WYNN - Earnings call transcript Q1 2022

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Operator

Welcome to the Wynn Resorts First Quarter 2022 Earnings Call. All participants are in a 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 would now like to turn the call over to Julie Cameron-Doe, Chief Financial Officer. ahead. go Please

Julie Cameron-Doe

and Operator, everyone. Thank good you, afternoon,

Luvisutto, the Brian Gullbrants with are Coughlan, remind true. forward-looking under I Carruthers, to today turn to I on me call Federal and may will Safe may or Craig make those Billings Ian Frederic over laws Ciaran now and Chen, Craig are Linda statements Jenny in we line Billings. Holaday. want may you On Harbor the call that and Las Also statements Securities not come the Vegas.

Craig Billings

Thanks, us from Julie, CFO, to welcoming for with and and Julie, afternoon, everyone. first the new to today. start Thanks joining her our heard like I call to would just company who you earnings by us.

Julie to enjoy know think those who know Welcome. yet, getting don’t you'll I her. For

we best development unrelenting Five-Star specifics to a globally world. by to the Awards, thank want XX,XXX company with recently again I independent of in on outstanding the focus Forbes That hotel the delivering for moment Travel recognized the XX any quarter, design, colleagues to Guide team and industry's of service. take our dedication was their most get Before of the

and and based Wynn strength Las Omicron across casino, great broad starting all the The food team The above Vegas. retail, property beverage at well January. in Turning to despite the now of million Las with EBITDA quarter another had pre-COVID of Vegas in quarter impact generated levels. and $XXX hotel,

call to the to month-over-month occupancy improve fourth may reach You quarter recall March. in and the that we the quarter expected from mid-XXs expected

booking EBITDA strength our no at ADRs. bookings continued pre-COVID on contributed XX% higher March hit into QX month. our a Encouragingly, show levels pace actually March in we has which fact, the to also of with record an all-time during occupancy substantially slowdown result signs and forward In hotel

have the and been years. Wind past Lake that benefiting invested own we It's how it can over the We're that. past a on difficult certainly also rooms. at Casa every call refresh completed what knows the in in during We rapid times, drives adjacent opened rebound beneficiary a we ourselves from enduring people, of Las make to several Playa opened we products. Delilah, our leading the of proud the experienced ask return incredibly to years. Even craft and Dreams. has it's more? as our we a How of We We remodeled of property everyone that a We our Vegas better? our dedication Now market make in it makes Tower lounges inch results. can this market the and we a look me efforts

a quarter impact again in Turning Omicron January. across the to of Boston, in strong Encore despite resulting the million QX, EBITDA $XX in had casino of

been reaching April the back to phase in for project first half a discussed with on January. the Macau, April we is into for quarter. of schedule. property. GGR what we only excited EBITDA the quarter and March. call, with planning the great that the our subdued than month-over-month positive continued As the higher already for in QX projects continued in EBITDA that's of QX of It's the exactly QX of strong expected has we QX experience Design visitation during an continued approximately XX% also the March has topping refining progressively across market market on from in And with upcoming to levels. momentum the time particularly That this We're development deal improve street and experienced quarter, XXXX XX% In plans April wide next into Boston. growth during

demand term, see rapidly holiday. where remain periods drop results May portions Longer occupancy. that accessible, during recent reflected XX% the for the range year-to-date and hotel during we occupancy Encouragingly in with of we very have market return about XX% to Macau excited hotel evolving we we the adapt our concession enroll, prospects Our progressing is to move with The embrace prepared is with those law changes. and latent gaming in and legislative assembly. forward to grow demand the market are continues the the so amended region. The the according through pre-established process timeline to businesses much the currently

We our long-term we on process friendly our manage content by late with to sequentially with lower amended year burn acquisition the better user gaming and revenue range the QX, of last shareholder be than with Interactive, the law. At pleased the rate XX% $XX.X despite increased we The million million discussed continue with working materially the view EBITDA to implemented net spent. strategy call. in is last overall we a business $XX to Wynn declining

significant Commonwealth. ago a the Senate reconciliation With potential a Bill in Massachusetts now and passing Betting catalyst Bet the several Wynn the for house, Sports we're in for looking weeks forward to the with

the going details will paying a beach that of side to a Vegas, With unique we I'm experiences. takes run moved accustomed spectacles Lake something project I excited Lastly, design that, From on presents in each Julie, to that more large-scale deliver room turn which Dreams a over of opportunities to market it do advantage amazing design. canvas the are in with and that what premium grow for Island product The really confident of UAE, offshore is us luxury for akin we special we is aspects I to do now have the water and some blank to iteration to Las our best. a quickly quarter. to of setting, from the the additional to opportunity into light about a through

