Restaurants, Travel and Leisure Cruise and Gaming

Carnival FY2025 $26.62B. Royal Caribbean $17.94B. Norwegian $9.83B. Ticket versus onboard mix is in the tooltips where the 10-K published it.

Carnival ticket $17.42B and onboard $9.20B. Royal Caribbean ticket 69.8% of revenue ($12.5B / $5.4B). Norwegian did not print the split and is omitted.

Carnival 13.6 million passengers at 105%. Royal Caribbean 9.45 million at 109.7%. Norwegian 3.00 million at 103.5%. Occupancy above 100% means some cabins held more than two guests.

Royal Caribbean 109.7%, Carnival 105%, Norwegian 103.5%. Passenger cruise days divided by berth-days. This is not Marriott or Hilton occupancy.

Carnival 96.5 million ALBDs. Royal 53.3 million APCD. Norwegian 24.4 million capacity days. Same idea, each company's word.

ALC = occupancy times capacity divided by passengers. Carnival 7.4 days, Royal 6.2, Norwegian 8.4. Not a printed ALC line. Carnival's inputs are rounded to one decimal.

MGM $17.54B, Las Vegas Sands $13.02B, Wynn $7.14B. LVS has no Las Vegas operations. Macau market gaming revenue was $30.9B in 2025.

LVS is Macao plus Singapore. Wynn Macau $3.72B out-earned Las Vegas $2.57B. MGM still prints more on the Strip ($8.44B) than at MGM China ($4.46B), and Strip revenue fell 4%.

Macau market gaming revenue $30.9B (via Wynn 10-K). LVS Macao $7.47B net revenue. MGM China $4.46B. Wynn Macau $3.72B operating revenue. The three company bars do not add to the market bar.