Dan Politzer

can you kind of bridge us in how you think about some of those moving pieces for the second quarter

why are you so much more aggressively leaning into prediction markets now?

can you talk about the conversations that you've had with regulators and shed light on why you feel comfortable proceeding here when certainly some of your larger peers have not.

structural hold accelerated 100 basis points in the quarter. Is there anything specifically you thought that's driving that?

how do you think about the power of your brand right now for both Sports and iGaming.

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

I think you guys mentioned third quarter would be a little bit softer or maybe the weakest quarter of the year

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

do you feel like you’re at a place where you the property maybe reverts back to historical seasonality?

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

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

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

I wanted to touch on the investment spend. I think it ticked up a few hundred million

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?

I wanted to first start with Las Vegas and the health in the underlying market there.

So how do you think about the current value of your stock here and the attractiveness

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

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?

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...

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?

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?

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

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?

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

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

how much of that do you attribute to kind of pent-up demand versus an event calendar?

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?

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

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...

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

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

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