Shaun Kelley

Halkyard drew a clear line: work within the existing footprint fits the current CapEx base, but adding capacity or square footage would be additive to it.

Fritz confirmed the 2027 operating leverage thesis and said LeoVegas profitability can partly self-fund Brazil, with the exact split still in the 2027 budgeting process.

Ayesha said luxury portfolio showing real stability and growth. Lower-end softness since mid-2025 fairly consistent. All-inclusive and cost control productive. Convention and Allegiant programming helping value properties midweek. Bill noted 54,000 additional room nights from MGM Grand being fully online.

Bill said already under 3 NDAs. NBA board of governors decision expected next year. Team could start as early as 2028. T-Mobile part of conversation for short-term or long-term. Working with AEG and Bill Foley to position T-Mobile for all bidders. Extensive interest in Las Vegas.

Jonathan guided very low single-digit expense growth. FTEs down slightly in Las Vegas, regions, and corporate during 2025. MGM Grand renovation impact was about $65 million in EBITDA for the year. ARIA renovation starts mid-Q4 2026 with minimal 2026 disruption.

Jonathan noted core LEO Vegas and BetMGM North America both generating substantial cash flow. Digital no longer requires cash investment. Focused on growing existing businesses organically rather than inorganic growth.

Bill said July was rough but improved sequentially. October may beat prior year despite record Q4 2024. F1 feels good. Fabulous sale doubled bookings. Some December leisure weeks still need filling. FAA/government shutdown a potential risk but no impact to date.

Bill said they met with appropriations chair alongside peers to address 90% loss deduction issue. Bonus depreciation is significant positive changing 2025 tax from $100M liability to $100M refund.

Jonathan said ~$400M quarterly free cash flow supports both development and buybacks. Leverage well within 4.5x target. More cautious stance now due to development pipeline but room remains.

Jonathan said core marketing investment concentrated in next 6 months, then tethers. Got off to slightly slower start than planned, shifting out about a month.

Jonathan laid out full cap table: JPY428B equity at 43.5%, JPY530B credit facility. Contributions $600-700M/year over next 4 years. Bank facility kicks in 2028.

Gary Fritz provided comprehensive overview of $1B deployed, integration timeline, and medium-term $1B+ revenue target with healthy margins.

Jonathan confirmed no meaningful BI proceeds in Q4 but expects additional proceeds in 2025 per prior commentary.

Management acknowledged concentrated, volatile high-value play but argued luck evens out over time as they retain top patrons.

Grant confirmed satisfaction with marketing changes implemented over 6 months. Promotional intensity stabilizing in Q4 with hope to optimize into 2026.

Grant confirmed NBA was the largest event ever conducted with associated cost impact. Wage adjustments typically occur in March with some inflation for frontline staff.

Rob explained the game itself has changed with more side bet options carrying higher house advantage. Smart tables only measure what players bet; they don't influence behavior.

Rob confirmed LVS initiated side bet development a decade ago but bets are not proprietary. Competitors are copying them. Smart tables and side bets both moving into Macao.

Rob acknowledged difficulty forecasting but said $2.5 billion is realistic, with $600-650M+ quarters possible depending on economy. Described the result as unprecedented in gaming history.

Grant noted VIP was up 26% year-over-year with non-rolling also improving. The acceleration was driven by improved customer intensity and event calendar.

Rob candidly admitted base mass is much more difficult than historically and LVS was disadvantaged by the Londoner delay, but expressed confidence the reopening changes the dynamic.

Grant attributed higher OpEx to payroll increases and new hires for reopened assets, expecting positive operating leverage as revenue improves with full inventory.

Rob acknowledged uncertainty, admitting the timeline has been unclear for a long time. Did not provide a definitive answer on the budget omission implications.

Patrick provided detailed explanation that the margin drag is purely from carrying full expense base with 20% fewer rooms, expecting positive leverage as 2,405 keys come online by May.

Kelley probed sustainability of Wynn Palace mass hold and VIP/mass mix; management credited focus on the premium mass customer driving the market.

Kelley asked about UAE strategic pros/cons and date flexibility; management framed the country as able to manage geopolitical risk.

Unlike market, Wynn produced $900M+ Vegas EBITDA in 2025 with no trough. Record Q2, record August, record ADRs in Q2/Q3. So margin expansion from a trough isn't available. But feels good about 2026 based on Q1 results and forward visibility.

Gaming resorts have less seasonality than pure hotels since rooms filled with gaming customers smooth demand. Final opening date depends on situation resolution. Forging ahead daily, opening in 2027 confirmed.

