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President, Chairman & CEO Adam Aron responded that while a small number of underperforming theaters may still be closed annually, the focus is on profitability, noting that newly opened theaters are outgrossing the larger number of closed ones. He indicated that future net additions could be driven by attractive M&A opportunities. EVP & CFO Sean Goodman addressed the tax question, explaining that while capital investments generate benefits like depreciation, the actual cash impact will be delayed until 2027 or later due to existing Net Operating Losses (NOLs) that will be utilized first.

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Adam Aron stated that while they will continue to close a small number of underperforming theaters, the focus is on opening highly profitable new ones and that net additions could be driven by attractive M&A opportunities. Sean Goodman clarified that cash tax benefits from CapEx deductions are a long-term prospect, likely post-2026, due to existing Net Operating Losses (NOLs).

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CEO Sean Gamble expressed strong optimism for the Q4 film slate, calling it one of the most compelling since the pandemic. For the international segment, he explained that Latin America faced a very difficult year-over-year comparison against the prior year's 'Inside Out 2,' which was the region's highest-grossing film of all time. He also noted that certain films like 'Minecraft' and 'Sinners' had different levels of cultural resonance, contributing to the divergent growth rates.

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CEO Sean Gamble described windowing as an active, industry-wide discussion aimed at finding an optimal, flexible structure, suggesting a 45-day average as a good target to avoid consumer confusion. CFO Melissa Thomas stated that moderate year-over-year growth in domestic concession per caps is expected for 2025, driven by strategic initiatives, though quarterly results will fluctuate with film mix.

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CEO Sean Gamble explained that concession growth is a result of many small initiatives, including product assortment, layout optimization, mobile ordering, and merchandise, with a key focus on driving purchase incidence. CFO Melissa Thomas added that they expect moderate domestic concession per cap growth in 2025. Regarding the film slate, Gamble noted that after a lighter Q1, the rest of 2025 looks strong and diverse, though some content 'bunching' could create positive capacity constraints.

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President and CEO Sean Gamble projected that the 2025 box office in Latin America would be relatively balanced with the U.S. for the full year, despite some quarterly fluctuations based on specific film appeal. On Movie Club, Gamble and CFO Melissa Thomas emphasized maintaining the program's value proposition while periodically reviewing pricing. They confirmed a recent price increase was successful and that they see continued runway for subscriber growth.

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CFO Rob Coldrake described the Italian lottery as a "unique opportunity" and stated Flutter has no broader interest in other lotteries. He emphasized that capital allocation remains disciplined and unchanged, continuing to focus on being an "and" business: investing organically, pursuing M&A, and executing its share buyback program while deleveraging.

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Erwin Haitzmann, Chairman & Co-CEO, stated that while 2025 conference business is soft due to long lead times, short-term room booking trends for July and August are encouraging. Margaret Stapleton, CFO, clarified that the company does not expect a major impact on its cash taxes from the bill, as any benefits would be offset by existing deferred tax assets.

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Co-CEO Erwin Haitzmann stated they are pursuing both top-line growth and bottom-line discipline in Missouri, actively marketing to the 75+ mile segment while optimizing costs. On the Poland sale, Co-CEO Peter Hoetzinger said they believe it will happen this year but acknowledged prior delays. He also indicated the initial share buyback would be in the single-digit million-dollar range before the next earnings call.

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Co-CEO Erwin Haitzmann stated their Canadian online strategy is to use a third-party partner, but plans are pending government rules. Co-CEO Peter Hoetzinger confirmed the U.S. strategy is also to license to third-party providers for a revenue share. Peter Hoetzinger agreed that the previous financial goal is now pushed out by approximately 12 months, making it more of a 2026 target, due to consumer weakness.

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Executive Co-CEO Peter Hoetzinger stated that the full EBITDA potential from new openings would likely materialize from the second quarter of 2025 onward, rather than linearly. Regarding capital allocation, he noted the company expects to generate $25-$30 million in free cash flow next year and will opportunistically use a portion of its available cash for both debt paydown and stock buybacks, potentially starting late in the current year or early next. The existing repurchase authorization is for $15 million but can be changed.

