Topic: Digital revenue growth target and retail promotional headwinds
Key points:
2026 digital revenue growth target of 20% ex gross-up, driven primarily by iGaming (currently growing faster than 20%).
OSB NGR expected to grow despite handle decline, due to lower promotional reinvestment on low-worth customers; top 4 customer cohorts retention “virtually unchanged” post-rebrand.
Retail promotional headwinds in 2025 concentrated in 3 Louisiana markets (Baton Rouge, New Orleans, Bossier City) and Council Bluffs, Iowa; Bossier City lapped new supply in February 2026, residual impact expected through mid-Q2; Council Bluffs new competitor expansion anniversary in April 2025, so clear by mid-to-late Q2.
Mgmt stance: Bullish — second half of 2026 expected to be a tailwind year-over-year as competitive shocks fade; iGaming growth and efficient customer segmentation support 20% target.
Q2 — David Katz
Topic: Retail portfolio upgrade pipeline and OpEx growth drivers
Key points:
Additional upgrade opportunities in Louisiana, Mississippi, and one more water-based facility in Illinois; projects require 15%+ cash-on-cash return.
Pipeline is “low single digit, less than a handful” — currently 3 or 4 projects under analysis across those three states.
2026 property-level OpEx growth driven by annual merit increases, labor negotiations, and natural growth in insurance/utilities; flow-through on incremental revenue expected around 45%, potentially slightly better.
Mgmt stance: Neutral — projects contingent on return profile and local approvals; OpEx growth described as “pretty typical” with no strategic marketing reinvestment changes.