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DATE

Thursday, November 6, 2025 at 4:30 p.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Craig Scott Billings
  • Chief Financial Officer — Julie Mireille Cameron-Doe
  • President, Wynn Las Vegas — Brian Gullbrants

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TAKEAWAYS

  • Las Vegas Adjusted Property EBITDA -- $203.4 million in adjusted property EBITDA on $621 million of operating revenue, yielding a 32.8% EBITDA margin; Unfavorable hold reduced adjusted property EBITDA by just under $8 million.
  • Casino Revenue Growth (Las Vegas) -- Casino revenue rose 10%, driven by higher drop and handle. Hotel revenue held flat at $187 million as focus shifted to ADR preservation over occupancy.
  • Record Performance (Las Vegas) -- The property achieved an all-time monthly EBITDA record in August 2025, aided by premium rate strategies and group business pacing ahead for 2026.
  • Encore Boston Harbor Adjusted Property EBITDA -- $58.4 million on $211.8 million revenue, with a 27.6% EBITDA margin; Slot revenue rose 5%, setting a new property record for Boston.
  • Macau Adjusted Property EBITDA -- $308.3 million adjusted property EBITDA on $1 billion operating revenue, producing a 30.8% EBITDA margin; Higher VIP hold contributed just under $23 million.
  • Macau Mass Gaming Volume -- Mass volume rose 15% year over year, despite end-of-quarter weather disruption; Primarily due to Gourmet Pavilion and normal cost of living expenses.
  • CapEx Guidance -- Company expects $200 million to $250 million total CapEx for Macau in 2025, including Chairman's Club expansion and refresh of Wynn Tower rooms.
  • Liquidity Position -- Global cash and revolver availability stood at $4.6 billion as of September 30, 2025, with $2.8 billion in Macau and $1.7 billion in the U.S. as of September 30.
  • Net Leverage and EBITDA (LTM) -- LTM adjusted property EBITDA approached $2.3 billion; The consolidated net leverage ratio was just over 4.3x as of September 30, 2025.
  • Capital Returns -- Wynn Macau paid approximately $125 million in dividends, while the Wynn Resorts Board approved a $0.25 quarterly cash dividend per share, payable November 26, 2025.
  • Q3 CapEx Spend -- Total CapEx was approximately $164 million, primarily for Las Vegas villa renovations, food and beverage enhancements, and Macau concession maintenance; $93.9 million was contributed to Wynn Al Marjan Island project equity.
  • Wynn Al Marjan Island Update -- Project equity contribution to date reached $835 million; The remaining share of required equity for current and new Marjan projects is estimated at $525 million to $625 million as of September 30, 2025.
  • UAE Development Plans -- The company announced the Janu Al Marjan Island collaboration with Aman Group; anticipated Wynn equity investment is $25 million to $50 million.
  • F1 Room Rate Premium -- Wynn Las Vegas is “pricing at a significant premium to the market” for Formula One, with a three-night minimum stay in place

SUMMARY

The call revealed that Wynn Resorts, Limited (WYNN +1.98%) maintained market share gains and strong casino volume in both Las Vegas and Macau, with premium customers and disciplined rate strategies supporting both all-time property EBITDA records and healthy margins. Management provided clear guidance that 2026 Las Vegas hotel capacity will decline by approximately 80,000 room nights due to the Encore Tower remodel, which is expected to create a modest headwind, but group business is pacing ahead in rate and room nights for 2026. Advancing its UAE strategy, the company disclosed its JV structure for Janu Al Marjan Island, tight equity requirements for the development, and the absence of announced direct competition ahead of the Wynn Al Marjan Island launch. Robust liquidity allowed continued dividends, and the leadership highlighted careful OpEx control despite inflationary labor trends, with explicit refusals to be programmatic buyers and clear grid-based buyback discipline.

