展望2025年楠塔基特会议上的众多观点、视角和数据点

USA | Gaming, Lodging & Leisure Previewing a Plethora of Takes, Perspectives, &Data Points at Nantucket '25 We are looking forward to our Consumer Conference in Nantucket, MA, on6/17-6/18. Below, we outline key focus issues and questions we and investorsare expected to put forth. With respect to our GLL coverage, we expect broadrepresentation from 23 companies, which should produce a plethora of takes,perspectives, and data points. Our top questions for each Mgt. team is within. Lodging: Talking through the long-term algorithm.Heading into the summer, we expect LodgingC-corps to discuss recent mixed RevPAR trends and international travel dynamics. We also expectan update on development activities amid macro uncertainty, which has been solid overall to date.Given the cyclical nature of travel, we expect to discuss the companies' long-term growth strategiesand value-compounding potential, supported by asset-light business models. Similarly, we expectthe REITs to discuss the operating and transactional environment, as well as their approach to thestructural pressure on valuation. Online Gaming: Where is the good news?While there has been a steady stream of modestnegatives in the sector (IL/CO/MD/LA/Colombia tax increases, prediction markets, Jackpocketcrackdown in TX, no new state legalizations but for MO), our questions will focus on finding anygood news from attendees DKNG, RSI, and SRAD. We expect to focus on aspects that have beengoing well for companies, and what steps operators can take to mitigate the noted headwinds.Furthermore, we believe that new products, potential state legalizations, or additional margin-enhancing changes would also be well received. Casinos: Solid Regionals, but what to do with Vegas?Commentary from Mgt. teams of latesuggest stable trends in May, which is supported by strong regional data reported this week.Conversely, the sentiment on Las Vegas for the next several months has deteriorated for someoperators, but not all. We expect investors to ask for an update on the latest trends and outlook forthe traditionally weaker summer months. 1Q results were muddied by a tough comp from the SuperBowl, leap year, and high hold, so we believe incremental color on forward expectations would beimpactful. Mgt. from CZR, MGM, PENN and WYNN will be in attendance this year. Timeshares worth a look?We note the interesting setup for VAC, TNL, and HGV going into theconference. First, the group reflects valuation compression during economically uncertain times,which is currently the case, with 2026E EV/EBITDA for the group at 5.4X-6.5X. Experience suggestshigher cynicism for the estimates vs. other areas of our coverage, which has proven a productivemoment for the stocks. Second, there is change afoot with two names: 1) CFO transition at TNL,which we do not expect to have a material strategic change, and 2) two board additions at VAC,which could have a material strategic change over time. David Katz * | Equity Analyst(212) 323-3355 | dkatz@jefferies.com Rita Chen * | Equity Associate(212) 336-6693 | rita.chen@jefferies.com Anthony Berni, CFA * | Equity Associate+1 (646) 805-5496 (office) | aberni@jefferies.com Ryan McGeary * | Equity Associate(212) 778-8968 | rmcgeary@jefferies.com Gaming Caesars Entertainment (CZR) •How are you thinking about Las Vegas demand and pricing for the remainder of the year, giventhe wide-ranging commentary on trends?•Talk about the capital plans for the regional markets – 1) are you seeing the returns for theinvestments made so far, and 2) are you planning any other significant projects?•The digital business has a steep ramp for the remainder of the year. What can you point to thatconvinces the nonbelievers that you’re getting to the $500M EBITDA run rate?•How realistic is it that you could spin the digital business within 2-3 years?•Talk about capital allocation broadly; paying down debt seems obvious, but how are you thinkingabout buybacks, given it has not worked for others in having an impact? Churchill Downs (CHDN) •How are you thinking about the demand picture for the remainder of the year? There was definitelysome confusion post the 1Q call about trends in its land-based gaming businesses of late, notablyin VA.•How has performance been at newly opened properties, particularly The Rose (VA) andOwensboro (KY)?•Is there an update on the development of new properties, specifically Marshall Yards (Calvert City,KY) and the Roseshire (Henrico County, VA)?•Investmentsin Skye,Conservatory and Infield have been deferred due to the uncertainenvironment. What are you looking for to gain more confidence in the macro?•Is there an update on the capital allocation strategy? From 1Q, Mgt. expects to pursue sharerepurchases under its $500M repurchase authorization, with leverage ending 2025 at ~4.1X.•Any updated thoughts on the regional gaming businesses and their long-term fit within thecompany? DraftKings (DKNG) •Aside from the mix shift to parlays, what else ca