Steve Grambling

Can you elaborate on how this compares to a typical brand agreement? And what are some of the guardrails

love to get your latest thoughts on how overall development environment is changing both in terms of competition and then also the use of key money

how do you think about potentially partnering with some of these companies as another source of distribution

What development trends are you seeing there? And if we continue to see weakness in that market or other factors may be impacting development

if the market or economy does take a turn lower, where would you generally expect to see that deterioration first in this environment

Can you just remind us of some of the timing of some of the renovations and work that you're doing

is the comment about having being able to attract the highest end customer, meaning that you're hitting some kind of threshold where you just don't have enough space

how does this influence any strategy around renovations or reinvestment into other properties

Does this eventually shift back to dividends as we get through this reinvestment cycle

Would love any further color you could provide on kind of characterizing the strength that we've seen in VIP

just maybe a willingness to buyback some of the shares in Hong Kong as well. So I wonder if you any thoughts that you have there

What does that mean for capital allocation in that market? You used to have a pretty healthy dividend payout in that market

remind us of how you're thinking about turning the tide from a competitive standpoint and what KPIs or timing investors should maybe be thinking about

I'm curious if there's any thought process on some of the ones that maybe have lagged in terms of how you will reinvigorate growth there

does the initial read in what you're seeing there change the way you think about CapEx and allocating capital across the different properties

it looks like the investment spend ticked up a bit versus the prior guide

what these partnerships entail. Are these more about testing distribution channels, and are you providing access to inventory and data?

it looks like you had a sequential improvement in the under construction in particular, also grew pretty substantially year-over-year

where are we in the technology transformation project as it relates to timing and spend, and what are some of the major changes both owners and travelers can expect

I'm curious if you saw anything in the spend on the co-brand credit card that may suggest any kind of stocking up, more focus on goods or retail

I'd love to hear just how you think about the fee per room kind of trajectory that's embedded within the pipeline and any capital support

if you could zoom out to compare kind of the 2025 outlook versus then what perhaps surprised to the upside? What's been a bit more of a challenge?

does that make you reconsider monetizing other assets as a way to surface value?

Is there something structurally changing there as we think about either the player type or the bet types or even the technology being implemented

how should investors think about the right level of potentially parent-level buyback versus MGM China maybe buying back there where I think you mentioned you saw value?

what do you view as the primary levers or path that you could pursue to unlock value from here? And I know you referenced diversification, but is there also a path of simplification to consider?

Are there any organizational changes or bylaws to consider that need to be thought through as we think about the timing or path?

I saw in the deck that the overall CapEx moved a little bit lower for the year, which was maybe surprising in the context of some of the benefits from the Big Beautiful Bill

Anything that you're seeing at this point, looking out to Formula 1 relative to last year?

is there any way to think about the contribution from an omnichannel standpoint, the benefits that you're getting outside of just that MGM individually

are there other opportunities to create value either by monetizing assets or simplifying the story that you're thinking about

is there any color you could provide on how to think about the run rate wages and any other puts and takes on the expenses for Vegas in particular?

I just wondering if there's any color you could provide on Chinese New Year, how we started the year, just given all the noise from a tariff and otherwise

would love to hear any kind of response and impact that you're starting to see from some of the recent CapEx projects there, particularly the Chairman's Club.

Can you just remind us of the cadence there and if anything has changed in terms of the timing?

What are you seeing in terms of the competitive dynamics, particularly as the quarter progressed, given there's some chatter from some of your peers that there might be a little bit more promotions...

would love to hear any additional color you could give on how to think about the disruption impact in Las Vegas and also how to think about perhaps the return on some of these projects as we look b...

Curious if there was any timing of costs in there or other puts and takes to think about?

Is it skewed to specific submarkets within China versus Hong Kong? Is it new customers versus returning younger

how do you think about synergies from operating as one business across multiple properties globally

what's your latest thoughts and maybe any timing thoughts on New York as a development opportunity?

what are some of the mitigation factors that did put in place to offset some of the the wage inflation we've been seeing.