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    Joseph Stauff • Susquehanna Financial Group, LLLP

    Joseph Stauff's questions to Madison Square Garden Sports Corp (MSGS) leadership

    Joseph Stauff's questions to Madison Square Garden Sports Corp (MSGS) leadership • Q4 2025

    Question

    Joseph Stauff from Susquehanna International Group asked for the operating expense outlook for the upcoming season, particularly team compensation, and inquired about the expected growth trajectory for sponsorships, including what portion of deals are locked in pre-season.

    Answer

    EVP, CFO & Treasurer Victoria Mink projected higher team operating expenses for fiscal 2026, driven by increased team compensation and luxury tax, and noted that they have a number of multi-year sponsorship deals to ensure a continuous pipeline. COO Jamaal Lesane added that following a strong year of renewals and new partnerships, and boosted by the Knicks' playoff run, the company is well-positioned to drive another year of sponsorship growth.

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    Joseph Stauff's questions to Madison Square Garden Sports Corp (MSGS) leadership • Q4 2025

    Question

    Joseph Stauff of Susquehanna International Group inquired about the operating expense outlook for the upcoming season, specifically team compensation, and the potential for sponsorship revenue growth.

    Answer

    EVP, CFO & Treasurer Victoria Mink indicated that fiscal 2026 results will reflect higher team operating expenses, including personnel compensation and luxury tax, noting the increased salary caps for both the NBA and NHL. COO Jamaal Lesane expressed confidence in driving another year of sponsorship growth, citing momentum from the Knicks' playoff run and key partnership renewals. Mink added that the company maintains a pipeline of multiyear deals.

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    Joseph Stauff's questions to Flutter Entertainment PLC (FLUT) leadership

    Joseph Stauff's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2025

    Question

    Joseph Stauff of Susquehanna asked about the outlook for FanDuel's sports AMP growth and whether the strategy is shifting more towards monetization levers over volume. He also questioned if promotional spending is becoming the preferred tool over traditional marketing for user engagement.

    Answer

    CEO Peter Jackson reiterated that the core strategy remains focused on acquiring customers who meet their CAC to LTV criteria, which guides both generosity and acquisition spending. CFO Rob Coldrake added that while sportsbook AMPs retraced due to a tough comp, iGaming AMPs grew 32% and player frequency and retention remain excellent.

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    Joseph Stauff's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Joseph Stauff asked for a breakdown of the U.S. active monthly player (AMP) growth between online sports betting and iCasino, and inquired about the status of the iCasino tech stack in-sourcing and its potential margin impact.

    Answer

    CFO Rob Coldrake clarified that AMP growth was a strong 30% for both sportsbook and iGaming. CEO Peter Jackson confirmed that the migration of the FanDuel Casino product to their in-house proprietary tech stack is complete. He emphasized that the primary benefits are improved product deployment capabilities and platform stability, rather than immediate cost savings.

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    Joseph Stauff's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Joseph Stauff asked for a breakdown of U.S. AMP growth between sports betting and iCasino, and for an update on the progress of in-sourcing the U.S. iCasino tech stack and its potential margin impact.

    Answer

    CFO Rob Coldrake clarified that AMP growth was 30% for both sportsbook and iGaming. CEO Peter Jackson announced the U.S. iGaming product is now on their proprietary tech stack. He emphasized this is not a cost play but a strategic move to improve deployment of in-house content and enhance platform stability, which will drive benefits through new initiatives.

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    Joseph Stauff's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Joseph Stauff asked about the timeline for bringing the U.S. iCasino tech stack in-house, inquired about the handle share in North Carolina, and sought to confirm if AMP growth was primarily from direct-to-casino customers.

    Answer

    CEO Peter Jackson stated that the iGaming tech migration is broadly done, which will help maintain their leadership position. He declined to provide specific North Carolina handle share as the state does not disclose operator data but confirmed that the bulk of iCasino AMP growth is from direct-to-casino customers.

