Steven Wieczynski • Stifel, Nicolaus & Company, Incorporated

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Leah Talactac, President & CFO, confirmed that demand remained strong with an "outstanding" June and July, and this strength continued into August, reflected in the 55% booked position for 2026. She stated that consumer behavior was consistent with the past. Regarding marketing, she explained that Viking's strategy is to use marketing as the primary lever, not pricing, to address any demand softness. The increased spend was a strategic move to stimulate demand and promote the brand, consistent with their direct-to-consumer business model.

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President and CFO Leah Talactac confirmed that Viking has not used pricing promotions for future seasons, explaining that pricing dynamics are nuanced and compared against a very strong 2025. She stated that with nearly 40% of 2026 sold, management is confident pricing will trend towards mid-single-digit increases, assuming a stable macro environment. Talactac also affirmed that there have been no material changes to the booking window.

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President and CFO Leah Talactac confirmed that Viking has not used pricing promotions for future seasons, describing the pricing environment as nuanced and noting the high comparison bar from 2025. She expressed confidence that pricing would trend towards mid-single-digit increases, supported by consumer resilience and strong recent demand. Talactac also stated there have been no material changes to the booking window.

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Leah Talactac, President and CFO, stated that the current focus is on finalizing the 2025 season but confirmed that 2026 bookings are ahead of 2025 at the same point in time. Chairman and CEO Torstein Hagen addressed competition by highlighting Viking's dominant 52% market share, extensive order book, high customer satisfaction, and unique operational advantages, including premier docking rights and a powerful direct marketing model, suggesting new entrants will not have a substantial impact.

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CFO Leah Talactac explained that the booking curve was intentionally accelerated for 2025 due to the election year but acknowledged it is more advanced than pre-COVID levels and will likely normalize. She noted the balance between achieving yield and booking far out, stating that future focus remains on closing out 2024 and ensuring 2025 is in good shape.

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CEO Craig Billings suggested the base case projections could indeed be conservative. He highlighted that the original forecast assumed multiple competitors, whereas Wynn now expects to be the sole operator for some time. He also noted that some analyst GGR estimates for the market exceed Wynn's initial assumptions, creating potential upside.

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CEO Craig Billings declined to give specific OpEx guidance for Macau but stated the approach is disciplined, day-to-day management, similar to Las Vegas. On capital allocation, he explained that Wynn's strong liquidity and leverage profile allow them to do both. With Wynn Al Marjan's budget set and other new projects having a longer capital spend timeline, they are in a strong position to continue share repurchases while the stock offers good value.

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CEO Marc Swanson confirmed that the company strategically increased its marketing focus on Orlando in anticipation of the new competition and also ran promotions across the company due to poor weather. Regarding deferred revenue, Swanson and CFO Jim Mikolajczyk explained the decline was due to a mix of factors, including the types of passes sold, a lower overall pass base, and weather-related promotions. They reiterated that positive indicators from Discovery Cove, group bookings, and Howl-O-Scream sales provide confidence for the future.

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CEO Marc Swanson responded that the opening of Epic Universe is a positive opportunity that will increase overall visitation to the Orlando market. He expressed confidence in capturing a fair share due to United Parks' differentiated product, value proposition, and new attractions. Swanson stated that the Wall Street consensus of ~$701M in adjusted EBITDA for 2025 would be "totally unacceptable" and that internal plans are significantly higher, driven by strategic initiatives and a strong track record of per capita spending growth.

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CEO Marc Swanson acknowledged that 2024 record targets are no longer expected due to severe weather. However, he conveyed confidence for 2025, citing strong forward demand indicators and a strategy to recapture lost attendance and grow through new initiatives. Regarding Orlando competition, Swanson highlighted the company's differentiated product, value proposition, and historical ability to thrive in a growing market, expressing confidence in their specific strategies to attract visitors.

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CEO Marc Swanson explained that confidence stems from strong April attendance (up over 8%), which outpaced the Easter shift benefit, and year-to-date attendance being up over 3% on a like-for-like basis. He also pointed to upcoming attraction openings, strategies to improve admissions per capita, the opportunity to capture more visitors from the Epic Universe opening, and new high-margin sponsorship revenue expected in 2024.