Julie Cameron-Doe

Thank Craig. you,

be and to it's Craig as with of team. delighted to First as talented a here all, working his with privilege be I'm well again

XX% occupancy improving hotel to XX% the At we adjusted $XXX.X January, Overall, back was in revenue in million the with quarter. Las Vegas, EBITDA, March. occupancy Turning operating XX% on million $XXX.X business. the to property of generated Wynn quarter, of during our in

XXXX, our compete levels. to overall experience true continue and service to QX XXXX stayed QX during reaching XX% our above we've quality brand luxury product on $XXX of and Importantly, ADR with

XX% has Boston table COVID Our other of QX drops international F&B our well of EBITDA the basis. was committed XXXX weather, This challenges. casino, at our impacting and slots compared regional We've despite a negatively EBITDA cost guest property with across as driven up our experience. January. noted XX% excluding X,XXX non-gaming were QX the XX%, per without above to and margin in EBITDA Boston, the quarter XX.X% a adjusted of guest million XXXX, not levels, The gaming margin XXXX and earlier, to temporarily to retail, strength in XXXX the margins with in with job XXXX, OpEx million standards. lower to the was Omicron to remain and controlling bad January. points balances was of a QX Compared XXXX levels, our across travel day Encore in and In businesses $XX.X very side $XXX,XXX approximately per tables. QX property service the was that of broad-based million of pre-pandemic that appropriately We related we broad costs, million peers, in day above in that along Vegas great Harbor in cost due XXXX also $X.X do a QX gaming our slot below delivering which disciplined generating XXXX we XX% exacting structure still exited with team EBITDA suppressed remained casino based both QX in levels. play handle per on on OpEx our Consistent in strength quarter. In $X tax done approximately $X decrease March and day hold-adjusted was disrupted Craig QX But adjusted areas day by basis performance impact experience, QX of This excluding to efficiencies QX saw maintaining was of generated tax flat XXXX. headcount cost QX per XXXX. in over levels the XX% due relative

effect expect to space. higher quarter, related around we $XX,XXX increase last due noted into OpEx add per as modestly contractual to QX, will Looking to we coming in day ahead, payroll labor our agreements OpEx to which

well-positioned to grow leverage the operating time. drive strong continue top line to over as We we are

an as the delivered revenue, of of $X.X situation the operations COVID EBITDA Macau loss in Our million has operating million $XXX.X continued the region on demand. in quarter suppress to

challenging, leverage as While we approach drive was disciplined business business a in QX time. recovers which operating CapEx, strong and us over cost positions prudent the remain to on

Our gaming tax million items. OpEx a non-recurring QX, per decrease QX compared excluding day in $X.X XXXX, approximately $X.X was to in million excluding

other and Top EBITDA to XXXX. turnover. approximately Turning OpEx million combined in Interactive. in with from improvement decreases QX, business an million million total to $XX.X marketing Wynn burn generated QX in QX spend in $XXX In line growth XXXX drove rate $XX.X our the in

our liquidity. $X.X leaseback cash sheet, Macau, very February, balance we availability cash remains billion the total billion to the revolver U.S. the liquidity for announced This cash have Pro and and transaction of of of in global and global in billion billion approximately was consolidated XX. of of as Turning comprised available we March $X.X liquidity and strong sale position $X.X in with forma $X

the that, our to open $XX remodel primarily we call room Finally, Vegas With and CapEx related the renovation. quarter Q&A. Las now was Operator? Wynn to the the up in million, theater will

Operator

from is Santarelli from Bank. Deutsche question [Operator Instructions] ahead. Carlos Our first Go

Your open. line is

Carlos Santarelli

an have The Good bit of difficulty] has room afternoon of to strong. especially about versus quarter little side was wants changed? how guys. remarks. mix comp the guys first ADR a kind you Craig, on wondering the Julie, relative period? 'XX and handle, from of Las Can Hey, Vegas, whoever I to you comparison talk thank [technical perspective the incredibly been cash kind for

Craig Billings

do want that take you Brian, to one? Sure.

