WYNN - Earnings call transcript Q1 2020

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Operator

Welcome to the Wynn Resorts First Quarter 2020 Earnings Call. All participants are in listen-only until the question-and-answer session of today's conference. [Operator Instructions] 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, President and Chief Financial Officer. begin. may you Sir,

Craig Billings

And everyone. operator. good you, afternoon, Thank

Frederic On Maddox Securities and the in with remind may me you Ciaran phone want or may those Gullbrants. are under Matt today in come Safe Carruthers, Chen, statements Las Linda forward-looking Marilyn that Ian may the and to Laws true. Spiegel, Brian I call line Coughlan, Luvisutto make Vegas statements we and not on Federal Harbor

Maddox. turn now call the to Matt will I over

Matt Maddox

and I we're handled all from about way the of everyone, Craig, I'd safe do spend and our been home it. we've Instead like that are Thanks, that you what is into some hello hope now. quarter pandemic right healthy working just thinking we've time this and results, to how first talking like jumping right about

facilities well pandemic from It's of to North of security in Georgetown America close because ago. leading out global engaged team the world University the terms months we experts the So, our reached health that one health security. experience, and in global in before I our director Macau and of research really of

conversations trying the and how to local our to was to state that spent and situation our and and with protect and best government. going and understand on our could provide information And what we customers daily employees team our medical communities

that closing seeing. Nevada, and was science close in of were to because casinos, Commission on time the in in actually, that suggested community We the our on potential data us and to both led based for industry it spread and Massachusetts the Massachusetts we we the that mid-March Gaming based the in

And early make advance state we thing in was did to do. and be And we we the it knew Las to that resorts that. right it to first the Vegas our close we that at because that time of led needed actually that the in we were to declaration move. closed And

North XX,XXX We members, that Macau closing years years and should us build the it's a right America, team We we because and that our they employees, felt that we're them time during upon knew taken asking in XX,XXX culture in and now, and our that team resorts. best our is also years in industry. XX,XXX to of the invest pandemic

people, And so closed our to we chose pay end of since of the I to all and chose May. we've

are in believe team safe sure making one that outliers in But and a hospitality also during feel have great a corporate the now times I general right We done members it's investment. your our that believe of these industry And in that. in or investing that culture I responsibility. is

I'm May this we what much will faces. when is Las not on how But smiles members Vegas, in practice. and sure reopen have we do It's long this XXst. sure And continue is I'm Massachusetts, can want currently team their longer our to last. in that whatever I know I and how not that in state

happy. And only the underneath part customers family. radiate it'll customers if if of were in our people our like only felt we're business still be of because It'll will the but making our happy, mask, employees and -- they through, the be

we're doing culture allowed thinking also because you this to that future, a quickly my the to that way to It So that build. of that's resources us because been family to I quite think a fast years make really in and focus takes sure we about reopening and about years is we're the a the think can had. act as disrupt

industry space-by-space, not area-by-area, a It's to goes safe. keep plan. within department-by-department, world how going companies our on detailed to first employees it We we're April XXth. just customers and our I one example, were of the safe an in reopening for see in published produce page believe our we nation, in As nation XX the the of terms that the to a plan

teams through plan walk and it, and developers, call to the it, through business. call of It's actually about walk I've through to the known landlords plan become as apply their retail, and it, to at large airlines had and call Wynn CEOs look think sports walk own dozens it and Wynn it,

a we And public lead on and data. focused but we reopening transparent. that officials track help a on approach working economy, to benchmarks and and and did and to our our that, with of the been a be should want local We've to in the conversation safe phased because experts state in approach,

Nevada, our with growth consider which crafted deaths. is needs growth certain coupled We've with at reopening. level growth, disease you the disease and benchmarks medical hospitalizations case be in on community before And based to a here a

approach an COVID We begin patients crisis capacity have opening, ventilator test in you phased to as set amount capacity our positivity without measures community, with which and are that that surge your benchmarks achieve area. to as conducted care a being well needing times the in ICU for tests medical rate, to well as the a really two ICU need as ability of

launched community been Those public. to think openings concept the a is phased phase of looking In Nevada, that opening. great distributed, be going economy. way benchmarks it's has our governor have of widely quite the they're about at our And to really the medical this

