Core Insights - RLJ Lodging reported revenue of $363.1 million for the quarter ended June 2025, reflecting a year-over-year decline of 1.7% and a surprise of -0.64% compared to the Zacks Consensus Estimate of $365.45 million [1] - The company achieved an EPS of $0.48, which is an increase from $0.20 a year ago, resulting in an EPS surprise of +4.35% against the consensus estimate of $0.46 [1] - Over the past month, RLJ Lodging shares returned -3.8%, underperforming the Zacks S&P 500 composite's +1.2% change, and currently holds a Zacks Rank 4 (Sell) [3] Revenue Breakdown - Other revenue was reported at $25.07 million, slightly below the estimated $25.14 million, showing a year-over-year increase of +1.1% [4] - Food and beverage revenue reached $41.93 million, exceeding the average estimate of $40.88 million, with a year-over-year change of +2.7% [4] - Room revenue was $296.1 million, slightly below the average estimate of $297.35 million, representing a year-over-year decline of -2.5% [4] - Net Earnings Per Share (Diluted) was reported at $0.15, surpassing the average estimate of $0.12 [4]

Financial Performance - Monarch Casino reported revenue of $136.91 million for the quarter ended June 2025, reflecting a year-over-year increase of 6.9% [1] - Earnings per share (EPS) for the quarter was $1.44, up from $1.19 in the same quarter last year, indicating a significant improvement [1] - The reported revenue exceeded the Zacks Consensus Estimate of $130.37 million by 5.02%, while the EPS surpassed the consensus estimate of $1.22 by 18.03% [1] Revenue Breakdown - Other revenues amounted to $6.02 million, exceeding the average estimate of $5.37 million by analysts, with a year-over-year increase of 7.7% [4] - Hotel revenues were reported at $19.11 million, slightly above the average estimate of $18.4 million, but showed a decline of 3.2% year-over-year [4] - Food and beverage revenues reached $32.19 million, in line with the average estimate of $32.2 million, representing a modest increase of 1.1% compared to the previous year [4] - Casino revenues were reported at $79.59 million, significantly higher than the estimated $74.47 million, marking a robust year-over-year increase of 12.1% [4] Stock Performance - Over the past month, shares of Monarch Casino have returned +2.7%, while the Zacks S&P 500 composite has increased by +4.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Canterbury Park Holding Corporation (CPHC) experienced a decline in financial performance for Q1 2025, with total net revenues falling by 6.8% year-over-year, primarily due to decreased Casino revenues and increased competition in the market [2][4][7]. Financial Performance - Total net revenues for Q1 2025 were $13.1 million, down from $14.1 million in Q1 2024, reflecting broad-based softness across key business segments [2]. - Casino revenues, the main income driver, decreased by 8.6% to $9.2 million [2]. - Pari-mutuel revenues fell by 8.2% to $1.08 million, while food and beverage revenues decreased by 5.9% to $1.62 million [3]. - Other revenues increased by 9.3% to $1.25 million, driven by higher admission revenues from large-scale special events [3]. Profitability Metrics - Net income turned to a loss of $299,000, or 6 cents per diluted share, compared to a profit of $998,000, or 20 cents per diluted share, in the prior-year period [4]. - Adjusted EBITDA fell by 39.6% to $1.94 million from $3.21 million a year earlier [4]. - EBITDA, excluding interest, tax, depreciation, and amortization, dropped sharply to $8,000 from over $1.76 million in the prior-year quarter, indicating significant margin pressure [5]. Operating Expenses - Operating expenses increased by 1.3% year-over-year to $12.5 million, driven by higher payroll expenses and increased property taxes and marketing expenses [6]. - Cost pressures were exacerbated by annual wage increases and state-mandated minimum wage hikes [6]. Management Insights - CEO Randy Sampson noted increased competition in the Casino segment as a primary factor for revenue decline and emphasized the need for a stronger marketing strategy [7]. - The company is investing in long-term projects, including the Canterbury Commons development, which is expected to drive future economic value [8]. Revenue Influences - The decline in Casino revenues was attributed to reduced wagering activity and a lower average collection rate due to competitive pressures [9]. - Pari-mutuel revenues were impacted by fewer race days at other tracks, affecting simulcast betting volume [10]. Future Outlook - Management expressed confidence in future performance driven by event-driven revenue expansion, operational efficiencies, and ongoing real estate development [12]. - The company anticipates benefits from tax increment financing receivables and the completion of its barn relocation initiative by mid-2025 [12]. Development Initiatives - The Canterbury Commons real estate development is progressing, with Phase II of the Triple Crown Residences 95% leased and new commercial spaces opening [13][14]. - A new 16,000-square-foot entertainment venue is set to open in June 2025, and additional development land has been unlocked for future projects [15].

