Wynn Resorts, Limited Stock Price: Quote, Forecast, Splits & News (WYNN)

Perplexity Finance

WYNN

Wynn Resorts, Limited

WYNN

NASDAQ

Market Open

Wednesday, May 21, 2025

$93.02

-$0.75

0.8%

May 21, 10:58:25 AM EDT

Change

-$0.75

0.8%

Financial Profile

Prev Close

$93.77

Market Cap

$9.73B

Day Range

$92.20 - $93.05

Open

$92.89

P/E Ratio

24.9

52W Range

$65.25 - $107.81

24H Volume

$26.95M

Dividend Yield

1.07%

EPS

3.74

Earnings

Report Date

May 6, 2025

Reported Revenue

1.7B

Miss -2.05%

Avg 1d Change

5.58%

Report Period

Q1 2025

Reported EPS

1.1

Miss -12.3%

Implied Move 1d

4.52%

Transcript

10m 24s

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 newly relaunched 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. Us.

10m 51s

Before we get into the quarter, I want to take a moment to recognize a very significant milestone. Last month, I was pleased to join nearly 1,700 of our day one win loss Vegas employees in celebration of the twentieth anniversary of our iconic Las Vegas resort. Want to take a moment to express my gratitude to each and every one of our team members, including those 1,700 folks who have been with us in Vegas since the beginning.

11m 15s

This anniversary was a tribute to the dedication, passion, hard work that so many have demonstrated over the years to build the strength of our business today. A business that is delivering near record results with its significant property opening now less than two years away. I also want to acknowledge the significant contributions of Elaine Wynn, to both our business and the broader Las Vegas community.

11m 38s

Elaine, who cared so deeply about our employees, was truly one of a kind will be missed by many. Turning to the business, I'd like to address upfront the potential impact of tariffs on our business. We expect the direct impact of tariffs on OpEx to be low and entirely manageable with most of the impact in The U. S. Stemming from food and beverage, where we are actively working through alternative sourcing for the most impactful items. CapEx, however, is a different story. We had a number of CapEx projects in flight in The U. S. And while we had sourced for those projects presuming some tariff impact, the current tariff rates have driven us to delay about $375,000,000 of CapEx projects, including the Encore Tower remodel. Once tariff rates have settled, we will thoroughly respec and resource the most severely affected items. While we're staying nimble, the pace of change at the moment is just too significant to commit to revised timing on that cap. CapEx. Turning to the potential indirect impacts there's been plenty of recent research on the potential impact of tariffs on growth. And while we are certainly better insulated than some, given our more resilient affluent customer base, there is obviously uncertainty out there.

12m 53s

So far, however, our businesses in Vegas and Macau are holding up quite well. In Vegas, April RevPAR was up slightly from 2024 slot handle was up and group activity was as expected. So the business through April felt pretty good. And the visibility we have into forward demand which is primarily through our group and convention business, also looks just fine. Of course, the booking window in other channels is much shorter than group, so we are watching those channels carefully. In Macau, mass drop in April was in line with 2024 and direct VIP turnover was up nicely. Golden Week, which just ended, saw mass drop up from last year full occupancy in the hotels. But again, the booking window there is short and we are watching customer activity day to day. Long story short, recent results have been good, but we have to acknowledge the uncertainty out there and the impact that uncertainty may have on demand. As always, we have a playbook ready for every scenario. So with that, let's turn to the quarter. We were pleased to deliver another solid quarter of EBITDA here in Las Vegas on an impossible comp against the twenty twenty four Super Bowl.

14m 4s

On last quarter's call, we called out a $25,000,000 headwind to EBITDA, and we did a bit better than that as we were only down about $11,000,000 when adjusting for hold in both periods. Demand remained healthy in the quarter with a 4% increase in total casino revenues even without the Super Bowl in 2025. Our slot business continues to be a bright spot the investments we have made in our premium slot areas and in the team have helped maintain our premium positioning. In fact, if you remove Super Bowl weekend from the prior year quarter, we were up across the board. [indiscernible] candle, RevPAR, nongaming revenues and EBITDA all up year over year. Turning to Boston. Encore Boston Harbor generated $57,000,000 of EBITDAR. Slot volumes continue to hold up well with slot went up about 3%. More recently, demand in Boston has remained healthy through April with drop in handle flat to last year. In Macau, other than hold, the business in Q1 felt very good. Business generated $252,000,000 in EBITDA with poor VIP hold costing us nearly $40,000,000 of EBITDA. We saw healthy volumes in the quarter with turnover up 31% and mass drop up a point, both sequentially.

