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    Stephen Grambling • Morgan Stanley

    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 reason for the reduction in the full-year CapEx forecast and asked for an updated outlook on the upcoming Formula One race in Las Vegas compared to the prior year.

    Answer

    CFO Jonathan Halkyard explained the lower CapEx guidance was a result of normal annual refinement rather than project cancellations. CEO & President Bill Hornbuckle added that a deliberate delay in the Opera Cloud hotel system migration also shifted some spending. Regarding Formula One, Hornbuckle said he feels "much better" this year, citing improved pricing, strong ticket sales, and enhanced event content.

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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 • Q1 2025

    Question

    Stephen Grambling requested more detail on two strategic initiatives mentioned: 'more flexible financing' and 'new features to drive engagement,' asking about their specifics and implementation cadence.

    Answer

    CEO Mark Wang explained that the financing initiative involves simplifying and standardizing programs across the company to generate more cash at point-of-sale and balance inventory. CFO Daniel Mathewes added it includes unifying underwriting to require more 'skin in the game.' Regarding engagement, Wang described it as a 'stacking' of initiatives to enhance tour quality and the value proposition, with benefits expected through the back half of the year.

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

    Stephen Grambling's questions to Caesars Entertainment Inc (CZR) leadership • Q4 2024

    Question

    Stephen Grambling asked if the $500 million Digital EBITDA goal requires sports betting handle growth and whether that target is a fully loaded number comparable to public peers if it were a standalone entity.

    Answer

    CEO Tom Reeg stated that sports betting volume is expected to grow again in the second half of the year and that the $500 million target is achievable. He acknowledged that a standalone digital business would have 'modest dissynergies' from centralized costs but that access to the Caesars Rewards database would be a critical, documented component of any such transaction.

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

    Stephen Grambling's questions to Boyd Gaming Corp (BYD) leadership • Q3 2024

    Question

    Stephen Grambling requested clarification on the ownership structure and expected returns for the Norfolk project, the scale of the temporary facility, and the reason for the onetime revenue step-up in the Digital segment.

    Answer

    EVP and CFO Josh Hirsberg stated Boyd expects to own at least 80% of the Norfolk venture and will finance the full $750 million project cost itself. President and CEO Keith Smith added that the temporary casino will be much smaller in scale than others in Virginia due to site limitations. Smith also explained the onetime digital fees were from the early termination of long-term market access agreements with other operators.

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