WYNN - Earnings call transcript Q4 2024

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Operator

Welcome to the Wynn Resorts Fourth Quarter 2024 Earnings Call. [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 Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

Julie Cameron-Doe

good and operator, you, afternoon, everyone. Thank

find that call Brian Gullbrants the are Chen Please with provide presentation on me and Billings Linda note This our the can will regular along Luvisutto. and with Frederic become Craig are release call, and company published our going in on on performance ahead more line a a presentation color this to today the On we Las Also Vegas. Investor earnings forward. of recent you the Relations website. fixture

that to remind those may want not under I statements or safe may federal you come and we laws, make securities forward-looking true. may harbor statements

I call . to will Billings. turn Craig over the now

Craig Billings

Thanks, Julie, and afternoon. good

very in changes our production the innumerable of technology and and we underlying Vegas, in we the expenses. As program years, making in market how and unique X to Boston customers, and entertainment beverage food how active Changes our we build over businesses always, to for and control We've thank you we retail, our deliver in best positive past how in in program and and joining investments and how our us Las Macau. been how in events service own we today.

mark ever changes nimble are adjusted The I project have North produce than project will of record most are UAE, stronger, opening be in the of reduction of efforts year industry we in America these including coupled will deploying results further in a also All amount and been. project, differentiating results, you what business. further results expeditiously important concurrent the exciting flow Meanwhile, another developing CapEx in our Las meaningful inflection free more ultimately be an point focused ourselves EBITDAR that made record the in of these with of diversify the in will in pursuit Operationally, our another cash And the our we and of see to that from believe development more we our we profile. in Vegas. can EBITDA a competitors. property yet annual XXXX

And fact our future, in this is stock fourth inappropriately bright of price to it that assets us $XXX is another value reflect thus of with stock far the to the bright. million continues coupled million $XXX future in Our that drove quarter and purchase our QX. the

when companies remain the growth a believe focused we until industry believe we suppressed, is equity our appropriately will set reflected our in and while remains meaningful. capital Al on and AI on those we narrow repurchases to is While because Marjan tech multiples of profile repurchase continue return valuation,

quarter flat turning handle in XX%. up remained fourth essentially starting Las a Now here Demand the Vegas. table quarter very drop by healthy comp tough against games to in the and with and slot

Our offer share strength grew gaming meaningfully, in we of here quality highlighting Vegas. market for and quarter what the the

to XX% in in properties during higher the years, both XXXX during Vegas. ADRs competing And remains event event by it was to EBITDA was in before fixture a was daily Vegas lion's here important year-over-year years XXXX. EBITDA RevPAR stemming rates than note than that elevated decline in during the XXXX comparisons Our lower though closest week. in that also a the the strong, in from overall in business about due QX relative was the materially FX event, lower FX Las impacted during Las of it non-gaming million difference was $XX to the X is our our though share tough about The market. room were

good a up which having event and tremendous and team in looked a future event. we year's drop did with now job both handle And the this have January both year-over-year. demand with to recently, good, year-over-year years. More from and in FX baseline ADR settled grow with up covers The in, F&B

the in and we that's the Of QX Las of Super didn't impacts course, $XX headwind Bowl February, versus here which benefit have Vegas, about EBITDA hosting million XXXX. this year, for a

Excluding of metrics weekend, all Bowl volume up our year-over-year. Super key are

continues When Looking last Wynn for and a limited ADRs over a team coupled beverage bond, we room the remaining chock-full that planned X opening openings including Encore on exit and is the and and once calendar the already and this extremely of CapEx group year, the later even horizon. and again nights the stronger to good. with modest anticipated investments, weeks standard set X renovation of the demand The feels tower with XXXX of on at Las large Vegas relatively setup for further targeted out, other will XXXX has we have booking market, at drivers new the healthy food convention budgeted our the much transient been XXXX books robust. demand in with

payroll generated was Turning in revenue, this to by EBITDA. some Harbor set new a for helps our up incurred were strength property Boston Boston. X%, XXXX. Encore encouraged offsetting business We record shy slot all-time of million the of $XX increases slot particular of just where in union-related handle

property's opened and the the continue some and best We ahead. outlets database grow with of food stabilize recently days the beverage to

year-over-year Boston against has More in revenue in nongaming remained and healthy handle recently, through a tough stable January, led demand growth slot comp. by strong

fourth $XXX We and the Macau. generated XX% quarter, during up about to of down sequentially. year-over-year X% EBITDA Turning million

and on disciplined in While the focus in maximizing continues Macau market profile. we to healthy competitive, be EBITDA margin maintaining a remain our

