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Analyst
Lizzie Dove
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 56on tracked calls
- Challenge rate
- 5%3 of 56 questions
- Companies
- 7questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 56 of 56 questions from 7 companies
CCLCarnival9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q3
realize scale benefits and whatnot, that there'll be decelerating cost growth throughout the period
Show response
Josh said cost efficiencies are being pulled forward ahead of the PROPEL algorithm, with specific 2027 cost guidance to come later.
is there a desire over the longer term to kind of do more and expand further with any of those destinations?
Show response
Josh signaled a potential Phase 2 for Celebration Key (currently maxed on land build) and incremental improvements at Isla Tropicale and RelaxAway, calling specifics premature.
Calendar 2026 Q2
could you maybe elaborate a little more on Caribbean trends? How would you characterize the kind of backdrop
Show response
Management said Caribbean booking trends held steady through the conflict, with capacity growth elsewhere already baked into planning.
Calendar 2025 Q4
Anything you can share it just participation rate, spend rate, what you are seeing on uplift
Show response
Weinstein confirmed ticket premium, onboard revenue, and fuel consumption all tracking as planned. Celebrated 1 millionth guest. Declined to quantify specifics.
Can you maybe talk more about what you think is driving that same-ship yield growth from here?
Show response
Weinstein attributed growth to improved revenue management, performance marketing, clearer brand messaging, and the enduring price-to-experience gap versus land alternatives.
Calendar 2025 Q3
you do have one of your peers mainly, I suppose, like trying to get more active in that space over the next few years. How does that impact or does it impact how you think of your go-to-market there?
Show response
Weinstein acknowledged more competition in Galveston but emphasized Carnival's loyal Texas base, diversified portfolio (Caribbean ~33%, Europe ~30%, Alaska approaching double digits), and long-term commitment.
Do you evaluate when you're thinking about building new ships versus, you know, maybe expanding that type of retrofitting type program to the other brands?
Show response
Weinstein confirmed another brand is actively pursuing a similar midlife refurbishment program, viewing retrofits like new builds in terms of return evaluation.
Calendar 2025 Q1
Curious just what you've been seeing there, how much the kind of consumer reception has been to the marketing you put around that
Show response
Weinstein confirmed Celebration Key is seeing expected premiums and everything is proceeding exactly on track for the July opening.
Obviously, the last few weeks, we've had mixed commentary from other know, cruise companies about luxury. Curious just to zoom in on that.
Show response
Weinstein reported no concerning luxury trends, with both Seaborn and Cunard making great progress.
LVSLas Vegas Sands9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
how much of it you think is kind of macro or consumer driven, you know, to the extent there was also maybe some
Show response
Management attributed the softness to hold and World Cup but did not quantify the macro-versus-execution split.
Calendar 2026 Q1
Is this an appropriate kind of quarterly run rate? Or how do you think about capital returns more broadly longer term
Show response
Patrick said Q1 was an opportunistic ramp but the direction of meaningful share repurchases will continue as an important part of the return of capital strategy.
how do you think about your ability to kind of keep improving on that, especially as the comps get a little tougher
Show response
Grant said revenue growth drives margin improvement over time despite near-term cost increases from service investments. Reinvestment levels showing sequential stabilization.
Calendar 2025 Q4
how far you are in terms of rolling that out in Macao, anything that's kind of different structurally
Show response
Grant confirmed progressively more side wagers being introduced in Macao with rising participation, though levels remain below Singapore.
How do you think about the pacing to get back there and kind of time line and what needs to happen
Show response
Patrick said trajectory is heading in the right direction with revenue growth and better market positioning, though Q4 EBITDA results were below target.
Calendar 2025 Q3
whether you are versus Macao seeing that kind of high-end -- higher-end Chinese customer visiting Singapore at the expense of Macao and what do you think that might continue
Show response
Patrick declined to discuss current quarter trends and characterized Macao and Singapore as separate markets with different catchment areas.
how should we think about the long term? Like is this sustainable? Can it, on a holder, just a basis grow next year
Show response
Rob said sustainability is not in question, it's a duopoly with government support. The question is how high it can go, potentially $3B+. He noted being consistently wrong on the conservative side.
Calendar 2025 Q2
Curious, timing of that, how much more reinvestment kind of promotions are needed to get there and more so just the cadence to get there
Show response
Grant said Londoner is already near $800M annualized in early innings, with exceptional slot/ETG performance surpassing 2019 levels.
what you've seen from other players and how the competitive environment has evolved? Whether they've responded with same level of promotionality
Show response
Grant said competition remains intense with no signs of easing, but market GGR acceleration helps everyone. LVS reinvestment is biased toward high-end segments.
