Wynn Resorts, Limited

Welcome to the Wynn Resorts third 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, please press star one on your touch tone 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 and Brian Gulbrantz in Las Vegas. Also on the line are Jenny Holliday, Linda Chen, and Frederick Lubitsuto. 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 investor relations websites. 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'll jump right into the quarter, and I'll kick off here in Vegas. When Las Vegas continued to see notable gaming market share gains in the quarter driven by our incredible team and market-leading product and service, resulting in EBITDA growth on a hold-adjusted basis of 3% to $211 million, against a difficult comp. Demand in the casino was healthy throughout the quarter, with solid increases in both drop and handle, leading to casino revenues that were up 10%. Hotel revenue was flat at $187 million, demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR and maximize EBITDA paid off during the quarter. In fact, in August, the property set an all-time monthly EBITDA record. We also look forward to completing the renovation of the Fairway Villas by the end of this quarter and to the opening of Zerobot. Oh, apologies. Sorry for that. Wynn Las Vegas continues to see notable gaming market share gains in the quarter, driven by our incredible team and market-leading product and service, as I mentioned. More recently, business in the fourth quarter has seen continued momentum with drop and handle both up versus the same prior period last year. We've also seen notable growth in REVPAR and strong retail sales. So with the fourth quarter off to a strong start, we are now turning our attention to F1. You can look at our published room rates for the event and see that we are once again pricing at a significant premium to the market. Looking further out, our group and convention business looks strong heading into 2026, on pace to grow both room nights and rate over 2025. I do want to note that as we begin the Encore Tower remodel in the spring, we will lose about 80,000 room nights in 2026. We will attempt to pick up some of that in rate, but the remodel will present a slight headwind for 2026. Importantly, we continue to invest in our market-leading assets here in Las Vegas, and ultimately, while macroeconomic and geopolitical uncertainty remain in consideration, we remain positive on the outlook for our business in Las Vegas. Turning to Boston, we generated $58 million in EBITDA. In terms of fundamentals, the business at Encore Boston Harbor remained solid, with slot revenues growing over 5% year-on-year and OpEx tightly controlled. More recently, demand in Boston has remained healthy in October, with both drop and handle above last year. Macau also delivered very strong results in the quarter, which were further aided by higher-than-normal VIP holds. The business generated $308 million in EBITDA, including $23 million of VIP hold benefits. Mass volumes were particularly strong, up 15% year-on-year, despite the weather disruption near the end of the quarter. The cadence of Golden Week was a bit unusual this year in that we saw heavier volumes towards the tail end of the holiday and after the holiday period. Beyond Golden Week, volume metrics in the quarter have been strong, with turnover and mass drop both running well ahead of last year. With sustained double-digit market-wide growth in GGR, we continue to be optimistic about the future of Macau. The premium segment continues to lead the market in Macau. Last quarter, we discussed two new projects, an expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wynn Tower rooms at Wynn Macau. To ensure we continue to take advantage of this ongoing demand. Both projects are moving along very quickly. The Chairman's Club expansion should be complete ahead of Chinese New Year, and we are already completing the initial floors of the wind tower room renovation now. While we expect some minor disruptions at the year end from these projects, once complete, they will further elevate our offerings at both properties. Wind El Marjan Island continues to progress rapidly, and we look forward to welcoming many of you to the site in less than a month. We're pouring the final two floors now and are on track to top out the tower ahead of our analyst event in December. We are also pleased to announce our first development on the Marjan Land Bank adjacent to Wynn-Al-Marjan, the Jannu-Al-Marjan Island by Amman Group. The Amman team are world-class, and we're delighted to have them as a neighbor. From a structuring perspective, our JV, the same JV that owns Wynn-Al-Marjan, will own the property, and the Amman team will manage the asset. Given the recent success of condo sales in the UAE in general, and Rasahima in particular, we anticipate our portion of the equity check for the project will be quite small, about $25 to $50 million. Beyond the standalone merits of the transaction, we also expect Genu's high-quality customers will be additive to win on Marjan Island. With the Marjan Land Bank, we have significant additional long-term development opportunities in the UAE. You can see more about this initial development in our quarterly earnings presentation. We remain on track for our target and opening date of Wynn-Elmarjohn Island and look forward to showcasing what we believe is the most compelling development opportunity in the industry. With no competing operations announced to date, Wynn-Elmarjohn Island will be the only integrated resort in what many analysts are predicting will be a $5 billion-plus GGR market. Our future continues to be bright. The opening of Wynn-Elmarjohn Island and the free cash flow inflection that it will bring gives us confidence that our best days lie ahead. I'll now hand it over to Julie to run through some additional details on the quarter.