Management attributed margin pressure to low VIP/mass hold and Gourmet Pavilion OpEx, not fundamental shift. VIP can be lumpy, not proclaiming market-wide shift. Reinvestment not unusually impacted. Short booking window creates daily competitive dynamics.

Triples Chairman's Club to nearly 100K sq ft. Includes gaming, boutique F&B, entertainment, cigar lounge, bar. Done in record time. Government approval confirmed during call. Will set new standard for premium gaming space in Macau.

Management saw nothing unusual on pricing, with recent bookings well above norm. Brian Gullbrants added 2026 group is pacing better than expected with rates extremely strong.

Management said high-end VIP sees no visitation impact; broader international is only 9% of room nights and easily backfilled. Decreased Canada/Mexico visitation doesn't impact them.

Management framed the London acquisition as part of building the Wynn Al Marjan ecosystem, noting the combined properties serve an area home to 2.5 billion people and 40% of world's millionaires.

Management acknowledged premium outperformed base mass during CNY and noted crosscurrents in the economy with modest stimulus, but emphasized their customer base skews premium.

Capuano framed owner health as foundational; Mason quantified the ITR incentive at up to 50bps of gross room revenue fee reimbursement, launching this week for the back half.

Tony highlighted broad-based strength across segments and chain scales, including select service inflection from negative to +3.5%. April trends continue strong.

Tony cited conversion-friendly brands, dedicated resources, organizational creativity, and 75% of conversions opening within 12 months. Leeny emphasized streamlining work over past 18 months to accelerate growth pace.

Tony highlighted Bonvoy's exponential growth since 2017 deals: membership doubled to 260M, card accounts and spend up 80%, system grown 50% to 9,700+ properties. Declined to give specific timing or economic parameters while in active negotiations.

Tony emphasized certainty value over specific provisions. Mid-scale pipeline doubled to 200 projects. Leeny noted potential for transaction market opening with more stability.

Tony highlighted record Q1 signings. Leeny noted pipeline fallout in Q1 was about half of typical quarterly average. Construction starts steady but owners watching costs.

Tony emphasized Marriott is woven into China's economy, Chinese-owned properties, domestic associates, domestic demand-driven. Not viewed as just an American company.

Tony described qualitative enthusiasm from associates and owners about streamlined decision-making and empowered continent teams.

Leeny explained elevated spending is temporary: Barbados renovations (~$100M) and tech transformation. Post-2025 run rate returns to $800-900M.

Nassetta gave a full history of owner margin pressure, then quantified the loyalty fee cut plus Project RISE at 75 to 100 basis points of owner margin.

Nassetta gave an extensive response citing deregulation, tax policy, AI investment, infrastructure spending, and nonresidential fixed investment as macro tailwinds driving mid-market demand convergence.

Nassetta gave extensive bullish macro thesis: inflation down, rates declining, deregulation, tax certainty, $700B tech AI spend, infrastructure/CHIPS investment. Seeing actual data improvement in midscale, midweek, and business transient in December and early 2026.

Nassetta outlined bullish multi-year thesis citing infrastructure spend, CHIPS Act, AI investment, easier comps, midterm elections, America's 250, and World Cup. On costs, emphasized AI-driven efficiencies and system fee reductions benefiting both Hilton and owners.

Nassetta gave extensive segment-by-segment breakdown; Q2 leisure strength from spring break/4th of July shifts, Q3 similar holiday distortion, Q4 expected to normalize with group leading and easier comps from strikes and election.

Nassetta said no real development impact yet; pipeline items largely in production. Owners taking a deep breath but not pulling back; conversions provide countercyclical buffer.

Nassetta gave expansive view on post-election optimism citing lighter regulation, tax policy confidence, and broad CEO consensus on improved growth.

Robins said the national marketing footprint makes spend more effective and they would invest above target if the fall environment justifies it.

Robins called market-making one of DraftKings' fastest-to-profitability lines and said it will operate across its own exchange and third-party platforms.

Robins argued predictions pricing is worse today, with more fees in the ecosystem, and promotions favor market makers rather than retail customers.

Robins said live-OSB states offer a TAM benchmark, called tech-stack ownership too early to judge, and downplayed literal first-mover urgency.

Robins acknowledged a modest April slowdown tied to sports seasonality but expected high-single to low-double-digit Q2 handle growth.

Robins attributed the Q4 softness to election distraction and one fewer NFL game, and pointed to reaccelerating handle in the new year.