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    Daniel Politzer • Wells Fargo Securities

    Daniel Politzer's questions to Wynn Resorts Ltd (WYNN) leadership

    Daniel Politzer's questions to Wynn Resorts Ltd (WYNN) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. inquired about the drivers of Wynn's Las Vegas outperformance and the outlook for the rest of the year. He also asked about the factors behind the recent market inflection in Macau.

    Answer

    CEO Craig Billings attributed the Las Vegas success to high-end positioning and strategic operational improvements, noting strong booking pace acceleration in July. For Macau, he cited a combination of factors, including a strong entertainment calendar, but emphasized that underlying market strength continued into July. COO Brian Gullbrants added that the Las Vegas team is bullish on Q4.

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    Daniel Politzer's questions to Wynn Resorts Ltd (WYNN) leadership • Q4 2024

    Question

    Daniel Politzer of Wells Fargo asked what fundamentally changed to drive the constructive tone on Las Vegas performance, given strong results. He also inquired about the capital allocation strategy, specifically regarding leverage thresholds for share repurchases.

    Answer

    CEO Craig Billings responded that their positive tone has been consistent, attributing strong performance to strategic improvements made over the past three years, not a recent change. Executive Brian Gullbrants added that specific enhancements to the high-limit slot room contributed. On capital allocation, Billings stated they don't have published leverage targets but are very comfortable with current levels and will continue to repurchase shares, viewing them as a good value.

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    Daniel Politzer's questions to Wynn Resorts Ltd (WYNN) leadership • Q3 2024

    Question

    Daniel Politzer asked about the company's capital allocation strategy, specifically how the increased share repurchase authorization would be deployed and how it balances with CapEx needs in Las Vegas and Macau.

    Answer

    CEO Craig Billings stated that share repurchases are opportunistic, executed when the stock appears cheap, and balanced against growth CapEx and deleveraging. CFO Julie Cameron-Doe detailed CapEx plans, including approximately $300 million for Las Vegas projects (villas, F&B, Encore Tower renovation) and a tightened range of $350 million to $425 million for Macau concession commitments through 2025.

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    Daniel Politzer's questions to PENN Entertainment Inc (PENN) leadership

    Daniel Politzer's questions to PENN Entertainment Inc (PENN) leadership • Q2 2025

    Question

    Daniel Politzer from JPMorgan Chase & Co. asked for a ranking of expected returns on the four major retail projects and inquired about strategic changes for the upcoming NFL season kickoff with ESPN Bet.

    Answer

    CEO Jay Snowden declined to rank the projects but reiterated his confidence in strong returns from all four, citing their unique market advantages. For the NFL season, Snowden and CTO Aaron LaBerge emphasized that the strategy is less about changing promotional spend and more about superior execution. They highlighted a frictionless user experience, deep fantasy integrations, improved personalization, and better CRM as key differentiators this year.

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    Daniel Politzer's questions to PENN Entertainment Inc (PENN) leadership • Q4 2024

    Question

    Daniel Politzer from Wells Fargo inquired about the iGaming business, including customer profile and its contribution to 2025 interactive guidance, and asked about the implications of ESPN ending its video contract with Major League Baseball.

    Answer

    CEO Jay Snowden confirmed iGaming is a positive contributor to guidance, driven by strong slot performance from the new Hollywood app, which attracts a demographic that complements the sports betting audience. CTO Aaron LaBerge noted this growth was achieved efficiently from their database. Regarding baseball, Snowden clarified that while the video package is changing, ESPN will retain robust stats and scores, ensuring continued integration opportunities for ESPN BET.

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    Daniel Politzer's questions to PENN Entertainment Inc (PENN) leadership • Q3 2024

    Question

    Daniel Politzer from Wells Fargo sought to clarify the Q4 interactive guidance, asking how much of the negative revision was due to hold versus other factors. He also asked if Penn has research on where its brick-and-mortar database currently plays iGaming.