Financial Data and Key Metrics Changes - The company reported a comparable RevPAR of $400, reflecting a 4.2% increase year-over-year, marking the highest quarterly RevPAR in its history [7][8] - Comparable total hotel revenue increased by 4.4% year-over-year, while comparable hotel EBITDA was $70.8 million, representing a 5.3% increase [8][14] - The net loss attributable to common stockholders was $2.5 million, or $0.04 per diluted share, with AFFO per diluted share of $0.40 [14][15] Business Line Data and Key Metrics Changes - The resort portfolio reported a comparable RevPAR of $800, a 1.9% increase year-over-year, with combined comparable hotel EBITDA of $62 million, a 2% increase [9][10] - Urban hotels achieved a comparable RevPAR growth of 11.3%, with the Capitol Hilton benefiting from the presidential inauguration, showing a 19.3% year-over-year RevPAR growth [10][11] Market Data and Key Metrics Changes - The group revenue pace for 2025 is up 7%, with continued growth projected at 10% for 2026 [11][24] - The urban portfolio's comparable total revenue increased by 10%, and comparable hotel EBITDA increased by 39% year-over-year [24] Company Strategy and Development Direction - The company successfully extended its mortgage loan secured by the Ritz Carlton Lake Tahoe, improving its maturity schedule and lowering the cost of capital [11][12] - The company is focused on strategic capital expenditures, anticipating spending between $75 million and $95 million in 2025 to enhance portfolio quality and brand alignment [29][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's resilience amid economic uncertainty, noting strong booking trends and a solid balance sheet [7][30] - The company highlighted the effectiveness of its cost control initiatives, resulting in improved hotel EBITDA margins [20][40] Other Important Information - The company redeemed approximately $90 million of its non-traded preferred stock, representing about 20% of the original capital raise [13] - The company is exploring asset sales, with increased buyer activity noted in the marketplace, particularly for upper upscale assets [52][53] Q&A Session Summary Question: Any trends in group bookings regarding cancellations or macroeconomic volatility? - Management noted that while the booking window is shortening slightly, there is no significant impact on group bookings, with Q1 group revenue up 31% year-over-year [32][33] Question: What is the company's exposure to international inbound business? - The company indicated that international inbound is a small part of the portfolio, with minimal impact observed, varying by market [34][36] Question: How does the company plan to grow EBITDA margins? - Management expressed optimism about margin growth, citing aggressive cost containment measures and productivity improvements [37][40] Question: Can you provide details on the Magnificent Mile conversion? - The conversion is expected to enhance asset value and performance, with minimal CapEx planned for public and meeting space renovations [41][42] Question: What is the status of preferred stock redemptions? - The company explained that redemptions are subject to timing and the structure of the security, with holders able to redeem after three years [46][49] Question: What is the outlook for asset sales and use of proceeds? - Management reported increased buyer activity and plans to utilize proceeds for preferred equity redemptions, share buybacks, and retiring corporate convertible notes [52][54]

Core Insights - RLJ Lodging reported revenue of $328.12 million for the quarter ended March 2025, reflecting a 1.1% increase year-over-year, but a slight miss of 0.34% against the Zacks Consensus Estimate of $329.24 million [1] - The company achieved an EPS of $0.31, a significant improvement from -$0.01 in the same quarter last year, resulting in a positive surprise of 3.33% compared to the consensus estimate of $0.30 [1] Revenue Breakdown - Other revenue was reported at $22.95 million, slightly below the estimated $23.07 million, but showing a year-over-year increase of 3.9% [4] - Food and beverage revenue reached $37.51 million, exceeding the average estimate of $37.03 million, with a year-over-year growth of 5.1% [4] - Room revenue was $267.65 million, marginally below the estimated $268.06 million, but still reflecting a 0.4% increase compared to the previous year [4] Stock Performance - RLJ Lodging's shares have returned 6.6% over the past month, outperforming the Zacks S&P 500 composite, which saw a 0.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% over 2024, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [9] - Adjusted FFO was $0.19 per share, an increase of $0.01 or 5.6% over 2024 [10] - Free cash flow per share increased by 10% to $0.63 per share over the prior four-quarter period [10] Business Line Data and Key Metrics Changes - Urban portfolio RevPAR grew by 5%, driven by group and business transient segments, with room revenues up 3.1% in January, 2.6% in February, and 5.4% in March [4] - Food and beverage revenue at urban hotels declined by 3.3% year over year, but excluding the Chicago Marriott, it increased by 5.5% [5] - Resort portfolio comparable RevPAR declined by 2.1% over 2024, with total revenues slightly up in January and February but down 4.3% in March [6][7] - Group room revenues increased by 10.4% over last year on a 5.2% increase in room