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?