Wynn Resorts, Limited

Thank you all for holding for today's conference. Please continue to stand by and we will be starting today's call shortly. Again, please continue to stand by. Thank you. Thank you. Welcome to the Wynn Resorts third quarter 2022 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 1 on your touchtone phone, record your name, and I will introduce you. Please limit yourself to one question and one follow up question. This call is being recorded. If you have any objections, you may disconnect at this time. And 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 Gulbrantz in Las Vegas. Also on the line are Ian Cullen, Linda Chen, Frederick Luvisuto, 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 Craig Billings.

Thanks, Julie. Afternoon, everyone, and thanks for joining us today. Before I get into the quarter, I'd like to thank the cast, crew, and producers of Awakening, our new show at WIN Las Vegas, which successfully opened on Monday. The show is yet another example of our willingness to innovate and push the envelope to drive the strip forward. I'm incredibly proud of the team behind the show. A kickoff in Las Vegas, where the team turned in a third quarter record with 196 million of EBITDA, or approximately 207 million adjusted for lower than normal holds. We saw broad-based strength across casino, hotel, food and beverage, and retail, all well above third quarter 2021 levels, despite the difficult year-over-year comps. The comparison to third quarter 2019 is even more impressive, with our EBITDA more than doubling on a 36% increase in revenue. Our investment in people, facilities, and programming, and our team's deep sense of ownership continue to elevate Wind Las Vegas above our peers. This quarter once again highlights the benefit of that deliberate investment strategy. Looking ahead, we're encouraged that the strength we have experienced over the past several quarters has continued into the fourth quarter. In fact, our EBITDA during October was an all-time monthly record for the property. Similarly, our forward-looking indicators also remain quite strong despite well-known macro concerns, as room bookings are pacing at or above pre-COVID levels on substantially higher ADRs. Near term, we expect the normal seasonal pattern to hold during the remainder of Q4, with some of the usual softness surrounding Thanksgiving, followed by a strong close to the year in the latter half of December. Turning to Boston, like Vegas, Encore had a strong quarter, generating $61 million of EBITDA. We saw strength across the casino with record gross gaming revenue and on the non-gaming side with record hotel revenue driven by strength in both ADR and occupancy. These trends have continued into Q4 with EBITDA per day in October consistent with the third quarter levels. Looking ahead, we remain excited about sports betting in the Commonwealth, which is expected to kick off early next year. Our retail sports book there will soon be a significant opportunity for customer acquisition. We also continue to finalize our plans for our upcoming development project across the street from the property that will add incremental parking, food and beverage, and entertainment amenities. In Macau, the market continues to be challenging with market-wide GGR in the third quarter only reaching approximately 8% of the third quarter of 2019 levels, and our results have reflected that. Our team has done a fantastic job controlling costs in a very challenging operating environment through a combination of decreases in payroll and fixed OPEX. As a result, despite the nearly two-week closure of casinos in the market in July, our overall EBITDA loss in the third quarter was $66 million, which was a meaningful improvement from a loss of $90 million in the second quarter, even after adjusting for a $7 million bad debt credit that benefited the results in the third quarter. More recently, we did see some encouraging pockets of demand during the October holiday period, particularly in our direct VIP business where turnover was actually slightly above the comparable 2019 holiday period, and in our retail business where tenant sales reached 74% of 2019 levels. This once again highlights the strong demand for Macau's unique tourism offering during periods when the market is accessible. The authorities in Macau continue to advance the concession process according to the pre-established timeline. We were pleased to submit our concession tender application in September, and the government is currently reviewing the proposals with decisions expected to be made by year-end. Long-term, we remain excited about the prospects from Macau with so much pent-up demand for travel and tourism in Asia. At Wynn Interactive, our overall EBITDA burn rate declined to $18 million in Q3 from $21 million in the second quarter of 2022, on the back of strong cost controls and improved marketing efficiency. We are looking forward to the potential for a significant catalyst for WinVet in Massachusetts. Lastly, we're advancing quickly on our planning for WinMarjan, our integrated resort in the UAE. We're in the late stages of programming for the resort. Given the pristine beach setting and the somewhat malleable nature of a man-made island, we have an incredible canvas with which to work and design something truly unique. I expect we will share renderings, programming, and plans more publicly in early 2023. I also expect we will be driving piles for the foundation of the property by the middle of next year. We look forward to sharing more details with you about this exciting project in due course. With that, I'll turn it back to Julie to run through some additional details on the quarter.