in phase on or in to our phase believe continue The and May. in the should one I will openings mid-May. and so, the two data, sometime opening the And businesses of benchmarks see of we based begin business then late week additional around potentially next

is again, level, have customers the with of In employees. Baker and for and Governor benchmarks effort. fast stay is work our Governor environment the line safe action formed and that Massachusetts, for to their and the early commend Sisolak that for But force task on want this they all and in at for I both that a tireless we assuming state

handled a time than handled the and community coming believe, but a given it opening have has be will as has I much should also, globe be clearly to difficult out really approach high and amount phased has as there, deaths around been good more with their has the Nevada of commended. cases Massachusetts had medical they

testing with a a get On think Vegas have University And any signed Medical can Center, Vegas, lot the of partnership Las fact, front, Research this. COVID-XX. in in about we whereby our in we employees the Las tested for the Hospital

will set XX out. in believe fact, on-site from that next with XX,XXX the we to eventual square These ballroom, we'll early that spaced properties. opening have now into lead days, tested. foot tomorrow And doing In that in up over of thousands of all nurses our UMC, are appropriately the have things up employees of have been couple the testing we're an we types

remained we after first weeks Macau in In of open Macau, in two the February. we've the -- closure been

quarantine not However, have there's China. day as you phone all and from a there going of out on really XX been the Macau Mainland of Macau or because in Kong this volumes of know Hong

encouraging we Macau One Macau COVID of a hasn't in been there first the seen some is have that in in things new weeks. case

about are Mainland continued teachers the China government last in and students be week. back-to-school to and of publically Second as Macau it. Macau progress talked Hong has There's and Kong in

green you with In aware lot And the various are to I'm sure closely system have those gives your Macau health very that of has mobile China, a areas. sure on to check in system, that are in as working yellow been health a you phone, line. access which checks lockdown or red, make

to seem those of progress. All our be in

in of the continue the we borders been terms progress amount that made that a been cautious a as in that's And tourism progress will everyone would of over in cautious So has anticipate extraordinary. reopening else there way, resuming is way.

was Massachusetts, on our XX%. and level, we looking the way floor Wynn the closure our unit day on in closure up In Just X%. was to at record were swap results, before about per per Vegas, Las up before high RevPAR EBITDA

in matter and three a to XXth led from volumes our of gaming In of gradual first to from in we on where was the for And closure, by we $XXX,XXX we of point $X.X $X.X burned. particularly roughly VIP million what Macau, after March to reopened between laid the as a day million all million burn way $X.X during premium day. in the a a day February we out were increase call, segment and roughly weeks, saw quarter XXth you a

And we fourth were back to the roughly XX% quarter. our volumes of in

about in North we Macau, be to optimistic the in continuing border Macau going on the calls, three America. We're what's to as these pillars cautious we're on focused in continues. So which talked about and happen reopening of our that

the region greater In Macau, in greater to beneficial is in investing our in our helping our working in communities, Area, Bay doing, really which we're and investing people, and be position the investing throughout to the investments in Area on includes when Bay assets. which and particular

work excited about design in times, continued very design these have we Macau project during on Pavilion our extensive So work, remain and Crystal we development it.

really where are regulatory we'll officials believe Vegas opening in I on atmosphere. a be that's data And believe our to basis going to we're new benchmarks. and state be on dates now. Massachusetts. to So the and we begin lead and local gaming ready We're I and closely in bodies. Las will very the transparent And the in to in that based daily industry as normal continue carefully working with right

our talk With to turn results. Craig I'd like to to that, of it over about some financial

Craig Billings

Matt. you, Thank

our and the cash on immediate and cash. focus my U.S., rate. bolster expected of I'll took onset we of At current our decisive maximize position, and position the burn liquidity in global action outbreak to our the preserve quarter, This liquidity flexibility virus financial the both Asia remarks company's and

we April In XX, to our our $X.X company impact February, our providing significant April facility global was billion, where had liquidity $X.X XXth. business. position approximately billion the in runway credit the down we on of Macau, pandemic the of liquidity with of as On cash available revolving and weather drew nearly

end available U.S., approximately $X.X we at of the in April. And billion had the liquidity total of

issuance already position notes was the recently million in domestic unsecured liquidity bolstered by April. of Our strong $XXX of

it from In fact, was was million X oversubscribed. upsized approximately times transaction the $XXX

company our of the of unsecured pleased the pandemic, the highlighting strength were once the to be since business. first to brands We issue our and in industry onset again our notes

