Core Insights - Wynn Resorts reported healthy demand with increases in drop, handle, and average daily rate (ADR) year-over-year, although RevPAR was slightly below last year due to a strategy prioritizing rate over occupancy [1] - The company emphasized a focus on high-value customers and luxury assets across multiple geographies, positioning itself to benefit from geopolitical and economic shifts [3] - Wynn Al Marjan Island project is progressing well, with significant equity contributions and a strong liquidity position, ending the year with $4.7 billion in cash availability [5][18] Financial Performance - In Las Vegas, adjusted property EBITDA was $240.8 million on operating revenue of $688.1 million, resulting in a 35% margin, with year-over-year comparisons affected by high hold in the prior year [2] - Encore Boston Harbor generated adjusted property EBITDA of $57 million on revenue of $210.2 million, producing a 27.1% margin, despite lower-than-normal table hold impacting results [8] - Macau reported adjusted property EBITDA of $270.9 million on operating revenue of $967.7 million, achieving a 28% margin, with significant volume growth but low hold affecting overall performance [10] Operational Developments - The Encore Tower remodel is set to begin in mid-May for approximately 12 months, expected to cost about 80,000 room nights in 2026 [4][6] - Management noted that operating expenses in Las Vegas averaged $4.6 million per day, up 4.1% year-over-year, driven by payroll costs and other expenses [7] - The new Chairman's Club floor at Wynn Palace is set to open for Chinese New Year, expanding the premium gaming space significantly [14][15] Strategic Initiatives - Wynn is focusing on geographic diversification with the Al Marjan Island project, expecting over 55% of revenues to come from non-U.S. dollar-denominated markets over time [16] - The company is considering leasing land adjacent to Encore Boston Harbor for potential development, including a rail stop and a Major League Soccer stadium [9] - Management expressed optimism about early first-quarter performance, particularly in group and convention business, which is expected to grow in 2026 [6]

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Core Insights - Wynn Resorts reported $1.87 billion in revenue for Q4 2025, a year-over-year increase of 1.5% and a surprise of +0.67% over the Zacks Consensus Estimate of $1.85 billion [1] - The EPS for the quarter was $1.17, down from $2.42 a year ago, with an EPS surprise of -12.17% compared to the consensus estimate of $1.33 [1] Financial Performance Metrics - Las Vegas Operations generated $667.57 million in table drop, slightly below the estimated $671.2 million [4] - Table Games Win in Las Vegas was $173.84 million, exceeding the average estimate of $161.94 million [4] - Slot Machine Win in Las Vegas was $129.52 million, slightly below the estimated $131.97 million [4] - VIP Table Games Win in Macau's Wynn Palace was $148.5 million, compared to the average estimate of $160.01 million [4] - Encore Boston Harbor's operating revenues were $210.19 million, slightly below the estimated $210.69 million, representing a -1.2% change year-over-year [4] - Las Vegas Operations' total operating revenues were $688.11 million, exceeding the estimate of $667.42 million, but showing a -1.6% change year-over-year [4] - Wynn Macau's operating revenues were $371.33 million, slightly above the average estimate of $370 million, reflecting a +2.1% year-over-year change [4] - Wynn Palace's operating revenues were $596.36 million, below the average estimate of $614.32 million, but showing a +5.9% year-over-year change [4] - Casino revenues in Las Vegas Operations were $178.28 million, slightly above the estimate of $177.77 million, with a year-over-year change of -6.2% [4] - Encore Boston Harbor's Casino revenues were $152.02 million, below the estimate of $156.78 million, reflecting a -3.1% year-over-year change [4] - Las Vegas Operations' room revenues were $222.92 million, slightly above the estimate of $221.8 million, with a -2.5% year-over-year change [4] - Food and beverage revenues in Las Vegas Operations were $191.71 million, exceeding the average estimate of $182.13 million, with a year-over-year change of +3.8% [4] Stock Performance - Wynn's shares have returned -1.2% over the past month, compared to the Zacks S&P 500 composite's -0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

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Core Insights - The company is positioning itself to take advantage of a 'multipolar world' by focusing on global hubs in the U.S., China, and the Middle East where wealth creation is accelerating [1] - The strategy emphasizes geographic diversification, aiming to generate over 55% of revenues from non-U.S. dollar denominated markets following the UAE expansion [1] - Las Vegas performance optimization is achieved by prioritizing Average Daily Rate (ADR) over occupancy, leading to more efficient staffing and higher EBITDA margins [1] - Macau's quarterly results were affected by unusually low hold in both VIP and mass segments, despite significant year-over-year volume growth in VIP turnover and mass drop [1] - The company is leveraging technology and AI to enhance 'customer delight' through personalized retention strategies and improved machine learning for reinvestment modeling [1] - Operational discipline in Boston has successfully mitigated union-related payroll pressures through cost efficiencies in non-guest-facing areas [1]