OpEx should Palace and the science reinvestment digital completed medium data term. Wynn and when more with Wynn coupled capabilities precise of over be with our us Macau, yield and benefits tables the machine efficient rollout throughout which and learning recently to will more We allow

focused Wynn an our CapEx customers. best expansion of the the notably improvements the and most a in area optimizations Macau quarter we at side, On Chairman's made of gaming a Club on number in fourth Macau,

We hall we that will Palace to of soon our believe adding incremental Palace. a be will the variety drive beverage development footfall with destination of offerings a Wynn food opening visitation at and and also Wynn food

continue work concession-related of than direct less also a production design strong occupancy to drop, in and at of VIP More and our We January and was on the on the Year remainder show hotels theater recently, in CapEx, by we center, period New full specific Chinese mass Palace. saw and table advance turnover saw more XXXX. the visitation while event healthy prolonged characterized a approvals concentration days the

the including indicators with drop healthy for turnover volumes the after the XX and In were was beginning in holiday days the period, up, XX, fact, January good. with choppy, handle XXXX volume look in during line period but hold and days slot

million Al hotel floor and in Turning X.X construction and progressing over is of rapidly now steel feet place. to Marjan of Wynn the UAE, XXth with concrete the on in the Island project reaching square work

As we market discussed believe the gaming decades. be in to $X market in billion at our we exciting most UAE over $X our Day billion new October, the industry a time for Investor will and certainly

we Central were into Mayfair, Marjan are and the pleased brand To of a future project presence database that Island entered Wynn doing where London, work we in purchase Aspenols an early our build amount of January but strategic we time. region, the meaningful Al to awareness early agreement in support to announce many small asset spend in and to customers This London. our provides in a this

embedded strategic Lastly, we have gateway land growth long-term banks to capitalize market of markets opportunities cities. an And each attractive well we are in exploring new our actively and positioned new on provide pipeline. additional that in

leverage dividend quarter. repurchases. increase free on additional now that, return to and to our meaningful run through share details cash to With through profile I us of allowing will recurring Meanwhile, the to it some grows, capital improve the shareholders continues turn the as over flow Julie to

Julie Cameron-Doe

little essentially handle impacted XX%. comp million than while generated metrics in year-on-year of EBITDA on Thank EBITDA by you, revenue with EBITDA delivering slot revenues adjusted from Las $XXX.X EBITDA a flat we At quarter, a game Craig. table up of down the of were hold margin volume quarter, property XXXX, during was year-on-year, XX.X%. operating positive, X% an million were $XX and higher-than-normal slightly drop positively Vegas, and more difficult million up the $XX.X in Wynn

per year. The increases was prior The to $X.X OpEx, have Vegas team the in largely of gaming impacting without payroll million tax other excluding the X% benefits to in and the compared day exercise mitigated bulk guest Las our continued discipline quarter, related about and up union experience. the cost strong

of disciplined in $XX.X We year-on-year with to an comp on adjusted cost XX.X%. $XXX.X despite Turning We've property OpEx down per with $X.XX revenue market. cost day stayed million, margin of pressures EBITDA on million, only that generated side, EBITDA very labor million of tough up Boston. of on the X% a year-over-year

union-related cost experience. of team The have the Boston mitigating do of areas payroll guest job also increases a done efficiencies impact with business not the that in great

adjusted revenue, the an little benefited in Our the hold operating resulting of a quarter. million $XX delivered margin over in of in $XXX.X EBITDA quarter. VIP million on Macau in $XXX.X of operations million quarter, the EBITDA XX.X% property EBITDA Higher-than-normal by

continues was and operating great the positioned The year-on-year. drive over tax, has strong QX, we OpEx, staying costs, time. team well $X.XX day excluding grow disciplined remain to approximately as a per X.X% on up million gaming market done job to in leverage

advancing CapEx a currently design, we're the approvals, quarters, number through creating several stages the planning of noted of commitments, few and outcomes of near past the in projects Macau, term. on in and in CapEx potential of terms we as require our a In range approval government wide concession these

commitments projects between such, spend total $XXX As our other to CapEx of million. XXXX and concession-related million we $XXX range expect inclusive in now and

sheet. balance to on Moving the

our liquidity a over $X.X U.S. and strong in of of billion robust cash of $X.X billion comprised very healthy liquidity generating total XXXX availability as strong with revolver adjusted properties our $X.X Our billion of ratio creates in consolidated of with together XX, Macau position each global very at of The with in EBITDA, markets was net billion combination the nearly this globally and position cash property performance cash our just December available $X.X remains Xx. of and leverage

