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    Stephen Grambling • Morgan Stanley

    Stephen Grambling's questions to Viking Holdings Ltd (VIK) leadership

    Stephen Grambling's questions to Viking Holdings Ltd (VIK) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley asked for more detail on management's comment about securing "good pricing on ships," questioning if this was relative to peers or historical costs, and what drives this capital efficiency. He also inquired about the key factors that bridge the gap between the gross pricing shown in advanced booking data and the final reported net yields.

    Answer

    Torstein Hagen, Founder, Chairman & CEO, explained that their efficiency comes from standardized, nearly identical ship designs and direct, hard-nosed negotiations without brokers. He stated their ship prices are attractive compared to both past costs and what competitors would pay now. Linh Banh, EVP of Finance, clarified that booking curves show the core price (cruise, land, air), while reported net yields also incorporate costs, onboard spending, and other ancillary revenues, which accounts for the difference.

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    Stephen Grambling's questions to Viking Holdings Ltd (VIK) leadership • Q1 2025

    Question

    Stephen Grambling inquired about the key signals that would indicate a change in consumer demand and the strategic levers Viking would pull in response, such as marketing, pricing, or balance sheet actions.

    Answer

    President and CFO Leah Talactac and Chairman and CEO Torstein Hagen identified booking pace as the primary demand signal. They emphasized that their first response to any softness would be to leverage their direct marketing engine to stimulate demand, not to use pricing promotions. Hagen stressed, 'It's marketing first.' Talactac added that any change in booking patterns would likely be observed across both River and Ocean segments simultaneously.

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    Stephen Grambling's questions to Viking Holdings Ltd (VIK) leadership • Q1 2025

    Question

    Stephen Grambling asked what key indicators Viking monitors for potential shifts in demand and which strategic levers, such as marketing or promotions, it would deploy in response. He also questioned if a demand change would appear in one segment first.

    Answer

    President and CFO Leah Talactac and Chairman and CEO Torstein Hagen explained that booking pace is the primary signal. In response to any softness, their first lever is to increase direct marketing to stimulate demand, not to cut prices. Hagen emphasized a 'marketing first' approach. Talactac added that any demand shift would likely be seen across both segments simultaneously due to the unified brand strategy.

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    Stephen Grambling's questions to Viking Holdings Ltd (VIK) leadership • Q3 2024

    Question

    Stephen Grambling inquired about the potential for gross margin expansion through leverage on the 'commissions and transportation' cost line and other mix shifts. He also asked what types of business models Viking might avoid in potential M&A.

    Answer

    EVP of Finance Linh Banh explained that margin expansion comes from focusing on overall yield, including ancillary revenues from pre/post-cruise extensions and optional excursions. She also pointed to SG&A leverage as a key opportunity. CEO Torstein Hagen added that for M&A, the company would be very careful about diversifying away from its successful 'One Viking' brand strategy.

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    Stephen Grambling's questions to Wynn Resorts Ltd (WYNN) leadership

    Stephen Grambling's questions to Wynn Resorts Ltd (WYNN) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley asked for clarification on expense management in Las Vegas and at the corporate level, questioning if cost containment was timing-related. He also inquired about the customer profile driving recent strength in Macau.

    Answer

    CFO Julie Cameron-Doe and CEO Craig Billings confirmed that Las Vegas cost control is the result of diligent, ongoing operational management, not timing. For Macau, CEO Craig Billings stated that the customer mix, characterized by an influx of new, high-quality premium mass players since reopening, has remained largely consistent.

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    Stephen Grambling's questions to Wynn Resorts Ltd (WYNN) leadership • Q1 2025

    Question

    Stephen Grambling questioned the rationale behind Wynn's integrated global structure versus a potential separation of assets, given the stock's valuation disconnect. He also asked for the latest update on the New York development opportunity.

    Answer

    CEO Craig Billings strongly defended the integrated model, highlighting synergies in capital deployment, global marketing, and capital structure that would be lost in a separation. Regarding New York, he confirmed Wynn is in the running but will not 'get over our skis,' citing complexities like potential online gaming impacts, tariff effects on construction costs, and local politics.