  • CEO Billings said, “With sustained double-digit market-wide growth in GGR, we continue to be optimistic about the future of Macau.”
  • The CFO stated, “The combination of strong performance in each of our markets globally, with our properties generating just under $2.3 billion of LTM adjusted property EBITDA, together with our robust cash position, creates a very healthy consolidated net leverage ratio of just over 4.3 times.”
  • Premium segment play was highlighted as the dominant driver in both Las Vegas and Macau, and group business for Las Vegas in 2026 is already pacing ahead in contracted rate and room nights.
  • The company remains on track for an inflection in free cash flow in 2027 as the UAE pipeline converts, and management reaffirmed that future capital return will be balanced among dividends, buybacks, and selective redeployment in UAE expansion, subject to market performance.
  • No material pushback on premium pricing has been observed at Wynn Las Vegas, with CEO Billings emphasizing, “we have not seen that pushback on pricing that others in the market might have.”

INDUSTRY GLOSSARY

  • Hold: The proportion of wagers retained as gaming win by the casino; “favorable” or “unfavorable hold” references the impact of statistical variance on realized revenues versus expected theoretical outcomes.
  • Drop: Total amount of cash and markers exchanged for chips at table games, indicating gaming volume.
  • Handle: Aggregate amount wagered by customers, particularly at slot machines or sports book.
  • RevPAR: Revenue per available room; a standard hospitality metric for broader hotel profitability performance.
  • VIP Hold: Gaming win percentage specifically from high-end (VIP) table games, reflecting volatility in results due to infrequent large wagers.
  • LTM: Last twelve months; refers to trailing financial metrics across the most recent four quarters.
  • GGR: Gross Gaming Revenue; the total casino “win” before deductions, a central market sizing measure.
  • OpEx: Operating expenses, typically excluding gaming tax, for efficient cost management comparisons.
  • CapEx: Capital expenditures; used here for property renovations, expansions, and new project equity contributions.
  • ADR: Average daily rate; measures average revenue earned per room per day.

Full Conference Call Transcript

Craig Scott Billings: Thanks, Julie. Good afternoon, and as always, thank you for joining us. I will jump right into the quarter, and I will kick off here in Las Vegas. Wynn Las Vegas continued to see notable gaming market share gains in the quarter, driven by our incredible team and market-leading product and service, resulting in EBITDA growth on a hold-adjusted basis of 3% to $211 million against a difficult comp. Demand in the casino was healthy throughout the quarter with solid increases in both drop and handle, leading to casino revenues that were up 10%.

Hotel revenue was flat at $187 million, demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR and maximize EBITDA paid off during the quarter. In fact, in August, the property set an all-time monthly EBITDA record. We also look forward to completing the renovation of Fairway Villas by the end of this quarter and to the opening of Zero. Apologies for that. Wynn Las Vegas continued to see notable gaming market share gains in the quarter, driven by our incredible team and market-leading product and service, as I mentioned.

More recently, business in the fourth quarter has continued momentum with drop and handle both up versus the same prior period last year. We have also seen notable growth in RevPAR and strong retail sales. So with the fourth quarter off to a strong start, we are now turning our attention to F1. You can look at our published room rates for the event and see that we are once again pricing at a significant premium to the market. Looking further out, our group and convention business looks strong heading into 2026, on pace to grow both room nights and rate over 2025.

I do want to note that as we begin the Encore Tower remodel in the spring, we will lose about 80,000 room nights in 2026. We will attempt to pick up some of that rate, but the remodel will present a slight headwind for 2026. We continue to invest in our market-leading assets here in Las Vegas. Ultimately, while macroeconomic and geopolitical uncertainty remain a consideration, we remain positive on the outlook for our business in Las Vegas. Turning to Boston, we generated $58 million in EBITDA. In terms of fundamentals, the business at Encore Boston Harbor remained solid with slot revenues growing over 5% year on year and OpEx tightly controlled.

More recently, demand in Boston has remained healthy in October with both drop and handle above last year.

