needs attention. Corey noted casino database, Marriott, and business travel as key levers.

Jonathan dismissed concerns about promotional strategy changes. Promotional increase was not meaningful.

Robins downplayed the peer's promo step-up as a blip, saying DraftKings stays efficient while growing handle and GGR share.

Robins cited strong core momentum (April revenue +22%, 15 straight weeks of net-revenue growth) and rising Predictions investment into the back half.

Robins credited a supportive CFTC posture plus strong early numbers, and said much of the needed pricing/marketing infrastructure already exists.

Robins said strong regulator relationships and a focus on non-OSB states, where the predictions opportunity is largest, gave the company comfort.

Robins attributed the acceleration to parlay mix (up 430bps) and noted ~$200M of 2026 tax headwinds partly offset by outperforming drivers.

Robins said the multi-brand model (Golden Nugget) is proven in iGaming but less so in sports, where DraftKings stays the primary focus.

Nassetta decomposed the quarter into run-rate versus World Cup and comp benefits, landing on a 2% to 2.5% underlying baseline he expects to exceed in 2027.

Nassetta quantified Middle East as 3% of business, Q2 impact potentially 1.5 points on System-wide RevPAR. Limited knock-on effects seen so far, slight softness in Bangalore and Maldives.

Nassetta confirmed working with OpenAI, Google and other major AI players on distribution connectivity. Described three AI buckets: efficiency, distribution, and customer experience. Natural search-to-booking features expected in own platforms by Q2.

Jacobs attributed NUG acceleration to broad-based post-COVID development cycle recovery; nearly 40% from conversions, new development starts up 20%+, and core brand export to emerging markets. Mid-30s% conversion mix expected for next couple years.

Nassetta cited strong conversion brands (with 2+ more coming by year-end), construction starts up 16-17%, record pipeline with half under construction, and favorable brand performance from ownership community.

Nassetta said Q4 leisure strength was broad-based globally driven by favorable holiday calendar; Q1 Easter shift is a net positive, adding ~50bps to guidance.

Capuano said key money is the competitive weapon of choice but Marriott uses less per deal; Mason said DTT is early with over 2,000 select-service hotels transitioned.

Tony cited domestic travel pivot, drive-to destination shift from rising fuel prices, and consumer prioritization of experiences. Jen added tax refund boost and low U.S. supply growth.

Tony cited three factors: contractual modification, preserving Bonvoy financial strength, and preserving 271M member value proposition. Leeny noted efficiency work helped balance all constituency needs.

Leeny expects 2026 similar to 2025 globally. U.S. slightly higher helped by World Cup (+30-35bps globally). Group pace up 7% globally and 8% in U.S. Leisure expected to continue outperforming at upper chain scales.

Tony said 2026 group pace ticked up 100bps to 8%. No above-normal cancellations. Q2 group softness was roughly half from attrition and half from weaker in-quarter bookings.