WYNN RESORTS LTD Q1 FY2025 earnings call

• Milestones: Recognized the 20th anniversary of Wynn Las Vegas and acknowledged Elaine Wynn's contributions. - Tariffs: Direct impact on OpEx low, but $375 million of CapEx projects delayed, including the Encore Tower remodel. - Regional Performance: Las Vegas had solid results despite Super Bowl comp, Boston slot volumes held up, Macau saw healthy volumes but VIP hold issue. - New Amenities: Opened the Gourmet Pavilion food hall at Wynn Palace, driving visitation. - Balance Sheet: Strong liquidity with $3.2 billion global cash and revolver availability, net leverage ~4.3 times, dividend increases and share buybacks announced.

Las Vegas: Generated $223.4 million in adjusted property EBITDA on $625.3 million of operating revenue during the quarter, delivering an EBITDA margin of 35.7%. Total casino revenues increased 4%. Slot business is a bright spot. Boston: Generated adjusted property EBITDA of $57.5 million on revenue of $209.2 million with an EBITDA margin of 27.5%. Slot volumes were up about 3%, and demand remained healthy through April. Macau: Delivered adjusted property EBITDA of $252.1 million in the quarter on $865.9 million of operating revenue resulting in an EBITDA margin of 29.1% in the quarter. Lower than normal VIP hold impacted EBITDA by a little over $38 million.

• CapEx: Expected total CapEx spend in 2025 to range between $250 million to $300 million. - Construction: Wynn Al Marjan Island construction ongoing, targeted opening date. - Dividends: Wynn Macau proposes increased dividend, Wynn Resorts approves $0.25 per share dividend payable on May 30th, 2025.

• Tariffs: Impact on CapEx, uncertainty regarding demand. - Competitive Market: Macau's competitive environment with short booking windows and intense competition for customers.

Q: Carlo Santarelli asked about promos/discounts in Las Vegas and Super Bowl comparison.

A: Craig Billings said it correlates with ADR and is related to Super Bowl as ADRs over Super Bowl were off the charts.

Q: Carlo Santarelli asked about cadence of remaining $650 million to $725 million for Wynn Al Marjan.

A: Julie Cameron-Doe said it follows the usual construction curve and will be deployed over remainder of 2025 and into 2026.

Q: Sean Kelley asked about international inbound to Las Vegas and group rate picture.

A: Craig Billings said very high end not impacted, international visitation 9% of room nights easily backfilled; Brian Gullbrants said revenue team taking rate, group pace in 2026 pacing better than expected.

Q: David Katz asked about Macau competitiveness.

A: Craig Billings said competitive environment with stable promo environment, relying on service, product quality, and new amenities.

Q: Stephen Grambling asked about synergies of global operation and New York development.

A: Craig Billings said operating as single business makes sense for scale and efficiencies; on New York, RFAs due end of June, licenses by end of 2025/early 2026, complicated market with online gaming, tariffs, and local politics concerns.

Q: Robin Farley asked about CapEx hold and Encore Tower impact on 2025 P&L.

A: Julie Cameron-Doe said $375 million delay footnoted as timing unclear; Craig Billings said respecing process takes time due to sourcing and testing.

Q: John DeCree asked about Japan IRs and Thailand development.

A: Craig Billings said will look at Japan if setup right, Thailand bill delayed with some components problematic but amazing potential market.

Q: Brandt Montour asked about CapEx delay and Macau OpEx.

A: Julie Cameron-Doe said $375 million delay footnoted; Craig Billings said respecing process for Encore Tower and Macau OpEx managed by driving incremental EBITDA from new amenities.

Q: Ben Chaiken asked about Wynn Al Marjan cohorts.

A: Craig Billings said three cohorts (inbound to Ras Al Khaimah, Dubai residents, destination luxury) each important, similar to Las Vegas and Boston markets.

Q: Chad Beynon asked about food and beverage OpEx growth and retail impact.

A: Craig Billings said no tariff impact on OpEx, retail flat year-over-year with lease terms varying.

Q: Joseph Stauff asked about Macau competitive environment and new hotel product.

A: Craig Billings said competitive market with stable promo environment, Wynn keeps assets in shape and runs best service levels, innovating with CapEx in amenities.