WYNN - Earnings call transcript Q3 2018

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the Wynn Resorts Third Quarter 2018 Earnings Call. All participants are on listen-only until the question-and-answer session of today's conference. This call is being recorded.

If you have any objections, you may disconnect at this time. I will now turn the line over to Craig Billings, Chief Financial Officer. begin. may you Sir

Craig S. Billings

and everyone. operator, good you, afternoon Thank

and you On are Also I Matt statements Safe today will with Frederic Matt the in over remind securities make want now Harbor or may Las Vegas Maddox. me forward-looking statements to in Luvisutto Carruthers, Maddox; Ciaran line Ian the and DeSalvio. are turn those may may I not to that call the Coughlan, Bob and federal we Maurice under laws Wooden. come true. call

Matthew O. Maddox

Thanks, Craig, and welcome everyone.

take the Resorts Before Wynn few we talking out excited today just get very why years. of future in and started the quarter, about about I we the are next want to two minutes lay three a to

in was the heart Boston. recently. a and XXX eight months. start there $X.X we're now have we more integrated to there the in And on to resort were I of staff people right open Boston than billion about metroplex and We like less I'd X,XXX recently. hire First, in

the that be property eight will that of property. that Harbor we're excited you of expect how a how about to really We're about from dealing months will we provide to all for delivered. growth are Boston team to It's with of we in EBITDA. that's join some to step opening it be to a open. the function sure experience us that going management the going control the It we will hope able and make are crowd major are the control and five-star as And traffic issues Encore people in

we Wynn the only employees take the for was when summer. back of congratulate it. handled as XX,XXX the wanted greatly Macau, and be in at replitecture well it since started. the It's entire and in cleanup, to like Not it's And first, as Macau and operators, innovator, and other (XX:XX) XXXX, very brought new was what the with it to delivered. new was to typhoon I that's $X company. copying We Moving we've the to worth a billion our community we've they but or flawless. what as appreciate aftermath but when people, compete Macau company, going prepared, how a the progressive this look investment going government has I'd interesting, accomplish, not were there to brought of in a know since

front choreographed dancing both of of our We fountains have in hotels.

a the the what attraction We Macau. the chandelier ground see. DNA have everyone go of falling opportunities to of it's and in a tourists been tourist the do. a coming are continue has it's innovations constantly we those out prosperity to this And were one with we that why from tree ceiling that chosen of most and It's are to of going company. And photo-ed in part Macau

in the been is As we business. on in planet place to continue the integrated we grow year, to because resort are best on going invest we about innovate to this talked and believe how we've Macau the it working

a structure lots house We have and next The project could Crystal large will the we million Macau. It's Pavilion Wynn next that's we've we're so a and what podium to glass going by of is Palace. level have non-gaming working what features. facility a a in the square foot we come think that hard seven-acre which must-see be calling to far right parcel on very new been is Lisboa X.X

some will fact, entertainment of around Crystal the all public In Pavilion. be the attractions

acrobats the cables and on hanging down We of have center a playing up XX-foot lightly gongs the in with gongs. fire going it

were an the idea first took through the pavilion, created screens It theater the of experience an at Vatican theater really on and with theater. old actually the We Michelangelo The going X,XXX-feet we theater. it And ceiling. on a into a immersive this the a launched As with theater the program from to Vatican. walls is and got when be you you traverse run its will kind.

stage. experience, the XXX-degree audience including So, live a entertainment had quite on been It's the successful.

thought show, take we experience no that build to won't idea be it day that and we're area have want this We the that be playing now shows So, immersive custom that XX-minute other if everybody's three experience be on with we actually and make theater. fully come right planet. XXX-feet theater hours immersive like the it going a to they'll like this more long working these great on we throughout that and and in and will X.X vignettes think

Pavilion, know the needs to over we from Wynn in $X thing order rooms. hotel Palace connected to rooms. to is more Wynn one Palace need X,XXX go it get certain. for hotel we Crystal billion Now today zoom where and EBITDA, In

to currently connected hotel Crystal with and Palace. XXX bridge a Lisboa we over contemplated the the room on site a So, designed where the to going Pavilion seven-acre all-suite