    Answer

    CEO Jay Snowden reiterated that the conservative Q4 interactive outlook was entirely due to the negative impact of low hold percentage to start the quarter. Regarding the iGaming database, Snowden stated they believe their customers play across various platforms and that the key to capturing them is the loyalty program connection and the ability to redeem land-based rewards in the new iCasino app.

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    Daniel Politzer's questions to Draftkings Inc (DKNG) leadership

    Daniel Politzer's questions to Draftkings Inc (DKNG) leadership • Q2 22025

    Question

    Daniel Politzer of JPMorgan asked about the 100 basis point acceleration in structural hold and its future implications. He also requested an update on the 2026 EBITDA target of $1.4 billion, considering recent tax increases and other market changes.

    Answer

    Co-Founder & CEO Jason Robins attributed the structural hold improvement primarily to a 430 basis point increase in parlay bet mix. Regarding the 2026 outlook, he acknowledged that recent tax hikes created a ~$200 million headwind for next year, and while underlying business strength will offset some of this, it likely won't offset all of it.

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    Daniel Politzer's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. asked about the drivers behind the 100 basis point acceleration in structural hold and requested an update on the 2026 EBITDA outlook of $1.4 billion, considering recent tax increases and other moving parts.

    Answer

    Co-Founder & CEO Jason Robins attributed the structural hold improvement primarily to a 430 basis point increase in parlay mix. Regarding the 2026 outlook, he acknowledged that recent tax increases amount to a ~$200 million headwind for next year. While outperformance in core value drivers will offset some of this, he stated they likely won't be able to offset all of it.

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    Daniel Politzer's questions to Draftkings Inc (DKNG) leadership • Q4 2024

    Question

    Daniel Politzer of Wells Fargo asked about the strength of the DraftKings brand in both sports and iGaming, the potential for a multi-brand strategy, and the gaming tax assumptions embedded in the 2025 guidance.

    Answer

    CEO Jason Robins asserted that the DraftKings brand is 'incredibly strong' in both verticals and that the success of Golden Nugget has proven out a multi-brand iGaming model, though he sees it as less applicable to sports. He clarified that the 2025 guidance assumes no changes in tax rates, as the company does not forecast legislative outcomes until they are finalized.

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    Daniel Politzer's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Daniel Politzer of Wells Fargo asked about reaching the 2026 revenue forecast a year early and the potential for sales & marketing leverage from expiring deals.

    Answer

    CEO Jason Robins acknowledged they are a year ahead of their Investor Day forecast, attributing it to stronger-than-expected industry growth and suggesting the Total Addressable Market (TAM) is larger than previously thought. He agreed that as growth normalizes, flow-through will improve, and confirmed that expiring marketing deals present a future opportunity for leverage.

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    Daniel Politzer's questions to Sunstone Hotel Investors Inc (SHO) leadership

    Daniel Politzer's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. asked for more details on the San Francisco recovery and whether Sunstone expects to be a net buyer or seller of assets over the next 1-2 years.

    Answer

    CEO Bryan Giglia described the San Francisco recovery as a multiyear lift from the bottom, with their hotel outperforming due to its location and quality. On capital allocation, he stated Sunstone is more likely to be a seller in the current environment, recycling capital into share repurchases, but stressed their ability to pivot quickly if acquisition opportunities become more attractive.

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    Daniel Politzer's questions to Choice Hotels International Inc (CHH) leadership

    Daniel Politzer's questions to Choice Hotels International Inc (CHH) leadership • Q2 2025

    Question

    Daniel Politzer questioned the long-term target for international EBITDA as a percentage of total EBITDA and asked about the expected RevPAR cadence for the remainder of the year.

    Answer

    CFO Scott Oaksmith confirmed that international business was about 6% of EBITDA before the Canada deal and is growing strongly, up 10% in the quarter. Regarding RevPAR, he explained the guidance midpoint assumes Q2 trends continue. He also reminded analysts of a tough Q4 comparison due to a 125 basis point benefit from hurricane-related demand in the prior year.