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CEO Jay Snowden explained that Q2 retail margins were pressured by the significant impact of new competition in Bossier City and elevated promotional spending in certain markets. EVP of Operations Todd George added that unfavorable table games hold was also a factor. Looking ahead, they expect margins to improve as new projects become accretive. Regarding predictive markets, Snowden stated that Penn is monitoring developments but does not plan to be a first mover.

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CEO Jay Snowden stated that while they are monitoring predictive markets, it is considered a niche opportunity and not a current priority. Regarding divestitures, Snowden explained that selling assets is complicated by their master lease agreements. He suggested a more likely strategy is to enhance value by redeveloping older riverboat casinos into land-based facilities, similar to their current projects in Illinois and Iowa.

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CEO Jay Snowden clarified that the $350 million repurchase figure was chosen to be substantive and the approach will be opportunistic, not programmatic. Head of Operations Todd George confirmed that strong consumer volumes seen in Q4 post-election continued into Q1 during non-weather periods, indicating sustained consumer health.

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CEO Jay Snowden expressed that the Missouri sports betting development is good news for Penn, given its strong land-based presence there and the attractive tax structure. He noted their understanding is that they will receive multiple skins. Regarding hold, he explained that World Series hold depends on the matchup and that while Q4 started with low hold, November and December are higher volume months, providing an opportunity to recover.

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President & CEO Brooks Pierce expressed his hope that Virtual Sports will return to a 'real growth trajectory' in 2026, driven by rollouts in Brazil and North America. Regarding competition, Pierce noted it is too early to see substantive changes from competitor privatizations, as Inspired's primary head-to-head competition with them is limited to specific markets like Illinois and Canadian provinces.

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Executive Brooks Pierce reported that the U.K. retail market is challenged, though the company's business is up due to strong performance from new William Hill terminals, while Greece and Italy are relatively flat. Executive A. Weil stated that with Interactive outperforming and Virtuals stabilizing, he expects the digital business's EBITDA contribution to meet or exceed previous forecasts by year-end, a sentiment bolstered by the planned divestiture of the holiday park business.

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Executive Brooks Pierce confirmed market share gains in the U.K., driven by game quality. Executive A. Weil added that the company's strong retail presence in the U.K. creates an omnichannel advantage. Regarding the 40% margin goal, both executives explained that the shift in business mix toward high-margin digital products makes it an inevitability, but they declined to provide a specific timeline for achieving it.

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Mark Locke (Co-Founder, CEO & Director) pointed to the 43% revenue growth in the 'Rest of World' segment as evidence of strong opportunities in these markets, specifically mentioning Brazil as a focus. However, he also reiterated that Europe remains a significant growth area for the company, with 26% growth and substantial opportunities for continued product distribution and investment.

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CEO Mark Locke characterized predictive markets as a positive opportunity for new products and partners, noting it could also influence the broader conversation around federal sports betting legislation. CFO Nicholas Taylor stated that the guide assumes a small increase in the NFL in-play percentage for the upcoming season, with any more significant shift representing potential upside.

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CFO Nicholas Taylor highlighted the resilience of the company's business model, stating that regulatory and tax changes are not new. He explained that Genius's global diversification, multiple growth levers, and the fact that the U.S. is not a majority of revenue, mean that any single state or country's tax changes have an immaterial impact on the overall business.

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Mark Phelan, President of U.S. Gaming & Interim CFO, confirmed that growth in Illinois was consistent throughout the quarter without significant peaks or valleys. CEO Andrew Rubenstein elaborated on the M&A strategy, stating that the company remains opportunistic but conservative, with no plans to over-leverage the balance sheet. He highlighted their strong cash flow and credit facility. Mark Phelan added that the fragmented local gaming market presents many smaller, 'bite-sized' acquisition opportunities where Accel can implement its technology and scale to improve margins.

