Wynn Resorts, Limited

Welcome to the Wind Resort's first quarter 2025 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 one on your touchstone 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 Gulbrandt, and Jenny Holliday in Las Vegas. Also on the line are Linda Chen and Frederick Luisuto. Please note that we've published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our newly relaunched Investor Relations website. 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. Good afternoon, and as always, thank you for joining us. Before we get into the quarter, I want to take a moment to recognize a very significant milestone. Last month, I was pleased to join nearly 1,700 of our Day One Win Las Vegas employees in celebration of the 20th anniversary of our iconic Las Vegas resort. I want to take a moment to express my gratitude to each and every one of our team members, including those 1,700 folks who have been with us in Vegas since the beginning. This anniversary was a tribute to the dedication, passion, and hard work that so many have demonstrated over the years to build the strength of our business today, a business that is delivering near-record results with a significant property opening now less than two years away. I also want to acknowledge the significant contributions of Elaine Wynn, to both our business and the broader Las Vegas community. Elaine, who cared so deeply about our employees, was truly one of a kind and will be missed by many. Turning to the business, I'd like to address up front the potential impact of tariffs on our business. We expect the direct impact of tariffs on OpEx to be low and entirely manageable, with most of the impact in the U.S. stemming from food and beverage, where we are actively working through alternative sourcing for the most impactful items. CapEx, however, is a different story. We had a number of CapEx projects in flight in the U.S., and while we had sourced for those projects presuming some tariff impact, the current tariff rates have driven us to delay about 375 million of CapEx projects, including the Encore Tower remodel. Once tariff rates have settled, we will thoroughly respec and resource the most severely affected items. While we're staying nimble, The pace of change at the moment is just too significant to commit to revised timing on that CapEx. Turning to the potential indirect impacts, there's been plenty of recent research on the potential impact of tariffs on growth. And while we are certainly better insulated than some, given our more resilient, affluent customer base, there's obviously uncertainty out there. So far, however, our businesses in Vegas and Macau are holding up quite well. In Vegas, April rev par was up slightly from 2024, slot handle was up, and group activity was as expected. So the business through April felt pretty good. And the visibility we have into forward demand, which is primarily through our group and convention business, also looks just fine. Of course, the booking window in other channels is much shorter than group, and so we are watching those channels carefully. In Macau, mass drop in April was in line with 2024, and direct VIP turnover was up nicely. Golden Week, which just ended, saw mass drop up from last year and full occupancy in the hotels. But again, the booking window there is short, and we are watching customer activity day to day. Long story short, recent results have been good, but we have to acknowledge the uncertainty out there and the impact that uncertainty may have on demand. As always, we have a playbook ready for every scenario. So with that, let's turn to the quarter. We were pleased to deliver another solid quarter of EBITDA here in Las Vegas on an impossible comp against the 2024 Super Bowl. On last quarter's call, we called out a $25 million headwind to EBITDA, and we did a bit better than that as we were only down about $11 million when adjusting for hold in both periods. Demand remained healthy in the quarter with a 4% increase in total casino revenues even without the Super Bowl in 2025. Our slot business continues to be a bright spot as the investments we have made in our premium slot areas and in the team have helped maintain our premium positioning. In fact, if you remove Super Bowl weekend from the prior year quarter, we were up across the board. Drop, candle, rev par, non-gaming revenues, and EBITDA all up year over year. Turning to Boston, Encore Boston Harbor generated $57 million of EBITDA. Slot volumes continue to hold up well, with slot went up about 3%. More recently, demand in Boston has remained healthy through April, with drop in handle flat to last year. In Macau, other than hold, the business in Q1 felt very good. Business generated $252 million in EBITDA, with poor VIP hold costing us nearly $40 million of EBITDA. We saw healthy volumes in the quarter, with turnover up 31% and mass drop up a point, both sequentially. Adjusted for VIP hold, we grew market share sequentially and improved EBITDA margins from Q4 to Q1. While the market in Macau continues to be highly competitive, we remain disciplined in our focus on maximizing EBITDA and generating a healthy margin profile. We were also pleased to recently open the Gourmet Pavilion Food Hall at Gwyn Palace, an exciting new amenity for us, which is already driving visitation and eliciting enthusiasm from our customers. In fact, since opening the Gourmet Pavilion, we have seen about 2,400 incremental daily restaurant covers at Wynn Palace, a strong indicator of additional visitation to the property. Turning to Wynn-El Marjan Islands, construction is now up to the 47th floor of the tower, and we will top out there this year. We will soon be commencing with the fit-out of interiors in portions of the building, and we're also now sculpting the elaborate beachside poolscape. We remain on track for our targeted opening date, and we believe the property will be well positioned as the only integrated resort to open in the near term into what several analysts have predicted will be a $5-plus billion GGR market. We think this is the most compelling development opportunity in the industry right now. Our future is bright, and as I mentioned last quarter, while our stock price continues to inappropriately reflect the value of our assets, we will buy back stock. To that end, we purchased $200 million of stock in the first quarter and another $100 million thus far in Q2. With that, I will now turn it back to Julie to run through some additional details on the quarter.