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CEO Mark Hoplamazian confirmed that further asset sales could create opportunities for increased shareholder returns next year. Regarding China, he described the environment as one of "caution and conservatism" due to policy impacts and trade friction, noting that total fees from China represent roughly 7% of Hyatt's total fee base.

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Mark Hoplamazian, President and CEO, stated that Hyatt expects to be in a position to sign an agreement for asset sales in the near future but could not provide a more specific timeline. He clarified that the 2027 reference was for a broader $2 billion asset sell-down commitment, not exclusively Playa assets, and highlighted Hyatt's history of exceeding its disposition targets.

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President and CEO Mark Hoplamazian detailed that the 2025 net rooms growth outlook is significantly improved, with 40% of the annual target already opened in the first six weeks. He cited a higher number of pipeline openings due to prior year delays, strong conversion activity, and a front-loaded opening schedule. He also noted the outlook conservatively accounts for potential attrition from the Lindner Group's insolvency.

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CFO Joan Bottarini explained that while Q3 was impacted by hurricanes, the leisure booking pace has accelerated, supporting a stronger Q4 outlook for the distribution business. President and CEO Mark Hoplamazian characterized the high attrition in 2024 as a temporary 'blip' resulting from specific properties not meeting brand standards and does not expect that elevated level to continue.

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CFO Felicia Hendrix clarified that cash taxes are projected to be lower by $50 million in each of 2026 and 2027. CEO Jay Snowden identified the largest iGaming opportunity as converting land-based Penn Play loyalty members, particularly slot players, to the Hollywood iCasino app. CTO Aaron LaBerge added that the 'Spin It' free-to-play game has also been a successful funnel for acquiring new cash players.

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CEO Jay Snowden confirmed they will 'continue to lean in and push on iGaming' as long as they see attractive customer acquisition costs and strong retention. Regarding financing, CFO Felicia Kantor Hendrix explained that while a term loan appears more attractive than escalating rent, they value the optionality provided by their partner GLPI and will make a final decision later. Snowden added that they expect to have flexible financing options for future projects due to their healthy landlord relationships and balance sheet capacity.

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Co-Founder & CEO Jason Robins confirmed that external marketing was basically flat year-over-year ex-Jackpocket. He expects the Missouri launch to look similar to past launches like Ohio and Massachusetts, but potentially with a more accelerated curve due to its timing in the middle of the NFL season. He anticipates 'fantastic' CACs because all major sports besides baseball will be active.

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Co-Founder & CEO Jason Robins confirmed that external marketing was essentially flat year-over-year, excluding Jackpocket. For the Missouri launch, he expects a trajectory similar to Ohio or Massachusetts but with a potentially more accelerated curve due to its timing during the NFL season, which should lead to 'fantastic' CACs.

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CEO Jason Robins explained that any potential for increased spending due to softer ad prices is offset by the reduction from Jackpocket's Texas exit, resulting in a net wash and keeping the marketing budget on track. He expects the Jackpocket integration to be completed in the second half of the year and noted that the asset is now expected to be around breakeven for the year due to the Texas shutdown.

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CEO Jason Robins explained that due to its unpredictability, they approach customer acquisition cautiously in forecasts. He also noted that the full-year inclusion of Jackpocket and potential for large lottery jackpots are factored into the 2025 marketing budget. Robins confirmed that the analyst's estimate of a 500 basis point negative hold impact in October was 'about right.'

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CEO John Geller confirmed a sequential improvement in contract sales, with June up 3% and July slightly higher, but noted Maui sales were flat year-over-year with some lingering operational headwinds. CFO Jason Marino explained the loan loss provision guidance was raised by 50 basis points to 12.5% for the year, reflecting Q2 factors including minor defaults in Asia, despite overall delinquencies being at a two-year low.

