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  "notes": "Contains specific clarifications regarding model assumptions for MGM rooms and definitions of non-RevPAR franchise fees, alongside data source citations for slides A-3, A-7, and A-8.",
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      "text": "Note that in the model, MGM rooms are still assumed to be added in 2023. Given the current uncertainty related to MGM's cyber incident, there is a chance the timing could slip to 2024",
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      "text": "Slide A-7 - Diversification of Our Business\n- Rooms percentages as of December 31, 2008 and June 30, 2023\n- Fee percentages YTD June 30, 2008 and YTD June 30, 2023",
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      "text": "Slide A-3 - Robust Outlook for Global Travel Spend\n- Global travel spend for 2022 - World Travel and Tourism Council, 2022 Economic Impact report\n- Travel spend 2023 to 2031 - Oxford Economics data as of August 2023. Global Travel spend is total of outbound and domestic travel expenditures\n- Contribution to global economy - WTTC Travel & Tourism Impact 2022",
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      "text": "Slide A-8 - Financial Model\n- Ranges for Total Gross Fee Revenues, Adjusted EBITDA, and Adjusted Diluted EPS are based on the high and low RevPAR assumptions and assume the midpoint of the net rooms growth range",
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      "text": "Non-RevPAR-related franchise fees include cobrand credit card, timeshare and residential branding fees, application fees, relicensing fees, and certain other licensing fees",
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      "text": "CAPUANO ENDNOTES",
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