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CFO Joan Bottarini clarified the Playa deal is expected to add $55M-$60M in incremental EBITDA for 2026 from $60M-$65M in gross fees. CEO Mark Hoplamazian expressed confidence in maintaining strong net rooms growth and highlighted robust group and luxury leisure pace as foundational strengths heading into 2026.

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Mark Hoplamazian, President and CEO, acknowledged the choppy environment but highlighted near-term strength in all-inclusive and group bookings for 2026. He noted leisure weakness in the U.S. but strength in luxury. CFO Joan Bottarini added that the owned portfolio is performing well due to its luxury concentration and that the distribution segment is managing costs effectively, expecting to be around flat for the rest of the year.

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President and CEO Mark Hoplamazian clarified that the 6% outlook is for organic growth and excludes large portfolio deals, with the longer-term 6-7% net growth algorithm remaining intact. He and CFO Joan Bottarini acknowledged the opportunity for a conversion-focused brand but emphasized that maintaining brand integrity is the current priority, noting Hyatt's portfolio is generally younger than competitors'.

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CEO Jay Snowden affirmed that achieving profitability in the interactive segment in 2026 remains a primary focus, contingent on hitting performance targets for the remainder of 2025. Regarding the ESPN-NFL deal, Snowden noted that while Penn learned of it publicly, any move that strengthens the ESPN ecosystem is beneficial for ESPN Bet. CTO Aaron LaBerge added that more football content directly enhances their integrated fantasy and betting products.

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CEO Jay Snowden responded that digital promotions were in line with expectations, with the initial iGaming push focused on organic cross-sell rather than heavy marketing spend. On the land-based side, Snowden identified labor as the main cost pressure, though it is moderating. Head of Operations Todd George added that a Q1 revenue mix shift to higher-tax jurisdictions temporarily impacted margins, which should normalize. Snowden also noted a $5 million prior-year accounting benefit that affected year-over-year comparisons.

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CEO Jay Snowden noted early iGaming share gains in PA and MI and expects iGaming growth to outpace sports betting, targeting over 5% OSB share by year-end. He reiterated that they have levers to adjust the cost structure if they don't trend towards scale. CTO Aaron LaBerge added that they are optimizing the ESPN partnership, citing growth in linked accounts and upcoming integrations with Tournament Challenge as key drivers.

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CEO Jay Snowden explained the relaunch of the standalone Hollywood Casino app will leverage the strong brand connection to Penn's land-based properties, a significant cross-sell opportunity. CTO Aaron LaBerge added it will attract iGamers who don't use sportsbooks. Head of Operations Todd George mentioned plans for unique slot content and live dealer studios inside properties to support the launch.

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Co-Founder & CEO Jason Robins explained that while it's early to size the total addressable market (TAM), existing online sportsbook states offer a useful benchmark. He stated it was too early to comment on technology strategy but noted that while being an early mover is important, being the literal first has downsides, prompting a measured approach that considers all stakeholders.

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Co-Founder & CEO Jason Robins responded that sizing the total addressable market (TAM) is difficult at this nascent stage but existing online sportsbook states offer a benchmark. He noted it's too early to comment on the tech stack's importance and stated that while being an early mover can be important, being the literal first mover has downsides. Robins emphasized that DraftKings is taking a measured approach, considering all stakeholders.

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CEO Jason Robins confirmed a slight slowdown in April handle growth relative to Q1 but noted it was largely due to sports seasonality and that overall trends remain strong, with MLB handle up significantly. For iGaming, Robins acknowledged the Q1 rate but pointed to accelerated growth of 26% in April, attributing the improvement to recent product, marketing, and operational enhancements.

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CEO Jason Robins attributed the Q4 handle growth moderation to temporary factors like one less NFL week and distraction from the U.S. election, noting that growth has already reaccelerated into the new year. Regarding prediction markets, he stated that DraftKings is actively monitoring the space and awaiting further regulatory clarity from the CFTC.

