Wynn Resorts, Limited

Please continue to stand by for today's conference. The call will begin momentarily. Again, please continue to stand by and thank you for your patience. Please continue to stand by for today's conference. The call will begin momentarily. Thank you for your patience. Welcome to the Renn Resort 4th Quarter 2022 Earnings Call. All participants are in a listen-only mode 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. 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, Brian Gulbrand, and Steve Whiteman in Las Vegas. Also on the line are Ian Cullen, Linda Chan, 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. As we prepared for this call, I looked at an old analyst note that was published after our Q4 2019 earnings. The expectation for 2022 EBITDA when Las Vegas and that note was 482 million. Here we are three years in a global pandemic later and when Las Vegas just printed $816 million of normalized adjusted property EBITDA. $816 million. I'm confident that this is an all-time record for a standalone Las Vegas strip property. And mind you, we did not deliver this result by nickel and diming on service standards and reducing staff to drive operating leverage. The team did it by focusing on what we do best. Great product, great service, great programming. And it showed in our market share and pricing power. The Win Las Vegas team absolutely crushed it in 2022. Our business in Vegas is stronger and more relevant than it has ever been. I'll talk more about the fourth quarter in Vegas in our outlook in a moment. Turning to several other significant events, I'd like to touch on our concession renewal and the reopening of Macau. I was in Macau for nearly three weeks in December, and after going through the then required quarantine, I was fortunate to attend the signing ceremony for our new concession. I'm proud of the plan that we put forward as part of the concession renewal and believe that the CapEx and programming we proposed will be added to our business there over the coming years. I would like to thank the government of Macau for their faith in us. And importantly, I would like to thank the Win Macau team for their dedication to our business over the past three very difficult years. Fortunately, recent actions by both Macau and mainland authorities to reopen the market give us great confidence that the difficulties are behind us and the near-term future there much brighter. Over the past several weeks, we've welcomed back an increasing number of guests as the region has reopened to travel and tourism in a meaningful way. With our premium product and service levels, we are well positioned to lead the post-COVID recovery in Macau, and our strengths were evident during the recent Chinese New Year holiday period. In the casino, mass table drop reached 95% of 2019 Chinese New Year levels, with strong play across the spectrum from premium mass to core mass. In direct VIP, turnover was 40% above pre-COVID Chinese New Year levels. And importantly, we estimate that our hold normalized GGR market share during the month of January was consistent with 2019 levels, despite all the changes in the junket environment. define the expectations of those who continue to incorrectly believe that we are solely a VIP-focused organization. On the non-gaming side, hotel occupancy was 96%, and our tenant retail sales increased 34% compared to Chinese New Year 2019. Overall, during the Chinese New Year period, we delivered our strongest EBITDA performance since the onset of the pandemic, approximately 4 million of normalized EBITDA per day. Turning back to Las Vegas, the team at Wynn Las Vegas turned in a fourth-quarter record with $219 million of EBITDA. We saw broad-based strength across casino, hotel, F&B, entertainment, and retail, all well above Q4 2021 levels, despite the difficult year-over-year comps. Our investment in people, facilities, and programming, and our team's deep sense of personal ownership of our business continue to drive growth. We continue to monitor economic trends and forward bookings at Wynn Las Vegas. We're encouraged that the strength we have experienced over the past several quarters has continued into Q1. Similarly, our forward-looking indicators also remain quite strong, despite well-known macro concerns, as room bookings are pacing at or above pre-COVID-19 levels on substantially higher ADRs. Turning to Boston, like Vegas, Encore had a strong quarter, generating $63 million of EBITDAR. We saw strength across the casino with record gross gaming revenue and on the non-gaming side with strong hotel revenue, driven by both ADR and occupancy. The strength has continued into the first quarter with EBITDA per day in January, largely consistent with trends we have experienced over the past few quarters. We were also pleased to launch retail sports betting at Encore Boston Harbor last week, averaging a little over a half a million a day in the handle over the first six days, which is about 80% of the average daily handle at Wynn Las Vegas. During those six days, we also signed up about 30% more Wynn Rewards members than normal. We continue to expect the book to be a significant driver for new customer acquisition over time. We also continue to advance our plans for our upcoming development project across the street from the property that will include incremental parking, food and beverage, and entertainment amenities. At Wynn Interactive, our overall EBITDA burn rate in the quarter ticked up sequentially to $28 million due to a well-publicized World Series bet that went against us. Adjusted for that single bet, burn was roughly flat. Our team continues to stay disciplined on cost while driving improved marketing efficiency. We're looking forward to the potential for a significant catalyst for Wynn Bet in Massachusetts with the combination of our recently launched retail book and the expected upcoming launch of online sports betting. Lastly, we are quickly advancing our planning for Wynn-Al Marjan Island, our integrated resort in the UAE. We're in the late stages of programming for the resort, and I expect we will be driving piles for the foundation of the property by the middle of the year. I also expect we will share renderings, programming, and plans publicly over the next few months. The more time we spend in that market, the more confident we are in the project. With that, I will now turn it over to Julie to run through some additional details on the quarter. Julie?