Trey Bowers

Wells Fargo (Zach for Trey Bowers) asked whether the Macau gaming product needs more investment; management said no incremental infrastructure is needed to grow.

Wells Fargo asked for Las Vegas OpEx-per-day color for the back half; management reiterated a $4.4 million to $4.7 million per-day range for the rest of the year.

Not TAM dependent given 99% occupancy, easy underwrite. It's an incremental tower addition, not full resort. Uses small east-side parcel. Larger land bank parcels remain available. Never stopped believing in Macau market.

New CFO Craig Fullalove took this question. No substantive change in promotional environment. Disciplined reinvestment approach continues with precision down to the decimal point. Numbers show multi-quarter discipline.

Rooms expected on sale late Q3/early Q4 2026. Base case not dependent on incremental room capacity in market, outperformance case would require it. Adjacent hotel construction happening. Strong transportation program as short-run mitigation.

Corrected misreporting: not building hotels on balance sheet. Contemplating land lease on 16-acre parcel adjacent to Encore. MOU with City of Everett. Part of broader neighborhood vision including potential rail stop and MLS stadium.

Josh declined Q1 2027 yield guidance, noting only that Q1 has a different profile with more color coming in December.

Josh said capacity is fixed for about five years; future growth stays within the 1 to 2 ships-a-year construct and any deviation would be shared.

Management directly explained the Q4 optics are a loyalty-accounting normalization, not a softer trend.

Weinstein confirmed Caribbean and Alaska stronger, though cautioned it's early days. European bookings well-positioned but pace slightly softer in Eastern Mediterranean.

Bernstein said they constantly evaluate hedging but haven't changed their approach. Weinstein joked he lost a bet on how long before someone asked about hedging.

Patrick said the CapEx increase reflects a portfolio-wide review to deploy capital in the highest-return projects for cash flow growth.

Grant confirmed optimization of promotional spend while maintaining market share gains, aided by leveraging product advantage especially at Londoner Grand.

Rob said MBS defies traditional seasonality, performance is driven by the building itself and customer quality rather than calendar patterns.

Grant said promotional intensity remains high but is stabilizing at current levels in Q4. The company hopes to find optimization headroom in 2026.

Management declined specifics, saying interim marketing rolls out within two weeks and island impact is too early to size.

CFO said marketing spend ran roughly 2x competitors on a per-bed basis; the cuts target effectiveness, not the people investment in marketing and revenue management.

Chidze gave a standard board renewal response without committing to Elliott's specific nominees.

Chidze rejected near-term brand sales, citing execution improvement as the best value creation path.

Robins credited Lightning Link and Flex Spins for stabilizing iGaming share and strong acquisition, expecting momentum over the next several months.

Robins guided typical core seasonality with Predictions spend concentrated in the back half; advocacy spend was a super PAC, not Predictions.

Robins explained handle, hold and promo interact, and that this interaction was part of the 2025 guidance miss the team has since gotten smarter about.

Jacobs pointed to a prior-year one-time item without sizing it, then said full-year franchise and license fees are algorithm or better.

Nassetta characterized the Middle East impact as timing, not permanent loss. Saudi Arabia nearly unaffected while UAE, Kuwait, and Qatar more disrupted. Expects delays of a quarter or two.

Nassetta emphatically positioned Hilton as organic growth story; gone from 8 to 26 brands and tripled system size in 18 years without M&A. Not working on anything real; prefers organic growth plus buybacks as serial compounder strategy.