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CEO Jason Robins explained that the more conservative flow-through rate reflects caution around unexpectedly strong customer acquisition, which increases short-term promotional spending. He stated that while this is positive for long-term growth, the company wants to avoid underestimating costs. Robins reiterated that 50% remains the long-term goal and noted that if customer acquisition slows, there could be upside to the 2025 flow-through rate.

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EVP & COO Patrick Chaffin provided a property-by-property overview. He noted strength at Gaylord Palms (Orlando) and Gaylord Rockies, which are benefiting from recent investments. He mentioned that Gaylord Texan faces new competition but is well-positioned long-term, while JW Marriott Hill Country saw a short-term weather impact. The overall theme for the transient business outside Nashville was described as 'steady as she goes'.

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Executive Patrick Chaffin clarified that government exposure is not massive and that the company's guidance can withstand a scenario where all remaining government groups for the year cancel. Executive Colin Reed and Chaffin both affirmed that the Gaylord National has a very healthy book of business. Regarding cancellations, Executive Mark Fioravanti stated that unlike the rebooking focus during COVID, the current approach will be to more aggressively collect cancellation fees, while still working with key customers on business solutions.

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President & CFO Mark Fioravanti and CEO Colin Reed explained the minor guidance change was driven equally by three factors: leisure softness, incremental construction disruption, and hurricane impacts. Regarding costs, EVP & COO Patrick Chaffin detailed a new union agreement with a ~6% CAGR and expects more moderate non-union wage growth. Management emphasized that despite wage pressures, they have successfully expanded margins through efficiencies and are targeting a sustainable 35% margin.

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President & CEO Anthony Capuano responded that the bill's passage reduces uncertainty, which is a net positive, though owner decisions remain yield-driven. He noted continued strong traction in conversions. CFO Leeny Oberg added that the resulting economic stability could help open up the transaction market, allowing Marriott to recycle capital from renovated assets more effectively.

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CEO Tony Capuano highlighted record Q1 signings as proof of long-term owner confidence, despite financing challenges. CFO Leeny Oberg added that signings grew over 30% year-over-year. Regarding China, Mr. Capuano expressed confidence, explaining that the portfolio is viewed as a 'Chinese business' due to local ownership, staffing, and a focus on domestic demand, which insulates it from geopolitical tensions.

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CEO Tony Capuano responded that the efficiency program is streamlining decision-making and has been received with enthusiasm internally and by franchisees. CFO Leeny Oberg explained the higher investment spend is driven by specific, non-recurring renovations in the owned and leased portfolio, like the Barbados properties. She noted that the tech investment payback will occur over several years through reimbursed depreciation charges to owners.

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CFO and EVP, Development Leeny Oberg acknowledged that the fee algorithm can be lumpy quarter-to-quarter due to factors like IMF in Greater China, renovation impacts, and FX, but affirmed it works over time. Regarding G&A, she confirmed that while the $31 million in one-time reserves should be excluded philosophically, it's too early for specific 2025 guidance, and the $80-90 million in savings comes off the current year's run rate.

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CEO & President William Hornbuckle stated MGM is actively working with lawmakers to address unfair aspects of the new tax law. CFO Jonathan Halkyard noted that positive elements like bonus depreciation have improved their 2025 tax outlook to a net refund. Regarding buybacks, Halkyard explained the pace has slowed to prioritize development projects, though the company maintains flexibility for opportunistic repurchases.

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EVP & CFO Jonathan Halkyard detailed the Japan project's JPY 428 billion equity commitment for a 43.5% stake, with contributions of $600-$700 million annually for four years. CEO William Hornbuckle stated the New York submission is planned for June with no major changes to their strategy. For Brazil, Halkyard explained the core marketing investment will occur over the next six months before tapering off.