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    Daniel Politzer's questions to Ryman Hospitality Properties Inc (RHP) leadership

    Daniel Politzer's questions to Ryman Hospitality Properties Inc (RHP) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. asked a high-level question about how management's view on macro uncertainty has evolved over the past three months and how that reconciles with the outlook for lead volumes and the broader business.

    Answer

    Executive Chairman Colin Reed expressed more optimism than three months prior, citing greater clarity on tax policy and the potential for interest rate cuts. President & CEO Mark Fioravanti emphasized the resilience and strong positioning of their unique assets and portfolio, noting that while uncertainty remains, the business has proven durable. He stated their focus is on execution and controlling what they can.

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    Daniel Politzer's questions to Marriott International Inc (MAR) leadership

    Daniel Politzer's questions to Marriott International Inc (MAR) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. sought to understand the dynamics of the group business, questioning the contrast between near-term choppiness and the strengthening booking pace for 2026.

    Answer

    President & CEO Anthony Capuano explained that the 2026 group pace is now up 8%, an increase from 7% a quarter ago, with no abnormal cancellations. He attributed near-term softness to a slight uptick in attrition and fewer 'in the year for the year' bookings due to macro uncertainty. CFO Leeny Oberg added that the Q2 weakness was evenly split between attrition and softer short-term bookings.

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    Daniel Politzer's questions to Marriott International Inc (MAR) leadership • Q3 2024

    Question

    Daniel Politzer from Wells Fargo asked about the outlook for the leisure segment in 2025 and requested clarification on non-RevPAR fees, including the Q3 amount and the full-year growth forecast.

    Answer

    CFO and EVP, Development Leeny Oberg suggested that 2025 could look a lot like the back half of 2024, with continued strength in group and business transient, and slight growth in leisure. For non-RevPAR fees, she highlighted lumpy residential branding fees ($18M in Q3 '24 vs $7M in Q3 '23) as a key driver and confirmed the full-year growth forecast remains at the high end of single digits, around 9% to 10%.

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    Daniel Politzer's questions to Park Hotels & Resorts Inc (PK) leadership

    Daniel Politzer's questions to Park Hotels & Resorts Inc (PK) leadership • Q2 2025

    Question

    Daniel Politzer asked for clarification on the group booking pace, questioning the dynamic of a flat 2026 outlook despite strong trends in Q4 2025 and 2027, and also inquired about the outlook for labor expense growth.

    Answer

    Chairman and CEO Thomas Baltimore explained that Q3 2025 softness was due to tough year-over-year comps, while Q4 group pace is up a strong 18% across a broad base of markets. For 2026 and beyond, he expressed confidence in lead volumes and the renovated portfolio. CFO Sean Dell'Orto addressed labor costs, stating that with many union contracts settled, he expects sustained benefits from cost initiatives and underlying labor expense growth in the 4% to 4.5% range for 2026.

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    Daniel Politzer's questions to Host Hotels & Resorts Inc (HST) leadership

    Daniel Politzer's questions to Host Hotels & Resorts Inc (HST) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. asked for more detail on group business trends, including lead volumes by segment (corporate vs. association) and any changes in on-property spending patterns.

    Answer

    EVP & CFO Sourav Ghosh noted that weakness in group demand remains concentrated in the association segment, particularly those with ties to government funding. However, he stressed that groups on-property are spending well, highlighting that banquet and catering revenue per group room night increased by 7% in Q2, a trend he expects to continue.

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    Daniel Politzer's questions to Rush Street Interactive Inc (RSI) leadership

    Daniel Politzer's questions to Rush Street Interactive Inc (RSI) leadership • Q2 2025

    Question

    Daniel Politzer from JPMorgan Chase & Co. asked for the reasons behind the implied revenue growth deceleration in the second half of the year and questioned if market access fees could become a material driver for margin improvement.