Brian Gullbrants

really we've impacted rates had Yes, specifically mix, certainly at our impacted look group quarter, 'XX if above which contracted in ADR first previously Omicron it's adjusted has roaring really the and the January, and higher -- rate rate back sure. March levels. a our as We wave the But you come slightly. also

With So volumes. with as 'XX, a as far significantly. we volumes, there really rates And to macro on continue hasn't of 'XX been pace impact. we're to much grow right respect

Craig Billings

the cash substantial. Brian Carlos, And change slight back, you're talked the we do group time a material coming in seeing the very has ADR. indicate quality in And some ago. that has which that as in really cash of some before, growth been that QX 'XX, versus comp comes quarter mix, that very, ADR at not mentioned, contracted of with of a rates that it's fact, dip driver, the material about actually to were The had business versus as ADRs we in back --

Carlos Santarelli

and seeing kind XXXX are I comp and of you're loyalty terms of towards actually to same to it necessarily channels, point previously kind driving is and that is in But different Or in kind mix see the cash or is those of and was was, like of customer which the it. to of it previously the to your as from mix? maybe speaks of casino you guests? Right. kind the weren't starting in just moving kind at, of still are And more? kind customer Craig, that kind coming different spending customers customers not contributing program of

Craig Billings

my it's what Besides different alluded growth. say seen I One of in growth, seen reasons. domestic we've a for remarks. I in strong this. Yes, good is I shift a obvious because market as question. casino the guess to wide is few COVID, very international that We've what prepared is mix, would

The XXXX relaunching we that our loyalty of and loyalty much and other our program is programs. strategy reconstituting both database spent

relative look But And and is And transient leisure mix that is showing quality since customer share you I casinos up that point. certainly room cash, mix. the the would 'XX. then and very Vegas a also in that's really shift strong very, taken we've if at the not mix thing last So XXXX. is room statistics, in say to

Carlos Santarelli

Understood. Thank you, guys.

Craig Billings

Carlos. Thanks,

Operator

from is ahead. Our Joe Greff Go next question from JPMorgan.

Your open. line is

Craig Billings

Hey, Joe.

Joe Greff

does a with the as is, becomes for XXXX, afternoon, above. three Is Vegas. the back Craig in at of last proportion from mix? higher balance Good rate the on anticipated portfolio, some group might on up talk Can where an kind at blended overall the given you rate and the group proportion a the contractually right have of round Las of how bigger, a that rates about basis everybody. or quarter Hello, on yield that for kind all room now you I the on bigger coming you Carlos third for I'm that quarters, year? prior in an of mix if market of this, of impact mix the of the have ADR, than going have similar question for the the And sustainable, total of be to can group Julie. the years presumably mean, group I a XQ $XXX lower rest 'XX, you're group

Craig Billings

then I'll comment as and start ask, I'll to well. Brian,

also window certainly chunk a it And us than it's it So note this historically much that to business and than of the pacing point our much, important to gives group has want decent opportunity price to ADRs -- to talk shorter been, booking yield. that the which in obviously Brian, a us to at you today's historical gives QX about ADRs. do pacing? closer ability

Brian Gullbrants

Sure. We've really improve pacing. continued to

it of because actually But short-term opportunities as forward little levels we have pricing now, had a in other come bit segments fact, In back. low base. pacing I now of the 'XX think, a impact we we're in of move the with above has Omicron. right And to pace We QX on due the roaring side. the booking strong substantial group

In we've ever strongest the one fact, seen. of bases

Joe Greff

Great. rest And year Macau? of then is, the overall, my for you can the and final talk U.S., including in the about question CapEx

Julie Cameron-Doe

take there. that. here. I will Hi Julie Sure. It's

Vegas my room $XX I the as million primarily million remodel and of million got was we quarter, Las the $XX theater. in remodel and the So in to $XX which We've about prepared the really in the quarter. left remarks, renovation room spent about should the that on great the to in mentioned revenue complete June. fall. And We're and to got We've a open come should million renovation. to million fourth around we driver it excited the $XX expect show on that in the in be theater $XX on

at the $XX that's Boston. annually to to In around million and addition, CapEx. looking in $XX in the terms really annually million Vegas, $XX in of million we're maintenance $XX CapEx, maintenance million And

our there. OpEx mentioned prudent Macau, Macau of in given my terms approach I remarks, in CapEx, In prepared and to operating environment the

to CapEx that looking back quarter perspective per from means back $XX We'd across maintenance levels the that at as normal a what see there. comes so million And is both market properties. approximately returning we're

Joe Greff

you. Thank

Craig Billings

Joe. Thanks,

Operator

Our Bank next question from Shaun America. Kelley ahead. Go of from is

Your line is open.

