Robin Farley

the 100 basis point change is really just occurring on that last 15%

just spell out a little clearly what dividend and share repurchase over the next 3 years.

Did anything change from 4 weeks ago aside from obviously the changes in fuel?

Typically, at this point, right, you would be over 80% booked for Q1?

are you factoring in that those things will continue at that level? Or are you kind of assuming that those would be at the rate that you'd originally thought?

anything you can quantify with Celebration Key when you look at the impact on forward bookings where you could sort of say, it's causing an x percent premium

When we talk about historic price levels, does that mean sort of in line with or is that actually suggesting prices above?

Can you characterize a little bit how demand for Europe is in Q3?

Is there a way to think about either the dollar amount of ongoing structural, you know, net cruise cost expense reduction, and also excluding from that the higher charter cost from the Seaborn ship?

does that suggest that you're not raising the next three quarters yield because, you know, you want to be cautious, obviously, given the environment. But there would be that potential if your expec...

how much and really how little you may have in your yield guidance today for Celebration Key

I assume that you're not factoring in the lower interest cost from some of that very expensive debt

could you kind of talk us through, was there like an increase in what you thought you'd make in market making that's sort of offsetting some promotional

in the EBITDA number, how much of that is a built-in EBITDA loss? Can you help us quantify for your prediction market start-up costs

can you talk a little bit about, I assume, your access to the official sports data or there are other things that will enable you to offer a parlay product

I wonder if you could talk a little bit about your market share in basketball.

Could you break out just the World Cup piece of it just separately?

a lot of commentary about the strong midweek business and group that definitely is a pickup from last quarter.

Kevin, you had meant the timing of non-RevPAR fees. I wonder if you could just give a little bit of color around

Kevin mentioned in the opening remarks that some of the outperformance in the non-RevPAR fee related was timing related

it sounds like you don’t expect that to change your 2027 in terms of cost saves or anything regarding margins

just wondering what medium term is 2029 medium term just to kind of put a finer point on thinking about the targets?

I wanted to ask a little bit about the expectation for retail to be flat globally.

if you could help us quantify whether that will be a greater amount year-over-year, just again, kind of thinking about

can you help us quantify what earnings come out of your go-forward number in exchange for those proceeds?

is the transaction assuming any kind of growth in retail sales of Harley growth and receivables?

I know you talked about increasing marketing spend. Is there anything else -- I mean, pricing was a net positive in Q1

this is your guidance for motorcycle revenue flat to down 5%. I think you said price would be positive for the year.

I wanted to circle back to the comment about the incentive management fees and kind of flow through to EBITDA

did that help or hurt you for Q1 or for the full year, you know, in either direction?

just wondering if you could talk a little bit about what type of assets you're looking at to use those proceeds for

is there anything -- can you characterize if you feel like there's a market or a type of -- just anything that you feel like would enhance your portfolio

Just wondering if you could give us a little color on the nights increase versus rate increase just since it feels like overall group, not just for host, but across the industry

Can you talk a little bit about the transaction environment? Just -- you sold an asset, just sort of broadly what the environment is like for that? And also any opportunities to buy

Are you seeing at least in the very near term, something maybe a little bit better than the sort of delta you're talking about versus April

Are you including in guidance just the condos for which you have deposits, or in other words, could there be upside to that

you said that reinvestment would level off in the second half. And just I just wanted to make sure that I’m

were you suggesting that IR2 will be focusing on one or the other of those markets

Any sort of -- I know it's early big picture

is there anything you would say that is like a gating issue or sort of a natural point at which maybe it wouldn't even be reasonable to think that the building could do more

any early signs of kind of Chinese New Year levels for demand in Macao, anything you're seeing at this point

I don't know if we've heard your thoughts to recently on any potential opportunity in the UAE

You said something earlier in the call about how you're kind of only halfway there with what you hope to do or plan to do there

how do you get comfortable that it's sustainable as you get past some of the July events and the calendar not being as sustainable

Are you thinking about revisiting what you consider a normal hold percent in Singapore

You did mention that it may take 12 months. So I wonder if you could just talk a little bit about do you think that your market share results in Q1, did the new Londoner rooms contribute

Macao has talked about kind of wanting to review the non-gaming investments and efforts of the concessionaires

I wanted to ask about the conversions. You mentioned that signings in the quarter were about a third

Can you just clarify, is that all organic with acquisitions be on top of that?

what conversions as a percent of openings needs to grow to next year for to hit that same kind of mid-single-digit range in unit growth

you mentioned in the release that you're kind of defining it a little bit differently with the conversion rooms in there

Sometimes you've shared metrics about kind of what percent of hotels in the U.S. are fee paying and kind of how that may have changed year-over-year

Is that a mix of that key money, some loans, some equity slivers sort of how should we think about

Roughly what percent of that are you expecting to come from conversions versus new construction?

With that $150 million, is that part of what gets you to flat in Vegas for the year or is that the incremental?

How should we think about kind of what level of share repurchase you might be thinking about for '25?

anything that you would call out for 2027 that we should be aware of in terms of itineraries

Can you tell us a bit about what price on the books is on a year-over-year basis

your official sort of thoughts about the river cruise business

price and load factor in each quarter in 2025 was at the same or higher than last year

Is it fair to assume that you would kind of fully expect that to come back in 2027

Wanted to ask about the new ship order, the discovery class

I also wanted to think a little bit about your 2026 comments. To clarify, when you talk about the anemic net cruise cost growth, is that sort of anemic before

is growth in onboard spend still higher than growth in ticket price? Or how should we think about that relationship

capacity growth rate in 2026 is just like slightly lower growth rate than it was previously

is it fair to say there still room for that load factor to come down? In other words, if you can sort of wait out a little bit of uncertainty

your ambitions are much more than these initial 10 river ships in terms of how quickly you could order more

how you think that might change the competitive landscape or any aspect there?

how would you describe sort of the current competitive environment in Macau.

what your thoughts are about the timing for recovery in that market, sort of independent of when you ultimately end up opening

is the expectation given the room remodel disruption, it would be reasonable to think that EBITDA would be down year-over-year

Can you talk a little bit more broadly about what you're seeing in the environment? Others are talking about how much more competitive it's gotten.

I wonder if you could give us a sense of group pace after Q1, just to get a sense of sort of underlying demand after the benefit, obviously CON/AGG rotating in

what were you factoring into your base case when you originally laid it out?

what's your expectation for how long before another project that's already under construction might -- that you might have that competition?

some of the larger hotel companies have talked about softening group

Can you give us a sense of sort of what projects? And also what's the scale of that the increase in that CapEx cost?

Some others in Vegas have have talked about thinking they can grow EBITDA despite the tough comp with Super Bowl last year.