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    Stephen Grambling's questions to Wynn Resorts Ltd (WYNN) leadership • Q4 2024

    Question

    Stephen Grambling from Morgan Stanley asked about alternative strategies to unlock shareholder value if share buybacks don't lift the stock price. He also requested details on the OpEx mitigation efforts in Las Vegas and the outlook for 2025.

    Answer

    CEO Craig Billings asserted that buybacks are a long-term value strategy, not for an immediate market reaction, and reiterated their opposition to Opco/Propco structures. He described OpEx mitigation as a 'river of nickels'—numerous small adjustments that don't impact guest experience. For 2025, he anticipates managing more modest union cost increases and other input costs through disciplined operational management.

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    Stephen Grambling's questions to Wynn Resorts Ltd (WYNN) leadership • Q3 2024

    Question

    Stephen Grambling inquired about the reasons for the decline in RevPAR at Macau hotels and asked for an update on the rollout and potential impact of smart tables in the region.

    Answer

    CEO Craig Billings explained that RevPAR is not a meaningful metric for Macau, as hotels run at nearly 100% occupancy with a high degree of comped rooms. Regarding smart tables, he reported that about 25% of tables are covered, with a full rollout expected by Chinese New Year 2025. While it is too early to quantify the full marketing benefits, he noted clear advantages in game security and error prevention.

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    Stephen Grambling's questions to Hyatt Hotels Corp (H) leadership

    Stephen Grambling's questions to Hyatt Hotels Corp (H) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley asked for an update on hotel dispositions beyond the Playa real estate, the planned use of proceeds, and the potential impact of recent tax legislation on the company's cash taxes and free cash flow conversion.

    Answer

    CEO Mark Hoplamazian confirmed significant activity on other asset sales and stated that proceeds would provide more flexibility for shareholder returns. He noted that while tax law changes offer some benefit via accelerated depreciation, the primary driver of improved free cash flow conversion is the company's strategic shift to an asset-light model.

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    Stephen Grambling's questions to Hyatt Hotels Corp (H) leadership • Q1 2025

    Question

    Stephen Grambling asked about the co-brand credit card, inquiring if an early renegotiation was possible, similar to peers, and whether there has been any significant change in cardholder spending patterns.

    Answer

    CFO Joan Bottarini responded that while there was no update to share on a renegotiation, Hyatt is confident in achieving a very competitive new deal due to its strong brand portfolio and the success of the World of Hyatt program. She also confirmed that co-brand card spending remains strong with no concerning changes in behavior.

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    Stephen Grambling's questions to Hyatt Hotels Corp (H) leadership • Q4 2024

    Question

    Stephen Grambling asked about the 18% increase in co-brand credit card spend, inquiring about the current contract's expiration and the potential to drive higher fees in the next agreement.

    Answer

    President and CEO Mark Hoplamazian disclosed that the current five-year contract, signed in 2021, is up for renewal and that Hyatt is actively exploring alternatives. He highlighted a strong negotiating position based on a doubled loyalty member base, high spend per cardholder, a high-net-worth customer demographic, and a greatly expanded portfolio of aspirational properties.

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    Stephen Grambling's questions to Draftkings Inc (DKNG) leadership

    Stephen Grambling's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley asked about long-term opportunities to streamline costs or offset tax increases, specifically focusing on state access fees, data rights, and payment processing.

    Answer

    Co-Founder & CEO Jason Robins confirmed there is significant opportunity across the cost of goods sold (COGS) stack. He highlighted potential to reduce rates on older agreements and unlock value through payment optimization. Robins also mentioned that AI initiatives are expected to drive efficiencies in both COGS and fixed costs, stating they are 'just scratching the surface' of potential savings.

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    Stephen Grambling's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley asked about long-term opportunities to streamline costs, specifically inquiring about potential savings within state access fees, data rights, payment processing, and other cost of revenue (COGS) items.

    Answer

    Co-Founder & CEO Jason Robins confirmed there is significant opportunity across the COGS stack. He highlighted renegotiating older market access deals and optimizing payment processing as key levers. He also noted that AI initiatives and system efficiencies are expected to drive down both COGS and fixed operating costs.

