Wynn Resorts, Limited

Continue to stand by for today's conference. The call will begin momentarily. Please continue to stand by and thank you for your patience. Welcome to the Wynn Resorts second quarter 2023 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 Gilbrand, and Steve Whiteman in Las Vegas. Also on the line are Linda Chen, Frederick Lubisuto, 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. Well, what a quarter. Who would have thought just six months ago that we would be run rating $2.2 billion of property EBITDA? To put that in context, peak annual property EBITDA for the company was $2 billion in 2018. Yet here we are today. We have a more diversified business with the addition of Encore Boston Harbor. We have a business in Macau that is running structurally higher margins into a resurging market. a business in Las Vegas that is more relevant than ever and is producing nearly double its 2018 EBITDA on much higher margins, and we have a very substantial growth opportunity in the UAE, the most exciting new gaming market in decades. I see tremendous value in our business, and I know our brightest days are ahead of us. Our path is the clearest it has been in years, and our team is committed and energized. Turning to the quarter and starting in Vegas, when Las Vegas delivered 224 million of adjusted property EBITDA. On a whole normalized basis, our EBITDA was up 3% on a very difficult year-over-year comp. We saw strength all over the place, the casino, the hotel, the restaurants, retail, you name it, all supported by a consumer that seems more than willing to continue spending on unique luxury experiences. Now, we obviously have a very particular customer type, skewing heavily to luxury, and we continue to closely monitor whether or not interest rates and inflation begin to impact that consumer. But so far, so good. In fact, BROP, HANDL, and REVPAR are all up year over year in July. And that's obviously before we get into the latter portion of the year, which has a number of tailwinds from citywide programming. Turning to Boston, like Vegas, Encore had a strong quarter. generating $69 million of EBITDA, an all-time property record. We generated record GGR in the casino, led by strong growth in slot handle and the addition of retail sports betting earlier this year. On the non-gaming side, we delivered strong hotel revenue, driven by both ADR and occupancy. On the development front in Boston, we're advancing our East of Broadway expansion project now. Turning to Macau, we generated 246 million of EBITDA in the quarter, which was 72% of pre-COVID levels. Hold was a bit of a mixed bag in the quarter as we held high in our VIP business, but that was more than offset by low hold on the mass table side. We saw strength across the property with several components of the business above 2019 levels. In the casino, mass table drop increased 4% versus Q2 2019. despite the fact that portions of Wynn Macau's casino were closed for renovation during the quarter. The quality of our product and service, the relaunch of our loyalty program, and our very robust non-gaming events calendar all helped drive 14.2% market share in the quarter, consistent with our share as we exited 2019. On the non-gaming side, our retail business continues to be incredibly strong, with tenant retail sales increasing 47% relative to 2Q 2019. Looking forward, as you have seen, market-wide GGR momentum in Macau has been impressive, building through the second quarter. The strength has continued into Q3, with mass drop per day in July exceeding what we experienced in each month in Q2 and reaching 120% of daily mass drop in 2019. In July, we also continue to experience robust hotel occupancy and very healthy tenant retail sales. On the development front, we are deep into design and planning for our concession-related CapEx commitments, which we believe will help support Macau's long-term diversification goals and be additive to our business over the coming years. Lastly, construction is now underway on Nguyen Almarjan Island, our planned integrated resort in the UAE, with our secant walls and soil compaction complete, and over 40% of the required hotel piles in the ground. As I said earlier, this is the most exciting new market opening in decades, and we will bring our A game to this development. Our 40% equity ownership and management license fees will drive a very healthy ROI for Wynn Resort shareholders. With that, I will now turn it back to Julie to run through some additional details on the quarter. Julie?