Stephen Grambling

“Just to start, you know, there was a release about one of your competitors this morning, maybe on a little bit of a weaker trend line.”

“I want to go back to the agentic AI question and perhaps consumer use of LLMs in general. You mentioned the upsell opportunity. We've also heard from some hotel owners that there's been some material declines in top of funnel costs from search already.”

“Wanted to dig in on the CapEx plans a little bit, just starting with Macau. I'm curious, how is your view of what is maintenance versus growth CapEx evolved and perhaps where you see ROI moving to and where the best returns may be had as you think about where you're spending?”

“I know you talked a little bit about this, but I'm wondering if you could maybe just dig into some of the guidance assumptions around revenue, particularly as we just think about closing the gap from where past sales are now to where the assumption is, I think, for slightly down for the year.”

“I think one of the questions that we often get or pushback we get around prediction markets is, you know, you gave this stat that most of the volume coming through some of your competitors appears to be professionals or, you know, syndicate-type things.”