    Answer

    CFO Kyle Sauers attributed the second-half deceleration to several factors: lapping the Delaware launch, tougher comps and VAT uncertainty in Colombia, a non-recurring $5M Q2 sports hold benefit, and a conservative outlook on maturing iCasino markets. Regarding market access fees, Sauers stated that while some opportunities may arise, he does not view them as a 'big needle mover' for gross margins, which are more likely to improve from revenue mix and scale with vendors.

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    Daniel Politzer's questions to Rush Street Interactive Inc (RSI) leadership • Q4 2024

    Question

    Daniel Politzer asked for quantification of the Colombian tax impact within the 2025 guidance and for a breakdown of the projected 13% revenue growth between Latin America and the U.S. He also inquired if guidance includes other potential U.S. tax hikes and how the company weighs that risk against the upside of iGaming legalization.

    Answer

    Executive Kyle Sauers clarified that the full impact of the Colombian tax is baked into both the high and low ends of the 2025 guidance, with upside potential if the tax is repealed. He noted that most absolute growth will come from iCasino markets. Sauers also confirmed that no other proposed tax changes are included in the guidance. CEO Richard Schwartz added that while tax hikes are near-term setbacks, they highlight states' need for revenue, which could accelerate iGaming legalization, creating a long-term net benefit.

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    Daniel Politzer's questions to MGM Resorts International (MGM) leadership

    Daniel Politzer's questions to MGM Resorts International (MGM) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. asked about the underlying causes for the persistent decline in Las Vegas Strip visitation and the levers MGM can pull to adapt. He also requested guidance on the outlook for Las Vegas in Q3, given several moving parts.

    Answer

    CEO & President William Hornbuckle cited weaker international travel and fewer inbound flights as key factors, while COO Corey Sanders highlighted the casino database and Marriott partnership as adaptive levers. For Q3, CFO Jonathan Halkyard expects trends similar to Q2, noting the company will lap a $37 million insurance benefit from the prior year.

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    Daniel Politzer's questions to MGM Resorts International (MGM) leadership • Q3 2024

    Question

    Daniel Politzer from Wells Fargo inquired about the status of MGM's direct digital business investments, including LeoVegas and Grupo Globo, and asked for a timeline on expected returns. He followed up with a question on MGM China's recent market share loss and the potential impact of market stimulus.

    Answer

    CEO William Hornbuckle stated that capital investment in the digital business is complete and expects the international ventures to generate substantial cash flow of '$400 million, $500 million and then some' starting in 2026. Regarding Macau, executives Kenny Feng and Hubert Wang attributed the share movement to short-term dynamics, reiterated a long-term goal of mid-teens market share, and noted that new capital projects coming online in H2 2025 should improve their competitive position.

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    Daniel Politzer's questions to Caesars Entertainment Inc (CZR) leadership

    Daniel Politzer's questions to Caesars Entertainment Inc (CZR) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan Chase & Co. inquired about the recent stabilization in Las Vegas booking trends and sought tangible details on the drivers for expected growth in Q4 2025 and early 2026. He also asked for clarification on the Q3 outlook for Las Vegas EBITDAR.

    Answer

    CEO Tom Reeg explained that forward booking forecasts for the next 90 days have stabilized after a period of decline. He attributed future growth to a record group calendar in Q4 2025 and into 2026, including major conferences like ConAg and State Farm, which provide leverage on room rates. Reeg confirmed that Q3 Las Vegas EBITDAR is expected to be down year-over-year, similar to Q2's high single-digit decline.

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    Daniel Politzer's questions to Caesars Entertainment Inc (CZR) leadership • Q4 2024

    Question

    Daniel Politzer asked for an assessment of the regulatory landscape regarding potential gaming tax increases and inquired about the drivers and sustainability of the recent improvement in iGaming hold percentage.

