Wynn Resorts 3Q25 Earnings Presentation November 2025 1 Forward-Looking Statements This presentation contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and thei ...

Core Insights - Wynn Resorts reported Q3 CY2025 revenue of $1.83 billion, exceeding Wall Street's expectations by 3.4% with an 8.3% year-on-year growth [7] - The company's non-GAAP profit of $0.86 per share fell short of analysts' consensus estimates by 25.4% [7] Company Overview - Wynn Resorts, founded by the former CEO of Mirage Resorts, is a global developer and operator of luxury hotels and casinos, recognized for its high-end properties and premium guest services [4] Revenue Growth - Over the last five years, Wynn Resorts achieved an annualized revenue growth of 18.3%, outperforming the average in the consumer discretionary sector [5] - However, the company's annualized revenue growth over the last two years slowed to 11.7%, indicating a potential decline in demand [6] Quarterly Performance - The adjusted EBITDA for Q3 was $486 million, which was below analyst estimates of $540.4 million, resulting in a margin of 26.5% [7] - The operating margin improved to 16.9%, up from 7.9% in the same quarter last year [7] Segment Performance - Revenue breakdown for Q3 shows Casino revenue contributing 29.6%, Hotel revenue 1.2%, and Dining and Entertainment revenue 10.5% [8] - Casino revenue averaged a year-on-year growth of 21% over the last two years, while Hotel and Dining and Entertainment revenues experienced declines of 5.2% and 1.4%, respectively [8] Future Outlook - Analysts project a revenue growth of 2.4% over the next 12 months, indicating a deceleration compared to the previous two years [9]

Financial Performance - Operating revenues for Q3 2025 were $1.83 billion, an increase of $140.4 million (8.3%) from $1.69 billion in Q3 2024[3] - Net income attributable to Wynn Resorts was $88.3 million for Q3 2025, compared to a net loss of $32.1 million in Q3 2024, marking a significant turnaround[5] - Adjusted Property EBITDAR for Q3 2025 was $570.1 million, up $42.4 million (8.0%) from $527.7 million in Q3 2024[5] - Total operating revenues for Q3 2025 reached $1,833,747, an increase of 8.3% compared to $1,693,323 in Q3 2024[22] - Net income attributable to Wynn Resorts, Limited for Q3 2025 was $88,341, compared to a net loss of $32,053 in Q3 2024[25] - Basic net income per share for Q3 2025 was $0.86, compared to a loss of $0.29 per share in Q3 2024[25] - Total operating expenses for Q3 2025 were $1,523,258, a decrease of 2.4% from $1,560,086 in Q3 2024[22] - Operating income for Q3 2025 was $310,489, significantly higher than $133,237 in Q3 2024[22] - For the nine months ended September 30, 2025, Wynn Resorts reported an operating income of $843,678,000, compared to $765,836,000 for the same period in 2024, reflecting a year-over-year increase of 10.2%[28] - Adjusted Property EBITDAR for the nine months ended September 30, 2025, was $1,655,373,000, down 5.2% from $1,745,867,000 in the prior year[30] - Wynn Resorts reported a net income of $300 million for the quarter, a 25% increase from the previous year[43] Revenue Sources - Wynn Palace reported operating revenues of $635.5 million for Q3 2025, an increase of $115.7 million (22.2%) from $519.8 million in Q3 2024[7] - Las Vegas Operations generated $621.0 million in operating revenues for Q3 2025, an increase of $13.8 million (2.3%) from $607.2 million in Q3 2024[9] - Casino revenues for Wynn Palace increased by 29.8% to $542,439,000 in Q3 2025, compared to $418,043,000 in Q3 2024[32] - Wynn Macau's total operating revenues for Q3 2025 were $365.5 million, a 3.9% increase from $352.0 million in Q3 2024[34] - Casino revenues in Wynn Macau increased by 6.0% to $314.5 million in Q3 2025, while room revenues decreased by 11.0% to $21.1 million[34] - Las Vegas operations reported total revenues of $621.0 million in Q3 2025, a 2.3% increase from $607.2 million in Q3 2024[37] - Casino revenues in Las Vegas increased by 11.3% to $161.6 million in Q3 2025, while room revenues slightly decreased by 0.2% to $186.7 million[37] - Encore Boston Harbor's total operating revenues were $211.8 million in Q3 2025, down 1.1% from $214.1 million in Q3 2024[39] Expenses and Investments - The company declared a cash dividend of $0.25 per share, payable on November 26, 2025[6] - Pre-opening expenses for Q3 2025 were $7,289, compared to $2,457 in Q3 2024, indicating increased investment in new projects[25] - Stock-based compensation expenses for the nine months ended September 30, 2025, totaled $70,901,000, up from $44,206,000 in the same period of 2024[30] - Pre-opening expenses for the nine months ended September 30, 2025, were $23,862,000, compared to $6,050,000 in the prior year[30] - Interest expense for the nine months ended September 30, 2025, was $469,740,000, down from $524,922,000 in the same period of 2024[30] Debt and Cash Position - Total current and long-term debt as of September 30, 2025, was $10.57 billion, including $5.81 billion related to Macau[13] - Cash and cash equivalents totaled $1.49 billion as of September 30, 2025, excluding $475.0 million of short-term investments[12] Operational Efficiency - The company experienced EBITDA growth in Macau and continued outperformance in Las Vegas, with significant market share gains[3] - Adjusted Property EBITDAR for Q3 2025 was $570,087, compared to $527,677 in Q3 2024, reflecting improved operational efficiency[26] - The weighted average diluted shares outstanding for Q3 2025 was 103,636, down from 109,930 in Q3 2024, indicating a reduction in share dilution[25] Market Trends and Future Outlook - Wynn Resorts anticipates a revenue growth of 12% for Q4 2023, driven by increased tourism and gaming activity[43] - The company is investing $200 million in new technology to enhance customer experience and operational efficiency[43] - Wynn Resorts plans to expand its market presence by opening two new locations in Asia by the end of 2024[43] - The company has completed a strategic acquisition of a local gaming operator for $150 million to strengthen its market position[43] - Wynn Resorts is focusing on sustainability initiatives, aiming to reduce energy consumption by 25% over the next five years[43] - The company has launched a new loyalty program, expected to increase customer retention by 15%[43] Customer Metrics - User data indicated a 10% increase in active customers, reaching 1.2 million users in the last quarter[43] Performance Metrics - The occupancy rate for Wynn Resorts was 98.2% in Q3 2025, slightly down from 98.3% in Q3 2024[32] - The average daily rate (ADR) for rooms decreased by 25.1% to $221 in Q3 2025, compared to $295 in Q3 2024[32] - The average number of table games in the VIP segment decreased by 8.8% to 52 in Q3 2025, while VIP turnover increased by 1.9% to $3,261,314,000[32] - The average number of table games in Wynn Macau decreased by 43.3% to 17 in Q3 2025, while VIP turnover dropped by 15.2% to $1.0 billion[34] - Wynn Macau's REVPAR decreased by 10.9% to $205 in Q3 2025, while Las Vegas REVPAR decreased by 1.8% to $433[34][37] - The occupancy rate in Encore Boston Harbor was 95.5% in Q3 2025, compared to 96.9% in Q3 2024[39] - Slot machine handle in Las Vegas increased by 7.2% to $1.8 billion in Q3 2025, with slot machine win rising by 9.5% to $123.5 million[37]

