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CFO Rob Coldrake expressed that they feel "really good" about the underlying momentum but are taking a prudent approach to guidance. Regarding market access, he noted the Boyd deal was favorable but other renegotiation opportunities are longer-term, mostly post-2030, and that other cost levers are available to them.

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CEO Jay Snowden clarified that Penn's hold rate was strong at 9.8%, but the company is focused on growing GGR and NGR share rather than just handle. He explained the revised interactive guidance incorporates new costs for the Missouri launch, tax increases in four states, and more conservative market share assumptions, while still allowing for marketing spend to support the launch of new features like Fan Center.

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CEO Jay Snowden stated that the full-year guidance assumptions remain intact, as stronger-than-expected iCasino performance can offset any slight weakness in OSB share. Snowden, along with CTO Aaron LaBerge and Head of Operations Todd George, noted that the stand-alone Hollywood iCasino app is driving 70% incremental revenue with minimal cannibalization and benefits from a stronger margin profile than OSB. They highlighted that cross-sell from both retail and OSB is ramping up effectively.

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CEO Jay Snowden and Head of Operations Todd George explained that competitive pressures should lessen as 2025 progresses, with PENN becoming the source of new supply from Q4 onwards. Regarding Canada, Snowden stated that expectations for Alberta are similar to Ontario due to the strength of theScore brand. He noted the 'no inducement' policy in Canada benefits their product-focused strategy. George confirmed theScore's user base in Alberta is as strong as in Ontario.

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CEO Jay Snowden confirmed the Q4 interactive guidance reiteration was entirely due to unfavorable, industry-wide hold to start the quarter. CTO Aaron LaBerge added that tens of thousands of users have already linked accounts, showing higher engagement, and that this feature enables deeper personalization across the ESPN ecosystem.

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CFO Alan Ellingson quantified the anticipated EBITDA impact from the Missouri launch at $35 to $45 million for the current year. He noted that while favorable sports outcomes were the main driver in Q2, strong core business performance also provided optimism. However, the company chose to maintain its guidance, feeling it was prudent given that the majority of revenue and EBITDA for the year is still to come in the second half.

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CFO Alan Ellingson quantified the anticipated EBITDA impact from the Missouri launch at $35 to $45 million for the fiscal year. He noted that while strong core business performance provided an offset, the company chose to maintain its guidance given that the majority of revenue and EBITDA for the year is generated in the second half.

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CEO Jason Robins projected that structural hold should be slightly north of 11% in the second half, driven by high-parlay-mix sports like NFL and NBA. Regarding Q2 guidance, Robins explained that the company provided the specific figure to help align expectations, as the Street's model had a different allocation of earnings across quarters, with only a minor impact from April's unfavorable sports outcomes.

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CEO Jason Robins explained that the view of a higher hold ceiling is based on the accelerating rate of improvement in parlay mix, which is not slowing down. He expressed no concern about the iGaming promotional environment, noting that intensity declined year-over-year in 2024 and is expected to continue declining in 2025.

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CEO Jason Robins stated that the hold improvement is almost entirely driven by product mix shifts toward parlays, not changes in leg count. He explained that reaching a 12-13% hold rate is also primarily a function of driving this parlay mix, which he described as a significant upside lever for the business, fueled by their product and merchandising strategy.

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CFO Brian Witherow contended that the July weather comps were not overly favorable, as this year's adverse weather impacted larger parks than last year's hurricanes did. CEO Richard Zimmerman stated that the early launch of pass sales has minimal downside, as it encourages a valuable trade-up from single-day tickets to higher-value season passes, which strengthens both the current and following year's performance.

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CFO Brian Witherow explained that while they are driving for higher volumes on both sides, the opportunity is greater at the legacy Six Flags parks, where attendance and the pass base are further from pre-pandemic levels. This allows for more aggressive pricing on the legacy Cedar Fair side. CEO Richard Zimmerman confirmed that the company still believes there is meaningful top-line growth to achieve and is pursuing it, combined with significant cost reductions, to drive margin expansion.

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CEO John Geller stated that due to being down year-to-date and ongoing macro uncertainty, they are holding the contract sales guidance. CFO Jason Marino explained the higher loan loss provision reflects Q2's 13% rate, influenced by seasonality and minor defaults in Asia. Geller added that while delinquencies are improving, they have not yet returned to historical lows.