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Mark Phelan, President of U.S. Gaming & Interim CFO, responded that growth in Illinois was consistent throughout the quarter without significant peaks or valleys. Andrew Rubenstein, Founder, President, & CEO, added that the M&A strategy remains opportunistic and disciplined, focusing on smaller, accretive acquisitions in the fragmented local gaming market without taking on excessive leverage. He noted that Accel's scale and technology provide a competitive advantage in these transactions.

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Executive Andrew Rubenstein stated that tariffs would have a minimal effect on the existing business as most CapEx prices for the year are locked in. Executive Mark Phelan added that while steel prices for Fairmount's Phase 2 have increased, the overall impact is uncertain, and Phase 1 was unaffected. CFO Mathew Ellis confirmed that weather was a neutral factor in Q1 due to geographic diversification and that April trends were in line with forecasts, showing no change in consumer behavior.

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CEO Andy Rubenstein explained that pruning underperforming locations is a continuous process to improve free cash flow, with noticeable profitability improvements expected later in 2025 and into 2026. President of U.S. Gaming Mark Phelan described the e-pull tab space as a content-driven market where Accel would need a strong partner to participate. Regarding legislation, Andy Rubenstein stated that iGaming is unlikely to gain traction in the current session, especially in established route gaming markets like Illinois.

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CEO Carsten Koerl reiterated that U.S. in-play betting is tracking towards their Investor Day projections, currently around 50% of handle and trending towards over 70%, noting each 1% conversion adds approximately $6 million in EBITDA. CFO Craig Felenstein added that betting margins came in as expected, with the company's diverse global sports content minimizing the impact of any single event's outcome.

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CEO Richard Schwartz described Live Dealer as a growing segment where RSI is focused on improving the user experience by aggregating games, adding exclusive tables, and leveraging partnerships to build player trust. CFO Kyle Sauers explained that G&A benefited from favorable foreign exchange in Q2 but is expected to rise sequentially in the back half of the year, though the company will continue to gain leverage on the line item as a percentage of revenue.

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CEO Richard Schwartz highlighted strong, accelerating growth in Mexico, which is tracking ahead of Colombia at the same post-launch stage and is expected to be a larger market. He noted Peru is still in an optimization phase. Executive Kyle Sauers confirmed that sports betting hold rates have continued to improve due to better product mix and merchandising, despite player-friendly event outcomes in Q1.

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Executive Kyle Sauers stated that the lack of Q4 buybacks should not be correlated with M&A activity and that the company will remain opportunistic with its buyback program. CEO Richard Schwartz confirmed they are actively assessing M&A, particularly bolt-on opportunities. Regarding guidance, Sauers affirmed that it includes an expectation for additional sports betting hold improvement in 2025, building on gains made in 2024.

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Executive Kyle Sauers explained that despite a massive influx of new users during Copa America, ARPMAU remained nearly flat, which is impressive. He noted that October's year-over-year user growth trends in Latin America are as strong as August and September's, indicating good retention. Regarding Q4, Sauers confirmed the guidance accounts for the player-friendly football results in October and also noted currency headwinds and one less NFL week compared to the prior year.

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Gary Fritz, President of MGM Interactive, reported that the MGM Digital portfolio is approaching breakeven when excluding investments in Brazil, where marketing spend ramped up in Q2 with positive results. On Macau, MGM China executives Kenneth Feng and Hubert Wang expressed confidence in maintaining their mid-teens market share and mid-to-high 20s EBITDA margin, supported by a consistent focus on the premium mass segment.

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CFO Jonathan Halkyard noted no change in non-gaming spending trends, and COO Corey Sanders added that revenue per occupied room was up 3% excluding the Super Bowl. CEO William Hornbuckle stated that tariffs would not change their thinking on planned capital projects, as the main risk would be sourcing for room remodels, which are proceeding regardless.

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Executive William Hornbuckle responded 'absolutely' that the luxury segment will continue to lead, given MGM's scale and appeal to premium customers. Executive Gary Fritz stated that while digital market share targets vary, the company would not enter a market without a goal of achieving at least a 5% share.

