Q1 2025 Wynn Resorts Ltd Earnings Call

May 6, 2025

Question Press Star one on your Touchtone phone record your name and I will introduce you.

Please limit yourself to one question and one follow up question.

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.

Speaker Change: Thank you operator, and good afternoon, everyone on the call with me today are Craig Billings, Bryan Goldberg and jetty holiday in Las Vegas.

So on the line of Linda Chen and Frederick literacy too.

Craig Billings: So we've got plenty of development opportunities. We would only look at Japan if the set-up worked. That's helpful, Craig. I appreciate the insight on that one. And then maybe an easy one. Not sure to the extent inflation or construction cost inflation kind of overflows outside of the U.S., but do you see any risk in global construction costs at the UAE? I think your contract there, even in Macau, any potential cost increases on CapEx that you've seen? to quite the opposite. Well, two things. One, where we have a substantial portion of the UAE already bought out.

Speaker Change: Please note that we've published a presentation to provide more color on the company and recent performance ahead of this call you can find the presentation on our newly relaunched Investor Relations website.

Craig Billings: We would only look at Japan if the setup was right.

We would only look at Japan if the setup was right.

John DeCree: That's helpful, Craig. I appreciate the insight on that one. And then maybe an easy one. Not sure to the extent inflation or construction cost inflation kind of overflows outside of the US, but do you see any risk in global construction costs at the UAE? I think you're contracted there, or even in Macau, any potential cost increases on CapEx that you've seen?

Speaker Change: I want to remind you that we may make forward looking statements under safe Harbor Federal Securities Law, and those statements may or may not come true I will now turn the call over to Craig billings. Thanks Sue.

Craig Billings: Good afternoon, and as always thank you for joining us before we get into the quarter I wanted to take a moment to recognize a very significant milestone.

Last month I was pleased to join nearly seven 700 of our day, one Wynn Las Vegas employees in celebration of the 20th anniversary of our iconic Las Vegas resorts.

Craig Billings: Quite the opposite. Well, two things. One, we have a substantial portion of the UAE already bought out. So we have very, very strong budget certainty in the UAE. Elsewhere, it's more on the FF&E on the furniture, fixtures, and equipment side. You have vendors out there that have lost a lot of customers. And so you see opportunities actually from a cost savings perspective. I can't quantify that into any of the projects that we're executing right now because it's too early, frankly, with where we are in the process in Macau. And again, we're pretty much bought out in the UAE. But no, I don't see any spillover effects outside of the US.

Craig Billings: So we have very, very strong budget certainty in the UAE. Elsewhere, you really, it's more on the FF&E, on the furniture, fixtures, and equipment side. You have vendors out there that have lost a lot of customers. And so you see, you see opportunities actually from a cost savings perspective. I can't quantify that into any of the projects that we're that we're executing right now because it's too early, frankly, with where we are in the process in Macau. And again, we're pretty much bought out in the UAE. But no, I don't see any spillover effects out Great.

Craig Billings: I want to take a moment to express my gratitude to each and every one of our team members, including those 1700 folks who have been with us in Vegas since the beginning.

Craig Billings: This anniversary was attribute to the dedication passion and hard work that so many have demonstrated over the years to build the strength of our business today.

Craig Billings: <unk> that is delivering near record results with a significant property opening now less than two years away.

Craig Billings: I also want to acknowledge the significant contributions of Elaine Wynn.

Speaker Change: To both our business and the broader Las Vegas community, Alain who care. So deeply about our employees was truly one of a kind and will be missed by many.

Speaker Change: Turning to the business I'd like to address upfront the potential impact of tariffs on our business.

John DeCree: Great. Thanks, Craig. Appreciate the help.

Craig Billings: Thanks, Craig. I appreciate the help. Thank you.

Craig Billings: Sure.

Craig Billings: Thank you. Brant Montour with Barclays. You may go ahead.

Operator: Thank you. Brant Montour with Barclays. You may go ahead.

Brandt Montour: Brandt Montour with Barclays. He may go ahead. Good afternoon or good evening, everybody. Thanks for taking my question. So I just want to clarify on the CapEx announcement today on the call with $375 million to spend. The DEX that you put up, it doesn't look like there's much difference for the Encore Tower shifting. I'm just hoping you could clarify that. And then specifically for the Encore Tower, I don't think you were expecting much disruption in the year. And so I guess we should sit here and think that there's not much benefit of pausing it for operational considerations.

Speaker Change: We expect the direct impact of tariffs on opex to be low and entirely manageable with most of the impact in the U S stemming from food and beverage where we are actively working through alternative sourcing for the most impactful items.

John DeCree: Good afternoon or good evening, everybody. Thanks for taking my question. So I just want to clarify on the CapEx announcement today on the call with $375 million to spend. The decks that you put up, it doesn't look like there's much difference for the Encore Tower shifting. I'm just hoping you could clarify that. And then specifically for the Encore Tower, I don't think you were expecting much disruption in the year. And so I guess we should sit here and think that there's not much benefit of pausing it for operational considerations. But how are you thinking about how that'll affect the '25 P&L?

Brant Montour: Good afternoon or good evening, everybody. Thanks for taking my question. So I just want to clarify on the CapEx announcement today on the call with $375 million to spend. The decks that you put up, it doesn't look like there's much difference for the Encore Tower shifting. I'm just hoping you could clarify that. And then specifically for the Encore Tower, I don't think you were expecting much disruption in the year. And so I guess we should sit here and think that there's not much benefit of pausing it for operational considerations. But how are you thinking about how that'll affect the '25 P&L?

Speaker Change: Capex, However is a different story.

Speaker Change: We had a number of capex projects in flight in the U S and while we have sourced for those projects presuming some tariff impact the current tariff rates have driven us to delay about $375 million of Capex projects.

Speaker Change: <unk> the encore tower remodel.

Speaker Change: Once tariff rates have settled we will thoroughly respect and resource the most severely affected items.

Brian Gullbrants: But how are you thinking about how that will affect the 25 P&L?

Speaker Change: While we are staying nimble the pace of change at the moment is just too significant to commit to revised timing on that capex.

Brian Gullbrants: Thanks for that Brian. If you look carefully at page 19 in the presentation, we did keep everything as is, but there's a footnote calling out the $375 million delay. The reason for that, and we debated how to present it, was really because as Craig said, we can't actually come up with the accurate timing of when that's going to happen, so we don't want anyone to think we are cancelling it because we're absolutely not. We're fully focused on getting it done. We just have to do the work now to figure out once tariffs settle down, how can we respec and re-scope and then re-schedule and re-time how we're going to do it.

Julie Cameron-Doe: Sure. Thanks for that, Brian. Yeah. If you look carefully at page, I think it's page 19 in the presentation, we did keep everything as is. But there's a footnote calling out the $375 million delay. The reason for that, and we debated how to present it, was really because, as Craig said, we can't actually come up with the accurate timing of when that's going to happen. So we don't want anyone to think we are canceling it because we're absolutely not. We're fully focused on getting it done. We just have to do the work now to figure out once tariffs settle down, how can we respect and rescope, and then reschedule and retime how we're going to do it. So it's still in the CapEx forecast because it's going to happen at some point. It's just we can't be clear on the timing, so we just footnoted it.

Speaker Change: Turning to the potential indirect impacts there's been plenty of recent research on the potential impact of tariffs on growth and while we are certainly better insulated than some given our more resilient affluent customer base. There is obviously uncertainty out there.

Speaker Change: So far however, our businesses in Vegas, and Macau are holding up quite well.

Speaker Change: In Vegas April Revpar was up slightly from 2024 slot handle was up and group activity was as expected.

Speaker Change: So the business through April felt pretty good and.

Brian Gullbrants: It's still in the CAFX forecast because it's going to happen at some point, it's just we can't be clear on the timing, so we just footnoted it. Figuring out the revised timing is not trivial because when we respec pieces, particularly furniture and fixtures, it's not like we're flipping through a catalog. We're getting samples created, we're SIT testing those, we're beating those up, we're getting feedback from operations on the finishes, we're giving comments back to the vendor. This is a process that takes a lot of time. So to the extent that we respect a single piece of furniture, we're delayed by X number of months.

And the visibility we have into forward demand, which is primarily to our group and convention business also looks just fine.

Craig Billings: Figuring out the revised timing is not trivial because when we respec pieces, particularly furniture and fixtures, it's not like we're flipping through a catalog, right? We're getting samples created. We're sit testing those. We're beating those up. We're getting feedback from operations, from the finishes. We're giving comments back to the vendor. This is a process that takes a lot of time. So to the extent that we respec a single piece of furniture, we're delayed by X number of months. There's just nothing we can do about that. So as Julie said, once we have certainty on sourcing and once we have certainty on what the tariffs will be from the country of origin on those sources, then we'll recommence. But we just don't know when that is right now. Right now, we're selling all the rooms in Encore through end of this year, Brian?

Speaker Change: Of course, the booking window and other channels is much shorter and shorter than group and so we're watching those channels carefully.

In Macao mass drop in April was in line with 2024 and direct VIP turnover was up nicely.

Speaker Change: <unk> week, which just ended saw mass drop up from last year and full occupancy in the hotels.

Speaker Change: But again the booking window, there sure and we are watching customer activity day to day.

Speaker Change: Long story short recent results have been good but we have to acknowledge the uncertainty out there and the impact that uncertainty may have on demand.

Brian Gullbrants: There's just nothing we can do about that. So as Julie said, once we have certainty on sourcing, and once we have certainty on what the tariffs will be from the country of origin on those sources, then we'll recommence. We just don't know when that is right now. Right now we're selling all the rooms in Encore through end of this year, Brian? Correct. End of this year. And so if we move out another couple months, then we'll start selling through the end of Q1. But we'll do the CapEx eventually.

Speaker Change: As always we have a playbook ready for every scenario.

Speaker Change: So with that let's turn to the quarter.

Speaker Change: We were pleased to deliver another solid quarter of EBITDA here in Las Vegas on an impossible comp against the 2020 for Super Bowl.

Speaker Change: On last quarter's call, we called out a $25 million headwind to EBITDA and we did a bit better than that as we were only down about $11 million when adjusting for hold in both periods.

John DeCree: Correct.

Brian Gullbrants: Correct.

Craig Billings: End of this year. So if we move out another couple of months, then we'll start selling through the end of Q1. But we'll do the CapEx eventually.

Speaker Change: Demand remained healthy in the quarter with a 4% increase in total casino revenues, even without the Super Bowl in 2025.

Brian Gullbrants: Okay, that's really helpful.

John DeCree: Okay. That's really helpful. And then a follow-up on Macau. Julie, I think you said that the OpEx ex tax per day was flat year over year. I know you also opened up the food hall at the palace. And just sort of curious how you were able to keep OpEx per day flat with that opening. And then also if you could give us a sense of how that should trend throughout the year with, I know that you guys have more concession agreement-related stuff, but you're waiting on approval. So any other thoughts on the progression of the year on OpEx per day would be helpful.