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    Stephen Grambling's questions to Draftkings Inc (DKNG) leadership • Q1 2025

    Question

    Stephen Grambling inquired about the outlook for promotional spending as a percentage of handle and GGR. He also asked for details on DraftKings' 'AI first' strategy, seeking to understand the biggest opportunities and current applications.

    Answer

    CEO Jason Robins stated that promotions as a percentage of GGR should continue to decline, driven by a maturing user base and rising structural hold. On AI, Robins described a company-wide movement to leverage the technology across all functions for both revenue enhancement and cost efficiency, highlighting examples from customer service to document creation.

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    Stephen Grambling's questions to Draftkings Inc (DKNG) leadership • Q4 2024

    Question

    Stephen Grambling of Morgan Stanley inquired about the key factors influencing promotional reinvestment intensity for 2025 and beyond. He also asked about the company's share buyback strategy, particularly how it's affected by hold volatility.

    Answer

    CEO Jason Robins corrected the premise of the question, stating that DraftKings expects a 'pretty meaningful decline' in promotional intensity in 2025. CFO Alan Ellingson clarified that the share buyback approach will be programmatic and tied to free cash flow for consistency, rather than being opportunistic based on hold results.

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    Stephen Grambling's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Stephen Grambling of Morgan Stanley inquired about the customer acquisition assumptions within the 2025 revenue guidance and the specific drivers behind the 500 basis point increase in NFL parlay mix.

    Answer

    CEO Jason Robins stated the guidance is built on existing customer cohort data and an expected 11% structural hold, with cautious assumptions on new customer acquisition. He attributed the significant increase in parlay mix to product improvements, including new features like live SGP, better merchandising of parlays, and marketing, expressing optimism that these trends would translate to other sports.

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    Stephen Grambling's questions to Marriott Vacations Worldwide Corp (VAC) leadership

    Stephen Grambling's questions to Marriott Vacations Worldwide Corp (VAC) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley inquired about the long-term impact of inventory efficiency on product costs and asked about the potential for monetizing financing receivables through private credit markets.

    Answer

    CFO Jason Marino explained that despite plans to reduce inventory on hand, the product cost as a percentage of sales is expected to rise slightly over time due to a mix shift to new projects. CEO John Geller noted that while they always evaluate options for their financing business, their current securitization program is highly efficient, and a third-party deal would need to prove superior value creation.

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    Stephen Grambling's questions to Marriott Vacations Worldwide Corp (VAC) leadership • Q1 2024

    Question

    Stephen Grambling of Morgan Stanley asked about recent owner growth trends, whether the company has specific targets for owner growth, and how the guidance balances the push for new owners against VPG performance.

    Answer

    CEO John Geller stated the goal is to increase the first-time buyer mix to above 35-40% to support the long-term health of the system, while balancing the lower VPG from new buyers against the higher VPG from existing owners. CFO Jason Marino clarified that the midpoint of the updated guidance assumes VPG will be down for the year, while the high end would require VPG to be flat to slightly up. Geller confirmed that net owner growth is expected to be positive.

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    Stephen Grambling's questions to Marriott International Inc (MAR) leadership

    Stephen Grambling's questions to Marriott International Inc (MAR) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley inquired about Marriott's technology transformation, including the timeline, spending, and expected impact of AI and new systems on both hotel owners and travelers.

    Answer

    President & CEO Anthony Capuano detailed the multi-year overhaul of loyalty, reservations, and PMS systems, with initial deployment in U.S. select-service hotels starting later in the year. He also highlighted the Marriott AI incubator's work on concierge services and customer engagement. CFO Leeny Oberg clarified that peak spending for this transformation occurs in 2024-2026, representing about $100 million more than typical annual tech spend.

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    Stephen Grambling's questions to Marriott International Inc (MAR) leadership • Q1 2025

    Question

    Stephen Grambling from Morgan Stanley inquired about the trajectory of fees per room within the development pipeline and the trends in using key money for development deals. He also asked if co-branded credit card spending patterns indicated any shift in consumer behavior away from travel.

    Answer

    CEO Tony Capuano noted that while key money use is increasing with conversions, the average amount per deal declined in 2024, reflecting continued discipline. CFO Leeny Oberg added that fees per key are rising with RevPAR and international growth. Regarding credit cards, Ms. Oberg stated that travel remains a priority for consumers, with no significant shifts observed in spending patterns.