    Answer

    CEO Tom Reeg characterized tax hike discussions as a headline cycle, suggesting the larger, long-term opportunity for states is legalizing iCasino. President of Caesars Sports and Online Gaming Eric Hession noted iGaming hold was around 3.6% in Q4 and the goal is to reach the 4% range through product improvements, proprietary content, and new betting options.

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    Daniel Politzer's questions to Caesars Entertainment Inc (CZR) leadership • Q3 2024

    Question

    Daniel Politzer asked about a cash distribution from the Pompano project, inquiring if it was a recurring event, and requested parameters for 2025 free cash flow, including interest expense and cash taxes. He also sought guidance on the impact of the Danville property expansion, specifically regarding revenue, EBITDA, and margins.

    Answer

    CEO Tom Reeg confirmed that the Pompano cash distribution is expected to recur in coming quarters as the project develops. CFO Bret Yunker provided 2025 guidance: rent at ~$1.35B, cash CapEx at $600M-$650M, cash interest at $650M-$750M, and cash taxes at 15-20% of free cash flow. Regarding Danville, Tom Reeg explained the expansion will be margin dilutive (moving from ~60% to mid-30s) but will significantly increase total revenue and EBITDA, with the temporary facility generating about two-thirds of the permanent property's expected total EBITDA.

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    Daniel Politzer's questions to Boyd Gaming Corp (BYD) leadership

    Daniel Politzer's questions to Boyd Gaming Corp (BYD) leadership • Q2 2025

    Question

    Daniel Politzer asked why strong revenue growth in the Midwest and South, attributed to unrated play, did not result in higher margins, and also inquired about business trends quarter-to-date in July.

    Answer

    EVP and CFO Josh Hirsberg explained that margins in the Midwest and South were impacted by one-time headwinds, including flood-related property closures and the Easter calendar shift. Regarding July, he noted that trends from Q2 have continued, with consistent core customer growth and contributions from retail play, though CEO Keith Smith added caveats about disruptions at the Suncoast and softness on the Las Vegas Strip.

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    Daniel Politzer's questions to Boyd Gaming Corp (BYD) leadership • Q4 2024

    Question

    Daniel Politzer asked about the potential business impact of proposed federal tax reductions on tips and overtime, and also inquired about leverage targets and the potential use of stock as M&A currency.

    Answer

    President and CEO Keith Smith acknowledged that lower taxes for their customers would be a net positive but stated it's too early to quantify the impact. Regarding M&A, he noted that using stock is fact-specific and not their historical practice. EVP and CFO Josh Hirsberg clarified current leverage, and Keith reiterated their balanced capital allocation approach.

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    Daniel Politzer's questions to Boyd Gaming Corp (BYD) leadership • Q3 2024

    Question

    Daniel Politzer inquired about fourth-quarter-to-date consumer trends, particularly any changes in behavior related to the election cycle, and asked about any unique tax treatments for the Treasure Chest property in Louisiana.

    Answer

    President and CEO Keith Smith stated that through the first few weeks of October, there have been no discernible changes in consumer behavior, good or bad, despite noise from the election and world events. He also confirmed that Treasure Chest has a normal gaming tax rate for a non-racetrack facility in Louisiana, with nothing unusual to note.

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    Daniel Politzer's questions to Churchill Downs Inc (CHDN) leadership

    Daniel Politzer's questions to Churchill Downs Inc (CHDN) leadership • Q2 2025

    Question

    Daniel Politzer from JPMorgan Chase & Co. asked if the projected $50-60 million in 2025 cash tax savings from a new federal bill could be extrapolated for 2026, and how this impacts capital allocation, particularly share repurchases.

    Answer

    CFO Marcia Dall confirmed that the cash tax savings in 2026 are expected to be comparable to the 2025 figure. She reiterated that the company's capital allocation priority is investing in growth projects like the Derby and HRMs, followed by dividend growth, with share repurchases used opportunistically when the stock is undervalued.

