Wynn Resorts, Limited

Welcome to the Wynn Resorts second quarter 2024 earnings call. All participants are on a listen-only mode until the question and answer session of today's conference. To ask a question, please 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.

Julie Cameron Doe Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gilbrandt in Las Vegas. Also on the line are 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. Craig Billings Thanks, Julie.

Good afternoon, and as always, thank you for joining us today. I want to start by saying thank you to my nearly 28,000 colleagues here at Winn Resorts for delivering yet another record quarter. In this case, the best second quarter EBITDA in the history of the company at 572 million. Record quarters like this one further strengthen our conviction when deploying capital whether through capex or share repurchases like those we executed in the second quarter and into the third quarter. When Las Vegas delivered 230 million of adjusted property EBITDA, a second quarter record, and up 3% year on year on yet another very difficult comp, taking trailing 12-month EBITDA to nearly 970 million. The quarter was led by 16% growth in hotel revenue, along with 8% growth in slot handle, and healthy table drop in the casino. Wynn Las Vegas continues to have the top performing team here in Vegas. More recently, demand has remained healthy in 3Q with rev par up and slot handle broadly in line year on year during July, despite this year having two fewer weekend days. Turning to Boston, Encore generated 62 million of EBITDA during the quarter. Lower than normal table hold masked what was actually a strong quarter across the property with record slot handle, strong table drop, and record rev par in the hotel. More recently, demand has remained healthy through July with table drops, slot handle, and rev par all up on a tough year-on-year comp. Turning to Macau, we generated 280 million of EBITDA in the second quarter on slightly lower market share than we have experienced over the previous several quarters, and slightly lower mass hold quarter over quarter. There has been a lot of chatter in the market about the elevated promotional environment in Macau with concessionaires jockeying for market share. Of course, while we are active every day in the hand-to-hand combat for market share, you can't take market share to the bank and thus we have continued to remain disciplined in our OPEX and player reinvestment levels. highlighted by our strong EBITDA margin in the quarter, which was 250 basis points above 2Q 2019. We've seen this dynamic before, and we remain confident that our market-leading product and service levels position us well to compete effectively in the long term. To that end, we were encouraged that our GGR market share moved back to our expected range in July, supported by strong mass table drop and 99 percent hotel occupancy during the month. Wynn Macau's long-term outlook remains very bright. On the development front, we continue to elevate our product offering in Macau through new and innovative food and beverage concepts and unique programming. We also continue to advance construction work on our second major concession-related project, our Destination Food Hall, which we expect to open in 2025. Turning to our Wynn-Almarjan Island development in the UAE, I just returned from several weeks in Dubai and Ras Al Khaimah. Construction is rapidly progressing on the project, with work now approaching the 15th floor of the hotel. The building now stands just over 90 meters, which is already the tallest building in the Emirate. During the second quarter, we contributed $357 million of equity to our UAE joint venture. This transaction included the purchase of our 40% pro-rata share of all 155 acres of Island 3, the island on which Wynne-Almarjan sits. As a result, our joint venture now owns not only the land under Wynne-Almarjan, but also 70-plus acres of land for potential future development on the island. Of course, we have banked land before in the U.S. and Macau, and we are confident that acquiring this sizable Marjan land bank will prove valuable over the long term. As I have noted before, I believe the UAE is the most exciting new market for our industry in decades, and our confidence in the demand and EBITDA potential of Wynn-Almarjan continues to grow. We also made meaningful progress during the quarter on the debt financing for the project and expect that we will finalize that financing later in 2024. I remain incredibly bullish about the future of our company. We have the best assets in the world's premier gaming markets. We also have an exciting high ROI development project in the UAE well underway, a development opportunity that is unique in our industry. And we are exploring potential greenfield opportunities in attractive gateway cities like New York and Bangkok. Meanwhile, our leverage profile continues to improve as free cash flow grows, allowing us to increase the return of capital to shareholders through the recurring dividend and opportunistic share repurchases. Our best days lie ahead. With that, I will now turn it over to Julie to run through some additional details on the quarter. Julie?