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CEO Richard Zimmerman and CFO Brian Witherow explained that "macro pressures" were dominated by weather but also included some softness from lower-income consumers. They noted that while guest spending inside the parks remains solid, the urgency to visit was lower in the first half. Regarding long-term guidance, they stated the current challenges are transient and do not alter the company's long-term potential, but they will formally reassess the targets after the 2025 fiscal year concludes.

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CFO Brian Witherow confirmed that Q1 is tracking to represent about 5.5% of full-year attendance and 6% of revenue, with the 7% figure being a more historical norm. CEO Richard Zimmerman explained the Maryland park closure is a unique opportunity to unlock significant land value, similar to a past transaction in Santa Clara. He stated that while the company will continue to evaluate its portfolio, it does not have plans to close other parks at this time, though it may consider transactions involving smaller locations to maximize value.

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CEO Richard Zimmerman highlighted the strong 2025 capital lineup as a key driver for market penetration and visit frequency. CFO Brian Witherow added that the guidance assumes normal weather patterns, a stable economic environment, and accounts for some foreign exchange pressure. He explained that the high end of the guidance range would be achieved through stronger-than-expected attendance growth, which also boosts guest spending.

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CFO Brian Witherow explained that attendance growth will not be linear but will ramp up, with an inflection point expected in 2026 and beyond. He clarified that the primary driver of revenue growth is increasing attendance, which is a greater opportunity than the initial revenue synergy estimates. CEO Richard Zimmerman added that high guest satisfaction and a compelling capital program are the key drivers for demand.

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CEO & President William Hornbuckle responded that while the company remains competitive on price, it is not altering its core strategies on resort fees and is focused on its casino database to drive volume. CFO Jonathan Halkyard stated that as a general rule, MGM expects about 50% flow-through on revenue changes in Las Vegas.

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CEO William Hornbuckle stated that MGM anticipates it can achieve modest EBITDA improvement in 2025, driven by a new initiative targeting $200 million in cost savings and revenue enhancements. For Macau, he and executive Kenny Feng attributed Q3 margin pressure to one-time expenses for a new show and museum, but affirmed a mid-to-high 20s margin target. They described the promotional environment as disciplined and steady, with future margin improvement expected from capital projects completing in H2 2025.

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CEO Tom Reeg confirmed that regional margins would have been higher without the Q2 marketing push and are expected to improve as unprofitable programs are pared back. Regarding Las Vegas, Reeg clarified that the stabilization he mentioned was in forward 'cash room revenue' expectations, which are primarily from non-gaming customers, and was not the result of a specific new promotional effort to that cohort.

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CEO Tom Reeg reiterated that no consumer softness is visible in their business, noting that while unrated play has been softer since the stimulus, rated play across the enterprise was up mid-single digits in April. Regarding the balance sheet, Reeg expressed confidence, highlighting that the fast-growing Digital segment and significantly improved free cash flow position the company well for any potential economic softness, a situation different from prior downturns.

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CEO Tom Reeg explained the improved regional outlook is due to better-than-expected performance from new properties and less severe competitive impacts than anticipated. He described the overall customer base as 'pretty solid and stable,' noting that unrated play has stabilized and even improved recently after previous softness.

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CEO Tom Reeg clarified that while there are no active sale processes for any casinos, the biggest change in the last 90 days has been a significant increase in inbound calls from parties interested in various assets. He stated that while nothing is active, the company remains open to transactions if they make economic sense to drive value.

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Scott Kreeger, President, reported strong database growth, with Durango adding 108,000 new customers and core properties up nearly 10% in sign-ups, including a 15% increase in the under-35 demographic. Stephen Cootey, EVP, CFO & Treasurer, highlighted the value proposition of the locals market. For group business, Kreeger noted very positive forward bookings with mid-twenty percent increases expected through 2026.

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Executive Scott Kreeger confirmed that non-gaming spend remains healthy, with food and beverage covers up despite tough comps from Durango's opening. He also noted that forward hotel bookings for group and catering are substantially up for the remainder of 2025. Executive Stephen Cootey cautioned that construction disruption at several properties is expected to increase in the second quarter.

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Executive Scott Kreeger described the core customer as stable and noted that while group business would be soft in Q1, it shows strong pickup for the rest of 2025. Executive Stephen Cootey reiterated that while they evaluate all opportunities, their strategic focus remains on developing their own land bank in the Las Vegas market.