Macau. all-suite Wynn very In a take connect about we're which the working it hotel Palace, addition, XXX-room north parcel, into will we'll where excited really we need that to from X,XXX, property be. the is future to on hotel four-acre north that rooms which on of X,XXX the We're over side of

this finalizing working concept lot months, in on XXXX. of presenting We next getting on beginning construction XXXX design, in and We the together have through everything couple the the of a plan great things. permitting,

we to things, on Las we the in and Vegas, take here it up. that freshen Vegas, the was that Las things and to asset have Strip what some really we decided of one new marquee have the Moving add we needed

opening, we're be days in will Plaza. a Las actually, first Urth Vegas. opening Vegas. Caffé So next Cipriani's Las three a in the will Wynn first in opening, be

concepts weekend, restaurant right that to the new SoulCycle We've energy many will implementing think for nightclub other we'll have customer. to be we retail higher quite be to they will complex really hanging in to lifestyle be the go first going XXXX. to and that also dinner, opening not with these on It's than very Las now. want along to this retailers. they're what out. Vegas, in after, working to want or a keep a but wanting If we bed, been unique. two they It's go concepts are And be

great some we're concepts have Vegas now we working on So that for XXXX. Las in

we in XXXX, new So rentable feet X square center of be to occupancy somewhere will peak drive believe points we'll between January over to that convention hotel, of occupancy of in will XXXX, XX,XXX have will really add opening. the foot rate be retail to convention mid-XXs low X space to the basically in XX of square we'll five be times, the We foot restaurants, full And opening over XXX,XXX days. months. beginning end this at It's at a which the – those in that we'll us XXX,XXX that then net square January XXX additional here. in because center of coming allow

billion, early at Paradise weren't going now. April Vegas with the in we But rest included Day the on to always development and we we we X center convention coming in retail and that Phase From we for $X convention going costs, Vegas because Las building (XX:XX), So the looking Park. new a construction are we new with rooms, additional Las and of months. XXXX room in XX with project of How center really here interested as a lot restaurants, Park. public town an today, large for it to a was held called Strip. make over pencil have Analyst with the Las to it on Paradise a a – right XXXX, from Vegas, today are struggled a the in we along project swimming tower all in XX a lagoon, next announced a That board, in building of lot pool

know Phase the purchased this superior Well, what let's work. the continue decided, going Strip, needs. center of to site of when Phase Las optionality just acres golf course. our golf rest location on convention to of to this with X, Wynn we It's the Vegas land off-Strip go in let's is year, course changed Las So And the earlier We far a development. on Vegas grind we the XX X.

resort. out this back we we opens. in disrupted lost square by were XXX,XXX million to We worth reengaged time golf can connected of XX% that $XX the was golf golf course And there, And only but see be of we Fazio, center. So our to that of commenced. The if not and Tom business. Wynn that amenity center the action for design – back we designer holes who is foot in great the have golf has and actually XX-hole It's go and take work casino notice before which in come a convention year. of what cash, is a by People coming elsewhere. next restored that The to to have went design couple convention actually domestic back done lost a this our rounds we XX,XXX trips did for look course $XX And in golf course, original we've decided and action the Encore. complete. at were will million of probably new

million as put square the of back we Strip we our an acres Las that So can thing develop great we now the that have and feet for course for the next the rooms have on amenity to XX in XX here. the land Vegas, X,XXX golf

what the are years we XX to drive project. the development I take commencing that through design years and progressive properly design will Vegas location, do. that going at on that. design least to two and development Las be a and to which we the But Strip that this just in new of customers land, the For of XXXX, integrated that's of and can program. and innovative new for resort development And it's two to going acres know takes be beginning we get It

exists years at marquee Vegas. is opportunity we're on the future we So Wynn Las opening The we're next hoping our XXXX. ground and three today. on the year capitalize And from acres things in bright in be land in which on in Vegas that the to to working of going really here of all the the right June Macau Boston next have Las of to future over asset going in XX now. that