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    Joseph Stauff's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Joseph Stauff from Susquehanna inquired about the timeline for bringing the U.S. iCasino tech stack in-house, asked for the specific handle share in North Carolina for March, and sought to confirm if AMP growth was driven by direct casino customers.

    Answer

    CEO Peter Jackson stated that the iCasino tech migration is "broadly done" and confirmed that the bulk of iCasino AMP growth is indeed from direct-to-casino customers. He declined to provide specific North Carolina handle share figures as the state does not disclose operator-level data.

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    Joseph Stauff's questions to PENN Entertainment Inc (PENN) leadership

    Joseph Stauff's questions to PENN Entertainment Inc (PENN) leadership • Q2 2025

    Question

    Joseph Stauff of Susquehanna International Group asked about expectations for user acquisition at the start of the football season and whether new retail project tailwinds could offset competitive pressures earlier than 2026.

    Answer

    CEO Jay Snowden and CTO Aaron LaBerge expressed optimism that new, deep integrations with ESPN's fantasy and D2C platforms will drive significant top-of-funnel user growth, supported by a more frictionless customer journey. Snowden also stated his belief that the tailwinds from the four new growth projects, starting with Joliet, should more than offset the slowing headwinds from competitive markets, creating a positive growth narrative for the retail segment.

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    Joseph Stauff's questions to PENN Entertainment Inc (PENN) leadership • Q1 2025

    Question

    Joseph Stauff sought clarification on the '70% incremental' customer figure for the stand-alone iCasino app and asked about the level of integration work required for the new ESPN app.

    Answer

    CEO Jay Snowden clarified that the 70% figure represents customers incremental to PENN's existing iCasino business, sourced from retail, reactivations, or new acquisitions. Both Snowden and CTO Aaron LaBerge confirmed the new ESPN app involves a 'bespoke integration' that will link content to betting markets in real-time. LaBerge highlighted that linked users are their best customers, and the new integrations for the upcoming football season will be a 'big accelerant.'

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    Joseph Stauff's questions to PENN Entertainment Inc (PENN) leadership • Q4 2024

    Question

    Joseph Stauff of Susquehanna asked about upcoming digital milestones for ESPN BET, such as the ESPN DTC launch, and sought clarification on any current competitive headwinds impacting the land-based portfolio.

    Answer

    CTO Aaron LaBerge confirmed deep integration with ESPN's upcoming DTC service and highlighted the recent rollout of in-app live streaming and major plans for Fantasy Football integration. Head of Operations Todd George stated that most competitive headwinds are now in the past, though he noted significant weather impacts in Q1. CEO Jay Snowden added that February weather was worse year-over-year, which will affect results.

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    Joseph Stauff's questions to PENN Entertainment Inc (PENN) leadership • Q3 2024

    Question

    Joseph Stauff from Susquehanna Financial Group asked about the CapEx outlook for 2025. He also inquired if the new account linking feature currently allows for personalized promos to be delivered from users' fantasy sports lineups.

    Answer

    CEO Jay Snowden and Head of Operations Todd George indicated a focus on cost mitigation for 2025, moving from physical to digital marketing and leveraging property clusters for synergies, aiming for flat to downward cost trajectory. CTO Aaron LaBerge confirmed that account linking unlocks the ability to create and target content based on fantasy rosters, and this will be natively integrated into the experience.

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    Joseph Stauff's questions to Draftkings Inc (DKNG) leadership

    Joseph Stauff's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Joseph Stauff of Susquehanna inquired about the company's customer acquisition strategy for the seasonally important third quarter and its plans for achieving further promotional efficiencies. He also asked for an update on Jackpocket's largest states following the exit from Texas.

    Answer

    Co-Founder & CEO Jason Robins identified New York and New Jersey as the largest states for Jackpocket. For Q3, he noted it's a critical acquisition period where they aim to be more efficient, though this will be balanced by a more mature state mix. The company is also preparing for the Missouri launch in Q4.

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    Joseph Stauff's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Joseph Stauff of Susquehanna International Group asked about the customer acquisition approach for the seasonally important third quarter and how to think about promotional efficiencies. He also asked for the largest states for Jackpocket following the exit from Texas.