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    Daniel Politzer's questions to Churchill Downs Inc (CHDN) leadership • Q3 2024

    Question

    Daniel Politzer questioned how the company gained comfort investing in new HRM projects given the challenges at Derby City Downtown and asked for a profitability timeline for that specific property.

    Answer

    CEO William C. Carstanjen explained that their confidence in new HRM projects stems from extensive and overwhelmingly positive experience. He acknowledged Derby City Downtown's slower ramp was due to post-COVID changes in downtown Louisville's foot traffic, a macro factor that was a surprise. He assured that the team is rightsizing the cost structure and expects to see consistent quarter-to-quarter profitability improvements starting in the next quarter.

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    Daniel Politzer's questions to Wyndham Hotels & Resorts Inc (WH) leadership

    Daniel Politzer's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q2 2025

    Question

    Daniel Politzer of JPMorgan inquired about the net rooms growth outlook for 2026, the potential breakdown between U.S. and international growth, and clarification on the updated 2025 guidance range.

    Answer

    CFO Michele Allen indicated it was too early for specific 2026 guidance but reiterated the company's long-term objective of 3% to 5% annual growth. She expressed confidence in continued momentum driven by midscale, extended-stay, and high fee-per-room international markets. Regarding the 2025 outlook, she confirmed the raised low-end reflected increased confidence and the removal of the Super 8 China portfolio.

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    Daniel Politzer's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q4 2024

    Question

    Daniel Politzer asked about the expected trajectory for royalty rate growth in 2025 and 2026, considering the recent step-up and the company's longer-term target of 4.75%.

    Answer

    CFO Michele Allen stated that the company is tracking slightly ahead of schedule on its royalty rate goals. She anticipates delivering around 5 basis points of improvement in both 2025 and 2026, which keeps the company in line with its plan to achieve 15 basis points of total improvement over the three-year period from 2024 to 2026.

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    Daniel Politzer's questions to Las Vegas Sands Corp (LVS) leadership

    Daniel Politzer's questions to Las Vegas Sands Corp (LVS) leadership • Q2 2025

    Question

    Daniel Politzer asked if Las Vegas Sands has a specific target for EBITDA market share in Macau as it implements a more promotional strategy. He also followed up on Singapore, seeking to understand the drivers behind the sudden acceleration in gaming volumes during a seasonally soft quarter.

    Answer

    Chairman & CEO Robert Goldstein stated that the short-term goal for Macau is to achieve a $2.7 billion EBITDA run-rate, driven by GGR acceleration, strong assets, and a revised competitive strategy. For Singapore, President & COO Patrick Dumont attributed the strong performance to significant reinvestment in the property's physical product and service levels, which is attracting new, high-value customers. Robert Goldstein added that government support and the property's unique appeal to a large, high-end Asian market are also key factors.

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    Daniel Politzer's questions to Las Vegas Sands Corp (LVS) leadership • Q4 2024

    Question

    Daniel Politzer from Wells Fargo asked about the recent slowdown in mass volumes at the Venetian Macao and the expected return on the ~$8 billion investment in the Londoner, questioning if it would align with past projects.

    Answer

    President and COO Patrick Dumont attributed the Venetian's Q4 softness to temporary visitation disruptions and advised against viewing it as a trend. Sands China CEO Grant Chum added details on the new arena. Regarding the Londoner, Patrick Dumont and Chairman and CEO Robert Goldstein affirmed their belief in its very high-return potential over its 30-year life, emphasizing that its scale is designed to attract all market segments, not just premium mass, to achieve its target of over $1 billion in EBITDA.

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    Daniel Politzer's questions to Las Vegas Sands Corp (LVS) leadership • Q3 2024

    Question

    Daniel Politzer asked about the regulatory outlook for Singapore's IR2 project, including licensing and tax rates, and inquired what is required for Macao property margins to return to the mid-to-high 30% range.

