Financial Data and Key Metrics Changes - Revenues for the first quarter were nearly $1 billion, while EBITDA was $338 million, maintaining property-level margins of 40%, consistent with the prior year [6][8][26] - The company reported a tax pass-through amount for the Online segment of $130 million, compared to $116 million in the year-ago period [29] Performance by Business Segment - In the Las Vegas Locals segment, revenues were nearly even with the prior year, while EBITDA was down less than 4%, primarily due to competitive pressures at the Orleans [9][10] - Downtown Las Vegas achieved both revenue and EBITDA growth, with solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street [11][12] - The Midwest & South segment saw growth in both revenues and EBITDA, with margins consistent with the prior year despite a 28% increase in weather-impacted days [13][14] - The Online segment grew EBITDA by nearly 14% year-over-year, driven by stable performance from market-access agreements and strong growth from Boyd Interactive [15] - The Managed & Other business continued to perform well, driven by growth and management fees from Sky River Casino [16] Market Data and Key Metrics Changes - Customer trends remained consistent with March, with no meaningful shift in consumer behavior or spending patterns observed thus far in the second quarter [7][8] - Hawaiian visitation to the Downtown segment was temporarily impacted in the previous year due to higher airfares related to the Super Bowl, creating a favorable comparison for the current quarter [11][12] Company Strategy and Industry Competition - The company is focused on enhancing competitiveness through property renovations and expansions, including a $750 million resort project in Norfolk, Virginia, scheduled for completion in late 2027 [22][24] - The company remains committed to returning capital to shareholders, having repurchased $328 million in stock and paid $15 million in dividends during the first quarter [25][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainty, citing the strongest balance sheet in history and a diversified business model [8][26] - The long-term fundamentals of the Southern Nevada economy remain strong, with consistent growth in local population, employment, and tourism [12] Other Important Information - The company plans to balance capital expenditures with shareholder returns, committing to $100 million in share repurchases per quarter while remaining cautious in the current economic environment [25][35] - The company has identified capital projects that can be deferred if needed to mitigate potential tariff impacts [32][62] Q&A Session Summary Question: Plans for Paradise and other multi-level boats - The company has a prioritized list of development projects based on expected returns, with a focus on those providing the highest returns [40][41] Question: Outlook for core and retail customers - The core customer base continues to grow, while retail play remains consistent, with positive trends observed [46][47] Question: Buyback strategy and timing - The company will maintain a strong balance sheet while balancing capital allocation and shareholder returns, being cautious in the current environment [54][56] Question: Impact of tariffs on capital projects - The company has evaluated capital projects for potential deferral and has taken steps to mitigate tariff impacts, ensuring budgets remain intact [60][62] Question: M&A potential in the current environment - The company remains interested in M&A opportunities but will proceed cautiously, focusing on strategic acquisitions [71][73] Question: Changes in customer spending on non-gaming amenities - Spending on food and beverage and hotel services is up on a cash basis, with no significant changes observed [83] Question: Canadian travel impact - Canadian visitation is a minor part of the business, accounting for less than one-tenth of 1% of revenue [129] Question: Hawaiian sports betting bill impact - The company does not foresee significant impacts from potential sports betting in Hawaii, maintaining a strong relationship with Hawaiian customers [132] Question: Eastside Cannery and Trop I-15 interchange project updates - The Eastside Cannery remains closed, and the Trop I-15 interchange project continues to impact business, particularly at the Orleans [143][145]