Elie Maalouf

The games are still a few months away.

Frankly, most companies in our business at our scale see somewhere between 50% to 60% of all their bookings in the last week.

Now, long event bookings like this start to come in months before.

We're pleased with the bookings we're seeing in our major cities for the World Cup.

It's a bit early, really, to make a decision.

forecast on it, but we're pleased.

We're not seeing any resistance to come.

Look, sports bring the world together.

And that's always been the case, no matter where the World Cup has been held.

And keep in mind, we're a global company.

We're very focused on the United States.

We think it's going to be more optimistic this year.

But around the globe, we're seeing positive trends in Europe, certainly the Middle East, where we have a very big business and that's growing.

Southeast Asia has had a very good year in 2025.

That continues.

And China, which was a bit negative in REF PAR growth for the last two years, turned positive in Q4.

A strong economy.

We had record signings and openings in China last year.

So really, globally, everything's taking shape for a better year in 2026.

Well,