Wynn Resorts, Limited

Welcome to the Wind Resort second 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 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 Gilbrand in Las Vegas. Also on the line are Jenny Holliday, Linda Chen, and Frederick Lugasuto. Please note that we published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our 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. I'm incredibly proud of our second quarter results. When Las Vegas continued to be an outstanding performer on the Strip, and we were pleased that EBITDA in Las Vegas grew to a new second quarter record of 2% year-over-year to nearly $235 million. Adjusting for hold, that number would have been even higher at $246 million. Demand was healthy throughout the quarter with impressive increases in both drop and handle, driving a 14.5% increase in total casino revenues, a reflection of our ability to continue to take gaming market shares. We were also pleased to grow RevCar a little over 1%, and we saw continued strength in retail. More recently, the business in July saw continued momentum in the casino with drop and handle both up versus July 2024 and strong retail sales. In the hotel in July, we had very strong weekends with softer midweeks. In response, we prioritized midweek rate over occupancy consistent with our premium positioning and made operational adjustments tied to occupancy levels. Looking ahead, while macroeconomic uncertainty, including tariffs, remained a consideration, we remained positive about the business in Las Vegas. We saw the forward booking pace accelerate as July progressed, and our group and convention business looked strong heading into the fourth quarter and 2026. 2026 is shaping up to be a record year for both group room nights and revenues. On last quarter's call, we talked specifically about the uncertainty the tariffs had introduced into some of our development plans, primarily in Las Vegas. Subsequent to that call, we revised our sourcing and procurement plan for the Encore Tower remodel in Vegas, and I now expect we will kick off that renovation in spring 2026 with minor disruptions during the renovation period. Encore Boston Harbor generated $64 million of EBITDA, up about 3% year-on-year. Casino revenues grew over 5% year-over-year, driven by strength in both tables and slots. More recently, demand in Boston remained healthy in July, with total casino revenues roughly flat to last year. Macau delivered solid results in the quarter, though we were impacted by lower-than-normal VIP holds. During the quarter, we saw a steady April and strong June offset slightly by a more subdued May. The business generated $266 million in VIP normalized EBITDA with unfavorable VIP hold costing us nearly $13 million. Volumes were up nicely in the quarter with mass drop up 3.6% year-on-year and VIP volumes up meaningfully versus Q2 2024, though mass hold was a bit lower than we would like, particularly in May. Volumes accelerated further in July, which was a standout month despite some weather disruption, would drop up year-on-year and sequentially versus June. For June and July combined, we generated normalized EBITDA of $3.3 million per day, which we've normalized to account for high hold during that period. The premium segment continues to lead the market forward in Macau. To further enhance our premium positioning, we have recently initiated two key capital projects, an expansion of the Chairman's Club gaming area at Wayne Palace and a refresh of our wind tower rooms at Wind Macau. While we expect some minor disruption toward the end of the year from these projects, once they are complete, we expect they will further elevate our offerings at both properties. Wind Almarjan Island continues to progress rapidly. We are pouring the 61st floor and on track to top out the tower later this year. We've also finalized several important food and beverage partnerships and agreed to key terms with a number of high-profile retail We remain on track for our targeted opening date of Wainau Marjan Island and continue to believe it is the most compelling development opportunity in the industry. Wainau Marjan will be the only property operating in what many analysts are predicting will be a $5-plus billion gaming revenue market. As I have said before, our future is bright, and to that end, we purchased $158 million of stock in the second quarter at a weighted average price of just under $79 per share. I'll now hand it over to Julie to run through some additional details on the court. Julie?