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CEO John Geller clarified that the financing promotion does not alter underwriting standards, so no impact on loan loss provisions is expected. He noted the new $50M-$100M efficiency plan is for 2025-2026. CFO Jason Marino added that the guidance increase was driven by better-than-expected Q3 results in other parts of the business, not a change in the contract sales outlook.

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CFO Leeny Oberg clarified that while overall business transient RevPAR was down 2%, it was down only 1% when excluding the government segment, which saw a 17% decline. President & CEO Anthony Capuano noted that while most corporate travel restrictions are gone, macro uncertainty has contributed to some softness, particularly in the select-service segment where government demand is concentrated.

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CEO Tony Capuano expressed a bullish view that conversions will be a 'steady state' component of growth, not just cyclical, citing factors like conversion-friendly brands and dedicated resources. CFO Leeny Oberg provided China stats, noting it represents 10% of existing rooms and 18% of the pipeline, with signings showing a 'big increase' driven by select-service interest.

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CEO Tony Capuano described the Q4 leisure results as encouraging but noted the guidance reflects an expectation of normalization, given short booking windows. On capital availability, he cited regulatory uncertainty like Basel III as a headwind for lenders, but noted Marriott is capturing a leading share of the new construction starts that are occurring, suggesting a flight to quality.

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President and CEO Tony Capuano stated that the company is targeting a mid-single-digit increase for 2025 special corporate rates and feels good about that target. He acknowledged that while developers are watching interest rates, the availability of debt and elevated construction costs are currently bigger impediments to new construction starts than interest rates themselves.

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CEO Mark Wang stated that new owner cohorts have stabilized after some degradation in 2024, and the new buyer pipeline is growing, supported by strong package sales. He noted the new buyer mix is also affected by significant outperformance on the owner upgrade side. Regarding Las Vegas, Wang acknowledged that lower visitation has led to promotional pressure on room rates but explained that HGV can strategically reallocate room nights to drive sales, and VPGs in the market remain strong.

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CEO Mark Wang responded that new owner cohorts have stabilized and momentum is building, evidenced by a 10% increase in the new buyer pipeline and 200,000 packages sold in the quarter. He noted the new buyer transaction mix is lower partly due to significant outperformance on the owner side. Regarding Las Vegas, Wang acknowledged lower market-wide visitation created promotional pressure but stated HGV can strategically reallocate room nights to drive sales and that VPGs in Vegas remain strong.

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CEO Mark Wang explained that HGV has a significant advantage in demand visibility due to its large, prepaid owner base and marketing package pipeline, which have much longer booking windows than typical leisure travel. He clarified the new buyer mix is around 25-30% and that strong VPGs were driven by outperformance in the owner channel, with VPG growth also seen in new buyers. He expects this strong performance to continue.

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CEO Mark Wang clarified that owner tour flow was stable while new buyer tours were impacted by hurricanes, with the Bluegreen business disproportionately affected. He attributed improving new buyer close rates to better organizational alignment, increased staffing, and the rollout of new noncash incentives and financing options to better match customer needs.

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CEO & President William Hornbuckle noted that after a recent decline, booking trends have improved in the last month. COO Corey Sanders attributed summer weakness to group cycle timing and construction. CFO Jonathan Halkyard reported that $80 million of the $150 million cost savings target was achieved in the first half, with the remainder expected in H2.

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EVP & CFO Jonathan Halkyard highlighted record April hotel performance, strong group business, and exceptional results from the Marriott partnership, which books over 20,000 room nights weekly. CEO William Hornbuckle added that while the booking window has extended, strong demand persists. Halkyard noted the softness is in Canadian leisure travel, which is being successfully backfilled by the Marriott and casino channels.

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CEO William Hornbuckle explained that July was substantively impacted by extreme heat and an I-15 closure, but the quarter improved sequentially with a better August and September, driven by strong convention business. Executive Corey Sanders added that July also had unfavorable calendar and event timing comparisons. Executive Jonathan Halkyard confirmed that October trends were strong, with 97% occupancy, steady revenues, and continued growth in slot handle.

