Q2 2025 Wynn Resorts Ltd Earnings Call

A 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.

David. This is the operator.

We need your last name before the call begins, sir.

This call is being recorded if you have any objections you may disconnect at this time I.

I will now turn the line over to Julie Cameron Doe Chief Financial Officer. Please go ahead.

Thank you operator, and good afternoon, everyone on the call with me today are Craig Billings and Brian Goldberg in Las Vegas also on the line of journey holiday, Linda Chen and Frederick Lucas do tongue.

Please note that we published a presentation to provide more color on the company. In recent performance ahead of this call you can find the presentation on our Investor Relations website.

I want to remind you that we may make forward looking statements under safe Harbor Federal Securities laws, and those statements may or may not come true.

I'll now turn the call over to Craig Billings.

Thanks.

Good afternoon, and as always thank you for joining us.

I'm incredibly proud of our second quarter results.

When Las Vegas continues to be an outstanding performer on the strip.

We used that EBITDA in Las Vegas grew to a new second quarter record up 2% year over year to nearly $235 million.

Adjusting for holes that number would have been even higher at 246 million.

Demand was healthy throughout the quarter with impressive increases in both drops and handle driving a 14, 5% increase in total casino revenues, a reflection of our ability to continue to take gaming market share.

Excuse me. This is the operator. Do I have David on the line?

We were also pleased to grow Revpar, a little over 1% and we saw continued strength in retail.

Sure. I need me. I'm able to hear you. We need to get your name for the call, please.

More recently the business in July saw continued momentum in the casino would drop and handle both up versus July 2024, and strong retail sales.

In the hotel in July we had very strong weekends with softer maybe weeks in.

In response, we prioritize midweek rate over occupancy consistent with our premium positioning and made operational adjustments tied to occupancy levels.

Looking ahead, while macro winds and macroeconomic uncertainty, including tariffs remains a consideration we remain positive about the business in Las Vegas.

We saw the forward booking pace accelerate as July progressed in our group and convention business looks strong heading into the fourth quarter and 2026.

2026 is shaping up to be a record year for both group room nights and revenues.

On last quarter's call, we talk specifically about the uncertainty of the tariffs it introduced into some of our development plans, primarily in Las Vegas subs.

Subsequent to that call, we revised our sourcing and procurement plan for the Encore tower remodel in Vegas, and I'd now expect we will kick off that renovation in spring 2026 with minor disruptions during the renovation period.

Drop and handle driving a 14.5% increase in total Casino revenues.

A reflection of our ability to continue to take gaming market, share.

We were also pleased to grow revar a little over 1%, and we saw continued strength and Retail.

Encore, Boston Harbor generated $64 million of EBITDAR up about 3% year on year.

<unk> revenues grew over 5% year over year, driven by strength in both tables and slots.

More recently. The business in July saw continued momentum in the casino with drop and handle, both up versus July 2024 and strong retail sales

More recently demand in Boston remained healthy in July with total casino revenues roughly flat to last year.

In the hotel, in July, we had very strong weekends with softer midweek.

Macau delivered solid results results in the quarter, though we were impacted by lower than normal VIP holds during.

In response, we prioritized midweek rate, over occupancy, consistent with our premium positioning and made operational adjustments. Tied to occupancy levels.

During the quarter, we saw a steady April and strong June offset slightly by a more subdued mei.

Looking ahead while macro in macroeconomic uncertainty, including tariffs remain to consideration. We remain positive about the business in Las Vegas.

The business generated $266 million in VIP normalized EBITDA with unfavorable VIP hold costing us nearly $13 million.

We saw the forward booking pace accelerate as July progressed, and our group and convention business looks strong heading into the fourth quarter and 2026.

Volumes were up nicely in the quarter with mass drop up three 6% year on year and VIP volumes up meaningfully versus Q2 2024, so mass hold was a bit lower than we would like particularly in may.

2026 is shaping up to be a record year for both group room nights and revenues.

On last quarter's call. We talked specifically about the uncertainty of the tariffs and introduced to some of our development plans.

Volumes accelerated further in July which was a standout months, despite some weather disruption with drop up year on year and sequentially versus June.

Primarily in Las Vegas.

For June and July combined we generated normalized EBITDA of $3 3 million per day, which we've normalized to account for high hold during that period.

The renovation.

Encore Boston, Harbor generated 64 million of i-bidder up about 3% year on year.

The premium segment continues to lead the market forward in Macau.

Harvard generated 64 million people are up about 3% around here.

Casino revenues grew over 5% year-over-year, driven by strength in both tables and slots.

To further enhance our premium positioning we have recently initiated two key capital projects and expansion of the Chairman's club gaming area at Wynn Palace, and a refresh of our wind tower rooms at Wynn Macau.

you know, revenue is through over 5% by strength and both tables and

More recently demand in Boston, remained healthy in July, with total Casino revenues roughly flat to last year.

more recently demand in Boston, remain healthy in July, with total Casino revenues roughly flat to last year.

We expect some minor disruption towards the end of the year from these projects. Once they are complete we expect they will further elevate our offerings at both properties.

Macau delivered. Solid results in the corner though. We were impacted by lower than normal VIP holds.

The cow delivered, solid results results in quarter though. We were impacted by lower than normal p.

During the quarter, we saw a steady April and a strong June, offset slightly by a more subdued May.

We're now Marcia on island continues to progress rapidly we're pouring the 60 61 floor and on track to top out the tower later this year.

During the quarter, we saw a steady angle and strong use offset slightly by a more.

the business generated 266 million in VIP normalized ibida with unfavorable VIP holds costing us nearly 13 million

We've also finalized several important food and beverage partnerships and agreed to key terms with a number of high profile retail town.

Business generated. 2066 million in VIP normalized season with unstable VIP, holds costing us nearly 15 years

volumes were up nicely in the quarter with mass drop.

We remain on track for our targeted opening date of when our Marciano and continue to believe it is the most compelling development opportunity in the industry.

here on here and VIP volumes immediately versus keeping

volumes were up nicely in the quarter with mass drop up 3.6% year on year and VIP volumes of meaninglessly versus Q2 20224 though mass hold was a bit lower than we would like particularly in May.

so mass hold was a bit lower than we would like

We're now March on will be the only property operating in what many analysts are predicting will be a five plus billion gaming revenue market.

Volumes accelerated further in July, which is the standout month.

Volumes accelerated further in July which was a standout month, despite some weather disruption with drop up year-on-year and sequentially versus June.

Drop top year on year and sequential.

As I have said before our future is bright and to that end, we purchased $158 million of stock in the second quarter at a weighted average price of just under $79 per share.

For June and July combined, we generated normalized ibida of 3.3 million per day, which we've normalized to account for high hold during that period.

June and July combined, we generated normalized, heat data of 3.3 million per day and we've normalized to account for high hold during that period.

The premium segment continues to lead the market forward in Macau.

I'll now hand, it over to Julie to run through some additional details on the quarter Julie Thank you Craig.

The premium segment continues to lead the market.

To further enhance our premium positioning, we have recently initiated two key capital projects.

Las Vegas, we generated $234 8 million and <unk>.

to further, enhance our premium positioning if recently initiated 2 East Apple projects,

Adjusted property EBITDA on $638 $6 million of operating revenue during the quarter delivering an EBITDA margin of 36, 8% low hold negatively impacted EBITDA in the quarter by 11 4 million.

An expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wind Tower rooms. At Wynn Macau.

Expansion of the Germans Club games area, Palace and a refresh of our Wind Tower.

While we expect some minor disruption toward the end of the year, from these projects, once they are complete, we expect they will further Elevate our offerings at both properties.

While we expect a minor disruption toward the instant gear from these projects once they are complete, we expect they will further Elevate our offerings.

Opex, excluding gaming tax per day, with $4 2 million in the quarter up 1% compared to the prior year due to normal wage inflation from a union and nonunion area as Craig mentioned earlier, we're pleased to be resuming our encore tower remodel with construction is set to begin in spring 2026 with an estimated.

When almaren Island can continue to progress rapidly.

When elmar John Island continues to address Revenue.

We are pouring the 61st 61st floor and on track to top out the tower later this year.

Reporting the 6336 floor and on track to top out the tower.

We've also finalized several important food and beverage Partnerships and agreeing to key terms with the number of high-profile retail tenants.

We've also finalized several important forms of Beverage Partnerships and agreed to key terms with the number of high-profile Pizza.

<unk> a $330 million.

Which we expect to take about a year to complete.

We remain on track for our targeted. Opening date of when Al Marjan Island and continue to believe it is the most compelling development opportunity in the industry.

We remain on track for our targeted opening day. When our march on ice and continue to believe it is the most compelling development of

Turning to Boston, we generated adjusted property EBITDA of $63 9 million on revenue of $215 7 million with an EBITDA margin of 29, 6% Casino revenues grew five 2% year over year, and we maintained our discipline on the cost side with Opex per day.

When now margin will be the only property operating in what many analysts are predicting will be a 5 plus billion dollar Gaming revenue Market.

When now march on, will be the only property operating until many analysts are, predicting will be a 5 plus billion dollar date part.

As I have said, before our future is bright and to that end, we purchased 158 million of stock. In the second quarter at a weighted average price of just under $79 per share.

As I have said before our future is good and to that end, we purchase 858 million quarter. I weighted average price just under 7 9

At 1.15 million.

<unk> Q2, 2024, despite continued labor cost pressure in that market.

I'll now hand it over to Julie to run through some additional details.

The Boston team has continued to do a great job of mitigating union related payroll increases with cost efficiency in areas of the business that do not impact the guest experience.

I'll now hand it over to Julie to run through some additional details on the court. Julie, thank you. Craig at Wynn Las Vegas, we generated $234.8 million in adjusted property EBITDA on 638.68%.

Our Macau operations delivered adjusted property EBITDA of $253 $7 million in the quarter on $893 5 million operating revenue, resulting in an EBITDA margin of $28, 7% lower than normal VIP hold impacted EBITDA by a little under $13 million in the quarter.

Thank you, Craig, and we love Vegas. We generated $234.8 million in adjusted property on 638.63%.

Low hold negatively impacted ebit da, in the quarter by 11.4 million.

Low. Hold negatively impact leaders are in a quarter by 11.4 million.

I'll fix excluding gaming tax today with 4.2 million dollars in the Porton up. 1%.

Opex, excluding gaming tax was approximately $2 six 6 million per day in Q2 up four 5% year on year with the increase driven primarily by the gourmet pavilion, a normal cost cost of living increases. The team has done a great job in staying disciplined on cost and we remain well positioned to drive strong operating.

And Friday, due to normal wage inflation from our Union in non news areas as Craig mentioned earlier.

To be resuming our Encore Tower remodel.

The construction set to begin with spring 2026 with an estimated spend of 330 million.

Opex, excluding gaming tax per day was 4.2 million in the quarter up 1% compared to the prior year, due to normal wage inflation from our Union and non-union areas. As Craig mentioned earlier, we're pleased to be resuming our Encore Tower remodel with construction set to begin in Spring 2026 with an estimated spend of 330 million which we expect to take about a year to complete.

Which we expect to take about a year to complete.

Leverage as the market continues to grow over time.

In terms of Capex in Macau as Craig mentioned, we have initiated two projects and expansion of the Chairman's club gaming area at Wynn Palace, and a refresh of our wind tower rooms at Wynn Macau and together with our other ongoing capex projects, we expect to spend a total of $200 million to $250 million in total for 2000.

Planning for Boston. We generated a Justice property now of 63.9 million on revenue of 250.7 million with an E, bit down margin of 29.6.

But it's been a revenue through 5.2% year-over-year and we maintained other devices on the cost side.

Turning to Boston, we generated adjusted property evitar of 63.9 million on revenue of 215.7 million with an ebit. Dial margin of 29.6% Casino revenues grew 5.2% year-over-year and we maintained our discipline on the cost side with Opex per day of 1.15, million flat to Q2 2024 despite continued labor cost pressures in that market.

Of the day of 1.15 million dollars, flat 222024. It might continued labor cost pressures in that market.

25.

Moving onto the balance sheet, our liquidity position remains very strong with global cash and revolver availability of $3 6 billion as of June 30. This was comprised of $1 8 billion of total cash and available liquidity in Macau and a little over $1 7 billion in the U S.

The Boston team continued to do a great job of mitigating Union related, payroll improvements.

The Boston team has continued to do a great job of mitigating Union, related, payroll increases with cost efficiency in areas of the business that do not impact the guest experience.

The cost efficiency in areas of the business that do not impact the gift experience.

Our Macau operations, delivered, adjusted property ibida of 253.7 million in the quarter on 883.587%.

Subsequent to quarter end, we announced an upsize of our credit facility in Macao, where we added $1 billion of additional undrawn with all the capacity from a number of new lenders, providing significant additional liquidity and flexibility to our balance sheet and indicating the strong confidence and support of our lenders in the market.

On Macau operations, delivered, adjusted property, given our of 253.7 million in Florida on 8. 8 3. 5 3 1

Lower than normal VIP holds impacted Cuba by a little under 13 million dollars.

Our tax including gaming tax.

Approximately 2.66 million.

Up 4.5% in Europe with the increase driven primarily by the million.

The combination of strong performance in each of our markets globally with our properties generating just over $2 $2 billion of LTM adjusted property EBITDA together with a robust cash position creates a very healthy consolidated net leverage ratio of just under $4 four times.

And normal course, companies with an increases.

Lower than normal VIP. Hold impacted ibaa by a little under 13 million. In the quarter Opex, excluding gaming tax was approximately 2.66 million per day. In Q2 up, 4.5% year-on-year with the increase driven, primarily by The Gourmet Pavilion, and normal course, cost of living increases, the team has done a great job in staying disciplined on costs and we remain, well, positioned to drive strong operating, leverage as the market continues to grow over time.

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

Our strong free cash flow and liquidity profile also allows us to continue returning capital to shareholders in both Macau and the U S.

We've initiated 2 projects and expansion of the Germany area of wind Palace and a refresh of our wind power.

To that end Wynn Macau recently increased its final dividend for 2022 to approximately $125 million, which was paid in the second quarter in.

Mention of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wind Tower rooms at Wynn Macau, together with our other ongoing CapEx projects, we expect to spend a total of $200 to $250 million in total for 2025.

And together with our other ongoing ethics projects, we expect to spend a total of 200 to 250 million in total for 2020.

In addition, the Wynn resorts Board has approved a cash dividend of <unk> 25 per share payable on August 29, 2025 to stockholders of record as of August 18th.