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Executive Corey Sanders responded that the core casino guest segment remains solid and consistent, and he does not envision a significant change in the customer mix for the upcoming year. Executive Jonathan Halkyard added that the company's criteria for M&A are highly restrictive, requiring significant scale in new markets, which makes the list of potential targets 'pretty narrow.'

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CEO Tom Reeg explained that the focus in Q2 shifted to redeeming the company's most expensive debt, which is why share repurchases paused. He stated that going forward, capital allocation will be a balance of debt repayment and buybacks, but called the stock 'particularly attractive' and said investors should 'expect us to be a buyer.' President of Caesars Sports & Online Gaming Eric Hession commented on prediction markets, stating they are actively watching the situation but have no updated views.

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CEO Tom Reeg explained that the flat year-over-year regional margin reflects the positive contribution from new properties like Danville and New Orleans offsetting competitive pressures in other markets. He expects both overall EBITDA and margins to improve as these competitive impacts are anniversaried. Regarding buybacks, Reeg stated that if the stock price dislocates as it did in early April, investors should expect Caesars to remain active in the market throughout 2025.

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Eric Hession, President of Caesars Sports and Online Gaming, affirmed that while the flow-through will fluctuate, 50% remains a 'reasonable expectation' for incremental revenue conversion for next year and into 2026. CEO Tom Reeg responded that they saw no further deterioration in the lower-tier customer base, stating that while a segment remains challenged by pricing, the primary driver of regional performance is competitive impacts, not a change in consumer behavior.

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Lorenzo Fertitta, Vice Chairman, stated that the development strategy remains unchanged, with an update on the next project likely on the Q4 earnings call. Stephen Cootey, EVP, CFO & Treasurer, described the revenue backfill at Red Rock as being in the 'mid-inning' of a process that historically takes about three years, noting the core properties are now driving growth.

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Executive Stephen Cootey stated that top-line trends are very similar across all property classes. On management contracts, Executive Lorenzo Fertitta explained that while they are always looking, significant ground-up tribal development opportunities are rare. He affirmed their strong reputation and commitment to tribal partners but does not expect a multitude of new opportunities to arise.

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Executive Stephen Cootey expressed confidence in maintaining a 45%+ margin profile, noting that while food costs are a concern, the market is rational and they are lapping prior wage increases. Executive Scott Kreeger added that they are bringing six more taverns online within the year, following the successful performance of the first two new locations.

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Chairman & CEO Peter Carlino and President & COO Brandon Moore agreed that land-side moves are a growing trend that adds significant value through enhanced amenities, citing upcoming projects in Joliet and Baton Rouge as examples. On international opportunities, Senior VP & Chief Development Officer Steven Ladany stated that while they are open to the idea, tax treaties and repatriation of funds present significant hurdles, making them more focused on the U.S. and tribal gaming for now.

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President & COO Brandon Moore stated that GLPI has not been approached by Bally's to participate in the Star transaction and has not done any work on it. CFO & Treasurer Desiree Burke added that while GLPI regularly looks at international acquisitions, they must carefully consider tax consequences and exchange rate risk before proceeding.

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CEO Peter Carlino provided a philosophical view, stating that timing is everything and a seller needs a specific reason to transact, which can change over time. SVP & Chief Development Officer Steven Ladany added that the most active dialogues are currently with private owners, not public companies. For these private entities, there is often a learning curve and a need for personal and financial timing to align, which makes the process longer.

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President and COO Brandon Moore and SVP & Chief Development Officer Steven Ladany suggested that while the competitive landscape is to be determined, GLPI's multi-year effort in structuring the tribal deal provides a significant head start. SVP & CIO Matthew Demchyk and CFO Desiree Burke affirmed that the company's conservative leverage philosophy remains unchanged, with a continued focus on maintaining a strong balance sheet and avoiding equity overhangs.