15m 22s

Adjusted for VIP hold, grew market share sequentially and improved EBITDA margins from Q4 to Q1. While the market in Macau continues to be highly competitive, we remain disciplined in our focus on maximizing EBITDA and generating a healthy margin profile. We were also pleased to recently open the Gourmet Pavilion Food Hall at Wynn Palace. An exciting new amenity for us, which is already driving visitation and eliciting enthusiasm from our customers. In fact, since opening the Gourmet Pavilion, we have seen about 2,400 incremental daily restaurant covers at Wynn Palace. A strong indicator of additional visitation to the property. Turning to Wynn on Marjan Islands, construction is now up to the 40 Seventh Floor of the tower and we will top out there this year. Will soon be commencing with the fit out of interiors in portions of the building and we're also now sculpting the elaborate beachside pool scape. We remain on track for our targeted opening date we believe the property will be well positioned as the only integrated resort to open in the near term into what several analysts have predicted will be a $5 plus billion GGR market. We think this is the most compelling development opportunity in the industry right now.

16m 35s

Our future is bright, And as I mentioned last quarter, while our stock price continues to inappropriately reflect the value of our assets, we will buy back stock. To that end, we purchased $200,000,000 of stock in the first quarter another $100,000,000 thus far in Q2. With that, I will now turn it back to Julie to run through some additional details on the quarter. Thank you, Craig. At Wynn Las Vegas, we generated $223,400,000 in adjusted property EBITDA on $625,300,000 of operating revenue during the quarter. Delivering an EBITDA margin of 35.7%. We're moving the Super Bowl weekend from each quarter, revenue and EBITDA were up 5.42.7%. [indiscernible] OpEx excluding gaming tax per day was $4,300,000 in the quarter, up 4.1% compared to the prior year due to normal wage inflation from our union and nonunion areas. And a prior year recovery of bad debt. The team in Las Vegas continues to exercise strong cost discipline and has been able to mitigate the majority of recent payroll related increases without impacting the guest experience.

17m 46s

Turning to Boston, we generated adjusted property EBITDA of $57,500,000 on revenue of $209,200,000 with an EBITDA margin of 27.5%. Prior year EBITDA benefited $2,000,000 from a onetime credit to OpEx, in addition to about $3,000,000 of high hold. We stayed very disciplined on the cost side with OpEx per day of $1,180,000 up just 1% from Q1 twenty four, despite continued labor cost pressures in that market. The Boston team has continued to do a great job of mitigating union related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience.

18m 31s

Our Macau operations delivered adjusted property EBITDA of $252,100,000 in the quarter, on $865,900,000 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 $38,000,000 in the quarter.

18m 54s

OpEx excluding gaming tax was approximately $2,640,000 per day in Q1. Flat year on year. The team has done a great job in staying disciplined on costs and we remain well positioned to drive strong operating leverage as the market continues to grow over time. In terms of CapEx in Macau, we recently opened the Gourmet Pavilion at Wynn Palace, as Craig mentioned, And we're currently advancing through the design, planning and approval stages on several of our larger concession commitments. As we noted the past few quarters, these projects require a number of government approvals. Creating a wide range of potential CapEx outcomes in the near term. As such, we expect total CapEx spend in 2025 inclusive of our concession related commitments and other projects to range between $250,000,000 to $300,000,000 Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of $3,200,000,000 as of March 31. This was comprised of $1,800,000,000 of total cash and available liquidity in Macau and $1,300,000,000 in The U. S. The combination of strong performance in each of our markets globally with our properties generating nearly $2,300,000,000 of LTM adjusted property EBITDA together with our robust cash position creates a very healthy consolidated net leverage ratio of just over 4.3x.

20m 24s

Our strong free cash flow and liquidity profile also allows us to continue returning capital to shareholders in both Macau and The U. S. To that end, the Wynn Macau Board recently announced it has recommended to shareholders an increase in the final dividend for 2024 to $125,000,000 up from $50,000,000 in the previous period subject to shareholders approval at the upcoming Annual General Meeting on May 23. In addition, the Wynn Resorts Board has approved a cash dividend of $0.25 per share payable on 05/30/2025 to stockholders of record as of May 16, During the quarter, we repurchased 2,360,000.00 shares for approximately $200,000,000 and an additional $100,000,000 so far in Q2 twenty twenty five. These share buybacks together with our recurring dividend, highlight our focus on and continued commitment to prudently returning capital to shareholders. In terms of CapEx, spent approximately $160,000,000 on CapEx in the quarter, primarily related to the Villa renovations and food and beverage enhancements in Las Vegas, concession related CapEx in Macau, and normal course maintenance across the business. Additionally, we contributed $51,200,000 of equity to the Wynn Al Marjan Island project during the quarter. Bringing our total equity contribution to date to $682,900,000 During the quarter we started drawing on the construction loan with a drawn amount to date of $278,000,000 We estimate our remaining 40% pro rata share of the required equity is approximately $650,000,000 to $725,000,000 With that, we will now open up the call to Q and A. Thank you.

22m 24s

Unmute your phone, record your name clearly after the prompt, and I will introduce you for your question. Please limit yourself to one question and one follow-up question. To withdraw your question, press 2. Our first question comes from Carlo Santarelli with Deutsche Bank. You may go ahead, sir.