Brant Montour: Okay. That's really helpful. And then a follow-up on Macau. Julie, I think you said that the OpEx ex tax per day was flat year over year. I know you also opened up the food hall at the palace. And just sort of curious how you were able to keep OpEx per day flat with that opening. And then also if you could give us a sense of how that should trend throughout the year with, I know that you guys have more concession agreement-related stuff, but you're waiting on approval. So any other thoughts on the progression of the year on OpEx per day would be helpful.

Speaker Change: Our slot business continues to be a bright spot as the investments we have made in our premium slot areas and and the team has helped maintain our premium positioning.

In fact, if you remove Super Bowl weekend from the prior year quarter, we were up across the board drop Kendall Revpar non gaming revenues and EBITDA all up year over year.

Julie Cameron: And then also, you know, if you could give us a sense of how, you know, that should trend throughout the year with I know that you guys have more concession agreement related stuff, but you're waiting on approval. So any other thoughts on the progression of the year on OPEX per day would be?

Speaker Change: Turning to Boston Encore, Boston Harbor generated $57 million of EBITDAR.

Speaker Change: Slot volumes continue to hold up well with slot went up about 3%.

Julie Cameron: Sure, thanks for that. We opened the Gourmet Food Pavilion just about a week ago so it wasn't included in the quarter. We've managed OPEX very, very carefully though. We've been very focused on how we can drive economies elsewhere so that we can seek to neutralise the impact of the additional cost associated with that. So we're working on that and as a result as we look out where OPEX is going to land throughout the remainder of the year, it's in the right zone where it is. And I would just add to that, you know, if the team who's on the call is doing their job right, we're generating incremental revenue out of the footfall that we get out of that facility.

Julie Cameron-Doe: Sure. Thanks for that. We opened the Gourmet Pavilion just about a week ago. So it wasn't included in the quarter. We've managed OpEx very, very carefully, though. We've been very focused on how we can drive economies elsewhere so that we can seek to neutralize the impact of the additional cost associated with that. So we're working on that. And as a result, as we look out where OpEx is going to land throughout the remainder of the year, it's in the right zone where it is right now.

Speaker Change: More recently demand in Boston has remained healthy through April would drop and handle flat to last year.

Speaker Change: In Macau other than hold the business in Q1 felt very good.

Speaker Change: <unk> generated $252 million in EBITDA with poor VIP hold costing us nearly $40 million of EBITDA.

Speaker Change: We saw healthy volumes in the quarter with turnover up 31% in mass drop up a point both sequentially.

Speaker Change: Adjusted for VIP hold we grew market share sequentially and improved EBITDA margins from Q4 to Q1.

Speaker Change: While the market in Macau continues to be highly competitive we remain disciplined in our focus on maximizing EBITDA and generating a healthy margin profile.

John DeCree: Great.

Brant Montour: Great.

Craig Billings: I would just add to that. The team who's on the call is doing their job right. We're generating incremental revenue out of the footfall that we get out of that facility. So sure, we pick up a couple hundred FTEs. We can manage that. We can manage that pretty easily relative to the total employee base. But we should be driving incremental EBITDA out of that. That's really the approach with each of the concession-related commitments that we made. Now, the margin profile on those concession commitments. We need to focus on that and drive that.

Speaker Change: We were also pleased to recently opened the Gourmet Pavilion food Hall at Wynn Palace, and exciting new amenity for us, which is already driving visitation and eliciting enthusiasm from our customers in.

Julie Cameron: So sure, we pick up a couple hundred FTEs, we can manage that pretty easily relative to the total employee base, but we should be driving incremental EBITDA out of that. And that's really the approach with each of the concession-related commitments that we need. Now, the margin profile on those concession commitments, we need to focus on that and drive that, but if we have 2,400 incremental covers that we're doing in Wynn Palace every It's a pretty trivial amount of conversion to the gaming floor that we need out of those incremental visitors in order to drive, even doubt it more than fates, the OPEX coming out of the food hall.

Speaker Change: In fact since opening the gourmet pavilion, we've seen about 2400 incremental daily restaurant covers at Wynn Palace, the strong indicator of additional visitation to the property.

Speaker Change: Turning to win all Marcia on islands construction is now up to the 47th floor of the tower and we will top out later this year.

Craig Billings: But if we have 2,400 incremental covers that we're doing in Wynn Palace every day, it's a pretty trivial amount of conversion to the gaming floor that we need out of those incremental visitors in order to drive EBITDA that more than fades the OpEx coming out of the food hall itself.

But if we have 2,400 incremental covers that we're doing in Wynn Palace every day, it's a pretty trivial amount of conversion to the gaming floor that we need out of those incremental visitors in order to drive EBITDA that more than fades the OpEx coming out of the food hall itself.

Speaker Change: We will soon be commencing with the fit out of interiors and portions of the building and we're also now sculpting the elaborate beachside pool scheme.

Speaker Change: We remain on track for our targeted opening date, and we believe the property will be well positioned as the only integrated resort to open in the near term into what several analysts have predicted will be a five plus billion dollar <unk> market.

Julie Cameron: makes sense.

John DeCree: Makes sense. Thanks, everyone.

Brant Montour: Makes sense. Thanks, everyone.

Julie Cameron: Thanks, everyone.

Speaker Change: We think this is the most compelling development opportunity in the industry right now.

Operator: Thank you.

Craig Billings: Thank you. Ben Chaiken from Mizuho, you may go ahead.

Operator: Thank you. Ben Chaiken from Mizuho, you may go ahead.

Ben Chaiken: Ben Chaiken from Mizzou. You may go ahead. You either took really good notes or have a great memory. Those are in fact the three cohorts that we would focus on. I don't rank order them because each of them is incredibly important. You can think of those markets... You can think of them slightly differently, so you know in Las Vegas as an example, 25,000 people a day come through Wynn Las Vegas, but only 10,000 of them are lodgers. and the rest of them are coming from adjacent properties and from the Las Vegas Strip. That's very akin to the first group that you mentioned and that's about having sufficient amenity.

Speaker Change: Our future is bright and as I mentioned last quarter, while our stock price continues to inappropriate we reflect the value of our assets, we will buy back stock.

Ben Chaiken: Hey, thanks for taking my question. Regarding Wynn Al Marjan Island, I think in the past we've talked about some of the different player cohorts in three buckets. Number one, inbound to Ras Al Khaimah. Number two, those living in Dubai. And then number three, destination luxury customers. Understanding this is a brand new asset, how would you rank order those in terms of opportunity as you see it? And then anything you can share regarding the expected demand or magnitude of the second bucket, those living in Dubai. Thanks.

Speaker Change: To that end, we purchased $200 million of stock in the first quarter and another $100 million thus far in Q2.

Julie: With that I will now turn it back to Julie to run through some additional details on the quarter. Thank.

Thank you Craig.

Julie: Wynn Las Vegas, we generated $223 4 million and adjusted property EBITDA on $625 $3 million of operating revenue during the quarter delivering an EBITDA margin of 35, 7% removing the Super Bowl weekend from each quarter revenue and EBITDA were up five 4%.

Craig Billings: Right. Peter, took really good notes. You have a great memory. Those are, in fact, the three cohorts that we would focus on. I don't rank order them because each of them is incredibly important. You can think of those markets. You can think of them slightly differently. So in Las Vegas, as an example, 25,000 people a day come through Wynn Las Vegas, but only 10,000 of them are lodgers. The rest of them are coming from adjacent properties, and from the Las Vegas Strip. That's very akin to the first group that you mentioned. That's about having sufficient amenities to really get one of their four days in Ras Al Khaimah on property. The second bucket is a lot like a local's market.

Julie: And two 7% respectively.

Julie: Opex, excluding gaming tax per day, with $4 3 million in the quarter up four 1% compared to the prior year due to normal wage inflation from our union and nonunion areas and a prior year recovery of bad debt.

Julie: The team in Las Vegas continues to exercise strong cost discipline and have been able to mitigate the majority of recent payroll related increases without impacting the guest experience.

Craig Billings: to really get one of their four days in Rassaheima on property.

Julie: Turning to Boston, we generated adjusted property EBITDA of $57 5 million on revenue of $209 $2 million with an EBITDA margin of 27, 5%.

Craig Billings: The second bucket is a lot like a locals market, and so you can think of that very similar to the wonderful business that we have in Boston. where you're dealing with people that are within a certain driving range and you market to those folks in a very specific way, you use food and beverage in a very specific way.

Craig Billings: And so you can think of that very similar to the wonderful business that we have in Boston, where you're dealing with people that are within a certain driving range, and you market to those folks in a very specific way. You use food and beverage in a very specific way. And the third bucket is really the vast majority of our lodger business here in Las Vegas, which is a fly-to market as opposed to a locals market. So from an EBITDA perspective, each one of them is important. And from a vibe, aesthetic, and customer experience perspective, each one of them is important. And they each play a role in the programming that we have put into that building.

And so you can think of that very similar to the wonderful business that we have in Boston, where you're dealing with people that are within a certain driving range, and you market to those folks in a very specific way. You use food and beverage in a very specific way. And the third bucket is really the vast majority of our lodger business here in Las Vegas, which is a fly-to market as opposed to a locals market. So from an EBITDA perspective, each one of them is important. And from a vibe, aesthetic, and customer experience perspective, each one of them is important. And they each play a role in the programming that we have put into that building.

Julie: Prior year EBITDA benefits of $2 million from a one time credit to Opex. In addition to about $3 million of high homes.

Craig Billings: And the third bucket is really the vast majority of our larger business here in Las Vegas, which is a fly-to market as opposed to a local market. So. From an EBIDTA perspective, each one of them... and from a a vibe and aesthetic and customer experience perspective, each one of them is important and they each play a role in the programming that we have put in. Thanks. Appreciate it.

Julie: We stay very disciplined on the cost side with Opex per day of $1, one 8 million.

Julie: Just 1% from Q1 'twenty four despite continued labor cost pressures in that market. The Boston team has continued to do a great job of mitigating union related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience.

Julie: On the calibration delivered adjusted property EBITDA of $252 1 million in the quarter on $865 9 million operating revenue, resulting in an EBITDA margin of 29, 1% in the quarter.

John DeCree: Thanks. Appreciate it.

Ben Chaiken: Thanks. Appreciate it.

Craig Billings: Sure.

Chad Beynon: Thank you Chad Beynon with Macquarie you may go ahead Good afternoon. Thanks for taking my question. I wanted to ask a two-parter on a few of the non-gaming related items in Las Vegas. Julie, I think you mentioned at the beginning of that OPEX should increase on food and beverage. First question, is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat? And then my second question is around the retail business. Not sure if you've seen any impact in terms of the high-end handbags and watches at your stores.

Craig Billings: Thank you. Chad Beynon with Macquarie. You may go ahead, sir.