Macau also delivered very strong results in the quarter, which were further aided by higher than normal VIP hold. The business generated $308 million in EBITDA, including $23 million of VIP hold benefits. Mass volumes were particularly strong, up 15% year on year despite the weather disruption near the end of the quarter. The cadence of Golden Week was a bit unusual this year in that we saw heavier volumes towards the tail end of the holiday and after the holiday period. Beyond Golden Week, volume metrics in the quarter have been strong with turnover and mass drop both running well ahead of last year. With sustained double-digit market-wide growth in GGR, we continue to be optimistic about the future of Macau. The premium segment continues to lead the market in Macau. Last quarter, we discussed two new projects: expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wynn Tower rooms at Wynn Macau. To ensure we continue to take advantage of this ongoing demand, both projects are moving along very quickly. The Chairman's Club expansion should be complete ahead of Chinese New Year, and we are already completing the initial floors of the Wynn Tower room renovation now. While we expect some minor disruptions into year-end from these projects, once complete, they will further elevate our offerings at both properties. Wynn Al Marjan Island continues to progress rapidly, and we look forward to welcoming many of you to the site in less than a month.

We are pouring the final two floors now and are on track to top out the tower ahead of our analyst event in December. We are also pleased to announce our first development on the Marjan land bank, adjacent to Wynn Al Marjan. The Janu Al Marjan Island by Aman Group. The Aman team is world-class, and we are delighted to have them as a neighbor. From a structuring perspective, our JV, the same JV that owns Wynn Al Marjan, will own the property, and the Aman team will manage the asset.

Given the recent success of condo sales in The UAE in general, and Ras Al Khaimah in particular, we anticipate our portion of the equity check for the project will be quite small, about $25 to $50 million. Beyond the standalone merits of the transaction, we also expect Janu's high-quality customers will be additive to Wynn Al Marjan. With the Marjan land bank, we have significant long-term development opportunities in The UAE. You can see more about this initial development in our quarterly earnings presentation. We remain on track for our target opening date of Wynn Al Marjan Island and look forward to showcasing what we believe is the most compelling development opportunity in the industry.

With no competing operations announced to date, Wynn Al Marjan Island will be the only integrated resort in what many analysts are predicting will be a $5 billion-plus GGR market. Our future continues to be bright. The opening of Wynn Al Marjan Islands and the free cash flow inflection that it will bring gives us confidence that our best days lie ahead. I will now hand it over to Julie to run through some additional details in the quarter.

Julie Mireille Cameron-Doe: Thank you, Craig. At Wynn Las Vegas, we generated $203.4 million in adjusted property EBITDA on $621 million of operating revenue during the quarter, delivering an EBITDA margin of 32.8%. Unfavorable hold negatively impacted EBITDA in the quarter by just under $8 million. OpEx excluding gaming tax per day was $4.3 million in the quarter, up 3.1% compared to the prior year due to a bad debt swing and one-time expenses in repairs and maintenance. Otherwise, there were normal course ebbs and flows in OpEx. Turning to Boston, we generated adjusted property EBITDA of $58.4 million on revenue of $211.8 million, with an EBITDA margin of 27.6%.

Slot revenues were very strong, up 5%, and set a new record for Boston. We maintained our discipline on the cost side with OpEx per day of $1.16 million, up 1.9% compared to Q3 2024, 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. Our Macau operations delivered adjusted property EBITDA of $308.3 million in the quarter, on $1 billion of operating revenue, resulting in an EBITDA margin of 30.8%. Higher than normal VIP hold impacted EBITDA by a little under $23 million in the quarter.

OpEx, excluding gaming tax, was approximately $2.75 million per day in Q3, up 7.6% year on year, with the increase driven primarily by the Gourmet Pavilion and normal cost of living expenses as we called out last quarter. This quarter, we also saw the variable impact of higher business volumes and about $2.5 million of typhoon-related OpEx. In terms of CapEx in Macau, last quarter, we initiated two projects, as Craig mentioned, an expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of our Wynn Tower rooms at Wynn Macau. Together with other ongoing CapEx projects, we continue to expect to spend $200 to $250 million in total for 2025.

Moving on to the balance sheet, our liquidity position remains very strong, with global cash and revolver availability of $4.6 billion as of September 30. This was comprised of $2.8 billion of total cash and available liquidity in Macau and $1.7 billion in The US. The combination of strong performance in each of our markets globally, with our properties generating just under $2.3 billion of LTM adjusted property EBITDA, together with our robust cash position, creates a very healthy consolidated net leverage ratio of just over 4.3 times. Our strong free cash flow and liquidity profile also allow us to continue returning capital to shareholders in both Macau and The US.