Shaun Kelley

better Julie, about there. at would improvement. leverage margins, your the saw you And, and progressed? start were you of directionally, the My quarter us but be material to a call. about kind the quarter. we everyone. give second Just the welcome drive afternoon, us Boston, think a obviously, least were question seems maybe about not both sense like I the just see did? par to or at mean numbers, if able sequential just domestic as Can specific or the on to year think Thinking those just did what you Vegas the it Good kind those of materially of margin of how rates properties, could to as Las quarter help about with balance than whole exit

Julie Cameron-Doe

in and I versus level. revenue see revenue. I that. we're the levels, business a that's cost given Where out mean I And efficiently, said, costs any will XXXX -- running on lot. and think and terms really depend look, top permanent board, you'll revenue In margins see going our mix of take that shake you saves are across thanks Vegas, of to I'll controlled. at Shaun, well line the specific the as

levels. to Las revenue we're in to And meaningfully strong continue operating generate leverage to [ph] SPAs are down Our relative really well-positioned Vegas.

about the revenue Boston business leverage the levels. So January Boston, ability We and earnings improvement really reflective generated times. continue of power the pre-COVID Omicron. to you'll we margin was there. our In see impacted mentioned we've feel margin is at to of by these operating significant drive in seen that And since comfortable that

additional quarter obviously, So we stronger started it. the through remarks, some we than labor are ended -- we But impact costs sort will prepared we that mentioned in of come the mentioned that. I seeing

And generating of at we we we payroll are structure revenue in we the are increase reflective levels. the pretty Boston. including current these overall, So see happy margin with the cost think that's --

Shaun Kelley

thoughts latest my online then around we could parameters we or give should follow-up, the progress us they as move they just were -- -- actually sequential And Just very year? the expecting materially below quarter could you came the a for are through around the what improvement. when what in obviously, and I we thinking Great. know big as or Interactive materially losses. piece how if

just would So as or any helpful. guidelines there parameters progresses the year be

Craig Billings

Sure.

believe addressable market We taking say the the is quarter. in do to place, of industry pleased today, will though. majority rationality the we've So course irrational is the over of term. as been the And longer really down. where the lot be valuations business seems with Sports where the -- also is come behavior ebbing the have a Shaun. our it's that of I

viewed that's presence, you everybody. And for their some good that important where mortar event advantage. think share it's our as they clear boot I if We've So in and have an Massachusetts for always of look an states and bricks strapping physical market competitors a Wynn at is Bet.

would below will be remainder the a a with say the the important rate what the just of over sense Massachusetts in be will looming, Senate there we be. for year and you burn difficult that Mass in that quarter we're the the preparing House between to to will of now, event at me Massachusetts, for But the business. absence day for bill give the it's or So With I reconciliation one, an and in the burn experienced. be

Shaun Kelley

very you Thank much.

Craig Billings

it. Got

Operator

Katz from is question Jefferies. Go from ahead. David Next

open. is line Your

Cassandra Lee

bit Wynn the do is business of ultimately described. I'm you target we there -- as you could my irrationality Is be? David. taking little on behalf any could This of with irrational for share market Interactive long-term If Hi. EBITDA Where question kind Thank think this on asking or more you ebbing Cassandra. a expand question. target?

Craig Billings

Thank the for you Yes. question.

Every a build really customers. acquiring cohorts deliver age And of those you is you. to this business player you're So player out cohorts, right? they time, out Those and EBITDA player over building day, cohorts.

is age The the ultimately base and of focused those and step base really for to what in drive our then the continuing get is we're So two the that to with light to breakeven on respect and operating primary real point. business. player EBITDA term, catalysts build business to behavior acquisition build market out And in us -- of for leverage there's uncertainty player next user out the us. longer

The is as additional online with we then where Massachusetts, states gaming which, we a by we governor emerges it first anticipate feel of any is distinct course, bill I like on the that advantage pending signed the based mentioned, process. hopefully will And a reconciliation if be brand. from have

So talk targets too targets. it's early or market about to really share EBITDA

the reaching in think our us I potential addressable that position for total recognizing prudent and in ultimately shareholder is addressable that that is focus way ultimate the friendly. market market, total market a

So stay tuned.