Thank you, Craig. At Winn Las Vegas, we generated $234.8 million in adjusted property EBITDA on $638.6 million of operating revenue during the quarter, delivering an EBITDA margin of 36.8%. Low hold negatively impacted EBITDA in the quarter by $11.4 million. OPEX excluding gaming tax per day was $4.2 million in the quarter, up 1% compared to the prior year due to normal wage inflation from our union and non-union areas. As Craig mentioned earlier, we're pleased to be resuming our Encore Tower remodel with construction set to begin in spring 2026 with an estimated spend of $330 million, which we expect to take about a year to complete. Turning to Boston, we generated adjusted property EBITDA of $63.9 million on revenue of $215.7 million with an EBITDA margin of 29.6%. Casino revenues grew 5.2% year over year and we maintained our discipline on the cost side with OPEX per day of $1.15 million flat to Q2 2024 despite continued labor cost pressures in that market. The Boston team has continued to do a great job of mitigating union-related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience. Our Macau operations delivered adjusted property EBITDA of $253.7 million in the quarter on $883.5 million of operating revenue, resulting in an EBITDA margin of 28.7%. Lower than normal VIP hold impacted EBITDA by a little under $13 million in the quarter. OPEX excluding gaming tax was approximately $2.66 million per day in Q2, up 4.5% year-on-year, with the increase driven primarily by the gourmet pavilion and normal course cost-of-living increases. The team has done a great job in staying disciplined on costs, and we remain well-positioned to drive strong operating leverage as the market continues to grow over time. In terms of CapEx in Macau, as Craig mentioned, we've initiated two projects, an expansion of the Chairman's Club gaming area at Wind Palace and a refresh of our Wind Tower rooms at Wind Macau. And together with our other ongoing CapEx projects, we expect to spend a total of $200 to $250 million in total for 2025. Moving on to the balance sheet, our liquidity position remains very strong. with global cash and revolver availability of $3.6 billion as of June 30. This was comprised of $1.8 billion of total cash and available liquidity in Macau and a little over $1.7 billion in the U.S. Subsequent to quarter end, we announced an upsize of our credit facility in Macau, where we added $1 billion of additional under-run revolver capacity from a number of new lenders, providing significant additional liquidity and flexibility to our balance sheet and indicating the strong confidence and support of our lenders in the market. The combination of strong performance in each of our markets globally with our properties generating just over $2.2 billion of LTM adjusted property EBITDA together with our robust cash position creates a very healthy consolidated net leverage ratio of just under 4.4 times. Our strong free cash flow and liquidity profile also allows us to continue returning capital to shareholders in both Macau and the U.S. To that end, Wynn Macau recently increased its final dividend for 2024 to approximately $125 million, which was paid in the second quarter. In addition, the Wynn Resorts Board has approved a cash dividend of 25 cents per share, payable on August 29, 2025, to stockholders of record as of August 18. During the quarter, we repurchased 2 million shares for approximately $158 million. These share buybacks, together with our recurring dividend, highlight our focus on and continued commitment to prudently returning capital to shareholders. In terms of capex, we spent approximately $165 million in the quarter, primarily related to the fairway villa renovations and F&B enhancements in Las Vegas, concession-related capex in Macau, and normal course maintenance across the business. In addition to that figure, we contributed $58.2 million of equity to the Wynall Marjan Island project during the quarter, bringing our total equity contribution to date to $741.1 million. During the quarter, we continued drawing on the Marjan construction loan with a drawn amount to date of $395 million. We estimate our remaining 40% pro rata share of the required equity is approximately $600 to $675 million. With that, we will now open up the call to Q&A.

Thank you. To ask a question, press Star 1 on your touch-tone phone. Unmute your phone, record your name clearly after the prompt, and I will introduce you for your question. Please limit yourself to one question and one follow-up question. To withdraw your question, you may press Star 2. Our first question comes from Dan Poulter with JP Morgan. You may go ahead, sir.

Hey, good afternoon, everyone. Thank you for taking my questions. First, I wanted to touch on Las Vegas. It was very strong in the quarter, clearly outperforming the market by a wide range. How much of this outperformance do you attribute to positioning at the high end of the market, which is where your property sits versus some of the operational pivots that you've made? And, you know, looking ahead, what are your expectations for third quarter and fourth quarter, just given some of the comments that we've heard thus far this earnings season?

Sure, thanks. I'll start, and then I'll ask Brian to comment as well. You know, it's a lot of things. I mean, certainly being at the luxury end of the market helps, and our premium positioning absolutely helps, and I think that's the most resilient option. component of the customer base. But, you know, we've really spent the past three years, three plus years really, doing everything we can to make sure that the building is in tip-top shape, making sure that we're programming the building appropriately, and that we're driving the gaming business and that we're taking gaming share. We've grown a couple hundred basis points of gaming share over that period. So it's a whole bunch of things. It's a bit of a river of nickels, if you will. And I'm incredibly proud of where we are. Brian, do you want to comment on Q3 and the rest of the year?