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    Stephen Grambling's questions to Marriott International Inc (MAR) leadership • Q4 2024

    Question

    Stephen Grambling of Morgan Stanley asked for a high-level comparison of the 2025 outlook versus the guidance provided at the September 2023 Analyst Day, focusing on surprises and the implications for the long-term EBITDA and free cash flow trajectory.

    Answer

    CFO Leeny Oberg affirmed that the basic growth equation of rooms plus RevPAR laid out in 2023 has held up very well, despite some puts and takes like FX. She noted the effective tax rate for 2025 is now expected to be higher at around 26%. CEO Tony Capuano added that they remain confident in the 5% to 5.5% net unit growth CAGR target set at the Investor Day.

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    Stephen Grambling's questions to Marriott International Inc (MAR) leadership • Q3 2024

    Question

    Stephen Grambling from Morgan Stanley inquired about the timing and rationale for the new efficiency initiatives, the expected run rate for SG&A growth, and the outlook for 2025 rooms growth and fees per room.

    Answer

    President and CEO Tony Capuano explained the initiative stems from a position of strength and the company's value of embracing change after significant growth. CFO and EVP, Development Leeny Oberg clarified the $80-90M in savings is off the current run rate and it's too early for specific 2025 guidance. Capuano added that average fees per room are expected to grow in '24 and '25, driven by luxury momentum and strong incentive management fees, despite the push into midscale.

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    Stephen Grambling's questions to Hilton Grand Vacations Inc (HGV) leadership

    Stephen Grambling's questions to Hilton Grand Vacations Inc (HGV) leadership • Q2 2025

    Question

    Stephen Grambling from Morgan Stanley asked for a comparison of the profit flow-through from an increase in VPG versus an increase in tour flow. He also inquired about conversion rates for new owners and whether the long-term adjusted free cash flow conversion rate could drift higher.

    Answer

    CEO Mark Wang noted that owner VPGs are extremely strong while new buyer VPGs are stable. President & CFO Dan Mathewes detailed that VPG flow-through is materially higher at over 50%, compared to roughly 30% for tour flow. He also highlighted that acquisitions have significantly lowered the long-term inventory spend outlook to $300M. Regarding the free cash flow conversion rate, Mathewes was hesitant to forecast it higher than the 65-70% range, citing uncertainties like future tax rates.

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    Stephen Grambling's questions to Hilton Grand Vacations Inc (HGV) leadership • Q2 2025

    Question

    Stephen Grambling from Morgan Stanley followed up on VPG, asking for the typical profit flow-through on a point of VPG versus tour flow, any changes in new owner conversion rates, and whether the long-term free cash flow conversion rate could rise above the guided 65-70% range.

    Answer

    CEO Mark Wang noted owner VPGs are extremely strong while new buyer VPGs are stable. President & CFO Dan Mathewes detailed that VPG flow-through is materially higher at over 50% compared to roughly 30% for tour flow. He explained that while acquisitions are lowering long-term inventory spend, which benefits cash flow, he was hesitant to guide for a higher conversion rate due to uncertainties like future tax policy.

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    Stephen Grambling's questions to Hilton Grand Vacations Inc (HGV) leadership • Q1 2025

    Question

    Stephen Grambling asked for more detail on two strategic initiatives mentioned: 'more flexible financing' and 'new features to drive engagement,' inquiring about their specific components and rollout cadence.

    Answer

    CEO Mark Wang and CFO Daniel Mathewes explained that the financing initiative involves standardizing and simplifying programs across the legacy HGV and Bluegreen systems to improve cash at sale and unify underwriting standards. The engagement initiatives are a 'stacking' of efforts, including refining tour qualification models and enhancing the value proposition, with benefits expected throughout the back half of the year.

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    Stephen Grambling's questions to MGM Resorts International (MGM) leadership

    Stephen Grambling's questions to MGM Resorts International (MGM) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley questioned the reasons for the lowered full-year CapEx guidance and asked about the timing of major projects. He also inquired about the outlook for this year's Formula 1 event in Las Vegas compared to last year.