Cassandra Lee

I I a there? that is Thank return outdated. you've quick additional of to X And it. have But ago, know we Boston may how Got out you. follow-up. probably that expectations? should road your it's -- laid where Harbor, And kind about if think now how a trending spend property and CapEx the years map versus Encore is

Craig Billings

very with and initially as very and turn Jenny's And property successful. Well, it around. that we very, do generally been good look, that we work, both to Brian quickly we've we soft. And opened extremely to went work opened very property

do and bunch at look on which a the growth, a weekends. we then rating will is street, CapEx. that like on XX% we in return lot parking next stage went additional light that's two whole business accomplishment of we add this during point. quite growth are do; certainly opportunity we development for we'll COVID. in at the database constrained have The So which we're that of we where that the through things: the parking a And feel in environment really across to something And mid-XXXs run to XX% that of an like would

Cassandra Lee

very you much. it. Thank Got

Operator

from is Allen. question next Our ahead. Thomas Go

open. line is Your

Thomas Allen

Thank you.

few past What more ground are a if on articles competition On of around out kind there market. there'll the be development, UAE of the the you weeks there? the have asking been bunch maybe hearing

Craig Billings

would Emirates world, the a punch to market I not can't opine do but our on -- great with weight in But legalization. their Thomas, above is what the this in I question. can't competitive I hands. we That's point out Vegas. in regard well really Las may the only most actually that other really compete

be we competition, So we what really purview Emirates within that of tell to may that may my opportunity now. the forecast not But what the -- but underwrite -- presume I can't do of don't would our any know that you it's other inlets do. there

Thomas Allen

just or And any Boston, you should through about, Okay. Boston calendar seasonality had Helpful. we around the rest then Because out really we think pre-COVID of year, what the we can help right? a as think especially about us of never like. be full Thanks. thinking shifts just year like look would

as all busiest should around should the we about period. just think rest I shift be through kind we that year? of think the timing But think seasonality the of Thanks. anything presume and we summer

Craig Billings

Yes, Boston. winter, right, Actually, winter at everyone winter in environment to Boston is the for you opposed because inside us, out in look in be given if to as sure. proved QX, substantial pretty particularly

we a honest, seasonality in and go very, in still even And We to be is you with winter expect. certainly, there. very still So out were XXXX. the would COVID. bit Vegas of a strong midst But feeling seasonality, touch we're little had as

know well. this market You extremely

Thomas Allen

you. Thank right. All

Operator

from Robin Farley from Go UBS. is question ahead. Next

is line Your open.

Robin Farley

Thanks. be don't Great. if in know New New property, whether a York you said a casino you would officially license? in I York have interested

Craig Billings

does. Yes, gateway and in we that interested Wynn that to any are the of is city Robin. conducive quality development scale Resorts Thanks,

and New particular. yet in in about anything but a not talk active in there, interested to position are York, we we are So

Robin Farley

a Vegas. think during how I on Okay. in of And Vegas? comments about we follow-up steady-state And should conference margin center your center, If convention a kind pandemic. I could guess the you ask on there a opened

would you steady suggest now? of guess, center relative margin including about think that we state, for to what pre-COVID, when kind conference I So

Craig Billings

I our standards Well, on against for would count very quantitative fashion. in standards at been thus say earlier What this Julie, customer employee we're constantly far, balancing our we've very FTE, doing touched And is full-time and qualitatively our quality. a our successful that. own

it those. same I announced -- variable to with we we're we business incremental the adhering a this really comes year, driving costs. and At leverage, time coming So with was tremendous back, are think but time, cost some announced the of permanent last really, amount operating some that saves, we

not beyond So really -- savings we -- know to chunk I have the we really guide are years occurred revenue we on whatever permanent. based What of you that means don’t you'll level is guide fluctuations would heavily it's that say are see several over cost doing. us absolutely course of margins heavily, is well, don’t there which Robin. that, variable We numbers. are tied the past costs, forward-looking a And that or to

Robin Farley

And last ask Okay. if clarification. I one could

in we've look you others. pacing On what kind When you of caught if have is levels. group, XXXX up? have on of to Do heard there ground from was of don't ground still 'XX the did I than ahead lost versus you Omicron what said cumulatively for it's at XXXX, more Or of some there some kind kind during the books know group you be 'XX? is you

Brian Gullbrants

you. -- We're actually thank

now right ahead pacing actually are 'XX as well. for We

is pretty we looking feel that's now, all good. confident So right we are. in in going Pending the everything very where on world

Robin Farley

you. Thank great. Okay,

Brian Gullbrants

Sure.