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CEO William Hornbuckle explained that 2024 remains an investment year for BetMGM, with new product enhancements from Angstorm driving positive KPIs like a 200 basis point increase in parlay bets and improved retention. While acknowledging they could pivot to profitability, he stated the focus remains on top-line growth as long as GGR is up nearly 20%. He confirmed the previously guided second-half loss profile and noted the Brazil launch would involve tens of millions in investment, partially offset by partner Globo contributing advertising for equity.

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CEO Tom Reeg directly confirmed that 'Q4 can be up year over year for Caesars' in Las Vegas. Regarding regional capital, Reeg stated that there is not another big capital cycle on the horizon, as the company's largest regional cash flow producers have already received nine-figure investments since the merger. He noted future projects would likely be smaller, high-return conversions or hotel additions, often with third-party developer partnerships.

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President of Caesars Sports Eric Hession explained that Caesars' own handle decline is a result of a deliberate reduction in reinvestment for unprofitable low-end and high-end customers, while the core recreational business remains solid. CEO Tom Reeg added that moderating handle growth is an expected and healthy industry-wide trend as markets mature, new state openings slow, and operators focus on profitability over aggressive promotion, which ultimately benefits the business.

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CEO Tom Reeg projected the regional segment would be 'down slightly to flat' in 2025, as headwinds from new competition still outweigh tailwinds from New Orleans and Virginia. He stated the company's ability to effectively compete in impacted markets will be the key swing factor. On legislation, Reeg affirmed that Caesars supports OSB and iGaming expansion in every jurisdiction, emphasizing the importance of licensing through established operators who have invested heavily in the states.

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Lorenzo Fertitta, Vice Chairman, credited the strong results primarily to exceptional VIP play in slots and tables, driven by past investments in high-limit amenities. Scott Kreeger, President, added that the core six properties are now driving market share growth. Regarding hotel rates, Kreeger acknowledged the competitive environment but noted that hotel revenue is only about 10% of their business, providing insulation from Strip pricing pressures.

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Executive Lorenzo Fertitta acknowledged tariff challenges on certain imported materials but stated the impact on current projects is expected to be minimal, around 4-6% of project cost, and manageable within existing contingencies. He explained that while future contracts will address tariffs more directly, the company is actively managing procurement and does not anticipate material impacts on announced projects.

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Executive Scott Kreeger described consistent positive trends across the customer database, led by high-end, regional, and national segments, and noted Durango has added 85,000 new members. Executive Lorenzo Fertitta confirmed a typical post-election acceleration in business activity.

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EVP and CFO Josh Hirsberg stated that the largest benefit from the tax bill will be 100% bonus depreciation, but he was not ready to provide a specific number. CEO Keith Smith affirmed the strategic importance of a complementary online casino product, highlighting its integration with their land-based rewards program, and noted they will begin running their own sportsbooks outside Nevada next year.

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President and CEO Keith Smith stated the temporary Norfolk facility is part of the overall $750M project budget and should be considered breakeven financially, as it's a transitional step. He noted that Treasure Chest's Q4 revenue performance was actually stronger than Q3, indicating resilience against new competition.

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EVP and CFO Josh Hirsberg confirmed that the growth from the Treasure Chest casino is expected to largely offset the absence of favorable year-end expense adjustments seen in the prior year's Q4. President and CEO Keith Smith stated that the Virginia project was designed for the market's needs, targeting a 15% to 20% return, and that the company is confident in achieving this target based on the underserved nature of the 1.8 million-resident market.

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Executive Keith Smith described the Q1 buyback as an opportunistic move based on an attractive stock price and business confidence. He stated that going forward, the company will be more conservative, balancing its $100 million quarterly commitment with maintaining a strong balance sheet. Executive Josh Hirsberg detailed the tariff mitigation strategy, which includes evaluating project deferrals, adjusting procurement, and sourcing domestically where possible, such as steel for the Norfolk project. They are confident that any cost increases can be managed within existing budgets.

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CEO William Carstanjen detailed that the company's sponsorship strategy has evolved to be highly intentional, focusing on 'curating' and building win-win partnerships with sponsors that are a strong brand fit. He emphasized this sophisticated approach over simply filling categories and noted that they are seeing encouraging growth in international interest, which they are carefully cultivating.

