Steve Pizzella

No change to marketing approach. Dubai tourism authorities are among most sophisticated marketers he's met, expects them activated quickly post-stabilization. Gaming proposition as only facility of that scale on that side of planet unchanged. Always planned heavy non-gaming marketing around opening.

Rate and occupancy managed together for EBITDA optimization. Brian confirmed rates holding as remodel starts next week. Running mid-80s occupancy. Expect ability to grab weekend rate particularly during group compression. 12-month project, 6 floors out.

One-to-one hosting infrastructure built starting a year ago with senior regional hires. General awareness among high-value players extremely high with unprompted inquiries. Digital database building and mass market communication underway.

Management said capital returns (dividends + buybacks) remain important. UAE land bank offers incremental CapEx opportunity but want to size market first. Likely combination of returns and reinvestment, depending on how market develops.

Management declined to comment on press speculation about UAE online gaming licenses. Deferred to Emirates and GCGRA regulator on timing and form of incremental gaming.

Brian Gullbrants confirmed Q4 and F1 pacing well with momentum continuing into 2026. F1 much improved over last year with early corporate bookings. Maintaining rates unlike competitors.

Julie Cameron-Doe noted depreciation and interest deductibility benefits but primarily in 2028 and beyond. Nothing immediate that would change CapEx approach.

Jacobs grounded the acceleration in under-construction visibility and reaffirmed 6% to 7% NUG for the foreseeable future.

Nassetta expects conversions to stay in the 30-40% range permanently given 12+ conversion-eligible brands versus just 1-2 historically. Absolute conversions stable even as new construction ramps.

Jacobs said quarterly cadence well balanced with World Cup in Q2-Q3 and government shutdown comp in Q4. Nassetta implied upside bias: 'not going go so far as to say I'd take the over versus the under, but I probably would.'

Nassetta explained fee reductions target system fees not royalties; genesis was helping owners through soft period and incentivizing product investment. Over 20% of U.S. system in renovation; approaching 60% of hotels qualifying for reductions.

Jacobs said 33% of Q2 deals were conversions (up 50%), expected 40% for full year. Key money disciplined at 8% of deals, consistent with long-term trends despite slightly more competitive environment.

Tony confirmed fee structures are standard for conversions. Highlighted large independent hotel supply in Europe as fertile ground. Conversion platforms across every quality tier enable aggressive growth trajectory.

Leeny highlighted vast unbranded hotel addressable market especially outside U.S. Key money usage hasn't changed dramatically year-over-year. 40% of pipeline in luxury/full service which commands more key money but higher fees.

Robins said Predictions investment will continue into 2027 assuming a consistent environment, expecting large back-half customer acquisition.

Management cited more participating teams, the US location, rising European football viewership, and no clean post-pandemic comp.

Ayesha highlighted steadiness continuing into Q1. Borgata high-limit table room investment paying dividends. Bill noted Borgata VIP investment came online in May, so first-half benefit ahead. Potential Sphere in Maryland could deliver couple million more customers annually to National Harbor.