March of returning liquidity XXXX, XX. reduce of end, on that Resorts leverage Our capital Wynn stockholders strong X, record per dividend to to the cash share a free allowed shareholders. To as cash us approved Board flow payable February of and profile while $X.XX to

approximately the quarter, mentioned, shareholders. commitment shares and our million. capital aggregate recurring on share repurchases focus million X.XX cost million together share to Craig during returning continued repurchased year for to X.XX to we buybacks, the $XXX highlight million total for our dividend These shares As also of for bringing $XXX with our an prudently

beverage and enhancements on Finally, to in Las related we CapEx across $XXX the business. maintenance Vegas, primarily approximately Villa concession-related in course spent food normal quarter, the the renovations and million in Macau and

contributed contribution for we to our and of estimate Additionally, interest, We equity bringing is million equity project million the to $XXX.X rata certain Marjan quarter, Wynn loaded to $XXX fully date improvements $XXX $XX on the the million. million share approximately equity remaining Al pro the our required XX% of to fees during total capitalized Island.

Importantly, of group we diverse the a financing recognized the $X.X and finalized UAE this of community financial landmark support the from This for from we billion project a of the for and announced package hospitality history is indicative financing beyond. lenders. of the recently in largest globally broad transaction the project

significant in early support place, our with We're opening now XXXX. on financing for the as milestone grateful path planned project the very a in lenders of have to achieved and the the

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

Operator

Instructions] [Operator

Our first from Carlo Bank. question Santarelli comes Deutsche from

Carlo Santarelli

are that just a, more case, kind if focused from kind Las tailwind Craig, hold, that with back Is of are could to? Vegas. hold? start headwind that's I guess, Julie. adding of question win giving in what XX% rate table this Craig, that But favorable a a when on embedded or like you the I you

Craig Billings

Yes. That's right.

Carlo Santarelli

Okay.

the wondering changes, also mathematical some Clearly, I for my just entirety that whole you bit. nature slightly skews been guess of though north changed kind more I often XXXX has is, at So there's as feels to your X has higher it and XXXX, it seems close And if as been XX%. a was look not. the perhaps of little than though it question percentage years but now, of

achieved. -- to doing number knock by continuing kind of by if by you've at wondering if this down saying we're results So kind of a posted point that I'm

Craig Billings

a that's Well, good question.

You're conservative. right. be pretty tend to We

just I way, just but cash rolling. think VIP in Vegas, Las based on gets that's dropped and in not not also true by tables side Macau at the the that bets,

certainly we will valid I So to points one, continue it look a it. think and at

Carlo Santarelli

Great. obviously, comments on in positive peers very And one last your then January. had Vegas of Las night

line ex comments growth period that EBITDA those on made exception are to Bowl. perspective, January guys that is period? February Super to and the in channels, comments to Bowl through at this of kind is seeing the you it you're with kind of seeing that cost the and February you're positive there's growth, Should Or an some stage? date certain take it you're offset? Or Super top and growth we EBITDA still trying . January in pressures flowing of from You kind seeing of

Craig Billings

right. Yes. in Super my is not January all, Well, Bowl mentioned January, as was comparable. prepared you're good, I first of remarks, and

weekend ago, week Bowl the the the we volume would I we board. it what So all across up say before indicators, of is, day key if you took started, Super a up year-to-year really, were from right, in were

what's Las Vegas here a perspective. what's So to me, that, demand in is happening indicative from of

On the of good you've us expense managing seen the I about pressures. cost side, think pretty be impact

You results XXXX in it healthy can and see margin. the pretty driving

So feel raised, you is than QX Bowl good we about the which the point Super headwind. other

Carlo Santarelli

another X something that terms competitive as your market I are of GGR market whether know could, guys needle you X nature the the anything . extent. look focus it or out XXXX, that it Macau. I environment, terms competitive shares obviously, on, of as and you're win? in that share, you move And just of would to It's remains the seeing on quick -- in the to how then noted in Great. not it's always way competitive to pertains if competitive. market an you remarks X of impacts it kind But And

Craig Billings

No.

correct. there's we correct, about competitive it's every know we've order best EBITDA on. that's competitive what as drive is said it reinvestment will and and as our and And think that like need stable. -- going crazy point, It is times, But anything don't it market, you're we think feel what we the we to I but we've in unusually I margin. we're result Again, down can. as you're a think to EBITDA said -- on many we well. focused day. to it We the basis highly modulate

Operator

go to we'll Kelley of the from of Next, line Sean Bank America.