To that end, Wynn Macau paid out approximately $125 million in dividends in Q3, after paying a similar amount in Q2. In addition, the Wynn Resorts Board has approved a quarterly cash dividend of 25¢ per share payable on November 26, 2025, to stockholders of record as of November 17. Our recurring dividend highlights our focus on and continued commitment to prudently returning capital to shareholders. In terms of CapEx, we spent approximately $164 million in the quarter, primarily related to the Fairway Villa renovations and food and beverage enhancements in Las Vegas, concession-related CapEx in Macau, and normal course maintenance across the business.

In addition to that figure, we contributed $93.9 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to date to $835 million. We also continued to draw on the Marjan construction loan, with a drawn amount to date of $583.7 million. We estimate our remaining share of the required equity, including the new project, is approximately $525 to $625 million. With that, we will now open up the call to Q&A.

Operator: Thank you. At this time, if you would like to ask a question, please press 1 on your touch-tone phone. 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, you may press 2. Our first question comes from Daniel Brian Politzer with JPMorgan. Your line is open, sir.

Daniel Brian Politzer: Hey, good afternoon, everyone. Thanks for taking my questions. First, in Las Vegas, another strong quarter. You talk about what you are seeing there versus a few months ago? Have you guys been taking share? It sounds like the fourth quarter is trending well. But do you feel like the environment has improved as we kind of move out of the summer and you filled in that group calendar? And then as you look out to 2026, what are your expectations there for growth given that group is pacing higher?

Craig Scott Billings: Sure. I will start, and then I will ask Brian to comment as well. I think the summer activity or the summer business environment has been well publicized, maybe to the extreme, here in Las Vegas. And, you know, we saw our business as we were going into the summer. We saw components of the business that we felt like we needed to react to. We reacted to that, and we talked a little bit about this on the last call. We reacted to that by really focusing on rate and not on occupancy. And then, of course, we can kind of staff the building accordingly. And really make sure that we are driving EBITDA, and we did that.

On the last call, I believe we mentioned that we were seeing things start to improve more broadly in Vegas, and certainly that was the case. And we also knew that by the time we got to October, we would be in pretty good shape for the reasons that you just described with respect to group. So I do not think there is anything new there. I think it is kind of as we talked about and as is reflected in the results, inclusive of my commentary about how things look in October. 2026, you know, the primary indicator is group, and Brian will talk a little bit about that. Brian, what did I miss?

Brian Gullbrants: Yeah. I think it comes down to three groups that are really focused right now, and on Q3, and they are focusing forward. Our revenue team, our sales team, our casino marketing team. In Q3, we were squarely focused on casino marketing as well as yielding ADR, as Craig mentioned, over peaks and on weekends to really take advantage of the compression. The team did an amazing job resulting in a record August delivering really nice, great results for the quarter. I think Q3 was a lot better quarter than we initially saw at the beginning of the year. And with respect to group, as stated, we are pacing ahead in '26 in both rate and room nights.

The team's now focused on plugging the last available holes over the summer, which is typical in part for the course. So really proud of what the team's done with their efforts. And as we move forward, we continue to focus on peak periods and weekends where we can take rate where we can.

Daniel Brian Politzer: Got it. And then just turning to The UAE, you know, you guys laid out a little bit over a year ago a base case, a low case, base case, and a high case scenario for EBITDAR there. And I think the high case was $460 million. So I guess, look, the property certainly still is away from opening, but can you lay out or remind us what are kind of the puts and takes, you know, between the base case and the low case and the high-end scenario? And obviously, you know, given that it does not seem like there are competitors there, where does that maybe put you right now?

Craig Scott Billings: Yeah. Look. There is a lot of puts and takes from the base case to the upside case, really across those cases. But the number one, by an order of magnitude, is GGR. And so, really, it comes down to how large the market will be and ultimately what our share of the market will be. As you rightly pointed out, our share of the market early on should be 100%. So we are not yet ready to revisit the numbers that we put out in our investor day. But, you know, you have seen sell-side estimates for the market as high as $8 billion.