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CEO William C. Carstanjen emphasized that they do not make major changes without extensive data analysis, which occurs annually post-Derby. He does not foresee a 'material sea change' in customer desires but noted they have already been responding to demand for higher-end experiences with projects like The Mansion renovation. He said the team will carefully evaluate this year's data to distinguish between short-term macro effects and long-term trends before making any significant adjustments.

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CEO William C. Carstanjen clarified that revitalizing horse racing was a primary goal for the Virginia legislature in approving HRMs. While the increased race days are critical to the state partnership and provide positive, though smaller, contributions via on-track and simulcast wagering, their direct financial impact is not as material as the 5,000 HRMs. He stressed it's a key part of the ecosystem and their promise to the Commonwealth.

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Grant Chum, President & CEO of Sands China, attributed Macau's market acceleration to strong performance in the VIP segment, growth in non-rolling segments, improved customer density, and a robust calendar of events. Regarding Singapore, Chairman & CEO Robert Goldstein acknowledged the difficulty in predicting sustainability but stated the $2.5 billion annual EBITDA goal is realistic and achievable, though he cautioned against expecting over $750 million every quarter. He credited the success to Singapore's desirability, the property's quality, and a strong high-end market.

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President and COO Patrick Dumont explained that with room inventory returning to full capacity by May, the Londoner's productivity and margins are expected to increase significantly. Sands China CEO Grant Chum provided specifics, noting over 1,000 keys are now available, with the full 2,405 operational by May. On New York, Chairman and CEO Robert Goldstein stated the timing is unclear and that he is waiting for more clarity from the state.

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President and COO Patrick Dumont described the IR2 vision as a globally significant, high-end asset with casino and Sky Gaming, stating final details would be released in coming months. Sands China CEO Grant Chum explained that Macao's visitation recovered to 93% of 2019 levels, driven by day-trippers, but this did not translate into a proportional increase in base mass or retail spending.

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Chairman and CEO Robert Goldstein acknowledged that the market is more competitive across all segments, but the fully opened Londoner provides new opportunities. CEO and President of Sands China Grant Chum added that visitation recovery has been skewed towards lower-spending day-trippers. Chum also confirmed the OpEx increase was driven by higher payroll costs from salary increases and new headcount for the reopened assets, which created negative operating leverage against lower non-rolling table revenue.

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CEO & Chair Rob Katz explained that improving guest experience requires ensuring consistency across all resorts, while stronger revenue growth will be pursued through innovating marketing efforts. Katz reaffirmed that advance commitment remains central to the business model but sees opportunities to refine the product portfolio and innovate on lift ticket sales for off-peak periods without devaluing season passes.

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CEO Kirsten Lynch explained that while February visitation contracted as expected against a tough prior-year comparison, the outlook for spring is positive, based on pre-committed pass holder data, lodging booking trends, and a historical shift of visits into spring. Lynch also affirmed the need to proactively share the company's narrative, acknowledging challenges like the Park City strike while highlighting strong guest satisfaction and employee engagement at other resorts.

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CEO Kirsten Lynch noted that while early season conditions are encouraging and pass sales were strong, the company is monitoring a mix of indicators, including U.S. lodging bookings which are consistent with the prior year and Whistler Blackcomb bookings which are lagging but improving. She suggested delayed decision-making at Whistler could be a factor following last year's tough season and that the company is maintaining its guidance for now.

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CEO Kirsten Lynch explained that lower-tenured passholders (first and second-year) showed lower renewal rates, possibly delaying their decision to the fall, a behavior seen in the past. She noted their guest experience scores remain strong. Lynch stated that both unfavorable weather and post-COVID normalization were material factors impacting the season. The decline in lift ticket guests, a primary source for new pass sales, was a key driver of the spring pass sales dip, which she attributed to this normalization.