Yeah, the team continues to accelerate. Booking pace continues to look actually quite good. July, we saw some of the best bookings we've seen all year. It's really a combination of the sales team, the casino marketing team, and everybody coming together to really focus on on the revenue side, and then the ops team really focusing on making sure that we have the right amount of staff for the right amount of business, really just dialing in the business so that we can continue to excel as we move into fourth quarter, which we are very bullish about.

Yeah, as Brian mentioned, the booking pace, and I think I mentioned it in my prepared remarks as well, the booking pace, the lull in Vegas over the summer has been well publicized. And as I mentioned in my prepared remarks, that was also the case for us midweek, and we really focused on average daily rate as opposed to occupancy, and that's worked really well for us. But the booking pace in July did accelerate over the course of July. I think you've heard that actually from a couple of our competitors as well. And our group business in Q4 looks really good.

Got it. Thanks. And then just to follow up on Macau, Certainly, the market seems to have inflected here the last couple of months. Industry GDR has accelerated and seems like you've participated in that. What do you attribute that inflection to? Are you seeing a difference in terms of the actual fundamentals, the customers that are coming, the spend per customer, or is it a function of the entertainment or calendar?

Yeah, again, because... Kind of similar to my response on your biggest question, it's a little bit of everything. Certainly entertainment and the entertainment that's been in the market has played a role, but even subsequent to those concerts, which happened in late Q2, I believe, we've seen strength in the market in July. And so it's been great to see. I quoted our EBITDA run rate over the course of July, and we're incredibly proud of that. And, you know, we can't, we tend to not, you know, provide guidance or look further out than we've seen. So all I can really tell you is what we've seen in July and it was good.

Got it. Thanks so much.

Sure.

Thank you. Our next caller is Steve Pozzella with Deutsche Bank. Your line is open, sir.

Hey, good afternoon, everybody. And thank you for taking our questions. Does the big, beautiful bill make you think any differently at all about some of the potential domestic CapEx projects that you've talked about in the past in both Vegas and I guess in Boston?

Julie, you want to take that?

Sure. I mean, there are certainly some corporate tax provisions in the bill that will benefit us, you know, when you think about the depreciation side of things and interest deductibility. But that's really, for us, it's going to be primarily in 2028 and beyond. So, nothing really immediate that would cause us to change course with how we're approaching our CapEx programs.

Okay, thank you. And then, are you just able to comment on 4Q, Las Vegas group pace, and any early commentary on expectations for Formula One this year, now that we're year three, I believe? Any lessons learned from the past two years?

Brian? Sure. Q4 as well as Formula One are both pacing quite well right now, and that continues, that volume and inertia continues into 26 and beyond. So we're very bullish on where we sit with Q4, and F1 is much improved over last year. We're seeing that through corporate bookings and early corporate bookings, and we're maintaining the rates unlike last year. some of our competitors. So it's the strength of the brand and what we do that allows us to do that.

Okay, appreciate it. Thank you.

Thank you. Our next caller is Lizzie Dove with Goldman Sachs.

Hi there. Thanks for taking the question. Sticking with Vegas, I wonder if you could go a bit deeper in terms of the consumer pulse check. We've heard There's been mixed trends between domestic versus international inbound. And then once people are in the hotels, are they spending in the same way? What do you see on the food and beverage and the kind of incremental side of things? We'd just love to know if there's kind of been differences there. Thanks.

Sure. Happy to talk about that. And thank you for the question. You know, we sit in a unique position. We're not the best barometer of, you know, Las Vegas writ large. We're the best barometer, I think, of a very particular portion of Las Vegas. And also, I'd also say we've never been about how many people are in the building, although that's been time. We've been about who's in the building, very particular people in the building. And so I would say over the course of Q2 and really into July, as I mentioned in my prepared remarks, casino volumes have been very, very good. That's always going to be disproportionately high end, so we haven't seen any to to spend at the tables and the slots. We've been able to hold rate, which is a good indicator of demand for what we offer. And we've been able to do that in a market where rates have dropped. And so I think that's a testament to where we are. You specifically asked on the food and beverage side, average check in our fine dining restaurants, which again, I think would be the most sensitive, has been pretty stable. And so I don't think that's an indicator. So, you know, we'll see how things play out from a macroeconomic perspective. But right now, we're feeling good.