and Vegas everything about in in team in we the over Las management five Boston, years. are our do three that to excited very have next Macau, to So

strong. results Turning to the We quarter, $XXX million of with were were EBITDA. happy Macau

about But with been good what more that And even was we've murky. have it quarter, million, hold quarter. did we a However, million, we million were happy in in at has of it. recently $XXX $XXX $XX high period. third seen the But

noticed EBITDA that Week, sporadic. happy has would that that with choppy midweek, So October are We we've it's We're Week, doubled days two get weekend, have maybe everyone to average during Golden we been Golden really since weekends as quite strong. big the three. opposed We But it. during had week. can or big the all as one quite been and the one have reported,

And we've slowdown. majority that of in the and in is mass, premium And where a Week post-Golden EBITDA our and premium slots, we've been seen comes seen business, so from. vast VIP, it, of what has end particular, premium the the

So, our and you it's the first on out that because the come these the expand to business in end what we've of will, always always while these focused times, we in slowdowns. to as will retract in first also be premium Macau is

do end that think as day up and we're just next XX million what days I $X.X So day, the now, in the in million really will a the roughly $X.X market fourth a customers, feeling looking and neighborhood our day-by-day share watching in right forward to quarter of not experiencing coming who that's that expectation do liquidity, the for seeing. premium we quarter. is anticipate is think softer segments, what of We the the and fourth to we're our end but losing

all have EBITDA to million at Vegas, where acceptable, that's the so would we And had baccarat. of related, the about EBITDA, on $XX Las $XXX story out. in come we was Moving for $XX Vegas even normalized hold Las really million million not EBITDA, of

our the in on miss our compared almost line down front which came the with segments in last So year. except block million year XX,XXX room casino. X,XXX up expectations makes in was over and last approximately were all the casino of $X to about nights the And revenue, all of casino. of were off hotel We those

business. actually That's Strip and were So, of ended we you you quickly the the That's And a around at at beaten at I of any who nature share. our who see baccarat temporary. know of was. town look I outlier, one anticipate don't that players quite just losing can an the probably and few us think the that bounce if competitors. up look

In fact, gain continue we'll to share.

in SARS always recession impacted and past, the and to in the it seen well. in at XXXX, that started what XXXX was the we've happened in we the market saw whether as VIP in XXXX Las market However, when slow as globally, Vegas and premium VIP with down XXXX,

until what's going on on business, the So Las in going forward. more there's remaining clarity premium for we cautious are Vegas Asia in around baccarat market the

with going So over to more provide the that, it I'm turn color to Craig to on Billings some quarter.

Craig S. Billings

you, Thank Matt.

in highlight with noted EBITDA the and VIP operating table $XXX.X XX% increasing in on delivered of a operations billion of release, property our growth As revenues our year-over-year. Macau $X.X back mass on win adjusted particular million mass of

was mass, generated In XX% our and fact, departmental over quarter in the non-gaming. slots in of EBITDA

in business Macau. diversify our continue We to

typhoon-related the approximately While of $XX related for the XXXX's business proceeds quarter Macau's impact EBITDA was the the of closure, September's offset interruption by operations EBITDA Hato. million insurance estimated from the by to receipt to closure impacted were in quarter Typhoon

from Our Macau results in were Bad normalized Macau million $X.X operations mentioned debt credit $XX also by Macau year. positively increasing Wynn the in from EBITDA hold a our prior compared was level. as in by quarter primarily a to Matt million the VIP impacted at $XXX,XXX Palace approximately in

by $XX.X of million quarter, adjusted $XXX.X impacting million. net in low the delivered operations the held during $XX Las revenues Vegas Vegas quarter negatively Las property million. Our EBITDA of on almost EBITDA

in increasingly the table of As loss as mentioned. in revenues casino which also develops, higher declines impacted market-wide a was nights property quarter base and impacted the hotel negatively revenues, by RevPAR, ADR, with the ADR Matt room