Shaun Kelley

lot that for around into there's think a about as Craig per kind of or visit market the with Chinese Julie, of out, could and of we we but discussion anything on keeping footfall pretty New during just zoom ask the maybe minute, I macro Macau maybe some good been reflection spend is a Year, questions about side.

especially Can of just bottom you're premium up in just mass. of look the act general look seeing of across and your kind market right of how just us base the give the versus sense you behavior kind health, as you mass now segment,

Craig Billings

of in to New I That's currents stimulus. has the economy. a economy base Sure. that's read. entire base. general, modest because lot cross during fair say the but could our a on the premium The There's fine It's been commentary Chinese There's base customer the that's us Obviously, days for mass, outperform it seen Year. And at market, difficult case. for certainly customers the it's not That's to obviously, think higher us. that and least stronger end mass be premium economy. outperformed the definitely in

Shaun Kelley

a short just maybe then And Great. follow-up.

the unique like You opportunity of prepared more expand of places of remarks full-scale acquisition to could quite bolt-on in there, short mentioned you there look either IR the sort London, kind brand in the that, are a Craig opportunistically development. opportunities

of do of unique. probably business given, that you're just broaden you obviously sort customer again, you it. . do global you London, before. probably I is how in us can know see explored it but that kind unique about haven't out thinking how the because it's very that? for does Just something It's curious I'm

Craig Billings

presence about business. in taken Yes, a part And gateway we're Sure. Island characterized where establishing of together a meaningful you global unique. it at the a world is was well. really acquisition building This Al Wynn think Marjan with I a city when key it

properties world's when XX% X millionaires. home you So an the X.X area put is they're people -- billion to going the to and which X the together, serve of

should Al think in Marjan fact, to the and part So business up Wynn about as really Al Marjan. will report you this a of Wynn

Operator

line John to go we'll Next, the of from DeCree CBRE.

John DeCree

XQ. Congratulations another ask on and volumes customer, to about Las the the quarter successful in I year. the the wanted Vegas gaming gaming in

about were table quite and we a than drop the think handle I slot expecting bit was stronger nicely. up flat

I think as well. that MGM spoke to

more slot of it whole play could, kind So was Just strong was Or get customer customer FX FX across quarter? you curious kind Did slots? if the of the kind stable? that volumes sense slot healthy play seeing was . in maybe that events it volume? really all quarter that Or your of, slots a base? and a drove just of from you good are couple customer of

Craig Billings

in not Yes. in to but of us, offer. market, demand, quarter. the it's for broad-based just again, FX And healthy what the strength was not It It across indicative, particular. was we

John DeCree

topping Wynn X XXXX, ahead, the now been now year. complete Maybe full are but what on about and early financing for target and Obviously, between already it. of should milestones end we think you've might that think Got the is off kind be I speed of Al Marjan. major

here? should Just keep in we our on curious from what . terms eye major of milestones

Craig Billings

Yes.

and You're will understand Wynn the right. UAE folks be that, so and in food the to year. of will that arranging because that Al be point interested of trip, at market. next the of are the happening really end folks market probably beverage, and Dubai when would want all you luxury is buy-side which prevalence likely and the the in things power Topping that with hotels high-value -- actually there, off important time more the general, side the and Marjan of we towards really spending on subsequent the a amazing to this be that And on be in lookout it's amazing sell

because tuned be folks come. we'll stay to out extent to the want So dragging they there

Operator

to David line go from . the of we'll Jefferies. Next, Katz

David Katz

whether your your just would the seriously other to New I if discussion field ask not where . wanted define Can term, Look, you is is I might shotgun. -- still something calling next? of little is itself, turn walk I'm York to consider would think, or a just about Marjan, turn you opportunities there York did obviously starting across longer Al happen that possibility. you right? New attention

Craig Billings

bit sure. left battleship style very Yes, infill that and We're The do potential don't small U.S. right? a we little a big opportunities development. cannibalization there primarily are from generally have unique of gaming. tough The market. -- in you We build market regional is gaming online assets, the

So U.S. tough. the I market regional think is

do So us. what before have we

Marjan. have of And We we in in it's bank new substantial Marjan, days. seen have early banks though, a a particularly in markets, mid-XXXXs, the we've Al very Marjan, we Thailand, in in Al active bank in Macau are land Al land power land the