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John Geller, President and CEO, explained the rental headwind consists of a ~$10 million non-repeating benefit from 2024 and a mix shift to lower ADR markets in 2025. He also confirmed headwinds from higher variable compensation (~$15-20 million) and a project spending shift (~$8-10 million). Jason Marino, EVP and CFO, added that the loan loss provision will be a slight headwind in Q1 but a net tailwind for the full year 2025.

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CEO John Geller and CFO Jason Marino confirmed no other significant lumpy items are expected to impact Q4. Regarding marketing costs, John Geller explained that the higher sales reserve provision (a deduction from revenue) mathematically increases the S&M expense as a percentage of revenue. He stated that future improvements will come from more efficient marketing and higher VPGs.

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CEO John Geller confirmed contract sales were down about 4% in March and similarly in April, but noted positive VPG growth for first-time buyers in April. Geller and CFO Jason Marino explained that the EBITDA guidance is supported by accelerated cost savings from their modernization initiative, now expected at $35 million for the year, up from $15-$25 million, plus additional savings from a more favorable inventory product cost mix.

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Scott Kreeger, President, and Frank Fertitta, Chairman & CEO, explained the renovations are strategic repositionings. Sunset Station aims to become the 'Red Rock of the East Side' to serve growing communities, while Green Valley Ranch is being elevated to a luxury property. Stephen Cootey, EVP, CFO & Treasurer, noted the 2026 tax benefit from depreciation will depend on future capital plans but will be a positive factor.

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Executive Stephen Cootey highlighted the Sunset Station renovation and the Durango high-limit slot room as compelling return projects. Executive Scott Kreeger added that the Green Valley Ranch room remodel should have an immediate positive impact on room pricing. Cootey clarified the $110.5 million North Fork repayment covered nearly all accrued interest, leaving a ~$69.6 million principal balance now accruing at a high rate.

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Executive Stephen Cootey confirmed the note's value is approximately $156 million as of year-end. He indicated that with project financing expected to close in the current quarter, there is a possibility some of the note could be repaid this year, earlier than the original 2028 expectation.

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Michael Bayley, President and CEO of Royal Caribbean International, estimated that with roughly 3 million guests visiting Nassau in 2026 and a beach club capacity of around 1 million, the attach rate would be about 33%, suggesting demand may exceed supply. President & CEO Jason Liberty confirmed the Perfect Day Mexico footprint is comparable in acreage to Magic Kingdom, emphasizing the scale of the project which will cater to fewer guests to ensure a 'perfect day' experience. CFO Naftali Holtz confirmed that operating costs for the recently acquired Costa Maya port, as well as ramp-up costs for the Paradise Island beach club, are included in the Q3 cost guidance.

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Michael Bayley, President and CEO of the Royal Caribbean brand, stated that pricing details for the Royal Beach Club in Nassau will be announced at an upcoming event. CFO Naftali Holtz clarified that the Q3 yield headwind is due to the timing of new ship deliveries; specifically, Star of the Seas enters service very late in August, resulting in fewer available passenger cruise days (APCDs) and a less impactful load factor ramp-up within that quarter.

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Michael Bayley, President and CEO of the Royal Caribbean brand, stated the all-inclusive Nassau product will go on sale in April and is expected to host about 1 million guests in its first full year. He noted that while smaller than CocoCay, it will be a very efficient and profitable operation. CFO Naftali Holtz confirmed that ramp-up costs are factored into the late 2025 guidance.

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CEO Jason Liberty clarified that Texas, not the entire Gulf Coast, has a similar population to Florida but half the cruise penetration. Royal Caribbean International CEO Michael Bayley added that Perfect Day Mexico will enable more short cruises from Texas, a key growth driver. He also explained that unlike CocoCay's mixed model, the Royal Beach Club on Paradise Island will be an exclusive, 'all-for-pay' experience, requiring a ticket for entry.

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CEO Keith Smith said they could not yet quantify the tax benefit but noted it's a positive, adding that seniors (65+) make up about 40% of their customer base and over-index on spend. He explained that Q2 share repurchases were limited by a blackout period related to the FanDuel transaction.

