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Chairman & CEO Blake Sartini highlighted positive momentum in The Strat's casino, driven by direct marketing efforts, and noted the consistent strength of the Top of the World restaurant. For Laughlin, he pointed to a successful strategy of more frequent, smaller events and the market's strong value proposition. President & CFO Charles Protell added that Laughlin's high level of rated play (70%) from a senior demographic should benefit from recent tax breaks, potentially increasing discretionary spending.

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Charles Protell, President and CFO, explained that ground-up taverns ramp faster (9-12 months) and deliver 25-30% ROI. Acquired taverns can take longer, and the recent acquisitions have required complete staff turnover. He noted that the company is now seeing the benefits of these changes in Q4 and is confident they will reach the company's standards, though it's taking longer than new builds.

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President & CFO Charles Protell stated the company will be aggressive in buying its stock but prefers sustained open-market repurchases over a tender offer, which he feels have been less effective in the gaming space. CEO Blake Sartini explained that driving STRAT room rates depends on citywide compression, especially midweek, and internal efforts to increase direct bookings, which also boosts casino revenue. He noted weekends are already strong, but midweek performance relies on citywide traffic.

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CEO Peter Jackson responded that as a global business, Flutter constantly evaluates opportunities worldwide, including in Latin America. He noted that these potential markets are considered within their disciplined capital allocation framework, which balances organic investment, M&A, and share repurchases. He mentioned the team is always thinking about opportunities in Latin America and Europe.

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CEO Craig Billings confirmed that on-property spend from midweek customers has been fine, as expected from clientele paying premium rates. COO Brian Gullbrants added that accelerating luxury retail sales support this view. On new markets, Billings stated the company's priority is the UAE project and developing its existing land banks in the UAE, Las Vegas, and Boston, rather than pursuing new jurisdictions.

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CEO Craig Billings stated that while Wynn always evaluates gateway cities like those in Japan, there are structural challenges with licensure there, and the company would only proceed if the setup was right. Regarding costs, he noted the opposite of inflation risk, explaining the UAE project budget is largely locked in and that there are actually cost-saving opportunities on FF&E for other projects due to vendor competition.

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CEO Craig Billings clarified that the strong gaming performance in Las Vegas was due to broad-based strength across the entire quarter, not just the F1 event. For Wynn Al Marjan, he identified the 'topping off' of the structure towards the end of the year as a key upcoming milestone and mentioned plans for a future market trip for analysts to showcase the project's potential.

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CEO Craig Billings attributed Wynn Macau's success to strong team execution on physical and F&B enhancements over the past year. For Las Vegas, he explained that the slight table drop decline was not indicative of a broader trend but rather normal volatility, noting the company has deliberately diversified its casino business to dampen the impact of a few high-end players. He highlighted that underlying strength was visible in rising hotel revenue and slot handle.

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CFO Felicia Hendrix explained that using GLPI's balance sheet was determined to be the most prudent financing option for the Joliet project after evaluating all alternatives, including cash and the revolver. CEO Jay Snowden stated that while the company would entertain a strategic opportunity to monetize its skin agreements, there was nothing to report on that front at this time.

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CEO Jay Snowden confirmed that PENN is 'very involved and engaged' in Ohio, although a bill has not yet been formally introduced. He expressed confidence that PENN now has a much more competitive iGaming product than in the past. He noted that the company's stance on legislation varies by state depending on its asset footprint, but the primary focus is always on maximizing shareholder value.

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President & COO John Payne expressed excitement about the regional gaming markets, attributing recent strength to operator creativity and capital deployment. CEO Edward Pitoniak noted that tenant CapEx in VICI's assets is a unique feature, possibly rivaled only by data centers, and that VICI is always open to contributing capital. Payne added that he expects opportunities to use VICI's capital to accelerate tenant growth in the future.