NCLHNorwegian Cruise Line Holdings9 questions · 6 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
could you maybe elaborate on how you're thinking about the setup for 2027 on the Net Yield side?
Show response
Management gave a directional back-half-2027 acceleration but declined specific booking levels or price.
Calendar 2026 Q1
if we could just touch on what's going on in the Caribbean right now and what you're seeing there.
Show response
CFO conceded the large Caribbean deployment shift lacked the right tools and marketing, but said island marketing has just launched and should help demand.
Calendar 2025 Q4
how are you defining what is strategically core versus maybe non-core within the brand portfolio
Show response
Chidze firmly stated all three brands are core, seeing the fastest path to value creation through execution improvement rather than portfolio changes.
Calendar 2025 Q3
what is the kind of strategy to kind of absorb that capacity in Caribbean
Show response
Sommer outlined brand repositioning plus GSC investments as the absorption strategy, noting marketing spend has been increased not cut.
there has been a lot of focus on the Caribbean and whether there is kind of more of a promotional environment
Show response
Sommer dismissed concerns about unusual Caribbean promotional pressure, calling the current environment normal.
Calendar 2025 Q2
how are you thinking about then as you get into 2026, the setup, especially potential ROI yield benefit from Great Stirrup Cay
Show response
Sommer emphasized profitability optimization over yield, noting Caribbean drives better margins even at slightly lower absolute ticket prices.
As you think about looking to the extra $100 million that you're targeting next year
Show response
Kempa described a broad-based, methodical approach to savings across the entire P&L while protecting guest experience.
Calendar 2024 Q4
wondering if you could go a bit deeper and just talk about the different brands
Show response
Sommer provided brand-level color noting NCL outperforming while luxury brands slightly slower, with strong Europe and Alaska demand.
how much of that is a pull forward versus just actual kind of overachievement of those cost savings
Show response
Management confirmed some acceleration but maintained the $300M+ target has further runway in 2025-2026.
MARMarriott International8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
I’m curious kind of how you’re thinking about the rest of the year in terms of group versus business and leisure.
Show response
Mason expects all segments up for the full year with leisure leading and group pace up about 5%; Capuano stayed bullish on 2027 on broad-based rate and demand strength.
Calendar 2026 Q1
your latest thinking in terms of percent of that, that might come from conversions and new builds
Show response
Tony highlighted portfolio conversion efforts alongside asset-level conversions. Mid-scale already at 500-hotel mark. Jen confirmed 4.5-5% net rooms growth maintained; Middle East only 4% of expected openings.
Calendar 2025 Q4
any more details you can share and just what you're seeing, whether in booking windows, leisure, business transient groups
Show response
Leeny expects all three segments up low single digits in 2026. Group pace up 6% for 2026. Booking window steady at 22 days. K-shaped consumer trend continuing with luxury leading and lower-end weakness.
Calendar 2025 Q3
if you have any kind of appetite for whether it's kind of small tuck-in M&A or partnerships similar to kind of citizenM
Show response
Tony reiterated deliberate approach: M&A only for geographic gaps with slow organic growth or brand architecture gaps that are better filled by acquisition than organic launch.
Calendar 2025 Q2
I'm curious specifically just around China and what you're seeing there. It feels like so far, the development trends have kind of defied the mixed RevPAR outlook
Show response
Leeny noted 70% of H1 2025 China signings in select service brands. Rooms growth in Greater China in high single digits. Tony added H1 signings up almost 20% year-over-year.
Calendar 2025 Q1
Curious if we could just get like a status update there? Where you're at with the rollout? When that might start to kind of hit?
Show response
Tony described deep testing phase with rollout to select brands in H2 2025. 5,000 GMs in Nashville saw prototypes with extraordinary enthusiasm about efficiency and merchandising potential.
Maybe too early to ask, but are you expecting that to rebound in 2026 to some degree?
Show response
Leeny confirmed residential branding fees expected to rebound in 2026. Fees are lumpy based on project completion timing; down ~$40M this year but growing long-term.
Calendar 2024 Q4
if you can just expand on your comments around international RevPAR being higher than the U.S. You mentioned China would be flat
Show response
Leeny linked international strength to GDP growth (India), cross-border travel from strong dollar, and outperformance in Europe and Japan.