quarterly opening earlier is proceeds weather over potential track total for $X.XX for beverage that looks net Subsequent of shareholders to the to while taking to debt reinvest the term cost with $XX.X planning that, forward In our light end, general and total quarter corporate the $X.X really in property great year-over-year addition, ended project meaningful open Macau. of year, $XXX cash with on remain $X.X Matt incurred to XXXX. anticipate the Boston Resorts debt million billion. With In at Q&A. of to-date the events we shareholders. negatively the in of we look to talked repurchase. business, Boston, declines purposes, generating driving in excess the now We of we per to investments the In food in we Limited Encore billion be $XXX.X during and and nightclubs $X.XX revenues. with and about, in to June also CapEx to CapEx We to move announcement billion our total total impacted prudently including cash flow capital after of returning revised and share our our continuing spend million the The billion, quarter. used Consistent dividend share Wynn million Harbor. will quarter issued quarter, $X.X Wynn returning

Operator

you. question-and-answer now begin session. the Thank We'll

from question with JPMorgan. Greff Joe comes first Our

line Your open. is

Joseph R. Greff

the think of some or Matt, this do they are from we in think respect And since they're Week, of hearing what are Macau maybe your everybody. do quixotic operators comments the afternoon sort choppiness, and just these I probably from of a of reasons some what are players of you surmise Golden here question, seeing but could about are as Or murkiness hearing some somewhat Good this But is the some what you comments. junket your drivers? to permanent? mean you with you for temporary? you're

Matthew O. Maddox

Joe. Sure,

large feel There's start a looming. not I'd bubble this does is, XXXX. So credit not like what with

annually back billion properties, that of making were two half the turnover is same As were to less with we're one between are then. our operators we're that XXXX example, they generating than generating which that in But advances $XXX an junket we roughly property. the today our

this them bubble macro. is talking none feels in pop. feel So really of more credit that's junket like It going and there recently, operators, I to the to the XXXX was

insatiable. would for to So China and that Macau is for the demand say in product what is I our

Macau. these. in nine for very months, underlying the big is are a for this months, long months, term it believers We've what been if But we note strong. We there's three not very six through the demand that pullback sure in is, business And

growth is Macau So temporary. again, I the think is of The pullback right. of definitely positioned and to years. to the next up take we're five over well advantage And that

Joseph R. Greff

structure. gaming, between With sort trending revenues maybe bucket tax, non-gaming commission, operating commission. just at we then what's there to the the of great. look the OpEx, or non-gaming expense say how of is if expenses, variable this when environment your much can other downwardly? junket taxes, Okay, results, And in historical that we and are Obviously third flat see understand flex

Matthew O. Maddox

many assume that is operators an and continually going could expense wouldn't and given structure on diet, I be commissions of Joe, going which increasing current the taxes. the to be labor,

Joseph R. Greff

that's you. helpful. Great, Thank

Operator

comes next Santarelli Our Carlo Bank. from with Deutsche question

Your line is open.

Carlo Santarelli

when getting of the to Good period run kind the else quarter of fourth you through in made of guys. you're tail influencing kind with third of level I'm there extrapolating that $X.X that commentary something afternoon. quarter. some seeing less million that you post-Golden of the end the think the more that of be to is a EBITDAR Or wings assuming day, property per about that's or year? fourth Week. the range and the kind period and the $X.X the generally When was good Is bit to had out the that tends softer. month-to-date you're Golden the with how a in is what million Matt, level, post-Golden the obviously property Hey, quarter, and Week you – of results could of a for you're range? the just kind and be referencing Week it, little before short the after where

Matthew O. Maddox

Yeah, sure, Carlo.

full million including quite midweek to has be we're Golden experiencing what But as I been So and sporadic. $X.X is the $X.X strong. to quarter, midweek Week. clear, the fourth said weekend, And been Golden for just said, earlier, weekends we and was Week million as soft have

don't into to to I forecasting what look is want XXXX So like. get going

We what feel our But for with anticipating that's the quarter. fourth we're I position. a market comfortable that's think call. very