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EVP and CFO Josh Hirsberg confirmed they are more comfortable managing tariff impacts through mitigation strategies like alternative sourcing and pre-ordering. He stated their capital budgets are not at risk and emphasized that the company's stronger balance sheet, with leverage below 2x, provides significant flexibility to handle any external uncertainties.

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President and CEO Keith Smith explained the flat guidance is due to the Sky River property operating at its physical capacity limits on weekends, which restricts near-term growth. EVP and CFO Josh Hirsberg added that the next growth phase will begin after the Phase 1 expansion is completed, with contributions expected in 2026.

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President and CEO Keith Smith advised analysts to remain anchored to the $100 million per quarter baseline for share repurchases, explaining that the recent increase was an opportunistic move based on stock price dislocation and financial flexibility. Regarding F1, he confirmed it was not a positive event for the Locals or Downtown markets last year as customers stayed away, and he expects a similar dynamic this year, though the weekend will be boosted by a Raiders home game.

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Executive Keith Smith stated that exposure to Canadian customers is minimal, representing less than 0.1% of the business. Regarding Hawaii, he does not believe legal sports betting would significantly impact travel to Las Vegas. He asserted that due to Boyd's 50-year relationship with Hawaii, the company would expect to be a participant in any gaming that is legalized there.

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CEO William Carstanjen explained that the Derby's global brand recognition provides a strong foundation. The strategy involves a multi-year process of developing the brand in key international markets through initiatives like the 'Road to the Derby' series, focusing on high-end consumers and sponsors. He noted that while most cited social media stats are domestic, they are actively building their international social media presence.

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CEO William C. Carstanjen acknowledged that macroeconomic volatility and tariff uncertainty have created consumer hesitancy, which is most evident in lower-tiered and unrated play. He stated this trend has been consistent with recent quarters and that the company is better able to manage its rated players through direct communication and incentives. Carstanjen clarified they are seeing hesitancy, not necessarily a confirmed decline in disposable income.

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CEO William C. Carstanjen attributed the confidence to two factors: a broad consumer shift toward experiential events and specific company strengths. He confirmed high return rates and strong demand from existing customers, but also emphasized that the team is aggressively pursuing new customers, including internationally, to support future expansions.

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CEO William C. Carstanjen confirmed that plans for international and new jurisdictional growth for Exacta are progressing. He mentioned a deployment in Malta but noted it is not yet material. He expressed confidence in future opportunities, stating that while there is nothing material to announce currently, the team is actively working on the strategy and expects further overseas deployments in the 'relative near term.'

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CEO Richard Gelfond responded that IMAX prefers to use its strong negotiating position to secure enhanced marketing support and filmmaker involvement rather than altering pricing structures, aiming to maintain fair, precedent-based studio relationships. CFO Natasha Fernandes added that the company aims for a normalized effective tax rate for the full year, moving past the volatility seen in H1.

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CEO Richard Gelfond stated that while he lacked specific city-tier data, he believed the strength was uniform across all markets. He attributed the success to the quality of the film 'Ne Zha 2' and a highly effective new marketing approach focused on social media. Gelfond confirmed that there have been no changes to signing terms, as the company remains disciplined on its ROI calculations despite strong demand.

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CEO Richard Gelfond described the 2025 slate as exceptionally strong and tightly scheduled, particularly from May to September. CFO Natasha Fernandes added that key local titles like 'Creation of the Gods II' have been approved for China in 2025. She explained that high box office levels create significant operating leverage and margin expansion, amplified by network growth and operational efficiencies.

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President & COO Patrick Dumont explained that while the company is not targeting a specific EBITDA margin, revenue growth is the primary focus due to the high fixed-cost base. He stated that reinvestment will be market-based to drive revenue, and margins will follow. Chairman & CEO Robert Goldstein added that while margin is important, EBITDA matters more. Regarding Thailand, Goldstein called it the 'greatest opportunity in Asia' but noted its development is uncertain, while Patrick Dumont confirmed LVS would consider it if the framework is appropriate.

