David Katz • Jefferies

Answer

President & CFO Charles Protell stated that while potential targets exist, M&A is a lower priority as the company focuses on stabilizing operations, particularly at its Strip property. He indicated that a more favorable environment for M&A would likely coincide with lower interest rates, which he anticipates by the end of the year, and stabilization of the business.

Ask Fintool Equity Research AI

Answer

President and CFO Charles Protell clarified that any out-of-state M&A would need to be a transformative, multi-property deal, while single-asset acquisitions would be limited to Nevada. He confirmed they would consider adjacent brick-and-mortar sectors with growing cash flow, but explicitly ruled out re-entering the Distributed Gaming business due to a non-compete agreement and any moves into the digital gaming space.

Ask Fintool Equity Research AI

Answer

Charles Protell, President and CFO, clarified that the discussion around real estate value is to highlight the company's undervaluation, justifying the significant share buyback program, rather than to fund development. Blake Sartini, Founder, Chairman and CEO, confirmed that due to frustration with the current valuation, the company is actively considering all alternatives, including corporate mergers, to drive shareholder value.

Ask Fintool Equity Research AI

Answer

President & CFO Charles Protell explained that while numerous smaller, less sophisticated operators are increasing promotions, this behavior is viewed as unsustainable. CEO Blake Sartini added that the company's disciplined approach is leading to sequential EBITDA growth in taverns. Sartini also noted that tavern customers, who are more sensitive to commodity prices than stock market volatility, have shown resilience, though they may be visiting as frequently but spending slightly less per visit.

Ask Fintool Equity Research AI

Answer

CEO Craig Billings described the promotional environment as competitive but noted that reinvestment rates have been stable for several quarters. He acknowledged entertainment's role in driving visitation and revealed that Wynn's largest concession commitment is a new event center at Wynn Palace, slated for completion around early 2028, subject to government approvals.

Ask Fintool Equity Research AI

Answer

CEO Craig Billings described the Macau market as highly competitive for the premium mass customer, characterizing it as 'hand-to-hand combat.' He noted the promotional environment has stabilized and is actually better than 6-12 months ago as operators have found their footing post-COVID. Billings stated Wynn competes on service, product quality, new amenities, and data-driven marketing.

Ask Fintool Equity Research AI

Answer

CEO Craig Billings outlined their focus on large 'battleship' style assets, highlighting active but early-stage exploration in Thailand and a disciplined approach in New York. He emphasized that the current priority is Wynn Al Marjan. Regarding the Las Vegas land, he stated that timing must be right for the global business and that any development must target an adjacent customer base to avoid cannibalization, reiterating that the immediate focus remains on the UAE project.

Ask Fintool Equity Research AI

Answer

CEO Craig Billings stated that it was 'a bit early' to see a direct impact from the stimulus measures. He noted that demand during October's Golden Week was encouraging and pointed to historical precedent from early 2016, when similar stimulus led to a substantial positive impact on both visitation and GGR. This historical context and recent holiday strength contribute to the company's bullish long-term outlook.

Ask Fintool Equity Research AI

Answer

Co-Founder & CEO Jason Robins explained that these considerations are why DraftKings is taking a measured approach. He indicated the company is currently more in a 'monitor mode' regarding active discussions with regulators and will learn by observing how the market unfolds for other operators.

Ask Fintool Equity Research AI

Answer

Co-Founder & CEO Jason Robins characterized DraftKings' current stance as being in 'monitor mode.' He indicated that they are taking a measured approach and watching how the market unfolds with other operators before engaging in active discussions with regulators or making significant capital decisions.

Ask Fintool Equity Research AI

Answer

CEO Jason Robins explained that M&A is evaluated against other value-creation options like buybacks and organic investment, citing recent tech acquisitions as successful examples. Regarding hold rates, Robins expressed 100% confidence that recent unfavorable outcomes are random, stating that models will adjust to any fundamental sport changes over time, ensuring structural and actual hold converge.

Ask Fintool Equity Research AI

Answer

CEO Jason Robins identified two key drivers for in-play betting growth: continued product improvement, such as market uptime, and collaboration with broadcasters to achieve low-latency streams. Regarding guidance, both CFO Alan Ellingson and CEO Jason Robins emphasized that it is very early in the year and they prefer to remain prudent, noting the provided range already accounts for potential variability.

Ask Fintool Equity Research AI

Answer

CEO Jason Robins acknowledged that short-term volatility from sports outcomes is inherent but normalizes over longer periods. He explained that as adjusted EBITDA grows to become a larger percentage of revenue, the financial impact of these outcomes will diminish significantly, eventually becoming a 'rounding error' on a much larger earnings base.

