Steve Wieczynski

Josh declined to comment on the 2027 starting yield-cost spread, saying only that it would fit the PROPEL algorithm.

Josh defended the PROPEL trajectory citing nearly 3% normalized yields amid a major geopolitical crisis and cost/consumption levers, while flagging fuel uncertainty.

Management confirmed the cut was concentrated in Europe and walked through the unexpectedly prolonged conflict.

Weinstein reported no significant cancellation changes. Eastern Med affected more than Western Med or Northern Europe. Caribbean and Alaska volumes stronger. Overall well-booked with headroom.

Weinstein confirmed PROPEL absorbs fuel variability over time, citing $650 million in annual consumption savings since 2019, exceeding the $500 million fuel spike.

Bernstein expected Q2-Q4 costs below full-year rate, with higher yield growth in the back half due to easier comps.

Weinstein confirmed Caribbean yields will be supportive but declined to isolate Caribbean pricing versus the overall 2.5% yield guidance.

Weinstein listed multiple tailwinds: full-year Celebration Key, half-year Relax Away, OBR strength, no capacity growth, diversified portfolio strength, and loyalty program cash flow.

Weinstein confirmed positive outlook for 2026 and noted 2027 bookings were at an unprecedented record level for a thirteen-week window.

Weinstein acknowledged the back-half upside potential is not at the same level as December expectations due to macro turbulence, but not saying there is no upside.

Weinstein described a booking dip in April followed by sequential improvement in May and early June.

Weinstein reported no concerning differences by brand in 2026 bookings, with record book position at higher prices.

Weinstein confirmed upside potential if close-in demand and onboard spending trends continue.

Weinstein confirmed new long-term targets will follow once SeaChange is met, and expressed preference for continuing the target-setting approach.

Weinstein noted the 4.2% yield guidance is driven by price, with a little occupancy. Declined to promise outperformance but acknowledged the team's ambition.

Management said the competitive reinvestment environment is unchanged and pressure should ease as the market grows.

Patrick said the $700M target assumes current competitive conditions, not a promotional pullback. It requires continued investment, right marketing programs, and some market growth.

Patrick cautioned about seasonal softness in Q2 but said directionally they're in a solid place with continued growth from marketing and asset utilization improvements.

Grant observed base mass spend per head declining since COVID with no recovery in lower-value segments. He deferred to analysts to speculate on macro drivers.

Patrick framed Macao as a low-30s margin business given current mix. Base mass recovery would lift margins; overweighting to VIP rolling would tighten them.

Rob was blunt that room ADR is irrelevant, selling a room for $2,000 is a failure. The goal is to comp rooms to high-value gaming customers who drive $3B+ top line.

Patrick attributed margin decline to a mix of reinvestment strategy and higher costs. Revenue growth through volume leverage is the path to improved margins.

Patrick said formal model adjustments haven't been made given IR2 is years from opening, but the quarter validates the quality of the market and long-term investment thesis.

Patrick described Singapore's government-driven high-value tourism strategy as a structural tailwind that LVS has invested alongside for 15 years.

Rob firmly rejected the concern, citing LVS's 20-year relationship with Beijing, Sheldon's legacy, and the distinction between Macao SAR and Mainland China.

Patrick declined to quantify the impact but acknowledged a noticeable effect, pivoting to optimism about 2025 positioning with all assets back in inventory.

Patrick acknowledged persistent intense competition but emphasized LVS discipline and focus on long-term asset-driven strategy rather than short-term promotional battles.

Wieczynski pressed for quantification of Las Vegas July hold; management declined, saying it won't get further into Q3 than already disclosed.

Wieczynski asked whether the $600 million budget increase changed UAE underwriting; management said returns stay healthy and the investment thesis is unchanged.

Holiday was good. Drop up year-over-year. Emphasized Wynn not levered to mass visitation, it's about who, not how many. Felt good about the holiday period.

No cannibalization. Table allocation managed weekly. Beyond peak events, plenty of table capacity at Wynn Palace, especially with expanded Chairman's Club. Wynn Macau serves different purpose.

Booking pace good for CNY. Chairman's Club opening will delight best customers. Acknowledged capacity constraints on base mass side during peak periods but does not affect highest-value segment.

Management put normalized Q4 Macau margins at approximately 30%, below the analyst's estimate of 31.5%. Reflects structural cost increases from Gourmet Pavilion and cost of living.

Management acknowledged unusual Golden Week cadence (heavier volumes toward tail end and after holiday). Causation was all-of-the-above. One event not yet a trend. Will think more flexibly about hosting/booking strategy for CNY and May Golden Week.

Management firmly denied promotional pressure in Boston. Two macro trends: growing database in concentric circles and labor costs working against each other. Business remains very stable with margin bouncing based on hold and volumes.

