Things aren't great right now, but things are improving. Every month should be a little bit better.

In general, gaming right now is very well positioned to take advantage of a resilient and improving consumer.

It can expand its brands in China, Europe, India, and South American, and it immediately increases its presence in Europe, where there is more upside/recovery to (revenue per available room) than in the United States.

This would be challenging and complicated.

(It) poses a potential risk as the company has had little experience designing and executing on a project of this size.

We think fundamentals are okay on the Strip. Growth is decelerating, but it was healthy to begin with. No one would have anticipated continual double-digit growth.