Ask Fintool Equity Research AI

Answer

CFO Oliver Chow confirmed that the new legislation, particularly provisions for bonus depreciation on equipment, is a topic of conversation with customers. He explained that it provides an immediate tax deduction for operators on their game purchases, which should support demand in the second half and beyond. Chow also noted the bill is expected to drive an annual cash tax savings of $40-$50 million for Light & Wonder itself, benefiting both the company and its customers.

Ask Fintool Equity Research AI

Answer

CEO Matt Wilson stated that while stakeholder feedback on an accelerated Australian listing was supportive, the company is "taking the foot off the accelerator" on the initiative for now due to broader market uncertainty. He highlighted that the organic growth of Australian CDIs to 38.5% of the market cap validates the strategy, but no major change is imminent.

Ask Fintool Equity Research AI

Answer

CFO Oliver Chow emphasized that free cash flow remains a key focus. He noted that investments in success-based CapEx and working capital for customer financing deals are designed to drive long-term cash flow. He also highlighted that the pending Grover acquisition is a high-margin, high-cash-flow business that will drive incremental cash flow for reinvestment while allowing the company to stay within its leverage targets.

Ask Fintool Equity Research AI

Answer

President and CEO Matthew Wilson identified the Philippines as a near-term opportunity ('24-'25) and Macau's regulatory churn as a multi-year driver. He positioned the UAE, Thailand, and Japan as longer-term catalysts, likely in the '27-'28 timeframe and beyond. He highlighted Light & Wonder's diverse global content portfolio as a key advantage for capitalizing on these expansions.

Ask Fintool Equity Research AI

Answer

CEO Bryan Giglia stated that a 4-5x debt-to-EBITDA ratio is a comfortable range and that the company has ample capacity to increase leverage. He emphasized that capital recycling, such as selling an asset to fund buybacks, is a highly accretive strategy when the stock trades at a more attractive valuation than private market assets.

Ask Fintool Equity Research AI

Answer

CEO Bryan Giglia explained that while the opening was delayed, he remains confident in the project's success. He noted that current market rates are still significantly higher than their initial underwriting. The hotel is positioned to capture the critical Q4 and Q1 booking window, which accounts for 60-70% of its annual EBITDA. Giglia projected $6-7 million in EBITDA for the current year, ramping to the high-teens to $20 million range in 2026, with a full three-year ramp-up period expected.

Ask Fintool Equity Research AI

Answer

CEO Bryan Giglia expressed confidence in a full, albeit gradual, recovery for Maui over the next one to two years. He cited the island's status as a premier luxury destination, improving airlift, and a very strong group demand funnel as key factors that will drive its return to pre-fire performance levels.

Ask Fintool Equity Research AI

Answer

CEO Richard Zimmerman and CFO Brian Witherow asserted that the company's long-term profit potential remains unchanged and that the first-half challenges were transient. They plan to reassess the pacing of their long-term targets after the year ends. Zimmerman clarified that performance issues and opportunities exist across both legacy portfolios, citing strong results from parks on both sides where capital was invested, and denied that the issues were specific to legacy Six Flags parks.

Ask Fintool Equity Research AI

Answer

CEO Richard Zimmerman and CFO Brian Witherow clarified that the potential for '$200 million or more' in proceeds referred to the combined value of the land in Richmond and the land under the D.C.-area park. Regarding technology, Zimmerman stated they are in the 'middle innings' of building out desired dashboards and analytics capabilities but are still in the 'early innings' of the underlying tech stack integration, which is necessary to move beyond more cumbersome, temporary data-pulling methods.

Ask Fintool Equity Research AI

Answer

CEO Richard Zimmerman stated that building out business intelligence was a post-merger priority and they are now using new KPIs like transactions per guest. CFO Brian Witherow clarified that the guidance midpoint assumes a 'normal' level of weather disruption, not zero, with the range accounting for significant positive or negative deviations. He also noted that advance sales like season passes act as a natural weather hedge.

Ask Fintool Equity Research AI

Answer

CEO John Geller clarified the guidance adjustment is not about conservatism but about reacting to current data. He emphasized that while delinquency trends are positive, they have not yet returned to the lower levels seen historically, and the company wants to see that improvement sustained before reconsidering the reserve.