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President and CEO Keith Smith said the most surprising aspect of Treasure Chest was the overwhelming customer demand, which reinforces that older riverboats are no longer competitive. He explained that moving on Par-A-Dice is not immediate because the company is committed to a disciplined capital pipeline to manage spending, and the design and bidding process for such a project takes time.

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Executives Josh Hirsberg and Keith Smith acknowledged a potential benefit from the tax policy but confirmed they had not conducted a formal analysis. Regarding iGaming, Keith Smith reiterated that the strategy is to serve existing customers in their core markets, not to become a national B2C leader. He described it as a modest investment that is performing well, with no plans for significant acquisitions to expand it.

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CEO Josh Weinstein confirmed that Celebration Key is already seeing a pricing premium in line with expectations, supported by a dedicated marketing spend that will continue to be leveraged for other destination projects. He clarified that the new loyalty program is not a push for more direct bookings and that travel agent partners will see the same benefits, viewing it as a tool to increase business and engagement through all channels.

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CEO Josh Weinstein confirmed that Celebration Key is already achieving a pricing premium in line with their initial expectations. He noted that marketing dollars have been actively shifted to promote the destination. Weinstein clarified that the new loyalty program is not a strategy to push for more direct bookings, stating it is designed to benefit guests and travel agent partners alike, fostering broader engagement across all booking channels.

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CEO Josh Weinstein confirmed that a successful wave season and strong Q1 yields set a positive tone for the year. CFO David Bernstein explained the full-year guidance improvement was driven by the Q1 yield outperformance of $98 million and interest expense savings of $100 million. Josh Weinstein added that the Q1 cost beat was mostly due to timing, with permanent savings being offset by the lower ALBDs from unplanned dry docks.

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CEO Josh Weinstein confirmed that customer awareness for Celebration Key is still in the process of ramping up, though early booking response has been positive. He elaborated that the 'enhanced destination strategy' is a broad, multi-year effort to make the company's private destinations a primary reason for booking a cruise. This includes rebranding Half Moon Cay to 'RelaxAway' to market its unique 'idyllic' experience, complementing the 'fun' offered at Celebration Key.

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CFO David Bernstein explained that the savings were not from active cost removal but from "hundreds of small items across the board," including crew travel, port savings, and sourcing efficiencies, which accounted for about half of the $100 million benefit. CEO Josh Weinstein commented on portfolio strategy, stating that while he would "never say never," the P&O Australia decision was unique and the company feels good about its current brand portfolio entering 2025.

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CEO Richard Zimmerman clarified the 3% reduction applies to operating expenses and SG&A, excluding COGS, and is an all-in, inflation-inclusive number. He noted the incremental $60 million in savings for 2026 comes from the ongoing corporate reorganization and initiatives dependent on tech stack harmonization. Regarding the land sale, he confirmed the company is working closely with local jurisdictions on entitlements to maximize value while ensuring an efficient timeline.

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CFO Brian Witherow confirmed the 20% October attendance lift was on an apples-to-apples basis. CEO Richard Zimmerman asserted that growth will not come from aggressive discounting but from improving guest satisfaction and capital investment, pointing to recent season pass strength. Brian Witherow used legacy Cedar Fair as a proxy, noting it is near 2019 attendance but with significantly higher EBITDA, suggesting a similar potential for the Six Flags assets.

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CEO Craig Billings declined to rank the three cohorts, emphasizing that each is 'incredibly important' and plays a distinct role in the resort's programming. He drew analogies for each segment to different aspects of the successful Las Vegas business model: non-lodging visitors, a locals market, and a fly-to destination market.

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CEO Craig Billings expressed confidence in having a 'very, very healthy lead' in the UAE, stating they don't see a second license being issued anytime soon. He detailed three key customer cohorts for Al Marjan: existing inbound tourists, affluent residents of Dubai and the UAE, and destination luxury travelers, including high-value gaming customers that Wynn is adept at attracting globally.