    Answer

    Co-Founder & CEO Jason Robins identified New York and New Jersey as the largest states for Jackpocket. For Q3 customer acquisition, he noted it's a critical time of year with good plans in place. He expects to be more efficient this year due to optimization efforts and a more mature state mix, which will be balanced against the upcoming Missouri launch later in Q4.

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    Joseph Stauff's questions to Draftkings Inc (DKNG) leadership • Q1 2025

    Question

    Joseph Stauff asked when the recent tuck-in acquisitions for the live betting product began to materially impact results. He also inquired about the Jackpocket user base in non-OSB states and the potential path to re-enter the Texas market.

    Answer

    CEO Jason Robins identified the past quarter (Q1 2025) as the first time the impact of live betting investments truly materialized in the numbers, with momentum accelerating into Q2. Regarding Jackpocket, Robins did not provide a specific user split but noted that the path in Texas is uncertain and would likely depend on legislative or judicial outcomes, which the company is monitoring.

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    Joseph Stauff's questions to Draftkings Inc (DKNG) leadership • Q4 2024

    Question

    Joseph Stauff of Susquehanna asked for an overview of the current state legislative process for new market legalization, the timing of new live product rollouts in 2025, and whether last year's March Madness hold was favorable.

    Answer

    CEO Jason Robins described the legislative process as being in the 'sausage-making period' but expressed optimism for more progress this year, noting the growing illegal online casino market is gaining lawmakers' attention. He said new products will be introduced throughout the year, with major launches timed around key events like the NFL season kickoff. He also confirmed that the hold for March Madness last year was unfavorable.

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    Joseph Stauff's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Joseph Stauff of Susquehanna Financial Group inquired about the comparative retention levels between Online Sportsbook (OSB) and iGaming customers, given the different competitive dynamics.

    Answer

    CEO Jason Robins stated that while retention is naturally slightly better in sports betting, the difference is 'not as different as you might think.' He expressed confidence in their iGaming offering, citing top app rankings for both DraftKings Casino and Golden Nugget. He acknowledged iGaming is more fragmented but noted their market share is not significantly lower than in OSB.

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    Joseph Stauff's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership

    Joseph Stauff's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q2 2025

    Question

    Joseph Stauff of Susquehanna International Group followed up on Macau's daily OpEx, asking if costs for House of Dancing Water or residencies might be reduced in Q3, and inquired about potential construction disruption from new projects.

    Answer

    President & Director Evan Winkler clarified that the residency concert program has concluded, which will lead to a reduction in that specific expense component. However, the cost for House of Dancing Water is at a stable run rate. He also assured that construction projects are being managed in zoned phases to minimize customer disruption, expressing no concern about significant impacts.

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    Joseph Stauff's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q1 2025

    Question

    Joseph Stauff of Susquehanna sought clarification on the daily OpEx guidance for Macau, asking if it included costs from House of Dancing Water and residencies, and inquired about any notable improvement in the base mass market segment.

    Answer

    Executive Evan Winkler clarified that the Q2 daily OpEx target of $3.0 million excludes incremental costs from both House of Dancing Water and residency concerts. He also confirmed that the company is seeing broad-based strength and increasing drop numbers across the system, rather than in one specific player category.

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    Joseph Stauff's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q4 2024

    Question

    Joseph Stauff followed up on the Q4 OpEx increase, asking if the higher spending was a tactical decision to drive returns on new products and whether the company now feels it is adequately staffed in Macau for future operations.

    Answer

    An executive, attributed as Geoffrey Davis in the transcript, confirmed the spending was a deliberate, tactical decision to drive vibrancy and traffic, which they believe has created positive momentum for Q1. He also stated that the company feels 'very good' about its current team and will allow some recent headcount increases to reduce through natural attrition as they optimize service levels.