Ask Fintool Equity Research AI

Answer

John Geller, President and CEO, explained that the initiative is an acceleration of plans already identified following past acquisitions, with the primary goal of speeding up growth. He emphasized that the effort focuses on overcoming obstacles to growth by investing in technology to consolidate systems, improve marketing and sales efficiency, and digitize the customer experience, which has created significant energy and a clear path forward for the organization.

Ask Fintool Equity Research AI

Answer

CEO John Geller described the office's primary goal as adding 'velocity to execution' for both new and existing initiatives related to growth and cost efficiencies. He clarified that the focus is mainly on internal, organic growth within the core Vacation Ownership and Exchange businesses, while also exploring adjacent opportunities and new product launches.

Ask Fintool Equity Research AI

Answer

CEO John Geller attributed better tour activation to enhanced data and analytics for improved customer targeting. CFO Jason Marino clarified that less expensive inventory is sourced by adjusting the prices paid to owners through repurchase programs. Geller identified the primary non-core assets for sale as the Sheraton Hawaii Resort hotel acquired from ILG and a retail parcel at their Waikiki resort.

Ask Fintool Equity Research AI

Answer

CFO Craig Felenstein explained there is minimal currency impact on the ROW business. He attributed the slower growth in Q2 primarily to the timing of media advertising campaigns, noting that growth was stronger in Q1 and that on a six-month basis, the advertising business is up strongly. He expects choppiness but continued momentum for the full year.

Ask Fintool Equity Research AI

Answer

CEO Carsten Koerl clarified that market adaptation, player education, and bookmaker marketing are the primary gating factors for U.S. in-play betting, not technology. He expressed confidence that the U.S. will eventually reach the 70-80% in-play penetration seen in international markets, emphasizing it will just take time.

Ask Fintool Equity Research AI

Answer

CEO Carsten Koerl stated that the IMG portfolio was valued using their standard ROI-based approach for any rights acquisition, focusing on their ability to monetize the assets within their ecosystem. CFO Craig Felenstein confirmed that given their strong cash position and future cash generation, they plan to accelerate share repurchases under their program once the trading window reopens, balancing returns with strategic investments in the business.

Ask Fintool Equity Research AI

Answer

CFO Craig Felenstein highlighted that free cash flow conversion has improved from around 30% in 2023 to over 50% in 2024 and is expected to continue growing, with more details to come at the next Investor Day. CEO Carsten Koerl reiterated that the top priority for capital is investing in organic growth, followed by complementary M&A and share buybacks, stating that these priorities have not changed.

Ask Fintool Equity Research AI

Answer

President & CEO Anthony Capuano explained the strategy is to keep loyal guests within the Marriott Bonvoy ecosystem for all their travel needs. CFO Leeny Oberg detailed the attractive economics, describing affiliation deals as classic high-ROIC franchise models and ventures like the media network and co-brand cards as high-return, low-capital-intensity adjacencies that enhance the overall platform.

Ask Fintool Equity Research AI

Answer

CFO Leeny Oberg clarified that the NUG guidance is simply a refinement based on greater visibility into the year, not a change in outlook. On the stable EPS guidance, she explained that the lower RevPAR impact was offset by a less negative foreign exchange impact, a small fee contribution from the citizenM transaction, and a stable outlook for Incentive Management Fees (IMFs).

Ask Fintool Equity Research AI

Answer

CEO Tony Capuano emphasized that the company's dealmaking fundamentals remain consistent, focusing on long-term, stable contracts and not compromising on core fee structures even when using capital tools like key money. CFO Leeny Oberg added that the company continues to achieve a good premium in net present value on contracts where key money is used, indicating strong returns.

Ask Fintool Equity Research AI

Answer

CFO and EVP, Development Leeny Oberg noted that Q3 leisure transient RevPAR was roughly flat, with slight growth in luxury and premium offset by a slight decline in select service. President and CEO Tony Capuano explained that while the vast majority of NUG will remain traditional franchise and management deals, the company will continue to evaluate creative partnership opportunities that leverage the strength of the Bonvoy program, distinguishing the MGM deal as unique from more traditional structures.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Thomas Baltimore provided a detailed overview, attributing near-term challenges to the lingering effects of a 45-day labor strike. He outlined the sequential RevPAR improvement expected through 2025, from a 13% decline in Q2 to high-teens growth in Q4. He also noted the RevPAR index is recovering, domestic airlift is strong, and while Japanese tourism lags, the long-term outlook remains positive due to muted supply growth.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Thomas Baltimore explained the portfolio strategy is to focus on the top 20 assets, which account for approximately 90% of the company's value, and to recycle capital from non-core assets. For the Miami project, he expressed high confidence, stating that permits are secured, contractors are in place, and the project is on track for completion before the World Cup, with expected unlevered returns of 15-20%.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Thomas Baltimore explained that the renovated Royal Palm will be positioned as an upper-upscale lifestyle resort, tucked just underneath the highest-end luxury properties like St. Regis and Aman. The goal is to capture a diverse customer base by significantly raising rates and doubling EBITDA without competing at the absolute top tier of the market.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Thomas Baltimore detailed a proactive and comprehensive approach to weather resiliency, which he said distinguishes Park from its peers. He cited examples like pre-deploying first responders, installing tiger dams, moving critical building systems above grade, and sand nourishment projects. He asserted that this focus has led to lower insurance costs and that weather risk is a key factor in all investment underwriting.