We further flexibility. covenant for U.S. waiver for our also a obtained credit our increasing facility financial

the operationally the thrive well uncertainty strategically positioned recovery of are and period to bridge current and to We period. during

February, in operations Macau Upon the we OpEx million. as Turning to announced expected to, our Matt burn alluded Macau cash an of casino in burn just rate of closure $X.X in daily rate.

to reopening also improved mentioned upon in in late day normalized EBITDA burn our As February rate approximately $XXX,XXX per he March.

million $X business closures And schemes, range of $X expected and reflected with and $X.X with the in for transit day million rate we border to April this visa per Until reopening additional of implementation daily limited and in quarantines Macau, public Kong excluding rate CapEx. to health reimplementation the the measures, burn interest volumes. was million subsequent in approximately of Hong

In members we the committed rate burn million OpEx this of currently approach team is U.S., Under inclusive $X.X U.S. their have wages daily in corporate benefits. approximately the pay our all expense. to our and

interest thus runway in third our Globally, And burn expense approximately a worst scaled cash million case, meaning no at $X.X current global is revenue environment daily all program down approximately day. per pay full we rate XXXX. in the least and have cash CapEx combined day, $X.X case of per quarter liquidity our million until are worst sufficient

position including on to date. required reopening actively will assess on will ground, usage OpEx the based like And our and But situation continue the the as evolves. liquidity facts course adjustments we the cash make of as

On and front, to fortunate begin in highest cash for revisit remodel, product we quality we Wynn June, million as slated again the XXXX. to was project which we approximately have of room Vegas Las postponed and room We're $XXX conserving to the plan CapEx in Las have the liquidity. the Vegas plan

priority also be with course the capital proceeding very coming over our We global highest quarters, with projects. maintenance will spending only normal judicious our

pre-construction planning with at Matt Crystal Wynn the on as Palace development Pavilion our work continues mentioned. house team, in Our

per quarter. business permit. suspend senior have preserving order quarterly when million in conditions to position, to $XXX the management decided dividends, to our Board We with temporarily dividend the of look along the resuming forward further And over company's solidify company's liquidity financial

and associated I'll in XXth. reported $XX.X and first the this was after accrual team for for quarter Wynn accrual Lastly, to of our Vegas, May wages our through quickly million end, April members U.S. quarter that from EBITDA for commitment was benefits was pay million million note Boston. Xst negatively our our full impacted properties $XX.X with by Las domestic $XX.X

we will now With to the open Q&A. up that, call

Operator

Thank comes you. Our [Operator with question from Santarelli Instructions] Deutsche first Carlo Bank.

is Your line open. now

Carlo Santarelli

for Hey, Matt and Craig. comments. Thanks the

in now it months, little little the a bit you bit the a across some until quarantine Macau and these have talk envision Was restrictions we leave the I For little segments? about, will bit. could it's frustrating ramp [ph] Matt, obviously a restrictions some maybe time as you out those is of guess summer

Matt Maddox

between demand for So, premium March just we the based segments and on faster. back our definitely come February clearly limited pent-up saw experience, VIP XXth, activity. XXth There's and

If Beijing been go in you launched. production activity. of There's work and and on lot look at Shanghai what's back going the to campaign that has resume a

requires So there that be a for also premium that I will revenue. believe and demand people without I we're of less more and Macau in happy am business do very high-end which the doubt. the

back will our focused comes never be our So, going we're on is be not XXX,XXX We've I cap. that segment premium people and that looking the properties, that's through the end first that a for day been always the to definitely been business. believe

Craig Billings

would to break XX% volumes. XXXX Matt March, back to even. cash of that, just as volumes reduced GGR That need got the in far off when really frankly, hit QX, February And to gaming our into QX rate from Carlo, XX% we XX% to EBITDA and mentioned, that so wasn't add or and the reopened we I 'XX we of burn

So et cash lead, help mass your the mix own that And you'll will wide feel share, less obviously our we snapback of view quick. like will Macau there. or position VIP But it's whether have GGR flow pretty be premium cetera.

Carlo Santarelli

generated same I'm two Craig in assuming And you breakeven, split you're that XX%, mentioned. that's that's about quarter the assuming as the

Craig Billings

Yes.