Moving on, to the balance sheet, our liquidity position remains very strong with global cache and Revolt or availability of 3.6 billion dollars as of June, 3, 0.

During the quarter, we repurchased 2 million shares for approximately $158 million. These share buybacks together with our retiring dividend highlights our focus on and continued commitment to prudently returning capital to shareholders.

Moving on, to the balance sheet, our liquidity position remains very strong with global cache and revolver availability of 3.6 billion as of June 30th, 1 billion of total cash and available liquidity in Macau, and a little over 1.7 billion in the US.

This was comprised of 1.8 billion dollars of total cash available liquidity in Macau and a little over 1.7 billion in the US.

In terms of Capex, we spent approximately $165 million in the quarter, primarily related to the fairway Villa renovations and F&B enhancements in Las Vegas concession related Capex in Macau are normal course maintenance across the business. In addition to that figure we contributed $58 $2 million of equity.

Subsequent quarter end. We announced an up size of our credit facility in Macau where we added 1 billion dollars of additional undrawn. Revolt the capacity from a number of new lenders. Providing significant additional liquidity and flexibility to our balance sheet and indicating the strong confidence and support of our lenders in the market.

Subsequent quarter end. We announced an upside of our service facility in hotel where we added 1 billion dollars of additional. Undrawn, ripples of capacity from a number of new lenders, providing significant additional liquidity and flexibility to our balance sheet and indicating strong confidence and support of our lenses with the market.

The combination of strong performance for each of our markets globally, with our properties generating, just over 2.2 billion dollars of LTM.

The winter months on island protect during the quarter.

Our total equity contribution to date to $741 1 million during.

The combination of strong performance in each of our markets globally, with our properties generating just over $2.2 billion of LTM adjusted property EBITDA, together with our robust cash position, creates a very healthy consolidated net leverage ratio of just under 4.4 times.

Together with our over cash position, creates a very healthy Consolidated. Not net, leverage ratio of just under 4.4 times.

During the quarter, we continued drawing on the marshawn construction loan with the drawn amount to date of $395 million.

A strong free, cash flow and liquidity. Profile also allows us to continue returning Capital to shareholders in both Macau and the US.

A strong free cash flow and liquidity. Profile also allows us to continue returning Capital to shareholders in both material and the US.

We estimate our remaining 40% pro rata share of the required equity is approximately $600 million to $675 million.

To that end, when Macau recently increased its final dividend for 2024 to approximately $125 million, it was paid in the second quarter.

To that end with Macau recently increased. Its final dividend for 2024 to approximately 125 million dollars which was paid in the second quarter.

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

Thank you.

To ask a question press star one on your Touchtone phone on mute your phone 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 you May Press Star two.

In addition, the Wynn Resorts board has approved. A cash dividend of 25 cents per share. Payable, on August 29th, 2025 to stockholders of record at of August 18th.

In addition, the Wynn Resort board has approved. A cash dividend of 25 cents per share. Payable, on August 29th, 2025 to stockholders of record at August 18th.

During the quarter. If we purchase 2 million shares for approximately 100 156 million dollars.

During the quarter. We repurchased, 2 million shares for approximately 158 million. These share BuyBacks together with our recurring dividend highlight, our focus on and continued commitment to prudently returning, Capital to shareholders.

First question comes from Dan Poulter with Jpmorgan you May go ahead Sir.

share BuyBacks together with our recurring, dividend highlight, our focus on and continued commitment to prudently returning capital

in terms of capex, and

Hey, good afternoon, everyone and thank you for taking my questions.

Approximately 165 million dollars in the quarter.

First I wanted to touch on Las Vegas, It was very strong in the quarter clearly outperforming the market by a wide range how much of this outperformance do you attribute the positioning at the high end of the market, which is where your properties versus some of the operational pivots that you've made.

Primarily related to the Fairway Villa, Renovations and FNB enhancements in Las Vegas. Concession related topics, in Macau and normal Course, Maintenance across the business.

in addition to that, we contributed 58.2 million in equity to the win, our margin Islands project

Looking ahead, what are your expectations for third quarter and fourth quarter, just given some of the comments that we've heard thus far this earning season.

Bringing our total equity.

Addition to date to 741.11.

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

Million dollars during the quarter. We continued drawing on the margin.

In terms of capex, we spent approximately 165 million in the quarter, primarily related to the Fairway Villa, Renovations and FNB enhancements in Las Vegas. Concession, related capex in Macau and normal Course Maintenance across the business. In addition to that figure, we contributed 58.2 million of equity to the win, our margin Island project during the quarter, bringing our total Equity contribution to date to 741.1 million during the quarter. We continued drawing on the margin construction loan with the drawn amount to date of 395 million.

With a drawn amount to date of $395 million.

It's a lot of things I mean.

Certainly being at the luxury end of the market helps.

We estimate our remaining 40% prior, to share of the required Equity is approximately 600 to 675 million.

Our premium positioning absolutely helps and I think thats the most resilient.

We estimate our remaining 40% prior, to share of the required Equity is approximately 600 to 675 million.

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

Component of the customer base, but we've really spent the past three years.

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

Thank you.

<unk> three plus years really doing everything we can to make sure that building is in tip top shape, making sure that we're programming building appropriately.

And is that were driving the gaming business and that we're taking gaining share we've grown.

Couple of hundred basis points of gaining share over that period.

Last question press star 1 on your question, and mute your phone record your name clearly after the prompt and I will introduce you to your questions, please, submit yourself to 1 question and 1 question to withdraw your question. You may

So it's a whole bunch of things.

To ask a question press star 1 on your touchtone phone and mute your phone record your name clearly after the prompt and I will introduce you for your question. Please limit yourself to 1 question and 1 follow question to withdraw your question. You may press star 2. Our first question comes from Dan Poulter with JP Morgan. You may go ahead sir.

A bit of a river of nickels, if you will.

Our first question comes from Tampa with JP Morgan. Let me go ahead.

Hey, good afternoon everyone. Thank you for taking my questions.

And I am incredibly proud of where we are Bryan do you want to comment on Q3, and the rest of the year.

Hey, good afternoon everyone. Thank you.

Yes. The team continues to accelerated booking pace continues to look.

First, I wanted to touch on Las Vegas Vegas. It was very strong in the quarter, clearly, um, outperforming the market by a wide range,

Actually quite good July we saw some of the best bookings we've seen all year.

Really a combination of the sales team that casino marketing team and everybody coming together to really focus on the revenue side and on the ops team really focusing on making sure that we have the right amount of staff for the right amount of business.

How much is this outperformance, keeping positioning at the high end of the market which is where you're probably fit versus, you know, some of the operational differences?

Uh, first, I wanted to touch on Las Vegas. It was, it was very strong in the quarter. Clearly, um, outperforming the market by by a wide range, how, how much of this outperformance do you attribute to positioning at the high end of the market, which is where your property sits versus, you know, some of the operational pit pivots that you've made and you know, looking ahead, what are your expectations for third quarter and fourth quarter, just giving some of the comments that we've heard thus far this earnings season?

And you know looking ahead what are your expectations for the third quarter and fourth quarter just giving some of the comments that we've heard thus far this earnings season?

Sure, thanks. I'll, uh, I'll start, and then I'll ask Brian to come in as well.

um,

Sure, thanks. I'll, uh, I'll start and then I'll ask I'll expand to comment as well.

Really just dialing into the business. So that we can continue to excel as we move into fourth quarter, which we are very bullish about.

