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    Jeffrey Stantial • Stifel

    Jeffrey Stantial's questions to PENN Entertainment Inc (PENN) leadership

    Jeffrey Stantial's questions to PENN Entertainment Inc (PENN) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional asked for insights on the contributions from new board members to the interactive strategy and questioned the reasons for lower promotional spending on sports betting in Q2.

    Answer

    CEO Jay Snowden spoke positively about the fresh perspectives from the new, highly engaged board members but did not disclose specific discussions. Regarding promotions, he reiterated the company's disciplined strategy to keep reinvestment around 3% of handle. CTO Aaron LaBerge added that marketing resources were shifted efficiently during the slow sports season, which also contributed to the lower Q2 promotional spend for OSB.

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    Jeffrey Stantial's questions to PENN Entertainment Inc (PENN) leadership • Q1 2025

    Question

    Jeffrey Stantial asked where PENN sees room to close product gaps with iCasino competitors. He also followed up on the Council Bluffs project, asking how the company plans to mitigate tariff exposure on steel.

    Answer

    CEO Jay Snowden and CTO Aaron LaBerge identified live betting as the biggest area for improvement in sports betting. For iCasino, they said the focus is on enhancing CRM, personalization, and reducing friction to get players into games faster, rather than on product mix. Regarding tariffs, Head of Operations Todd George explained that the project's design requires less steel than a high-rise, and the procurement team is actively working to manage costs and can 'spot the market' to lock in prices at an opportune time.

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    Jeffrey Stantial's questions to PENN Entertainment Inc (PENN) leadership • Q4 2024

    Question

    Jeffrey Stantial of Stifel asked if strong early iCasino returns are causing a strategic rethink of resource allocation between sports and casino, and requested more detail on the behavior and value of younger, cross-sold guests.

    Answer

    CEO Jay Snowden responded that while they constantly re-evaluate, the strong, high-retention performance of the iCasino app has prompted them to allocate incremental spend to support it in 2025. Head of Operations Todd George added that these new cross-sold guests surprisingly play slots, show higher frequency and visitation than typical new retail customers, and progress well through the loyalty program.

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    Jeffrey Stantial's questions to Pursuit Attractions and Hospitality Inc (PRSU) leadership

    Jeffrey Stantial's questions to Pursuit Attractions and Hospitality Inc (PRSU) leadership • Q2 2025

    Question

    Jeffrey Stantial from Stifel Institutional inquired about the drivers behind the $10 million guidance increase, the strategic rationale for the new share buyback program versus other capital uses, and the company's pro forma effective tax rate.

    Answer

    CFO Bo Heitz clarified the guidance raise was driven by favorable FX rates ($7M) and the Tabacon acquisition ($3M), with core operations performing in line with strong expectations. CEO David Barry positioned the share buyback as an opportunistic tool for when the stock is undervalued, not a pivot from the core 'Refresh, Build, Buy' strategy. Bo Heitz added that the FY25 effective GAAP tax rate is expected to be 31-35%, influenced by valuation allowances on U.S. deferred tax assets.

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    Jeffrey Stantial's questions to Churchill Downs Inc (CHDN) leadership

    Jeffrey Stantial's questions to Churchill Downs Inc (CHDN) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional inquired about the specific strategies being used to ramp up The Rose HRM in Virginia and whether its current cost structure is optimized for margin expansion.

    Answer

    CEO William Carstanjen expressed strong optimism for The Rose, stating that the current focus is a multi-year investment in building the brand, driving customer trials, and growing the database in a large, competitive market. He clarified that the immediate goal is not to maximize quarterly margins but to make the necessary investments for long-term success, which he believes will lead to consistent improvement over time.

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    Jeffrey Stantial's questions to Churchill Downs Inc (CHDN) leadership • Q1 2025

    Question

    Jeffrey Stantial asked about the maturity of existing Virginia HRM assets (excluding The Rose), now that the removal of skill games has been anniversaried, and what stage of the ramp-up cycle these properties are in.

    Answer

    CEO William C. Carstanjen expressed strong confidence in the Virginia market, stating it is still 'very early' in the maturity cycle for these assets. He acknowledged the first quarter was 'noisy' due to severe weather, tax rate fluctuations, and some consumer softness, but he remains very bullish on the long-term growth opportunity in the state and is pleased with the team's performance.

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    Jeffrey Stantial's questions to Churchill Downs Inc (CHDN) leadership • Q4 2024

    Question

    Jeffrey Stantial of Stifel asked about reports of California racetracks pursuing historical horse racing (HRM) expansion, inquiring about its legal viability and how Churchill Downs might participate, whether via its Exacta system or M&A.

    Answer

    CEO William C. Carstanjen stated that since Churchill Downs does not operate a track in California, its most likely path for participation would be providing its Exacta HRM system and services on a B2B basis. While declining to speculate on California politics, he expressed readiness to assist if HRMs are approved and noted his belief that other jurisdictions will legalize the product in the future.

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    Jeffrey Stantial's questions to Churchill Downs Inc (CHDN) leadership • Q3 2024

    Question

    Jeffrey Stantial asked for insights into the expected ramp-up cadence for the new Dumfries property and how it might compare to previous openings, with a specific focus on Q4 expectations.

    Answer

    CEO William C. Carstanjen stated that the immediate priority for Dumfries is ensuring a great customer experience, which requires carefully ramping up a large new team. He noted that larger properties generally ramp more slowly than smaller ones. Consequently, success is defined by long-term, quarter-over-quarter growth, not just the results of Q4 2024. He is highly optimistic about the market but stressed a long-term approach focused on operational excellence.