Ask Fintool Equity Research AI

Answer

EVP & CFO Atish Shah affirmed that buybacks remain a valuable tool, balanced against leverage targets. Chair & CEO Marcel Verbaas explained that Xenia's portfolio is well-positioned due to its strong group setup and lower dependence on large citywide conventions, with current trends aligning with initial 2025 expectations.

Ask Fintool Equity Research AI

Answer

President & CEO James Risoleo reported that Turtle Bay's hotel operations are exceeding pro forma expectations and have been well-received into the Ritz-Carlton system. He noted a change in plans for a golf course renovation is affecting the resort's total performance, but not the hotel itself. EVP & CFO Sourav Ghosh confirmed the hotel is included in the company's comparable results.

Ask Fintool Equity Research AI

Answer

President and CEO James Risoleo affirmed that Host will continue to be thoughtful about share repurchases and dividends. He noted that the company would have likely been more active in the market had it not been in a blackout period when the stock price weakened. He reiterated a 'wait-and-see' approach, balancing capital return with operational priorities and long-term value creation.

Ask Fintool Equity Research AI

Answer

President and CEO James Risoleo dismissed a prior report about hiring an advisor for a portfolio sale as a rumor. He affirmed that Host is comfortable with its portfolio and under no pressure to sell, though it will remain opportunistic. He characterized the transaction market as slow due to high interest rates and a wide bid-ask spread, which he views as an advantage for Host given its strong balance sheet and liquidity.

Ask Fintool Equity Research AI

Answer

President and CEO James Risoleo expressed optimism on the labor front, crediting strong property managers like Marriott and Hyatt. Regarding leisure, he stated there has been no pushback on rates, with ADR remaining up 50% versus 2019. He attributed softness to an imbalance where more Americans are traveling internationally, but expects this to normalize over time.

Ask Fintool Equity Research AI

Answer

CEO Edward Pitoniak confirmed that bonus depreciation is a powerful positive factor for operators investing in their buildings, noting VICI's property partner growth fund is available to help finance these improvements. Regarding convention centers, Pitoniak stated that many urban hotels and convention centers have seen significant underinvestment since the GFC. President & COO John Payne added that Las Vegas retained its convention sales teams during COVID, giving it a competitive advantage.

Ask Fintool Equity Research AI

Answer

Management disclosed that the Red Rock loan is part of a $725 million facility and VICI's blended all-in yield is approximately SOFR plus 7%. CEO Edward Pitoniak and President John W. Payne emphasized that VICI's risk appetite is not based on general principles but on the compelling specifics of each deal, including the quality of the partner, location, and structure, reflecting a continuous learning process.

Ask Fintool Equity Research AI

Answer

CEO Ed Pitoniak responded that VICI focuses on the 'total amount of the relationship,' developing high conviction in partners like Cain and Eldridge to create multi-billion dollar relationships over time. He stressed that VICI is focused on widening its TAM without diluting the quality of its relationships or investments, giving stockholders participation in compelling, best-in-class placemaking.

Ask Fintool Equity Research AI

Answer

CEO Edward Pitoniak framed the strategy in the context of growing the overall rent base by a target of approximately 3% annually. He explained that non-gaming opportunities are evaluated based on their contribution to this goal. While individual non-gaming deals are smaller than VICI's typical gaming transactions, they are still significantly larger than conventional net-lease assets and contribute meaningfully to incremental rent growth.

Ask Fintool Equity Research AI

Answer

CEO Richard Schwartz positioned RSI as a casino-first company, suggesting it faces less risk from prediction markets than sports-focused peers. He speculated that potential erosion of state sports betting tax revenue could accelerate iCasino legalization, a net positive for RSI. On scale, Schwartz emphasized RSI's focus on a differentiated, high-quality platform that generates industry-leading ARTMAU, citing its 7x revenue performance in Delaware as evidence of its platform's strength.