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    Joseph Stauff's questions to Rush Street Interactive Inc (RSI) leadership

    Joseph Stauff's questions to Rush Street Interactive Inc (RSI) leadership • Q2 2025

    Question

    Joseph Stauff of Susquehanna International Group revisited the strategy of absorbing the VAT tax in Colombia, asking about competitor actions, and questioned if the GGR vs. NGR growth pattern from H1 would resume in Q4 after a tough Q3 comp.

    Answer

    CFO Kyle Sauers clarified that all market leaders in Colombia are using a similar bonusing strategy, attributing RSI's growth to its superior product and experience. CEO Richard Schwartz added that owning their technology allows for unique optimizations to minimize the tax impact. Sauers confirmed that while the tough user growth comp from last year persists in Q4, RSI still expects Q4 to be its largest revenue quarter of the year.

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    Joseph Stauff's questions to Rush Street Interactive Inc (RSI) leadership • Q1 2025

    Question

    Joseph Stauff asked for a breakdown of the 17% North American MAU growth, specifically the contribution from Delaware versus other markets. He also inquired about the growth rate in Pennsylvania, a key market for the company.

    Answer

    CEO Richard Schwartz clarified that Delaware contributed about 6 percentage points to the 17% MAU growth, with the remainder coming almost entirely from other iCasino markets. He stated that Pennsylvania grew in the low single digits (2-3%) year-over-year, as it is a lower-margin market receiving less investment compared to others.

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    Joseph Stauff's questions to Rush Street Interactive Inc (RSI) leadership • Q4 2024

    Question

    Joseph Stauff asked about the 2025 North American growth outlook, specifically the expected contribution from user growth versus ARPMAU growth. He also inquired about the current penetration level in iCasino states and the reasons for the market's reacceleration in the second half of the year.

    Answer

    Executive Kyle Sauers stated that he expects 2025 growth to be a 'nice combination' of both MAU and ARPMAU increases. CEO Richard Schwartz commented on market maturity, noting that even the most mature markets like New Jersey are still growing, suggesting significant runway remains as more of the population tries digital gaming. Regarding the recent iCasino reacceleration, Schwartz focused on RSI's own execution, attributing its success to improving all aspects of the business and delivering a great user experience.

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    Joseph Stauff's questions to Red Rock Resorts Inc (RRR) leadership

    Joseph Stauff's questions to Red Rock Resorts Inc (RRR) leadership • Q2 2025

    Question

    Joseph Stauff inquired about the timing of construction disruption, asking if Q3 would see the largest impact, and requested an analysis of how potential tip tax relief could affect the Las Vegas locals market.

    Answer

    Scott Kreeger, President, confirmed that the bulk of renovation disruption would occur in Q3 and Q4. Stephen Cootey, EVP, CFO & Treasurer, described the proposed tax legislation as 'fantastically good' for Las Vegas, expecting it to significantly boost discretionary income for their customers and increase the company's operating free cash flow by an estimated $60 million for the remainder of 2025.

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    Joseph Stauff's questions to Red Rock Resorts Inc (RRR) leadership • Q1 2025

    Question

    Joseph Stauff asked for the reasons why the revenue backfill at Red Rock is running six months ahead of schedule and inquired about recent business trends from the company's California-based customers.

    Answer

    Executive Scott Kreeger attributed the accelerated backfill to Red Rock's flagship status and its location within the rapidly growing Summerlin West area, which is projected to add 34,000 new households. Regarding California, Executive Lorenzo Fertitta confirmed the segment continues to be up year-over-year, with Stephen Cootey adding that lower gas prices make the drive-in trip more affordable.

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    Joseph Stauff's questions to Red Rock Resorts Inc (RRR) leadership • Q4 2024

    Question

    Joseph Stauff of Susquehanna asked about post-Durango visitation levels, strategies for database growth, and for a preview of development projects beyond the current slate.

    Answer

    Executives Scott and Frank Fertitta explained that while raw visitation is flat, this is a positive sign when comping against Durango's grand opening, and spend-per-visit is up. Growth drivers include regional/national customers and new amenities. Frank Fertitta indicated they may be able to provide guidance on the next major project by this time next year.