Core Insights - Wynn Resorts reported strong financial results for Q3 2025, with operating revenues of $1.83 billion, an increase of $140.4 million from Q3 2024 [2][4] - The company achieved a net income of $88.3 million in Q3 2025, a significant turnaround from a net loss of $32.1 million in Q3 2024 [5][29] - Adjusted Property EBITDAR rose to $570.1 million, up $42.4 million from the previous year, indicating robust operational performance [6][29] Consolidated Results - Operating revenues increased across various segments: Wynn Palace ($635.5 million, +$115.7 million), Las Vegas Operations ($621.0 million, +$13.8 million), and Wynn Macau ($365.5 million, +$13.6 million) [4][10] - Encore Boston Harbor saw a slight decline in operating revenues to $211.8 million, down $2.4 million from the previous year [11] Property Results - Wynn Palace's Adjusted Property EBITDAR was $200.3 million, an increase from $162.3 million in Q3 2024, despite a decrease in mass market table games win percentage [8] - Wynn Macau's operating revenues rose to $365.5 million, with an Adjusted Property EBITDAR of $108.0 million, reflecting a year-over-year increase [9] - Las Vegas Operations reported operating revenues of $621.0 million, with a stable Adjusted Property EBITDAR of $203.4 million [10] Dividend Announcement - The Board of Directors declared a cash dividend of $0.25 per share, payable on November 26, 2025, to stockholders of record as of November 17, 2025 [7] Development Projects - The company invested $93.9 million in the Wynn Al Marjan Island project, with total contributions reaching $835.0 million, and the project is expected to open in 2027 [12] Balance Sheet Highlights - As of September 30, 2025, cash and cash equivalents totaled $1.49 billion, with significant available borrowing capacity under various credit facilities [13][14] - Total current and long-term debt stood at $10.57 billion, with a breakdown of $5.81 billion related to Macau [15] Recent Debt Financing Activities - In August 2025, Wynn Macau Limited issued $1.0 billion in Senior Notes due 2034 and used the proceeds to redeem existing notes due 2026 [16] - The company increased its borrowing capacity under the WM Cayman II Revolver by $1.0 billion, bringing the total to $2.5 billion [17]