Carlo Santarelli

process it could concession I for renewal you importance process much present up year the factor spoil if terms Crystal think take do XX But clearly last the concessionaires? renewal spend do of follow you to that whatnot. that And take how thinking X to Beijing, of Pavilion Macau of of plan that either want as and much about then the and the in the guys into capital pertains How view just you. Great. the X year have around guys will to XX the will

Matt Maddox

believe what's So China. in we in the and happening Macau Carlos, it is in Again, Matt. Area Bay greater

communities it, We can are focused people, we the be best part assets. a our and to in our to and invest on doing our of

community at of So we a this for the it. shareholders. people sense plan. for put our together for beginning It's our focused of We're that think plan on our and lot year. makes We still it the

not So, that's really where plan. deviated we are and that's from that we have

Carlo Santarelli

you very Thank guys. much

Operator

Joe with Next Morgan. JP Greff question from is

Your line is now open.

Joe Greff

everyone. thoughts. afternoon, comments you for Matt, Good thank prepared your and

February and First question relates segments to period Macau. Obviously, you saw relative strength in in the in Premium VIP March. and that

have anticipating you the Can in position segment of the Would be and/or you to directly as your we talk of top How all consideration they junkets mindful about financial and a in? junkets this VIP assess more or Macau? to to VIP are recovery? What status are to the be of do willing you kind players? top junkets lending

Matt Maddox

junkets So there. in with very obviously contact close Joe, large the we're

We liquidity like But much the understand to loading to trying right liquidity , answers are going you thoughts what that? And how happen. to everyone's we'll operators everybody's don't do on Ian what's will junkets. our any be junket waiting seem think I it any okay to just larger now still on see does have side on look have the like.

Ian Coughlan

ease and rest They're teams just business kept like to of to for borders up. into like the business. Anecdotally junkets of are back together locally, the us. have rest the waiting Yeah. sticking in They've of the anticipation their get us

And can see the demand. pent we up

a holiday lot May has encouragement. given think the of people I

talked about is locally the And we something advantage. Macau

Guangdong. to proximity got proximity China, have to we've We

them opening next XX province people IVS XX China of like business cities building in looks It And And the China, the of anticipating will in Guangdong. think over of XXX borders very I everybody's in our up the nicely. wealthiest be are million biggest us months. couple

of over which main a travel, for very holiday. There [indiscernible] both family the just a absolutely sides. we pent China. driven holiday up Macau is stone's we've resort, and the is throw lot of demand And What packed travel, good lot over from luxury seen resort thought a driven in May is

that position we the have There want back are come people customers junket have in will we the as us. and and the ease, and same players once borders are to

Matt Maddox

And which witness that's that I China traffic Ian just resorts [indiscernible] demand and holiday for There's in as The Hinton think not the is well a as clear May point. right not had we clarify. great I Island mainland we around that to think necessarily product was so it's of in volumes strong offer. really lots

Joe Greff

And opening? of about going on Las you're then talk that's me. percentage one sort That's that Thank you presuming you to Can thoughts be you thresholds two this and thinking of revenue are how there when for over of to how I'm current you switching that? all think trip. of need you assets your on understanding Vega. breakeven the what helpful EBITDA be would

Matt Maddox

Sure.

have So, In closely like. going here. if it'll of be still Joe, state off that start what is all one to of the currently plan Las I'm gaming this. working opening occupancy working the I'll limitations our control unclear with through and officials will We're two given self-imposed. just Vegas, the It's look board we with the assets. we're

weeks leisure could up demand as restrictions. occupancy from closer that but We just anticipate both will assets now really with we the be there do in to It be of open segment. get an likely the opening pent

a there. that surveys We've that seen out lot happened of in have

we're that. working so through And

what depending think Texas food happening mentality you on if beverage now the what's with they're I where look and people's right and various in changes live they at each And day outlets. experiencing.

