Wynn Resorts, Limited

Welcome to the Wind Resort's fourth 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 Gilbrant, and Steve Whiteman in Las Vegas. Also on the line are Linda Chen, Frederick Lovizzuto, 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.

Afternoon, everyone, and thanks for joining us again today. What a quarter, and really what a year. Every single member of the WIN team should be incredibly proud of what they achieved together in 2023. Momentum in the business built throughout the year, and we ended on a high note with 632 million of property EBITDA, an all-time quarterly record, capping off a record year in which we generated nearly 2.2 billion of property EBITDA. We see tremendous value in our business, as evidenced by our buybacks in the quarter, and I'm genuinely looking forward to 2024. The company is more diversified than it's ever been. In Las Vegas, we continue to distance ourselves from peers as the leader in luxury, and it's more evident than ever that we are the go-to spot for the best customers attending citywide events like F1. We have a growing business in Macau that is running structurally higher margins than in the past, is much less reliant on the volatile VIP segment, and is increasingly well-positioned to compete. And importantly, we have a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets. Turning to the quarter and starting here in Vegas, Wynn Las Vegas delivered $271 million of adjusted property EBITDA, an all-time quarterly record, up 24% year-on-year on a very difficult comp. While F1 was clearly a contributor, activity at the property was intense throughout the quarter, with rev par, table drops, slot handle, and food and beverage revenue all well above what was a very strong quarter in 2022. In fact, we had our best October, our best November, and our best December ever in terms of EBITDA during Q4. We continued to fire on all cylinders here in Las Vegas, and I'm incredibly proud of the Vegas team. More recently, January 2024 looked a lot like January 2023 from an overall revenue perspective, with hotel revenue particularly strong. That being said, January isn't where the action is this quarter. It's all about February. Super Bowl, Chinese New Year, and for us, the best February in our history for group and convention. Between Super Bowl and Chinese New Year, we have double the front money and credit that we had in 2023, and we expect record hotel revenue over Super Bowl. So a very active February will really set the tone for the first quarter. Turning to Boston, Encore generated 64 million of EBITDA during the quarter. Similar to many other regional markets, demand of the property was largely stable year on year. Revenue decreased by about a half a percent, but the team has done a great job remaining disciplined on OPEX, driving a 2 percent year-over-year increase in EBITDA. More recently, underlying demand has remained healthy through January, although a couple of unfortunately timed winter storms have negatively impacted visitation during a few recent weekends. On the development across from Encore Boston Harbor, we recently received a key environmental approval, and we are advancing through a few remaining items before construction can begin. Turning to Macau, we generated 297 million of EBITDA in the quarter on market share that was consistent with the prior quarter, and with 2019. While we held in the normal range in mass, we held a bit high in VIP, so on a fully normalized basis, EBITDA would have been approximately 290 million or 94% of Q4 2019 levels. The strength in our business there has continued into Q1. In the casino, our mass drop per day in January increased 32% versus January 2019 and was up sequentially versus Q4. On the non-gaming side, our hotel occupancy was 99%, along with continued strength in tenant retail sales. Overall, strong top-line performance combined with disciplined OpEx control drove healthy margins during the month of January. On the development front, we opened our first major concession-related capital project during Q4, a collaboration with the team behind Las Vegas-based Illuminarium, and initial customer feedback has been positive. We are deep into design and planning for our other concession-related CapEx commitments, including our destination food hall, the new event and entertainment center, and a unique production show. Lastly, turning to Wynn-El-Marjan, construction continues on the project with much of the hotel tower and podium foundation now complete, and we are nearly ready to start going vertical on the hotel tower. The property is really going to be a stunner, and it's great to see the building start to take shape. With that, I'll now turn it over to Julie to run through some additional details on the quarter.