Dave Katz

could you just help us a bit with fixed versus variable costs within where you're at today?

presume that there could be a couple of bucks of cost savings upfront and ongoing

Should we think about leverage having to get inside of that three times before there'd be more substantial recurring

thinking about other potential large capital projects or investments that may come our way

I I see I think you've given us the gain, but not sort of what the amount or any color around a multiple on what that would be.

Can you just elaborate on the reasoning behind that and the timing of it?

is there any evidence that is shareable around any of the bookings from consumers trading down

the degree to which know, and what would have to happen for you to turn out a little bit better on the cost increases

should we be thinking about the two times or better, you know, as a long-term aspirational target

How do you envision those dynamics sort of playing out? And do we evolve into kind of a different industry landscape

whether both the duration and the economic intensity of those contracts continue to grow over time

We certainly hear and see this getting to be a more expensive arena to play in. Talk please about how you sort of balance that tangible and intangible return opportunity

there's some building momentum on the luxury side of things. And if you could just give us some general commentary about what that implies about the economic intensity

Can you provide us with a little bit of color on the economic intensity of those deals relative to the totality

some of the capital deployed, you know, is up a bit this year and obviously, what we're hearing in in, you know, around analysis that the checks people are writing for luxury hotels are going up

Can you just put a little more color around that and sort of why those hotels, why now and what we can expect on the back end of that endeavor

can we take this to expect that there might be some more asset trading in the market based on what you're seeing? And second, how are you thinking broadly about valuation and other ways that you ca...

Can you just give us an update on how you're doing with that? What's been sort of the best surprise, maybe if there's any negative surprises with it

I'd love to get a sense for when you might consider perhaps returning some more capital through repurchases or other kind of onetime events

I wanted to go back to a release a while back regarding selling some non-core assets

should we think about that $500 million number as something that is nondiscretionary

the degree to which we should be factoring in some disruption as you go through that room renovation

Are those all completed and activated at this point

Can you talk to us about your strategy around those? And more specifically, the recent I know it's sort of -- maybe post the end of the quarter, but I'd love to hear any general comments, learnings...

I wanted to ask about credit and whether that's a tool that you would be using and how that starts to show up

I want to make sure, one, there isn't construction disruption; or what, if anything, just to make sure, could sort of impact the momentum that you have there in Singapore

Are you suggesting that we might start to see that change as part of the Londoner ramp-up? When you use the word competition, what do you mean by that

What can we literally expect to see and put our hands on? And I suppose I'd like to get a sense for what are the gating

I to the risk of parsing your words, you know, Leeny, I think you said your policy on key money and investment hasn't changed. Is the amount year over year

the investment spending has sort of moved up to the high -- I think the higher end of the range for what the guidance was before

Can we just sort of talk about those other channels? And what could be for Marriott longer term?

Could you just talk through maybe the puts and takes of, if citizenM is adding 50 basis points, is there a reasonable thought that it could have risen

a number of the metrics came down, a very small amount, but the EPS remained the same. Is there anything to that

Can you just sort of walk us around the rest of the terms as you're seeing them in the market, right? If key money

Can you just talk about what kind of response you're getting to that? Is that a strategy that we could see you deploy in other properties or other areas of the portfolio?

How are you looking out at the rest of the year in general terms or qualitative terms? And how do you feel about sort of how that market rolls through the rest of this year?

Any update there, we could talk about sharing?

I would love to get just some -- another layer of insight into sort of how much cross benefit there is

any possibility or thoughts about expanding that in some fashion going forward that you might be willing to share a little bit with us?

What variability is left in that from this point forward given the size of the project?

the degree to which MGM Digital is engaged at all, aligned or in any way with BetMGM in the US and how that is affected?

how much of that is new to cruise and new-to-brand

Can you just talk about what information or inputs you have with respect to River

Have you talked about any TAM or sizing that opportunity? Just a little something more that we can chew on

How can we think about the duration or durability of that real estate in comparison to your initial core, which was casinos

are there any historical cap rate or any kinds of comps or anything like that?

it appears to induce them to invest in the properties, either expand, renovate, add amenities, et cetera

with respect to the Red Rock arrangement, I don't know if you're able to sort of characterize what the capital structure

the discussion we have, you know, with investors frequently is around, you know, thinking about underwriting the various aspects of your TAM

How comfortable are you today with the budget and the cost?

what would be the circumstances, or is there any thought given to expansion in Las Vegas at some point.

how do we sort of think about your presence there growing longer term?

is that a similar dynamic to what you're seeing out of China?

What's going on in that market? What's driving that growth? Is it sort of mainland fundamental dynamics in some way?

One of the items that comes up in conversations and checks, et cetera, is promotions and credit.

just talk a bit more about how that manifests and how you respond to it. Are we talking about credit or promotions

Is it notably worse than it was six or 12 months ago?

Can you just walk across the field of other opportunities that know, you would seriously consider

how much do you think about sort of timing and and when's positioning there? And you know, what it would take to get that piece of land going.