Wynn Resorts, Limited

Welcome to the Wind Resort's first quarter 2026 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 Craig Fullilove, Chief Financial Officer. Please go ahead, sir.

Craig Fullilove Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Willings and Brian Gilbrand in Las Vegas. Also on the line are Jenny Holliday, Linda Chen, and Frederick Luvasuto. 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.

Good afternoon, and as always, thank you for joining us. Before we get into the quarter, I'd like to take a moment to talk about Wynne L. Marjan and the UAE more broadly. First, I'd like to commend the Emiratis on their response during the initial weeks of the conflict. the country has shown an admirable ability to protect its people and its assets. At Wynne-en-Marjan, construction has continued to progress with over 22,000 workers on site. The project team has been incredibly resilient. While we have faced logistical and shipping challenges in the region, deliveries have largely continued, and we are rerouting shipments and sourcing alternative materials where needed. Based on conditions today, these challenges are manageable, though we are realistic that the picture could shift as the situation evolves. We do expect a modest delay in our opening timeline, and I expect that we will quantify that in the coming months. That said, the project continues to move forward every day. Looking ahead, the UAE has world-class tourism infrastructure, unrivaled airport capacity, and a strong policy framework. As the region stabilizes, we expect the country will find smart ways to accelerate tourism and over the longer term will continue to be one of the most attractive destinations in the world for high net worth residents and visitors. With that, I will turn to the quarter starting in Las Vegas. We had an eventful first quarter here in Las Vegas with the debut of Zero Bond and Sartiano's Italian Steakhouse. Both venues opened positive guest and member feedback, and I anticipate that they will further strengthen Wynn Las Vegas position as the place to see and be seen here in Las Vegas. I want to thank all of those who were involved in making those openings such a huge success, and in particular, the team at Wynn Design and Development. The combination of those openings and the ongoing efforts of our team led to another period of strong results. Poll adjusted EBITDA grew 5% to 235 million, inclusive of our best March in the history of the property. Casino revenues were up over 9% driven by increases in both drop and handle. In the hotel, RevPar was up nearly 10% year on year on a 12% increase in rate. That momentum is carried into the second quarter with drop and handle both up versus the prior year. We've also seen positive trends in the hotel with ADR up year on year in the month of April. We will begin the Encore Tower remodel in just a few weeks, a project that will ensure our rooms continue to set the standard in Las Vegas. Our group business remains on pace to grow both room nights and rate above 2025, and we continue to feel good about the business in Las Vegas for the remainder of 2026. Turning to Boston, Encore Boston Harbor generated $51 million of EBITDA in the first quarter. Slot revenues grew 2% year on year, despite some very challenging weather in the Northeast. and continued gaming expansion in New Hampshire. The team once again tightly managed operating expenses, though wage pressures remain a real challenge at the property and something we are actively working to address. The second quarter is off to a steady start with drop and handle both running ahead of last year. Turning to Macau, the team delivered a strong quarter with VIP hold adjusted EBITDA of $296 million. Lower than expected VIP hold impacted the quarter by $17 million. Mass drop was extremely strong, up 19%, and handle was up 32% year on year. That momentum persisted into the second quarter with mass drop running ahead of last year. Premium demand continues to drive the Macau market, and we were pleased to open our newly expanded Chairman's Club during the quarter to strong customer reception. While it's early days for the facility, the space is truly spectacular and a meaningful addition to what we believe is the best gaming floor in the market. With Kotai continuing to be the primary driver of high-quality visitation in Macau, and with Wind Palace regularly nearing 100% occupancy, I'm pleased to announce a significant new investment at the property. The enclave at Wind Palace, a 432 all-suite hotel, will sit directly adjacent to and connect into the east entrance of Wind Palace. This is a $900 to $950 million addition that will increase the existing Wind Palace room count by 25%, and our suite count by 50%, driving more foot traffic into gaming and our existing food and beverage outlets. The design is distinctly Wynn, an evolution of the design language that has defined our resorts from the beginning. You can find additional details on Enclave in our investor deck on page 19. With that, I will now turn the call over to Craig for some additional details on the quarter.