22m 42s

Hey, Craig, Julie, everyone. Maybe this is for Craig. I know that the way that we see promos discounts in Las Vegas is different than maybe the way that you guys think about them or see them but it does look like in the first quarter that came down fairly materially both as a relative to on a dollar basis. I was wondering if there's been any change there or if just a lot of what we're seeing is the Super Bowl comparison and some of that savings is coming through just from that weekend alone.

23m 18s

Sure, Carlo. It's those numbers are going to correlate very strongly with ADR. Because a significant component of of our reinvestment is in the form of rooms. So your presumption that it relates to Super Bowl is correct. Because our ADRs over Super Bowl were even more off the charts than they are ordinarily.

23m 41s

Okay, great. And then, Julie, you talked about kind of the contribution and where things stand as of today. The how should we think about the cadence of kind of that remaining six fifty million seven twenty five?

23m 56s

Yes. Thanks, Carlo. Think we've talked about this in the past, so it's following the usual kind of construction curve. So it's going to be we'll be deploying that over the course of the remainder of this year. And into next year.

24m 12s

Okay, great. Thank you.

24m 15s

But it is pro rata It is essentially side by side with the bank financing. So it is not equity first. Bank second.

24m 25s

Thank you. Our next caller is Shaun Kelley with Bank of America.

24m 31s

Good afternoon. Thanks for taking my question. Craig, maybe you can just give us your thoughts on there's obviously a lot of questions around kind of the consumer and some of the mix. And as your business has evolved particularly the growth you've seen in slots, could you just give us your latest sense on sort of how much international inbound is Wynn exposed to and how much sort of China or Asia sourced VIP should we think about purely on the Las Vegas side of the equation? That would be helpful. Sure. First step is to bifurcate it between the very high end and not the very high end. On the very high end, we're not seeing really any implications. For visitation at all. Outside of that group post COVID, international is like 9%. [indiscernible] Las Vegas room nights. Which we can easily, easily backfill. And so we don't see we do see a decrease in international visitation, particularly from Canada and Mexico, as others have mentioned. It doesn't really impact us much at all. That's helpful. And then big picture, obviously, looks like sounds like the forward calendar and everything you're seeing on group is consistent and fairly unchanged, which I think with everything we've heard from the market right now.

25m 55s

But maybe just your thoughts on sort of the rate picture as we move into the summer kind of cross Memorial Day, sometimes that area gets a little bit more volatile. Obviously, the booking windows are very short, but anything that you see in activity there or anything see on the pricing side one way or another that we should be aware of?

26m 12s

Nothing from a pricing perspective, nothing out of the ordinary from a booking perspective. Honestly, last weekend, we had bookings that were well above the norm. And so look, we can't be naive There's uncertainty out there, as I mentioned in my prepared remarks, and we have to watch this stuff day to day.

26m 31s

But as I also said in my prepared remarks, things look fine as of now and booking continues kind of where we would expect it. Although again, as you rightly point out, the booking window is relatively short. So we'll see once things really start to kick in and the impact of the decrease in port traffic that you're seeing in LA and the impact of tariffs really set in, we'll see. But as of now, everything's pretty good actually.

26m 58s

Brian, anything you'd like?

26m 59s

I'd say the revenue team and our sales team are continuing to take rate wherever they can. You can look for yourself. Our rates are extremely strong beating the market. And when we look to 26% on the group side, we're pacing even better than expected.

27m 14s

So feeling good about group pace and feeling good about where we are right now. We'll see what happens in the summer. But watching it like a hawk. That's right.

27m 24s

Thank you.

27m 27s

Thank you. David Katz with Jefferies. You may go ahead.

27m 33s

Evening everybody. Thanks for taking my question. Can you just talk a bit more about Macau? And we've obviously heard your commentary about the competitiveness in that market. Just talk a bit more about how that manifests and how you respond to it. Are we talking about credit [indiscernible] what else know, else is manifesting in terms of that? Heightened competitive? Yeah, sure. I mean, I think it's I think one of our one of our peers talked about it on a call. Regarding the strength the premium mass market and the importance of the premium mass market to Macau at the moment. We would clearly second that. I mean, have a market where the booking window is short, and for a while, the promotional environment was probably more player friendly than it had historically been. That's eased and what we see is a pretty stable promotional environment now. But it's the day to day hand to hand combat of getting that customer to make a trip and getting that to come to your property. So I can't say it's any one of those things that you mentioned. It's It's really a combination of kind of all of them. And the competition for that customer segment is fierce.

28m 55s

So what do we rely on? We rely on the things that we've always done really, really well. Service, the quality of the product, And then muscles that we've built over the course of the past few years on the machine learning side and and on offer development and offer delivery. On many of the new amenities that we've put in, the complete reconfiguration and changes that we've done in our food and beverage program, the opening of of the food hall that we just talked about, All of those things are important to our ability to be competitive. But it's a river of nickels, David, so it's really all of those things and you've got to be prepared to do all of things and doing well.