Great. And then just switching to Will, I'm curious, you know, as we get closer to the investor day, closer to the launch, you know, not too far from now, I mean, how do you think about ways that you can set yourselves up for that, you know, early 2027 launch for success? I know I saw you, you know, hired new team members. You've got the win Mayfair acquisition, but what are the kind of things and building blocks you can put into place to put you in the best position for when that eventually opens? Thanks.

Yeah, it's a great, it's a great question. I'll be honest. Most of that is not transparent to you all, but it's a day to day effort on our part. I mean, we're, building and opening, much like any integrated resort, we're building and opening a small city. And there's a ton of infrastructure that we have to put in place, even outside of the building. So I think the best thing that we can do is expose the total addressable market opportunity, expose the quality of the product that we are creating here. It will be uniquely Wynn and will be reflective of our legacy of delivering just astounding physical spaces and educate people on what the opportunity is. But all the hard yards of getting to the point where we can squeeze every dollar of EBITDA out of that place that we possibly can, that's our job every single day. So I hope that folks attend, the folks that have been invited, I hope they attend that investor day there. I hope they can see what we're up to and see the absolute power of what is happening in that market in Dubai and in the UAE.

Great. Thank you. Thank you. Our next caller is Stephen Grambling with Morgan Stanley. Your line is open.

Hey, thanks. Just wanted to follow up a bit on expenses. First on Vegas, looks like you were able to keep costs relatively contained in the very low single digits. Curious if there was any timing of costs in there or other puts and takes to think about Or is this just a proof point for managing the expense structure? And effectively the same question around corporate expenses, which I think we're down year over year.

Thanks, Stephen. Yeah, I'll take that. Really, on the expense side, we just do, you know, we continue to manage it very diligently and judiciously. You know, the teams across the globe really focus on that. They focus on, you know, making sure they're looking at what's coming up and making sure we're staffed appropriately. And we have a great flexible approach to that. So we're able to dial things up and dial things down in line with volume. And we take it very seriously. We manage to do that. And I think we always comment on the fact that we do it in a way that doesn't impact the guest experience. But it is a focus for us. On the corporate expense side, You know, nothing unusual going through there other than we did have our 20th anniversary in the quarter, so you'll see there were some costs involved with that celebration from an event perspective, but also on the equity side as well. There were some one-off grants associated with that to our day one employees.

And I would just add that Brian Belbrance just threw his phone against the wall when you asked if the expenses in Vegas were timing-oriented. These guys work really hard, I mean, day by day, to make sure that from an expense and staffing perspective, we are exactly where we need to be, threading the needle of the brand and EBITDA. And it's a real testament to their ability to manage these businesses and manage them really, really, really well. And that's true in Macau, and it's certainly true in Boston as well. On corporate expense, it is timing, and it often is timing because it's substantially more lumpy.

Makes sense. That's, that's helpful. And then one follow up on Macau, um, just given the strength of the market, you did mention it's all about getting the right person in the seat. Um, in Vegas, um, I imagine the same is fairly true in Macau. Maybe you can elaborate on who is coming into the market in Macau. Is it skewed to specific sub markets within China versus Hong Kong? Is it new customers versus returning younger or otherwise? Thanks.

Sure. Yeah, I think we've mentioned on previous calls that we've seen a very large influx post-COVID, post-reopening, of new customers into Macau. So certainly there's been a lot of high-quality premium mass play. I think the mix of customers has been pretty consistent with what we've seen since the market reopened. So I don't think there's been a sea change, per se, in who's showing up. But the results in the market have been good, and we're delighted with it.

Great. Thanks so much.

Thank you. Our next caller is David Katz with Jefferies. Your line is open.

Hi, afternoon. Thanks for taking my question. I wanted to go back to Macau. One of the items that comes up in conversations and checks, et cetera, is promotions and credits. I'd love to get your sort of perspective on what's happening in the market and how you deal with that. And second, you know, entertainment seems to be a big driver there. I'd love to get a sense for, again, what your perspective is and what your participation is in any of that going forward. Thanks.