Chad Beynon: Good afternoon. Thanks for taking my question. Wanted to ask a two-parter on a few of the non-gaming-related items in Las Vegas. Julie, I think you mentioned at the beginning that OpEx should increase on food and beverage. First question, is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat? And then my second question is around the retail business. Not sure if you've seen any impact in terms of the high-end handbags and watches at your stores. And can you just kind of remind us if it's roughly an 80/20 base versus turnover on that business? Thank you.

Julie: Lower than normal VIP hold impacted EBITDA by a little over $38 million in the quarter.

Opex, excluding gaming tax was approximately $2 6 million per day in Q1 flat year on year.

Julie: The team has done a great job in staying disciplined on cost and we remain well positioned to drive strong operating leverage as the market continues to grow over time.

Julie: In terms of Capex in Macau, We recently opened the gourmet Sicilian at Wynn Palace as Craig mentioned and we're currently advancing through the design planning and approval stages on several of our larger concession commitments as we noted the past few quarters.

Julie Cameron: And can you just kind of remind us if it's roughly an 80-20 base versus turnover on that business? Thank you.

Julie: These projects require a number of government approvals, creating a wide range of potential capex outcomes in the near term as such we expect total capex spend in 2025 inclusive of a concession related commitments and other projects to range between $250 million to $300 million.

Julie Cameron: Sure, I'll take each one of those. So first... I may have, perhaps I misspoke in my prepared remarks. What I said in my prepared remarks is that we don't expect tariff impact on OPEX. I think that was the genesis of your question on food and beverage. Yep. Okay. Sorry about that. Thank you. That's okay. We don't expect any impact because it's really a sourcing question. Now, are there certain things that you can only get from certain places? Absolutely. But the vast majority of things that would be most impactful, we can resource and we're already we're already on it now.

Craig Billings: Sure. I'll take each one of those. So first, I may have perhaps misspoke in my prepared remarks. What I'd said in my prepared remarks is that we don't expect tariff impact on OpEx. I think that was the genesis of your question on food and beverage.

Julie: Moving on to the balance sheet, our liquidity position remains very strong with global cash and revolver availability of $3 2 billion as of March 31.

Chad Beynon: Yep. Okay. Sorry about that. Thank you.

Craig Billings: That's okay. We don't expect an impact because that's really a sourcing question. Now, are there certain things that you can only get from certain places? Absolutely. But the vast majority of things that would be most impactful, we can resource, and we're already on it now. So we don't expect much there. In terms of retail, you can see the Q1 numbers. You can see in our press release where you can see everything else. Retail was essentially flat year over year, and that's coming off an absolutely incredible comp. So nothing really, and frankly, coming off a prior year that had Super Bowl in it, which was obviously a giant retail number. So nothing of note in retail to talk about. And lease terms vary not all over the place, but they vary a decent amount between base rent and percentage of turnover.

Julie: This was comprised of $1 $8 billion at total cash and available liquidity in Macau and $1 $3 billion in the U S.

Julie Cameron: So we don't expect much there. In terms of retail, you can see, you can see the Q1 numbers you can see in our press release where you can see everything else, retail was essentially flat year over year and that's coming off an absolutely incredible comp. So nothing really, and frankly coming off a prior year that had Super Bowl, Super Bowl in it, which is a... which was obviously a giant retail number. So nothing of note in retail to talk about. And lease terms vary. Not all over the place, but there's a very decent amount between base rent and percentage of turnover, so there's not a lot that you can infer from our lease revenues about the gross value.

Julie: The combination of strong performance in each of our markets globally with our properties generating nearly $2 3 billion.

Julie: LTM adjusted property EBITDA together with a robust cash position creates a very healthy consolidated net leverage ratio of just over four three times.

Julie: Our strong free cash flow and liquidity profile also allows us to continue returning capital to shareholders in both Macau and either.

Julie: To that end the Wynn Macau Board recently announced it is recommended to shareholders an increase in the final dividend for 2000 $24 million to $125 million up from $50 million in the previous period subject to shareholders' approval at the upcoming annual general meeting on May 23rd.

Craig Billings: There's not a lot that you can infer from our lease revenues about the gross value of goods.

There's not a lot that you can infer from our lease revenues about the gross value of goods.

Julie: In addition, the Wynn resorts Board has approved a cash dividend of <unk> 25 per share payable on May 31, 2025 to stockholders of record as of May 16th.

Julie Cameron: Okay. And just to be clear, yeah, my question was kind of going forward on a tariff impact on the pricing of some of those items in the store. So you're not, you haven't seen anything thus far in terms of price increases or hearing potential increases from your tenants in April or for the outlook? We have not. I think that's going to come down to retailer by retailer. And those are really, at the end of the day, their decisions. I mean, we're just, we're the landlord effectively, and we do a great job managing our real estate, but we're not in there, obviously.

Chad Beynon: Okay. And just to be clear, yeah, my question was kind of going forward on a tariff impact on the pricing of some of those items in the store. So you haven't seen anything thus far in terms of price increases or hearing potential increases from your tenants in April or for the outlook?

Julie: During the quarter, we repurchased $2 three 6 million shares for approximately $200 million and an additional $100 million. So far in Q2 25.

Julie: Share buybacks together with our recurring dividend highlights I'll focus on and continued commitment to prudently returning capital to shareholders.

Craig Billings: We have not. I think that's going to come down to retailer by retailer. And those are really, at the end of the day, their decisions. I mean, we're the landlord, effectively, and we do a great job managing our real estate, but we're not in there, obviously, making pricing decisions with them.

Julie: In terms of Capex, we spent approximately $160 million on capex in the quarter, primarily related to the below renovations and food and beverage enhancements in Las Vegas.

Chad Beynon: Great. Thank you very much.

Chad Beynon: Thank you very much. Sure. Thanks Chad.

Craig Billings: Sure.

Julie Cameron-Doe: Thanks, Chad. Operator, the next question will be the last one. Thanks.

Operator: Operator, the next question will be the last one, thanks. Thank you.

Julie: Concession related Capex in Macau.

Julie: Normal course maintenance across the business. Additionally, we contributed $51 $2 million of equity to the win all Northern Island project during the quarter, bringing our total equity contribution to date to $682 9 million.

Craig Billings: Thank you. And our final question comes from Joe Stauff with Susquehanna. You may go ahead, sir.

Operator: Thank you. And our final question comes from Joe Stauff with Susquehanna. You may go ahead, sir.

Joseph Escuena: And our final question comes from Joseph Escuena.

Joseph Escuena: You may go ahead, sir. Thank you.

Joe Stauff: Thank you. Two quick questions, please, if I could, on Macau. Craig, I was just curious maybe on your observations on the competitive environment in Macau, Cotai in particular, and whether or not you are seeing any impact from, say, the new hotel product recently launched from some of your competitors?

Craig Billings: Two quick questions, please, if I could, on Macau. Craig, I was just curious, maybe, on your observations on the competitive environment, you know, in Macau, in Cotai in particular, and whether or not, you know, you are seeing any impact from, say, the new hotel product recently launched from some of your competitors. Sure, thanks for the question. On the first one, I'll really reference back a bit to how I responded to David. It's a very competitive market. I think you've heard that from a number of our peers. As I said earlier, that competition manifests itself in many, many ways.

Julie: During the quarter, we started drawing on the construction loan with the drawn amount to date of $278 million.

Julie: We estimate our remaining 40% pro rata share of the required equity is approximately $650 million to $725 million.

Craig Billings: Sure. Thanks for the question. On the first one, I'll really reference back a bit to how I responded to David. It's a very competitive market. I think you've heard that from a number of our peers. As I said earlier, that competition manifests itself in many, many ways. The promotional environment is actually quite stable, but it's day-to-day hand-to-hand combat in order to be competitive in that market. And I think that's true for everyone. On the hotel product side, we continue to run full. We continue to have market share that we're very proud of. We are incredibly proud of the state of our assets. We keep them in tip-top shape, and we continue to run the best service levels in the market. So you're right. There is incremental product coming to market. That is absolutely the case.

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

Julie: Thank you.

Julie: You ask a question press star one on your Touchtone phone and meet your following record your name clearly after the prompt and I will introduce you for your question. Please limit yourself to one question and one follow up question to withdraw your question Press Star two our first question comes from Carlo Santarelli with Deutsche Bank.

Craig Billings: The promotional environment is actually quite stable, but it's day-to-day, hand-to-hand combat in order to be competitive in that market. And I think that's true for everyone. On the hotel product side, we continue to run full. We continue to have market share that we're very proud of. We are incredibly proud of the state of our assets. We keep them in tip-top shape, and we continue to run the best service levels in the market. So, you're right, there is incremental product coming to market. That is absolutely the case. We, too, have been innovating with CapEx, not on the room side, but in other amenities, as we've talked about pretty extensively on this call.

Speaker Change: Go ahead Sir.

Speaker Change: Hey, Craig Julie everyone.

Speaker Change: Maybe this is for Craig I know that.

Speaker Change: Way that we see promos discounts.

Speaker Change: Las Vegas is different than maybe the way that you guys think about them or see them, but it does look like in the first quarter that came down fairly poorly both as a relative to <unk>.

Craig Billings: We, too, have been innovating with CapEx, not on the room side, but in other amenities, as we've talked about pretty extensively on this call. I like our ability to be competitive there.

Speaker Change: Okay.

Speaker Change: On a dollar basis.

Speaker Change: And any change there or it's just a lot of what we're seeing is the Super Bowl comparison.

Craig Billings: And I like our ability to be competitive.

Speaker Change: Some of that savings is coming through just from from that weekend alone.

Chad Beynon: Thank you.

Craig Billings: Thank you.

Craig Billings: Sure.

Sure Carlos.

Speaker Change: Those numbers are going to correlate very strongly with ADR.

Julie Cameron-Doe: Okay. Well, thank you, operator, and thank you to all the participants on the call. We appreciate your interest in Wynn Resorts, and we look forward to talking to you again next quarter.

Julie Cameron: Okay, well thank you operator and thank you to all the participants on the call. We appreciate your interest in Wynn Resorts and we look forward to talking to you again next quarter.

Speaker Change: A significant component of of our.

Speaker Change: <unk> is in the form of rooms.

Speaker Change: So your presumption that it relates to Super Bowl is correct, because our adr's over Super Bowl, where even more off the charts than they are.

Operator: Thank you for participating on today's conference call, you may now disconnect.

Craig Billings: Thank you for participating on today's conference call. You may now disconnect.

Operator: Thank you for participating on today's conference call. You may now disconnect.

Speaker Change: Ordinarily.

Speaker Change: Okay, Great and then Joe you talked about kind of the contributions and where things stand as of today.

Speaker Change: How should we think about the cadence of kind of that remaining $650 to $7 25.

Joe: Yeah. Thanks Carla.

Joe: We've talked about this in the past of eight following.

