Shaun Kelley

hoping you could just unpack that a little bit for us. Our math gets us to probably nearly a 200 basis point increase

would love to start with you both in the prepared remarks and overall sound a bit more optimistic

Could you just give us your thoughts about kind of the timeline for the improvement you're hoping to see on the top line and operating environment

hoping you could elaborate a little bit what you're seeing across maybe the 3 different segments, leisure, business and group

How specifically is that factoring in the way developers are proceeding with current projects? Thinking about possibly delaying

you sounded a little bit more confident than where we were a quarter ago. So can you just expand on that comment a little bit

Are you seeing a high low dynamic where people are coming at those periods but a little softer in the shoulders

when traditionally you see some of those annual escalators or market-wide increases you'd see particularly on the labor cost front

Are all those things kind of where you want them to be right now? And have they been stable for a little while

what's the underlying betting behavior or change that would sort of be driving such a material increase

is this technology or these bets, are these proprietary to you all

Can you give us your best stab at how we should think about maybe a run rate or sort of level of productivity for this property moving forward

what's driving that improvement? How sustainable you think it is and just broader health of the macro in the market right now

has the market dynamic in Macao changed at all as it relates to the balance between premium mass and the competition there versus base mass

is that like the right run rate or are there things you can do to match cost to revenue

could you just walk us through your thoughts about kind of ramp-up from here and how we should think about it? It's a pretty big margin drag

Does this imply, you know, as it may, especially given the timing of the fiscal year, that the downstate process is slipping further

I think it would be really helpful to just unpack a little bit about what you're seeing on U.S. trends to date

can you just talk a little bit about what you think is kind of most important in driving the pipeline forward?

current size of the program; two, how we should think about maybe what's on the table or what could be renegotiated relative to maybe some of the growth rates

given some of the expensing features in that legislation, I'm curious on whether or not you think this can drive some renovation capital to the space

how are conversations like in the U.S. right now? What are some of the risks around just slippage with tariffs or kind of uncertainty?

there's some high level concerns out there about just sort of U.S. brands operating in China, specifically given the specific trade tensions there

the investment spending buckets are a bit higher than what was outlined kind of back at the Analyst Day a couple of years

update us on your cost kind of transformation and efficiency program, if you could. Obviously, this is sort of a unique initiative to Marriott

I was just wondering if you could kind of update us on the trend line you're seeing there right now

can you just talk to us about the strategy there for the city and MGM element to the extent you have a hand in possibly where either a purpose-built stadium ends up

help us think about, yes, 2 things. Like one would be just run rate, operating expense growth and any internal initiatives you have to sort of kind of manage that

we hear stabilization? Is that getting better sequentially? Is that potentially flat in the 4Q? How much better could it be?

Does the turnaround -- and so there's going to need to be a balance at some point between value today and a lower cost of capital but -- or a higher cost of capital, but growth that you could achie...

can you just help us balance that out? Is there a leverage kind of target or ceiling that you're managing to?

Curious on MGM's view on the Big Beautiful Bill, just the impact here on sort of the gambling community as it relates kind of what's going on here

Can you just remind us of maybe the cadence of investment around, especially this year, as I think it's a little lumpy

Could you just remind us of the overall budget either in dollars or in yen for the project as we sit here today

Can you just give us a little bit more color on the scale of MGM's digital investment you see in that business specifically and maybe the outlook for near-term returns there?

last quarter, there was called out a little bit of BI proceeds in either the Las Vegas segment and the regional segment

is there an optimal time before the summer? Is it something that given the seasonality in the market, we might want to be a little bit more sensitive to opening during the summer?

Could you help us level set how we should think about Q2 and Q3 both seasonality

could you give us a little bit more color and detail there? I think timing sounded like opened by Chinese New Year

anything that you see in activity there or anything you see on the pricing side one way or another that we should be aware of?

how much international inbound is Wynn exposed to and how much sort of China or Asia sourced VIP should we think about purely on the Las Vegas side

are there more sort of either bolt on opportunities like that, places you could look to opportunistically expand the brand

can you just give us the the the bottom outlook of how you're seeing kind of the just behavior in the market act right now