29m 36s

Understood. And I just want to be clear, is it is it notably worse than it was six or twelve months ago? And do you have any sense about what the trajectory of that might be in the next twelve months?

29m 53s

No, I don't. In fact, I think it's better. So I think everybody came out of COVID mean, this period of closure and you had a period in which the junkets were taken out of the market. And so I think you had this period of time coming out of COVID when everybody was kind of finding their footing. I think we were unique coming out of COVID because we were in particularly strong shape coming out of the gates. I think at this point, everybody has kind of found who they are and how they're going to compete, and I think that stability that we're seeing in the market over the course of the past call it six months is good for the market, but it doesn't change the fact that it's a very, very competitive dynamic. When I say it's a competitive dynamic, it's not an negative statement. It's not a I'm not saying anything bad about the market. I'm just stating stating the reality. And it's a reality we live with every day and we're fine with it.

30m 49s

Perfect.

30m 49s

Thank you.

30m 50s

Sure.

30m 52s

Thank you. Steven Grambling with Morgan Stanley. You may go ahead.

30m 57s

Hey, thank you. Craig, I think your opening remarks, you talked about the disconnect in the value of the stock and your willingness to buy back. Which sometimes you hear about conglomerates and holding companies having discounts. I guess, do you think about synergies from operating as one business across multiple properties globally and one brand versus perhaps dis synergies if there ever is was an option to consider in separating out properties? Well, taking a single scale business that can pull cash flow from multiple sources and redeploy it into development opportunities globally and turning it into multiple subscale businesses that cannot is probably not a good idea. Second, you have a reasonable amount of cross property play. And in fact, are elements of our marketing strategy that are are deployed globally. You have a lot of efficiencies in the capital structure by having a business that has more scale and more sources of cash flow. There's a whole litany of reasons that operating the business as a single business makes sense.

32m 6s

That's helpful. And one of first things you said was development. So I'm curious of the things that you haven't touched on yet, I don't think was just around New York That's something that's been out there a little bit. There's been some waffling from some of your your peers. I guess what's your latest thoughts and maybe any timing thoughts on New York as a development opportunity?

32m 26s

Sure. I think the current plan seems to be for the RFAs to be submitted by the June with licenses awarded sometime by the end of 'twenty five or early 'twenty six.

32m 39s

New York is a great potential market and we're certainly prepared to put together a fair proposal. It's also a complicated market with a lot of considerations. You've heard some of our peers talk about online gaming and that's certainly a point of a point of concern for us. And we also need to consider the potential impact of of tariffs on build costs. So and pile on top of that the fact that the local politics are complicated. So we continue to be in the running in New York, but we absolutely will not get over our skis to win the license there.

33m 12s

Great. Thank you so much.

33m 14s

Sure.

33m 16s

Thank you. Our next caller is Robin Farley with UBS. Great, thanks. Just going back to the CapEx that you mentioned you're putting on hold. Can you give us a sense of sort of what projects And also, what's the scale of that the increase in that CapEx cost I'm just thinking if that would be similar read through to your potential New York project in terms of the CapEx impact from tariffs?

33m 42s

Thanks.

33m 45s

Well, first the bulk of it is the Encore Tower remodel. So call that high 200s out of three seventy five that we talked about. The rest of it is kind of cats and dogs that we were doing here in The US. I don't think the read through would be instructive because you're talking about greenfield new build where you have a lot of steel, a lot of MEP, a lot of things that are sourced from a lot of different places. And in particular instance, we had kind of two or three relatively high dollar items on a per unit basis that were sourced from high tariff locations. So I don't think the read through would be would be applicable.

34m 31s

Okay, great. No, understood. And then just on group piece, some of the larger hotel companies have talked about softening group And so I think the comment about 2026 was pacing better than expected. Can you I guess what had you been expecting just to think about how your '26 group is trending just relative to what we're hearing from the other large hotel companies? Thanks.

34m 57s

I'll start by saying we are not experiencing softening group. But Brian, do you want to follow-up?

35m 1s

Yes. The strength in '26 that we're seeing, we would probably attribute to Q1 NADA, CONEXPO, there's a couple of large groups that alternate cycles and they're lining up next year. So next year looks great.

35m 16s

Demand is strong and we're looking quite good. So feeling good about '26 right now.

35m 24s

Great. That's super helpful. Thank you.

35m 28s

Thank you.

35m 29s

John DeCree with CBRE. You may go ahead, sir.

35m 33s

Hi, everyone. Thanks for taking my questions.

35m 35s

Maybe on the development pipeline, you mentioned Thailand in the slide deck, we've talked about that a little in past calls and New York. But I guess there's some rumbling that Japan might reopen bidding for IRs. Curious, Craig, if you'd look at Japan again and under kind of what pretense that might be interesting for you.

35m 55s

Thank you for the question. There's We'll always look at any gateway city where capital can be deployed and we think the Wynn brand resonates. So Japan fits that bill. There's structural challenges in the way that the licensure and ownership have been outlined in Japan. And so when we look at it, of course, but it's got to be right. And the setup has to be right for us.

