Earnings GuidanceEstimates for the fourth quarter remain roughly unchanged due to the difficult sports hold impacting guidance for both the NFL and European Soccer.
Revenue GrowthDespite revenue growth slowing, operating leverage is expected to improve, maintaining flow-through in the mid-35% range in 2025.
ValuationThe stock is trading at 14.8 times the estimated 2026 consensus EBITDA, making it one of the most expensive names across the gaming, lodging, and leisure space.