Financial Data and Key Metrics Changes - Revenues increased to $78 million from $75.7 million in the previous year's third quarter, representing a 5% growth on a comparable basis after excluding $1.5 million from the sold Stockman's [3][4] - Adjusted EBITDA rose 26% to $14.8 million, with potential adjustments bringing it closer to $15.2 million [3][4] - The company reported $40 million in liquidity at the end of the quarter, with minimal capital expenditures until the construction of the permanent American Place casino begins [16] Business Line Data and Key Metrics Changes - American Place in Illinois saw revenues increase by 14% to $32 million, with adjusted property EBITDA rising 16% to $9 million [3][4] - Chamonix in Colorado experienced a revenue increase of over 7%, with adjusted property EBITDA turning positive at $2.1 million from a negative $0.7 million last year [9][10] - Table game revenues at Chamonix surged 53% year-over-year, while slot revenues increased by 6% [9][10] Market Data and Key Metrics Changes - The database for American Place grew to over 115,000 guests, indicating strong customer acquisition [4] - The company noted that 30% of guests at Chamonix came from the Denver area, highlighting a broader market reach than initially anticipated [13][14] Company Strategy and Development Direction - The company aims to achieve $50 million in run-rate EBITDA for the temporary American Place facility and $100 million for the permanent facility [4][5] - The permanent American Place project has seen a budget reduction from $325 million to $302 million, with plans for significant expansions in gaming capacity [5][6] - The company is focusing on operational efficiencies, reducing full-time employees from 373 to 325, a 13% decrease [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of American Place and Chamonix, with expectations for continued revenue increases [3][9] - The management team is optimistic about the potential for the permanent American Place casino, despite potential delays in financing [28][31] - The company is actively exploring various financing options, including REITs and land leases, to support future growth [36][38] Other Important Information - The company is seeing a significant increase in high-frequency guests, with visits up more than 33% year-over-year [10] - Management highlighted the importance of the day trip market from Colorado Springs, which is expected to drive future revenue growth [49][56] Q&A Session Summary Question: What is the expected percentage of Colorado households visiting Cripple Creek? - Management indicated that the current visitation rate is around 15%, with potential to increase to 30%, which could significantly boost revenue [19][20] Question: How does the company plan to improve flow-through on additional revenue? - The focus is on right-sizing payroll and improving operational efficiency while growing revenues, with expectations for profitability improvements [24][26] Question: What is the status of financing for the permanent American Place casino? - Management is in discussions with bondholders and potential investors, emphasizing that there is no strict deadline for opening the permanent facility [28][29] Question: What strategies are in place for table game growth at Chamonix? - The company is introducing new games and enhancing marketing efforts, with expectations for table game revenues to double in the future [77][78] Question: What is the expected EBITDA trajectory for Chamonix? - Management is confident in strong year-over-year growth, with expectations for Chamonix to be comfortably profitable in 2026 [82]

Core Insights - Wall Street has experienced a robust start to the third-quarter 2025 earnings season, with 99 S&P 500 companies reporting their financial results as of October 22 [1][2] Earnings Performance - Total earnings for the 99 companies increased by 13.7% year over year, supported by an 8.2% rise in revenues [2] - A significant 86.9% of these companies exceeded earnings estimates, while 81.8% surpassed revenue estimates; notably, 75.8% beat both earnings and revenue estimates [2] - Overall, S&P 500 earnings are projected to grow by 7.3% year over year, with revenues expected to rise by 6.7% [2] Consumer Discretionary Sector - The consumer discretionary sector has shown moderate growth in the first three quarters of 2025, with expectations for improvement in the fourth quarter [4] - This sector is characterized by long-term growth potential, with share prices sensitive to market interest rate movements [4] Interest Rate Environment - The Federal Reserve cut the benchmark lending rate by 25 basis points in September 2025, with expectations for two additional cuts this year [5] - A low-interest rate environment is anticipated to enhance the net present value of investments in growth stocks, benefiting sectors like consumer discretionary, technology, and cryptocurrency [6] Company Highlights: Carnival Corporation - Carnival Corporation reported adjusted earnings of $1.43 per share, exceeding the Zacks Consensus Estimate of $1.32 and the previous year's earnings of $1.27 [11] - Quarterly revenues reached $8.15 billion, surpassing the Zacks Consensus Estimate of $8.07 billion and reflecting a 3.3% year-over-year increase [11] - The company is experiencing strong travel demand, higher onboard spending, and disciplined cost management, with forward bookings for 2026 outpacing capacity growth [9][10] Company Highlights: Las Vegas Sands Corp. - Las Vegas Sands reported adjusted earnings of 78 cents per share, exceeding the Zacks Consensus Estimate of 62 cents and the previous year's earnings of 44 cents [14] - Quarterly revenues amounted to $3.33 billion, surpassing the Zacks Consensus Estimate of $3.01 billion and showing a 24.2% year-over-year increase [14] - The company is benefiting from strong travel demand and improved conditions in Macao and Singapore, focusing on growth through capital investments [15]

