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Benjamin Nicolas Chaiken

Managing Director and Senior Equity Analyst at Mizuho Securities USA LLC

Benjamin Nicolas Chaiken is a Managing Director and Senior Equity Analyst at Mizuho Securities USA LLC, specializing in coverage of the services sector with a focus on leisure, gaming, and hospitality companies. He covers companies including Carnival Corporation, Churchill Downs, MGM Resorts, Hilton Worldwide, Hyatt Hotels, Marriott Vacations, Cedar Fair, Six Flags, Genius Sports, and PlayAGS, and he has maintained a track record with a 53% success rate and an average return of 7% per rating across nearly 400 recommendations. Chaiken began his analyst career in 2016, previously covering related sectors, before joining Mizuho where he has risen to a senior leadership position. He holds FINRA registrations including Series 7, 63, 86, and 87, reflecting deep credentials in equity research and financial analysis.

Benjamin Nicolas Chaiken's questions to Red Rock Resorts (RRR) leadership

Question · Q3 2025

Benjamin Nicolas Chaiken asked for guidance on Red Rock Resorts' free cash flow conversion (EBITDA to FCF) for 2026, considering the projected capital outlays. He also sought additional color on Q4 seasonality and any other notable factors beyond the $8 million construction disruption.

Answer

Stephen Cootey (EVP, CFO, and Treasurer, Red Rock Resorts Inc) stated that 2026 planning is ongoing but noted that approximately $175 million of capital from current projects (Sunset, Green Valley, Durango South garage) will spill over into 2026. He indicated that typical Q3 to Q4 seasonality is an increase of 10-11%, with no current reason to expect otherwise, offset by estimated disruptions of $8 million at Green Valley Ranch and $1-$1.5 million at Sunset Station.

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Benjamin Nicolas Chaiken's questions to Churchill Downs (CHDN) leadership

Question · Q3 2025

Benjamin Nicolas Chaiken followed up on the M&A environment, specifically asking if New Hampshire is an area where more activity could be expected or if the Casino Salem acquisition was more of a one-off.

Answer

CEO Bill Carstanjen stated that the company strongly believes in the New Hampshire market, particularly Salem, and the second license opportunity made sense. He noted that the company evaluates each region based on demographics, pricing, and technology, and the Salem investment was a decision to 'double down' on a promising market.

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