    Answer

    CFO Jonathan Halkyard attributed the lower CapEx to normal annual plan refinements, while CEO & President William Hornbuckle noted a strategic delay in a hotel system upgrade also played a role. Regarding Formula 1, Hornbuckle expressed strong optimism, citing improved pricing, robust ticket sales, and enhanced event content for this year's race.

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    Stephen Grambling's questions to MGM Resorts International (MGM) leadership • Q1 2025

    Question

    Stephen Grambling asked about other potential value-creation strategies, such as asset sales, given the stock's discounted multiple, and inquired about the quantifiable benefits of the omnichannel strategy with BetMGM.

    Answer

    EVP & CFO Jonathan Halkyard emphasized that repurchasing shares at a 3.3x implied multiple is a highly compelling use of capital. CEO William Hornbuckle added that discussions concerning the Northfield Park and Springfield properties are ongoing. Regarding omnichannel benefits, COO Corey Sanders noted that customer trips and spend from that channel were up significantly during the quarter.

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    Stephen Grambling's questions to MGM Resorts International (MGM) leadership • Q3 2024

    Question

    Stephen Grambling of Morgan Stanley asked about operating expenses in Las Vegas and the Regional segments, inquiring about any unique items that affected the year-over-year growth after adjusting for insurance proceeds. He also asked for the revenue growth split between iGaming and OSB for BetMGM.

    Answer

    Executive Jonathan Halkyard identified approximately $20 million in higher collections expense in Las Vegas and about $15 million in unusual operational and workers' comp expenses in the Regions as unique items in the quarter. He also noted that FTE counts were flat to down year-over-year. CEO William Hornbuckle clarified that BetMGM's revenue growth was split almost evenly, with sports up 'a little over 20%' and iGaming 'almost at that same point.'

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    Stephen Grambling's questions to Harley-Davidson Inc (HOG) leadership

    Stephen Grambling's questions to Harley-Davidson Inc (HOG) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley posed a multi-part question on the HDFS transaction, asking why a 4.9% equity stake was the right amount to sell, whether the $1.25 billion cash distribution was a pre-tax or post-tax figure, and about the exchange rate.

    Answer

    CFO Jonathan Root explained the 4.9% stake per partner was chosen for regulatory ease related to the FDIC and Harley-Davidson's industrial loan corporation. He confirmed the $1.25 billion distribution is a pre-tax figure. CEO Jochen Zeitz added this deal structure was the optimal outcome among many bids, aligning with their stated objectives.

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    Stephen Grambling's questions to Boyd Gaming Corp (BYD) leadership

    Stephen Grambling's questions to Boyd Gaming Corp (BYD) leadership • Q2 2025

    Question

    Stephen Grambling asked which regions or business segments offer the best returns on invested capital for organic growth, and how those opportunities are ranked.

    Answer

    CEO Keith Smith and CFO Josh Hirsberg explained that they do not force-rank segments. Instead, they evaluate all capital allocation alternatives—including reinvestment in existing assets, new development, and share repurchases—based on which specific project offers the best risk-adjusted economic return against their internal hurdle rates.

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    Stephen Grambling's questions to Wyndham Hotels & Resorts Inc (WH) leadership

    Stephen Grambling's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q2 2025

    Question

    Stephen Grambling of Morgan Stanley followed up on the topic of key money, asking if Wyndham anticipates deploying it more aggressively and what the governing principles or 'guardrails' are for that capital.

    Answer

    CFO Michele Allen reiterated that the company is always 'very judicious' in deploying capital, ensuring any key money investment provides appropriate economic value and meets or exceeds hurdle rates. She stated that she does not anticipate a need to meaningfully increase key money beyond the current outlook and that the strategy remains to balance investment in high-quality growth with opportunistic share repurchases.

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    Stephen Grambling's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q1 2025

    Question

    Stephen Grambling of Morgan Stanley followed up on development, asking how agreement terms have changed amid higher interest rates and seeking clarification on the recent increase in loan advances, including the typical payback period.

    Answer

    CFO Michele Allen explained the recent loan advance was for a strategic partnership with a premier developer in Germany, a key market. This deal will add over 3,000 rooms and strengthen Wyndham's footprint in Europe's largest economy. She confirmed it is an interest-bearing loan with a payback period of approximately two years, structured to be well above their cost of capital with strong guarantees.