Joe: Usually what kind of construction curve.

Joe: So it's going to be.

Joe: We'll be deploying that over the course of the.

Joe: The remainder of this year and into next year.

Joe: Okay, great. Thank you.

Joe: But it is pro rata.

Joe: It is essentially side by side with the bank financing. So it is not equity one.

Joe: Second.

Shaun Kelley: Thank you our next caller is Shaun Kelley with Bank of America.

Shaun Kelley: Hi, good afternoon, Thanks for taking my question.

Shaun Kelley: Craig maybe you can just give us your thoughts on there is obviously a lot of questions around kind of the consumer and some of the mix and as your business has evolved particularly the growth you've seen in slots could you just give us your latest sense on sort of how much international inbound is when exposed to and how much sort of China, Our Asia sourced VIP should we think about purely on.

Shaun Kelley: On the Las Vegas side of the equation that'd be helpful.

Shaun Kelley: Your first step is bifurcated.

Bifurcated between the very high end and not.

Not the very high end.

Shaun Kelley: On the very high and we're not seeing really any implications.

Shaun Kelley: For visitation.

Shaun Kelley: At all.

Shaun Kelley: Outside of that group post Covid international is like 9% of.

Shaun Kelley: Of Las Vegas room nights.

Speaker Change: Which is we can easily easily backfill and so we don't see we do see a decrease in international visitation, particularly from Canada, and Mexico as others have mentioned it.

Speaker Change: It doesn't really impact us much at all.

Speaker Change: That's helpful and then.

Speaker Change: Big picture, obviously, it looks like it sounds like the forward calendar.

Speaker Change: Everything Youre seeing on group is consistent and fairly unchanged, which I think fits with everything we've heard from the market right now, but maybe just your thoughts on sort of the rate picture as we move into the summer kind of cross Memorial day, sometimes it gets a little bit more volatile obviously the booking windows are very short, but anything that you see in activity there.

Speaker Change: You say on the pricing side, one way or another that we should be aware of.

Speaker Change: I think from a pricing perspective, nothing out of the ordinary from a booking perspective honestly this last weekend.

Speaker Change: We had bookings that were well above the norm.

Speaker Change: And so look we.

Speaker Change: We can be naive there as there is uncertainty out there as I mentioned in my prepared remarks, and we have to watch this stuff day to day, but as I also said in my prepared remarks things look fine as of now and booking continues kind of where we would expect it although again as you rightly point out the booking window is relatively short.

Speaker Change: So we will see once once things really start to kick in and the impact of.

Speaker Change: The decrease in port traffic that you're seeing in L. A and the impact of tariffs really set and we will see but as of now.

Speaker Change: Everything is pretty good actually.

Brian: Brian Thank you very much.

Speaker Change: I'd say the revenue team and our sales team are continuing to take rate wherever they can.

Speaker Change: You can look for yourself our rates are extremely strong, beating the market and when we look to 'twenty six on the group side, we're pacing even better than expected. So feeling good about group pace and feeling good about where we are right now.

Speaker Change: We'll see what happens in the summer, but watching it like a hawk that's right.

Speaker Change: Thank you.

Speaker Change: Thank you David Katz with Jefferies. You May go ahead.

Speaker Change: If you everybody. Thanks for taking my question.

Speaker Change: Can you just talk a bit more about Macau.

Speaker Change: We've obviously heard.

Speaker Change: Your commentary about the competitiveness in that market and just talk a bit more about how that manifests in how you respond to it are we talking about credit or promotions or.

Speaker Change: What else.

Speaker Change: What else is manifesting in terms of that.

Speaker Change: Yes sure.

Speaker Change: Thank you.

Speaker Change: I think one of our one of our peers talked about it on a call.

Speaker Change: The strength of the premium mass market and the importance of the premium mass market.

Speaker Change: To Macau at the moment.

Speaker Change: Clearly second that I mean.

Speaker Change: You have a market where.

Speaker Change: The booking windows short.

Speaker Change: And for a while the promotional environment was who is probably more player friendly than it had historically been that's eased and what we see is a pretty stable promotional environment now.

Speaker Change: This is the day to day hand to hand combat of getting that customer to make a trip in getting that customer to come to your property.

Speaker Change: I can't say, it's any one of those things that you mentioned, it's really a combination of kind of all of them.

Speaker Change: And the competition for that customer segment is fierce so what do we rely on we rely on the things that we've always done really really well service the quality of the product and then muscles that we've built over the course of the past few years.

Speaker Change: On the machine learning side in them.

Speaker Change: And finally offer development and offer delivery.

Speaker Change: On many of the new amenities that we've put in a complete reconfiguration and changes that we've done in our food and beverage program. The opening of the food Hall that we just talked about all of those things are important to our ability to be competitive but.

Speaker Change: It's a river of nickels, David So it's really all of those things that you got to be prepared to do all of those things and doing well.

Speaker Change: Understood and I just wanted to be clear is it is it.

Operator: And, you know, the competition for that customer segment is fierce.

And you know the competition for that customer segment is fierce so what do we rely on we rely on the things that we've always done really really well service quality of the product and then muscles that we've built over the course of the past few years on the machine learning side in the past.

Speaker Change: Notably worse than it was six or 12 months ago.

Craig Billings: So what do we rely on? We rely on the things that we've always done really, really well, service, the quality of the product, and then muscles that we've built over the course of the past few years on the machine learning side and on offer development and offer delivery, on many of the new amenities that we've put in, the complete reconfiguration and changes that we've done in our food and beverage program, the opening of the food hall that we just talked about, all of those things are important to our ability to be competitive. But, you know, it's a river of nickels, David, so it's really all of those things and you've got to be prepared to do all of those things and do them well.

Speaker Change: And do you have any sense.

Whats the trajectory of that might be in the next 12 months.

Speaker Change: No I don't in fact, I think it's better so I think everybody came out of Covid.

Speaker Change: This period of closure and you had a period in which the junkets ware.

And finally offer development and offer delivery.

Speaker Change: Taken out of the market and so I think you had this period of time coming out of Covid. When everybody was kind of finding their footing I think we were unique coming out of coming out of Covid, because we were in particularly strong shape coming out of the gate.

On many of the new amenities that we've put in a complete reconfiguration and changes that we've done in our food and beverage program the opening up of.

The food Hall that we just talked about all of those things are important to our ability to be competitive but I.

Speaker Change: And I think at this point.

Yes.

David: So river in Nichols, David So it's really all of those things that you got to be prepared to do all of those things and doing well.

Speaker Change: Everybody has kind of found.

Speaker Change: Who they are and how they're going to compete and I think cash stability that we're seeing in the market over the course of the past call. It six months is good for the market, but it doesn't change. The fact that it's a very very competitive dynamic when I say it is a competitive dynamic its not a negative statement.

David Katz: And I just want to be clear, is it, is it, you know, notably, you know, worse than it was six or 12 months ago? And, you know, do you have any sense about, you know, what the trajectory of that might be in the next 12 months?

David: Understood and I just want to be clear is it is it you know.

David: Notably worse than it was six or 12 months ago, and you know do you have any sense about what the trajectory of that might be in the next 12 months.

Speaker Change: Now I'm, not saying anything bad about the market I'm, just stating the stating the reality and it's a reality we live with every day and we're fine with it.

Craig Billings: No, I don't. In fact, I think it's better. So I think everybody came out of COVID. I mean, you had this period of closure, and you had a period in which the junkets were taken out of the market. And so I think you had this period of time coming out of COVID when everybody was kind of finding their footing. I think we were unique coming out of coming out of COVID because we were in particularly strong shape coming out of the gates. And I think at this point, everybody has kind of found, you know, who they are and how they're going to compete.

David: No I don't in fact, I think it's better so I think everybody came out of Kobe.

David: This period of closure and you had a period in which the junkets ware.

Speaker Change: Perfect. Thank you sure.

David: <unk> taken out of the market and so I think you had this period of time coming out of Covid. When everybody was kind of finding their footing I think we were unique coming out of coming out of COVID-19, because we weren't particularly strong shape coming out of the gate and I think at this point ever.

Steven Grambling: Thank you Steven Grambling with Morgan Stanley You May go ahead.

Speaker Change: Hey, Thank you Craig I think in your opening remarks, you talked about the disconnect and the value of the stock and your willingness to buy back.

Speaker Change: Times, you hear about conglomerates and holding companies, having discounts I guess, how do you think about synergies from operating as one business across multiple properties globally.

David: Everybody has kind of found.

David: They are and how they're going to compete and I think that stability that we're seeing in the market over the course of the past call. It six months is good for the market, but it doesn't change. The fact that it's a very very competitive dynamic when I say, it's a competitive dynamic its not a negative statement.

Craig Billings: And I think that stability that we're seeing in the market over the course of the past, you know, call it six months is good for the market. But it doesn't change the fact that it's a very, very competitive dynamic. When I say it's a competitive dynamic, it's not a negative statement. It's not a I'm not saying anything bad about the market. I'm just stating the stating the reality. And it's a reality we live with every day. And we're fine with Perfect.

Speaker Change: And one brand versus perhaps dis synergies if there ever was with an option to consider and separating out properties.

Speaker Change: Well, taking a single scaled business that can pull cash flow from multiple sources and redeploy it into development opportunities globally and turning it into multiple subscale businesses that cannot is probably not a good idea.

David: Now I'm, not saying anything bad about the market I'm, just stating the stating the reality and it's a reality we live with every day and we're fine with it.

Speaker Change: Second you have.

David: Perfect. Thank you sure.

Speaker Change: A reasonable amount of cross property play and in fact, there are elements of our marketing strategy that are deployed.

Speaker Change: Thank you Steven Grambling with Morgan Stanley You May go ahead.

Stephen Grambling: Stephen Grambling with Morgan Stanley. You may go ahead.

Speaker Change: Hey, Thank you Craig I think in your opening remarks, you talked about the disconnect and the value of the stock and your willingness to buy back with.

Operator: Hey, thank you.

Stephen Grambling: Craig, I think in your opening remarks, you talked about the disconnect and the value of the stock and your willingness to buy back, which sometimes, you know, you hear about conglomerates and holding companies having discounts, I guess, how do you think about synergies from operating as one business across multiple properties globally, and one brand versus perhaps dis-synergies if there ever was an option to consider in separating out properties? Well, taking a single scale business that can pull cash flow from multiple sources and redeploy it into development opportunities globally and turning it into multiple subscale businesses that cannot is probably not a good idea.

Speaker Change: Globally.

Speaker Change: Have a lot of efficiencies in the capital structure by having a business that has more scale and more sources of.

Speaker Change: Sometimes you know you hear about conglomerates and holding companies, having discounts I guess, how do you think about synergies from operating as one business across multiple properties globally.

Speaker Change: Cash flow, there's a whole litany of reasons that that operating.

Speaker Change: The business as a single business.