Management noted projections assumed multiple competitors; being sole operator introduces conservatism. Market GGR estimates range to $8B (vs their $3-5B). Strong regional receptivity to project.

Management declined OpEx per day guidance but noted day-to-day cost management and potential lumpiness from non-gaming programming, while emphasizing strong overall cost discipline.

Management said they can pursue buybacks and development simultaneously given liquidity position, noting new project capital spend is years away while buyback opportunity exists now.

Management said Q4 load factors are down 200-300 bps by balancing yield, and confirmed 2028 as the first normalized year.

CFO quantified ~1.5 points of the range as load reduction but framed the width as reflecting teams still being built out.

Chidze acknowledged timing was premature and lacked a cohesive cross-functional plan, but expressed long-term confidence in the Caribbean strategy.

Kempa explained Europe and Alaska are also pressured beyond Caribbean, with Europe facing open-jaw itinerary issues and Alaska seeing mid-single-digit industry capacity increases.

Kempa reiterated confidence in CTC targets without explicitly confirming upside, noting it's early with more Caribbean bookings being closer-in.

Management detailed a modest European deployment reduction with shorter itineraries for 2026, noting the company is at optimal booked position for 2026 Europe specifically.

Sommer clarified all three brands showed similar patterns with Europe softness, and the Oceania promotion was routine marketing packaging, not incremental discounting.

Sommer specified 2-3 weeks of choppiness in April with recovery starting, and emphasized maintaining 4.5-4.7% price increases YoY as a deliberate strategy.

Sommer declined to signal upside, reiterating confidence in the 3.5% guide as achievable.

Management said ships can reach 35+ years and no retirements are imminent, though January debt restructuring now enables vessel disposals.

Jason confirmed Europe headwinds prevented a back-half yield raise and said differentiated ships and destinations insulate Caribbean pricing from competitor promotions.

Jason confirmed Q4 yield strength driven by strong book position at strong rates, easier comps, and minimal Mediterranean exposure in Q4. Acknowledged Q2/Q3 moderation but expressed confidence in underlying demand.

Jason pushed back on Caribbean oversupply concerns, reporting strong demand across all three brands with pricing higher than last year. Confirmed 2.5% midpoint yield fits within 2-4% moderate growth framework. Noted Caribbean total revenue growing double digits in 2026. China redeployments created minor yield headwind.

Jason confirmed the formula framework for 2026 with moderate yield, anemic cost growth, and sizable EPS growth. Noted below-the-line noise from fuel compliance costs, global minimum tax, and destination depreciation. Emphasized strong balance sheet enabling opportunistic buybacks.

Jason confirmed continued close-in patterns would mean better H2 results but couldn't quantify. Emphasized 30%+ YoY earnings growth as testament to finding opportunities.

Jason pointed to 2028 as a significant step-up in earnings power from Perfect Day Mexico, Beach Clubs, river expansion from 2 to 4 ships, plus uncontemplated buybacks.

Jason emphasized price integrity as the leading principle, with promotional tools as secondary. 2026 book position in line with last year on a percent basis at higher prices.

Jason noted the guide is conservative by not flowing Q1 outperformance into H2, and that at 86% booked for the year they have good visibility with normal cancellation rates.

Jason confirmed orders and berthing rights are already in place. Silversea river expansion will follow after Celebrity establishes the engine.

Jason confirmed $0.65 headwind math implies north of $15 underlying, no buybacks in guide, and highlighted strong cost performance as a positive surprise.

Hornbuckle quantified it: half the package participants are new to MGM against a market running under 15% first-time visitors, which he called startling and promising.

Feng reframed away from reinvestment to a product, service and events package, and reaffirmed the mid-twenties to high-twenties margin band, but did not quantify promotional spend.

Bill reiterated growth expectation by year-end but tempered modestly given macro uncertainty. Midweek value customer (Luxor/Excalibur) still challenging but represents only 6% of EBITDA. Weekend performance fine across portfolio.

Bill confirmed active involvement with Gary Fritz on LVCVA board. Have 4 million sq ft of own convention space. Google and Cisco coming for summer. Yes, there are other groups like CON/AGG globally to pursue. Some conventions are politically tied to current host cities, making poaching complex.

Jonathan said remaining 7 regional properties are market leaders. Bill added 5 of 7 dominate 25-47% of their markets. Important as BetMGM omnichannel locations. New York long-term TBD given recent withdrawal. No immediate appetite to sell more.

Corey said luxury booking patterns unchanged from historical norms. Core and legacy properties booking differently with some demand shifting from under-30-day window to further out.

Bill said not cutting resort fees or panicking. Luxury pricing maintained. Value properties need work. Occupancy down 3-4 points but preserving ADR. Leaning into casino database driving slot win growth.