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    Stephen Grambling's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q4 2024

    Question

    Stephen Grambling asked about the long-term growth outlook for the non-room fee segment, specifically the credit card fee stream, and also inquired about the current percentage of bookings made with debit cards.

    Answer

    CEO Geoffrey Ballotti addressed the new debit card, noting it provides an opportunity for credit-ineligible customers to earn points and appeals to younger demographics. CFO Michele Allen added that due to the renewed Barclays credit card agreement, ancillary revenue growth is expected to be in the low-teens range in 2025, up from 6% and implying about $35 million of incremental revenue, nearly double the prior expectation.

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    Stephen Grambling's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q3 2024

    Question

    Stephen Grambling asked for a scorecard on the company's progress toward its 2026 EBITDA targets and inquired if further investment is needed to scale the Project ECHO brand.

    Answer

    CFO Michele Allen stated the company is very confident in its 2026 driver assumptions, particularly system growth and ancillary revenues, which are tracking well. She and CEO Geoffrey Ballotti confirmed that while capital was earmarked for ECHO, the necessary operational and sales teams are already in place and reflected in current EBITDA, with no significant incremental investment needed.

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    Stephen Grambling's questions to Las Vegas Sands Corp (LVS) leadership

    Stephen Grambling's questions to Las Vegas Sands Corp (LVS) leadership • Q2 2025

    Question

    Stephen Grambling asked about Las Vegas Sands' strategy to reverse its market share shortfall in Macau, including key performance indicators and timing for a turnaround. He also followed up on capital allocation, specifically questioning the timeline for resuming the dividend at the Sands China Ltd. (SCL) subsidiary.

    Answer

    Grant Chum, President & CEO of Sands China, explained that a more aggressive customer reinvestment program began in late April, with encouraging initial results in May and June. He noted the company will continue to adjust to market conditions and sees further potential in the Londoner property. Patrick Dumont, President & COO of Las Vegas Sands, added that as CapEx from the Londoner project decreases, the company intends to resume and increase the SCL dividend over time, consistent with its historical focus on returning capital to shareholders.

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    Stephen Grambling's questions to Las Vegas Sands Corp (LVS) leadership • Q3 2024

    Question

    Stephen Grambling inquired about the timeline for disruptions at Marina Bay Sands (MBS) to subside and how the addition of new suites would impact EBITDA into the next year, and also asked about changes to the scope and expected returns for the MBS IR2 project.

    Answer

    President and COO Patrick Dumont detailed the ongoing room and casino disruptions, while Chairman and CEO Robert Goldstein projected clear sailing by May 2025. Regarding IR2, Robert Goldstein confirmed the scope now includes a full-scale casino focused on the premium mass segment, expressing confidence the new development could generate over $1 billion in EBITDA on top of the original tower's expected $2.5 billion.

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    Stephen Grambling's questions to Las Vegas Sands Corp (LVS) leadership • Q1 2024

    Question

    Stephen Grambling asked about the strategy to reinvigorate growth at lagging properties as the Londoner Macao ramp-up completes, and how initial results from the Londoner might influence future CapEx allocation.

    Answer

    An executive, likely Grant Chum, explained that while the primary focus is ramping up the new Londoner product over the next 12 months, the company also intends to grow its other properties concurrently. President and COO Patrick Dumont affirmed a strong belief in the Macao market and a commitment to continued investment for growth. The executive added that future investments in other properties would be regular, modest upgrades rather than major redevelopments like the Londoner.

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    Stephen Grambling's questions to Diamondrock Hospitality Co (DRH) leadership

    Stephen Grambling's questions to Diamondrock Hospitality Co (DRH) leadership • Q1 2025

    Question

    Stephen Grambling of Morgan Stanley asked about the outlook for competitive supply growth and developer behavior. He also inquired about which markets would be attractive for M&A if capital markets improved.

    Answer

    CEO Jeff Donnelly stated that 40-50% of their markets have high barriers to entry, estimating overall supply growth near 1%. President and COO Justin Leonard noted brand acquisitions are a bigger competitive factor. For M&A, Donnelly said they look thematically for recovery opportunities, which have recently skewed toward urban markets.