Speaker Change: Makes sense.

Speaker Change: And one brand versus perhaps dis synergies if there ever was an option to consider and separating out properties.

Speaker Change: That's helpful and one of the first things you said was developments I'm curious I mean, one of the things that you haven't touched on yet I don't think it was just.

Speaker Change: Around New York, that's something that's been out there a little bit there's been some waffling from some of your peers I guess, what's your latest thoughts and maybe any timing thoughts on New York and the development opportunity sure.

Craig Billings: Second, you have a reasonable amount of cross-property play. And in fact, there are elements of our marketing strategy that are deployed globally. You have a lot of efficiencies in the capital structure by having a business that has more scale and more sources of cash flow. There's a whole litany of reasons that operating the business as a single business That's helpful.

Speaker Change: You have.

A reasonable amount of cross property play and in fact, there are elements of our marketing strategy that are are are deployed.

Speaker Change: I think the current plan seems to be for the RFA to be submitted by the end of June with licenses awarded.

Speaker Change: Globally, you have a lot of efficiencies in the capital structure by having a business that has more scale and more sources of.

Sometime by the end of 'twenty five or early 'twenty six.

Speaker Change: New York is a great potential market and we're certainly prepared to put together a fair a fair proposal. It's also a complicated market with a lot of considerations.

Speaker Change: Cash flow, there's a whole litany of reasons that that operating.

Speaker Change: The business as a single business.

Speaker Change: <unk> heard some of our peers talk about online gaming and that's certainly a point of.

Makes sense.

Speaker Change: A point of concern for us and we also need to consider the potential impact of tariffs on build cost so.

Speaker Change: That's helpful and one of the first things you said was developments I'm curious you know one of the things that you haven't touched on yet I don't think it was just around New York, that's something that's been out there a little bit there's been some waffling from some of your peers I guess, what's your latest thoughts and maybe any timing thoughts on New York as a development.

Operator: And one of the first things you said was development.

Stephen Grambling: So I'm curious, and one of the things that you haven't touched on yet, I don't think, was just around New York. You know, that's something that's been out there a little bit. There's been some waffling from some of your peers. I guess, what's your latest thoughts and maybe any timing thoughts on New York as a development opportunity? Sure. I think the current plan seems to be for the RFAs to be submitted by the end of June with licenses awarded. Sometime by the end of 25 or early 26. New York's a great potential market and we're certainly prepared to put together a fair proposal.

Speaker Change: And then pile on top of that the fact that the local politics are complicated so.

Speaker Change: We continue to be in the running in New York, but we absolutely will not get over our skis to win the license there.

Speaker Change: Great. Thank you so much.

Speaker Change: Sure.

Speaker Change: Thank you our next caller is Robin Farley with UBS.

Speaker Change: I think this is the current plan seems to be for the RFA to be submitted by the end of June with licenses awarded.

Robin Farley: Great. Thanks, just going back to the Capex that you mentioned, you're putting on hold can you give us a sense of sort of what what projects.

Speaker Change: Sometime by the end of 'twenty five or early 'twenty six.

Speaker Change: New York is a great potential market and we're certainly prepared to put together a fair a fair proposal. It's also a complicated market with a lot of considerations.

Robin Farley: So what's the scale of that the increase in the Capex costs and just thinking if that would be similar read through to you.

Craig Billings: It's also a complicated market with a lot of consideration. You've heard some of our peers talk about online gaming, and that's certainly a point of concern for us, and we also need to consider the potential impact of tariffs on bill costs, and then pile on top of that the fact that the local politics are complicated. We continue to be in the running in New York, but we absolutely will not get over our skis to win.

Speaker Change: <unk> heard some of our peers talk about online gaming and that's certainly a point of.

Robin Farley: Potential New York project in terms of that.

Robin Farley: Next impact from tariffs thanks.

A point of concern for us and we also need to consider the potential impact of tariffs on build cost so.

Robin Farley: Yeah.

Robin Farley: Well first the bulk of it is the encore tower remodel.

Speaker Change: And then pile on top of that the fact that the local politics are complicated so.

Robin Farley: So call that.

Robin Farley: Hi, $203 75 that we talked about the rest of it is kind of cats and dogs that we were doing a hearing in the U S. I don't think the read through would be instructive, because youre talking about.

Speaker Change: We continue to be in the running in New York, but we absolutely will not get over our skis to win the license there.

Speaker Change: Great. Thank you so much.

Operator: Great, thank you so much. Thank you.

Speaker Change: Sure.

Speaker Change: Yes.

Operator: Thank you our next caller is Robin Farley with UBS.

Robin Farley: Our next caller is Robin Farley with UBS. Great, thanks.

Robin Farley: Greenfield, new build where you have a lot of steel.

Operator: Great. Thanks, just going back to the Capex that you mentioned, you're you're putting on hold can you give us a sense of sort of what what projects and also what's the scale of that you know the increase in the capex costs and I'm just thinking if that would be similar read through to your potential New York project in terms of the Capex impact.

Craig Billings: Just going back to the CapEx that you mentioned you're putting on hold, can you give us a sense of sort of what projects and also what's the scale of that, you know, the increase in that CapEx cost? I'm just thinking if that would be similar read-through to your potential New York project in terms of the CapEx impact from tariffs. Thanks. Well, first, the bulk of it is the Encore Tower remodeling. So call that high 200s out of 375 that we talked about.

Robin Farley: A lot of MEP a lot of things that are sourced from a lot of different places and in this particular instance.

Robin Farley: We had kind of two or three.

Robin Farley: Relatively high dollar items on a per unit basis that were sourced from high tariff location. So I don't think I think the read through would be.

Robin Farley: It would be applicable.

Operator: From tariffs thanks.

Robin Farley: Okay, great understood.

Operator: Yeah.

Robin Farley: Understood.

Operator: First is the bulk of it is the encore tower remodel.

Robin Farley: And then just on the group piece and then some of the larger hotel companies have talked about softening group.

Operator: So call that <unk>.

Operator: Hi, $203 75 that we talked about the rest of it is kind of cats and dogs that we were doing a hearing in the U S. I don't think the read through would be instructive, because youre talking about.

Robin Farley: So I think the comment about 2026 with like pacing better than expected can you I guess.

Robin Farley: What have you been expecting just to think about your 26 Gubins trending just note of two or greater.

Craig Billings: I don't think the read-through would be instructive because you're talking about a Greenfield new build where you have a lot of steel, a lot of MEP, a lot of things that are sourced from a lot of different places and in this particular area. We had kind of two or three. Relatively high dollar items on a per unit basis that were sourced from high tariff locations, so I don't think think the Okay, great. No, understood.

From the other large hotel companies. Thanks, I'll start by saying, we are not experiencing softening group, but Brian do you want to follow up on the strength in 2006 that we're seeing we would probably attribute to Q1.

Operator: Greenfield, new build where you have a lot of steel.

Operator: A lot of MEP a lot of things that are sourced from a lot of different places and in this particular instance.

Operator: We had kind of two or three.

Robin Farley: <unk>.

Robin Farley: Con Expo Theres, a couple of large groups that alternate cycles and they're lining up next year. So next year looks great demand is strong and we're looking.

Operator: Relatively high dollar items on a per unit basis that were sourced from high tariffs location. So I don't think I think the read through would be would.

Operator: Would be applicable.

Operator: Okay, great understood.

Robin Farley: Quite good so I'm feeling good about 'twenty six right now.

Operator: And then just on the group piece, you know, some of the larger hotel companies have talked about softening group. And so I think the comment about 2026 was like pacing better than expected.

Operator: Understood.

Operator: And then just on the on the group piece I missed some of the larger hotel companies have talked about softening group.

Robin Farley: Super helpful.

Robin Farley: Thank you.

John: Thank you John decree with C. B R. E. You May go ahead Sir.

Operator: So I think the comment about 2026 was like pacing better than expected can you.

Speaker Change: Hi, everyone. Thanks for taking my questions maybe.

Craig Billings: Can you, you know, I guess what had you been expecting just to think about how your 26 group is trending just relative to what we're hearing from the other large hotel companies? Thanks. I'll start by saying we are not experiencing softening group.

Brian: What have you been expecting just to think about how you're twenty-six group is trending just relative to what we're hearing from the other outlets, Utah companies. Thanks, I'll start by saying we are not experiencing softening group, but Brian do you want to follow up the strength in 'twenty six, but we're seeing we would probably attribute to Q1.

Speaker Change: Maybe on the development pipeline, you mentioned, Thailand, and the slide deck, we've talked about that a little bit in past calls and in New York, but I guess there is some rumblings that Japan might reopen bidding for IRS curious Craig if you look at Japan again, another kind of what pretense that might be interesting for you.

Brian Gullbrants: But Brian, do you want to follow up? Yeah, the strength in 26 that we're seeing, we would probably attribute to Q1. NADA, ConExpo, there's a couple of large groups that alternate cycles. And they're lining up next year. So next year looks great. Demand is strong. And we're looking Quite good, so feeling good about 26 right now. Great. It's super helpful. Thank you.

Thank you for the question.

Operator: D E Con Expo, there's a couple of large groups.

Speaker Change: We'll always look at any gateway city, where meaningful capital can be deployed and we think the Wynn brand resonates, So Japan fits that bill.

Operator: Alternate cycles, and they're lining up next year. So next year looks great demand is strong and we're looking.

Speaker Change: <unk>.

Speaker Change: Structural challenges in the way that debt.

Operator: Quite good so I'm feeling good about 26 right now.

Speaker Change: The the licensure.

Operator: Great Super helpful. Thank you.

Speaker Change: And ownership.

Speaker Change: <unk> been outlined in Japan, and so when we look at it of course, but.

John: Thank you John decree with C. B R. E. You May go ahead Sir.

John Decree: John DeCree with the CBRE. You may go ahead, sir.

It's got to be right and the setup has to be right for us we have plenty of development opportunities. We have a land bank in the UAE, we have a land bank in Boston, We have a land bank in Las Vegas, You mentioned, Thailand, obviously, the bill if there has been delayed and there are some components of the bill that.

John Decree: Hi, everyone. Thanks for taking my questions.

Speaker Change: Hi, everyone. Thanks for taking my questions maybe.

Craig Billings: Maybe on the development pipeline, you mentioned Thailand in the slide deck, we've talked about that a little bit in past calls and in New York, but I guess there's some rumbling that Japan might reopen bidding for IRs. I'm curious, Craig, if you'd look at Japan again and under kind of what pretense that might be interesting for you. Thank you for the question. We'll always look at any gateway city where meaningful capital can be deployed and we think the Wynn brand resonates. So Japan fits that bill.

Speaker Change: Maybe on the development pipeline, you mentioned, Thailand, and the slide deck, we've talked about that a little bit in past calls and in New York, but I guess, there's some rumblings that Japan might reopen bidding for I ours curious Craig if you look at Japan again, another kind of what pretense that might be interesting for you.