New here and curse York, York. winners You're very right, then bank we're being in subject have how about New of in we we And Las obviously New in Vegas. land in be but to think we're substantial we active York, won't a very terms disciplined

our do of now. things, is capital perspective, and amazing years only And growth Vegas right once. years why from can perspective, one asked, design have there from aren't years you often that get ahead team, the moving reality development many we frankly, in a within us. Las at So bandwidth that a on so are I and of and

in want like opportunities participate. you ahead, does that timed are there course, out, along are come that that make of then a position move to sure to you're Thailand example, for And

Al market, David, brand-new on of it's a opportunities. now, billion Right a we a focused have very $X you lot $X it's a So yourself, you've research billion we're market, Marjan. have opportunity tremendous It's may seen the for Wynn published us. to and

at focused moment. the very we're where that's So

David Katz

much just just And has do a it talk you and while, positioning timing was about the we land that follow that and And bit wins take sort the for of about puts of And could get I Vegas, I . part Las going? think the sort to up, maybe holdings candidly takes? if land of what of can thinking Understood. been given about would there? how a piece

Craig Billings

years. and capacity right base. is openings our be about to we well. it Yes. from a the it of have course business, timing make has just an execute entire and that to really execute have sure to that that market in X make The can global right? position We for sure over the X And adjacent to now addresses portfolio absorbing the past something we do are years, customer we X think

Wynn cannibalize X.X. obviously ourselves don't to We Las create want to and want don't we Vegas

right. we would you hold. market on could we Marjan and And a focused So land how that is to at we was early is. done opportunity, we we'll what the early that have stay there. market what Again, view we from see need it quite point, And will, say make sure tuned. We've doodles, I our have as very positioning of that on if positioning if because studies Al that Wynn clear would think proceed we this appreciate and are everyone we

Operator

UBS. to Robin go we'll line Farley of Next, the from

Robin Farley

comp Super if can disruption EBITDA any Vegas Encore. know grow don't thinking tough talked at they I on others that. thoughts with I renovation know have some Bowl you have despite the Some you about obviously, in have year. last

on And so that. take . curious maybe that's for not but it, would your how see you

Craig Billings

got what I out, our I seen key late, We've was our transient ADRs. healthy is great sales booking banquet we past look were forward, the very of if absence the incredibly weekend, all X been despite again, flat base X January are over Look, we than here. building in a past volume is, last and which Super of say impossible excluding as the Bowl. at in strong have tough metrics Super days, bookings. mentioned Retail my year-over-year. our restaurant of year booking any of rate comp, up to Bowl we've business room X% an prepared course Sure. in demand the up would on comps higher remarks, again look of And them If over years room of actually, daily

So we the XXXX. where we feel we but setup are don't give about very for guidance, in good

Robin Farley

be And something . Thailand, would you just Thailand? Okay. in entity pursuing then on have specified which

Craig Billings

but We it you listed. can a out the tell Resorts U.S. I of would happen have not, Wynn of subsidiary Limited

Operator

Next, the we'll of Politzer Wells to Dan from go line Fargo.

Daniel Politzer

and Julie. Craig

I Another and it's it was I different fundamentally a I one, accelerating. guess, Craig, it changed, flat do Vegas, handle drop, basically anything? asked X mean has if think months I table on right? relative like way FX to ago, year-over-year relative like or slot guess, to you X seems feel what

there's more you coming conservatism? a Because it more? Is a it of spending like see Or to relative maybe feels back different people kind kind and What are certainly here. customer constructive do base? of tone much prior

Craig Billings

much. think I has tone be changed tone Well, don't don't clear -- think I to our our

trees go thing kind think the been same the saying which things really sky, don't the look I is good. of past we've to for years, X but

we've we've the Vegas really certain been but the in -- this been have our a things market remarks, past my And extent, strengthen goes, X certainly, in of that at mentioned the we've of prepared general. we So outset performing years -- as to market. outperforming go all the done the position we course I to over

really, basis. And this room roof. of under across see that all EBITDA the can per You businesses different sit that's on an that

changed. lot think a has whole don't I So

across in have we results. . demand board, you our great that the I can and think see

Brian Gullbrants

into the and improvements. Craig, games if add side, on We've high-limit the mix sport I leaned we've our could of we've some we actually room. expanded offer material made on We customers, our really services. focused

we're at to a the box I on to much better give floor do. incremental, and would We're the doing improve to what slot on So look building when we team and that you win drive design development. continue what to it and

Craig Billings

That's a good point.