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    Stephen Grambling's questions to Caesars Entertainment Inc (CZR) leadership

    Stephen Grambling's questions to Caesars Entertainment Inc (CZR) leadership • Q1 2025

    Question

    Stephen Grambling asked what is being done to manage sports betting hold volatility and inquired about major omnichannel initiatives that create synergies between digital and brick-and-mortar operations.

    Answer

    CEO Tom Reeg described hold volatility as an inherent feature of sports betting, driven by correlated public betting on favorites and parlays. President of Caesars Sports Eric Hession added that they are improving hold in other sports, which helps raise the average. President and COO Anthony Carano and Eric Hession detailed omnichannel efforts, including host incentive programs for cross-selling, exclusive events for top digital and land-based players, and simultaneous product launches online and at properties.

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    Stephen Grambling's questions to Caesars Entertainment Inc (CZR) leadership • Q3 2024

    Question

    Stephen Grambling asked if the improving iGaming handle share was leading to a change in customer profile, such as attracting new players or increasing overlap with brick-and-mortar customers. He also requested an updated reconciliation of the company's path from its current ~$4 billion EBITDA run-rate to its long-term $5 billion target.

    Answer

    Eric Hession, President of Caesars Sports and Online Gaming, noted the Caesars Palace app has attracted more slot players and increased crossover with brick-and-mortar, a trend they expect to grow. CEO Tom Reeg reiterated the path to $5 billion+ EBITDA, explaining that the current ~$4 billion base will be augmented by hundreds of millions from returns on regional investments and continued Las Vegas growth, plus the inflection and significant future contribution from the Digital business, which is now starting to materialize.

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    Stephen Grambling's questions to Choice Hotels International Inc (CHH) leadership

    Stephen Grambling's questions to Choice Hotels International Inc (CHH) leadership • Q4 2024

    Question

    Stephen Grambling from Morgan Stanley asked for details on the company's recyclable capital program, inquiring whether it would be a source or use of cash in 2025, the total book value deployed, and the associated EBITDA contribution from these investments.

    Answer

    CFO Scott Oaksmith stated that the company is at the tail end of its investment cycle for the Cambria brand and expects recycling to begin in 2026-2027. Net outlays were ~$150M in 2024 and are expected to be lower at ~$115M-$120M in 2025. The total outstanding pool of these investments is about $600M on the balance sheet. He clarified that only owned hotels contribute to reported EBITDA (about $30M in 2024), while JVs and lending are below the line.

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    Stephen Grambling's questions to Choice Hotels International Inc (CHH) leadership • Q3 2024

    Question

    Stephen Grambling questioned the outlook for SG&A expense growth into 2025 and beyond, and also asked about the free cash flow conversion forecast, probing whether recent capital spending was front-loaded.

    Answer

    CFO Scott Oaksmith indicated that the company expects to maintain SG&A growth in the mid-single-digit range. Regarding free cash flow, he projected a similar conversion percentage for 2025, excluding recyclable capital investments, and anticipates a similar level of recyclable capital outflow (~$135 million) in 2025 before more meaningful recycling begins in 2026.

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    Stephen Grambling's questions to Red Rock Resorts Inc (RRR) leadership

    Stephen Grambling's questions to Red Rock Resorts Inc (RRR) leadership • Q4 2024

    Question

    Stephen Grambling of Morgan Stanley asked for more detail on the factors impacting 2025 EBITDA, such as renovations and the Durango ramp, and sought confirmation on the incremental nature of the projected $25 million disruption impact.

    Answer

    Executive Scott Kreeger confirmed a potential $25 million disruption impact from renovations but expressed optimism about growth from new investments. Executive Stephen Cootey added that key factors include lapping Durango's opening, backfilling Red Rock, and lapping 2024's proactive salary increases. He confirmed the $25 million disruption is incremental.

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    Stephen Grambling's questions to Red Rock Resorts Inc (RRR) leadership • Q3 2024

    Question

    Stephen Grambling asked about potential business impacts from the election, such as changes to corporate taxes or investment incentives.