Speaker Change: Probably won't work.

Speaker Change: Stay in the Bill.

Speaker Change: But it's an amazing potential market with unbelievable airlift infrastructure tourism et cetera, So we've got plenty of development opportunities.

Speaker Change: Thank you for the question.

Craig: Well always look at any gateway city, where meaningful capital can be deployed and we think the Wynn brand resonates, So Japan fits that bill.

Speaker Change: We would only look at Japan, if the setup was right.

Speaker Change: Yeah.

Speaker Change: Structural challenges in the way that debt.

Craig Billings: structural challenges in the way that the licensure... and ownership have been outlined in Japan. And so what we look at it, of course, but It's got to be right, and the setup has to be right for us.

Craig Billings: That's helpful. Craig I appreciate the insight on that one and then maybe an easy one.

Speaker Change: The the licensure.

Speaker Change: Not sure to the extent.

Speaker Change: And ownership has been outlined in Japan, and so when we look at it of course, but.

Speaker Change: Inflation and construction cost inflation kind of overflows outside of the U S. But.

Speaker Change: Do you see any risk in global construction costs at the UAE. Thank you Paul.

Speaker Change: It's got to be right and the setup has to be right for us we have plenty of development opportunities. We have a land bank in the UAE, we have a land bank in Boston, We have a land bank in Las Vegas, You mentioned, Thailand, obviously, the bill if there has been delayed and there are some components to build that.

Craig Billings: We have plenty of development opportunities. We have a land bank in the UAE. We have a land bank in Boston. We have a land bank in Las Vegas. You mentioned Thailand. Obviously, the bill there has been delayed, and there's some components of the bill that probably won't work if they stay in the bill, but it's an amazing potential market with unbelievable airlift, infrastructure, tourism, etc. So we've got plenty of development opportunities. We would only look at Japan if the setup worked.

Speaker Change: Rocket there even in Macau.

Speaker Change: Potential cost increases on capex that you've seen.

Speaker Change: Quite the opposite well two things one where we have a substantial portion of the UAE already bought out.

Speaker Change: Probably won't work.

Speaker Change: Stay in the Bill.

Speaker Change: We have very very strong budget certainty.

Speaker Change: But it's an amazing potential market with unbelievable are less infrastructure tourism et cetera. So we've got plenty of development opportunities.

Speaker Change: In the UAE.

Speaker Change: Hi, elsewhere, you really.

Speaker Change: It's more on the <unk> on the furniture fixtures and equipment side.

Speaker Change: We would only look at Japan, if the setup was right.

Speaker Change: <unk> vendors out there that have lost a lot of customers.

Speaker Change: That's helpful. Craig I appreciate the insight on that one and then maybe an easy one.

Operator: That's helpful, Craig.

Operator: I appreciate the insight on that one.

Speaker Change: And so you see you see opportunities actually from a cost savings perspective, I can't quantify that into any of the projects that were.

Operator: And then maybe an easy one. Not sure to the extent inflation or construction cost inflation kind of overflows outside of the U.S., but do you see any risk in global construction costs at the UAE? I think your contract there, even in Macau, you know, any potential cost increases on CapEx that you've seen?

Not sure to the extent inflation or construction cost inflation kind of overflows outside of the U S. But.

Speaker Change: That we're executing right now because it's too early frankly with where we are in the process in Macau and again, we're pretty much bought out in the UAE, but no I don't see it.

Speaker Change: Do you see any risk in global construction costs at the UAE I think you'll get contracted there even in Macau, you know any potential cost increases on capex that you've seen.

Speaker Change: Any spillover effects outside of the U S.

Speaker Change: Great. Thanks, Mike I appreciate the help.

Speaker Change: Quite the opposite well two things one where we have a substantial portion of the UAE already bought out.

Craig Billings: Quite the opposite, well two things, one where we have a substantial portion of the UAE already bought out. So we have very, very strong budget certainty in the UAE. Elsewhere, you really, it's more on the FF&E, on the furniture, fixtures, and equipment side. You have vendors out there that have lost a lot of customers. And so you see you see opportunities actually from a cost savings perspective.

Speaker Change: Sure.

Brent: Thank you Brent mine tour with Barclays. You May go ahead.

Speaker Change: So we have very very strong budget certainty.

Speaker Change: Good afternoon, or good evening, everybody. Thanks for taking my question. So I just wanted to clarify on the Capex.

Speaker Change: In the UAE.

Speaker Change: Hi elsewhere.

Speaker Change: Really its more on the <unk> on the furniture fixtures and equipment side, you have vendors out there that have lost a lot of customers.

Speaker Change: The announcement today on the call with 375 million of spin the deck. The decks that you put up it doesn't look like there's much difference for.

Speaker Change: The encore tower shifting I'm, just hoping you could clarify that and then specifically.

Speaker Change: And so you see you see opportunities actually from a cost savings perspective, I can't quantify that into any of the projects that were.

Craig Billings: I can't quantify that into any of the projects that we're that we're executing right now because it's too early, frankly, with where we are in the process in Macau. And again, we're pretty much bought out in the UAE. But no, I don't see any spillover effects out Great.

Speaker Change: For the Encore tower I don't think you were expecting much disruption in the year and so I guess, we should sit here and think that theres not much benefit of pausing it for operational.

Speaker Change: That we're executing.

Speaker Change: Right now because it's too early frankly with where we are in the process in Macau and again, we're pretty much bought out in the UAE, but no I don't see.

Speaker Change: Considerations.

Speaker Change: Are you thinking about how that will affect that.

Speaker Change: Any spillover effects outside of the U S.

Speaker Change: 25 P&L.

Speaker Change: Sure. Thanks, Thanks for that but yeah. If you look carefully at page I think it's page 19 in the presentation. We did keep everything as is.

Operator: Thanks, Craig. I appreciate the help. Thank you.

Speaker Change: Great. Thanks Raj I appreciate the help.

Speaker Change: Sure.

Speaker Change: Thank you Brent mine tour with Barclays. You May go ahead.

Brandt Montour: Brandt Montour with Barclays. You may go ahead.

Brian Gullbrants: Good afternoon or good evening, everybody. Thanks for taking my question. So I just want to clarify on the CapEx announcement today on the call with $375 million to spend. The DEX that you put up, it doesn't look like there's much difference for the Encore Tower shifting. I'm just hoping you could clarify that and then specifically for the Encore Tower, you know, I don't think you were expecting much disruption in the year. And so, you know, I guess we should sit here and think that there's not much benefit of pausing it for operational considerations. But how are you thinking about how that will affect the 25 P&L?

Speaker Change: Calling out the $375 million delay.

Speaker Change: Good afternoon, or good evening, everybody. Thanks for taking my questions. So I just wanted to clarify on the Capex.

Speaker Change: The reason for that and we debated how to present it was really because as Craig said, we can't actually.

Alex: Alex met today on the call with 375 million of spend the deck. The decks that you put up it doesn't look like there's much difference.

Speaker Change: Come up with the accurate timing of when that's going to happen. So we don't want anyone to think we are canceling it because we're absolutely right. We're fully focused on getting it done we just have to do the work now to figure out once tariff settle down how can we expect when we scope and then we schedule and re time, how we're going to do it. So it's still in the Capex forecast because we are going to.

Alex: For the Encore tower shifting I'm, just hoping you could clarify that and then specifically.

Alex: The AR for the Encore tower, you know I don't think you were expecting much disruption in the year and so you know I guess, we should sit here and think that theres not much benefit of pausing it for operational.

Speaker Change: And at some point, it's just we can't we can't be clear on the timing. So we just put an accident.

Alex: Considerations, but how are you thinking about how that will affect the twenty-five P&L.

Speaker Change: Figuring out the revised timing is not trivial because when we respect pieces, particularly furniture and fixtures, it's not like we're flipping through a catalog.

Alex: Sure. Thanks, Thanks for that but yeah. If you look carefully at page I think it's page 19 in the presentation. We did keep everything as is.

Speaker Change: We are getting.

Speaker Change: We're getting samples created were sick testing those.

Alex: Calling out the $375 million delay the.

Speaker Change: We're beating those off we're getting feedback from operation from the finishes were giving comments back to defend or this is a process that takes a lot of time, so to the extent that that we respect a single piece of furniture were delayed by X number of months Theres just nothing we can do about that so as Julie said once we have certainty on sourcing.

Alex: The reason for that and we debated how to present it was really because as Craig said, we can't actually.

Alex: Come up with the accurate timing of when that's going to happen. So we don't want anyone to think we are canceling it because we're absolutely right. We're fully focused on getting it done we just have to do the work now to figure out once tariffs that's cool down how can we expect when we scope and then we schedule every time, how we're going to do that so it's still in the Capex forecast because we are going to.

Speaker Change: And once we have certainty on what the tariffs will be from the country of origin on those sources, then will recommence, but we just don't know when that is right now right now we're selling well.

Brian Gullbrants: It's still in the CAFX forecast because it's going to happen at some point, it's just we can't be clear on the timing, so we just footnoted it. Figuring out the revised timing is not trivial because when we respec pieces, particularly furniture and fixtures, it's not like we're flipping through a catalog. We're getting samples created. We're sick testing those. We're beating those up. We're getting feedback from operations on the finishes. We're giving comments back to the vendor. This is a process that takes a lot of time. So to the extent that we respect a single piece of furniture, we're delayed by X number of months.

Alex: And at some point, it's just we can't we can't be clear on the timing. So we just put an accident.

Speaker Change: We're selling.

Alex: Figuring out the revised timing, it's not trivial because when we respect pieces, particularly furniture and fixtures, it's not like we're flipping through the catalog.

Speaker Change: All the rooms in oncor through end of this year, Brian correct end of this year.

Speaker Change: So if we move out another couple of months and we will start selling through the through the end of Q1, but we will do the capex eventually.

Alex: Right we're getting.

Alex: We're getting samples created where sip testing those.

Speaker Change: Okay. That's really helpful and then a follow up on Macau.

Speaker Change: We're beating those off we're getting feedback from operations on the finishes were giving comments back to defend or this is a process that takes a lot of time, so to the extent that that we respect a single piece of furniture were delayed by X number of months Theres just nothing we can do about that so as Julie said when once we have certainty on sourcing.

Speaker Change: Julie I think you said that the Opex ex tax per day was flat year over year.

Speaker Change: I know you also opened up the food Hall.

Speaker Change: At the palace and just sort of curious how you were able to keep opex per.

Brian Gullbrants: There's just nothing we can do about that. So as Julie said, once we have certainty on sourcing and once we have certainty on what the tariffs will be from the country of origin on those sources, then we'll recommence. But we just don't know when that is right now. Right now we're selling all the rooms in Encore through end of this year, Brian? Correct. End of this year. And so if we move out another couple months, then we'll start selling through the end of Q1. But we'll do the CapEx eventually. Okay, that's really helpful.

