John DeCree

Hornbuckle pointed to international travel weakness and Southern California drive-in dependence. Molino rejected a one-to-one trade-off, citing steady visitor volume trends.

Molino said they like the on-the-books position and are headed into 2027 strong from a group perspective, but gave no bookings or ADR figures.

Gary Fritz said core LeoVegas B2C business growing 30%+ is the real growth engine, not just Brazil comps. Netherlands expansion also contributing. Path to profitability: losses materially narrow in 2026, setting up near breakeven in 2027.

Bill attributed casino strength to high-limit slot room investments across portfolio, omnichannel BetMGM driving holiday gift shop success, and Marriott channel enabling guests to enjoy Las Vegas without cash outlay for rooms. Ayesha highlighted strong database resilience and forward casino bookings.

Jonathan noted Luxor and Excalibur represent about 6% of Las Vegas EBITDA. Revenue and cost initiatives already implemented with more planned. Ayesha added booking window shortening seen industry-wide but response to large-scale events positive. City-wide sale was well received.

Jonathan said Japan remains the most exciting investment given favorable supply-demand dynamics. Growth CapEx in Vegas (Carbone Riviera, Gymkhana) expected to drive nice returns. High bar for any new investment vs buybacks.

Bill explained $400M minimum tax hurdle, competitive landscape pressure on returns, and surprise change from 30-year to 15-year license. Jonathan added return thresholds are very high given ability to capture 25-30% free cash yield from buybacks.

Kenny said growth driven by premier mass with customers seeking refreshing experiences. July performance robust with strong volumes across nearly all segments. Promising summer expected.

Jonathan confirmed 50% payout policy plus special dividends. Dividend income approaching $150-200M annually, a substantial cash flow source for parent company.

Jonathan said pace will moderate for remainder of year given Japan/New York capital needs. Would let leverage tick up slightly. No more capital needed for BetMGM or MGM Digital.

Macau executive confirmed no material tariff impacts. Business resilient, government taking stimulus measures. Golden Week booking strong.

Bill noted first year F1 ADRs were $800+ vs $400+ in year two (still 2x normal). Said F1 is reconsidering pricing which is encouraging.

Jonathan attributed success to casino mix management, high-limit slot area investments at ARIA/MGM Grand/Bellagio, and regional player uplift to Vegas.

DeCree asked about demand pockets and customer segmentation at the UAE opening; management said as a monopoly demand should exceed supply, a question of where it comes from.

Awareness and branding efforts unchanged. Mass hiring will slightly delay in line with modest opening delay but only to avoid burning cash. No slowdown in interest from prospective employees. Senior operations leadership already in place.

Confirmed citywides are beneficial. Wynn typically houses executives and VP-level attendees. Citywide compression broadly helps rate yielding. Brian added compression is key, team did exceptional job maximizing ADR in Q1.

Management emphasized rate-over-occupancy is intentional strategy enabling OpEx optimization. Gaming growth driven by 3-year transformation in hosting, technology, rewards, and reinvestment, not mass walk-in traffic. Significant market share shift in their favor.

Management firmly stated no pricing pushback. Craig emphasized Wynn customers focus on value-for-dollar not cost itself. Premium pricing is unapologetic but they avoid nickel-and-diming guests. Hotel guests park free, minibar prices low relative to market.

Management confirmed mass gaming and ADR are levered to visitation. High-end gaming is different, driven by equity markets, hosted relationships, one-to-one selling. Aspects of business will benefit from incremental visitation.

Management emphasized UAE priority with land bank there, plus land banks in Vegas and Boston. Withdrew from New York. Thailand quiet. Hinted at using UAE land bank portions in next year or so.

Management confirmed on-property spend is fine. ADR up 3% from prior year. Brian added luxury retail continuing to accelerate, up year-over-year and quarter-over-quarter.

Management said they'd look at Japan if setup is right but noted structural challenges in licensure/ownership. Emphasized existing pipeline: UAE land bank, Boston land bank, Vegas land bank, Thailand.

Management said UAE is substantially bought out with strong budget certainty. Actually seeing cost savings opportunities outside US as vendors have lost customers.

Management confirmed slot strength was broad-based across the quarter, indicative of healthy demand for their offering, not event-driven.

Management outlined topping off by year-end 2025, followed by planned sell-side/buy-side market trips to the UAE to showcase the project opportunity.

Pitoniak said private operators are more responsive to the Partner Property Growth Fund on IRR grounds; Payne added privatization helps long-cycle capital decisions.

CFO confirmed active exploration of international debt (euro, sterling), referencing Canada acquisition as potential opportunity. Watching peers accessing private capital markets.

COO attributed deal flow to natural timing of large transactions rather than any market change. CEO humorously noted frustration that some called it a 'quiet' quarter despite record deal activity.

COO noted existing Hard Rock partnership (Mirage rebuild + Cincinnati) as potential entry point. CFO added Resorts World has head start given existing facility; timing and magnitude TBD.

CEO described the model as broadly applicable wherever management teams have strong cultural insights into consumer desires. COO added Patrick's team believes they still have significant upside remaining.

COO expressed excitement about operators being creative in regional markets, seeing results from capital deployment. Las Vegas described as having a temporary issue.

CEO highlighted gaming as potentially the highest tenant CapEx category outside data centers. Property Partner Growth Fund (Venetian) is their vehicle for contributing alongside tenants.

Management explained operators have no incentive to sell given strong Las Vegas performance, and regional investing requires precision given supply growth.

General Counsel confirmed existing UK lending with Cabot and said they've mapped jurisdictions globally for both lending and acquisition opportunities.

Patrick confirmed service hires are primarily fixed payroll costs designed to enhance patron tier servicing. Some are already in current OpEx with more additions over the next couple of quarters.

Grant confirmed visitation slightly exceeded 2019 with nearly 100M visits, but lower spend per visit means base mass gaming hasn't recovered proportionally. New non-gaming loyalty programs showing traction.

Patrick said they follow UAE, Thailand, and Japan but nothing to report. Japan seems unlikely despite new PM support. Focus remains on existing assets and IR2.

Grant reported 10% tenant sales growth with luxury still relatively weaker but improving. New flagship luxury store openings planned into early 2026.

Grant noted uneven recovery, wealthy coastal cities exceed 2019 while inland provinces lag significantly. Transportation improvements and destination marketing ongoing.