    Answer

    Executives Frank and Lorenzo Fertitta noted that a potential elimination of tax on tips could boost the local economy and save the company $2-3 million in payroll taxes. Executive Stephen Cootey added that the company has already achieved a low effective tax rate of under 13% through tax planning for Durango and intends to apply similar strategies to upcoming projects in 2025.

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    Stephen Grambling's questions to Soho House & Co Inc (SHCO) leadership

    Stephen Grambling's questions to Soho House & Co Inc (SHCO) leadership • Q3 2024

    Question

    Stephen Grambling probed for details comparing the current strategic offer to the prior review, sought clarity on the drivers of choppy North American performance, and asked if 2025 will be an investment year due to ERP and staffing costs.

    Answer

    CFO Thomas Allen reiterated that management could not comment on the Board-led strategic review. CEO Andrew Carnie attributed the North American choppiness to pre-election uncertainty but noted a subsequent bounce-back and strong Q1 bookings. Regarding costs, Allen and Carnie explained that savings from recent restructuring would fund the ERP and back-of-house investments, with significant efficiencies and better flow-through expected post-implementation in 2025.

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    Stephen Grambling's questions to Soho House & Co Inc (SHCO) leadership • Q3 2024

    Question

    Stephen Grambling asked for a comparison between the current offer and the previous strategic review, and sought more detail on the drivers of choppy Q3 performance in North America. He also questioned if 2025 will be an investment year due to the ERP implementation and team expansion, delaying normalized cost flow-through.

    Answer

    CFO Thomas Allen reiterated that management would not comment on the deal. CEO Andrew Carnie attributed the slight Q3 downturn in North America to pre-election uncertainty but noted a post-election bounce back and strong Q1 bedroom bookings. Regarding costs, Thomas Allen and Andrew Carnie explained that while the ERP implementation will continue through 2025, significant severance charges from recent restructuring will fund these investments, with significant efficiencies and better flow-through expected once the system is fully implemented.

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    Stephen Grambling's questions to Sunstone Hotel Investors Inc (SHO) leadership

    Stephen Grambling's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q3 2024

    Question

    Stephen Grambling asked about the outlook for wage inflation next year and whether any policies from the new administration could potentially impact the business.

    Answer

    CEO Bryan Giglia stated that wage inflation is expected to remain in the 4% to 6% range for the near term, consistent with recent trends and recently settled union contracts. He noted that it is too early to speculate on the potential impact of any new administration policies on the business.

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    Stephen Grambling's questions to PENN Entertainment Inc (PENN) leadership

    Stephen Grambling's questions to PENN Entertainment Inc (PENN) leadership • Q3 2024

    Question

    Stephen Grambling of Morgan Stanley inquired about the digital business in Ontario, Canada, asking how customer spend compares to the U.S. and if the segment is profitable. He also asked if iGaming cross-sell in Ontario is similar to the U.S.

    Answer

    CEO Jay Snowden described Ontario as a contribution margin positive market and a good story for Penn, with a similar mass-market user base as the U.S. He noted that Ontario's parlay mix is higher, in the low 30s, serving as a positive indicator for the U.S. market's potential. He also confirmed that cross-sell percentages to iGaming are higher in Ontario, suggesting further opportunity in the U.S.

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    Stephen Grambling's questions to Host Hotels & Resorts Inc (HST) leadership

    Stephen Grambling's questions to Host Hotels & Resorts Inc (HST) leadership • Q3 2024

    Question

    Stephen Grambling asked about the current state of the hotel transaction market and whether Host Hotels & Resorts would more likely be a buyer or seller. He also requested a breakdown of the company's underlying run-rate EBITDA, accounting for recent acquisitions, hurricane impacts, and the Maui recovery.

    Answer

    President and CEO James Risoleo explained that the transaction market is becoming more active as debt markets improve and post-election clarity emerges. He stated that Host may test the market with non-core assets but aims to be a net acquirer, leveraging its strong balance sheet. EVP and CFO Sourav Ghosh detailed the calculation for the underlying run-rate EBITDA, starting with the $1.630 billion guidance midpoint and adjusting for business interruption proceeds, acquisitions, and the estimated $75-$80 million long-term impact from Maui.

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