Speaker Change: Pretty flat with that opening.

Speaker Change: And then also if you could give us a sense of how.

Speaker Change: That should trend throughout the year with I know that you guys have more concession agreement related stuff, but youre waiting on approvals. So any other thoughts on the progression of the year on Opex per day would be helpful.

Speaker Change: We're selling.

Speaker Change: All the rooms in oncor through end of this year, Brian correct end of this year and so if we move out another couple of months and we will start selling through the through the end of Q1, but we will do the capex eventually.

Speaker Change: Sure. Thanks, Thanks for that.

Speaker Change: We opened the gourmet foods Vermilion just.

Speaker Change: About a week ago. So it didn't it wasn't included in the quarter.

Speaker Change: We've managed opex very very carefully, though we've been very focused on how we can.

Speaker Change: Okay. That's really helpful and then a follow up on Macau.

Julie Cameron: And then a follow up on Macau. Julie, I think you said that the OPEX x-tax per day was flat year over year. I know you also opened up the food hall at the palace and just sort of curious how, you know, you were able to keep OPEX per day flat with that opening. And then also, you know, if you could give us a sense of how, you know, that should trend throughout the year with I know that you guys have more concession agreement related stuff, but you're waiting on approval.

Speaker Change: Julia I think you said that the Opex ex tax per day was flat year over year. I know you also opened up the food Hall.

Speaker Change: How we can drive economies elsewhere, so that we can.

Speaker Change: Fixed to neutralize the impact of the additional costs associated with that.

Speaker Change: We're working we're working on that end and as a result, as we look out you know.

Speaker Change: At the palace and just sort of curious how you were able to keep opex per.

Speaker Change: I don't think it's going to land throughout the remainder of the year.

Speaker Change: Pretty flat with that opening.

Speaker Change: It's in the right setting where it is right now.

Speaker Change: And then also if you could give us a sense of how you know that that should trend throughout the year with with I know that you guys have more concession agreement related stuff that you're waiting on approval. So any other thoughts on the progression of the euro the opex per day would be helpful.

Speaker Change: Great.

Speaker Change: I'd just add to that.

Speaker Change: Team Who's on the call is doing their job right, we're generating incremental revenue out of the footfall that we get out of that facility. So sure. We pick up a couple of hundred Ftes. We can we can manage that.

Julie Cameron: So any other thoughts on the progression of the year on OPEX per day would be? Sure, thanks for that.

Speaker Change: Sure. Thanks, Thanks for that we opened the gourmet foods with again, just about a week ago. So it didn't it wasn't included in the quarter. We've managed opex very very carefully though we've been very focused on how we can.

Julie Cameron: We opened the Gourmet Food Pavilion just about a week ago so it wasn't included in the quarter. We've managed OPEX very, very carefully though. We've been very focused on how we can drive economies elsewhere so that we can seek to neutralise the impact of the additional costs associated with that. So we're working on that and as a result as we look out where OPEX is going to land throughout the remainder of the year, it's in the right zone where it is. And I would just add to that, you know, if the team who's on the call is doing their job right, we're generating incremental revenue out of the footfall that we get out of that facility.

Speaker Change: How we can drive economies elsewhere, so that we can.

Speaker Change: Now the margin profile on those concession commitments, we need to we need to focus on that and drive that.

Speaker Change: Seeks to neutralize the impact to see additional cost associated with that so we you know we're working we're working on that and and as a result, as we look out you know where opex is going to land throughout the remainder of the year.

Speaker Change: But.

Speaker Change: We have 2400 incremental covers that we're doing in Wynn Palace every day.

Speaker Change: It's a pretty trivial amount of conversion to the gaming floor that we need out of those that those incremental visitors.

Speaker Change: It's in the right setting where it is right now.

Speaker Change: Great and I would say I would just add to that.

Speaker Change: In order to drive EBITDA that more than <unk>, the opex coming out of the food Hall itself.

Speaker Change: Makes sense thanks, everyone.

Julie Cameron: So sure, we pick up a couple hundred FTEs, we can manage that pretty easily relative to the total employee base, but we should be driving incremental EBITDA out of that. And that's really the approach with each of the concession-related commitments that we need. Now, the margin profile on those concession commitments, we need to focus on that and drive that, but if we have 2,400 incremental covers that we're doing in Wynn Palace every It's a pretty trivial amount of conversion to the gaming floor that we need out of those that those incremental visitors in order to drive even doubt it more than fades the optics coming out of the food makes sense.

Speaker Change: Thank you.

Speaker Change: Taken from Mizuho you May go ahead.

Speaker Change: We can manage that pretty easily relative to the total employee base, but we should be driving incremental EBITDA out of that and that's really the approach with each of the concession related commitments that we made now the margin profile on those concession commitments, we need to we need to focus on that and drive that.

Speaker Change: Hey, Thanks for taking my question.

Speaker Change: Regarding wind almazan I think in the past we've talked about some of that of employer cohorts in three buckets number one inbound to Russell and number two those living in Dubai, and then number three destination luxury customers.

Speaker Change: Understanding this is a brand new asset how would you rank order those in terms of opportunity as you see it.

Speaker Change: And then anything you can share regarding the expected demand or magnitude of the second bucket those living in Dubai.

Speaker Change: But so we have 2400 incremental covers that we're doing in Wynn palace everyday.

Speaker Change: Pretty trivial amount of conversion to the gaming floor that we need out of those that those incremental visitors.

Hugh: Hi, Hugh.

Speaker Change: Peter took really good notes here have a great memory.

Hugh: Those are in fact, the three cohorts that we would focus on.

Speaker Change: Order to drive EBITDA that more than say its the opex coming out of the food Hall itself.

Hugh: Don't rank order them because each of them is is incredibly incredibly important you can think of those markets.

Speaker Change: Makes sense thanks, everyone.

Operator: Thanks, everyone. Thank you.

Hugh: You can think of them slightly differently. So.

Thank you.

Benjamin Chaiken: Ben Chaiken from Mizzou, you may go ahead. You either took really good notes or have a great memory. Those are, in fact, the three cohorts that we would focus on. I don't rank order them because each of them is incredibly, incredibly important. You can think of those markets... You can think of them slightly differently, so you know in Las Vegas as an example, 25,000 people a day come through Wynn Las Vegas, but only 10,000 of them are lodgers. and the rest of them are coming from adjacent properties and from the Las Vegas Strip. That's very akin to the first group that you mentioned and that's about having sufficient amenity.

Speaker Change: Taken from Mizuho you May go ahead.

Hugh: In Las Vegas, as an example, 25000 people a day come through Wynn Las Vegas, but only 10000 of them are larger.

Speaker Change: Hey, Thanks for taking my question.

Speaker Change: Regarding window more John I think in the past we've talked about some of the different player cohorts in three buckets number one.

Hugh: And the rest of them are coming from adjacent properties and from the Las Vegas strip, that's very I can.

Speaker Change: Round to Russell came on number two those living in Dubai, and then number three destination luxury customers.

Hugh: To the first group that you mentioned and that's about having sufficient amenities to drive to really get one of their four days and Russell <unk> on property.

Speaker Change: Understanding this is a brand new asset how would you rank order those in terms of opportunity as you see it and then anything you can share regarding the expected demand or magnitude of the second bucket those living in Dubai.

Hugh: The second bucket is a lot like a locals market and so you can think of that very similar to the wonderful business that we have in Boston.

Speaker Change: Hi, Hugh.

Speaker Change: It took really good notes here have a great memory.

Hugh: Where youre dealing with people that are within a certain driving range and you market to those folks in a very specific way you use food and beverage and a very specific way and.

Speaker Change: Those are in fact, the three cohorts that we would focus on.

Speaker Change: Rank order them because each of them is is incredibly incredibly important you can think of those markets.

Hugh: And the third bucket is really the vast majority of our larger business here in Las Vegas, which is a fly to market as opposed to the locals market.

Speaker Change: You can think of them slightly differently. So.

Speaker Change: You know in Las Vegas, as an example, 25000 people a day come through Wynn Las Vegas, only 10000 of them are larger.

Hugh: So.

Hugh:

Hugh: From an EBITDA perspective, each one of them is important and from a.

Speaker Change: And the rest of them are coming from adjacent properties and from philosophy, that's very akin to the first group that you mentioned and that's about having sufficient amenities to drive to really get one up there for days and Russell Hydra on property.

Hugh: A vibe and aesthetic and customer experience perspective, each one of them is important and they each play a role in the programming that we have put into that building.

Benjamin Chaiken: to really get one of their four days in Rassaheima on property. The second bucket is a lot like a locals market, and so you can think of that very similar to the wonderful business that we have in Boston. where you're dealing with people that are within a certain driving range and you market to those folks in a very specific way, you use food and beverage in a very specific way. And the third bucket is really the vast majority of our larger business here in Las Vegas which is a fly-to market as opposed to a local market.

Speaker Change: The second bucket.

Hugh: Thanks I appreciate it.

Hugh: Sure.

Speaker Change: Is a lot like a locals market and so you can think of that.

Hugh: Yes.

Speaker Change: Thank you Chad Beynon with Macquarie You May go ahead Sir.

Speaker Change: Similar to the wonderful business that we have in Boston.

Speaker Change: Good afternoon. Thanks for taking my question I wanted to ask a two parter on a few of the non gaming related.

Speaker Change: Where youre dealing with people that are within a certain driving range any market to those folks in a very specific way you use food beverage and a very specific way and the third bucket is really the vast majority of our larger business here in Las Vegas, which is a fly to market as opposed to the locals market.

Items in Las Vegas, Julia I think you mentioned at the beginning of that.

Speaker Change: Opex should increase on food and beverage first question is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat and then my second question is around the retail business.

Benjamin Chaiken: So. From an EBIDTA perspective, each one of them... a vibe and aesthetic and customer experience perspective, each one of them is important and they each play a role in the programming that we have put in place.

Speaker Change: So.

Speaker Change:

Speaker Change: From an EBITDA perspective, each one of them is important and from a.

Speaker Change: A vibe aesthetic and customer experience perspective, each one of them is important and they each play a role in the programming that we have put into that building.

Speaker Change: Not sure if you've seen.

Speaker Change: Any impact in terms of the high end handbags and watches.

Speaker Change: At your stores and can you just kind of remind us if it's roughly an 80 20 base versus turnover on that business. Thank you.

Thanks I appreciate it.

Operator: Thanks, appreciate it.

Sure.

Speaker Change: Yeah.

Chad Beynon: Thank you Chad Beynon with Macquarie you may go ahead Good afternoon. Thanks for taking my question.

Chad Beynon: Thank you Chad Beynon with Macquarie You May go ahead Sir.

Speaker Change: Sure.

Speaker Change: Take each one of those so first.

Speaker Change: Good afternoon. Thanks for taking my question I wanted to ask a two parter on a few of the non gaming related.

Speaker Change: I may have.