Carlo Santarelli

that on sporadic that guess, just of I to you kind that And, board? Or through – is Are maybe bleeding is seeing some the that of and to you just follow-up lower nature VIP that mentioned, a from VIP right then, mass? Okay. your the is of across is mass? the more premium of into levels

Matthew O. Maddox

It's grow. business. business The grind premium VIP continues to and actually

our seeing well. a will the And this are main is invest business industry. we bit little you And So always to floor business, in doing of right that contraction we're where it now. premium But a seeing grow. want

Carlo Santarelli

then I And Understood. follow-up. could, just if one

the you going estimate what the on years towers Palace. what you're ballpark over two several for this the the kind like CapEx you're a be Wynn look acknowledging of for there entirety multi-year about would to of wings of doing is us talked you how process? next give As about Could thinking a

Matthew O. Maddox

It's be But XXXX. early. really is Wynn needs We'll the CapEx more in rooms. detailed one Palace more certainty hotel too estimates providing

to a we our we tourist way need can't customers what to in accommodate On be will Crystal destination the Macau Pavilion. rooms the weekends that with create XXXX and the hotel find we get to and all need

Carlo Santarelli

Matt. Thanks Understood.

Operator

question Felicia Barclays. next Hendrix comes Our from with

line open. is Your

Felicia Hendrix

compete guys everyone know get too, kind market because and been Matt never Ian thanks to demand? as this a demand operate, there but lower of to – not concern how Hi, fight of going starts volumes to in you're stimulate for I that that's lot. is know you will promotional environment, the I or a

Matthew O. Maddox

one. take you that let I'll Ian,

Ian Michael Coughlan

either driven, Sure. about very downturns, policy In competitors liquidity general, been have periods measured driven. the of

So kneejerk seven we junket get in or Certainly been to that reaction ago. stimulation used we there's market. lot six don't of see years a the

a months the horizon bigger profit it open over game we It's had the rooms side in junket than concerned of drive the and other not junkets. on mass We the have be You look new some seen tend Cotai have moment to more to their this hypercompetitive. next It play. particularly share anything nothing XX long at that new haven't the we at and term, about. seven opened on does that for rooms commissions, makes junket and too that the but increased

Felicia Hendrix

of bit two of can And just the how you're that talk in a a base you among period? spread of strategy a Ian, might bit as kind trying to properties, about look slower lower a

Ian Michael Coughlan

continue the see And to in best way periods quality just leverage been we've marketplace. always of service growth. We'll rodeo then extreme We'll for sporadic the go the and XX We've the through product We having volatility. try years. we bursts in and operate operated. of these

years. XXXX. over the been It's that's other. So Macau through for whole look way to not or hard one to We're the XX going steer direction

Typhoon I the colored think that is Golden being two Week good overlooked a And the my fell business fourth bellwether what's quarter has when Mangkhut post in was here a weeks off for considerably. opinion.

weekends we've look we're and so some week lot the to reasonable is And business and during of post-Golden Week weeks now soft. softness four a at had the it seeing

Felicia Hendrix

the loan in closed stock Thank the that and Craig, you And net helpful. you. this raise. $XXX common everyone just from – new the X-K the capital lists transparency, I Okay. a it's you as thanks of million term language of on for proceeds one uses guys very gears, of think recently all repurchases switching way by

Craig S. Billings

It does.

Felicia Hendrix

Yeah.

return be got would so cash, in the the said but call it prior dividends up. in stock your extremely And you you that to preferred hoover would that the you way also indicated case cheap,

pulling your So, last happen given your happened wondering since if out. stock going that's with quarter vacuum given I'm going what's the what's everything and probably just now, you're to on,

Craig S. Billings

it Sure. does. that. did say We Yes

capital pretty do. policies our we been about have explicit return We

back the be should say stock where extreme we'll stock don't it. dividend When with it market to or did really it narratives the a preference own for purchases. got that we think have We would cheap be, extremely dislocation stated outlandish our and we market then buy I if caused

Felicia Hendrix

make you still Okay. $X authorization? billion I'm And right, have your to on just sure

Craig S. Billings

billion $X authorization, We have do right.