Core Viewpoint - Boyd Gaming (BYD) is expected to report quarterly earnings of $1.67 per share, a 5.7% increase year-over-year, with revenues projected at $980.29 million, reflecting a 1.3% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 2.3% over the past 30 days, indicating a reassessment by analysts [2]. - Prior revisions to earnings projections are crucial for predicting investor behavior and stock price performance [3]. Revenue Projections - Analysts predict 'Revenues- Online' to be $139.48 million, a 7.4% increase from the year-ago quarter [5]. - 'Revenues by Segment- Downtown Las Vegas' is estimated at $56.10 million, a decrease of 2.8% year-over-year [5]. - 'Revenues by Segment- Midwest and South' is expected to reach $531.53 million, indicating a 1.9% increase [5]. - 'Revenues by Segment- Managed & Other' is projected at $34.94 million, a 5.6% increase from the prior year [6]. - 'Revenues by Segment- Las Vegas Locals' is estimated at $221.91 million, reflecting a 1.4% decrease year-over-year [6]. Adjusted EBITDAR Estimates - 'Adjusted EBITDAR- Online' is forecasted to be $18.72 million, up from $17.06 million in the same quarter last year [7]. - 'Adjusted EBITDAR- Managed & Other' is expected to reach $24.01 million, compared to $23.14 million a year ago [7]. - 'Adjusted EBITDAR- Downtown Las Vegas' is projected at $20.91 million, down from $22.02 million in the previous year [8]. - 'Adjusted EBITDAR- Midwest and South' is estimated at $195.56 million, slightly up from $195.46 million year-over-year [8]. - 'Adjusted EBITDAR- Las Vegas Locals' is expected to be $105.06 million, down from $109.25 million in the prior year [9]. Stock Performance - Boyd shares have increased by 7.2% over the past month, outperforming the Zacks S&P 500 composite, which rose by 5.9% [9].

Financial Performance Highlights - Enterprise-Wide net revenues increased by 2.7% year-over-year (YoY), but were flat excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR increased by 4.6% YoY, or 1.4% excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR margin was 27.5% for the full year[21] - In 4Q 2018, Enterprise-Wide net revenues increased by 7.4% YoY, or 1.2% excluding Centaur[21] - In 4Q 2018, Enterprise-Wide Adjusted EBITDAR increased by 12.1% YoY, or 4.3% excluding Centaur, with a margin of 26.8% (+110bps)[21] - Las Vegas RevPAR increased by 2.1% YoY for the full year and 10.9% YoY for 4Q 2018[21] Efficiency Improvements - Full year marketing efficiency improved by 160bps to 20.1%[21] - Full year labor efficiency improved by 30bps to 23.6%[21] Debt and Liquidity - Total financial debt (excluding convertible debt) was $7.992 billion, with 59% fixed and 41% variable[51] - Total financial debt plus capitalized leases was $14.240 billion[51] - Total liquidity as of December 31, 2018, was $2.516 billion, including $1.491 billion in cash and cash equivalents[51] Capital Expenditures - Enterprise-Wide total capital expenditures for FY18 were $665 million, including $484 million for maintenance and $181 million for development[52]