nights [8] Market Data and Key Metrics Changes - Florida assets saw mid-single-digit revenue declines, with RevPAR down 5.9% and total RevPAR down 4% [7] - Outside of Florida, RevPAR increased by 1.7% and total RevPAR increased by 2.9% [7] - Preliminary April RevPAR showed better than 2% growth [30] Company Strategy and Development Direction - The company is focused on adding groups to resorts to preserve pricing and improve profitability [8] - Plans to refinance maturing loans through a combination of corporate debt issuance and recasting the corporate credit facility [12] - The company is pursuing opportunities to dispose of non-strategic assets while recycling proceeds into attractive investment alternatives [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the unsettled macroeconomic environment has led to softer closure rates for group bookings [9] - The long-term secular drivers for US resorts remain strong, but near-term performance could be soft [20] - The company expects economic anxiety to settle as 2025 progresses, with a focus on increasing earnings per share [27] - Revised full-year 2025 RevPAR outlook to a range of -1% to +1% growth, reflecting a cautious stance on group bookings [23] Other Important Information - The company intends to continue paying a quarterly dividend of $0.08 per share in 2025 [10] - Share repurchases totaled approximately $16 million or 2.1 million shares at an average price of $7.85 [11] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Preliminary April is showing a little better than 2% growth [30] Question: Renovation project costs and tariffs - Costs depend on the type of renovations; efforts are being made to secure materials before tariffs are reinstated [31][32] Question: Group conversion profile and average group size - The average hotel is about 200 to 250 rooms, with groups running the gamut from associations to corporate [36][37] Question: Group pacing in specific markets - Denver and Salt Lake are showing significant strength in group bookings [41] Question: Holes in group bookings for the rest of the year - The biggest holes are due to difficult comps in Chicago and Boston [48] Question: Average booking window for groups - Smaller groups tend to book 4 to 6 months out, while larger groups book 8 to 12 months out [53] Question: Competitive supply growth and developer behavior - Approximately 40% to 50% of markets have little to no supply growth due to anti-development stances [82]

Core Insights - Pebblebrook Hotel (PEB) reported revenue of $320.27 million for Q1 2025, a 2% year-over-year increase, with an EPS of $0.16 compared to -$0.32 a year ago, indicating a significant turnaround [1] - The revenue exceeded the Zacks Consensus Estimate by 0.75%, while the EPS surprise was 23.08% above the consensus estimate of $0.13 [1] Financial Performance Metrics - Same-Property RevPAR growth rate was 0%, below the average estimate of 2.2% from three analysts [4] - Food and beverage revenue reached $86.31 million, surpassing the average estimate of $83.15 million, reflecting a year-over-year increase of 6.4% [4] - Other operating revenue was $36.95 million, slightly above the estimated $36.15 million, marking a 5.9% year-over-year increase [4] - Room revenue was reported at $197.01 million, slightly below the estimated $198.58 million, showing a 0.6% decline compared to the previous year [4] - Net Earnings Per Share (Diluted) was -$0.37, slightly worse than the estimated -$0.36 [4] Stock Performance - Pebblebrook Hotel's shares have returned -13.7% over the past month, contrasting with the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Red Rock Resorts reported revenue of $497.86 million for the quarter ended March 2025, reflecting a 1.8% increase year-over-year and a surprise of +0.82% over the Zacks Consensus Estimate of $493.82 million [1] - The company's EPS was $0.80, up from $0.68 in the same quarter last year, resulting in a significant EPS surprise of +70.21% compared to the consensus estimate of $0.47 [1] Revenue Breakdown - Casino operating revenues were $333.25 million, exceeding the average estimate of $320.70 million, marking a year-over-year increase of +5.2% [4] - Room operating revenues totaled $50.17 million, below the average estimate of $54.99 million, representing a year-over-year decline of -5.1% [4] - Food and beverage operating revenues were $89.27 million, slightly below the estimated $91.49 million, showing a -4.3% change year-over-year [4] - Other operating revenues reached $25.17 million, also below the average estimate of $26.27 million, indicating a -2.7% year-over-year change [4] Net Revenue and EBITDA - Net revenue from Las Vegas operations was $494.95 million, surpassing the average estimate of $489.69 million, with a year-over-year increase of +1.9% [4] - Net revenue from corporate and other operations was $2.91 million, below the average estimate of $3.20 million, reflecting a -12.7% year-over-year change [4] - Adjusted EBITDA for Las Vegas operations was $235.90 million, exceeding the average estimate of $217.26 million [4] - Adjusted EBITDA for corporate and other operations was -$20.82 million, slightly worse than the average estimate of -$20.35 million [4] Stock Performance - Over the past month, shares of Red Rock Resorts have returned -0.9%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for the first quarter was $514 million, a 5.1% increase