Stephen Grambling

Hornbuckle said the JV is in good shape and nothing is contemplated, but did not address the specific question about a ROFR or other legal constraints on restructuring.

Bill noted increasing adoption of side bets with higher house advantage. Kenny said side bets only got popular post-pandemic. Rolling out more this week following ICG approval. Too early to adjust theoretical mass hold given short history and premium mass volatility.

Jonathan said dispositions are strategically guided, not valuation-driven. Mirage, Gold Strike, and Northfield all sold for strategic reasons. Valuations just highlight disconnect with enterprise value. Not triggering further sales.

Jonathan said share buybacks always in capital allocation mix given free cash flow from operations, China distributions, and BetMGM. Bill clarified MGM China has about 22% float requirement that exchange is pushing to increase, so parent-level buyback is preferred path to capture China discount.

Bill confirmed no organizational changes or bylaws needed to pursue BetMGM unlock. Great relationship with Entain partner.

Bill identified BetMGM unlock as primary near-term value creation lever, constantly discussing with Entain. Enjoys Macau position with 56.7% ownership. Jonathan added dividend streams from China and BetMGM plus better cost structure in Vegas as additional unlocks.

Bill feels much better about F1 2025. Repriced with 65%+ tickets sold. Two race events this year plus special Fountain programming. $1M Fountain Club sale just yesterday.

Jonathan said normal refinement, no projects stopped. Aria room renovation to begin late Q2/early Q3 2026. Bill noted OPERA Cloud migration delayed 2 months for caution but now progressing.

Jonathan highlighted arbitrage between past asset sales (11-15x) and current buyback at implied 3.3x. Bill noted Northfield Park and Springfield dispositions are ongoing discussions.

Bill described rewards ecosystem driving cross-channel engagement in Detroit and capital area. Jonathan confirmed trips and spend up significantly from omnichannel customers.

Kenny Feng confirmed strong CNY with traffic up 18% YoY, higher gaming volume, maintained mid-teens market share, and notably longer tail of activity.

Bill explained culinary agreement step-ups declining from ~12% to ~6% to now 4% range. FTEs flat while maintaining service levels.

Grambling asked about the World Cup net impact and Encore renovation drag; management cited solid July drop and RevPAR growth and pegged the drag at $2 million to $4 million per quarter into 1H next year.

Grambling asked whether the Chairman's Club drives new customers or more existing play; management said it is designed to do both and to increase dwell time.

Two initiatives: Gourmet Pavilion driving incremental foot traffic and retention; Chairman's Club showing early signs of keeping customers around longer with positive hold implications. Enclave will push new customers through both existing facilities.

Timing unchanged. Commencing shortly, done in pockets over remainder of 2026 and into very early 2027, working around peak occupancy points.

Management hasn't seen material notable uptick in promotional activity. Has clear view of how much GGR share needed to justify reinvestment. Views margin as outcome of driving revenues, reinvesting profitably, managing costs, not a target.

Management has not quantified Encore remodel impact; will attempt to offset with rate. Some CapEx is maintenance (Encore rooms), but F&B changes are absolutely ROI-driven with incremental covers and check average growth.

Management noted large influx of new customers post-reopening, lots of high-quality premium mass play. Mix has been consistent since reopening with no sea change in who's showing up.

Julie confirmed not timing-related; it's ongoing diligent management with flexible staffing. Corporate expense had some 20th anniversary event timing. Craig firmly noted this is real operational excellence.

Management firmly defended conglomerate structure citing cross-property play, global marketing efficiencies, capital structure advantages, and development redeployment capability.

Management noted RFAs to be submitted by end of June with licenses awarded end of 2025/early 2026. Raised concerns about online gaming impact, tariffs on build costs, and complicated local politics.

Management firmly rejected asset-light/OpCo-PropCo structures, framing them as financing transactions rather than value creation, and reiterated buyback commitment until Al Marjan value crystallizes.

Management described hundreds of small cost efficiencies that don't impact guest experience, noting 2025 has much more modest union cost increases. Tariff impact limited to F&B procurement.

Management clarified reinvestment was flat sequentially after adjusting for hold and mix, with no change in competitive dynamics.

Grant outlined Venetian renovation: standard suites returning Q3 2026, high-end suites and villas by end of 2027/early 2028. Lodoner Grand results validate the investment thesis.

Patrick confirmed capacity constraints at the high end, went from 132 to 770 suites but need more. IR2 will add suites, entertainment, ballrooms, and culinary to multiply the offering.