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    Joseph Stauff's questions to Churchill Downs Inc (CHDN) leadership

    Joseph Stauff's questions to Churchill Downs Inc (CHDN) leadership • Q2 2025

    Question

    Joseph Stauff from Susquehanna International Group asked about the primary strategic goal of moving the Kentucky Oaks race to a primetime Friday night broadcast slot, questioning if the focus was on attendance or promotional value.

    Answer

    CEO William Carstanjen explained the move is intended to 'move everything in a positive direction.' He emphasized that the primetime national broadcast on NBC is a major opportunity to build the Oaks' national profile, which is expected to drive wagering handle, create new sponsorship opportunities, and serve as a powerful promotional lead-in to the Kentucky Derby the following day.

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    Joseph Stauff's questions to Churchill Downs Inc (CHDN) leadership • Q1 2025

    Question

    Joseph Stauff requested more detail on consumer behavior across different segments, asking if the higher-end rated players are flat or growing and how the mid-grade rated players are performing.

    Answer

    CEO William C. Carstanjen explained that for newer HRM properties like The Rose, they are still in the process of building the customer database, which represents a significant future growth opportunity. He noted that the ability to communicate with and incentivize rated players is a key tool for managing through economic uncertainty. He also commented that while the current environment is not like the 2009 downturn, the business model is resilient and well-prepared for such scenarios.

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    Joseph Stauff's questions to Churchill Downs Inc (CHDN) leadership • Q4 2024

    Question

    Joseph Stauff from SIG requested an update on the status of gray market gaming enforcement in Kentucky and Virginia, noting the assumption that Kentucky's efforts are more advanced.

    Answer

    CEO William C. Carstanjen described the issue as a persistent 'whack-a-mole' problem but confirmed that both states have supportive legislative and executive branches for enforcement. He noted substantial progress has been made, though the issue will likely never be fully eradicated. He agreed that Kentucky is probably further along in its enforcement efforts than Virginia.

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    Joseph Stauff's questions to Churchill Downs Inc (CHDN) leadership • Q3 2024

    Question

    Joseph Stauff requested a disaggregation of the strong Q3 revenue growth in Virginia to better understand the key drivers and the sustainability of that growth rate.

    Answer

    CEO William C. Carstanjen attributed the significant growth in Virginia to a confluence of positive factors, making it difficult to isolate any single driver. He listed improved operations, enhanced game mix analytics, a tailwind from law enforcement actions against illegal gaming, and the market's overall immaturity and increasing customer adoption of HRMs. He concluded that all these factors are contributing to the strong performance.

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    Joseph Stauff's questions to Las Vegas Sands Corp (LVS) leadership

    Joseph Stauff's questions to Las Vegas Sands Corp (LVS) leadership • Q2 2025

    Question

    Joseph Stauff asked for a more detailed breakdown of Singapore's strong mass gaming revenue, seeking to understand the contribution from factors like hold versus visitation to better benchmark the property's potential. He also asked about the impact of the Formula One race moving from the third to the fourth quarter.

    Answer

    Chairman & CEO Robert Goldstein acknowledged the difficulty in dissecting the record $843 million in mass win, attributing it to a combination of a superlative asset, a strong market, and a significant high-end premium mass segment. He admitted the company is also surprised by the strength. President & COO Patrick Dumont addressed the Formula One question, stating that the event is always great for Singapore regardless of the quarter and that the property can accommodate patrons either way.

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    Joseph Stauff's questions to Las Vegas Sands Corp (LVS) leadership • Q4 2024

    Question

    Joseph Stauff from Susquehanna Financial Group asked about Marina Bay Sands, seeking to identify where the biggest early returns from recent investments are being seen and what the largest long-term opportunity is for ramping EBITDA.

    Answer

    President and COO Patrick Dumont responded that growth is occurring across 'every facet' of the business, highlighting exceptional performance in non-rolling gaming, rolling, and non-gaming segments like retail. He and Chairman and CEO Robert Goldstein emphasized that the holistic, high-quality offering for high-value tourists is driving results and that they are only at the 'beginning of an exceptional growth story' as renovations are completed.