Felicia Hendrix

Okay.

great. Okay,

you. thank Okay,

Operator

And next Shaun we'll go of Kelley with to Bank America.

Shaun C. Kelley

per Matt good to afternoon, characterize of your down a I prepared customer and of think could the spend the a to consumer everyone. in visits? you confidence and by the terms of answer seems visit just number bit, I remarks some think this it kind behavior of bit It like in help of the more contraction but also alluded since little a just Hey, just consumer behavior of soft Joe's little but largely little already question a patch? could just by kind bit is us about a you've breaking this you you've seen in this

Craig S. Billings

Yeah.

to I the in think Palace, now it. look to past. you of line with it's example, is way a nailed in it. When at our visitation contraction right people confidence it's XX,XXX roughly we for day where The at daily the look been Wynn

slight we're feels been space So this fall It's as it's where And everyone that a than really but there's visitation get a know, confidence. in following off little for a seeing in that's not the it temporary, large takes segment premium really more to or contraction in years time back. the been place busy. confidence XX

Shaun C. Kelley

seeing specific then interpretation this a concern think market expect overall or your of Is your you concern customers? And share just said, kind was a well, consistent. much of think mentioned what I the so clarify, to there, to you as you that macro correct to sort anything of but that more than is really market remain – I than you're this

Craig S. Billings

between fairly mean, XX% we've market and Yes. consistent XX% share. been I

were our As and junket you rooms. a of not second because some But any lost we could do opening flooded witnessed new we customers lower in That of room was our anticipate period competitors a XXXX with market we and share. junket in some a the quarter will we little temporary. over and new quarter downtown it XX-month in are it a very when happen competitors lose opened one liquidity, that

Shaun C. Kelley

very Great. Thank much. you

Operator

with Our question comes Nomura. next Harry from Curtis Instinet

is open. line Your

Harry C. Curtis

spot develop. was us anytime everyone. you of that on Strip sense about Hello, that preferential timing land a on Can and what to comments give how some your Matt, you the is soon? a made

Matthew O. Maddox

No.

next it be my for just opening the in next development Las that think great said And to XXXX be to And the what's Harry. market. launching I we're XXXX through going We're takes process. it what Vegas. really really doing think great that, beginning determine to through properly thing that to design of years just thing for going this the we'll is and be I two statement

Harry C. Curtis

ask reason the you once some significant where open I cusp, Boston, cash me, don't know of that would generating it I The to also is because the seem months investing the to or going to sort months. going be is you comment And invested months stock in six stock? XX are or your you flow. you're Strip XX need see capital and returns on But on free what of versus to in

Matthew O. Maddox

we're Again, Harry, Las Vegas investing now. understand question. right Wynn the I Sure. in

cycle. a will right on a free opening, new construction golf just opening, because And not flow in point. cash of will restaurants the deployment you're opens have course be capital center scale the later, convention years be large until eight We the Boston months, reopening. of new couple occurring Once

in process that we we're full here to And Macau. Las want and beginning in for of mode in what build the the we're development Vegas. So design at

Harry C. Curtis

as it switching Macau. look you Thank But And mass, it happened? I the you. what continuing in quarter looked the like a And is sense – then in quarter? the to side. was share you third which the me lost VIP It in volume to on of us inverse why I that you was we mean have would into fourth give of that Can expected. the gained

Matthew O. Maddox

XX%. Harry, XX.X%. was slots, our share, including overall over market

various were we segments, at losing looking share. in not the So

Harry C. Curtis

you're an have margins if to you going anyway share in EBITDA because is lost Well, okay. third with that you the me but on gained impact during in forward? share our it's The reason margin, lower that that a important might at – mass, least VIP quarter

Craig S. Billings

in in Harry. No, come lower margin not premium the doing the our Week, near all on prepared of only post in the may of increase remarks, the proportion the referenced deleverage we really but the remarks, prepared of is consumer, Like anticipate We in term said operating offsets mass in any that volumes his business premium the Golden well. holding from the state Matt Q&A. mass quite as side.