36m 24s

We have plenty of development opportunities. We have a land bank in The UAE. We have a land bank in Boston. We have a land bank in in Las Vegas. You mentioned Thailand, obviously the bill there has been delayed and there's some components of the bill that probably won't work if they stay in the bill. But it's an amazing potential market with unbelievable airlift infrastructure, tourism, etcetera. So we've got plenty of development opportunities We would only look at Japan if the setup was right.

36m 56s

That's helpful, Craig. I appreciate the insight on that one. And then maybe an easy one. Not sure to the extent inflation or construction cost inflation kind of overflows outside of The U. S. But do you see any risk in global construction costs at The UAE? I think you're contracted there even in Macau. Any potential cost increases on CapEx that you've seen?

37m 22s

Quite the opposite. Well, two things. One, we're we have a substantial portion of The UAE already bought out. So we have very, very strong budget certainty in The UAE. Elsewhere, you really it's more on the FF and E, on the furniture, fixtures and equipment side. You have vendors out there that have lost a lot of customers. And so you see opportunities actually from a cost savings perspective. I can't quantify that into any of the projects that were that we're executing right now. It's too early frankly with where we are in the process in Macau. And again, we're pretty much bought out in The UAE, but no, I don't see any spillover effects outside of The U. S. Great. Greg. I appreciate the help.

38m 12s

Sure.

38m 14s

Thank you. Brandt Montour with Barclays. You may go ahead.

38m 18s

Good afternoon or good evening, everybody. Thanks for taking my question. So I just want to clarify on the CapEx announcement today on the call with $375,000,000 of spend. The decks that you put up, it doesn't look like there's much difference. For the Encore Tower shifting. I'm just hoping you could clarify that and then specifically, the for the ENCORE tower, I don't think you were expecting much disruption in the year. And so I guess we should sit here and think that there's not much benefit of pausing it for operational considerations, but how are you thinking about how that will affect 25 P and L?

38m 58s

Sure. Thanks for that, Brian. Yeah, if you look carefully carefully at page 19 in the presentation, we did keep everything as is and but there's a footnote calling out $375,000,000 delay The reason for that, and we debated how to present it, was really because, as Craig said, we can't actually come up with the accurate timing of when that's going to happen. So we don't want anyone to think we are canceling it because we're absolutely not. We're fully on getting it done. We just have to do the work now to figure out once tariffs settle down, how can we respec and rescope and then reschedule and retime how we're going to do it. So it's still in the CapEx forecast because it's going to happen at some point. It's just we can't be clear on the timing, so we just footnoted it. And then figuring out the revised timing is not trivial because when we respect pieces, furniture and fixtures, it's not like we're flipping through a catalog. Right? We're getting samples created where sit testing those. We're beating those up, we're getting feedback from operations on the finishes, We're giving comments back to the vendor.

40m 3s

This is a process that takes a lot of time. So to the extent that we respect a single piece of furniture, we're delayed by number of months. There's just nothing we can do about that. So as Julie said, once we have certainty on sourcing and once we have certainty on what the tariffs will be from the country of origin, on those sources. Then we'll recommence. But we just don't know when that is right now. Right now, we're selling selling all the rooms in Encore through end of this year, Brian? Correct. End of this year. And so if we out another couple of months, then we'll start selling through the end of Q1, but we'll do the CapEx eventually.

40m 44s

Okay. That's really helpful. And then a follow-up on Macau. Julie, I think you said that the OpEx ex tax per day was flat year over year. I know you also opened up the food hall at the Palace. And just sort of curious how you were able to keep OpEx per day flat with that opening And then also if you could give us a sense of how you know, that should trend throughout the year with I know that you guys have more concession agreement related stuff, but you're waiting on approval. So any other thoughts on the progress of the year on OpEx per day would be helpful.

41m 21s

Sure, thanks. Thanks for that. We opened the Gourmet Food Pavilion just a week ago. So it wasn't included in the quarter. We've managed OpEx very, very carefully though. We've been very focused on how we can we can drive economies elsewhere so that we can speak to neutralize the impact of the additional costs associated with that. So we're working on that and And as a result, as we look out where OpEx is going to land throughout the remainder of the year, it's in the right zone. It is right now.

41m 57s

Great. And I just add to that. Know, the team who's on the call is is doing their job right, we're generating incremental revenue out of the footfall that we get out of that facility. So sure, we pick up a couple of hundred FTEs, We can manage that can manage that pretty easily relative to the total employee base. But we should be driving incremental EBITDA out of that. And that's really the approach with each of the concession related commitments that we made. Now the margin profile on those concession commitments we need to focus on that and drive that.

42m 33s

But if we have 2,400 incremental covers that we're doing in Wynn Palace every day, it's a pretty trivial amount of conversion to the gaming floor that we need out of those incremental visitors in order to drive EBITDA that more than fades the OpEx coming out of the food itself.