Ask Fintool Equity Research AI

Answer

CEO Richard Schwartz stated that RSI is closely monitoring and educating itself on the prediction market opportunity. He noted that while liquidity is currently limited, the company would consider participating if a legal, state-by-state licensed framework becomes available for operators like RSI.

Ask Fintool Equity Research AI

Answer

CEO Richard Schwartz characterized sweepstakes casinos as unregulated and untaxed products that circumvent gaming laws, arguing their existence is a strong catalyst for accelerating regulated iCasino legislation. On product mix, Schwartz highlighted RSI's investment in in-play betting for sports like soccer and tennis, the popularity of player props, and the staying power of same-game parlays. He emphasized that unique, in-house promotional tools are a key differentiator driving player loyalty.

Ask Fintool Equity Research AI

Answer

Executive Kyle Sauers outlined that for 2025, RSI expects continued growth, improving gross margins from structural cost improvements and favorable revenue mix, and leverage over marketing and G&A. The main headwind will be lapping the Delaware launch. CEO Richard Schwartz and Kyle Sauers added that Delaware's growth is driven by attracting high-quality customers and superior service. Sauers noted that based on comparisons to other iCasino markets adjusted for population, the Delaware market could potentially exceed $200 million in GGR long-term.

Ask Fintool Equity Research AI

Answer

President of MGM Resorts International Interactive Gary Fritz detailed the success of the omnichannel strategy, citing a 30% growth in Nevada monthly actives. CEO & President William Hornbuckle confirmed the Marriott partnership is on track for over 900,000 room nights this year, with these customers spending significantly more and boosting convention business.

Ask Fintool Equity Research AI

Answer

EVP & CFO Jonathan Halkyard explained that while some input cost variability remains for the Japan project, it is mitigated by contingencies, a fully defined scope, and currency hedging on over half the equity commitment. CEO William Hornbuckle added that the project targets a high-teens return. Regarding the Marriott partnership, Hornbuckle stated it has exceeded expectations and international expansion is being considered. Halkyard noted the recent inclusion of group customers will further 'turbocharge' results.

Ask Fintool Equity Research AI

Answer

CEO William Hornbuckle stated that the relationship with joint venture partner Entain continues to strengthen, noting the recent management change has been productive for both parties. He expressed satisfaction with the current product direction and partnership structure, concluding, 'for now, that's our position, and that's really all I'm going to say about it.'

Ask Fintool Equity Research AI

Answer

CEO Tom Reeg expressed high confidence in reaching the $500 million EBITDA target on schedule, pointing to continued momentum, the roll-off of over $70 million in partnership expenses by 2027, and strong customer acquisition potential from the new single wallet in Nevada. While hesitant to set a new specific target, Reeg stated he expects to generate 'substantially more' than $500 million in digital EBITDA in the coming years, especially with potential new iGaming jurisdictions.

Ask Fintool Equity Research AI

Answer

CEO Tom Reeg explained that while sports betting currently generates more EBITDA, he anticipates a legislative push for iGaming in 2026-2027 as states seek revenue. He noted the inherent volatility in sports betting hold, contrasting it with the steady, strong growth of iCasino, which he views as a core strength for Caesars. Reeg also confirmed that business trends in April were consistent with the first quarter across all segments.

Ask Fintool Equity Research AI

Answer

CEO Tom Reeg stated that the top priority remains reducing lease-adjusted leverage towards 4x, with the vast majority of 2025 free cash flow earmarked for debt paydown. He mentioned that while the easiest non-core asset sales are complete, there has been an increase in inbound calls about other assets, though no transactions are imminent.

Ask Fintool Equity Research AI

Answer

CEO Tom Reeg explained the Danville transition will be seamless, with the temporary tent operating until the moment the permanent facility opens, thus avoiding any operational downtime or EBITDA dislocation; the change is primarily a margin story. He also stated the Las Vegas market has been 'remarkably stable,' with no evidence of a negative shift in the promotional environment and business running at high-90s occupancy.

Ask Fintool Equity Research AI

Answer

Stephen Cootey, EVP, CFO & Treasurer, responded that the company's approach to leverage is unchanged, expressing comfort with the current position due to rising EBITDA, a flexible credit agreement, and no near-term debt maturities. He stated that the focus for the second half of the year is on completing the ongoing renovation projects at Durango, Sunset, and Green Valley.