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Sands China CEO Grant Chum explained that the turnover rent decline was due to a difficult comparison against a record-setting 2023 driven by post-COVID demand, not a structural issue. He noted they are well-positioned with new flagship stores opening. On Texas, President and COO Patrick Dumont reiterated its great potential but stated there was 'nothing to report at this point.'

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Chairman and CEO Robert Goldstein and Executive Vice Chairman Dr. Wilfred Wong both anticipate "business as usual" in Macao, with the government's focus remaining on diversification and non-gaming investment. President and COO Patrick Dumont confirmed that the company continues to study the Middle East as a potential market.

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CEO Charles Gillespie described the company's Brazil strategy as a cautious "wait and see" approach, confirming they have no meaningful revenue from the market and have avoided the challenges faced by peers. While still open to the right M&A, they remain extra cautious due to operational complexities. Regarding U.S. tax hikes, he explained that while higher taxes negatively impact player lifetime values, the effect is not immediate or fully passed on to affiliates. He added that the rise of tax-free prediction markets might make states think twice about raising gaming taxes.

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CEO Charles Gillespie described AI as a 'boom' internally, increasing capacity and ambition across the organization. Externally, he views AI-powered search as incremental, not a replacement for traditional search, and believes it favors large, authoritative brands like theirs which get cited in AI responses. Regarding hold, he explained it only affects revenue-share deals. While this revenue stream is growing, its impact is limited as it's spread globally, and unfavorable hold in one region doesn't typically coincide with others.

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CEO Charles Gillespie described Missouri as helpful but not massive, noting the state's attractive regulatory regime and the company's existing media assets there. For 2025, he is watching Minnesota, Texas, and New York for iGaming. Internationally, he cited growth in Italy, the Netherlands, and German-speaking areas, with a clear growth path for newer markets like Greece and Romania. He also mentioned the company is exploring opportunities in Colombia and Peru.

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The Q1 margin was impacted by ~3 percentage points due to exceptionally low jackpot activity. One-time costs for contracts and tech investments are proceeding as planned. The full-year margin could improve if jackpot activity normalizes. The strong Rest of World performance was driven by a strong EuroMillions jackpot, not underlying macro immunity.

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The Mega Millions price increase is expected to be a net positive for sales, especially in the second half of the year, though it may take time to see the full effect. The new printing press is expected to provide benefits in both winning new contracts due to increased capacity and improving margins through greater efficiency and reduced waste.

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International gaming growth is driven by the success of North American games in LatAm and EMEA, with a focus on both premium and core titles expected to drive results in late 2024 and 2025. Regarding iLottery, while state budget pressures could accelerate adoption, the company continues to grow its existing iLottery business and content offerings while waiting for new markets to open.

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CEO Matt Wilson characterized the ruling as a "favorable" tailwind that creates margin opportunities for the social casino industry. He noted that SciPlay's DTC revenue has already grown to over 13% and this ruling allows them to be "a little bit more aggressive," with specific targets to be unveiled at the upcoming Investor Day.

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CFO Oliver Chow attributed the gaming margin strength to ongoing enhancement initiatives and manufacturing efficiencies, which he expects to continue. For the broader company, he anticipates margin tailwinds from SciPlay's DTC initiatives and a positive impact from the iGaming segment's exit of the Live Casino business. CEO Matt Wilson added the Live Casino divestiture was a strategic decision based on degrading pricing dynamics in that category.

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CEO Craig Billings clarified his earlier remarks, stating they do not expect a significant OpEx impact from tariffs as they can re-source most F&B items. On retail, he noted performance was flat against a very strong Super Bowl comp, and they have not seen or heard of price increases from tenants, which would be the retailers' own decisions. He added that lease structures vary, so gross sales cannot be inferred from lease revenue.

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CFO Julie Cameron-Doe stated it's too early for specific ROI on Macau projects but they are brand-consistent and designed to drive visitation. CEO Craig Billings added that entertainment drives market share in Macau. Regarding FX, Billings stated it would have no impact, explaining that the Las Vegas business has become significantly more diversified and less levered to international play than ever before, with strong growth in domestic business.