Um,

As Brian mentioned, the booking pace and I think I mentioned it in my prepared remarks, as well as the booking pace.

The lull in Vegas over the summer has been well publicized.

you know, it's a lot of things. I mean, uh, certainly being at the luxury end of the market helps and, uh, our premium positioning absolutely helps. And, and I think that's the most resilient, uh, component of the of the customer base. But, you know, we've really spent the past 3 years.

you know, what's the last thing? I mean, uh, certainly being able to look at the market helps and our previous positioning absolutely helps. And I think that's the most resilient, uh, you know, we've really spent the past 3 years,

And as I mentioned in my prepared remarks that that was also the case for US we can we really focused on average daily rate.

As opposed to occupancy and networks, that's worked really well for us, but the booking pace in July did accelerate over the course of July I think you've heard that actually from a couple of our competitors as well.

3 plus years. So everything we can to make sure that the building is in top shape. Making sure that we're programming and building appropriately.

3 plus years, really doing everything we can to make sure that uh the building is in Tip-Top shape, making sure that we're programming the building appropriately. Um, and that we're driving the gaming business and that we're taking gaming shares, we've grown uh a couple hundred basis points of gaming share over that period.

Um, and that we're driving the gaming business and that would take games. We've grown a couple hundred basis points of games.

And our group business in Q4 looks really good.

So it it's a whole bunch of things it's, um, a bit of a, a river of nickels if you will.

So it's a whole bunch of things. It's, um, a bit of a

Got it thanks, and then just to follow up on Macau.

Uh, and I'm incredibly proud of where we are. Brian, do you want to comment on Q3 and the rest of the year?

Certainly the market seems to have been selected here last couple of months industry DDR has accelerated and it seems like you've participated in that and what do you attribute that that inflection to it that is that are you seeing a difference in terms of the actual fundamentals the customers that are coming to spend per customer or is it a function of the entertainment or calendar.

And I'm incredibly proud of all of where we are. Brian, you want to comment on cue?

Yeah, the team continues to accelerate working Pace continues to look. Uh actually quite good uh for July. We sent some of the best booking.

Yes, again kind of similar to my response on your Vegas question.

on the revenue side and then the Ops Team really

A little bit of a little bit of everything certainly entertainment in the entertainment than it's been in the market.

Make sure that we have the right amount of staff for the right.

that it really just dialing in the business,

Has played a role but even subsequent to those.

And then the opt team, really focusing on making sure that we have the right amount of staff, for the right amount of business, uh, really just dialing in the business, uh, so that we can continue to excel as we move into fourth quarter, which we are very bullish about.

so that we can continue to excel as we move into the fourth quarter, which we are very

Those concerts.

Which happened in late Q2 I believe.

We've seen strength in the market in <unk>.

Yeah, as Brian mentioned, the booking case, I think I mentioned it in my professional booking page.

July and so it's been it's been great to see I quoted our EBITDA run rate over the course over the course of July and we're incredibly proud of that and we can we tend to not.

Is the low in Vegas?

Yeah, as Brian mentioned, the booking pace and I think I mentioned it in my prepared remarks as well. The booking Pace, the the the low in Vegas over the summer has been well publicized uh and as I mentioned, in my prepared remarks that that was also the case for us midweek and and we really focused on average daily rate uh,

As opposed to occupy.

And as I mentioned in my step, that was also the case for us this week, and we really focused on how much going to be great, uh, as close to our experience.

And that worked.

Provide guidance look further out than we've seen so all I can really tell you is what we've seen in July and it was good.

Well, for us but the booking page in July.

Of course of July. I think you've heard that actually from a couple of competitors as well.

Got it thanks, so much.

And that worked, uh, that's worked really well for us, but the booking pace in July did accelerate over the course of July. I think you've heard that actually from a couple of our competitors as well. Um, and our group business in Q4 looks really good.

Sure.

Um, and our group business in Q4 looks really good.

Thank you our next caller is Steve <unk> with Deutsche Bank. Your line is open Sir.

Hey, good afternoon, everybody and thank you for taking.

Thanks and then just helping Macau. Um certainly the market seems to have been collected here in the last couple months of Industry. GTR has has accelerated and seems like

Questions Doug.

So think beautiful ball.

You think any differently at all about some of the potential domestic capex projects that you've talked about in the past in both Vegas I guess in Boston.

Got it. Thanks and then, just just to follow up on Macau. Um, certainly, the market seems to have inflected here the last couple of months of of industry. Gdr has has accelerated. And seems like, you've, you've participated in that and what, what do you at that inflection to it? That is that, are you seeing a difference in terms of the actual fundamentals? The customers that are coming to spend per customer or is it is it a function of the entertainment, or or calendar?

Julie you want to take that sure I mean, there are certainly some corporate tax provisions in the bill that will benefit us when you think about the depreciation side of things that interested us stability, but that's really for us it is going to be primarily in 2028 and beyond.

So nothing nothing really immediate that would cause us to change course with with how we're approaching our capex programs.

Okay. Thank you and then are you just able to comment on <unk> Las Vegas group pace.

Any early commentary on expectations for Formula one this year.

Over the course of July, we're incredibly proud of that. And, you know, we can't, we tend to not uh,

Now that where youre three I believe.

Those concerts, um, uh, which happened in late Q2, I believe. Um, we've seen strength in the market and, uh, in July, and it's great to see. I quoted already, but the run rate over the course, incredibly proud of that. And, you know, we tend to not, uh,

Any lessons learned from the past two years.

Provide guidance or look further out than we've seen. So all I can really tell you is what we've seen in July and it was good.

Brian sure.

Provide guidance, we've seen all I can really tell you is what we've seen in July and it was good.

Got it. Thanks so much.

Sure.

Q4, as well as Formula one are both pacing quite well right now.

All right, thanks so much.

Sure.

Thank you. Our next caller, is Steve Pella with Deutsche Bank. Your line is open, sir.

And that continues that that volume and inertia continues into 'twenty six and beyond so we're very bullish on where we sit with Q4 and F. One is much improved over last year, we're seeing that through corporate bookings in early corporate bookings and we're maintaining their rates.

Thank you. Our next caller, is Steve with Joyce Bank. Your line is open, sir.

hey, good afternoon everybody and thank you for taking uh, her questions does uh

hey, good afternoon everybody for taking

Unlike some of our competitors. So it's the strength of the brand and what we do that allows us to do that.

For question, it's been beautiful day at all about. Some of the domestic FX projects that you talked about the

The big beautiful Bill make you think it any differently at all about some of the potential domestic capex projects that you talked about in the past in both Vegas and I guess in Boston.

Las Vegas Vegas in Boston.

Okay I appreciate it thank you.

Thank you our next caller is Lizzie dove with Goldman Sachs.

Hi, there thanks for taking the question.

Sticking with Vegas, I Wonder if you could go a bit deeper and just in terms of the consumer pulse checks that we've had has been mixed trends between domestic versus international inbound and then once people are in the hotels are they spending in the same way.

Julie, you want to take that. Uh sure. I mean there are certainly some corporate tax Provisions in the bill that will benefit us, you know, when you think about the depreciation side of things and interest deductibility but that's really for us it's going to be primarily in 2028 and Beyond, um, so nothing. Nothing really immediate that would cause us to change course with with how we're approaching our capex programs.