WYNNWynn Resorts8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
how we should kind of think about the cadence of the ramp there.
Show response
Dove asked about the ramp cadence at Wynn Al Marjan; management said it will open all amenities at once, with no phased opening, and stands by its projections.
if you've heard whether these other projects are kind of keeping pace with that and on a kind of similar time line?
Show response
Dove asked whether other Ras Al Khaimah projects are keeping pace; management called it a mixed bag but stressed its underwriting relies on Wynn's own room base.
Calendar 2026 Q1
could you put a finer point on that, what you're seeing on that luxury consumer, and how you're outperforming in Vegas?
Show response
All three operating leverage levers performing well into Q2. Brian added market share gains in Jan/Feb/Mar, group pace exceeding 2025, luxury retail up YoY/QoQ from high watermarks, ADR growth showing no resistance to price.
how this kind of influences the ramp profile or if anything has changed in terms of some of the targets or the moving pieces around the targets that you put out in December?
Show response
Management gave strategic-level defense of UAE thesis: track record of navigating conflicts, security credibility reinforced, tourism fundamentals unchanged. Not revisiting any prior financial estimates. Conviction in project unchanged. Too early for bull/bear case.
Calendar 2025 Q4
how you think about just margin expansion, whether that's possible at some point in Vegas or if there's still a bit of a kind of normalization to go there?
Show response
Management reiterated they don't manage to margin targets. Strategy is to top-tick revenue via gaming share and ADR while being judicious on OpEx. Won't provide margin guidance or forward margin outlook.
Anything that you could share there on just how you're thinking about it, particularly in the second half once you kind of fully start the renovations
Show response
Management pushed back on $50M EBITDA impact estimate as 'a little high.' Mitigation through staging floors during lowest demand periods and recapturing in rate. Brian confirmed starting mid-May, 6 floors at a time, 12-month process spanning into 2027.
Calendar 2025 Q2
how do you think about ways that you can set yourselves up for that early 2027 launch for success?
Show response
Management described multi-pronged approach: Mayfair acquisition, casino hosting leads on staff, event presence across Europe/India/Middle East, nightlife partnerships, and a luxury-focused brand campaign.
once people are in the hotels, are they spending in the same way? What are you seeing on the food and beverage
Show response
Management reported no diminishment in willingness to spend at tables and slots. Holding rate in a market where rates have dropped. Fine dining average check stable.
HLTHilton Worldwide7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
You talked last quarter about the C-shaped economy and the convergence between the chain scales
Show response
Nassetta gave the specific midscale swing and tied it to infrastructure and AI investment spending reaching middle-income travelers.
Calendar 2026 Q1
how do you think about what the kind of real opportunity set here is, long term, both obviously on the OpEx side
Show response
Nassetta outlined three AI buckets: operational efficiency for owners, distribution partnerships with Google/OpenAI/Anthropic, and guest experience customization. Emphasized modern cloud-based tech stack as enabler.
Calendar 2025 Q4
Anything you'd share on how this evolves and the outlook for that over time, I guess, on the credit card side of things
Show response
Jacobs confirmed non-RevPAR fees will continue growing above algorithm driven by credit card, timeshare, and purchasing business. Declined to share detailed credit card contract terms but emphasized fantastic program with strong economics.
Calendar 2025 Q3
it'd helpful just to get like a pulse check on the key money side of things, like what you're seeing in terms of key money per room, the competitive environment
Show response
Jacobs said 85-90% of key money goes to full-service and luxury; still under 10% of deals overall use any key money. $150-200M annual run rate unchanged. Nassetta added brand performance advantage allows development teams to resist competitive key money pressure.
Calendar 2025 Q2
I'm curious what your appetite is today and on the go forward into doing more of these and whether that kind of 6% to 7% unit growth that you're kind of talking about, if that's organic
Show response
Nassetta confirmed 6-7% NUG is entirely organic; focus is on internal brand building rather than acquisitions. SLH now viewed as organic; NoMad and Graduate performing well but no active M&A pursuit.
Calendar 2025 Q1
I just wanted to kind of zoom in a little bit on what the drivers or what was assumed in the kind of lowering of the EBITDA outlook
Show response
Jacobs confirmed EBITDA reduction entirely driven by RevPAR outlook change; Investor Day model structure unchanged. Nassetta added they're still delivering algorithm when combining NUG + same-store.