Daniel Politzer

amount even share it. it capital just leverage the of the about allocation, Got the quarter. to at and it there it of I up capital a these terms to repurchases active $XX is quarter quarter, fourth $XX obviously, in maximum through is you levels, is the you then Because threshold you first there And million. obviously, mean, allocate in a turning which in to? at if seems love pretty take would it it you think the liked like, here, at just

Craig Billings

your leverage are EBITDA that's is We lever across what portfolio. publish question because would place is don't we targets levels a very the I I assessment. to fair think of say our new that, in now build portion comfortable the will very, that but last EBITDA leverage

incremental will are relative good, that. rates get fixed the to Our where you stock we going so while and now, going to coupons us will. give all And kittens continue we're we're continue to comfort, to if to would anything? support the do Julie, you add

Julie Cameron-Doe

all. it think covered you I

Operator

. line we'll Stephen from Grambling Stanley. go Next, of the Morgan to

Stephen Grambling

here. follow-ups of couple a Maybe

you Just if It it's the have? and in unlock consider stock whatever the that . options other like place, get upper is don't sounds obviously, bound the kind there but maybe buying response and you is hypothetical that would property, got, value? capacity you Or to are you underlying a not or there alternatives building when other of you've X buyback. on on want stays X

Craig Billings

value back for the a Well, it's the long because we're in back immediate That's not buying up and stock believe term, we're not buying long We're thinking about response. good we're we an term. right? to, market stock what

to question. So your first that's of my response portion the

Propco Wynn in estate while to what as to view sale the multiples of buybacks going it that support and the we many, while we're as suppressed. creation not is value the real a about fact the stock so many with talked of Opco, really continue unlocking believers opposed do times are Marjan value, the . Al and because crystallizes value remain to we We've and before financing transaction of

Stephen Grambling

characterize the then how offset X inflation mitigation operating net on did have other seeing? put wage some the what . are generally sense. may of we've of you Vegas some place OpEx missed comments, but been would Makes XXXX? to And I growth in And in X you expense the factors that

Craig Billings

say, they very river things. that do X not for things mitigation, to as that. It's a X careful make the you, when is or we could X And we're doesn't of feel I nickels. Mitigation XXX different outline or a sure that customer it's

can't X X XXXX, have in or much I we increase more In union costs. a things. modest So to particular related point

the to what comes to that's and but sourcing business. out figure down and And that. that costs, we inflation, and impact really food plan procurement will we upon on on We with happens our some could with manage how save depending how what side, have tariffs, primarily an then and happens input and beverage

I kind hopefully, So manage X X clear damaging of -- brand. without it's or that it's know in to now we . how become the years think OpEx

Operator

Next, line from of the Wieczynski we'll Steve go . Stifel. to

Steven Wieczynski

So on about from day thinking be. kind to I stay we're you're what Can maybe came of can thinking It Macau. in better but an . thinking about us you per think OpEx, of a of structure switch what guessing maybe little OpEx over how Craig, cost where than would it we kind Macau kind help year the standpoint? this if were and for you're

Craig Billings

It's the doing the very cetera, et et day out Vegas. per can past of hand-to-hand But say cetera. nongaming the scheduling, And is staffing, years. of some Yes. Sure. managing impacted be similar previously provide combat couple programming that we guidance. called over OpEx of OpEx Las we've the of have going course that what that been by day-to-day I'm not would OpEx, I to to

it get little of down lumpiness can so But really, bit to And from management. you extremely comes good a quarter-to-quarter.

Steven Wieczynski

about buying you're low projects. real this I quick just XXs, just if about stock wondering And get makes versus balancing ask capital the second question, it, trying call to in little buyback sense. going the thinking Craig, go sense the differently. a how investing let's with can shares versus But back back to that here a question buyback bit today, how new in if I'm you're that for the maybe here and

Craig Billings

a perspective Well, we fortunately, perspective in we're Sure. and from now a do where can leverage both. position liquidity a

know QX We active is of that's us Marjan budget buyback obviously, Wynn -- we perspective. and in where is to extremely out. from budget significant exactly so land, portion the planned, -- And in the market QX saw you Al a a and the going well bought

that Julie liquidity mentioned system-wide we the amount have. of

imagine And time. new we design so, it right, to But have perspective, down if to incremental take really, we that from you might development that so do projects those and take a even comes on.

And so out. the several capital spend for years those is

suppressed, So to much as remain of select look very again number to I the much get to can understand the remarks, back. a multiples buy they're while said drive Wynn we'll prepared while value Marjan, of of against a market in side returns realization where and we until my continues benchmarked And we because . stocks position the -- Al of those, we're and for we that. in buy

Operator

of to the go line from We'll Brandt Montour . Barclays.