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    Joseph Stauff's questions to Las Vegas Sands Corp (LVS) leadership • Q1 2024

    Question

    Joseph Stauff inquired about the level of consumer adoption for proposition bets among mass customers at Marina Bay Sands and asked for an update on the Tower 3 renovations.

    Answer

    Chairman and CEO Robert Goldstein stated it's difficult to predict betting behavior but noted a clear trend of adoption for higher-hold prop bets across all segments, which is a major opportunity for EBITDA growth. President and COO Patrick Dumont provided an update on MBS, confirming that the Tower 3 rooms are complete and available, though work on public spaces like the lobby and Sky Park will continue for another 6-9 months.

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    Joseph Stauff's questions to Liberty Media Corp (FWONK) leadership

    Joseph Stauff's questions to Liberty Media Corp (FWONK) leadership • Q1 2025

    Question

    Joseph Stauff of Susquehanna International Group requested any available same-race KPIs for the Q1 events and asked which of the previously mentioned pillars (sporting, financial, awareness) was most crucial for the recent increase in on-track competition.

    Answer

    Chief Accounting Officer Brian Wendling explained that specific same-race KPIs were not provided due to the significant mix-shift in the Q1 race calendar. Formula One CEO Stefano Domenicali attributed increased competition to the natural convergence under stable regulations, but emphasized that all three pillars, especially the financial regulations like the cost cap, are vital for sustaining this competitive balance long-term.

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    Joseph Stauff's questions to Liberty Media Corp (FWONK) leadership • Q1 2025

    Question

    Joseph Stauff asked for any same-race KPIs for the two races held in Q1 and which factors were most important in driving the recent increase in on-track team competition.

    Answer

    CFO Brian Wendling explained that the different mix of races in Q1 makes same-race comparisons difficult and that a clearer trend will emerge later in the year. CEO Stefano Domenicali attributed closer competition to the natural convergence under stable regulations, in addition to the sporting, financial, and awareness pillars he previously mentioned, which are crucial for maintaining a healthy competitive balance.

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    Joseph Stauff's questions to Wynn Resorts Ltd (WYNN) leadership

    Joseph Stauff's questions to Wynn Resorts Ltd (WYNN) leadership • Q1 2025

    Question

    Joseph Stauff asked for observations on the competitive environment in Cotai, Macau, and whether Wynn is seeing an impact from new hotel supply recently launched by competitors.

    Answer

    CEO Craig Billings reiterated that the Macau market is very competitive but stable. In response to new hotel supply, he stated that Wynn's properties continue to run full with strong market share. He expressed confidence in Wynn's ability to compete effectively by maintaining top-tier assets, providing the best service, and continuing to innovate with new amenities.

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    Joseph Stauff's questions to Boyd Gaming Corp (BYD) leadership

    Joseph Stauff's questions to Boyd Gaming Corp (BYD) leadership • Q4 2024

    Question

    Joseph Stauff asked if the $100 million renovation CapEx is a recurring expense, inquired about regional competitive pressures, and questioned the potential for construction disruption at key properties.

    Answer

    EVP and CFO Josh Hirsberg clarified the $100M for room refurbishments is a temporary catch-up spend ending mid-2026, separate from the recurring $100M annual growth CapEx. President and CEO Keith Smith described the competitive landscape as stable. Josh Hirsberg acknowledged construction disruption is a risk they actively work to mitigate.

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    Joseph Stauff's questions to Boyd Gaming Corp (BYD) leadership • Q1 2024

    Question

    Joseph Stauff asked about the current state of land-based operating expenses and the company's flexibility to manage costs lower if necessary.

    Answer

    Executive Josh Hirsberg explained that the company is constantly focused on operating efficiencies. He emphasized a key lesson from the COVID period: in times of softness, nearly all costs beyond rent and taxes can be treated as variable. This allows for adjustments to amenities and hours to manage expenses effectively, providing significant flexibility if market conditions change.

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