42m 53s

Makes sense.

42m 53s

Everyone. Thank you.

42m 57s

Van Chaiken from Mizuho, you may go ahead.

43m 2s

Hey, thanks for taking my question. Regarding Wynn Almarjan, I think in the past we've talked about some of the different player cohorts in three buckets. Number one, inbound to Rosh Al Khaimah. Number two, those living in Dubai. And then number three, destination luxury customers. Understanding this is a brand new asset, how would you rank order those in terms of opportunity as you see it And then anything you can share regarding the expected demand or magnitude of the second bucket, those living in Dubai. Thanks. [indiscernible] either took really good notes or have a great memory. Those are in fact the three cohorts that we would focus on. I don't rank order them because each of them is is incredibly important. You can think of those markets you can think of them slightly differently. So So in Las Vegas as an example, 25,000 people a day come through Wynn Las Vegas, but only 10,000 of them are lodgers. And the rest of them are coming from adjacent properties and from the Las Vegas Strip. That's very akin to the first group that you mentioned. And that's about having sufficient amenities to drive to really get one of their four days in Aheima on property.

44m 12s

The second bucket is a lot like a locals market. And so you can think of that very similar to wonderful business that we have in Boston. Where you're dealing with people that are within a certain driving range and you market to those folks in a very specific way. You use food beverage in a very specific way, And the third bucket is really the vast majority of our larger business here in Las Vegas. Which is a fly to market as opposed to a Locals market.

44m 40s

So from an EBITDA perspective, each one of them is important. And from a a vibe and aesthetic and customer experience perspective, each one of them is important and they each play a role in the programming that we have put into that building.

45m 1s

Thanks. Appreciate it. Sure.

45m 5s

Thank you. Chad Binan with Macquarie. You may go ahead, sir.

45m 10s

Good afternoon. Thanks for taking my question. I wanted to ask a two parter on a few of the non gaming related items in Las Vegas. Julia, I think you mentioned at the beginning of that OpEx should increase on food and beverage. First question, is there a specific growth rate that you can kind of talk to that would offset some of those price increases to keep margins flat? And then my second question is around the retail business. Not sure if you've seen any impact in terms of the high end handbags and watches at your stores? And can you just kind of remind us if it's roughly an eightytwenty base versus turnover on that business? Thank you.

45m 55s

Sure. I'll take each one of those.

45m 57s

So first, I may have perhaps I misspoke in my prepared remarks. What I said in my prepared remarks is that don't expect tariff impact on OpEx. I think that was the genesis of your question on food and beverage.

46m 12s

Yep. Okay. Sorry about that. Thank you.

46m 14s

That's okay. We don't expect an impact because that's really a sourcing question. Now are there certain things that you can only get from certain places? Absolutely. But the vast majority of things that would be most impactful, we can resource and we're already already on it.

46m 27s

Now. So we don't expect much there. In terms of retail, you can see the Q1 numbers. You can see in our press release where you can see everything else. Retail was essentially flat year over year and that's coming off absolutely incredible comp. So nothing really and frankly coming off a prior year that had Super Bowl Bowl in it. Which is a which was obviously a giant retail number. So nothing of note in retail to talk about And lease terms vary not all over the place, but they vary a decent amount between base rent and percentage of turnover. So there's not a lot that you can infer from our lease revenues about the gross value of goods.

47m 23s

Okay. And just to be clear, yes, my question was kind of going forward on a tariff impact on the pricing. Some of those items in the store. So you're not you haven't seen anything thus far in terms of price increases or hearing potential increases from your tenants in April? Or for the outlook? We have not. I think that's going to come down to retailer by retailer and those are really end of the day their decisions. I mean we're just we're the landlord. Effectively and we do a great job managing our real estate, but we're not in there obviously making pricing decisions with them.

47m 57s

Thank you very much. Sure.

47m 59s

Thanks, Chad. Operator, the next the next question will be the last one.

48m 4s

Thank you. And our final question comes from Joseph of Susquehanna. You may go ahead, sir.

48m 10s

Thank you. Two quick questions, please, if I could, on Macau. Craig, I was just curious maybe on your observations on the competitive environment in Macau Cotai in particular. And whether or not you are seeing any impact from, say, the new hotel product recently launched from some of your competitors? Sure. Thanks for the question. On the first one, I'll really reference back a bit to how I responded to David. It's a very competitive competitive market. I think you've heard that from a number of our peers. As I said earlier, that competition manifests itself in many, many ways. Promotional environment is actually quite stable. But it's day to day hand to hand combat in order to be competitive in that market. And I think that's true for everyone. On the hotel product side, we continue to run full. We continue to have market share that we're that we're very proud of. We are incredibly proud of the state of our assets. We keep them in tip top shape and we continue to run the best service levels in the market. So you're right, there is incremental product coming to market. That is absolutely the case. We too have been innovating with CapEx, not on the room side, but on in other amenities as we've talked about pretty extensively on this call.