Core Viewpoint - Wynn Macau's parent company, Wynn Resorts, Limited, reported mixed financial results for the fourth quarter and full year ending December 31, 2025, with some segments showing growth while others experienced declines [1][2][3]. Financial Performance - For Q4 2025, Wynn Palace and Wynn Macau's operating income increased by $33.4 million and $7.7 million, respectively, compared to Q4 2024, while Las Vegas operations and Encore Boston Harbor saw decreases of $11.4 million and $2.5 million [1]. - Adjusted property EBITDAR for Q4 2025 decreased for Las Vegas operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau by $26.6 million, $21.1 million, $1.8 million, and $0.7 million, respectively, compared to Q4 2024 [1]. - For the full year 2025, operating income for Wynn Palace and Las Vegas operations increased by $89.7 million and $1.1 million, while Wynn Macau and Encore Boston Harbor decreased by $54 million and $10.3 million, respectively [1]. EBITDAR and Gaming Performance - In Q4 2025, Wynn Palace's operating income was $596.4 million, up from $562.9 million in Q4 2024, but adjusted property EBITDAR fell to $163.5 million from $184.6 million [2]. - The win percentage for table games in the mass market at Wynn Palace was 21.8%, down from 26.0% in Q4 2024, while the VIP table win percentage was 2.84%, below the expected range of 3.1% to 3.4% and down from 3.51% in Q4 2024 [2]. - Wynn Macau's operating income for Q4 2025 was $371.3 million, an increase from $363.7 million in Q4 2024, but adjusted property EBITDAR decreased to $107.4 million from $108.2 million [3]. - The win percentage for mass market table games at Wynn Macau was 17.0%, down from 17.9% in Q4 2024, while the VIP table win percentage was 3.49%, above the expected range but lower than 5.01% in Q4 2024 [3]. Cash and Debt Position - As of December 31, 2025, the group had cash and cash equivalents totaling $1.46 billion, excluding short-term investments held by Wynn Macau Limited of $601.8 million [3]. - The available borrowing limits for WRF revolving credit and WM Cayman II revolving credit were $1.23 billion and $1.36 billion, respectively [4]. - The total outstanding current and long-term debt amounted to $10.55 billion, including Macau-related debt of $5.79 billion, WRF debt of $3.28 billion, and Wynn Las Vegas debt of $876.6 million [4].