Oh sure. I mean, there are certain Provisions in the bill that will benefit us, you know, when you think about the depreciation site facility that's really for us, it's going to try to be primarily in 2028, so nothing, nothing really immediately deposited to change. Of course, with how we're approaching our capex Pro

What are you seeing on the food and beverage in the kind of incremental side of things, but just love to know if this kind of a difference is that thanks.

Sure happy to talk about that.

Okay, thank you. And then are you just able to comment on for you want me to pay any expectations for January 1 this year?

Okay, thank you. And then are you just able to comment on 4 q? Las Vegas group Pace, um, and any early commentary on expectations for Formula 1 this year. Um, now that we're year 3, I believe, um, any Lessons Learned From the Past 2 years,

Thank you for the question.

In a unique position, where we're not the best barometer of.

Any Lessons Learned From the past few years.

Right.

Las Vegas writ large.

Or.

Parameter I think it's a very particular portion of Las Vegas.

So and also I would also say we've never been about how many people are in the building. Although that's been time, we've been about who is in the building very particular people in the building and so I would say over the course of Q2 and really into July as I mentioned in my.

the 1 or both quite right now um and continue that that volume and inertia continues into the

we're very bullish on where we sit before and then if 1 is

In my prepared remarks casino volumes have been very very good.

Brian sure. Um Q4 as well as Formula 1 or both pacing quite well right now, um and that continues that that volume and inertia continues into 26 and Beyond. So, we're very bullish on where we sit with Q4 and F1 is, uh, much improved over last year, we're seeing that through corporate bookings and early corporate bookings. And, uh, we're maintaining their rates, uh, unlike, uh, some of our competitors. So it's, uh, the strength of the brand. And what we do, that allows us to do that.

It's always going to be disproportionately high and so we haven't seen any diminishment in the willingness to spend at the tables and slots, we've been able to hold rate.

Over the last year, we're seeing that through corporate workers' corporate bookings. And, uh, we'll need their rates, unlike some of our competitors. So it's the strength of the brand and what we do that allows us to do that.

Okay, appreciate it. Thank you.

Okay, appreciate it. Thank you.

Thank you. Our next caller, is Lizzie dove with Goldman Sachs?

Which is a good indicator of demand for what we offer and we've been able to do that in a market where.

Where rates have dropped.

And so I think thats it.

A testament to where we are you specifically asked on the food and beverage side average check on our fine dining restaurants, which again I think would be the most sensitive.

Hi there, thanks for taking the question. Um, speaking with Vegas, I wonder if you could go a bit deeper and just in terms of the consumer pulse check, you know, we've heard there's been mixed Trends between domestic versus International inbound and then once people are in the hotels, that are they spending in the same way? Uh, what do you see on the food and beverage and the kind of incremental side of things? We just love to know if there's kind of been differences there. Thanks

It's been pretty stable.

And so I don't think Thats, an indicator so we'll see how.

Very much. I wonder if you go a bit deeper you know, inbound and then most people out of the hotel if their name in the same way. Uh what do you see on the freedom collaboration? Kind of incremental side of things, just want to know if there's kind of been differences there.

We will see how things play out from a macroeconomic perspective.

Talk about that. We're not the best barometer.

But right now we're feeling good.

Great and then just switching to well went up John I'm curious you know how.

Sure, happy to talk about that. And thank you for the question. We, you know, we sit in a unique position. We're, we're not the best barometer of, um, you know, Las Vegas at large. We're, we're the best barometer. I think of a very particular portion of Las Vegas.

I think is a very particular,

As we get closer to the Investor day closer to the launch.

Not too far from now I mean, how do you think about ways that you can set yourselves up for that.

So and also, I would also say we've never been about how many people are in the building, although that's been fine. We've been about who's in the building, very particular people in the building.

So, and also I've also said, we've never been about how many people are on the field. We all know that's been kind. We've been about who's in the building.

27 launch for success.

You hired a new team members you've got the wind May fair acquisition, but what are the kind of things are building blocks you can put into place to put you in the best position for whatnot eventually open. Thanks.

So uh, let's say over the course of 22 and 5.

Marx Casino.

That's always going to be disproportionately.

It's a great. It's a great question I'll be honest most of that is not transparent to you all.

We haven't seen any the willingness to spend

That's always going to be disproportionately high-end. So we haven't seen any diminishment in the willingness uh, to spend at the tables and the slots we've been able to hold rate.

But it's a day to day effort on our part I mean, we're building an opening much like any integrated resort, we're building and opening a small city.

uh which is a good indicator of demand for what we offer and we've been able to do that in a market where, um,

Where rates have dropped?

we've been able to hold which is a good news, been able to do that in a market where, um,

And there is a ton of infrastructure that we have to put in place even outside of the building. So I think the best thing that we can do is expose the total addressable market opportunity.

And so I think that's a, a testament to where we are. But you specifically asked on the food and beverage side average, check on in our, uh, fine dining restaurants which I can. Again, I think would be the most sensitive.

Expose the quality of the product that we do.

Has been pretty stable.

So, I think that's a a question. We are have some people every side in our finding restaurants. Again, I think would be the

increase.

We are creating here it will be.

<unk> uniquely win and will be reflective of our legacy of.

Um, and so I I I don't think that's an indicator. So, you know, we'll see how, uh, we'll see how things play out from a macroeconomic perspective.

Uh and so I I don't so, you know, we'll see how uh we'll see how things play out from a macroeconomic system.

Delivering just astounding physical spaces.

Um, but right now we're feeling good.

Um, but right now we're feeling good.

And educate people on what the opportunity is but all of the hard yards of getting to the point, where we can squeeze every dollar of EBITDA out of that place that we possibly can.

That's our job every single day, so I hope that folks attend the folks that have been invited I hope they attend Investor day, there I hope they can see what we're up to and see the absolute power of what is happening in that market in Dubai and in the UAE.

Great. Thank you.

Thank you our next caller is Steven Grambling with Morgan Stanley. Your line is open.

Hey, Thanks, I just wanted to follow up a bit on expenses first on Vegas. It looks like you were able to keep costs relatively contained and the very low single digits curious if there was any timing of costs and there are other puts and takes to think about or is this just a proof point for managing the expense structure and effectively the same question around corporate expenses, which I think we are.

Members, you've got the with me, Fair acquisition, but what are the kind of things? The building blocks you can put into place to put you in the best position for when that eventually opens. Thanks. Yeah, it's a great. It's a great question. I'll be honest. Most of that is not transparent to you all.

But it's a day-to-day effort on our part. I mean we're building and opening much like any integrated resort we're building and opening a small City.

<unk> were down year over year.

And there's a ton of infrastructure that we have to put in place, even outside of of the building. So I think the best thing that we can do is expose the total addressable Market opportunity.

Thanks, Stephen I'll take that really on the expense side. We just do we continue to manage it very diligently and judiciously the teams across across the globe really focus on that they focus on.

Making sure they're looking at what's coming up and making sure. We're staffed appropriately and we have a great flexible approach to that so we're able to dial things up and dial things down in line with volume.

We take it very seriously and we manage to that and I think we always comment on the fact that we do it in a way that doesn't impact the guest experience, but it is it is a focus of ours on the corporate expense side.

Nothing unusual going through the other then we did have about 20th anniversary in the quarter. So youll see there were some costs involved with that with that celebration from it from a from a.