Southern very to will environment have that come a California. in happening, we will We're look think a If of participate in. you I environment, but what's an want beaches lot people safe going the have at on to

large opening convention But we have experience our shows. gathering be working of an be that our opening partners restaurants try retail to will nightclubs, places, and safe mass fun. won't we areas to or and most be Clearly or with will

So Marilyn, to do have want you anything that? to add you

Marilyn Spiegel

of we coming for value-oriented see the customers, do we're that's the demand. No, market to the mean, I going the think The sure. casino in we what really market do. I drive back essence ones. And see leisure

hotel to But our will up. open can't to it's that resorts the come And any resort going will door. other is we experience integrated any going be open, of through that hosted some up wait to other customers whenever that an be opening rival

Craig Billings

your alluded answer It Craig the on -- occupancy. your to that decision of over on answer view our considerations forward in of question to, make we the course Joe, it's of health which And, how on The depends campus of to XX the demand the much the XXXX. over here. question course of based Matt on looking we'll as public -- open really all

the So would to occupancy we to depending XX% what upon at break XX% opened we even level. expect

Joe Greff

you. Thank

Operator

question is Next Barclays. Felicia from Hendricks from

open. is line Your now

Felicia Hendrix

for liquidity, a decent to much. given detailed all. amount Hi, us thanks you've you information. comments. the so from Craig Good hear And on of all thanks

we Just further. step wondering could if one it take

to case Macau need extreme levers more have you you liquidity. the through on side. in that in access you Just could wondering walk both did the pull U.S. I'm the incremental just and to if us

Craig Billings

Sure.

the to I its just think you last access month. saw market

to embrace and have were being on the we anticipate showed think think billion burn peak to, so to we'll happy $X.X the I sheet capital now, the that at that. do But we with I to the they more extent really ability but that we us. balance to than do that need markets need And don't

Felicia Hendrix

Okay.

your limitation debt no any facilities? there's of So in

Matt Maddox

concessionaire a The secured competent on at the in basis. level senior is Macau

we we market our that's would though in WML on And covenant bond got waiver, a we facility. the also at the U.S. So a covenant, actually U.S. got waiver [ph]. secure access covenant even have to

need ample we So liquidity room we to to have again, it. don't add Though I the we extent will. anticipate

Felicia Hendrix

relative of you was And you. that bit get spending also more wondering get give just kind a about year. things little you year into were this mentioning mention then thinking how an the or for of to a CapEx, remodel great. room capital does that plan? celebrate Yes, could you us if on did Thank Vegas. and opportunity Craig head you just detail. through you're some to Walk With next your And shut start I

Matt Maddox

Hey, Felicia its Matt.

the in went that's Massachusetts, And we've on all of through short of under So construction outside now. projects something things Macau. list term Las effectively our hold we in Vegas, long capital and put of

in that. Las Vegas example, construction, we're to finish going halfway that Delilah For was through

the at, of the But we're we that large put until cash have positive. some we were hold flow projects, on other room remodels things looking

So, focused liquidity on maintaining right we're our really now.

Felicia Hendrix

Thank helpful. That's Okay. you.

Operator

from Shaun Kelley, is question with America. next Bank The of

is Your open. line now

Shaun Kelley

keeping Great. that Thank across mean, for wanted you. few thanks the on you're employees pass payroll. the along the all of that's of And just to and we all operators that. sentiments of just cover doing also one my I the companies

your And be it's that that needs communities. local I to really big a think said to statement

that's remarks, there. big if mentioned think to prepared out I partners just your So a you overall deal. number in you've just of and But CEOs comment a you're could Matt, talking

together I industry any need because partners it was moved works on to that out Las with particularly you airline it's into into higher and important, Vegas pretty be the obviously have relates get to conversations into broader price the lift of curious something specifically those there. that's as points going as if specifically

So just how that? are you thinking about

Matt Maddox

I've great of reduction lift in Shaun. have can Vegas. Yes, in dramatic in airlines the capacity June, lift you into question, and spoken And month that the there's personally a that's lots capacity in particular as Las a to May imagine. of

start out, to plans, are plans of to large to and transparent standardization that out. the encouraging be which Some them starting been we've their putting airlines put their

kind think of the TSA temperature checks, logistical continued that I a is between there's airlines problem. and on disagreement which

to who's them so, if and And doing going them? they so are do

impossible are But definitely my what information the XX in of that the predict list It demand But because given almost on happen. based term that learning So the behind scenes focused and day. the some the days. work be they're it economy on trying fairly it's all will we're there's or now. speed needs every conversations, to contracting to the short been airlines XX

