Max Marsh

Max Marsh of CBRE asked if the strong performance in Brazil is influencing Flutter's strategy for expansion into other Latin American markets and if a specific 'Flutter Edge' is being developed for the region.

Answer

CEO Peter Jackson responded that Flutter continuously evaluates global opportunities, including those in Latin America, as part of its disciplined capital deployment strategy. He noted that while the team is always thinking about new markets, the immediate focus has been on closing the recent acquisitions in Brazil and Italy.

Max Marsh, on behalf of John DeCree at CBRE Group, Inc., asked about the resilience of the group business at Gaylord Opryland against new competition, given that management isolated recent softness to the transient segment.

Answer

EVP & COO Patrick Chaffin confirmed that the challenge at Gaylord Opryland is confined to transient ADR. He stated that the group business remains strong and is benefiting from recent capital expenditures, which are attracting a higher corporate mix and positioning the hotel favorably against all competition.

Max Mars of CBRE Group, Inc. inquired about VICI's interest in Australian gaming assets, like those of Star Entertainment, and asked about the company's top strategic priorities beyond accretion.

Answer

CEO Edward Pitoniak stated VICI has no interest in the Australian opportunity, citing significant regulatory turmoil and a lack of visibility into future asset earnings. He identified a top strategic priority as 'weatherproofing the business,' emphasizing proactive balance sheet management, such as the recent successful refinancing, to protect the company against market volatility.