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President & COO John Payne suggested that strong operator performance, especially in Las Vegas, makes selling assets unattractive. CEO Ed Pitoniak added that investing in regional gaming requires precision due to new supply. Executive Samantha Gallagher confirmed VICI would expand internationally and already has lending activity in the U.K. and Scotland, noting the internal team has mapped global jurisdictions for investment potential.

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President and COO John W. Payne explained that his operational background provides value in underwriting, allowing VICI to analyze an asset's consumer draw and vulnerability to new competition. CEO Edward Pitoniak added that an operator's competitive response function is critical. Regarding non-gaming in Las Vegas, Payne confirmed that VICI is studying such opportunities, as many local operators are entrepreneurs involved in various experiential assets.

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Chairman and CEO Lawrence Ho Yau Lung expressed excitement for Sri Lanka as the first IR in South Asia but noted it will require a ramp-up period. President & Director Evan Winkler added that it will be an 'education process' for the consumer base. Regarding satellite closures, Ho stated it's an opportunity for Melco's Altera property and allows for optimizing gaming machine allocation to their main integrated resorts.

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CEO Yau Ho confirmed visitation was strong, noting a market shift towards experiential consumption, which benefits their properties' attractions. Both Ho and Executive Evan Winkler commented that the retail environment has changed, with high-end luxury struggling market-wide, while Studio City's more affordable, mass-focused retail performs better. They added that F&B and general mall activity were strong during the holiday.

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Executive Geoffrey Davis clarified that the guidance excludes the incremental expense from House of Dancing Water. Executive Evan Winkler explained that Q4 OpEx was elevated due to specific activations, sponsorships, and cost creep. He expressed confidence in reducing costs by being more surgical with reinvestment and noted a more rational competitive environment, suggesting the lower levels are achievable.

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CEO Lawrence Ho opined that the market is past 'peak promotional intensity' and is becoming more rational. President Evan Winkler clarified that while a substantial drop in promotions hasn't occurred, Melco is focused on reallocating spend effectively. Regarding capital allocation, Lawrence Ho and CFO Geoff Davis described the recent share buyback as 'opportunistic' due to a dislocated share price and stated that while deleveraging is the priority, opportunistic buybacks remain a possibility.

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President of MGM China Kenneth Feng credited the market's strength to the premium mass segment and stated MGM China's robust performance continued into July. CFO Jonathan Halkyard and MGM China President & COO Hubert Wang confirmed the dividend policy is up to 50% of distributable net income, with potential for special dividends.

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EVP & CFO Jonathan Halkyard stated that while the stock's valuation is compelling, the pace of buybacks will likely slow to preserve capital for development projects, and he would not be adverse to a slight uptick in leverage. On Macau, MGM China President Zhi Qi Wang reported no material impact from recent tariffs, noting the market is resilient and Golden Week holiday bookings were strong.

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Executive Jonathan Halkyard confirmed that using REIT partners is a financing option the company would consider for a property expansion, but likely not for a standard room renovation. On the Marriott partnership, CEO William Hornbuckle reported it is pacing 20% above expectations, hitting a record 2,500 room nights per day and bringing in valuable mid-tier group business. Executive Corey Sanders highlighted the rebranding of the Delano to a W hotel as a source of future upside.

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CEO Tom Reeg highlighted upcoming asset-light deals, including two Indian gaming management contracts and the Windsor transition, which he expects to contribute nearly $50 million in incremental, high-flow-through EBITDA. On group mix, Reeg stated the goal is to push beyond the current high-teens percentage toward 20% and beyond, noting the sales team is constantly pursuing large, recurring conferences like the State Farm event.

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CEO Tom Reeg confirmed the 70% iCasino growth in April was Net Gaming Revenue (NGR). President of Caesars Sports Eric Hession attributed the growth to app enhancements, branded content, the acceleration of the Horseshoe app, and improved CRM capabilities leading to lower promotional costs. On international exposure, Reeg noted Caesars is primarily a domestic business. He specified that while visitation from Canada (3-4% of Las Vegas) has softened, the company has successfully backfilled that demand.