    Answer

    President and COO Patrick Dumont characterized Singapore as a stable operating environment with a gaming tax moratorium until the early 2030s. For Macao margins, he stated that achieving the high 30s level requires revenue growth, specifically from the return of the base mass segment, which the company's scaled assets are built to accommodate.

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    Daniel Politzer's questions to Viking Holdings Ltd (VIK) leadership

    Daniel Politzer's questions to Viking Holdings Ltd (VIK) leadership • Q4 2024

    Question

    Daniel Politzer asked about current opportunities for Viking to be contrarian, its approach to M&A, and requested more detail on the booking slowdown in February and trends into March.

    Answer

    Chairman and CEO Torstein Hagen explained that his contrarian approach has enabled favorable newbuild contracts and that he prefers reinvesting the company's $2.5B cash reserve into the business over shareholder returns, while remaining ready for M&A that fits the 'one brand' strategy. President and CFO Leah Talactac confirmed February was slower after a record January but emphasized that with 2025 largely sold and 2026 pacing ahead, they are comfortable and have ample time to leverage their marketing engine.

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    Daniel Politzer's questions to Viking Holdings Ltd (VIK) leadership • Q3 2024

    Question

    Daniel Politzer asked for the drivers behind the strong and sustained 11% pricing growth for 2025 Ocean cruises, questioning if it was due to mix or specific itineraries. He also asked about capital allocation, specifically whether the company would consider share buybacks in conjunction with potential future secondary offerings by sponsors.

    Answer

    EVP of Finance Linh Banh explained that a key driver for the 2025 Ocean pricing strength is a change in deployment; Viking is operating only one World Cruise in 2025 compared to two in 2024, which had impacted 2024's yield base. CFO Leah Talactac reiterated that the company is focused on growth and is not currently contemplating share buybacks, viewing sponsor sell-downs and capital return as separate matters.

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    Daniel Politzer's questions to Norwegian Cruise Line Holdings Ltd (NCLH) leadership

    Daniel Politzer's questions to Norwegian Cruise Line Holdings Ltd (NCLH) leadership • Q4 2024

    Question

    Daniel Politzer asked for a comparison of demand for European versus Caribbean itineraries and whether the strong U.S. dollar was a significant tailwind. He also requested commentary on potential impacts from proposed changes to the cruise industry's tax structure by the U.S. administration.

    Answer

    CEO Harry Sommer stated that strong European demand has been consistent and is driven by product and marketing, not just the strong dollar. He noted the Caribbean is a smaller part of the summer deployment. On the tax issue, Sommer called it 'really, really complicated' and declined to speculate on the impact. He pivoted to potential tailwinds from peace efforts in the Middle East and Ukraine, which could benefit 2026 deployments. CFO Mark Kempa added that the strong dollar is an EPS headwind.

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    Daniel Politzer's questions to Red Rock Resorts Inc (RRR) leadership

    Daniel Politzer's questions to Red Rock Resorts Inc (RRR) leadership • Q4 2024

    Question

    Daniel Politzer of Wells Fargo asked to confirm the timing of peak construction disruption, the observed business impact from F1 and the Super Bowl, and for guidance on corporate expense growth.

    Answer

    Executive Scott Kreeger confirmed peak disruption from renovations would occur in Q3 and Q4. Executive Lorenzo Fertitta stated the Super Bowl provides a 'significant positive impact,' while F1 is an 'absolutely zero impact' event for their business. Executive Stephen Cootey projected corporate expenses would remain stable at around $21 million.

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    Daniel Politzer's questions to Red Rock Resorts Inc (RRR) leadership • Q3 2024

    Question

    Daniel Politzer requested an update on the company's tavern strategy and asked for details regarding the development fee structure for the North Fork project.

    Answer

    Executive Scott Kreeger reported that the first of seven planned taverns recently opened and is outperforming expectations, with two more launching by mid-2025. He credited the success to the Boarding Pass loyalty program and market underpenetration. Executive Stephen Cootey clarified the North Fork development fee applies to the construction financing amount, not the total project cost.