Ask Fintool Equity Research AI

Answer

Executive Stephen Cootey responded that while they would 'never say never,' the company strongly prefers owning its assets for long-term strategic and financial flexibility. Executive Scott Kreeger stated that the lower-end customer segment remains stable, while noting growth in the VIP, regional, and national segments. Executive Lorenzo Fertitta added that all customer age groups were up year-over-year.

Ask Fintool Equity Research AI

Answer

Executive Stephen Cootey stated that leverage is currently at a comfortable 4.1x and declining as Durango ramps up. He expressed comfort with the current leverage level but noted they would be willing to let it float higher for the right investment opportunity, especially as interest expenses are decreasing.

Ask Fintool Equity Research AI

Answer

Executive Lorenzo Fertitta explained the Super Bowl comp is difficult for Hotel and F&B due to high volume, but noted the company actually lost money on the game itself last year, making the sports betting aspect a potential tailwind. Executive Scott Kreeger stated the current Durango expansion is a preliminary phase to enable future options, with decisions on larger phases pending a market assessment in the first half of 2025.

Ask Fintool Equity Research AI

Answer

President and CEO Keith Smith responded that the company's M&A criteria have not changed. He reiterated their focus on acquiring significant, high-quality assets in strong markets that feature stable regulatory and tax environments.

Ask Fintool Equity Research AI

Answer

President and CEO Keith Smith explained that while Boyd prefers holdco acquisitions, they are not dissuaded by opco structures. He reiterated their flexibility on increasing leverage for a strategic acquisition, provided there is a clear path to deleveraging. He emphasized a disciplined approach focused on strategic fit and asset quality.

Ask Fintool Equity Research AI

Answer

President and CEO Keith Smith expressed high confidence in the Norfolk project's success due to the large population of 1.8 million residents with very few competing casinos, comparing it favorably to the much more saturated Las Vegas Locals market. Regarding M&A, Smith reiterated a disciplined approach, stating that the company is comfortable with its current mid-2x leverage and would only temporarily exceed that for the right opportunity, with a clear path to de-leveraging.

Ask Fintool Equity Research AI

Answer

Executive Keith Smith affirmed that the company's disciplined and strategic appetite for M&A remains unchanged by recent market volatility. Executive Josh Hirsberg clarified customer trends, stating that growth from the core customer is driven by both increased frequency and higher spend, with a slight lean towards higher budget. For lower-end database customers, the trend is similar, while the volume of unrated play is growing.

Ask Fintool Equity Research AI

Answer

CEO William Carstanjen stated that while full details will be shared after the transaction closes, the Salem location is strategically positioned to serve both the New Hampshire and Boston, Massachusetts suburban markets. He highlighted the site's excellent access and its planned offering of both HRMs and full table games, which he believes will be highly competitive in the region.

Ask Fintool Equity Research AI

Answer

CEO William C. Carstanjen outlined several growth drivers, including the new NBC contract starting next year and future pricing power in new seating areas like the starting gate pavilion. He explained that due to current consumer hesitancy, they couldn't price the new area as aggressively as in past years but expect to increase prices in 2026 as guests experience the value. He affirmed the long-term growth model of improving experiences to drive wagering, sponsorship, and ticketing revenue remains intact.

Ask Fintool Equity Research AI

Answer

CEO William C. Carstanjen confirmed that a five-year payback is the general target for gaming assets, noting that HRMs have often performed better. He affirmed this target applies to The Rose. For Kentucky, he explained that while each facility is managed individually, they are also viewed as a single supportive ecosystem for the state's racing industry.

Ask Fintool Equity Research AI

Answer

CEO William C. Carstanjen explained that Virginia was a key component of the P2E acquisition and that execution on deploying HRMs, culminating in the Dumfries opening, is proceeding well. He expressed strong optimism for future growth, citing operational improvements, the large Northern Virginia market, and successful efforts by state authorities to curb illegal gaming machines, which provides a tailwind for legal operators.

Ask Fintool Equity Research AI

Answer

CEO Geoffrey Ballotti explained that while RevPAR was down, performance varied by region, with softness in the Sunbelt offset by strength in industrial and energy markets. He noted that pricing is holding steady and key metrics like booking lead times and cancellation rates are stable or improving. Ballotti expressed optimism for a return to long-term growth, citing low supply growth and positive consumer travel intent research.