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CFO Joan Bottarini stated that the outlook for non-hotel fees remains positive, with strong Q1 results in franchise and other fees, partly boosted by the UVC transaction. She anticipates healthy growth for the remainder of the year and noted that the performance of incentive fees is closely tied to the U.S. and China markets, where they see potential for improvement.

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President and CEO Mark Hoplamazian stated that while the portion of the pipeline under construction is stable, he expects it to improve. He expressed optimism for Asian markets, citing momentum from the first Hyatt Studios opening and the rapid 9-10 month conversion cycle of the UrCove brand in China, which supports a constructive outlook for openings this year.

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President and CEO Christopher Nassetta acknowledged that travel from Canada and Mexico was down high-single digits, but this was offset by stronger inbound travel from other regions like Asia and the U.K., resulting in a neutral overall impact in March and April. CFO Kevin Jacobs added that Canada and Mexico combined represent only 1.5% of total company revenue. Furthermore, Nassetta noted that development teams have not sensed any negative sentiment affecting business opportunities in Canada.

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Christopher Nassetta, President and CEO, confirmed an uptick throughout Q4, which accelerated post-election, demonstrated by midweek strength. He noted that conversations with corporate accounts indicate a broad expectation for more travel in the year ahead. While this positive trend bodes well for continued business transient recovery, it has not been aggressively built into the company's formal guidance.

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CFO Kevin Jacobs clarified that the adjustment is simply due to the timing of a few projects that are now more likely to close next year. He affirmed there has been no change in Hilton's strategic approach to key money, which is still used selectively on less than 10% of deals. He projected that next year's spending would likely fall between the levels of last year and this year.

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Management expects margins at American Place to improve gradually as revenues continue to grow and they implement cost-saving measures, such as shifting marketing from physical mail to email. They believe reaching over $10.5 million in monthly revenue will lead to $40 million+ in EBITDA. The lower Q4 corporate expense was due to reversing over-accruals, and the run rate for 2025 is expected to be around $6 million, similar to 2024.

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Executive Daniel Lee stated that Treasure Chest is too distant to have a major impact, identifying the aggressive new management at the nearby Hollywood casino as a more significant competitive factor. On CapEx, he explained that major spending on the permanent American Place will only commence after financing is secured, which is contingent on Chamonix's performance. Executive Lewis Fanger added that maintenance CapEx remains low and the company expects to pay no cash taxes in 2024 due to NOLs.

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President and CFO Charles Protell and CEO Blake Sartini both described the promotional environment as stable and rational, focusing on food and beverage. On M&A, Protell stated they would not pursue greenfield projects or small single-asset deals, but are open to larger, transformative opportunities. Sartini added that any deal must 'move the needle.' The company's long-term leverage target is 3x or less, but they would consider going higher for the right deal with a clear path to deleveraging.

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President & CFO Charles Protell reiterated that given the dislocation between asset price expectations and the company's own stock valuation, share repurchases remain the priority, stating there are no attractive M&A opportunities currently. CEO Blake Sartini clarified that the STRAT has immaterial exposure to international markets like Canada. Protell added that while near-term events like EDC are strong, visibility beyond June is limited due to the short booking window.

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CEO Tony Capuano stated that Bonvoy growth is occurring globally and that the entry into mid-scale offers a great opportunity to attract younger members. He also highlighted a renewed focus on leveraging partners like MGM. Regarding China, he noted that while January was encouraging, it's too soon to call a broad recovery, though the record deal volume in 2024 shows long-term developer confidence.

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President and CEO Tony Capuano explained that the strength in group business comes from both existing clients building out their meeting calendars and new partners starting to schedule events, partly driven by limited availability of dates and space. He also confirmed that demand for City Express is quite strong, with franchise applications coming in and the first openings expected in the next few months, attracting both existing and new franchisees.