49m 36s

And I like our ability to be competitive there.

49m 41s

Thank you.

49m 42s

Sure.

49m 47s

Well, you operator, and thank you to all the participants on the call. We appreciate your interest in Wynn Resorts, and we look forward to talking to you again next quarter.

49m 59s

Thank you for participating on today's conference call. You may now disconnect.

Key Insights

Wynn Resorts delivered strong Q1 results across Las Vegas, Boston, and Macau, with Las Vegas adjusted property EBITDA at $223.4M (35.7% margin), Boston at $57.5M (27.5% margin), and Macau at $252.1M (29.1% margin), despite a $38M EBITDA impact from low VIP hold in Macau.
The company delayed approximately $375M in U.S. CapEx projects, including the Encore Tower remodel, due to tariff-related cost uncertainty; timing for these projects will be reassessed once tariff rates stabilize.
Forward demand indicators remain healthy: Las Vegas RevPAR and slot handle were up through April, group/convention bookings are strong and pacing ahead for 2026, and Macau saw mass drop and VIP turnover growth with full hotel occupancy during Golden Week.
Wynn maintains a robust liquidity position with $3.2B in global cash and revolver availability, a consolidated net leverage ratio just over 4.3x, and continued capital returns to shareholders via $200M in Q1 share repurchases, $100M more in Q2, and increased dividends in both Macau and the U.S.
Construction of Wynn Al Marjan Island in the UAE is progressing on schedule (tower up to 47th floor), with the property on track for its targeted opening; total 2025 CapEx (including Macau concession commitments) is expected to be $250M–$300M, and remaining equity contribution for Al Marjan is estimated at $650M–$725M.

Recent Transcripts

Wynn delivered near-record results, delayed $375M CapEx due to tariffs, and increased shareholder returns.

Wynn Resorts posted record adjusted property EBITDAR, strong cash flow, and accelerated share buybacks.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$2.1B	$3.8B	$3.8B	$6.5B	$7.1B
Cost of Revenue	$1.7B	$2.6B	$2.5B	$3.7B	$4B
Gross Profit	$353M	$1.2B	$1.3B	$2.8B	$3.1B
Gross Profit %	17%	32%	33%	43%	44%
R&D Expenses	$0	$0	$0	$0	$0

2020

2021

2022

2023

2024

Revenue

$2.1B

$3.8B

$6.5B

$7.1B

Cost of Revenue

$1.7B

$2.6B

$2.5B

$3.7B

$4B

Gross Profit

$353M

$1.2B

$1.3B

$2.8B

$3.1B

Gross Profit %

17%

32%

33%

43%

44%

R&D Expenses

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-$2.3B	-$1B	-$709M	$730M	$640M
Dep. & Amort.	$726M	$716M	$692M	$687M	$659M
Def. Tax	$562M	-$2.7M	$3.2M	-$503M	-$6.8M
Stock Comp.	$62M	$95M	$68M	$65M	$59M
Chg. in WC	-$246M	-$141M	-$57M	$1.8M	-$36M

2020

2021

2022

2023

2024

Net Income

-$2.3B

-$1B

-$709M

$730M

$640M

Dep. & Amort.

$726M

$716M

$692M

$687M

$659M

Def. Tax

$562M

-$2.7M

$3.2M

-$503M

-$6.8M

Stock Comp.

$62M

$95M

$68M

$65M

$59M

Chg. in WC

-$246M

-$141M

-$57M

$1.8M

-$36M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$3.5B	$2.5B	$3.7B	$2.9B	$2.4B
ST Investments	$0	$0	$6.7M	$845M	$0
Cash & ST Inv.	$3.5B	$2.5B	$3.7B	$3.7B	$2.4B
Receivables	$200M	$199M	$216M	$342M	$324M
Inventory	$66M	$70M	$70M	$76M	$76M

2020

2021

2022

2023

2024

Cash

$3.5B

$2.5B

$3.7B

$2.9B

$2.4B

ST Investments

$6.7M

$845M

Cash & ST Inv.

$3.5B

$2.5B

$3.7B

$2.4B

Receivables

$200M

$199M

$216M

$342M

$324M

Inventory

$66M

$70M

$76M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice.

Market Cap: $9.7B
IPO Date: 10/25/02
CEO: Mr. Craig Scott Billings
Fulltime Employees: 28K
Sector: Consumer Cyclical
Industry: Gambling, Resorts & Casinos
Country: US
Exchange: NASDAQ Global Select

Peers

MGM Resorts International

$32.43

MGM

1.43%

Caesars Entertainment, Inc.

$28.89

CZR

1.79%

Melco Resorts & Entertainment Limited

$6.23

MLCO

0.81%

PENN Entertainment, Inc.

$14.98

PENN

1.45%

Las Vegas Sands Corp.

$40.64

LVS

0.73%

Red Rock Resorts, Inc.