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Executive Scott Kreeger attributed group sales softness to tough year-over-year comparisons against post-COVID rebookings, a trend expected to continue into early 2025 before improving. Executive Stephen Cootey confirmed this softness, primarily in catering, impacted F&B margins and identified approximately $23 million in 2025 renovation disruption as a key headwind. Executive Lorenzo Fertitta added that the core business remained stable and strong entering Q4.

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President & CEO Jason Liberty acknowledged that if current demand patterns persist, the second half of the year would be better, but declined to quantify the potential upside, stating it wasn't yet incorporated into the formal forecast. He emphasized that the 30%+ earnings growth for the year is spectacular. Regarding 2028, Liberty agreed that the full-year benefits from new ships like Oasis 7, new destinations like Perfect Day Mexico, and the ramp-up of Royal Beach Clubs should result in a significant step-up in earnings power, which does not yet account for the additional tailwind from potential share buybacks.

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CEO Jason Liberty explained that while they took a conservative position by not raising the back-half outlook despite Q1's strength, the guidance reflects real-time booking data, which remains strong. He emphasized a commitment to 'price integrity' over discounting in any environment. Regarding 2026, he noted the booked position is in line with the prior year's volume but at higher prices, which is considered an optimal position to maximize revenue.

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CEO Jason Liberty confirmed the EPS guidance does not factor in potential share buybacks, which would represent an upside, and that without headwinds, EPS would be over $15. On the river cruise topic, he stated that the company has already secured the necessary berthing rights and will evaluate opportunities for other brands like Silversea in the future, after establishing the Celebrity product.

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CEO Jason Liberty confirmed the guidance is based on moderate yield growth, effective cost management, and benefits from lower interest costs. He explicitly stated that the '$14 handle' guidance does not include any potential share buybacks. He also affirmed that a double-digit yield uplift opportunity for the Western Caribbean from Perfect Day Mexico is 'directionally right,' similar to what was achieved with CocoCay.

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President & COO Patrick Dumont responded that while the models have not been formally adjusted, the strong recent performance validates the company's investment-driven strategy in Singapore. He explained that the results from the renovated property, driven by high-value tourism and premium products, reinforce their confidence that the $6 billion investment in the expansion will be a high-quality one that extends their successful lifestyle and entertainment offerings.

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President and COO Patrick Dumont and Sands China CEO Grant Chum both emphasized that the Macau market is constantly competitive and promotional, and their strategy remains disciplined and focused on leveraging their scaled assets, not reacting to others. Regarding the President's visit, Patrick Dumont declined to provide a specific financial estimate but acknowledged there was a 'noticeable change' in visitation.

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Chairman and CEO Robert Goldstein stated he is not concerned about the political situation, emphasizing the company's strong, long-standing relationship with Macao and Beijing and its role as a leading investor. President and COO Patrick Dumont noted that Singapore has long focused on attracting high-value tourism, a strategy LVS has invested behind and benefited from for 15 years. Goldstein added that the MBS property itself is an extraordinary asset that helps drive that high-value visitation.

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CEO Josh Weinstein acknowledged increased booking volatility in April but noted that May showed improvement over April, and early June improved further over May. Regarding the second half, he stated that while the company will always strive to exceed guidance, the upside potential is not as significant as it appeared in December due to unforeseen macroeconomic and geopolitical turbulence. He affirmed the team is adept at managing the yield curve in the current environment.

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CEO Josh Weinstein acknowledged that booking volatility increased in April but noted that May was better than April, and early June was better than May. Regarding the second half, Weinstein stated that while the company always strives to exceed guidance, the upside potential is not the same as it was in December due to unforeseen macroeconomic and geopolitical turbulence. He emphasized the team's strong execution in navigating the current environment.

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CEO Josh Weinstein stated there were no concerning trends in 2026 bookings and that the company is building a strong foundation with a record book position at higher prices. He explicitly confirmed that if strong onboard and close-in demand trends continue, there would be upside to the guidance for the second half of the year.

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CEO Josh Weinstein defended the guidance as a realistic assessment based on current data, noting that 2024's outperformance was exceptional and partially driven by occupancy recovery, a factor that is now stabilized. He confirmed his intention to set new long-term targets once the current SEA Change goals are met to maintain internal and external alignment. CFO David Bernstein also provided color on the quarterly cadence of costs for 2025, expecting higher costs in Q2 and Q3 due to dry-dock schedules.

