| Revenue |
| |
|
For the Year Ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
Revenue from contracts with customers
|
|
$
|
1,140,545,581
|
|
|
$
|
729,953,807
|
|
|
$
|
284,890,018
|
|
|
Revenue for administrative services with related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
1,761,896
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$ |
1,140,545,581 |
|
|
$
|
729,953,807
|
|
|
$
|
286,651,914
|
|
|
| Disaggregation of Revenue from Contracts with Customers |
In the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of
revenue recognition.
| |
|
For the year ended
|
|
| |
|
December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
Major products/service lines
|
|
|
|
|
|
|
|
|
|
|
Room rentals
|
|
$
|
435,139,429
|
|
|
$
|
316,126,908
|
|
|
$ |
169,417,278 |
|
|
Food and beverage
|
|
|
141,320,265
|
|
|
|
121,899,683
|
|
|
|
104,813,372 |
|
|
All-inclusive
|
|
|
456,622,268 |
|
|
|
234,494,740 |
|
|
|
- |
|
|
Spa services
|
|
|
20,326,706 |
|
|
|
12,925,180 |
|
|
|
3,127,449 |
|
|
Guess dry, cleaning & laundry
|
|
|
2,786,497
|
|
|
|
3,526,613
|
|
|
|
4,818,864 |
|
|
Other services
|
|
|
84,350,416
|
|
|
|
40,980,683
|
|
|
|
2,713,055 |
|
|
Total revenue from contracts with customers
|
|
|
1,140,545,581
|
|
|
|
729,953,807
|
|
|
|
284,890,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative services to related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
1,761,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
1,140,545,581
|
|
|
|
729,953,807
|
|
|
|
286,651,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services and products transferred at a point in time
|
|
|
248,783,884
|
|
|
|
179,332,159
|
|
|
|
117,234,636 |
|
|
Services transferred over time
|
|
|
891,761,697
|
|
|
|
550,621,648
|
|
|
|
169,417,278 |
|
|
Total revenue from contracts with customers
|
|
$
|
1,140,545,581
|
|
|
$
|
729,953,807
|
|
|
$ |
286,651,914 |
|
|