Calendar 2024 Q4
at Alice last week, there was a lot of talk around cost pressures in the industry. Particularly on, you know, the insurance side, the wage side
Show response
Jacobs highlighted disciplined cost structure with G&A guide below 2019 levels despite six years of inflation; continuing to find operational efficiencies for owners.
Show 1 more company
RCLRoyal Caribbean Group6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
how do you think about whether this is setting up to be potentially an above algo year?
Show response
Jason pushed back on the easy-comps framing, cited 2027 tailwinds (Legend, new destinations, River) but said it is too early to set a yield handle.
Calendar 2026 Q1
Could you maybe share some more details on the cadence of that ramp
Show response
Michael Bayley confirmed soft opening Q4 2027 with full opening in 2028. Environmental issues resolved. Texas market is larger than Florida with lower cruise penetration, representing a major growth opportunity.
Calendar 2025 Q4
Could you maybe share a little more in terms of how you're thinking about that net yield cadence for the year
Show response
Naftali explained H1 yield lower than H2 due to dry dock timing with more premium hardware in Q2 dry docks, Royal Beach Club ramp-up, deployment mix, and new ship delivery timing. More Silversea ships in dry dock year-over-year also affects high-yield comps.
Calendar 2025 Q3
I just wanted to ask about the Caribbean. There's been a lot of talk about whether there's oversupply in the region as people move more capacity there
Show response
Jason acknowledged increased Caribbean supply and slightly more promotional activity but said differentiated assets including ships and destinations keep guests in the RCL ecosystem, with guests paying up for the experience.
Calendar 2025 Q1
has there been any difference in terms of like the type of bookings, whether that's like Europe versus U.S. itineraries or different brands
Show response
Jason reported no material differences across products, brands, or demographics. Noted slight softness from Canada but immaterial. Consumer trading toward value favoring cruise.
any color you can share of like the contribution of new ship premiums versus like-for-like pricing
Show response
Naftali confirmed roughly 50/50 split between new hardware and like-for-like throughout the year, except Q3 where Star of the Seas timing makes it mostly like-for-like.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CCL Carnival | 9 | 0%none of 9 questions |
| LVS Las Vegas Sands | 9 | 0%none of 9 questions |
| NCLH Norwegian Cruise Line Holdings | 9 | 0%none of 9 questions |
| MAR Marriott International | 8 | 0%none of 8 questions |
| WYNN Wynn Resorts | 8 | 0%none of 8 questions |
| HLT Hilton Worldwide | 7 | 29%2 of 7 questions |
| RCL Royal Caribbean Group | 6 | 17%1 of 6 questions |
- CCLCarnival · 9 questions0%none of 9 questions
- LVSLas Vegas Sands · 9 questions0%none of 9 questions
- NCLHNorwegian Cruise Line Holdings · 9 questions0%none of 9 questions
- MARMarriott International · 8 questions0%none of 8 questions
- WYNNWynn Resorts · 8 questions0%none of 8 questions
- HLTHilton Worldwide · 7 questions29%2 of 7 questions
- RCLRoyal Caribbean Group · 6 questions17%1 of 6 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 25%1 of 4 questions | 3 |
| 2025 Q1 | 7 | 14%1 of 7 questions | 4 |
| 2025 Q2 | 8 | 0%none of 8 questions | 5 |
| 2025 Q3 | 9 | 11%1 of 9 questions | 6 |
| 2025 Q4 | 10 | 0%none of 10 questions | 7 |
| 2026 Q1 | 8 | 0%none of 8 questions | 6 |
| 2026 Q2 | 8 | 0%none of 8 questions | 7 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 25% (1 of 4 questions) · 3 companies
- 2025 Q17 questions · challenge rate 14% (1 of 7 questions) · 4 companies
- 2025 Q28 questions · challenge rate 0% (none of 8 questions) · 5 companies
- 2025 Q39 questions · challenge rate 11% (1 of 9 questions) · 6 companies
- 2025 Q410 questions · challenge rate 0% (none of 10 questions) · 7 companies
- 2026 Q18 questions · challenge rate 0% (none of 8 questions) · 6 companies
- 2026 Q28 questions · challenge rate 0% (none of 8 questions) · 7 companies
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand18
- Competitive Dynamics16
- Revenue Growth16
- Geographic Expansion14
- Margin8
- Capex Investment6
- Pricing6
- Macroeconomic5
- Cost Pressure4
- Guidance Reliability4
Show all 15 topics
- Capital Allocation4
- Innovation & R&D3
- Product Launch3
- M&A2
- Cloud & AI1