Inconsistent Free Cash FlowDespite positive operating cash flow, FCF remains thin and volatile, with a weak conversion of profits to residual cash after investment. This limits internal funding for capital projects and M&A, increasing reliance on external financing and elevating execution risk if cash needs rise materially.
Large Near-term Growth Capex And Execution RiskA sizable multi-year capex program raises execution and timing risk; phased renovations and builds can disrupt operations seasonally and delay benefits. Heavy near-term investment also strains cash flow and requires disciplined rollout to avoid eroding margins or guest experience during peak periods.
Potential Leverage Increase From M&A UncertaintyVision 2030 contemplates increased leverage to fund acquisitions and growth, but M&A timing and size are uncertain. Raising leverage toward 2.0–3.5x could reduce flexibility, elevate refinancing and integration risk, and make the company more sensitive to demand or interest‑rate shocks.