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    Steve Pizzella • Deutsche Bank

    Steve Pizzella's questions to Wynn Resorts Ltd (WYNN) leadership

    Steve Pizzella's questions to Wynn Resorts Ltd (WYNN) leadership • Q2 2025

    Question

    Steve Pizzella of Deutsche Bank asked if recent tax legislation would alter Wynn's capital expenditure plans and requested an update on the Q4 Las Vegas group booking pace and expectations for Formula One.

    Answer

    CFO Julie Cameron-Doe stated that while some tax provisions will be beneficial long-term (2028 and beyond), they do not change current CapEx plans. COO Brian Gullbrants confirmed that both Q4 and Formula One are pacing well, with F1 showing significant improvement over the prior year due to strong corporate bookings at maintained rates.

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    Steve Pizzella's questions to Genius Sports Ltd (GENI) leadership

    Steve Pizzella's questions to Genius Sports Ltd (GENI) leadership • Q2 2025

    Question

    Steve Pizzella from Deutsche Bank asked about the drivers behind the material acceleration in fixed betting tech revenue and how to think about its future growth. He also inquired about the company's capital allocation plans for its cash balance.

    Answer

    Nicholas Taylor (CFO) attributed the fixed revenue growth to non-US, SaaS-style contracts and price increases from renewals in Europe, supported by key rights like UK soccer. Regarding capital allocation, both Nicholas Taylor and Mark Locke (Co-Founder, CEO & Director) stated that M&A is the key focus, but they maintain an extremely high bar for deals. They also noted the existing share buyback program is a lower priority and that organic investment continues to yield strong returns.

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    Steve Pizzella's questions to Accel Entertainment Inc (ACEL) leadership

    Steve Pizzella's questions to Accel Entertainment Inc (ACEL) leadership • Q2 2025

    Question

    Steve Pizzella from Deutsche Bank asked about the expected earnings impact from the new Ticket-In, Ticket-Out (TITO) system in Illinois and questioned the growth of the Nevada market when excluding the impact of a lost key customer.

    Answer

    CEO Andrew Rubenstein responded that it is too early to quantify the material impact of TITO, as the rollout is in its initial weeks, but anticipates it will improve player experience and mildly reduce cash needs and collection costs. Mark Phelan, President of U.S. Gaming & Interim CFO, clarified that excluding the one-time customer loss, the Nevada market actually grew slightly year-over-year and the company successfully improved operating margins in the state.

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    Steve Pizzella's questions to Marriott International Inc (MAR) leadership

    Steve Pizzella's questions to Marriott International Inc (MAR) leadership • Q2 2025

    Question

    Steve Pizzella from Deutsche Bank followed up on conversions, asking about the competitive landscape, the use of key money, and the addressable market for larger, multi-unit conversion deals.

    Answer

    CFO Leeny Oberg described the conversion opportunity as 'extraordinary,' given that half the world's hotels are unbranded. She confirmed the market is competitive and key money is a factor, with slightly more use in lower chain scales than in 2019 but no dramatic year-over-year change. President & CEO Anthony Capuano added that luxury and full-service projects, which are 40% of the pipeline, naturally command more key money but also generate higher fees.

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    Steve Pizzella's questions to Caesars Entertainment Inc (CZR) leadership

    Steve Pizzella's questions to Caesars Entertainment Inc (CZR) leadership • Q2 2025

    Question

    Steve Pizzella of Deutsche Bank asked about current operating expense and labor trends in Las Vegas and the Regional segments. He also requested an update on the performance of the New Orleans property.

    Answer

    CEO Tom Reeg noted that while Las Vegas is seeing union contract-driven labor cost increases, the company has managed overall expenses to remain flat. He described regional expense increases as being in line with general inflation and not as impactful as in prior years. Reeg confirmed that New Orleans had another 'very strong quarter' and that its performance, along with Danville's, is driving strong results in the regional segment.

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    Steve Pizzella's questions to Boyd Gaming Corp (BYD) leadership

    Steve Pizzella's questions to Boyd Gaming Corp (BYD) leadership • Q2 2025

    Question

    Steve Pizzella asked about the current operating expense environment and any observed changes in non-gaming spending trends.

    Answer

    EVP and CFO Josh Hirsberg reported that costs are being managed well, as evidenced by consistent margins across segments. He noted no significant changes in non-gaming spend, with F&B revenue up in line with stronger customer visitation, while hotel softness was a Las Vegas destination-specific issue. Overall spending patterns are consistent with gaming demand.

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    Steve Pizzella's questions to Wyndham Hotels & Resorts Inc (WH) leadership

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

    Question

    Steve Pizzella from Deutsche Bank asked for details on the acceleration of ancillary fees, particularly from the co-branded credit card, and the outlook for the second half of 2025 and into 2026.

    Answer

    CFO Michele Allen confirmed the 19% growth in ancillary revenues in Q2 was in line with expectations, largely driven by the renewed credit card agreement. She highlighted a 5% increase in new accounts and a 2% lift in average spend. Allen stated that year-to-date growth of 13% aligns with their full-year 'low teens' expectation and anticipates similar results in the second half of the year.

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