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President & COO Anthony Carano and CEO Tom Reeg described a data-driven approach to marketing, using their 52-property portfolio to test and learn which promotions drive profitable revenue. Reeg noted this started as a response to new regional competition but also helps fill Las Vegas rooms during softer leisure periods. Regarding the Vegas slowdown, Reeg characterized it as a return to normal seasonality, noting softer demand from international visitors, particularly Canadians, but saw no major structural issues with the consumer.

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CEO Tom Reeg estimated the combined negative impact from weather and the leap day was in excess of $10 million for the regional segment, with an additional $6 million impact in Las Vegas from the leap day. President and COO Anthony Carano and CEO Tom Reeg attributed the Las Vegas margin strength to broad operational discipline in labor and F&B, vendor negotiations, and the maturation of recent F&B outlets, which typically operate at higher margins after their first year.

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CEO Tom Reeg and President and COO Anthony Carano explained that Las Vegas growth will be driven by increased room yield from group business and returns from new F&B and hotel renovation projects. President of Caesars Sports and Online Gaming Eric Hession detailed that iGaming growth comes from new customer acquisition for its standalone apps, with key metrics including customer acquisition cost, daily actives, volume, and improving hold.

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CEO Tom Reeg acknowledged that October sports betting outcomes were poor, with one weekend being the worst combination of outcomes seen since the business started, and noted that higher parlay mix works against them in such scenarios. He clarified the iGaming hold improvement is structural, driven by a higher mix of slot play versus table games following the launch of the Caesars Palace online app, a trend that is expected to continue.

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Michael Bayley, President and CEO of Royal Caribbean International, reported that sales for the Royal Beach Club are very strong since opening, with high interest and dynamic pricing starting from $139. He shared an anecdote of selling an 'Ultimate Family Cabana' for $10,000 for a single day. President & CEO Jason Liberty added that the operational ramp-up will be slow and thoughtful to ensure a flawless guest experience, prioritizing trust over maximizing initial revenue. On booking windows, Liberty stated that while younger consumers do book closer in, 2026 bookings remain in line with prior years at higher rates, indicating healthy long-term demand. Michael Bayley added that the increase in short cruise capacity to Perfect Day also contributes to the shorter booking window trend.

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CEO Jason Liberty gave a direct 'No' to the trade-down question, stating that customer behavior remains normal. On the second point, he emphasized that the focus is on optimizing total revenue while maintaining price integrity. He added that the company is actively working to increase load factors on ships to add value for guests, and the current booked position is strategically managed to avoid being 'too booked' early on.

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CEO Jason Liberty explained the yield guidance reflects tough comparisons after double-digit growth in the prior two years. Regarding River Cruises, he noted it's a fragmented market where Celebrity can win share by leveraging its large customer database and brand trust. He clarified the river product will be more inclusive than its ocean counterpart, justifying higher per diems for an elevated, Edge-class standard experience.

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CEO Jason Liberty stated that full-year pricing is up approximately 26% versus 2019, driven by strong demand and an enhanced value proposition, not inflation. Regarding Perfect Day Mexico, he noted the port and land acquisition cost was $292 million, with a focus on achieving significant returns similar to CocoCay. CFO Naftali Holtz added that the acquisition is expected to close in the first half of 2025.

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EVP and CFO Josh Hirsberg clarified that they cannot determine the spend profile of unrated customers, only that the volume of play has increased. CEO Keith Smith stated that based on data through May, Boyd's market share was stable or up slightly. Hirsberg added that competitive pressures are easing as expected, with the segment also benefiting from the unrated play.

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President and CEO Keith Smith noted that while Q4 was stronger, it's difficult to attribute it to any single factor like election sentiment. He strongly cautioned against comparing Par-A-Dice to Treasure Chest, highlighting that market dynamics, competition from VGTs, and population are completely different, and Treasure Chest's success was exceptional.

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President and CEO Keith Smith indicated that the current performance of Treasure Chest, which has been consistently 70-80% higher than pre-renovation levels, is likely a good number to use going forward and he does not anticipate it growing much higher. He acknowledged that an earlier hurricane did impact some Louisiana properties but noted it was one of several minor impacts during the quarter that were not individually called out.

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Executive Keith Smith noted that excluding the Orleans, the company's locals properties are outperforming the market. He stated that the competitive pressures on the Orleans are not new and that the performance gap narrowed in Q1. He also argued that historical correlations to the Strip are less relevant today due to the significant diversification of the Southern Nevada economy over the last 10-15 years, making the locals market less dependent on tourism employment.

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CEO William Carstanjen described the area as a 'clear and obvious' opportunity for capital improvement. He stated that the team is currently refining plans and cost estimates, with a full announcement expected on the next earnings call. He explicitly confirmed the project will not disrupt the 2026 Derby and promised it would be an 'exciting project' for investors.

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CEO William C. Carstanjen explained his commentary was an effort to be candid about the real macroeconomic uncertainties that have emerged. While he does not believe these issues will have a long-term impact on the Derby, he acknowledged they have seen a change in demand for lower-end tickets in recent weeks. He stressed that overall demand is so strong that it will not materially affect performance or be visible in the crowd size, and he remains very positive about the event's trajectory into 2026.

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CEO Geoffrey Ballotti highlighted record first-half openings and a growing, higher fee-per-room pipeline. CFO Michele Allen added that while overall expectations have been consistent, the quality and visibility of growth have improved. She noted the full-year guidance range was raised to 4.0%-4.6% to reflect the removal of the Super 8 China master license portfolio and continued strength in development activity.

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CEO Geoffrey Ballotti expressed confidence in the full-year net room growth target, explaining that openings ramp throughout the year. He confirmed the ability to flex up conversions, which were 90% of openings during COVID and are now around 70%. He also noted strong new construction momentum, with openings up 500 basis points. Regarding costs, he mentioned the team is managing supply chains by shifting sourcing, negotiating with suppliers, and focusing on domestic FF&E for key brands like Echo Suites to mitigate tariff impacts.

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CFO Michele Allen explained that the guidance reflects an acceleration from 2024 performance. The high end of the range assumes a 30 basis point improvement in retention and a 70 basis point improvement in gross openings. Allen highlighted that new construction, particularly from the Echo Suites brand, will be a larger contributor in 2025, with both U.S. and international segments expected to show improved production.

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CFO Michele Allen explained that while the current hurricane impact is providing a 40 basis point lift to Q4 RevPAR, it is less significant than the 200-300 basis point impact seen over multiple quarters in 2017. She also stated that unlike business-travel-heavy peers, Wyndham does not expect a material negative impact from the election, as its core 'hard hats and work boots' traveler is less affected.

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Grant Chum, President & CEO of Sands China, explained that while overall visitation is strong, the GGR acceleration is still primarily driven by premium segments, though base mass also grew significantly. He clarified that the higher reinvestment levels were applied across the entire portfolio, not just the Londoner. However, he noted that smaller properties may require further recalibration of reinvestment levels to match their specific product offerings and attract patronage.

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Chairman and CEO Robert Goldstein stated that while a buzz will be created with 1,000 rooms, gaming activity directly correlates with room count, and performance will build as all 2,400+ rooms become available. Regarding Thailand, President and COO Patrick Dumont described it as a separate and distinct opportunity from Singapore that could strengthen their overall ecosystem. Robert Goldstein added that Asia's vast population can easily support both markets without cannibalization.

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President and COO Patrick Dumont and Chairman and CEO Robert Goldstein confirmed the ADR reflects both some compression and, more significantly, the exceptional quality of the renovated rooms and strong market demand. Sands China CEO Grant Chum added that the upgraded Venetian Arena will relaunch in late 2024 and will be actively programmed alongside the Londoner Arena to drive traffic and spend.

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President and COO Patrick Dumont declined to comment on the current quarter's trends. Regarding the Venetian, CEO and President of Sands China Grant Chum explained that the property experienced a sharp decline in non-rolling revenues, particularly in the premium mass segment. He also noted that a lower hold percentage contributed to the weaker results, and that while visitation was strong, the spend per visitor was lower.

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CEO Josh Weinstein stated that the company has not seen any differentiation in booking patterns between lower-income consumers and premium or luxury guests, attributing this to the strong value proposition of cruising. Regarding guidance, he clarified that while Celebration Key is helpful, the dollar increase year-over-year is comparable for both Q3 and Q4, at approximately 8% each, despite the different percentage growth rates due to seasonal base effects.