Shaun Kelley

not here. question Then been impacted long else Thanks for would along through and one an other you're same also just dynamic that. be much crisis going the strip terribly be pricing have in what The Vegas the to the strategy within variable maybe important is ago. be, market. having you very by obviously going And is the end, to at on premium the positioned but across

how of to can retain of So do integrity reopening. are the think new you about balance for along, how great of of -- thinking the you those have coming and be you back supply both sort because variables you relative kind have to kind this how successful both some to work

you how it? thinking managing about just So, are

Matt Maddox

the our in is resorts reopen of not supply Clearly we Yeah, on I I after think don't Las but opinion. I are is to going even it's think months in not few group to Strip. the know in reopen, non-existent my to base don't going reopen. that days. a close the Vegas entire many lot the how early first side certainly

that So we're coming casino people Las really of to on Vegas. disproportionate a and focused leisure, amount to trying and capture market on

a No, there's also will be be there'd of of not I think there. a supply don't either. because lot the I think be a lot ramp But not group it'll slow

our how we properties will our help So full want to believe I pricing be. dictate power

Shaun Kelley

Thank very much.

Operator

Morgan comes Thomas Next question Stanley. Allen from with

now Your line open. is

Thomas Allen

Good Okay. afternoon.

recovery? Vegas? you of President. of start pace two, other What interesting terms in the terms And of expectation the the Thanks. back any Matt, House So, week comments the with throughout there you in from coming to learn corporate to demand at government's meeting were one White last

Matt Maddox

I there's the think of a focus economy. on safe clearly a reopening

that it's curve I happening -- as be obvious COVID-XX. rapidly the our blunted of to with decelerating economy we with that this the blunted what's growth think that has

real over is there point be performed to terms capacity. of of thousands will in likely weeks there's focus. so tests a be And do continuing on Hundreds that. been of to couple was I the a And focus on that next how daily progress tremendous and real on think hundreds testing and that of basis. testing a of Testing

and to have when said, we're the it wants on you swab employee working test, we site. we Las any get In that like it open Vegas, to When and UMC. I going customer with ability have any can

now going approval it also be three antibody That tests are working we're We on. have through one right that and available. already various that EUA has that will

need until that work to I with to are available. those sure communities medical think So, make themselves businesses that it's commodity

And doing a clear to moving and so that in reopen how direction. was we're But there on definitely that. focus economy start to the

Thomas Allen

they now. Do then as just right there and talked Okay, weeks two in question will industry up my more interested about [indiscernible] M&A think follow when Thanks. for more ago being consolidation update reported anything that? you be and

Matt Maddox

sure not that. about I'm

that during really I be there. come there watching. these think And transactions some I times, there's could that interesting usually be out assets could are will up that think everybody

Thomas Allen

Helpful.

Operator

from is Instinet. Harry question with next Our Curtis

now open. is line Your

Harry Curtis

the opening cases and Macau do particularly been the authorities just in My What in haven't the opening given first relates there are fact waiting of everyone. Macau. the to of that you in timing question any for, [indiscernible], Hello, weeks? think for COVID in

Matt Maddox

this over then I'll start turn with it to Ian. and

really this Macau. in think well I has handled been situation So

I compliant press without what sanitization. been Operators are and days case. think There's need been be focused on lots it. they masks conferences, a in to almost are and Employees clarity, daily hand wearing doing XX interaction. it's terms being of of very

and and way. health to a reasonable these deep data driven in to seems move collaboration a very of begin to in Macau in be and really with checks there cooperation terms Guangdong And

two progress. can in think? real measurable and way progress it So weeks you every do there's like to people understand is that a There's seems what me it. Ian

Ian Coughlan

at they were that policy which that it. we border executive when stable, two said of And region reopening the address with risk extremely and They've chief Macau This they our levels about of appreciated. Guangdong his are pandemic, and is decisive, when very methodical quick process in Ian. faced been the The of the will restrictions. the look we

And weeks. last now over safety a They're we progressive restrictions. lifting first. really had appreciate the the very They've phasing two fact of that development it's the about

in based teachers who and The come first Zhuhai attend live to and school stage to teachers work. students was to over Macau and in Zhuhai allowing