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CEO Josh Weinstein clarified that there was no change to the Q4 yield guidance from June, stating that the 5% growth target is strong given the difficult comparison to Q4 2023. Regarding the booking curve, he explained the goal is to maximize revenue, not just extend the window, and that they actively manage this brand-by-brand. He confirmed a pricing premium for Celebration Key itineraries, particularly for 2026, but noted that the strong performance in 2024 and early 2025 is based on core demand, independent of the new destination.

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CEO Natalya Leahy attributed the strong occupancy to a combination of an expanded audience via the Disney partnership, growth in charter business, and dynamic pricing. She noted that while April bookings were less consistent, recent weeks have shown positive momentum. CFO Rick Goldberg added that lower Q1 capacity due to dry dock timing also boosted occupancy and that the full-year net yield growth guidance of 7% to 10% remains firm.

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CEO Sven-Olof Lindblad confirmed the strategy to rebuild the past guest base to achieve historical occupancy levels by 2026. Executive L. Dyson Dryden agreed with the directional earnings power potential but did not provide specific long-term guidance. Regarding capital allocation, Sven-Olof Lindblad highlighted the potential to acquire existing ships from less successful competitors as a cost-effective alternative to new builds, a strategy the company has used historically.

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Executive Leonard Fluxman stated that the company has not observed any decline in consumer spending; in fact, April trends showed a slight improvement with continued high demand for premium services like medi-spa. He confirmed no significant increase in discounting has been necessary. Executive Stephen Lazarus added that the low end of the annual guidance already assumes some moderation in spending, and a significant slowdown would be required to fall below that range, which they do not currently foresee.

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CFO Stephen Lazarus explained that the flat margin guidance is a comfortable baseline that does not yet incorporate potential pricing increases. CEO Leonard Fluxman added that the company would opportunistically repurchase shares during stock price weakness and intends to grow its dividend over time.

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CFO Stephen Lazarus attributed the margin strength to robust onboard guest spending, which minimized the need for promotional activity, and a more even spread of performance-based compensation costs this year. Regarding land-based spas, both CEO Leonard Fluxman and CFO Stephen Lazarus explained that performance was negatively impacted by renovation projects at several large hotel locations and general softness in Asia, but they anticipate a recovery in 2025.

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CEO Harry Sommer stated that all three brands experienced similar booking patterns, with the primary pressure on Q3 European itineraries. He characterized the Oceania promotion as standard marketing rather than significant discounting, underscoring a commitment to price integrity. CFO Mark Kempa added that onboard revenue trends remain strong and are not a factor in the revised guidance, which is primarily driven by the Q3 booking environment.

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CEO Harry Sommer affirmed confidence in the current guidance and stated the company's philosophy on onboard revenue is customer-driven, focusing on providing exceptional products that guests value. Regarding fleet management, Sommer noted the oldest ships are not yet 30 years old and are exceptionally well-maintained, so no retirements are imminent. CFO Mark Kempa added that recent financing activities provide greater structural flexibility for potential vessel disposals in the future.

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CEO Harry Sommer reiterated the company's commitment to its long-term algorithm of low-to-mid-single-digit yield growth and below-inflationary cost growth, viewing 2024 as a positively unusual year. CFO Mark Kempa stated that while they are ahead of pace on their cost-saving initiatives, it's too early to declare the $300 million target conservative, emphasizing it's a multiyear journey focused on protecting the guest experience.

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EVP and CFO Josh Hirsberg stated that the core customer segment is expected to continue growing, while the retail segment remains stable outside Las Vegas and is showing stabilizing trends within Las Vegas. He projected 2025 corporate expense at approximately $95 million. President and CEO Keith Smith added that overall margins should remain consistent with recent performance.

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EVP and CFO Josh Hirsberg confirmed the math was correct and that the $75 million figure is the right baseline to use for 2025 growth projections. President and CEO Keith Smith stated that the aggressive promotional spending from a competitor has not abated and has remained at an elevated level since late last year, and Boyd will not participate, instead waiting for the situation to normalize.

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Executive Josh Hirsberg responded that non-gaming spend in areas like F&B and hotel is up on a cash basis, with any softness isolated to Las Vegas due to the difficult Super Bowl comparison from the prior year. Executive Keith Smith added that they have not seen any significant or structural changes in the competitive promotional environment across their markets.

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