Brandt Montour

any quantifying just quarters? and as out Curious work? I sort of Just we'll in on a of you refresh that renovations. thing can a rooms was of the if And the service this Or the flesh Vegas, the be . you of manage Las couple think calling it? timing, do kind is you could sort through out disruption that cadence and of

Craig Billings

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

have capacity, essentially first where -- this it So try do all, the depths disruption. at we being we're taking impact terms in of you anything the and a summer that's we floor of when of above out it do time, the the floors X depth and have below add we potential in the a EBITDA flexibility service? most generally then do it renovated of out in X or in the Brian, do the most to it way to rooms and you X would minimize we

Brian Gullbrants

can. service right it's a launching said, as to the we Craig of . and make be can all impact, floors. to ensure on the minimal at summer of couple XX-month a end at sure anticipating planning the we with floors to guests. there process of just And Now that this a But and possible about multiple try reduce as may of to as we're but our there's much interruption slight fantastic level impact the all

Craig Billings

periods renovation during obvious in being around during when that's floors will cease peak times essentially the we and be very position And the in -- utilize work high of when renovated. run the X and to demand, floor occupancy, we a should

disruption out So specifically. the the not we're disruption, to we going call --

Brandt Montour

curious view fall, super of felt away want understand squishier was -- the year. about But there tone the new maybe that bit post-election, is That's event. gotten better you and hasn't your little sort I ask like sort obviously, been your it have rates. to little maybe little in change you a of tied the the a I Okay. market. out helpful. a that fall and room from And rest room it that to a the the of any question maybe trend there, gotten of . are rates have peers things better bit into I'm the post

commentary of kind as the of any whole market the the last evolution would pricing of the on be power really over helpful. of sort months X But a

Craig Billings

in see to Bowl. you're in keys to Bowl because run XXX,XXX you're in market don't on comment that because decline Super really keys. a are a reported as only Yes. a I would ADR, to whole certainly, going QX, we're charts. that's of say the in QX, off out think The but the our X,XXX going Super absolutely the is position we're of rates I What see

felt pricing Our as good move and to throughout good we power XXXX. continues QX feel into incredibly

Operator

to go from the Chad of we'll Beynon Next, Macquarie. line

Chad Beynon

CapEx think just where us in and up you putting returns the getting fits attention thinking just for long-term Thanks a out about here. is you're direct much Wanted that's how lay at to some Can kind to of that the that maybe out premium the projects terms XX, The of on kind the arrangements deck. investments. the in planning your and further about that strategy concession you in slide Macau, of growth help Slide that into XXXXX financial larger these wondering customer impact. brings much But on how obviously point?

Julie Cameron-Doe

talking that obviously, we with commitment a the take given we've I'll CapEx. out . Page here. years, threshold in that about the of And we're time we the been $X.X the made the putting Chad. made this billion one. for of commitment being Thanks, laid XX with some concession. We've X billion over that next the -- out big And there are XX on hit presentation, we items $X.X we've

internal a the lot on Food which of is to Wynn progress made We've Palace. Destination hall,

of the to repetitive become approval seeking of that's for So larger those things. of for we're use. that I've the land reasons we're that have that X it giving and still us doing my didn't -- a that require those approvals The projects bit seek of in approvals, do CapEx range require those process

much focused, We've we been focused Macau. in brand in here. that very pleased deliberate we're to the projects what within so very how very build identified out on we've Wynn we've with and staying Wynn IP want it We're laid the

drives I'm in with us long-term afraid too consistent the Vegas, said, Like got our And into early that going of proving experience for here visitation successfully and get terms specifics. our meaningful really In long-term ultimately, deployed our -- to completely non-gaming experience be to great still we've our that that strong with ROI, -- to properties. amenities shareholders. elements Vegas, we've drive returns in for additive are nongaming I And these it's really the brand. projects

Craig Billings

Macau, look we'll so if been you at shortly, food historically in at casual more that options. Wynn dining you happening all, here the have been of opening hall on first on will, light, be Palace, what's we If

will that And of believe about so that We and we'll post it it, programming and visitation fits itself. very well. drive innovative, and be be will And the in incremental incremental will it footfall which we talk opening. more somewhat way

that market second entertainment and that resonates think is Macau clear The trend really I the drives share. entertainment in is

of you see some can admittedly, we again, those have our think And I facilities. competitors. among don't

program they incremental they our there aren't in drive among can of able competitors some share. You see Macau market to entertainment, that when

if we concession-related entertainment-centric not we're it time. our so are surprised really see CapEx, look play Vegas at Macau what you candidly in out it executing the this to in see is for we And and because all

talk certainly we incremental given are comfortable So we're revenue to not the with facilities. ROI thesis will about of while drive specific that any these on out prepared we project,