Core Viewpoint - Wynn Resorts is a significant player in the luxury casino and resort industry, with operations in Las Vegas and Macau, and is facing competition from major operators like Las Vegas Sands and MGM Resorts [1] Financial Performance - Wynn is set to release its quarterly earnings on November 6, 2025, with an estimated earnings per share (EPS) of $1.09, reflecting a 21.1% increase from the 90 cents reported in the same quarter last year [2][6] - Projected revenue for the quarter is approximately $1.77 billion, indicating a 4.3% increase from the previous year's quarter, driven by strong gaming volumes in Macau [3][6] Market Expectations - The Zacks Consensus Estimate aligns with the EPS projection, indicating market anticipation of improved financial performance [2] - Over the past four quarters, Wynn has exceeded the Zacks Consensus Estimate once and missed it three times, with an average surprise of 11.5%, suggesting potential for both positive surprises and risks of underperformance [4] Financial Metrics - Wynn's price-to-earnings (P/E) ratio is approximately 33.75, and the price-to-sales ratio is about 1.87, reflecting the market's valuation of the company relative to its earnings and revenue [5][6] - The enterprise value to sales ratio is roughly 3.33, and the enterprise value to operating cash flow ratio is approximately 17.89, providing further insight into the company's financial standing [5]

Core Viewpoint - Wynn Resorts, Limited (WYNN) is set to report its third-quarter 2025 results on November 6, with expectations of earnings growth despite potential margin pressures from rising costs and competition [1][9]. Earnings Estimates - The Zacks Consensus Estimate for WYNN's third-quarter earnings per share (EPS) is $1.09, reflecting a growth of 21.1% from the previous year's 90 cents [2]. - Revenue expectations are pegged at approximately $1.77 billion, indicating a rise of 4.3% from the same quarter last year [2]. Performance Drivers - Strong demand in key markets, particularly in Las Vegas and a steady recovery in Macau, is anticipated to positively influence WYNN's third-quarter performance [3]. - Elevated casino drop and handle, along with solid weekend performance and group bookings, are expected to enhance Las Vegas operations, with projected revenues rising 1.3% year over year to $615.2 million [4]. - In Macau, improvements in mass and VIP volumes, supported by strategic investments, are likely to result in third-quarter revenues of $877.6 million [5]. - Encore Boston Harbor is expected to show stable performance, with revenues projected to increase 5.2% year over year to $225.3 million [6]. Cost and Margin Pressures - Factors such as softer midweek trends in Las Vegas, increased labor and living costs, and heightened competition in Macau may negatively impact profitability [7]. - Renovation-related expenditures and construction progress at Wynn Al Marjan Island could add to near-term cost pressures, with total operating expenses expected to rise 2.7% year over year to $1.6 billion [7]. Earnings Prediction Model - The current model does not predict an earnings beat for WYNN, as it has an Earnings ESP of -0.27% and a Zacks Rank of 1 [10].

Core Insights - Wynn Resorts (WYNN) is expected to report quarterly earnings of $1.09 per share, reflecting a year-over-year increase of 21.1% [1] - Revenues are anticipated to reach $1.77 billion, which is a 4.2% increase from the same quarter last year [1] - Over the past 30 days, the consensus EPS estimate has been revised downward by 4%, indicating a reassessment by analysts [1] Revenue Estimates - Analysts forecast 'Operating revenues - Las Vegas Operations' to be $598.60 million, indicating a year-over-year decrease of 1.4% [3] - 'Operating revenues - Encore Boston Harbor' is projected at $217.42 million, reflecting a year-over-year increase of 1.5% [4] - 'Operating revenues - Macau Operations' is expected to reach $921.86 million, showing a year-over-year increase of 5.8% [4] - The average prediction for 'Operating revenues - Wynn Macau' is $361.20 million, which is a 2.6% increase from the previous year [5] Gaming Metrics - The estimated 'Table Games Win - Las Vegas Operations' is $141.79 million, compared to $135.23 million reported in the same quarter last year [5] - The consensus estimate for 'Slot Machine Win - Las Vegas Operations' stands at $121.02 million, up from $112.77 million in the same quarter last year [6] - Analysts estimate 'Table Drop - Las Vegas Operations' to be $586.05 million, compared to $580.80 million from the previous year [6]

