Wynn Resorts, Limited

Welcome to the Wynn Resorts second quarter 2026 earnings call. All participants are on listen only until the question and answer session of today's conference. To ask a question, press star one 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 Fullalove, Chief Financial Officer. Please go ahead.

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Jenny Holaday, Linda Chen, and Frederick DiBasuto. Please note that we published a presentation to provide more color on the company and recent performance ahead of the 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, Craig.

Good afternoon, everyone, and as always, thank you for joining us. I'm going to jump right into the quarter, starting here in Las Vegas. When Las Vegas delivered $215 million of EBITDA in the quarter with particular strength in May, adjusting for low hold, the property would have produced $219 million of EBITDA. We saw impressive increases in both drop and handle driving a 5% increase in total casino revenues. We were also pleased to grow RevPar by 3% and saw retail lease revenue up 8% during the quarter. More recently, the business has seen solid volumes and increases in both slot revenues and RevPar, though we experienced unusually low hold in the month of July. Looking ahead, we remain positive about the business in Las Vegas. We are currently on track for another strong F1 weekend, and pacing ahead of last year in our transient leisure business for that event. On the group and convention side, we saw the forward booking pace accelerate as July progressed and the business looks strong heading into both Q4 and 2027. Turning to Boston, Encore Boston Harbor generated $56 million of EBITDA with the second quarter setting records for both 2Q RevPar and 2Q hotel revenue. Slots also remained an area of strength with revenues up 1%. More recently, demand in Boston has remained healthy, with slot handle running slightly ahead of last year. In Macau, the team delivered particularly solid results in the quarter. The business generated $306 million in VIP normalized EBITDA, with unfavorable VIP hold negatively impacting us by nearly $9 million. Volumes were up nicely in the quarter, with mass drop up 5%. So far in the third quarter, rolling volumes and mass drop were down slightly year on year as we absorbed the now well-publicized impact of the World Cup, coupled with usual seasonality. We saw drop pick up in the back half of July as the region entered the summer holiday season, and those improving trends continued into early August. Last quarter, we announced Enclave, a new 432 all suite hotel, and expect to commence construction on that tower before the end of the year. This quarter, I'm pleased to announce that we will also begin construction on our long-planned and previously announced Events Center and Theater at Wind Palace in the coming weeks after receiving our revised land contract from the government in July. The Events Center and Theater are expected to be completed in 2028, and Enclave is expected to be open in 2029. Taken together, these projects reflect a clear and confident investment in the future of the Macau market and our commitment to support its diversification efforts. Shifting to Wynn-en-Marjon Island, construction is progressing rapidly. We are now actively progressing through the interior fit-out of the hotel rooms with mechanical, electrical, and finishing work all moving along in sequence. In addition to construction, pre-opening hiring and operations planning are advancing very well. As development of When El Marjan Island Progresses, regional conflict-related disruptions initially impacted global supply chains and continue to impact the shipping insurance markets. This has required certain materials and equipment to be resourced, rerouted, or expedited to ensure the project's construction timeline. In addition, we experienced certain other disruptions associated with the movement of staff and consultants and other non-recurring issues. These disruptions have impacted both the timing and cost of the project. On timing, we now expect the project to open its doors to the public in September 2027. With respect to budget, we are increasing the total project budget for Wynn-en-Marjon Island by approximately $600 million. Of that, approximately half is directly attributable to disruption from the regional conflict. Material cost increases, shipping cost increases, and the pre-opening and capitalized interest costs associated with the extended construction timeline it created. The remaining portion reflects re-measurement, trade coordination and other costs you'd expect on a project of this scale and duration independent of anything happening in the region. I traveled to the UAE in June and saw the progress firsthand, the site, the team and the surrounding market. My flights were full and day-to-day activity in Dubai was healthy. What we are building in the region is one of a kind, and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever. I'll now hand it over to Craig Fullalove to run through some additional details on the quarter.