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Achieved the highest first quarter net revenue in Las Vegas operations history, driven by robust spend per visit and record gaming revenue across local and regional segments.

Performance was sustained despite late-quarter headwinds including elevated gas prices, air travel disruptions, and intentional construction-related impacts at core properties.

The Durango expansion continues to validate the company's premium investment strategy, successfully driving incremental play from existing customers and expanding the Las Vegas locals market share.

Management attributed EBITDA margin compression primarily to the temporary loss of room nights and convention space during the Green Valley Ranch renovation, rather than structural OpEx inflation.

Strategic pivot away from high-volume promotion toward premium amenities and best-in-class service has redefined the business model post-COVID, focusing on high-limit slot and table offerings.

Food and beverage performance served as a bellwether for consumer health, with higher cover counts and average checks indicating resilient discretionary spending despite macro uncertainty.

The $385 million Durango North expansion is scheduled for a Summer 2027 opening, targeting a projected 6,000 new households expected within a 3-mile radius over the next few years.

Management expects North Fork to be profitable from day one with an early Q4 2026 opening, projecting a stabilized annual EBITDA contribution of $40 million to $50 million.

Guidance for Q2 2026 assumes typical seasonal revenue declines of 8% to 9% from Q1, alongside approximately $11 million to $12 million in total construction-related EBITDA disruption.

The development strategy involves layering in new greenfield projects as current investments begin generating returns, with more visibility on the next phase expected by early 2027.

Capital allocation remains focused on a balanced approach of executing the 450-acre land bank pipeline while maintaining a target leverage ratio around 4.0x.

Green Valley Ranch experienced approximately 27,000 room nights offline in Q1 due to renovations, representing 10% of total inventory and impacting near-term margins.

Construction disruption at Durango is expected to reach $2 million to $3 million through the summer until the project's completion as it moves into the heavy construction and steel erection phase.

The Sunset Station podium refresh includes a $53 million investment in new dining and gaming amenities to capitalize on growth in the Henderson master-planned communities.

Management noted that while TSA and air travel issues impacted March, the majority of hotel guests are regional drivers, mitigating the long-term risk of flight disruptions.

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Management stated that while March saw some impact from gas prices and TSA delays, April trends have returned to near-record levels.

The impact of air travel disruptions was described as de minimis because the vast majority of out-of-town guests drive from regional states.

Lorenzo Fertitta emphasized that the company is currently refining plans for two additional greenfield projects but will not rush the process to ensure perfect execution.

The company expects to provide more visibility into the next phase of the development plan as they 'turn the corner' into 2027.

The 113 basis point margin decline was largely attributed to the Green Valley Ranch hotel disruption and elevated utility costs rather than labor inflation.

Payroll growth was held under 3%, which management noted is in line with the Las Vegas Valley average, demonstrating continued operational discipline.

Management has not observed any significant change in the promotional environment or Strip operators successfully poaching the local database.

The strategy remains focused on providing superior value and amenities to repeat local customers rather than engaging in aggressive promotional wars.

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