分组1 - Wynn Resorts reported quarterly earnings of $1.17 per share, missing the Zacks Consensus Estimate of $1.33 per share, and down from $2.42 per share a year ago, representing an earnings surprise of -12.17% [1] - The company posted revenues of $1.87 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.67%, and compared to year-ago revenues of $1.84 billion [2] - Wynn shares have lost about 4% since the beginning of the year, while the S&P 500 has gained 1.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.31 on $1.78 billion in revenues, and for the current fiscal year, it is $5.19 on $7.44 billion in revenues [7] - The Zacks Industry Rank indicates that the Gaming industry is currently in the bottom 31% of over 250 Zacks industries, with top-ranked industries outperforming the bottom by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported adjusted property EBITDA of $240.8 million on operating revenue of $688.1 million, resulting in an EBITDA margin of 35% [13] - Boston's Encore generated adjusted property EBITDA of $57 million on revenue of $210.2 million, with an EBITDA margin of 27.1% [14] - Macau operations delivered adjusted property EBITDA of $270.9 million on $967.7 million of operating revenue, resulting in an EBITDA margin of 28% [15] Business Line Data and Key Metrics Changes - Las Vegas saw healthy demand with drop, handle, and ADR all up year-over-year, although RevPAR was slightly below last year [6] - Boston's RevPAR, table drop, and slot handle were all up year-over-year, despite lower-than-normal table hold [8] - Macau experienced significant volume growth with VIP turnover up 48% and mass drop up 18% year-over-year, although low VIP hold negatively impacted EBITDA by over $16 million [9][15] Market Data and Key Metrics Changes - The company expects over 55% of revenues to be generated in non-U.S. dollar-denominated markets, enhancing geographic diversification [5] - The premium segment continues to lead the market, with the expansion of the Chairman's Club at Wynn Palace expected to strengthen demand [10] Company Strategy and Development Direction - The company is focused on geographic diversification and enhancing its portfolio to meet affluent customers globally [5] - The opening of Wynn Al Marjan Island is seen as a significant milestone, with construction progressing rapidly [10] - The company aims to leverage technology and AI to enhance customer experience and operational efficiency [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for 2026, driven by strong group and convention demand [7] - The company is optimistic about Macau's future following sustained double-digit market-wide GGR growth [9] - Management highlighted the importance of maintaining high rates over occupancy to optimize revenue [54] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.7 billion as of December 31 [17] - A quarterly cash dividend of $0.25 per share has been approved, reflecting the company's commitment to returning capital to shareholders [18] - Julie Cameron-Doe, the CFO, will be retiring before the next earnings call, marking a significant leadership transition [11] Q&A Session Summary Question: Growth in Las Vegas for 2026 - Management remains confident in the high-end customer segment and expects to continue pricing rooms effectively despite some headwinds from room renovations [22][24] Question: OpEx Growth in Vegas and Macau - OpEx in Vegas is expected to remain disciplined, with projections of $4.3 million-$4.5 million per day outside major events, while Macau's OpEx is aligned with previous expectations of $2.7 million-$2.9 million per day [25][26] Question: Margin Expansion in Vegas - Management does not provide specific margin guidance but focuses on maximizing revenue and managing OpEx effectively [31] Question: Impact of World Cup on Business - Management has a targeted strategy to leverage the World Cup's proximity to boost ADR in Boston and expects some marginal impact on 2026 [73] Question: Chairman's Club Expansion - The new Chairman's Club is expected to open by Chinese New Year, significantly expanding the space dedicated to high-value customers [44][46] Question: VIP and Premium Mass Business Mix in Macau - Management noted that margins were affected by low hold in VIP and mass segments, but there was no fundamental shift in business dynamics [41] Question: Future Development in Boston - The company is not developing hotels on its balance sheet but is considering land leases for potential hotel developments near Encore [99][100]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported an adjusted property EBITDA of $240.8 million on operating revenue of $688.1 million, resulting in an EBITDA margin of 35% [13] - Boston's Encore generated adjusted property EBITDA of $57 million on revenue of $210.2 million, with an EBITDA margin of 27.1% [14] - Macau operations delivered adjusted property EBITDA of $270.9 million on $967.7 million of operating revenue, resulting in an EBITDA margin of 28% [15] - The company maintained a strong liquidity position with global cash and revolver availability of $4.7 billion as of December 31 [17] Business Line Data and Key Metrics Changes - In Las Vegas, demand remained healthy with drop, handle, and ADR all up year-over-year, although RevPAR was slightly below last year [6] - Boston's performance showed strong fundamentals with RevPAR, table drop, and slot handle all up year-over-year, despite lower-than-normal table hold [9] - Macau experienced significant volume growth with VIP turnover up 48% and mass drop up 18% year-over-year, although low VIP hold impacted EBITDA by over $16 million [10] Market Data and Key Metrics Changes - The company anticipates that over 55% of revenues will be generated in non-U.S. dollar-denominated markets as it diversifies geographically [5] - The premium segment continues to lead the market, with the expansion of the Chairman's Club at Wynn Palace expected to strengthen the company's position in Macau [11] Company Strategy and Development Direction - The company is focused on geographic diversification, with the opening of Wynn Al Marjan Island seen as a significant step in this direction [3] - Wynn Resorts aims to become one of the most globally diversified companies in the industry, leveraging its brand and customer focus [5] - The company is investing in technology and artificial intelligence to enhance customer experience and operational efficiency [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for 2026, citing strong visibility into group and convention business [7] - The company is optimistic about the future of Macau following sustained double-digit market-wide GGR growth in the latter half of 2025 [10] - Management acknowledged the challenges posed by the Encore Tower remodel, which is expected to impact room availability and revenue [8] Other Important Information - The company announced a quarterly cash dividend of $0.25 per share, payable on March 4, 2026 [18] - The total capital expenditure for 2026 is expected to be between $400 million and $450 million, with ongoing projects in Macau and Wynn Al Marjan Island [17] Q&A Session Summary Question: Outlook for high-end luxury properties in Vegas - Management remains confident in the high-end customer segment and expects to continue pricing rooms effectively despite the impact of the Encore Tower remodel [21][22] Question: OpEx growth expectations for Vegas and Macau - OpEx in Vegas is expected to remain disciplined, with projections of $4.3 million to $4.5 million per day outside major events [25] - Macau's OpEx is aligned with expectations of $2.7 million to $2.9 million per day, influenced by strong business volumes [26] Question: Margin expansion potential in Vegas - Management does not provide specific margin guidance but focuses on maximizing revenue and managing OpEx effectively [30] Question: Impact of the World Cup on business - Management has a targeted strategy to leverage the World Cup's proximity to boost business, particularly in Vegas [72] Question: Insights on the new Chairman's Club space - The expansion of the Chairman's Club is expected to triple its size and enhance the experience for high-value customers, with an opening planned for Chinese New Year [44][45] Question: Updates on Wynn Al Marjan Island - Rooms are expected to go on sale in late Q3 or early Q4, with ongoing construction and a strong transportation strategy to attract visitors [94][95]

Core Viewpoint - The gaming and hospitality operator reported a profit of $100 million, driven by increased sales at its Macau properties, while experiencing a decline in sales at its Las Vegas and Boston operations [1] Group 1 - The company achieved a profit of $100 million [1] - Sales increased at the company's Macau properties [1] - Sales declined at the company's Las Vegas and Boston operations [1]