That through at gone testing next process. living testing mass now in involves they've stage the They're looking process. so we're introducing individuals in was and people process Zhuhai. And And relative but successfully that done. very the Macau that the for of actually are working Macau that

regional synchronizing Macau it. merging being and for involves dialogue and trialing Guangdong of government and the for a that their about system that between health The of now the two up codes is deepened they're set departments lot cooperation

where And back they've already they altered the previously. were Barger open to closure and hours

lot of things happening. there's So a

of the of become the Henshin really dialogue Macau, how this parts we Macau Greater One and that bigger you of and opens the when future, augurs outcomes government the between to at how Bay is Area. a and this look departmental level, great for well Island up Guangdong the

appreciate the measured approach, first we the but and sequencing, So approach imminent. safety happening it's the it's and

Harry Curtis

do up. prerequisite? visa going the follow that a be as wanting by get to definition either is Maybe or think testing a you think for testing a Ian to customers do cross you border,

Matt Maddox

Harry. clarity right that on now no There's

Harry Curtis

well? mentioned Okay. are All in also Macau testing And employees about, in right. your testing you Matt you What as Vegas. in

Matt Maddox

good government teachers meet Las very Wynn tests There reaching they're Macau. that Because, when that going tested people This understanding University available has Center are Vegas in a job was My that the there. in. just the in for agreement getting Medical is them. are done

Las we bit but people there. or because their here was Vegas situation tests six think five I noticed little different a of nobody is a there capacity, weren't hitting prescribing testing it's symptoms. in And so What

employees ability to that cut decided make Research So with that the Hospital a through our to the would so tested. partnership direct and have get we

Harry Curtis

it. Appreciate everybody. Thanks,

Matt Maddox

Thanks.

Operator

from Sachs. with next Our Goldman Stephen question Grambling is

open. now is line Your

Steven Grambling

questions. two Thanks

to longer question Thomas's surface ways, Thanks. willing experience. we an then capital is in provide related asset structure during on liquidity less would these on this term sellers. make process First, if more amount think consolidation. some or interesting your involved to interesting times a or leverage up thought right And of the specific and levels perhaps second, follow What how given

Matt Maddox

my from consolidation. So, on perspective the

and expertise development has be I running the think best will and always been asset. Our

the longer then about around as leading industry that have market actively the way we We're do we And the time? we assets actively share about develop So not markets have in do how are where and how right we over open. take and those of period M&A the thinking operate we now. thinking we

to So that's want that follow now. up? goal do really you Craig, strategic right our take

Craig Billings

Sure.

structure just liquidity, capital On king. liquidity side, the is liquidity, liquidity, reiterate would I

healthy We And think maintained I this process. as amount in has that have a always served pretty of well liquidity. that

a We cash back it's start to get think target actually to first. about little need generating I levels. leverage too flow to talking early

times maintenance like liquidity important of a is was in But certainly of an that. structure part capital and really

Steven Grambling

much. so Thanks Great.

Matt Maddox

we'll last I operator. our guess take question,

Operator

question final Katz The from from Jefferies. David is

line is Your open. now

David Katz

or but you just question. the Thank other, prospect concerns or or Hi form? my way of put of lot resources the of given the ones for think beyond everyone. a resurgence in of company's opening Matt behind could you taking thoughts What the perhaps kind obviously you it contingencies ramp predict Look, Not research. one kind that choppy the doing delay awful any up would have you a I provide views up? that financial detail or fashion and do lot you've an of about

Matt Maddox

that why data. something and to about openings which watch think encourage I and continued we the is That's phased day, every about think we've

from think of. possibly if So done, health everything them. we've ideas, we just believe are good about I other that implement safety I perspective, we will a and And think could there

going the what's think on. the we we're do about But watch incrementally, around what to us all then it. from communities And going data have to like is, it watch

we that I when course. a to pull forward we there'll or Of do moments push be a faster? So, when need back think little bit will can little all

and go. we we so are our can as for we learn make teams that that that to And sure prepared need

David Katz

you much. detail. Appreciate Thank the very all Okay.

Matt Maddox

David. Thanks,

everybody joining everybody healthy and So thank talk us stays hope today. you We is for to safe you next quarter. and we'll

Craig Billings

Thanks everyone.

Operator

you Thank your for participation.

time. at this disconnect may You

Wynn Resorts, Limited (WYNN) 6 May 202020 Q1 Earnings call transcript