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President of Caesars Sports and Online Gaming Eric Hession attributed the handle decline to a strategic pullback in reinvestment for unprofitable low-end segments and sharp high-end customers, which should anniversary in Q2. President and COO Anthony Carano and CEO Tom Reeg noted that high-end slot growth is a multi-year trend driven by targeted events and significant capital investment in new high-limit rooms and better floor layouts.

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CEO Tom Reeg expressed that he is 'not optimistic' about Caesars or other non-Seminole entities entering Florida in the near term. CFO Bret Yunker provided guidance on steady-state capital expenditures, stating that a good number to use going forward is in the '$400 million area of maintenance CapEx' and '$200 million to $250 million of growth and other CapEx.'

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Scott Kreeger, President, stated that while the new customers behave similarly overall, the Durango property itself attracts a younger demographic and more Strip industry employees, leading to higher visitation in later dayparts. Frank and Lorenzo Fertitta added that the property benefits from its location in a high-growth area and sees a higher food and beverage spend per person.

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Executive Stephen Cootey explained the special dividend reflects a balanced capital allocation approach, prompted by the North Fork financing and the desire to reward long-term shareholders. He noted the company retains $309 million in its buyback program. Cootey also stated that unlike the 2008 crisis, the company has historically grown during typical recessions due to its value proposition and strong balance sheet.

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Executive Scott Kreeger explained they have capacity to grow group business, with meeting space occupancy at 60-70%, and can also increase price. He noted their focus is on high-quality corporate groups and that room allocation prioritizes the 'most profitable customer,' often favoring a gaming guest due to their potential for repeat visitation.

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Executive Lorenzo Fertitta described the promotional environment as stable, rational, and unchanged. Executive Stephen Cootey provided the project costs: $150M for Green Valley Ranch, $53M for Sunset Station, and $116M for Durango. He detailed that disruption would be concentrated from June-November at GVR, spread throughout the year at Sunset, and focused in the middle of the year at Durango.

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EVP and CFO Josh Hirsberg attributed the retail strength to local and drive-in customers, which offset softness in destination business, but noted it's too early to call it a sustainable trend. CEO Keith Smith confirmed no change to their online strategy, which remains focused on a regional online casino approach with their Boyd Interactive platform, rather than pursuing a national presence.

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President and CEO Keith Smith stated that their online platform is scalable and requires no significant new CapEx, with growth tied to state legalization. Regarding Las Vegas events, he noted F1 was less disruptive than the prior year and expects the Super Bowl to be a very strong weekend, though with hotel rates likely down year-over-year.

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EVP and CFO Josh Hirsberg clarified that the Virginia project will be financed through cash flow and availability under the company's existing credit facility. President and CEO Keith Smith noted that in Las Vegas, the company saw higher hotel occupancy at a flattish average rate, with more cash rooms. For F&B, he said they are successfully adjusting prices to cover cost increases without significant consumer pushback.

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Executive Josh Hirsberg strongly refuted this idea, emphasizing the core customer's stability. He noted this segment has not had a down quarter since the COVID recovery and was the most resilient customer group even during the 2008-2009 financial crisis. He explained the 'core' designation is for a reason, as they are the most consistent part of the business.

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Grant Chum, President & CEO of Sands China, reported that retail tenant sales saw a good recovery in Q2, growing about 10% year-over-year, with signs of improvement even in the relatively weaker luxury segment. Regarding visitation, he acknowledged the lag from non-Guangdong provinces but noted that wealthier coastal cities are recovering well. He cited ongoing destination marketing, improved transportation, and new high-quality hotel inventory as factors that will help drive overnight visitation from deeper within Mainland China.

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President and CEO of Opry Entertainment Group Jennifer Hutcheson identified potential upside in leisure demand, which has less visibility early in the year, as the primary driver. EVP and CFO Mark Fioravanti added that executing better than expected on managing construction disruption, aided by recent process enhancements, also represents a source of potential upside to the guidance.

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