And so even if the market is a fraction of that size, the absence of near-term competition probably introduces some conservatism into our base case. But it is a greenfield market. And so what we really are focused on right now is getting open with the absolute best product that we can.

Daniel Brian Politzer: Got it. Makes sense. Thanks.

Operator: Thank you. Our next caller is John G. DeCree with CBRE. Your line is open, sir.

John G. DeCree: Hi, everyone. Craig, maybe to stick with Las Vegas a little bit. You talked about some of the stuff that happened over the summer, but one of those things that came up was the social media backlash on pricing and obviously cater to, you know, the highest end of the market. But, you know, curious your views on that impact in terms of visitation to Las Vegas as a whole. And specifically, although you kind of luxury end of the market, have you seen any pushback on pricing? You obviously had a great quarter in holding rate. But, you know, curious if you have seen any change.

Craig Scott Billings: I will take the second. Thank you for those questions. I will take the second one first. We have not. Then on the first one, I have been getting this question a lot. And Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget. Our customer generally is not the customer who focuses on cost alone. But they are the type of customer who is really unrelenting when it comes to value for their dollar. Right? Their expectation of that perceived value could not be higher. A small example, by the way, I had a patron email me several weeks ago about the difficulty of peeling the complimentary oranges in our spa.

And we love that. We love feedback like that. No matter how small. And while we are unapologetic about premium pricing, we do not ambush patrons with unexpected charges. So contrary to what you might expect, our minibar prices are a fraction of some others in the market. We held out as long as we possibly could in charging for parking and really only began to do so when we were at risk of becoming the neighborhood parking lot. Even now, hotel guests park free, by the way. Yes. Our customer pays a premium room rate, but we do not want them to feel nickeled and dimed. That is actually contrary to creating high perceived value.

So because of that, we have not seen that pushback on pricing that others in the market might have. Or at least we have seen on social media. So lastly, while the current narrative is when did Las Vegas get so expensive, Las Vegas is actually chock full of low-price options and values. It really is. But, historically, it has also been a town where one could escape one's worries for three days and experience world-class service in beautiful environments. In other words, a town of really high perceived value. Any erosion of that perceived value will manifest itself in a mantra against the cost of the experience itself.

But read through the underlying messages, you will see it much more as being about the value for dollar and not the dollar itself per se. And that is just not us. So, no, we have not seen that pushback. If rates compressed 50% in Las Vegas tomorrow, would we see that? Would we feel that? Sure we would. But we will always be at a pricing premium, and the reason is because we deliver a whole lot of value.

John G. DeCree: That is helpful, Craig. I appreciate those comments. And I too struggled with those oranges, so I am glad you guys are going to take care of that.

Craig Scott Billings: Well, they are easier to peel.

John G. DeCree: Oh, good. Good. They are already pre-peeled, I am sure. We will look forward to that. If I could ask the question on the kind of the inverse of that, you know, we expect visitation to pick back up in Las Vegas more broadly, especially with the convention calendar picking up. And so, you know, your business is a bit uncorrelated, but, you know, should you also expect to see a little bit of uplift as visitation to the city comes back as a whole, or would you say you are kind of just marching to the beat of your own drum right now in terms of where you are positioned in the market?

I guess, is there more upside as visitation recovers for you in Las Vegas?

Craig Scott Billings: Yeah. Of course. You really see it. Let us talk about three segments. Right? High-end gaming, mass gaming, and ADR. Mass gaming and ADR are, of course, levered to visitation because they are both either demand-driven or correlate to the number of people that are coming through the doors every day. High-end gaming is very different. Right? That is about the equity markets. It is about host-to-customer relationships, one-to-one selling. It is the specific service in the building, that particular customer and what they are doing.

So there are certainly aspects of our business that will benefit from incremental visitation to Las Vegas, most notably the rate that we charge for hotel rooms and the activity on our gaming floor outside of the high-limit rooms.

John G. DeCree: Perfect. I will leave it there. Thank you so much, Craig.