Patrick described plans to add better room product, amenities, and service across the portfolio as part of an ongoing Macao investment cycle.

Patrick said SCL dividend increases are the goal as cash flows grow. At the LVS level, aggressive buybacks will continue alongside the dividend given cash flow flexibility.

Grant attributed VIP growth to concentration of super high-end players, increased market liquidity, and LVS entering the junket market this quarter.

Patrick confirmed SCL ownership is near the 75% ceiling so further purchases are limited. Dividend increases at SCL and continued LVS buybacks are the capital return focus.

Patrick confirmed intention to grow SCL dividend as Londoner CapEx rolls off, with payout levels based on forward cash flow expectations.

Grant described the reinvestment pivot starting late April with encouraging early results. Patrick added they are not where they want to be and have work to do.

Grant outlined a 6-12 month ramp plan for Londoner while maintaining growth at Venetian, Parisian, Four Seasons, and Sands across all segments.

Patrick expressed strong long-term conviction in Macao investment. Grant noted major structural work on Londoner is complete, with regular renovations continuing.

Capuano quantified the co-brand ramp: $30M incremental in 2026, building to $100-125M by full-year 2028 at the current 26% royalty rate.

Tony clarified the increase was almost entirely Lefay wellness brand acquisition. Jen indicated 2027 investment categories should remain similar in size and scope.

Tony described Google partnership for AI-mode property search with natural language and comparison. OpenAI is early ad pilot. Emphasized collaborating with biggest AI companies to shape evolving distribution landscape.

Leeny cited conversions as key driver. Marriott has 29% of U.S. new-build signings and 28% under construction. Saw pickup in Q3 construction starts but still meaningfully below 2019. Need more financing improvement for dramatic pickup.

Tony outlined CRS/PMS rollout starting in H2 2025 at select service. AI incubator working on concierge, customer engagement centers, and Homes & Villas. Leeny noted heaviest tech spend in 2024-2026, ~$100M above normal.

Leeny noted continued strong travel prioritization in card spend. Lower-tier leisure showing some weaker demand but nothing super obvious in credit card data.

Tony noted average key money per deal declined in 2024 despite growing system. Leeny highlighted fees per key growing from RevPAR growth, international mix, and non-RevPAR fees.

Leeny confirmed the Investor Day framework remains intact with midpoint guidance of 7.5-8% rooms+RevPAR growth. Tax rate updated to ~26% from earlier estimate.

Robins said non-OSB states draw similar customers, while OSB-state predictions volume is largely professional syndicates, so predictions is incremental.

Robins credited a stable competitive environment, data-driven optimization, rising hold rates and parlay mix for promo efficiency gains.

Robins said both penetration and monetization matter; parlay mix (up 300bps in January) and AI-optimized promo are multi-year levers.

Robins said concentrated events (NFL weekends, Super Bowl) drive swings, but risk management keeps negative outcomes near 5% of revenue.

Robins flagged renegotiating older partner rates, optimizing payments and AI/AWS efficiency as multi-year COGS-stack upside.

Robins said promo as a percent of GGR keeps declining as new-user mix shrinks, though it could flatten as a percent of hold.

Robins deferred the detailed modeling to IR but confirmed a meaningful decline in promotional intensity is expected.

Nassetta confirmed Select brand fees are consistent with standard franchise economics on a per-room basis. Emphasized high turndown ratio and quality-first filter for brand admissions.

Nassetta said key money at 9% of deals, 85-90% in upper upscale and above. Conversions expected 30-40% range going forward, permanently above historical mid-to-upper 20s. Jacobs added financing environment improving, supporting both conversions and ground-up.

Nassetta outlined three AI buckets: process efficiency, go-to-market/distribution, and customer experience. Emphasized 41 active use cases, cloud-based tech stack (90% in cloud), and fulfillment control as strategic advantage in AI-driven distribution landscape.

Nassetta attributed China RevPAR softness to government austerity campaign; expects short-lived. Development metrics all up YoY in China, signings, starts, openings, driven by hotel undersupply and real estate reformatting.

Nassetta emphasized model resilience: 70%+ EBITDA margin, low leverage, no near-term maturities, and battle-tested team that gained 1000+ bps of margin through COVID.

Nassetta acknowledged development friction but noted improving optimism on M&A and new builds as costs stabilize, rates expected to decline, and capital availability improves.