Performance Overview - Baron Real Estate Income Fund increased by 5.43% in Q3 2025, outperforming the MSCI US REIT Index which rose by 4.49% [2] - Since inception on December 29, 2017, the Fund's cumulative return is 97.17%, significantly higher than the REIT Index's 41.54% [2][3] Comparative Rankings - As of September 30, 2025, the Fund ranks in the 2nd, 5th, 17th, and 2nd percentiles for the 1-, 3-, 5-year, and since inception periods, respectively, according to Morningstar [4] - The Fund's Institutional Share Class is ranked as the 3rd, 10th, 28th, and 2nd best performing share class in its category for the same periods [4] Market Outlook - The Fund remains optimistic about public real estate prospects, expecting improving business fundamentals and values to contribute to attractive returns [9] - Positive comments from executives of leading real estate companies indicate a potential improvement in real estate fundamentals [12][13][14][15][16] Investment Strategy - The Fund's portfolio consists of 75% REITs, 22% non-REIT real estate companies, and 3.1% cash and cash equivalents as of September 30, 2025 [21] - The Fund's investment approach includes a focus on both REITs and non-REIT real estate companies, allowing for flexibility in capitalizing on market opportunities [20] Sector Analysis - Industrial REITs represent the largest exposure in the Fund, with a positive outlook driven by demand/supply dynamics and e-commerce growth [23] - Health Care REITs and senior housing are expected to benefit from favorable demographic trends and improving fundamentals [27] - The Fund maintains a cautious but optimistic view on office REITs, identifying specific markets with potential for growth [27] Recent Activity - The Fund initiated positions in Jones Lang LaSalle Incorporated and increased holdings in Prologis, Inc. and The Macerich Company during Q3 2025 [44][46][47] - The Fund trimmed its exposure to certain holdings like American Tower Corporation and Equinix, Inc. due to market conditions and growth outlooks [41][49] Future Prospects - The Fund anticipates a pivotal moment for real estate, with expectations of solid growth in business fundamentals and potential for improved valuations [54] - The overall sentiment in the real estate market is cautiously optimistic, with expectations of continued demand exceeding supply [51]

Core Insights - Jim Cramer frequently discusses Wynn Resorts, Limited (NASDAQ:WYNN) on his morning show, highlighting the company's strong management under CEO Craig Billings [1] - Cramer emphasizes the upcoming new hotel and praises the operational excellence of Wynn Resorts, calling it "amazingly well run" [1] - The mention of Taylor Sheridan's steakhouse at Wynn indicates the company's focus on high-profile partnerships and experiences that enhance its brand [1] Company Overview - Wynn Resorts is recognized for its well-managed operations and strategic developments, including the introduction of new hotels [1] - The company is positioned favorably in the casino and hospitality sector, attracting attention from notable figures in entertainment and business [1] Investment Perspective - While Wynn Resorts is seen as a potential investment opportunity, there is a belief that certain AI stocks may offer higher returns with lower risk [1]

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is set to host its inaugural Las Vegas Auction on October 31, 2025, in partnership with Concours at Wynn Las Vegas, featuring a complete digital catalog of collector cars and memorabilia [1][2]. Auction Details - The auction will showcase 68 collector cars and two Formula One memorabilia lots, held in the Bandol 1 Room at Wynn Las Vegas, with cars displayed at the Wynn Golf Club [2]. - The event is part of the Concours at Wynn Las Vegas, providing a weekend of activities for car enthusiasts [2]. Featured Cars - The auction highlights include a 2010 Bugatti Veyron EB 16.4 Coupe, estimated between $1,500,000 and $1,800,000, and a 1962 Mercedes-Benz 300 SL Roadster, estimated between $1,450,000 and $1,600,000 [3]. - The Bugatti Veyron is one of only 252 original Coupes, with a low mileage of 6,515 miles, while the 300 SL Roadster retains its original components and is presented in its original colors [3]. Additional Collections - The auction will feature the Lone Star Sports Car Collection, which includes notable models such as a 1963 Maserati 3500 GTI Vignale Spyder Prototype (Estimate: $475,000 - $575,000) and a 1959 BMW 503 Series II Cabriolet (Estimate: $425,000 - $475,000) [5]. - The Cobalt Collection will also be present, featuring performance cars like a 2001 BMW Z8 (Estimate: $275,000 - $325,000) and a 2013 Dodge SRT Viper GTS Launch Edition (Estimate: $160,000 - $200,000) [6]. Modern Collectibles - The auction includes high-performance modern collectibles such as a 2009 Mercedes-Benz SLR McLaren Roadster 722 S (Estimate: $850,000 - $950,000) and a 2006 Mercedes-Benz SLR McLaren Coupe by MSO (Estimate: $600,000 - $700,000) [8][9]. - Additional modern collectibles include a 2023 Ferrari 296 GTS Assetto Fiorano (Estimate: $400,000 - $450,000) [10]. Event Schedule - The Las Vegas Auction is scheduled for October 31 at 3:00 PM PDT, with previews on October 30 and 31 [10].