Craig Scott Billings: Thank you.

Operator: Our next caller is Stephen White Grambling with Goldman Sachs. Your line is open, sir.

Stephen White Grambling: Hey. Thank you. Do not know if you specifically quantify this, but we would love to hear any additional color you could give on how to think about the disruption impact in Las Vegas, but also how to think about perhaps the return on some of these projects as we look beyond 2026. Are some of these generally maintenance, or do you think that there will be incremental EBITDA from a lot of these?

Craig Scott Billings: Sure. Thanks. We have not quantified the impact with respect to the Encore Tower remodel, primarily because what we will attempt to do is pick it up in rate. As we start to commence that renovation, we will talk to you more about what we think the actual impact is. Some of the CapEx that we talk about is normal course maintenance. So the Encore rooms have not been redone in a number of years, and we need to do that in order to continue to drive rate, continue to be competitive, and to deliver on our brand promise. The other changes, particularly in food and beverage, that we are making are absolutely ROI-driven projects.

Even when we redo a room, like we just did with Pisces and not too long ago did Mizumi, the incremental check average that we drive, the incremental covers that we drive are absolutely EBITDA accretive. So it really is a bit of a mixed bag, but if you look at our ADRs, in terms of maintenance versus growth, if you look at the ADRs that we have been delivering, I think you can see why it is important that we invest in the hotel.

Stephen White Grambling: A hundred percent. Maybe turning to Macau very quickly. What are you seeing in terms of the competitive dynamics, particularly as the quarter progressed? Given there is some chatter for some of your peers that there might be a little bit more promotions going on, and how do you generally think about margins going forward as you think about either maintaining price integrity or having to competitively respond? Thanks.

Craig Scott Billings: Sure. Thank you. We think about it day to day. So it is, as I have said on probably the last eight calls, it is hand-to-hand combat in Macau. That is just the reality of the market. I have not seen a notable uptick in promotional activity. But we have a really clear view, as I have said before, down to the basis point of how much incremental GGR market share we need in order to justify and fade an incremental percentage point of reinvestment. So we are monitoring that closely in real time.

In terms of the specific impact that you can see on margins, as we have also said before, we view margin as an outcome of aggressively driving revenues, profitably reinvesting customers, and diligently managing costs. So we do not manage to a specific margin per se, but what we are doing is looking at our reinvestment levels relative to revenue. Not market share, revenue.

Stephen White Grambling: That is helpful. Thank you.

Operator: Thank you. Our next caller is Robin Margaret Farley with UBS. Your line is open.

Robin Margaret Farley: Thanks. Going back to The UAE for a moment, maybe I am going to try to ask the question a different way. I do not know if I will get any more of an answer, but what were you factoring into your base case when you originally laid it out? I think you mentioned the potential for two other competitors to be in the market by 2029. How should we think about what you were kind of factoring in for that competition in terms of impact?

Craig Scott Billings: Sure, Robin. You are right. Yeah. We were factoring in two incremental competitors and a market that I believe I am remembering from the presentation, $3 to $5 billion of GGR. We always tend to operate at a fair share premium, so we did assume a, you know, a share of that. In fact, you could probably take a look at the GGR that we showed and impute our fair share assumptions based on a market of $3 to $5 billion. And as I mentioned before, with no announced competition that we are aware of in the market thus far, there probably is some conservatism in those estimates.

Robin Margaret Farley: Okay. And is the market size some of your assumptions had assumed that some of the market would be driven by having those two other competitors, or do you think the market size would still be the same?

Craig Scott Billings: Plus or minus. Sure. We did not make an assumption with respect to the draw of any incremental competitors. What we really look at is a tremendous amount of airlift, a very robust locals market, a very, very high GDP per capita. Those are the things that we look at when assessing the size of the market. It is a very small market geographically. It is very, very tightly coupled. You know, it is about fifty minutes from Dubai to the property. So those are all with great road infrastructures. So those are all the things that we look at when assessing market size.