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    Jeffrey Stantial's questions to Vail Resorts Inc (MTN) leadership

    Jeffrey Stantial's questions to Vail Resorts Inc (MTN) leadership • Q3 2025

    Question

    Jeffrey Stantial from Stifel Institutional asked for perspective on the recent decline in lift ticket sales, questioning if the trend is structural and whether it requires operational tweaks or a deeper pricing strategy review. He also inquired about the company's exposure to potential tariffs.

    Answer

    CEO & Chair Rob Katz stated that while converting guests to pass products is the goal, the company must provide paths for lift ticket buyers to visit, which requires new approaches to the pass and pricing strategy. EVP & CFO Angela Korch added that as a service business, direct tariff exposure is low, but the company monitors the indirect impact on consumer spending.

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    Jeffrey Stantial's questions to Vail Resorts Inc (MTN) leadership • Q2 2025

    Question

    Jeffrey Stantial asked about recent demand trends, particularly any observed softening at resorts near the Canadian border and the behavior of the broader international guest segment. He also questioned if the company expects pass sales in units to return to growth in the upcoming season.

    Answer

    CEO Kirsten Lynch stated that while the company is monitoring the situation, it has not seen an overt reaction to tariff rhetoric. She noted Whistler Blackcomb's performance is similar to other resorts, with strong local visitation but lagging destination guest bookings. Lynch expressed a belief that the pass program has ample room for growth, assuming the prior sales cycle absorbed the post-COVID normalization impact.

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    Jeffrey Stantial's questions to Vail Resorts Inc (MTN) leadership • Q1 2025

    Question

    Jeffrey Stantial from Stifel asked for specific details on lodging booking trends for the peak holiday season and whether favorable early snow has accelerated booking pace. He also questioned the company's capital allocation strategy, particularly the dividend payout ratio and willingness to leverage the balance sheet.

    Answer

    CEO Kirsten Lynch confirmed that booking patterns are strengthening closer to the season, especially in markets with good snow, with U.S. resort market data showing bookings consistent with the prior year. CFO Angela Korch addressed capital allocation, stating the company prioritizes the dividend, felt comfortable with its ability to cover it even in a challenging year, and will formally reevaluate it in the March quarter as is typical.

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    Jeffrey Stantial's questions to Vail Resorts Inc (MTN) leadership • Q3 2024

    Question

    Jeffrey Stantial of Stifel sought to reconcile the expectation for stable pass sale trends with commentary suggesting spring headwinds might ease later in the selling season. He also asked for more details on the specific challenges and underperformance at Whistler Blackcomb.

    Answer

    CEO Kirsten Lynch clarified that while some less-tenured passholders might delay purchasing, the overall reduced pool of potential new passholders (due to an 8% industry-wide visit decline) will likely impact the full selling cycle, leading them to project stable trends. Regarding Whistler Blackcomb, she attributed its significant lift ticket weakness to a longer period of challenging weather conditions, its high dependence on destination visitation, and potential normalization impacts following prior border restrictions.

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    Jeffrey Stantial's questions to Light & Wonder Inc (LNW) leadership

    Jeffrey Stantial's questions to Light & Wonder Inc (LNW) leadership • Q1 2025

    Question

    Jeffrey Stantial from Stifel sought more detail on the timing for when current tariff policies would begin to impact the company's input costs, net of any mitigation efforts.

    Answer

    CEO Matt Wilson explained that the company acted quickly to pull forward "multiple quarters of inventory" that is unaffected by tariffs, which will buffer the immediate impact on cash flows. He also noted ongoing mitigation efforts, like reconfiguring the supply chain through Mexico. CFO Oliver Chow added that this is part of a long-term diversification strategy and they are avoiding "knee-jerk" reactions.

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    Jeffrey Stantial's questions to Light & Wonder Inc (LNW) leadership • Q4 2024

    Question

    Jeff Stantial asked about competitive intensity in social casino, including from new verticals like sweepstakes, and whether L&W would consider entering that space.

    Answer

    CEO Matt Wilson attributed SciPlay's growth to live ops and monetization of the existing player base. He transparently noted a temporary monetization issue with Jackpot Party in H2 2024 that has since been resolved. Regarding sweepstakes, he stated L&W is pro-regulated gaming and views the vertical as currently unregulated and against their strategy. They would only consider it if the regulatory landscape changes, which they do not foresee.

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    Jeffrey Stantial's questions to Draftkings Inc (DKNG) leadership

    Jeffrey Stantial's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Jeff Stantial of Stifel asked how promotional reinvestment improved year-over-year, even as both the volume of new users and the signup offer per user reportedly increased.

    Answer

    CEO Jason Robins explained the improvement was driven by better retention bonusing and a mix shift towards a more mature, existing customer base. He clarified that the overall new user promotion rate has not gone up; rather, they are constantly experimenting with different offers, and any 'higher offer' was likely a specific, temporary test.

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    Jeffrey Stantial's questions to Bally's Corp (BALY) leadership

    Jeffrey Stantial's questions to Bally's Corp (BALY) leadership • Q2 2024

    Question

    Jeffrey Stantial from Stifel asked for a quantification of the financial impact from headwinds in Rhode Island and Atlantic City on the Casinos & Resorts segment. He also sought more color on the International Interactive business, particularly the drivers of weakness in Japan and the performance of the UK market.

    Answer

    CFO Marcus Glover estimated the Rhode Island traffic impact at 12-15% and noted competitive pressures. President George Papanier added a ~$4 million year-over-year EBITDAR impact from the Tropicana wind-down. CEO Robeson Reeves attributed the challenges in Japan to weaker player demand and sentiment due to the yen's devaluation, not payment processing issues. He highlighted strong performance in the UK, driven by brand investment, an improved native app, and advanced player management systems.

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