Watchlist

Earnings

Report Date

May 6, 2025

Reported Revenue

1.7B

Miss -2.05%

Avg 1d Change

5.58%

Report Period

Q1 2025

Reported EPS

1.1

Miss -12.3%

Implied Move 1d

4.52%

Transcript

10m 24s

10m 51s

11m 15s

11m 38s

12m 53s

14m 4s

15m 22s

16m 35s

17m 46s

18m 31s

18m 54s

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22m 42s

23m 18s

23m 41s

23m 56s

24m 12s

Okay, great. Thank you.

24m 15s

But it is pro rata It is essentially side by side with the bank financing. So it is not equity first. Bank second.

24m 25s

Thank you. Our next caller is Shaun Kelley with Bank of America.

24m 31s

25m 55s

26m 12s

26m 31s

26m 58s

Brian, anything you'd like?

26m 59s

27m 14s

So feeling good about group pace and feeling good about where we are right now. We'll see what happens in the summer. But watching it like a hawk. That's right.

27m 24s

Thank you.

27m 27s

Thank you. David Katz with Jefferies. You may go ahead.

27m 33s

28m 55s

29m 36s

29m 53s

30m 49s

Perfect.

30m 49s

Thank you.

30m 50s

Sure.

30m 52s

Thank you. Steven Grambling with Morgan Stanley. You may go ahead.

30m 57s

32m 6s

32m 26s

Sure. I think the current plan seems to be for the RFAs to be submitted by the June with licenses awarded sometime by the end of 'twenty five or early 'twenty six.

32m 39s

33m 12s

Great. Thank you so much.

33m 14s

Sure.

33m 16s

33m 42s

Thanks.

33m 45s

34m 31s

34m 57s

I'll start by saying we are not experiencing softening group. But Brian, do you want to follow-up?

35m 1s

35m 16s

Demand is strong and we're looking quite good. So feeling good about '26 right now.

35m 24s

Great. That's super helpful. Thank you.

35m 28s

Thank you.

35m 29s

John DeCree with CBRE. You may go ahead, sir.

35m 33s

Hi, everyone. Thanks for taking my questions.

35m 35s

35m 55s

36m 24s

36m 56s

37m 22s

38m 12s

Sure.

38m 14s

Thank you. Brandt Montour with Barclays. You may go ahead.

38m 18s

38m 58s

40m 3s

40m 44s

41m 21s

41m 57s

42m 33s

42m 53s

Makes sense.

42m 53s

Everyone. Thank you.

42m 57s

Van Chaiken from Mizuho, you may go ahead.

43m 2s

44m 12s

44m 40s

45m 1s

Thanks. Appreciate it. Sure.

45m 5s

Thank you. Chad Binan with Macquarie. You may go ahead, sir.

45m 10s

45m 55s

Sure. I'll take each one of those.

45m 57s

46m 12s

Yep. Okay. Sorry about that. Thank you.

46m 14s

46m 27s

47m 23s

47m 57s

Thank you very much. Sure.

47m 59s

Thanks, Chad. Operator, the next the next question will be the last one.

48m 4s

Thank you. And our final question comes from Joseph of Susquehanna. You may go ahead, sir.

48m 10s

49m 36s

And I like our ability to be competitive there.

49m 41s

Thank you.

49m 42s

Sure.

49m 47s

Well, you operator, and thank you to all the participants on the call. We appreciate your interest in Wynn Resorts, and we look forward to talking to you again next quarter.

49m 59s

Thank you for participating on today's conference call. You may now disconnect.

Key Insights

Wynn Resorts delivered strong Q1 results across Las Vegas, Boston, and Macau, with Las Vegas adjusted property EBITDA at $223.4M (35.7% margin), Boston at $57.5M (27.5% margin), and Macau at $252.1M (29.1% margin), despite a $38M EBITDA impact from low VIP hold in Macau.
The company delayed approximately $375M in U.S. CapEx projects, including the Encore Tower remodel, due to tariff-related cost uncertainty; timing for these projects will be reassessed once tariff rates stabilize.
Forward demand indicators remain healthy: Las Vegas RevPAR and slot handle were up through April, group/convention bookings are strong and pacing ahead for 2026, and Macau saw mass drop and VIP turnover growth with full hotel occupancy during Golden Week.
Wynn maintains a robust liquidity position with $3.2B in global cash and revolver availability, a consolidated net leverage ratio just over 4.3x, and continued capital returns to shareholders via $200M in Q1 share repurchases, $100M more in Q2, and increased dividends in both Macau and the U.S.
Construction of Wynn Al Marjan Island in the UAE is progressing on schedule (tower up to 47th floor), with the property on track for its targeted opening; total 2025 CapEx (including Macau concession commitments) is expected to be $250M–$300M, and remaining equity contribution for Al Marjan is estimated at $650M–$725M.

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights

Recent Transcripts

Income Statement

Cash Flow

Balance Sheet

Go Deeper

Related

Go Deeper

Recent Transcripts

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights