Brant Montour

Brant Montour asked for an overview of Wynn Las Vegas's convention calendar for 2026 by quarter and sought insight into the factors driving the incredibly strong VIP volumes observed in Macau, specifically regarding direct lending practices.

Answer

President, Wynn Resorts Brian Gullbrants outlined the Vegas convention calendar, noting Q1 2026 is higher year-over-year, Q2 is more challenged due to holidays, and summer periods have some holes being filled. President & CEO Craig Billings stated that Macau's strong VIP volumes were not due to changes in credit practices but rather specific investments in VIP hosting teams and player development, emphasizing that a small number of players can significantly impact turnover.

Brant Montour followed up on concerns that the World Cup could impact traffic and high-end travel for Macau and Singapore, asking about historical performance during prior tournaments.

Answer

Rob Goldstein, Chairman and CEO, dismissed the concern, stating he doesn't believe the World Cup matters to their business scale, calling it overblown and overrated in the past.

Brant Montour asked if Norwegian Cruise Line's decision to move capacity out of Europe in 2026 would be a tailwind for Viking, or if their customer bases are too distinct to matter. He followed up by asking Tor Hagen to elaborate on 'pressing Viking's advantage' against new river competitors, specifically regarding the overlap in customer segments and Viking's unique strengths like docking sites and ship design.

Answer

Tor Hagen, Chairman and CEO, stated that Norwegian's mass-market product does not impact Viking, and while less competition is generally good, Viking focuses on its unique product. He emphasized Viking's significant advantages in docking sites and unique river ship design, which allows for more guests (190 vs. competitors' 160-170) and greater cost efficiency. Tor highlighted Viking's philosophy of designing for cost and efficiency over 'bells and whistles' and providing 'real-life experiences.' Leah Talactac, President and CFO, added that Viking's extensive itineraries across 21 rivers reinforce its dominant market position.