Chad Beynon

their or a during database, small where FX spend pocketbook. as think of have impact any periods they're probably doesn't visitation back then your kind you customers And base, just the them just to thinking given obviously, level prior level it. of about at of customer international your Vegas, thinking in looking a Appreciate impact this on do that or or customers But where your probably will have with breadth wealth wondering, at just not and what's much. Okay. about recently FX just happened changes certain your

Craig Billings

domestic back good looked slots. in year, would if don't go a in No. you our I XXXX, relative of to, Not if at know, nonbotdrop, at done and have go that I you you we to all. backdrop growing that time, business pick And you an back see year fact, job on in in games table incredibly the

we the more And history levered I so less property International we business by been FX, in -- to business, I don't international believe diversified are less impacted ever actually. and of think the than will are we've be but

Operator

Our final question comes Mizuho. from Ben Chaiken from

Benjamin Chaiken

future potentially there very supportive Craig, UAE gaming to your at positioning. head which sure to guess down, of were Wynn which will of months about extent related some are pace the ago, pace were Julie. Al headlines any follow-up on it? color thought you I competitors the on but allocate you then A Marjan. or And X few licenses, I'm guys view the

Craig Billings

be but we good going don't with a ground talked we drop, that And there is any frankly, We've respect second license this Yes. every on believe could I ear license. to what's keep wrong, pretty believe Emirate that avail our will themselves Sure. for potential the intelligence. deals calls. have prior actually. as about on, we don't a even of We means, to by

and And fact an minimum about build opening a X resort. at we're takes think design of March that fact think just it so the the in to if about integrated you you that years XXXX,

the can a lot You a healthy going our regional you actually And lead. database sticky industry, in to to a lot and market, to first new that weather very entrant. we're getting there's look markets imagine being able of of U.S. very, precedent around a in have if

would a assuming Marjan, we believe in Wynn think if for in that because be it provided there industry. a property projections effect, I Al the provided that again, all believe property second the -- that we the for good we don't be fuse we and second fact, was Beyond would we and clustering that,

But we don't that second potential sight as on of of now, license. line see

Benjamin Chaiken

but come existing And you helpful. Appreciate pay think trying a think I'm back, opportunity. to guess degree how acquisition sure some dig also important of to hotel to they do and do stepping the and an is is a I'm just distribution is new marketing gambler mean then if customer you I little for this someone and about further, sense wants Obviously, very in you who it. the telling, most or build you how the cohorts? London will That's -- it the of But if just get it, given scenario. may I who property. experiences to gamble a how about think

Craig Billings

behavior. out supply only of demand and had are to demand. you and question. have. to an when be out my of what when is really summarize And really But good a of and supply really, supply supply how balance, simple guess demand a globally survive. I way gaming is be balance operator, demand, Gaming time other is I the It's And human much if a good the are would it's it, and strongest fundamental would Yes. than say question I this, response really

And of of really very the is what incredibly and business, setup that it's on we component being casino us, beneficial planet the have half so very, for the having for us bullish. the resort makes the integrated only this

and second hotel is propensity luxury the Emirates on food is the spend The extremely say beverage, would and in high. thing to I that on

in we can drive than we material Day, that you produced will And be firmly see we we the more be business Macau, nongaming numbers will to our Investor that as from -- believe akin where this revenues. it at will so Vegas

the would market opened we by today, I this think the million inbound few amenities. in pieces, thing folks it point call X visitation for really last year, per The you a with of is that relatively say in X has can cohorts property

already going large trip we out that expect would a single coming. I those a are so folks to portion of And get that of are at least

The globally, gaming Dubai including who those second extremely and and an the particularly bustling, customers, cohort bread third travelers, I really per high the be know. in capita. butter. a customer very And in cohort GDP we kind customer incredibly should our anybody who acquisition is sophisticated luxury place of with high-value that's we London, did high-value with live destination mean a would as are anybody

folks and bring And so them attract our our odds. those Wynn to like ability to Marjan, Al I

Julie Cameron-Doe

Well, talking results, be thank of your We you the forward to the conclusion quarter. everybody, to and will interest call. for in our that you, next look QX earnings

Operator

Earnings Thank Wynn you for Resorts in your day. wonderful rest Call. time, all the XXXX Fourth have participating today's That of and Quarter concludes Please a conference. this at disconnect

Wynn Resorts, Limited (WYNN) 13 Feb 252024 Q4 Earnings call transcript