Core Insights - Planet Fitness, Inc. (PLNT) reported lower-than-expected first-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate, although both metrics increased year-over-year [1][4] - The company is facing macroeconomic volatility, increased costs, and expenses, particularly in SG&A and club operations [1][2] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 59 cents, missing the consensus estimate of 62 cents by 4.8%, while the prior-year quarter reported adjusted EPS of 53 cents [4] - Quarterly revenues were $276.7 million, lagging the consensus mark of $282 million by 1.7%, but rose 11.5% year-over-year due to new club openings and membership growth [4] - Adjusted EBITDA was $117 million, up 10% from $106.3 million reported in the year-ago quarter [5] Segment Performance - Franchise segment revenues rose 10.7% year-over-year to $115.2 million, with adjusted EBITDA of $84.9 million, up from $76.1 million [6] - Corporate-owned clubs generated revenues of $133.7 million, up 9.2% year-over-year, with adjusted EBITDA totaling $45.8 million, an increase from $42.4 million [7] - Equipment segment revenues totaled $27.8 million, up 28.7% year-over-year, with adjusted EBITDA rising to $7.4 million from $4.8 million [8] Cash and Debt Position - As of March 31, 2025, Planet Fitness had cash and cash equivalents of $343.9 million, up from $293.2 million at the end of 2024, while long-term debt decreased slightly to $2.14 billion [9] 2025 Outlook - For 2025, the company expects approximately 130-140 new equipment placements and 160-170 new club openings, with same-club sales growth projected in the 5-6% range [10] - Revenues are anticipated to increase approximately 10% from 2024 levels, with adjusted EBITDA and net income expected to grow around 10% and 8-9%, respectively [11] - Capital expenditures are now projected to increase approximately 20%, a revision from the previously expected 25% increase [12]

Financial Data and Key Metrics Changes - Revenues for the quarter were nearly $1 billion, while EBITDAR was $338 million, maintaining property level margins of 40%, consistent with the prior year [5][19] - The company reported a 28% increase in weather-impacted days compared to last year, yet managed to grow revenues and EBITDAR in the Midwest and South segment [10][19] - The online segment grew EBITDAR by nearly 14% year over year, driven by stable performance from market access agreements and strong growth from Boyd Interactive [11] Business Line Data and Key Metrics Changes - In the Las Vegas Locals segment, revenues were nearly even with the prior year, while EBITDAR was down less than 4%, primarily due to competitive pressures at the Orleans [8] - Downtown Las Vegas achieved both revenue and EBITDAR growth during the first quarter, with solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street [9] - The managed and other business saw strong growth driven by management fees from Sky River Casino, with ongoing expansion activities set to enhance future growth [12] Market Data and Key Metrics Changes - Customer trends remained consistent through April, with no meaningful shifts in consumer behavior or spending patterns observed thus far in the second quarter [6][20] - The company noted that Hawaiian visitation to the downtown segment was temporarily impacted last year by higher airfares related to the Super Bowl, creating a favorable comparison for the first quarter of this year [9] Company Strategy and Development Direction - 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 [17][18] - Capital investment programs are aimed at creating long-term shareholder value, with a commitment to return capital through stock repurchases and dividends [19][26] - The company remains cautious about M&A opportunities, emphasizing a disciplined approach to acquisitions that align with strategic goals [55][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the company, citing a strong balance sheet and diversified business as key strengths in navigating economic uncertainty [7][20] - The company acknowledged the potential for increased costs due to tariffs but indicated that current budgets would not be significantly impacted [49][52] Other Important Information - The company repurchased $328 million in stock during the first quarter and paid $15 million in dividends, with plans to continue repurchasing $100 million in shares per quarter [19][26] - The company is actively managing operating expenses and exploring efficiencies to mitigate inflationary pressures [96] Q&A Session Summary Question: Plans for Paradise Riverboat Casino - The company has a list of development projects prioritized based on expected returns, with plans to upgrade older riverboats over time [33][34] Question: Outlook for Core and Retail Customers - Management sees core customer trends continuing to grow, with retail customers performing consistently, despite some noise from external factors [38][39] Question: Buyback Strategy and Timing - The company balanced its buyback strategy with maintaining a strong balance sheet, taking advantage of favorable stock prices in Q1 while remaining cautious moving forward [44][46] Question: Impact of Tariffs on Capital Projects - The company evaluated capital projects for potential deferral and identified sources to mitigate tariff impacts, ensuring budgets remain intact [49][50] Question: Competitive Landscape in Locals Market - The locals market has seen slight shrinkage, but the company has outperformed the overall market, particularly excluding the Orleans property [78][80] Question: Hawaiian Travel and Weather Impact - The company estimated a $5 million impact from weather on EBITDA for the quarter, with Hawaiian travel normalized compared to last year [74][71] Question: Non-Gaming Amenities Spending - Spending on food and beverage and hotel services is up on a cash basis, with no significant declines noted in non-gaming amenities [66] Question: Canadian Travel Impact - Canadian visitation is a minor segment for the company, accounting for less than 0.1% of business, thus not significantly impacting overall performance [103] Question: Future of iGaming Platform - The company aims to grow its Stardust iGaming platform modestly, focusing on markets where it operates, without significant acquisitions planned [90][91]