year-over-year, while adjusted FFO per share was $0.64, up 4.9% from last year [6] - Comparable hotel total RevPAR improved by 5.8% compared to the previous year, with a 7% increase driven by strong rate growth [6][7] - Comparable hotel EBITDA margin improved by 30 basis points year-over-year to 31.8% as revenue growth outpaced expenses [6][27] Business Line Data and Key Metrics Changes - Transient RevPAR grew by 6%, particularly strong in resorts due to a late Easter, with Maui's transient rooms sold up approximately 70% year-over-year [8][9] - Group RevPAR increased by 7% year-over-year, driven by special events and strong corporate group bookings [10][25] - Food and beverage RevPAR grew by 5%, with solid growth in both banquet and outlet revenues [11][20] Market Data and Key Metrics Changes - Strong performance noted in Washington DC, New York, New Orleans, Los Angeles, and Maui, with Maui showing a 16% RevPAR growth [9][10] - Business transient RevPAR was up 2%, driven by rate growth, while group room nights were down slightly compared to the previous year [10][25] - Total group revenue pace increased by 3.3% compared to the same time last year [10][26] Company Strategy and Development Direction - The company is focused on capital allocation, including share repurchases and property renovations, with $585 million remaining under the share repurchase program [14][15] - Continued investment in portfolio reinvestment, with comprehensive renovations completed at several properties [14][16] - The company maintains a cautious outlook for 2025, with guidance reflecting potential economic uncertainties [18][28] Management's Comments on Operating Environment and Future Outlook - Management remains cautious due to heightened macroeconomic uncertainty, maintaining comparable hotel RevPAR guidance with slight reductions to total RevPAR [18][28] - The company is well-positioned to weather economic fluctuations, supported by a strong balance sheet and diversified portfolio [19][31] - Future guidance includes expectations for a $32 million to $37 million change in adjusted EBITDAre for every 100 basis point change in RevPAR [29][30] Other Important Information - The company expects to complete the mid-rise condominium building at the Four Seasons Resort Orlando by the fourth quarter of this year [15] - Total property damage and remediation costs at the Don Cesar are estimated between $100 million and $110 million, with $10 million collected in business interruption proceeds [13][30] - The company has a weighted average maturity of five years at a 4.7% interest rate, with $2.2 billion in total available liquidity [31] Q&A Session Summary Question: Recent trends in April from a demand standpoint - Management noted that top markets are performing well, with international inbound travel affecting only a small portion of total room nights [36] Question: Outlook for Maui for the remainder of the year - Maui's EBITDA projection has improved, with expectations for continued improvement throughout the year [46] Question: Opportunities for acquisitions in the current market - Management expressed uncertainty about the transaction market but remains opportunistic in capital deployment [51][54] Question: Consumer environment and off-peak periods - No significant changes in trends were observed, with consistent performance across weekdays and weekends [64] Question: CapEx budget risks due to tariffs - Management is maintaining CapEx guidance and does not anticipate significant impacts from tariffs at this time [72][73] Question: Impact of administration policies on labor supply - No pressure on labor supply has been observed, with a strong recovery in staffing levels post-COVID [85][86] Question: Performance of the Rich Carlton, Turtle Bay - Turtle Bay's RevPAR was up 13% in the quarter, with positive performance expected [100]

Core Insights - Host Hotels (HST) reported a revenue of $1.59 billion for Q1 2025, marking an 8.4% year-over-year increase and a 3.00% surprise over the Zacks Consensus Estimate of $1.55 billion [1] - The earnings per share (EPS) for the same period was $0.64, compared to $0.38 a year ago, resulting in a 14.29% surprise over the consensus EPS estimate of $0.56 [1] Financial Performance Metrics - Average Occupancy Percentage was 69.4%, exceeding the two-analyst average estimate of 69.1% [4] - Revenue per Available Room (RevPAR) was $240.18, surpassing the two-analyst average estimate of $221.87 [4] - The number of properties remained at 79, matching the two-analyst average estimate [4] - The total number of rooms was 42,982, consistent with the average estimate from two analysts [4] - Average Room Rate was $345.86, compared to the $321.16 average estimate based on two analysts [4] - Room Revenues reached $938 million, exceeding the estimated $889.80 million by six analysts, representing a 10% year-over-year change [4] - Other Revenues were reported at $153 million, slightly below the $163.76 million average estimate, but reflecting a 5.5% year-over-year increase [4] - Food and Beverage Revenues totaled $503 million, surpassing the six-analyst average estimate of $499.76 million, with a year-over-year change of 6.3% [4] - Diluted Earnings per Share was $0.35, exceeding the five-analyst average estimate of $0.28 [4] Stock Performance - Shares of Host Hotels have returned -2.8% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]