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CEO Josh Weinstein stated that the company has not observed any differentiation in booking patterns between lower-income and higher-income consumers, attributing this to the cruise's strong value proposition. Regarding the guidance cadence, he explained that while the percentage growth differs, the absolute year-over-year dollar increase for Q3 and Q4 is comparable at around 8% each, due to Q3's seasonally higher base. He also noted the ramp-up of Celebration Key contributes positively to Q4.

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CEO Josh Weinstein noted that European brands continue to outperform, reinforcing the strength of the company's portfolio approach. Regarding pricing, he stated that Carnival is in an 'enviable position' due to its record booked status, strong visibility, and minimal capacity growth, which supports its ability to maintain price discipline.

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CEO Josh Weinstein confirmed that the 2025 book is in a stronger position than last year, with both higher occupancy and higher prices across all quarters. Regarding the Red Sea, he explained that 2025 will not see a simple 'bounce back' of the ~$100M impact from 2024. This is because the company proactively redeployed ships away from the region for 2025, which involved selling less attractive itineraries, making a direct year-over-year comparison difficult.

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CEO Josh Weinstein acknowledged they are outperforming expectations and are about 75% of the way to their key SEA Change targets after just one year, with the goal to "hit them early" and "get further than that." Regarding the broader leisure market, he emphasized that cruise remains a "remarkable value" and suggested land-based softening might be because cruise is doing better. He credited improved marketing and a 17% year-over-year increase in new-to-cruise guests for their strong performance.

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CEO & Chair Rob Katz identified the biggest shortfall came from uncommitted lift ticket visitors, which requires a different marketing approach. Regarding pass innovation, Katz acknowledged the complexity but affirmed the company is constantly looking for new ways to drive advance commitment, with a focus on the 'less committed skier' rather than a complete overhaul.

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CEO Kirsten Lynch clarified that the price increase is a consistent 7% across the board and offered to follow up offline to ensure correct comparison points were used. Regarding the full Epic Pass price, she stated the company feels the 7% increase strikes the right balance between price and value, reflecting investments in the guest experience while preserving the opportunity for continued unit growth.

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CEO Kirsten Lynch expressed optimism for Whistler, noting that the strong early season snow should positively influence booking decisions and that booking trends are already improving. For the East Coast, she stated that the company is constantly evaluating its operating model to adapt to variability and emphasized the strategic importance of the region for accessing major markets and providing geographic diversity to the overall resort network.

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CEO Kirsten Lynch stated they have not seen a significant shift back to peak-period travel; visitation remains strong in off-peak periods, a dynamic driven by the pass program. On competitive positioning, Lynch expressed confidence in Epic Pass's value perception and strategic goal of maximizing advance commitment. She noted that while Epic Pass prices have risen 25% since the 2021 reset, they carefully monitor price elasticity to ensure the pass remains an attractive alternative to lift tickets, which is crucial for revenue stability.

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President and CFO Leah Talactac reiterated that the strategy is to engage consumers directly, not adjust price, noting the success of this approach with strong April and May bookings. Chairman and CEO Torstein Hagen addressed the Russia question, confirming the ships are kept 'ship shape' and ready to go. He believes the primary variable is traveler sentiment but that the itineraries would be a positive EBITDA contributor once operational.

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President and CFO Leah Talactac explained the strategy involved using direct marketing to finalize 2025 bookings and then pivot to 2026, which elicited a strong response in April and May. Chairman and CEO Torstein Hagen stated that the six ships in Russia have been kept 'ship shape' and are ready to operate, with the timing dependent on traveler demand, but noted they would provide a positive EBITDA contribution.

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Chairman and CEO Torstein Hagen expressed confidence that Viking's educated and curious guests are resilient to such factors. On competition, he argued that the physical constraints of river ships limit radical innovation. He highlighted Viking's own patented designs (e.g., square bow, asymmetric balconies) that maximize space and guest count, and asserted that the superior quality of staff and itineraries, not just ship hardware, are the key sustainable advantages.

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CFO Julie Cameron-Doe explained the CapEx delay was footnoted because the new timing is uncertain, but the project is not canceled. CEO Craig Billings added that re-sourcing and re-spec'ing items is a lengthy process. Regarding Macau OpEx, Cameron-Doe noted the new food hall opened after Q1, and Billings added that the goal is for incremental gaming revenue from the increased foot traffic to more than offset the new operating costs.