Uh, expose the quality of the product that we, um, that we are creating here, it will be uh, uniquely wind and will be reflective of our Legacy of of of delivering just astounding, physical spaces and educate people on what the opportunity is. But all the hard yards of getting to the point where we can squeeze every dollar of ibida out of that place deposit. Again, that's our job every single day. So I hope that folks attend the folks that have been invited. I hope they attend that, that investor day there. I hope they can see what we're up to and see the absolute power of what is happening in that market in Dubai and in the UAE

Great. Thank you.

And event perspective, but also.

Thank you. Our next caller is Steven Grambling with Morgan Stanley. Your line is open.

On the equity side as well that with some some one off grubbs associated with that too I'd tell you want employees.

And I would just add that branco rents just through its gone against the wall when you're asked to see.

<unk> expenses in Vegas, where timing oriented.

Yeah.

Really hard I mean day by day to make sure that from a expense and staffing perspective, we are exactly where we need to be threading. The needle of the brand and the EBITDA and it's a real testament to their ability to manage these businesses and manage to manage them really really really well and thats true in Macau.

Hey, thanks. Just wanted to follow a bit on expenses. Um, first on Vegas. Looks like you were able to keep costs relatively contained in the very low, single digits, curious, if there was any timing of costs in there or other puts and takes, I think about or is this just a a proof point for managing the expense structure and and effectively the same question around corporate expenses which I think we're we're down year-over-year.

And it's certainly true in Boston as well on corporate expense. It is timing and it often is timing because you get.

Substantially more lumpy.

Makes sense that's helpful. And then one follow up on Macau, just given the strength of the market. You did mentioned, it's all about getting the right person in the seat.

I guess I imagine the same as fairly true in Macau, maybe you can elaborate on who is coming into the market in Macao is it skewed to specific submarkets within China versus Hong Kong is it new customers versus returning younger or otherwise. Thanks.

Sure Yes.

I think we've mentioned on previous calls that we've seen a very large influx post COVID-19 post reopening of new customers into Macau. So certainly theres been a lot of high quality premium mass play I think the mix of customers has been pretty consistent with what we've seen since the market.

That really on the expense side, we just do, you know, we continue to manage it, uh, very diligently and judiciously, you know, the teams across across the globe, really focus on that they focus on, you know, making sure they're looking at what's what's coming up and making sure we're staffed appropriately and we have a great, you know, flexible approach to that. So we're able to to dial things up and dial things down in line with volume. Um, and we, we take it very seriously, we manage that and I think we always comment on the fact that we do it in a way that doesn't impact the guest experience. Uh, but it is it is a focus for us on the corporate expense side. Um, you know nothing unusual going through their other than um we did have our 20th anniversary in the quarter so you'll see there were some costs involved with that uh with with that celebration uh from a from a from a, you know, from a, an event perspective. But also um on the on the uh Equity side as well. There was some some 1-off grants associated with that to our

A day 1 employees.

The market reopened and so I don't think there's been a sea change per se in.

Who is showing up but.

The results and the market has been good.

We're delighted with it.

Great. Thanks, so much.

Okay.

Thank you our next caller is David Katz with Jefferies. Your line is open.

Hi afternoon. Thanks for taking my question I wanted to go back to Macau.

And I was just sad that Brian go Brands. Just threw his phone against the wall. When you asked, if the uh, the expenses in Vegas were timing oriented. These guys were really hard, I mean, day by day to make sure that from a expense and Staffing perspective, we are exactly where we need to be threading, the needle of the brand and ibida, and it's a real Testament to their ability, to manage these businesses and managed to manage them. Really, really, really well. And that's true in Macau. And it's certainly true in Boston as well on corporate expense. It is time, and it often is timing because you get, it's substantially more Lumpy.

One of the one of the items that comes up in conversations and checks et cetera.

Promotions and credit I'd love to get your perspective.

Perspective on what's happening in the market now.

You deal with that and second entertainment seems to be a big driver there I'd love to get a sense for again, what your perspective is and what your participation is any of that going forward. Thanks.

Makes sense. That's that's helpful. And then 1 follow up on Macau. Um, just give me the strength of the market. You did mention. It's all about getting the right person in the seat, um, in Vegas. Um, I imagine the same as fairly true in Macau. Maybe you can elaborate on, who is coming into the market? In Macau, is it skewed to specific sub-markets within China versus Hong Kong? Is it new customers versus returning younger or otherwise? Thanks.

Sure.

Sure on the reinvestment side and we've discussed this a little bit on prior calls it is absolutely daily hand to hand combat for market share there and.

And we.

Adjusted modulate our reinvestment up or down in any given day, our weak months.

Depending upon what goals, we're trying to achieve so we have a very clear view as I've said before of how much incremental investment we need to we need to make in order to be competitive but also to make money.

Yeah, I think we've mentioned on previous calls that that we've seen a, a very large influx postcovid post reopening of new customers, uh, into Macau. So certainly there's been a lot of high quality premium Mass play. I think the mix of customers has been pretty consistent with what we've seen, uh, since the market, um, since the market reopened. And so, I don't think there's been

I see change per se in uh, in who's showing up.

But um, the results in the market have been good and we're, we're delighted with it.

And reinvestment has actually been pretty stable over the course of the past the past several quarters. So again, we're very comfortable with.

Great. Thanks so much.

Thank you. Our next caller, is David Cass with Jeffrey. Your line is open.

Where our promotions are on the entertainment side.

Yeah.

I guess I would have thought this would be kind of a two pronged response, but first is it is absolutely true that entertainment has been driving visitation and demand and when that entertainment is a large scale arena based event.

Similar to a citywide.

In Las Vegas, so it tends to affect everybody in the market and obviously, we benefit from that.

We also recognize that we need the capability to drive entertainment and so you.

What's happening in the market and how, you know, you you deal with that and second, you know, entertainment seems to be a big driver there. I'd love to get a sense for again, what your perspective is and what your participation is in any of that going forward. Thanks.

This may have been lost a little bit in the midst of time, because we haven't talked about it in a while but.

Investment 7.

The largest component of our concession commitment is actually an event center and we're well underway with engineering and.

And design at that event center it'll be on the north parcel of land that sits there adjacent to the main entry to to.

To Wynn Palace.

And we're excited about it because it will allow us to program.

Program, Great Entertainment and drive visitation.

There and we, uh, adjust and modulate our reinvestment up or down in any given day, our week month, uh, depending upon what goals were trying to achieve. So we have a very clear view as I've said before of how much incremental reinvestment, we need to we need to make in order to be competitive but also to make money

And if I can follow that up when is that supposed to be completed active et cetera.

Subject to.

As Julie has mentioned a few times.

All of that concession capex subject to a bunch of government approvals.

Um, and and I reinvestment has actually been pretty stable over the course of the past, uh, the past several quarters. So again, we're we're very comfortable with, uh, with where our promotions are on the entertainment side.

A reasonably wide range call it.

Early 2008, but I would caveat that with we need all of the appropriate government approvals.

Understood. Thanks.

Sure.

Thank you John degree with C. B R. E. Your line is open.

Alright. Thank you for taking my questions, maybe one on Vegas to start a little nuanced, but maybe trying for a little additional color. So Craig when you spoke to.

Um, I guess I would have this would be kind of a 2-prong response. The first is it is absolutely true that everyone is driving and demands. Now, when that entertainment is a large scale Arena based event, it's kind of similar to a city-wide in in Las Vegas. So it tends to affect, uh, everybody in the market and obviously, we, we benefit from that.