Sure. On the reinvestment side, and we've discussed this a little bit on prior calls, it is absolutely daily hand-to-hand combat for market share there. And we adjust and modulate our reinvestment up or down in any given day, hour, week, month, depending upon what goals we're trying to achieve. So we have a very clear view, as I've said before, of how much incremental reinvestment we need to make in order to be competitive and also to make money. And reinvestment has actually been pretty stable over the course of the past several quarters. So again, we're very comfortable with where our promotions are. On the entertainment side, I guess I would have, this would be kind of a two-pronged response. The first is, it is absolutely true that entertainment has been driving visitation and demand. Now when that entertainment is a large-scale arena-based event. It's kind of similar to a citywide in Las Vegas, so it tends to affect everybody in the market, and obviously we benefit from that. We also recognize that we need the capability to drive entertainment, and so this may have been lost a little bit in the mists of time because we haven't talked about it in a while, but The largest component of our concession commitment is actually an event center, and we're well underway with engineering and design at that event center. It'll be on the north parcel of land that sits there adjacent to the main entry to Wynn Palace, and we're excited about it because it will allow us to program great entertainment and drive visitation.

And if I can follow that up, when is that supposed to be completed, active, et cetera?

Subject to, as Julie has mentioned a few times, all of that concession capex is subject to a bunch of government approvals. So it's a reasonably wide range. Call it early 28, but I would caveat that with we need all of the appropriate government approvals.

Understood. Thanks.

Sure.

Thank you. John Decree with CBRE. Your line is open.

Hi. Thank you for taking my questions. Maybe one on Vegas to start. A little nuanced, but maybe prying for a little additional color. So, Craig, when you spoke to the midweek, like everyone else, being a little softer on occupancy, but your holding rate, what have you seen on property spend for the customers that are still coming in? Has that been... same up down, you know, is that holding up and just fewer people are coming in midweek? How would you characterize that?

Yeah, on property spend has been fine. I don't think we should be surprised by that, though. I mean, if you look at our second quarter average daily rate, it was actually up 3% from prior year. And so, you know, the customer that is on property is willing to pay that rate again in a market where others rates haven't been that high. The customers that are here are behaving the way we would expect them to.

Brian, anything to add? Another metric that we follow is all of our luxury retail, and we have significant retail space here. We continue to see it accelerating. It's up year over year and quarter over quarter. that's also a nice indicator that the top end of the market is still willing to spend discretionary income and spend it here at Wynn.

Understood. Thanks, Brian. Maybe one more big picture. Looks like Thailand has quieted down for the time being. And Craig, not that your plate isn't plenty full already, but is there anything else around that you guys are kicking the tires on or that looks interesting at the moment as it relates to new markets or new developments other than the kind of projects you've outlined, reinvesting in Las Vegas and Macau and obviously RAC?

Yeah, thanks, John. Our priority, and again, we've talked about this a little bit previously, but our priority right now is the UAE. And as I mentioned, construction on that project is advancing. Don't forget, we have a whole land bank there. And you shouldn't be surprised over the course of the next year or so to hear us talk about using portions of that land bank. We have a land bank in Vegas. We have a land bank in Boston. So we have a whole bunch of development opportunities that are directly adjacent to our existing resorts. And so to the extent that Thailand goes quiet for an extended period of time or to, as you saw in New York, we withdrew from New York. We have plenty of growth opportunities, but honestly, the amount of work and effort required to get Winn-Elmage on open is a lot. And so that's where our focus is right now.

Fantastic. Thanks, Greg.

Thank you. Our next caller is Steve Wazinski with Stiefel. You may go ahead, sir.

Hey, guys. Good afternoon. Just one question for me. All my others have been asked and answered. So, Craig, if we go back to the UAE and we think about the EBITDA range that you guys have out there today, which I think is 265 to 460, somewhere around there, and obviously every day you're learning more and more about the market, what type of player will eventually come to that market. As you sit here today and think about some of the assumptions, going back to your October investor day, As you kind of think about some of those assumptions that you're using to come up with that EBITDA range, do you feel like some of those assumptions might end up being somewhat conservative? And I guess this is another way of me asking, do you see upside to that range based on your current day-to-day learnings about the market?

