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    Ben Chaiken • Mitsui

    Ben Chaiken's questions to Wynn Resorts Ltd (WYNN) leadership

    Ben Chaiken's questions to Wynn Resorts Ltd (WYNN) leadership • Q2 2025

    Question

    Ben Chaiken of Mizuho Financial Group, Inc. asked for specifics on the tactical plan to build the player pipeline for the Wynn Al Marjan Island opening, inquiring about the roles of social media, existing databases, and the London casino.

    Answer

    CEO Craig Billings outlined a multi-pronged strategy, emphasizing that the Wynn Mayfair casino in London is a key component for attracting regional visitors. He also mentioned that casino hosting teams are already in place, the company is building presence at high-net-worth events, nightlife partnerships are secured, and a pre-opening brand campaign will focus on the property as a luxury integrated resort.

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    Ben Chaiken's questions to Six Flags Entertainment Corp (FUN) leadership

    Ben Chaiken's questions to Six Flags Entertainment Corp (FUN) leadership • Q2 2025

    Question

    Ben Chaiken of Mizuho Financial Group questioned why the full-year cost savings target remains at -3% despite materially lower attendance and incremental park closures, suggesting costs should be lower. He also asked if the recent demand rebound provides confidence to push pricing in the second half of the year.

    Answer

    CFO Brian Witherow explained that while some costs were saved from Q2 closures, the company is adding operating days in the fall for Halloween events, which creates an offset. They are also balancing cuts with necessary reinvestment in underperforming parks. CEO Richard Zimmerman added that they are strategically taking price where demand is strong, such as for Halloween events and front-of-line access, while remaining mindful of the value-conscious consumer.

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    Ben Chaiken's questions to Hilton Grand Vacations Inc (HGV) leadership

    Ben Chaiken's questions to Hilton Grand Vacations Inc (HGV) leadership • Q2 2025

    Question

    Ben Chaiken of Mizuho Financial Group inquired about the higher mix of fee-for-service sales in Q2, its potential drag on EBITDA, and its long-term trajectory. He also asked about the demand drivers and cadence for Bluegreen owner upgrades to the HGV MAX program.

    Answer

    President & CFO Dan Mathewes explained that the higher fee-for-service mix was due to strong performance in deeded product locations and expects the full-year mix to land around 16% before declining in future years. CEO Mark Wang added that the upgrade curve for members is up 20% since the launch of MAX, with a great response from Bluegreen members, attributing the success to the program's strong value proposition and the power of the Hilton brand.

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    Ben Chaiken's questions to Hilton Grand Vacations Inc (HGV) leadership • Q2 2025

    Question

    Ben Chaiken of Mizuho Financial Group asked about the higher mix of fee-for-service sales in Q2, its potential drag on EBITDA, its long-term trajectory, and the demand drivers for Bluegreen owners upgrading to the HGV Max program.

    Answer

    President & CFO Dan Mathewes acknowledged the higher fee-for-service mix was due to strong performance in deeded product locations like Myrtle Beach, projecting it would normalize around 16% for the full year and decline long-term as the development pipeline is primarily owned inventory. CEO Mark Wang added that the HGV Max program has been very successful, with the owner upgrade curve up 20% since its launch and strong adoption from legacy Bluegreen members, reflecting a stable consumer environment.

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    Ben Chaiken's questions to Hilton Grand Vacations Inc (HGV) leadership • Q3 2024

    Question

    Ben Chaiken of Mitsui asked for an update on the sales force, specifically whether the desired leadership is in place, the ramp-up process for new hires, and whether the sales force's effectiveness improved from Q2 to Q3.

    Answer

    CEO Mark Wang confirmed that new regional sales leadership is in place and that the company is making significant progress on staffing, having hired 1,200 new reps since the prior quarter with a goal of being 95% staffed by year-end. He stated that the sales force did improve from Q2 to Q3 and expects execution to get progressively better as new team members are trained and integrated.

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    Ben Chaiken's questions to Churchill Downs Inc (CHDN) leadership

    Ben Chaiken's questions to Churchill Downs Inc (CHDN) leadership • Q2 2025

    Question

    Ben Chaiken of Mizuho Financial Group questioned whether the New Hampshire acquisition signals a broader M&A pipeline in the New England region or should be viewed as a one-off opportunity.

    Answer

    CEO William Carstanjen clarified that the immediate priority is executing the Salem project, which they view as the best opportunity in the region. While acknowledging that the state will see further development, which they will monitor, he emphasized that the company's current focus is on making the Salem investment a success.

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    Ben Chaiken's questions to Vail Resorts Inc (MTN) leadership

    Ben Chaiken's questions to Vail Resorts Inc (MTN) leadership • Q3 2025

    Question

    Ben Chaiken of Mizuho Securities asked about the strategy in Europe, specifically what asset 'tipping point' would be needed to create momentum for a regional pass. He also inquired if ancillary businesses like My Epic Gear and ski school remain top priorities.

    Answer

    CEO & Chair Rob Katz replied that the number of owned assets needed for a compelling European pass is an open question and the company will remain disciplined. He confirmed that ancillary businesses are 'absolutely' a top priority and a critical future revenue driver, supported by product innovation and improved marketing.

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    Ben Chaiken's questions to Draftkings Inc (DKNG) leadership

    Ben Chaiken's questions to Draftkings Inc (DKNG) leadership • Q4 2024

    Question

    Ben Chaiken of Mizuho asked if DraftKings envisions accepting cryptocurrency as a payment form and whether external marketing spend is increasing in 2025, particularly for Jackpocket.

    Answer

    CEO Jason Robins responded that while the company is looking at cryptocurrency, its adoption is primarily a regulatory question, as few states currently permit it. He confirmed a slight increase in 2025 marketing spend, clarifying that the increase is allocated almost entirely to Jackpocket to capitalize on large jackpot opportunities, while core OSB and iGaming spend remains steady.

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    Ben Chaiken's questions to United Parks & Resorts Inc (PRKS) leadership

    Ben Chaiken's questions to United Parks & Resorts Inc (PRKS) leadership • Q3 2024

    Question

    On behalf of Ben Chaiken from Mizuho Securities Co., Ltd., an associate asked about any abnormal cash costs during the quarter and the reasons for the lower-than-expected conversion of EBITDA to cash flow from operations.

    Answer

    CEO Marc Swanson noted some labor cost pressures but stated overall cost growth was minimal at about 2%, with learnings being applied to future quarters. Interim CFO James Forrester added that there were no unusual working capital items or other concerns impacting the cash flow conversion.

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