The mid week like everyone else being a little softer.

uh, we also recognize that, um, we need the capability to drive entertainment and so you, this may have been lost a little bit in the midst of time because we haven't talked about it in a while, but

Occupancy, but youre holding rate what have you seen on property spend.

For the customers that are still coming in has that been.

Singing up down is that holding up and just fewer people are coming in mid week, how would you characterize that.

Yeah on property spend has been fine I don't think we should be surprised by that though I mean, if you look at our second quarter.

Uh, the largest component of our concession commitment is actually an event center and we're well underway with engineering and, uh, and design of that event center. It'll be on the North Parcel of land, that sits there adjacent to the main entry to, uh, to win Palace. And we're excited about it because it will allow us to program, uh, program, great entertainment in Drive visitation

Average daily rate it was actually up 3% from prior year.

And if I can follow that up, when is that supposed to be completed, active, etc.

subject to

And so the customer that is on property is willing to pay that rate again in a market where others rates haven't been that high.

So the customers that are here are doing.

Are behaving the way, we would expect them to.

Subject to a bunch of government approvals so it's a reasonably wide range call it, uh, early 28. But I would caveat that with. We need all of the the appropriate, uh, government approvals.

Brian.

Understood. Thanks.

Yes.

Another metric that we follow as all of our luxury retail and we have significant retail space here and we continue to see it accelerating so.

Thank you. John Deere with CB re your line is open.

<unk> up year over year and quarter over quarter. So that's also a nice indicators at the top end of the market is still willing to spend discretionary income and spend adhere win.

Understood. Thanks, Brian.

Maybe one more big picture.

Thailand has has quieted down for the time being and Craig not that Youre played isn't plentiful already but is there anything else around that you guys are kicking the tires on it that looks interesting at the moment as it relates to <unk>.

Hi, uh, thank you for taking my questions. Uh, maybe 1 on Vegas to start, uh, a little nuanced, but maybe crying for a little additional color. So, Craig, when you spoke to, um, the midweek, uh, like everyone else, you know, being a little little softer on on occupancy, but you're holding, right? What have you seen on property spends? Um, you know, for for the customers that are still coming in, has that been uh, same, you know, up down, you know, is that holding up and just a few people are coming in midweek. How would you characterize that?

New markets or new developments other than the kind of projects, you've outlined reinvesting in Las Vegas, and Macau and obviously rack.

I don't think we should be surprised by that, though. I mean, if you look at our second quarter,

Yes, Thanks, Sean.

Our priority.

Uh, average daily rate. It was actually up 3% from prior year.

Again, we've talked about this a little bit previously but.

Our priority right now is the UAE and as I mentioned construction on that project is advancing don't.

And so you know the customer that is on property is willing to pay that rate again in a market where others rate haven't been that high.

Don't forget we have a whole land bank there.

And you shouldnt be surprised over the course of the next year or so to hear us talk about.

so the customers that are here are are doing, uh, are behaving the way we would expect them to

Okay.

Using portions of that land bank, we have a landbank in Vegas, we have a land bank in Boston in Boston. So we have a whole bunch of of development opportunities that are directly adjacent to our existing resorts.

And so to the extent that Thailand goes quiet for an extended period of time or two as you saw in New York, We withdrew from New York.

Yep. They're another metric that we follow is all of our luxury retail and we have significant retail space here and we continue to see it accelerating. So it's it's up year-over-year in quarter over quarter. So that's also a nice indicator that the top end of the market is still willing to spend discretionary income and spend it here at Wynn.

Have plenty of growth opportunities, but honestly.

The amount of.

Work and effort required to get win LMR Jonathan.

Is.

And so thats, where our focus is right now.

Understood. Thanks, Brian. Oh, maybe 1 more big picture. Um, looks like Thailand has has quiet it down for the time being and getting Craig. Not that your plate isn't plenty full already. But um is there anything else around that? You guys are kicking the tires on or that that looks interesting at the moment as it relates to

Fantastic Thanks, Greg.

Thank you our next caller is Steven <unk> with Stifel. You May go ahead Sir.

new markets or new developments other than the kind of projects you've you've outlined uh reinvesting in in Las Vegas and Macau and obviously rack

Hey, guys good afternoon.

Yeah, thanks. Thanks John.

Just one question from me all my others have been.

Asked and answered.

Our priority. And I I again we've talked about this a little bit previously, but

So Craig if we go back to the UAE you'd think about.

EBITDAR range that you guys have out there today, which I think is $2 65 to $4 60 somewhere around there.

our priority right now, is the UAE. And, and, as I mentioned construction on that project is advancing

Don't forget, we have a, a whole Land Bank there.

And obviously every day you are learning more and more about the market what type of player will eventually come to that market.

As you sit here today and think about some of the assumptions I mean going back to your October Investor Day.

Just trying to think about some of the assumptions that you can come up with that EBITDAR range do you do you feel like some of those assumptions might end up being.

You know the next year or so to hear us talk about uh, using portions of that land bank. We have a land bank in Vegas, we have a land bank in Boston in Boston. So, we have a whole bunch of, of development opportunities that are directly adjacent to our existing resorts.

Somewhat conservative and I guess this is another way of me asking do you.

The upside to that range based on.

Your current day to day learnings about the market.

Yeah sure and thank you for the question.

Look we haven't seen.

Hi.

A lot of value, creating into the stock for window Marshawn. Today now you could argue that it's starting to starting to creep in awareness is going up we're doing that at the analyst.

And so, to the extent that you know, Thailand goes quiet for an extended period of time or to. As you saw in New York, we went through them from New York. We have plenty of of growth opportunities, but honestly, uh, the amount of, uh, work and effort required to get when on meijin open, um, is, uh, is a lot. And so that's where our focus is right now.

Fantastic, that's great.

The analyst visit too to the UAE later, this year and history I've been in this industry. A long time history has shown that you don't tend to get credit until it becomes a.

Thank you. Our next caller, is Steve, lazinski with stifel, you may go ahead.

Little bit more near term.

Yeah. Hey guys. Good afternoon. Um, just just 1 question for me all my others have been uh you know, asked and answered. Um, so so Craig if we go back to the the UAE we think about

So we're not really incentivized to.

Overplay the market that being said when we compiled our projections. We did so assuming there would be multiple competitors in the market.

And it looks like we're going to be the only one for quite some time, we noted in our Investor day that we expected <unk> in the market to be $3 billion to $5 billion, you've seen analysts come out with estimates as high as $8 billion.

The ebit DAR range that you guys have out there today, which I think is 265 to 460 somewhere around there. Um, and obviously every day, you know, you're learning more and more about the market. What type of player will eventually come to that market? Uh, you know, as you sit here today and think about some of the assumptions. I mean, going back to your October investor day. Um, you just kind of think about some of those assumptions that, you know, you're using to come up with that. I-bidder range. Do you do you feel like some of those assumptions might end?

So and even if it's a fraction of that size the absence of near term competition.

Up being um, you know, somewhat conservative and I guess this is another way of me asking, do you?

I think introduces conservatism into the base case that we that we presented at.

At the analyst day.

See upside to that range based on, you know, your current day-to-day learning about the market.

I would also add that receptivity to the project has been incredibly strong in.

Yes. Um, sure. And thank you for the question. Um,

look, we haven't seen, uh,

In and around the region I mean, I talked to people in India that are aware of it I talked to people in obviously in the UAE that are very aware of it.

a lot of value in creating into the stock for window margin today.

And so theres, a real excitement for the project and I think when people see what we're building they won't be disappointed.

Understood. Thanks, Craig Thanks for the color appreciate it sure.

Sure.

Thank you our next caller is Robin Farley with UBS.

Now, you could argue that it's starting to starting to create binary going up. We're doing the the analysts uh the analyst visit to uh to the UAE later this year and history, I've been in this in this industry a long time, right? History has shown that you don't tend to get credit until it becomes a little bit more near-term.

Thanks.

Question about the UAE project can you kind of answered this already just in that last question.

You have a competitor that's building resort in the UAE without gaming approved yet.

So we're not really incentivized to, uh, you know, to overplay the market. That being said, when we compiled our projections, we did. So assuming there would be multiple competitors in the market.

So the question is can we do you anticipate being the only one by the time you open in 2027, which it sounds like you anticipate being the only one but I guess, what's your expectation for how long before another project that's already under construction might that you might have that competition. Thanks.

Um, it looks like we're going to be the only ones for quite some time. We noted in our investor day that we expected GGR on the market to be $3 to $5 billion. You've seen analysts come out with estimates as high as $8 billion.

Thanks Robyn.

We do anticipate being the only one for for some period of time.

So, and even if it's a fraction of that size, the absence of near-term competition. Uh, I think introduces conservatism into the base case that we that we presented at uh, at the analyst day,

How long it would take really depends upon if there are regulatory changes if there are decisions by other emirates to introduce gaming and how long it takes to get them operational so thats very hard for me to comment on what I will say is keep in mind, we operate the two most competitive gaming markets in the world and we punch well above our weight.

Um, I would also add that receptivity to the project has been incredibly strong in and around the region. I mean, I talked to people in India that are aware of it, I talked to people in uh, obviously in the UAE that are very aware that

We presented a base case.

In our analyst day comprised of a management fee and our pro rata share of EBITDA.

and so there's a real excitement for for the project. And I think when people see what we're building, they won't be disappointed.

In the project that was incredibly compelling at assumed multiple competitors. So to the extent that even that base case plays out we feel very good about the project and if we are the sole sole operator for an extended period of time, then obviously, we feel even better. So we're just fine if they end up being multiple competitors in that.

Understood thanks Greg. Thanks for the color. Appreciate it.

Sure.

Thank you. Our next caller is Robin Farley with UBS.

Market and we're a lot better than fine if theres not.

Okay, great. Thank you very helpful.

Sure.

The next question would be on last one please.

Thank you Ben Chaiken with Mizuho you May go ahead Sir.

Thanks. Um, yeah, I have a question about the UAE project and you kind of answered half of it already just in that last question. I, you know, you have a competitor, that's building a resort in the UAE without gaming approved yet. And I so the question was going to be if you anticipate being the only 1 by the time you open in 2027 which it sounds like you anticipate being the only 1 but I guess um, what's your expectation for? How long before another project? That's, you know, already under construction might you know that you might have that competition. Thanks.

Hey, How's it going thanks for taking my question.

Another question on UA, maybe similar to what was the question, but maybe slightly more specific so.

Thanks Robyn. Um yeah, we do anticipate being uh the only 1 for for some period of time.

You've talked about the different player cohorts in the past maybe talk about your current plan to build the pipeline going into this opening you know obviously, it's obviously been a while since there's been a large opening in a new market.

Obviously, you have the casino you purchased in London.

But is there a social media campaign are you relying on existing international players would just love any of any color on the tactical kind of behind the scenes decision, making or thought process. Thanks.

How long it would take really depends upon if there are regulatory changes, if there are Decisions by other Emirates to introduce gaming and how long it takes to to get them operational. So that's very hard for me to comment on what I will say is, keep in mind, we operate in the 2 most Competitive Gaming, markets in the world and we punch well above our weight.

so you know, we we presented a a base case uh in our analyst day comprised of a management fee and our Pro rata share of people got um,

This is your second quarter was a great question.

So thank you.

Yes, we're doing a lot so.

<unk> one.

You mentioned may fare if there is an important part of that you have a lot of visitation from the region that goes into London and goes.

It goes into Mayfair, specifically thats important.

We have our casino hosting leads already on staff.

Yeah, we're we're just fine. Uh, if they end up being multiple competitors in in that market and we're a lot better than fine if there's not

great, thank you for helpful.

Driving awareness with key players in the market we are present at.

Sure um operator the next question will be our last 1 please.

Any number of key events that are happening in and around Europe, India. The middle East, where you have people who have a lot to do.

Thank you. I've been shaken with Lazoo. You may go ahead, sir.

We have.

Now I'd like partnership structured and ready and those have a whole pre marketing pre marketing element.

And of course, we will be doing a pre opening brand campaign to drive awareness throughout the region.

That brand campaign will focus really on the property as a luxury integrated resort as opposed to gaming specifically, but we're doing a lot.

We recognize this is the first opening under this management team and we need to be in a position to.

Hey. How's it going? Thanks for taking my question. Um, you know another question on UA maybe similar to Lizzie's question but maybe slightly more specific. So you you've talked about the different player cohorts. In the past, maybe talk about your current plan to build the pipeline going into this opening. You know, it's obvious, it's obvious been a while since there's been a large opening in a new market. Um, obviously you have the casino you purchased in London. Um, but is there a social media campaign are you relying on existing International Players would just love any of any color on the Tactical? Kind of behind the scenes, decision-making or thought process. Thanks.

This is your second quarter with a great question.

To knock the cover off the ball. So we're doing a whole bunch of things to make sure that we have a very very strong opening with a lot of heads and beds.

Thanks.

Operator, I apologize there is one more question out there I believe Sean Kelly, we'd like to ask a question.

Thank you one moment.

Okay.

Yes.

So thank you. Um yeah, we're doing a lot. So, uh, 1 you you mentioned Mayfair. Mayfair is an important part of that you have a lot of visitation from the region that goes into London and goes Fair, specifically, that's important. Um, we have our Casino posting uh leads already on staff. We are uh driving awareness with key players in the market, we are

Hello.

Present at, uh, any number of key events that are happening, uh, in and around Europe, India, uh, the Middle East where you have people who have a lot of dough.

Okay.

And he is not responding so yes.

Okay. Well then thank you operator, and thank you everyone for joining us for the wind was the Q2 earnings call. We look forward to talking to you again in a few months.

Uh, we have uh, we have uh, nightlife partnership, structured and ready, and those have a whole pre-marketing uh pre-marketing element.

Um and of course we will be doing a pre-opening brand campaign to drive awareness throughout the region.

Uh, that Branch campaign will focus really on the property as a luxury integrated Resort as opposed to gaming, uh, specifically. But we're doing a lot. We we recognize this is the first opening under this management team and we need to be in a position.

To knock the cover off the ball.

So we're doing a whole bunch of things to make sure that we have a very, very strong opening with a lot of heads in debt.

Authorizer apologies. There is one more question out there, I believe. Sean Kelly would like to ask a question.

Thank you, 1 moment.

Oh no.

And he is actually not responding. So yes.

Okay, well then, thank you, operator. And thank you everyone for joining us for the Wynn Resorts, Q2 earnings call. We look forward to talking to you again, in a few months.

Thank you for participating, on today's conference call. You may just

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