Ask Fintool Equity Research AI

Answer

CEO Geoffrey Ballotti highlighted accelerated development in Asia, with 90% more room openings and a focus on direct franchising over master licenses for higher FeePAR. He also noted strong growth in Europe and Latin America. CFO Michele Allen explained that the key money strategy is selective, prioritizing high-quality, revenue-accretive deals in strategic markets like Germany, while not deploying capital in places like China. She confirmed the strategy is working, with deals delivering higher FeePARs.

Ask Fintool Equity Research AI

Answer

CFO Michele Allen affirmed confidence in the 8.5% longer-term adjusted EBITDA CAGR, noting that growth is already accelerating. She highlighted that controllable factors like system growth, royalty rates, and margins are performing well, and ancillary revenue is set to meaningfully accelerate in 2025. This momentum is expected to build into 2026, implying a slightly higher growth rate, especially in a positive RevPAR cycle.

Ask Fintool Equity Research AI

Answer

CEO Geoffrey Ballotti stated that Wyndham is not seeing any softness in leisure demand, citing positive indicators like longer booking windows and resilient consumer spending. CFO Michele Allen confirmed that both in the short and long term, ancillary fee streams are expected to grow at a faster rate than the core franchising business.

Ask Fintool Equity Research AI

Answer

President & COO Patrick Dumont assured that the expansion construction will not be disruptive to current operations as it is taking place on an adjacent site, unlike the recent in-building renovations. Regarding Macau, Grant Chum, President & CEO of Sands China, clarified that credit-based play is a very small and consistent portion of their GGR, extended to some premium patrons through a long-standing direct rolling program, and is not a significant part of their new strategy.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Robert Goldstein declined to answer the question, citing the company's established policy of not commenting on current quarter performance during its earnings calls.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Robert Goldstein disagreed with the characterization of the market as benign, stating that competition for every segment is intense in a market with reduced top-line revenue compared to 2019. CEO and President of Sands China Grant Chum added that the market has always been competitive and their commentary reflects an intent to compete harder using their newly available assets. He clarified that the strategy is to aggressively deploy new products and engage customers, rather than signaling a specific change in promotional tactics.

Ask Fintool Equity Research AI

Answer

CFO David Bernstein confirmed the sale was part of the normal course of fleet revitalization. CEO Josh Weinstein added that the sale was opportunistic, driven by an attractive offer. He noted it will not negatively impact Costa's European capacity, as a slightly larger ship from Asia will be redeployed to Europe, actually increasing capacity there. He stated the sale price was "nicely overbooked value" but did not provide a specific multiple.

Ask Fintool Equity Research AI

Answer

CFO David Bernstein and CEO Josh Weinstein characterized the sale as an opportunistic move within the normal course of fleet revitalization. They received an attractive offer that was in the best long-term interest of the company. Weinstein noted the sale price was 'nicely overbooked value' but did not provide a specific multiple. He also clarified that Costa's European capacity would actually increase, as a slightly larger ship previously used for charters in Asia will be redeployed to Europe.

Ask Fintool Equity Research AI

Answer

CEO Josh Weinstein reframed the 'trade-down' concept, stating that consumers are increasingly recognizing the superior price-to-experience value of cruising, evidenced by record new-to-cruise guest growth. Regarding the ship sale, he explained it was a simple, unsolicited cash offer that was determined to be in the best interest of shareholders.

Ask Fintool Equity Research AI

Answer

CFO David Bernstein identified the timing and magnitude of cost efficiency initiatives as the largest variable that could improve the cost outlook. CEO Josh Weinstein clarified that the current leverage target is to achieve investment-grade metrics (around 3.5x), not a specific 2.0x target. He explained that future capital structure decisions will balance balance sheet strength with shareholder returns once the investment-grade goal is nearer.

Ask Fintool Equity Research AI

Answer

CEO Josh Weinstein stated a clear "no" to both questions. He described demand as broad-based across all brands, booking trends, and onboard spending, highlighting that onboard per diems accelerated from Q2. He asserted that the company is not seeing evidence of a trade-down effect, but rather is successfully convincing new guests to try their product because they want the experience.

Ask Fintool Equity Research AI

Answer

CEO & Chair Rob Katz emphasized that employees are core to the guest experience and the company is committed to supporting them, including working constructively with unions. Regarding weather, Katz reiterated that the advance commitment strategy is critical, adding that fostering thriving resort communities also helps attract visitors during lower snow years.