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CEO Jason Robins characterized international expansion as an 'opportunistic thing' rather than a current 'need.' He emphasized that with over 30% growth and strong margins, the company feels no immediate pressure to expand internationally but remains open to the right opportunity and is staying patient.

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The 2025 CapEx budget is expected to be similar to 2024's ($100M-$120M). The company plans to continue its significant share repurchase program, funded by strong free cash flow, alongside these investments. On the expense side, F&B procurement savings are helping to offset labor cost headwinds, and the company aims to maintain its margin-neutral ADR growth hurdle at approximately 4%.

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The company's strategy is to hold ADR in Jamaica and not discount to fill rooms. The Easter holiday timing had a minimal positive impact on Q1 but will negatively affect Q2. The Jewel Palm Beach property is actively being marketed for sale, with an announcement hoped for in the near future.

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CEO Robeson Reeves outlined the North America Interactive strategy, noting recent launches and the ongoing tech platform consolidation set for Q4, which will simplify operations. He highlighted share gains in Pennsylvania. CFO Marcus Glover explained the CapEx reduction resulted from a reevaluation of smaller expansion projects to allow for more thorough planning.

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The company confirmed the tech stack transition is ongoing, with the proprietary PAM to be replaced in ON, PA, and NJ in Q4, which will simplify operations. They recently launched OSB in Maryland, with Illinois and Tennessee to follow. The CapEx reduction is due to a reevaluation of some smaller expansion projects to allow for more thorough planning before proceeding.

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CEO Robeson Reeves noted recent sports betting launches in Maryland, with Illinois and Tennessee planned for later in the year. He explained the tech stack transition to a single platform will complete in Q4, simplifying operations and improving cost-effectiveness. CFO Marcus Glover clarified that the CapEx reduction resulted from re-evaluating and pausing some smaller expansion projects to ensure proper diligence.

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For the Chicago temporary casino, the focus remains on aggressive marketing to drive top-line growth and expand the customer database, so profitability is currently light but that is intentional. For the U.K. OSB launch, the strategy is to cross-sell to the existing database and acquire new customers more cheaply via sports. They do not intend to increase marketing spend but rather to drive more volume and better ARPU with the new product.

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CFO Marcus Glover stated the focus for the Chicago temporary casino remains on driving top-line growth, with profitability being 'pretty light' but intentional for now. President George Papanier added that they will remain aggressive on marketing to grow the database and are adding amenities like a VIP lounge. For the U.K. OSB launch, CEO Robeson Reeves explained the goal is to consolidate wallet share from existing customers and acquire new players more cheaply via sports, without intending to increase overall marketing spend.

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CFO Marcus Glover and President George Papanier explained that the Chicago focus remains on aggressive marketing and top-line growth to build the database, with profitability being intentionally light for now. George Papanier mentioned adding a VIP lounge as a future improvement. Regarding the U.K., CEO Robeson Reeves stated the plan is not to increase marketing spend but to use sports betting to acquire customers more efficiently and increase wallet share from existing players.

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The high 39% margin in Q4 for International Interactive was an anomaly; the guided 33-35% range for 2024 is sustainable and allows for investment in growth. On capital allocation, the company will remain opportunistic with share buybacks when the stock is cheap, balancing it with development needs and financing plans.

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The company is very optimistic about Fintech's continued growth in 2024, driven by their broad product portfolio and ability to win new business. The Venuetize acquisition is seen as a key complement to their mobile strategy, which is gaining traction with customers and is expected to contribute to momentum into the next year.

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The Interactive segment's growth is driven by strong game content and an improved release cadence in the core North American market. The strong EGM sales momentum is expected to continue, supported by the successful Spectra cabinet family (with a new model launching in Q4) and a robust product pipeline, suggesting a new, higher level of performance.

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CEO Amy Miles explained that the trading window was closed due to normal course of business shortly after the buyback was announced late in the quarter, and that the program remains a tool for capital allocation. CFO David Ownby noted that G&A is generally consistent, with the main variable being legal and professional fees tied to specific activities like acquisitions.

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