Wynn Resorts, Limited

Welcome to the Wind Resort's second quarter 2021 earnings call. All participants are on a listen only until the question and answer session of today's conference. To ask a question, press star one on your touchstone phone, record your name, and I will introduce you. Please limit your questions to one question and one follow-up question. This call is being recorded. If you have any objections, You may disconnect at this time. I would now like to turn the meeting over to Craig Billings, Chief Financial Officer. Sir, you may begin.

Thank you, Operator, and good afternoon, everyone. On the call with me today are Matt Maddox, Marilyn Spiegel, and Brian Galbraith in Las Vegas. Also on the line are Ian Collin, Linda Chen, Kiran Kiruthers, Frederick Libesuto, and Jenny Holliday. 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 will now turn the call over to Matt Maddox.

Thanks, Craig, and thank you, everyone, for joining us today. I'd like to start off with our results in North America, which we were all very happy with. Starting in Las Vegas, we made $133 million in EBITDA in Las Vegas. And what was great about the second quarter was each month was stronger than the last. In fact, June's EBITDA was double what we experienced in April. We saw our occupancy continue to grow week over week, and the strength across all segments was quite apparent, from our nightclubs to our hotel, our restaurants, and our gaming volumes. We were able to achieve $133 million of EBITDA without international high-end play, which in the past had been almost 20% of our results, and without conventions. And that trend continued into July. In fact, in July, Wynn Las Vegas experienced its single largest EBITDA for a month since we opened in 2005. We were able to get occupancy up to the mid-90s on the weekend, and it was still in the 80s during the week, but we focused on rate. We were getting over $500 ADR on the weekends, and we're continuing to make sure we have the right customers in here and achieving the right results. Moving on to Boston, same thing can be said. It was a record quarter in Boston at $46 million. We saw each month stronger than the last. Our database is accelerating quite rapidly there. In fact, our new sign-ups for our win rewards program were up 70% in the second quarter compared to the first quarter, 70%. And again, same story, July, record month, best month on record for Encore Boston Harbor. So when I look at our results in North America, it's interesting to say, could the second quarter be a peak? And I think that that's very short-term thinking. The second quarter is not a peak, it's a preview of what's to come. We've all been able to streamline our expense structure, understand how to yield our properties better, And the ability to generate significant EBITDA out of these assets is quite clear. Now, clearly, the Delta variant is throwing a little bit of a curveball right now, but that will be short-term, and it will subside. And what is clear is people want to have fun. They want to go to Las Vegas. And as we see conventions come back, which is going to happen, and then more international play from around the world come back, I am very confident that we will continue to see growth in our results in both Las Vegas and in Boston. Looking at Macau, we made $67 million in the EBITDA for the quarter, and Macau has been continuously sort of two steps forward, one step back. First quarter earnings call, we talked about the strength that we had just experienced during May in Golden Week, where we had achieved $3 million in EBITDA a day during that period. Then, however, after that call, there was a small outbreak in Guangdong. It was quickly stamped out within a couple weeks, but that greatly suppressed the volumes in June. We did start to see a slight comeback in the middle of July to where the results were getting close to the April and May results. which really indicates that there's real pent-up demand in the region to go to Macau. Clearly, there's been another outbreak that we've all been reading about in the region, and the restrictions have stepped up quite significantly just over the last few days in terms of travel restrictions. I think the good thing that we all have now experienced is that the Macau government acts decisively and quickly and usually has been able to remedy these things and in the greater Bay Area within a matter of weeks. So while we don't know how long this is going to last, the experience thus far with the decisive action, the ability to test millions and millions of people just within a matter of days in the region and in Macau does give us great hope that this will continue to pass. And what we're really focused on is the accelerating vaccination rate in the region. And so while it's impossible to predict right now, we are quite hopeful that as the vaccination rate continues to accelerate and the stated goals are hopefully achieved by the end of the year, that we will begin to see a more stabilized and normalized operating environment. Looking at the interactive space, wind interactive, we have an S4 that's live right now out there. We're working very closely with the Australis team on our SPAC, and that is moving forward quite well, and we're really excited about it. We've put together a full, robust program of new product delivery and a marketing program that we will be rolling out for NFL this year that we are excited about. The space is competitive, there's no doubt. But we are very confident with what we put together with our product, with our brand, and what we're going to be able to offer that we are going to be a real player in this market. And we're excited to share a lot more with you at an upcoming analyst day that Craig will talk about in a little more detail on this call. So with that, I'm going to go ahead and turn it over to Craig to get into some more detail.