Robin Margaret Farley: Thank you. If I could do one quick follow-up on Vegas. Just for group for 2026, I wonder if you could give us a sense of group pace after Q1 just to get a sense of sort of underlying demand after the, you know, the benefit obviously kind of rotating in. Just how that looks past Q1. Thanks.

Craig Scott Billings: We do not break down our group forecast on public calls by quarter, but it is safe to say that we feel good about it.

Robin Margaret Farley: Okay. Thank you.

Operator: Thank you. Our next caller is Brandt Montour with Barclays. Your line is open, sir.

Brandt Montour: Hi. Thanks for taking my question. So in Las Vegas, curious that up RevPAR, or that RevPAR growth that you guys saw so far in the fourth quarter, is that all from mix and rate compression from group? Or are you actually seeing some recovery in leisure occupancy?

Craig Scott Billings: Sure. I will start, and then I will pass it to Brian. You know, you mentioned the rate compression from group, and obviously, that helps in terms of pricing. Group rooms, obviously, are contracted multiple years out and thus tend to carry a lower ADR than the prevailing ADR. So it is really a function of health across the board. But absolutely, group compression does help. Brian, what would you add?

Brian Gullbrants: I would say the same. We have really seen a great start in October. The team has done a great job yielding rates over peak demands. We have a little softness before and after F1, which is typical, and the teams have already reacted and put plans in place to prop that up. So pacing quite nicely in Q4, and we feel good about where we are headed.

Brandt Montour: Great. Thanks for that. And then quick question on UAE, and I probably do not want to jump any guns here on what you want to say for the game plan there. But, you know, for a property like this, when do you start to go out and build excitement and buzz with some of the bigger global players in your database now or in the database that you want to have? And sort of is that sort of a next year, later next year thing? And then any insight on, you know, what you have learned so far from the acquisition in London to that extent.

Craig Scott Billings: Sure. Great, great questions. The entire senior management team is already on board in The UAE. That includes key marketing leaders. So you should assume, as is the case when you are opening a property in a new region like this, that one-to-one marketing and player engagement has been going on for actually quite some time. Mass marketing and mass communication you obviously roll out much closer to the actual opening because to create awareness at this point, you are so far from consideration and conversion that it really does not do you much good.

So we are actively marketing to the folks that we will want in the building on a one-to-one basis, and you should expect to see a lot more on the mass marketing side as 2026 progresses. Mayfair has been very interesting. You know, extremely high overlap between the Mayfair database and the database that we expect in that part of the world. We have learned a whole lot around game preference, reinvestment expectations, competing dynamics in other parts of that region, and it has really been very, very instructive to what we are going to do in Marjan.

Brandt Montour: Excellent. Thanks, everyone.

Operator: Thank you. Our next caller is David Brian Katz with Jefferies. Your line is open, sir.

David Brian Katz: Hi, afternoon, everyone. Thanks for taking my question. I wanted to talk about Macau. Where, you know, taking some share seems to be the high-level observation. The hold percentage was high. You know, we have seen October GGR numbers come across in the mid-teens growth percentage. I would love your just your kind of state of the state. What is going on in that market? What is driving that growth? You know, is it sort of mainland fundamental dynamics in some way? Whatever you can share would be helpful. Thank you.

Craig Scott Billings: Sure. Thanks, David. Yeah. You are right. The market has been pretty good. And it is great to see. I am going to, you usually have a very thoughtful, very strategic question on these calls, so I am going to answer you in a somewhat philosophical and strategic way. That may not satisfy you, by the way. There are a lot of cross-currents in China right now. And I think trying to pin recent growth on any one, two, or three particular factors is kind of a fool's errand. I think what is important is to understand that a lot of folks have not actually been to China since before COVID.

And the China of today is not the China of 2018. China is a giant, complex economy, and honestly, the country is the pacesetter in a whole bunch of areas. Advanced manufacturing, EVs, robotics. So it is really not all that different than The US where you can have certain consumer segments performing really well while others are performing more modestly. It is a really dynamic place. And the consumer is evolving too. Frankly, you can see it everywhere in Macau. Sometimes for the better, in their affinity for top-quality experiences, for example, and, frankly, sometimes for the worse. GGR per visitor, for example, in Macau when you have these visitation surges.