Ask Fintool Equity Research AI

Answer

CFO Angela Korch noted that the company is in a learning phase with its two Swiss resorts, with the primary growth opportunity seen within the European destination market. CEO Kirsten Lynch added that the European market currently resembles pre-Epic Pass North America, with expensive season passes and cheaper lift tickets, and that unlocking the potential there will be a thoughtful, long-term process.

Ask Fintool Equity Research AI

Answer

CEO Kirsten Lynch reiterated that Q1 results and pass sales were in line with expectations. While early season conditions are strong, the company is looking at a mix of indicators, including lodging, and believes it's too early to change guidance with the most critical part of the season ahead. She described the 25-million-guest database as a key competitive advantage for driving future growth, particularly in ancillary businesses.

Ask Fintool Equity Research AI

Answer

CEO Kirsten Lynch described Europe as a significant long-term opportunity that will be a gradual ramp-up, similar to the early days of the Epic Pass in North America. Regarding the My Epic app, she stated it is on track with expectations, particularly the mobile pass and lift ticket feature. The goal for next season is to increase adoption and pilot the My Epic Assistant feature to drive further efficiencies.

Ask Fintool Equity Research AI

Answer

Executive Patrick Chaffin detailed the productivity plan, which includes moving away from contract labor and focusing on hiring top-tier talent to drive efficiency, in a joint effort with Marriott. Regarding entertainment, Executive Patrick Moore noted that live music is a resilient sector and local/regional travel trends are strong, with no current signs of economic weakness impacting the business. Executive Colin Reed added that the post-COVID desire for experiences continues to fuel growth.

Ask Fintool Equity Research AI

Answer

Executives including Patrick Chaffin, Colin Reed, and Mark Fioravanti collectively dismissed the idea of new competitive threats, stating that no new supply is being built that truly resembles their unique, large-scale group-focused assets. They emphasized that the company's strategy is driven by internal analysis of market opportunities and enhancing their own portfolio, not by external competitive pressures. Mark Fioravanti reiterated that the goal is an incremental, high-impact change to the business mix.

Ask Fintool Equity Research AI

Answer

CFO Scott Oaksmith directed Katz to a new reconciliation in the investor presentation. He explained the Q4 figures, noting the non-reimbursable portion generated about $14.5 million in EBITDA, up 16% YoY. Oaksmith identified ancillary fees for services like the proprietary property management system (Choice Advantage) as a key growth driver, which is expanding to Radisson properties and extended-stay brands. He expects these fee-for-service revenues to grow in line with overall room growth.

Ask Fintool Equity Research AI

Answer

CFO Scott Oaksmith explained the marketing fund is managed over a long-term, 5-year cycle and is not expected to break even annually, projecting a year-end cumulative surplus of $25-$30 million despite a 2024 deficit. CEO Patrick Pacious clarified that the group business focus is broad-based, impacting the extended-stay and mid-scale segments in addition to upscale.

Ask Fintool Equity Research AI

Answer

President and CEO Mark Hoplamazian stated he could not comment on the specifics of the pending transaction beyond public filings. He reiterated that Hyatt's focus is on the expanded management platform and distribution channels like ALG Vacations and UVC, which will enhance value for the properties, owners, and guests in Mexico and the Caribbean.

Ask Fintool Equity Research AI

Answer

President and CEO Mark Hoplamazian confirmed that Hyatt selectively deploys key money and other capital, which is reflected in its reported CapEx figures. He strongly emphasized, however, that the company is 'allergic' to leases and avoids operating guarantees, thereby preventing any synthetic or hidden real estate exposure on its balance sheet.

Ask Fintool Equity Research AI

Answer

President and CEO Michael Rapino stated that the M&A strategy remains unchanged, focusing on smaller, bolt-on acquisitions globally regardless of the regulatory climate. Regarding the secondary market, he noted the disparity in perception versus sports and expressed hope for better regulation around bots and speculative selling to protect consumers.

Ask Fintool Equity Research AI

Answer

CEO Mark Wang expressed optimism that post-election clarity would be a benefit. He noted that while consumers continue to spend on travel, HGV is strategically focusing more on higher net worth customers to counter hesitancy in lower net worth segments. This shift may affect overall tour flow but is positively impacting VPG, driven by a strong travel backdrop and targeted sales efforts.

Ask Fintool Equity Research AI

Answer

CEO Jay Snowden stated there is no plan to sell any assets, as liquidity is not an issue and the company has momentum with four major growth projects underway. On Texas, he confirmed Penn is extremely interested and well-positioned due to its ownership of two Class 1 horse tracks in major metro areas, and they are actively engaged in conversations.

Ask Fintool Equity Research AI