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    Daniel Politzer's questions to Hyatt Hotels Corp (H) leadership

    Daniel Politzer's questions to Hyatt Hotels Corp (H) leadership • Q3 2024

    Question

    Daniel Politzer from Wells Fargo & Company inquired about the contribution from co-branded credit card fees and the timeline for the program's renewal.

    Answer

    President and CEO Mark Hoplamazian highlighted that the co-branded card program benefits from high spend per cardholder and robust World of Hyatt membership growth, which has compounded at over 20% annually. He confirmed the current agreement extends towards the end of 2025 and that the company is actively working on the next phase of the partnership.

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    Daniel Politzer's questions to Carnival Corp (CCL) leadership

    Daniel Politzer's questions to Carnival Corp (CCL) leadership • Q3 2024

    Question

    Daniel Politzer followed up on the Q4 yield guidance, asking why the strong close-in demand seen in Q3 might not repeat, and whether factors like the upcoming election were driving conservatism. He also asked about the key focus points for the upcoming investor event aboard the Sun Princess.

    Answer

    CEO Josh Weinstein responded that they provide their best estimate and always aim to outperform, acknowledging the election could be a factor but emphasizing the business remains strong. CFO David Bernstein added that with 99% of the year's ticket revenue on the books, there is little left to sell. Regarding the investor event, Weinstein said it will be an opportunity to update on progress since the SEA Change plan was announced and to showcase the new Sun Princess ship and the broader brand leadership team.

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    Daniel Politzer's questions to Flutter Entertainment PLC (FLUT) leadership

    Daniel Politzer's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Daniel Politzer asked about Flutter's M&A evaluation criteria, its willingness to exceed leverage targets for the right deal, and whether the guided 35% ex-Illinois EBITDA flow-through is a normalized rate.

    Answer

    CEO Peter Jackson stated that Flutter actively evaluates M&A globally and would be willing to go beyond its leverage target for a strategic acquisition if there is a clear path to deleveraging quickly. CFO Rob Coldrake clarified that they do not anchor to a specific flow-through percentage, as it varies with sports results, seasonality, and investment decisions, but they expect continued decent drop-through from incremental revenue.

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    Daniel Politzer's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Daniel Politzer asked about Flutter's M&A evaluation parameters, how it balances U.S. versus international opportunities, and if the 35% ex-Illinois flow-through is a good normalized rate to assume.

    Answer

    CEO Peter Jackson stated that Flutter has a strong track record of M&A and would go beyond its leverage target for the right deal if it could deleverage quickly. CFO Rob Coldrake clarified they do not anchor to a specific flow-through number, as it is impacted by seasonality, sports results, and investment choices, but they remain confident in achieving 'decent drop-through' on incremental revenue.

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    Daniel Politzer's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Daniel Politzer asked for the outlook on U.S. gross structural hold for the remainder of 2024 and inquired about the expected pacing of U.S. cost buckets like sales & marketing and G&A throughout the year.

    Answer

    CFO Paul Edgecliffe-Johnson stated that Q1 and Q4 are expected to be the high watermarks for structural hold due to the sports mix and parlay popularity. He noted that marketing investment also tends to be higher in Q1 and Q4 to align with sports seasons, while other operating expenses will be more consistent as the company builds capabilities to support growth.

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    Daniel Politzer's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Daniel Politzer from Wells Fargo sought clarity on the sustainability of the year-over-year gains in U.S. gross structural hold and asked about the expected pacing of growth across different U.S. cost buckets like sales & marketing and G&A for the rest of the year.

    Answer

    CFO Paul Edgecliffe-Johnson explained that the structural hold improvement is driven by product mix, particularly more parlays, and that Q1 and Q4 are typically the high points. He noted that marketing spend is also weighted to Q1 and Q4, while other OpEx like tech and G&A will grow more consistently throughout the year to support the expanding business.

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