Q2 2025 revenue +7.5% to $659.5M, net income -29% to $73.8M on Desert Ridge buy

Filed August 5, 2025 · Period ending June 30, 2025 · Compared to 10-Q Aug 1, 2024 · ~2 min read

Key Changes

• high

  Acquired JW Marriott Desert Ridge for $865M on June 10, 2025, funded by $625M in 6.50% senior notes and $275.5M equity raise (3.0M shares at $96.20). Property added 950 rooms and contributed $5.3M revenue in partial-quarter ownership.

  Notes: JW Marriott Desert Ridge acquisition verify on EDGAR →
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  Operating income fell 17% to $139.4M from $168.1M as Hospitality operating expenses rose $15.2M and Entertainment operating expenses surged $50.8M (driven by Southern Entertainment acquisition and weather-related event disruptions).

  MD&A: Operating income decline verify on EDGAR →
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  Same-store Hospitality revenue declined 1.6% and outside-the-room spending fell 2.5% as Easter holiday shift and mix toward association groups (which spend less on banquets/technology) pressured Q2 results.

  MD&A: Same-store performance verify on EDGAR →