Yes, sure, and thank you for the question. Look, we haven't seen... a lot of value accreting into the stock for Wendell Marjan to date. Now, you could argue that it's starting to creep in. Awareness is going up. We're doing the analyst visit to the UAE later this year. And history, I've been in this industry a long time, right? History has shown that you don't tend to get credit until it becomes a little bit more near term. So we're not really incentivized to overplay the market. That being said, when we compiled our projections, we did so assuming there would be multiple competitors in the market. And it looks like we're going to be the only one for quite some time. We noted in our investor day that we expected GGR in the market to be 3 to 5 billion. You've seen analysts come out with estimates as high as 8 billion. So, and even if it's a fraction of that size, the absence of near-term competition I think introduces conservatism into the base case that we presented at the analyst day. I would also add that receptivity to the project has been incredibly strong in and around the region. I mean, I talk to people in India that are aware of it. I talk to people, obviously, in the UAE that are very aware of it. And so there's a real excitement for the project, and I think when people see what we're building, they won't be disappointed.

Understood. Thanks, Greg. Thanks for the call. I appreciate it.

Sure. Thank you. Our next caller is Robin Farley with UBS.

Thanks. Yeah, I have a question about the UAE project, and you kind of answered half of it already just in that last question. You know, you have a competitor that's building a resort in the UAE without gaming approved yet. So the question was going to be if you anticipate being the only one by the time you open in 2027, which it sounds like you anticipate being the only one. But I guess what's your expectation for how long before – another project that's already under construction, that you might have that competition. Thanks.

Thanks, Robin. Yeah, we do anticipate being the only one for some period of time. How long it would take really depends upon if there are regulatory changes, if there are decisions by other Emirates to introduce gaming, and how long it takes to get them operational. So that's very hard for me to comment on. What I will say is keep in mind we operate in the two most competitive gaming markets in the world and we punch well above our weight. So, you know, we presented a base case in our analyst day comprised of a management fee and our pro rata share of EBITDA in the project that was incredibly compelling and it assumed multiple competitors. So to the extent that even that base case plays out, we feel very good about the project. And if we are the sole operator for an extended period of time, then obviously we feel even better. So, yeah, we're just fine if they end up being multiple competitors in that market, and we're a lot better than fine if there's not.

Okay. Great. Thank you. Very helpful.

Sure. Operator, the next question would be our last one, please.

Thank you. Ben, shaken with Lazuho. You may go ahead, sir.

Hey, how's it going? Thanks for taking my question. Another question on UA, maybe similar to Lizzie's question, but maybe slightly more specific. So you've talked about the different player cohorts in the past. Maybe talk about your current plan to build the pipeline going into this opening. It's obviously been a while since there's been a large opening in a new market. Obviously, you have the casino you purchased in London. But is there a social media campaign? Are you relying on existing international players? We'd just love any color on the tactical kind of behind-the-scenes decision-making or thought process. Thanks.

This is your second quarter with a great question, so thank you. Yeah, we're doing a lot. So, one, you mentioned Mayfair. Mayfair is an important part of that. You have a lot of visitation from the region that goes into London and goes – It goes into Mayfair specifically. That's important. We have our casino hosting leads already on staff. We are driving awareness with key players in the market. We are present at any number of key events that are happening in and around Europe, India, the Middle East, where you have people who have a lot of dough. We have nightlife partnerships structured and ready, and those have a whole pre-marketing element. And, of course, we will be doing a pre-opening brand campaign to drive awareness throughout the region. That brand campaign will focus really on the property as a luxury integrated resort as opposed to gaming specifically, but we're doing a lot. We recognize this is the first opening under this management team, and we need to be in a position to knock the cover off the ball. So we're doing a whole bunch of things to make sure that we have a very, very strong opening with a lot of heads in bed.

Thanks.

Operator, apologies. There is one more questioner out there. I believe Sean Kelly would like to ask a question.

Thank you. One moment. And he is actually not responding, so yes.

Okay. Well, then, thank you, operator, and thank you, everyone, for joining us for the Wind Resorts Q2 earnings call. We look forward to talking to you again in a few months.

Thank you for participating on today's conference call. You may disconnect at this time. Thank you for calling WIN Las Vegas.