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CFO Daniel Mathewes clarified that of the unsecuritized receivables, about $200 million are 'scratch and dent' loans not immediately securitizable. He stated the plan is to term out the warehouse facility debt via the ABS market in the summer, with the vast majority of the remaining notes being securitizable over time. A portion will be retained for operational needs like replacements in existing deals.

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CEO Harry Sommer confirmed that the Great Stirrup Cay investments meet the company's ROI thresholds and will be marketed more aggressively to drive both cruise pricing and on-island revenue, with guest visits expected to more than double. Regarding the 2026 deployment, he stated the shift is expected to be a net yield tailwind and, importantly, a significant cost tailwind due to more efficient logistics compared to exotic itineraries.

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CEO Harry Sommer explained that cost-saving efforts are consistent with the Investor Day framework, focusing on processes that are invisible to or not valued by guests, across both shipboard and shoreside operations, to avoid impacting the product. Regarding dry docks, management indicated they would follow up post-call with specific details on the annual distribution.

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CEO William C. Carstanjen stated that the core question is always where to deploy capital for the best shareholder return, and buybacks are one tool they have been using. While the pause on the project changes capital timing, he did not signal a major shift in strategy, noting the team is evaluating the market but does not yet see a 'sea change' that demands significantly different behavior. He indicated they will 'keep our powder dry' and deploy capital appropriately as conditions evolve.

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CEO William C. Carstanjen declined to provide specific monthly performance details but reiterated his confidence in the positive trajectory. He emphasized that the team is executing its standard playbook for new properties, which involves building the customer database and learning player behavior. He stated the trends are strong and that he looks forward to providing a fuller update next quarter.

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CEO William C. Carstanjen responded that while the current focus is on delivering on existing commitments, the company believes the Virginia model is a 'shining example' of a successful partnership. He expressed hope that by proving the model's value, the state will be a 'willing listener' to future discussions about expanding both racing and, consequently, the number of HRMs. He was careful not to make promises on matters outside the company's control.

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CEO Kirsten Lynch stated it was too early to quantify the impact of the Park City credit program but noted the cost is not material and is included in guidance. For My Epic Gear, Lynch reported strong guest feedback, high incrementality, and an expected 40,000-50,000 members in its first year. The company continues to view it as a transformational opportunity.

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CEO Kirsten Lynch stated the company is pleased with its mix of owned and partner lodging, which provides guests with diverse options. On M&A, she highlighted recent European acquisitions (Andermatt-Sedrun, Crans-Montana) as progress, noting that while the ski resort market is challenging to forecast, Vail remains focused on strategic opportunities in North America, Europe, and Asia, but couldn't predict if normalization would unlock more deals.

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CEO Kirsten Lynch confirmed that the primary driver of the new pass sales decline was the smaller audience of lift ticket guests, but also acknowledged a secondary impact from a lower-than-expected conversion rate. On evolving the pass, Lynch agreed that adding value beyond the ski season would benefit the company and noted they are always exploring new ideas, acknowledging that the passholder base has changed, leading to shifts in spring versus fall purchasing decisions.

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CEO Marc Swanson explained that the primary focus is on total revenue growth, which requires balancing pricing and attendance. He noted that continued investment in new attractions and park upgrades supports the long-term pricing strategy. CFO James Mikolaichik confirmed that the ~$50 million in 2025 cost savings is not dependent on revenue and is a continuation of a multi-year strategic program. He also affirmed that 2024 savings were approximately $50 million.

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President and COO Patrick Dumont described the MBS quarter as 'totally normal' and indicative of the business's strong performance, even against a tough prior-year comparison that included major events. CEO and President of Sands China Grant Chum addressed the Macao share question by explaining that the Londoner Grand ramp-up was very soft in Q1 as they lacked the full room complement, but they will be in 'full ramp-up mode' from April onward.

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