Chad Beynon: I wanted to ask a two-parter on a few of the non-gaming related items in Las Vegas. Julie, I think you mentioned at the beginning of that OPEX should increase on food and beverage.

Speaker Change: I misspoke in my prepared remarks, what I said in my prepared remarks is that we don't expect tariffs impact on Opex I think that was the Genesis Genesis of your question on food and beverage.

Chad Beynon: Items in Las Vegas, Julie I think you mentioned at the beginning of that.

Chad Beynon: Opex should increase on food and beverage first question is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat and then my second question is around the retail business.

Speaker Change: Yep, Okay, sorry about that thank you. That's okay. We don't expect any impact because it's really a sourcing question now or are there certain things that you can only get from certain places absolutely, but the vast majority of things that would be most impactful we can resource and we're already we're already on it now so we don't expect much there in terms of retail you can see.

Julie Cameron: First question, is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat? And then my second question is around the retail business. Not sure if you've seen any impact in terms of the high-end handbags and watches at your stores, and can you just kind of remind us if it's roughly an 80-20 base versus turnover on that business? Thank you.

Chad Beynon: Not sure if you've seen.

Chad Beynon: You know any impact in terms of the high end handbags and watches Ah at your stores and can you just kind of remind us if it's roughly an 80 20 base versus turnover on that business. Thank you.

Speaker Change: You can see the Q1 numbers you can see.

Speaker Change: In our in our press release, where you can see everything else retail was.

Speaker Change: Essentially flat year over year, and that's coming off an absolutely incredible comp.

Julie Cameron: Sure, I'll take each one of those. So first, I may have, perhaps I misspoke in my prepared remarks. What I said in my prepared remarks is that we don't expect tariff impact on OPEX. I think that was the genesis of your question on food and beverage. Yep. Okay. Sorry about that. Thank you. That's okay. We don't expect any impact because it's really a sourcing question. Now, are there certain things that you can only get from certain places? Absolutely. But the vast majority of things that would be most impactful, we can resource and we're already we're already on it now.

Chad Beynon: Sure.

Chad Beynon: Take each one of those so first.

Chad Beynon: I may have.

Speaker Change: So nothing really frankly coming off.

Chad Beynon: I misspoke in my prepared remarks, what I had said in my prepared remarks is that we don't expect tariffs impact on Opex I think that was the Genesis of the Genesis of your question on food and beverage.

Speaker Change: Prior year that had Super Bowl Super Bowl in it.

Speaker Change: Which is a.

Speaker Change: Which was which was obviously a giant retail numbers. So nothing of note in retail to talk about.

Chad Beynon: Yep, Okay, sorry about that thank you. That's okay. We don't expect any impact because it's really a sourcing question now or are there certain things that you can only get from certain places absolutely, but the vast majority of things that would be most impactful we can resource and we're already we're already on it now so we don't expect much there in terms of retail you can see.

Speaker Change: And lease terms vary.

Speaker Change: Not all over the place that they vary a decent amount between base rent and percentage of turnover. So theres not a lot that you can infer from our lease revenues about.

Julie Cameron: So we don't expect much there.

Julie Cameron: In terms of retail, you can see you can see the Q1 numbers you can see in our press release where you can see everything else, retail was essentially flat year over year and that's coming off an absolutely incredible comp. So nothing really, and frankly coming off a prior year that had Super Bowl in it, which is a... which was obviously a giant retail number. So nothing of note in retail to talk about. And lease terms vary. Not all over the place, but they vary a decent amount between base rent and percentage of turnover. So there's not a lot that you can infer from our lease revenues about the gross value.

Chad Beynon: You can see the Q1 numbers you can see.

Speaker Change: The gross value of goods.

Speaker Change: Okay, and just to be clear, yes. My question was kind of going forward on a tariff impact on the pricing of some of those items in the stores. So you're not you haven't seen anything thus far in terms of price increases are hearing potential increases from your tenants in April.

Chad Beynon: In our in our press release, where you can see everything else retail was <unk>.

Chad Beynon: Essentially flat year over year, and that's coming off an absolutely incredible comp.

So nothing really at and frankly coming off a prior year that had Super Bowl Super Bowl in it.

Speaker Change: For for the outlook.

Speaker Change: We have not I think thats going to come down a retailer by retailer and those are really at the end of the day. They are decisions I mean were just where the landlord effectively and we do a great job managing our real estate, but we're not in there, obviously, making pricing decisions with them.

Chad Beynon: Which is a.

Chad Beynon: Which was obviously a giant retail numbers. So nothing of note if you're in retail to talk about and lease terms vary.

Speaker Change: Great. Thank you very much sure.

Chad Beynon: Uh-huh not all over the place that they vary a decent amount between base rent.

Speaker Change: Thanks, Chad operator, the next the next question will be the last one.

Chad Beynon: Percentage of turnover, so theres not a lot that you can infer from our lease revenues about.

Speaker Change: Thank you and our final question comes from Joe Stauff with Susquehanna You May go ahead Sir.

Chad Beynon: The gross value of goods.

Speaker Change: Thank you.

Chad Beynon: Okay.

Chad Beynon: Okay, and just to be clear Yeah. My question was kind of going forward on a tariff impact on the pricing of some of those items in the stores. So you're not you haven't seen anything.

Julie Cameron: And just to be clear, yeah, my question was kind of going forward on a tariff impact on the pricing of some of those items in the store. So you're not, you haven't seen anything thus far in terms of price increases or hearing potential increases from your tenants in April for the outlook? We have not. I think that's going to come down to retailer by retailer. And those are really, at the end of the day, their decisions. I mean, we're just, we're the landlord effectively, and we do a great job managing our real estate, but we're not in there, obviously.

Speaker Change: Two quick questions. Please if I could.

Speaker Change: On Macau.

Speaker Change: Greg I was just curious maybe.

Speaker Change: Your observations on the competitive environment.

Speaker Change: In Macao and Cotai in particular.

Chad Beynon: Thus far in terms of price increases are hearing potential increases from your tenants in April.

Speaker Change: And whether or not you are seeing any impact from say the new hotel product.

Chad Beynon: For for the outlook.

Chad Beynon: We have not I think that's going to come down a retailer by retailer and those are really at the end of the day. They are decisions I mean were just where the landlord effectively and we do a great job managing our real estate, but we're not in there, obviously, making pricing decisions with them.

Speaker Change: Our recently launch from some of your competitors.

Speaker Change: Sure. Thanks for the question on the first one.

Speaker Change: Really referenced back a bit too.

David: How I responded to David.

Chad Beynon: Great. Thank you very much sure.

Chad Beynon: Thank you very much. Sure. Thanks Chad.

Speaker Change: Okay.

Speaker Change: A very competitive it's a very competitive market I think you've heard that from a number of our peers as I said earlier.

Speaker Change: Thanks, Chad and upgrade to the next the next question will be the last one thanks.

Operator: Operator, the next question will be the last one, thanks. Thank you.

Thank you and our final question comes from Joe Stauff with Susquehanna You May go ahead Sir.

Joseph Greff: And our final question comes from Joseph of Susquehanna.

Speaker Change: That competition manifests itself in many many ways, but the promotional environment is actually quite stable, but it's day to day hand to hand combat in order to be competitive in that market and I think that's true for everyone on the hotel product side. We continue to run full we continue to have market share that we're that we're very proud of.

Joseph Greff: You may go ahead, sir. Thank you.

Joe Stauff: Thank you.

Craig Billings: Two quick questions, please, if I could, on Macau. Craig, I was just curious maybe on your observations on the competitive environment, you know, in Macau, in Kotai in particular, and whether or not, you know, you are seeing any impact from, say, the new Sure, thanks for the question. On the first one, I'll really reference back a bit to how I responded to David. It's a very competitive market. I think you've heard that from a number of our peers. As I said earlier, that competition manifests itself in many, many ways. The promotional environment is actually quite stable, but it's day-to-day, hand-to-hand combat in order to be competitive in that market.

Speaker Change: Two quick questions. Please if I could.

Joe Stauff: On Macau.

Joe Stauff: I was just curious maybe.

Joe Stauff: Your observation on the competitive environment.

In Macao and Cotai in particular.

Joe Stauff: And whether or not you know you are seeing any impact from say the new hotel product.

Speaker Change: We are incredibly proud of the state of our assets, we keep them in Tiptop shape, and we continue to run the best service levels in the market. So.

Joe Stauff: Recently launch from some of your competitors.

Joe Stauff: Sure. Thanks for the question on the first one.

Youre right, there is incremental product coming to market that.

Speaker Change: That is absolutely the case, we too had been innovating with capex not on the room side.

Joe Stauff: Reference back a bit too.

Joe Stauff: How I responded to David.

Speaker Change: In other amenities as we've talked about pretty extensively on this call.

Joe Stauff: It's.

Joe Stauff: A very competitive it's a very competitive market I think you've heard that from a number of our peers as I said earlier.

Speaker Change: And I like our ability to be competitive there.

Speaker Change: Thank you.

Joe Stauff: That competition manifests itself in many many ways the promotional environment is actually quite stable, but it's day to day hand to hand combat in order to be competitive in that market and I think that's true for everyone on the hotel product side. We continue to run fall. We continue to have market share that we're that we're very proud of.

Speaker Change: Sure.

Speaker Change: Okay, well, thank you operator, and thank you to all the participants on the call. We appreciate your interest in Wynn resorts and we look forward to talking to you again next quarter.

Craig Billings: I think that's true for everyone. On the hotel product side, we continue to run full. We continue to have market share that we're very proud of. We are incredibly proud of the state of our assets. We keep them in tip-top shape, and we continue to run the best service levels in the market. You're right, there is incremental product coming to market. That is absolutely the case. We, too, have been innovating with CapEx, not on the room side, but in other amenities, as we've talked about pretty extensively on this call. I like our ability to be competitive.

Speaker Change: Thank you for participating on today's conference call you may now disconnect.

Joe Stauff: We are incredibly proud of the state of our assets, we keep them in Tiptop shape, and we continue to run the best service levels in the market. So.

Joe Stauff: You're right there is incremental product coming to market that that is absolutely. The case, we too had been innovating with capex not on the room side, but in other amenities as we've talked about pretty extensively on this call.

Joe Stauff: And I like our ability to be competitive there.

Joe Stauff: Thank you.

Operator: Thank you.

Joe Stauff: Sure.

Joe Stauff: Okay.

Joe Stauff: Okay, well, thank you operator, and thank you to all the participants on the call. We appreciate your interest in Wynn resorts and we look forward to talking to you again next quarter.

Operator: Well thank you operator and thank you to all the participants on the call. We appreciate your interest in Wynn Resorts and we look forward to talking to you again next quarter.

Joe Stauff: Thank you for participating on today's conference call you may now disconnect.

Operator: Thank you for participating on today's conference call, you may now disconnect.

Joe Stauff:

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