Julie Cameron-Doe

last Operator, one take we question. Thanks. will

Operator

Stephen Grambling. Our is Go ahead. question next from

is line open. Your

Stephen Grambling

there you Macau, that taking I the rooms, guess what what look are And Maybe through I'm curious, market, to Thanks. standpoint for consider are the Thanks turning concession process particular? thinking question. goes for as of from to at an in some growth opportunities the investment VIP Hi. if about smoothly? the you

Craig Billings

Stephen. aspect well. with mass fine. a being our start, this as most we the obviously from very appreciating very I'll marketer it. on call, right equity time-to-time. the good really of but now. to happens the the Palace. Ian comment portfolio at towards And good, Macau markets very, a of is Thanks, And then -- market aren't aggressive journey the ask We I'll that, fascinating opening are last and that's That pretty I said started

EBITDA of look came VIP. than other you XX% If plus some back Macau in our 'XX, from at sources

really And so we're that. of proud

we very from product the non-gaming new equipped of that. leisure motivation, COVID, we've perspective. of hasn't when in piques more motivations and mass-centric reason historically customers So our good been motivation, best be reopening than might of things shopping Macau, accessible. our different ability as the a to the compete. seen to that We customer we've development is best market. seen seen, perhaps because and Kong that's Part feel to going like general is come reopen the Hong about the about interest case And with we think that what fascinating in really the the find just obviously compete market. future market with of Macau feel the throughout What is service we've The well to market course the a I

done Las even something our that lead we or adapt that, in ability I very, style under personally we've find very, you adapts market. and as no nongaming fascinating both Las historically the here Vegas add would about very we that illusion -- a are business change changes there. which very market is the opportunity. and are different and Vegas dynamic a But incremental Ian, interesting Now investment a to anything? talking just investment It's

Ian Coughlan

Stephen. Hi, Craig. Thanks, Hi.

We have land totaling at acres. Palace Wynn two undeveloped XX parcels

another in property. have the existing X.X also acres We

future. for build We're to the opportunities benefit right process product now the in what exactly offers very three meaningful have we will Macau of determining So for long-term. the

great with what's government required needs documentation will for are the our feels to Macau. that. about our blend to see own in expand and We future, us what considerably for the opportunity business awaiting tender But we there's

maintained. existing reinvested being also, they're old years years constantly in impeccably and We've our properties with We X them. XX two old,

bounces when is a pointed it Macau, future back So when Craig for And It's the ready just and Macau long-term are will as back. ready bounce exceptional. of we of matter that. has will out, be we

Craig Billings

space. sorry, -- you about Stephen, And you asked junket also

the more it will estate the anticipate about the differently different things two junket of property, more in some mass. properties. we at -- bit prime core think over space opportunity anticipate we is think in thinking. Palace -- I the be former customer of a longer may have of story that motivation where form unique we incredibly gaming real have there, longer-term where I that we At downtown some term, to that do will we So the some a the each little be because blue-sky competitive

the are it. obviously advantage certainly that real that when And of We do not to estate making time we'll But have investment we take the now. comes.

Stephen Grambling

as may. one follow-up, if quick I Maybe

forth Just and lot may what VIP we a that light about event be I'm wondering who's the certain the or be not? you press that there's should associated that with responsible just and for shed risk on of any if in customer lawsuits could the thinking outstanding you. Thank of some been losses. back in through

Craig Billings

those Yes, sure. one of This topics. is

reality any them a every we we this limitations of of claim a nuance points, a and haven't in really in instead analysis claim of The couple at material have brush. paints clear your material the nuanced statute the deposit that property, a of very, really proof legal [ph] very expect sell-side very, on broad very comes other to particular exposure down number detailed We accrued is calls, a exposure don't time. individual and with for under-appreciate where tends to each around

Stephen Grambling

much. Thanks Perfect. so

Craig Billings

it. Got

Julie Cameron-Doe

will to we you talking quarter. everyone, close we to the now and Okay. Well, Thank call. forward again next look that, with you,

Craig Billings

everybody. Thanks,

Operator

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

time. this You may disconnect at

Wynn Resorts, Limited (WYNN) 11 May 222022 Q1 Earnings call transcript