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Executives Craig Billings and Brian Gullbrants detailed that the renovation will start late summer, last about 12 months, and be managed to minimize guest disruption by taking floors out of service in blocks and pausing during peak demand. They do not plan to quantify any disruption. Regarding market pricing, Billings declined to comment on the market as a whole but stated Wynn's own pricing power felt 'incredibly good' in Q4 and continues to feel good.

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CFO Julie Cameron-Doe explained the lower Macau CapEx guidance is purely a matter of timing due to government approval processes, not a change in commitment. CEO Craig Billings confirmed the company shares concerns about iGaming, citing the serious risk of cannibalizing land-based revenue and jobs, which could halve margins, and the potential for long-term regulatory blowback. He stated it is a critical consideration for a multi-billion dollar investment.

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President and CEO Mark Hoplamazian reported that while overall signing activity in China was slow in Q1 as expected, the pipeline for the UrCove by Hyatt brand remains very strong. He stated that Hyatt has not experienced any negative sentiment from developers or consumers against its American brand, noting that their strategy of partnering with large, state-owned enterprises helps provide stability.

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CFO Joan Bottarini conveyed that Hyatt expects healthy RevPAR and fee growth across all markets in 2025. She noted that strong incentive fee growth is anticipated from Asia Pacific (excluding Greater China). She also clarified that core fee growth remains in the high single digits, as less than a third of the total guided fee growth comes from recent acquisitions.

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Management acknowledged they could only report on the trend, not definitively explain the cause, but speculated it relates to general macroeconomic uncertainty affecting long-haul travel decisions. They emphasized it was an issue of "rounding out" the last few points of occupancy. CEO Harry Sommer stated clearly that they are not seeing any similar challenges for 2026 Europe bookings, which are following normal patterns and contributing to a strong overall book position for that year.

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CEO Harry Sommer attributed the Q1 occupancy dip to dry docks and repositioning cruises. For the rest of the year, he explained the lower occupancy is due to a strategic mix shift, with an increased deployment to Asia, Africa, and the Pacific (from 9% to 11%) and the use of a larger ship on longer Alaska itineraries, which attract fewer families. He stated strong European demand reflects a great product, not soft comps, and booking patterns have been normal post-election.

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CEO Harry Sommer stated that booking trends for 2025 are progressing as expected across all brands and geographies, with no discernible outliers. He explained that the company's focus is on maximizing yield, not just achieving a record booked position. Sommer noted that while the booking curve was pushed out further post-COVID for risk management, the recent strength in close-in demand allows for a recalibration, though the optimal curve varies by itinerary and brand.

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CFO Scott Oaksmith explained the deficit is related to the timing of spending from the marketing and reservation system fund, which operates at a breakeven over the long term. He noted a planned spend-down of a prior surplus is occurring. Regarding OCF, Oaksmith acknowledged an increase in key money use since 2019, driven by brand launches (Cambria, Everhome) and the competitive development environment. He stated the free cash flow conversion ratio has been steady and is expected to be in the mid-60s for 2025.

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An executive, likely CFO Scott Oaksmith, estimated the ancillary revenue was roughly 75% from legacy Choice and 25% from Radisson, driven by contract realignments and cross-selling services. CEO Patrick Pacious explained the RevPAR variance versus STR was primarily a regional mix issue, as Choice's portfolio has a higher concentration in regions that underperformed the national average.

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Executive Stephen Cootey clarified that the GVR renovation budget increased because a refresh of the meeting space was added to the project's scope. Executive Scott Kreeger reiterated that post-election strength was observed in the VIP, core, and regional/national segments, while the mix of carded and uncarded play remained consistent.

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Executive Scott Kreeger identified significant household growth near the Red Rock, Durango, and Sunset Station properties as key tailwinds. Regarding elections, Kreeger acknowledged a historical impact during election and Olympic years but noted that the business was showing encouraging strength heading into Q4, a sentiment echoed by Executive Lorenzo Fertitta.

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CEO Marc Swanson noted a slight negative weather impact in April but stated the full-year forecast assumes more normalized weather, which would be an improvement over 2023's significant hurricane disruptions. Regarding Epic Universe, he emphasized that United Parks is focused on its own differentiated products and value proposition to capture the incremental traffic brought to the Orlando market.

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