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CEO Patrick Pacious explained that Choice is gaining market share rather than seeing 'trade down,' driven by a more resilient, higher-income consumer base and a growing business travel segment (40% of the mix). He highlighted outperformance in the economy and extended-stay segments. Regarding unit growth, Pacious expressed confidence in the 1% guidance, citing strong international growth and an accelerating velocity of hotel conversions. CFO Scott Oaksmith added that Q1 typically has higher termination rates, which should lessen through the year.

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CFO Scott Oaksmith explained the Q3 increase to approximately $15 million was due to seasonality and high guest traffic. He clarified the typical quarterly run rate for incremental EBITDA from these programs is $10-$15 million. Oaksmith confirmed that these revenues will be reclassified out of the reimbursable line item starting in Q1 2025 for full-year comparability.

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CEO Craig Billings explained that post-COVID, international visitation accounts for only 9% of Las Vegas room nights and can be easily backfilled, with no significant impact seen at the very high end. Regarding summer demand, Billings noted that while the booking window is short, recent activity has been strong and looks fine. Executive Brian Gullbrants added that group pacing for 2026 is better than expected, and the team continues to optimize rates.

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CEO Craig Billings explained that during Chinese New Year, the higher-end premium customer segment outperformed the base mass segment, a trend that aligns well with Wynn's customer base. He clarified that the London acquisition is a unique, strategic move to establish a presence in a key gateway city that will support and report up to the Wynn Al Marjan Island project, serving a vast and wealthy region.

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CEO Jon Bortz explained that the D.C. market is benefiting from several positive crosscurrents that offset the government travel freeze, including a new presidential administration, an active legislative calendar, and more congressional days. Regarding the monthly outlook, he clarified that the variation is due to the timing of major conventions, not a change in underlying demand trends, citing a large San Francisco conference that moved from May last year to April this year as an example.

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EVP and CFO Sourav Ghosh responded that booking trends have been pretty consistent, with no meaningful change observed between weekday/weekend or peak/off-peak periods. He highlighted that the total group revenue pace for the year remains positive at 3.3%, leisure demand is holding strong, and business transient trends are stable, with higher rates offsetting lower volumes.

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CFO Thomas Allen declined to comment on the specifics of the strategic offer. However, CEO Andrew Carnie confirmed a positive shift in business trends, noting a recent uptick and particularly 'very strong' bedroom bookings for Q1 2025, which he sees as a great sign of positivity heading into the new year.

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CFO Thomas Allen declined to comment on the offer or the strategic review process. Regarding booking trends, CEO Andrew Carnie confirmed that excluding one-off impacts, the company has seen a recent uptick. He specifically highlighted that Q1 bedroom bookings look 'very strong,' indicating positive momentum heading into 2025.

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CEO Andrew Carnie reported a good season in Europe with strong cross-border travel, noting occupancy was slightly up. He highlighted a complete turnaround in Hong Kong and strong programming in Downtown L.A. as drivers of their growth. CFO Thomas Allen explained the $4 million drag was a Q2 impact, which should flip to a tailwind in the second half of the year due to the timing of openings versus last year.

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CEO Andrew Carnie acknowledged the cautious consumer spending environment but highlighted that strong member footfall persists due to the club model. He noted that spending trends improved sequentially through March and April and confirmed that these behavioral patterns were consistent across all geographic regions, with no significant differences observed.

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CEO Andrew Carnie confirmed that while member footfall remains strong due to the club model, per-visit spending was more cautious, especially in January. He noted a positive sequential improvement in spending through March and April and stated that these trends were consistent across all geographic regions, with no single market showing significant deviation.

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CEO John Geller confirmed the guidance change reflects the slow start to the year and the ongoing mix shift toward first-time buyers, while noting initiatives are in place to drive higher VPGs. CFO Jason Marino reiterated that the product cost benefit is twofold: paying owners less for inventory through repurchase programs and actively shifting the mix of what is being sold to lower-cost options.

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