Harry C. Curtis

All right. Well, guys. let you Thanks. little me follow-up while a in with

Operator

go we'll Stephen Goldman next, Sachs. with to And Grambling

Your line is open.

Stephen Grambling

guess on with guess overlap overlap? I change that business what's Macau? do customer off thanks. from in any the Hey, Baccarat those Is I your behavior Las Vegas Vegas. Las in there first

Matthew O. Maddox

in you're As Singapore, Macau and somewhat the also I in there's Vegas that in when seeing slowdown. of a in what my in premium it mentioned statement, is somewhat past in Las we've Baccarat that slowdown seen experiences a particular, in market or Asia opening the market the globally,

Stephen Grambling

And then about Vegas you mean based thinking on into on is you're year I out XXXX, look I the Thanks. what shaping any seeing? as up you're reads how guess initial how for

Craig S. Billings

Sure. No problem.

on out group the side, in softness look the when Baccarat XXXX. that alluded watching day-by-day. we're side. So the to QX we fine And on Matt we're to

said, he global a it's As just question.

And and XXXX? so QX could that impact then it Certainly, into could.

talk beyond too little early a to about anything So that.

Matthew O. Maddox

Yeah.

is booked at for booked business next group right now, is at XX% about XX% revenue Our year.

fine. group So feels

Stephen Grambling

jump I'll the in back queue. Thanks. Great.

Operator

question Suisse. Credit comes last Our with from Cameron McKnight

LLC much. Cameron Credit afternoon. Good open. Your very Thanks line McKnight (USA) Securities is Suisse -

Matthew O. Maddox

Strip, here? additional in Suisse can Matt, that the So, think the terms in that Credit development given quarter, supply Hi, on the third saw absorb Securities (USA) hard the Cameron - the the Cameron. mean Strip difficulty acres of you XX McKnight Strip do of LLC I the

Matthew O. Maddox

properties don't increments on quarter. in which we our five-year business based one plan Cameron these with So, grows

think which what grow we're the development doing of to this will the it is to we're through starting take design what is XX that acres XX is we market. get months going So

that a it. to here's Vegas excited move for should new we project be best XXXX forward. are really ahead The in we're days we're about Las of and So terms at going staring of

We have here. the Raiders coming

We our facility. have planet. miles hotel the on expansion events the rooms There's massive a place biggest will of host convention where planet have can no XXX,XXX within be three you other what the on to

Thanks. take And Suisse then if to believers to Vegas, determine follow-up in are (USA) move years Las - I a McKnight Perfect. work next over LLC Cameron long-term So we going two it's what to Credit Securities we're the to the needle. could. going and

EBITDA us In roughly that a quarter, million from that of, give post-Golden $X.X at Week? $X.X that drop can post-Golden Week? to is you Week is day in sense of million fourth terms level And off of the Golden us tracked could per sense of you're the the seeing business a the you give to

Craig S. Billings

Cameron, Hey, it's Craig.

As strong Matt Golden of inclusive Week. Golden a we mentioned earlier that's pretty we and Week, indicated as had

Cameron anything Golden So increase that million Thanks $X.X LLC $X.X Securities We're (USA) Week does going provide very to beyond to - Credit not million. number. Suisse much. Okay. Understood. McKnight the

Craig S. Billings

you. Thank

Operator

to over back remarks. it turn I'll for hosts And our you. final Thank

Matthew O. Maddox

Thank you have great today. joining us a for day. And

Craig S. Billings

Thanks. Bye.

Operator

Thank you. That Thank conference. you participating. for today's concludes

You may now disconnect.

Wynn Resorts, Limited (WYNN) 7 Nov 182018 Q3 Earnings call transcript