Chinese consumer tastes are advancing at a rapid click, and it will create changes in gaming, food and beverage, retail preferences. So it is an exciting place to be, and we are very long-term bullish. But I think trying to pin ebbs and flows in the market to one particular factor, it is like trying to pin ebbs and flows in Las Vegas to any one particular factor. It is just not the case. So, you know, again, we are delighted with how the market is doing, and we are very, very mid and long-term bullish on Macau.

David Brian Katz: Appreciate all that. Just one follow-up. To that end, one of the observations we are seeing here in The United States is a bit of a bifurcation with the high end. Seems to be doing better than the low end. Is that unrelated, but is that a similar dynamic to what you are seeing out of China?

Craig Scott Billings: Sure. I think you see that. It is a premium-led market. It is a premium mass-led market, and I think that is absolutely the case. You also have a shifting set of a shifting industrial policy in China that is having certain effects on real estate, certain effects on other forms of industry and value creation, and that is creating new pockets of wealth. It is just a very, very dynamic place. But your general observation is, I think, true. And that is good for us because that is the end of the market that we focus on.

David Brian Katz: Thank you, Craig.

Craig Scott Billings: Sure.

Operator: Thank you. Our next caller is Chad Beynon with Macquarie. Your line is open, sir.

Chad Beynon: Hi. Good afternoon. Thanks for taking my question. I wanted to go back to Vegas. So occupancy, as we can see in the release, was down a couple of hundred basis points, which was expected. But your slot drop was up 7% and your table drop up 12%. Clearly shows that either the customers that were staying in your property were spending more per trip than what we had seen in prior periods. Or maybe others are, I do not know, using other properties as dormitories and then coming over to your property.

But can you add any additional color just in terms of the disconnect between the growth that you had in drop versus the number of people staying in your property for the quarter? Thanks.

Craig Scott Billings: Sure. I will start, and again, I will ask Brian to weigh in. Look. We said there is a lot that goes into attracting premium play. And disproportionately, the growth that you are seeing is premium play, and disproportionately, it is lodgers. And we set out several years ago to double down on what we do really well, okay? That is the service in the building, the amenities we have in the building, and also to improve even further certain aspects of our casino marketing function. And as part of that, or as a result of that, I should say, you have seen pretty significant growth in our gaming market share. And I am super proud of that.

I am super proud of the team for doing that. And you are seeing the benefits of that in Q3. It really is that straightforward. It is not, you know, the mass floor that is driving that. It is the hosted high-end customer. Brian, what would you add?

Brian Gullbrants: Yeah. It is the premium customer, that customer that is really looking for a premium experience. It is us continuing to invest in our facilities and our offerings in the experiences, investing in our people, leaning into who we are, focused on our culture of service, cleanliness, safety, at a premium level, and people are willing to pay extra for that. And so we get more of our fair share for that.

Craig Scott Billings: And can steal share at that point. People want value.

Brian Gullbrants: It is also, it goes back to the perceived value that I commented on in response to John's question. It is also technology. We are using technology very differently than we did before on the marketing side. Honestly, there is no one thing. It is all those things. And the results that you are seeing, as I said, are disproportionately people that are staying in the property.

Brian Gullbrants: Yeah. I mean, if I can add on F1 right now as we come into the fourth quarter, and that has always been a popular topic. We are highly programmed for our premium crowd. We are seeing solid pickup right now. We have maintained our premium rates from last year. And we have maintained a three-night minimum for that F1 weekend. That no one else in the market has done. So feeling really good about where we are. We have actually bought three additional tranches of tickets. So really seeing great increased demand, and we have an outstanding relationship with Formula One. We are bullish on the future of the race.

And I think it continues to pay dividends for not just us, but for the market.

Chad Beynon: Great. Thanks. And, yes, F1 rates are impressively priced right now. And then just in terms of buybacks and how we should think about capital allocation, I know that was something that was becoming a little bit more recurring in the quarterly result. Julie, can you just give us an update in terms of how you are thinking about that from these levels? Thank you.

Julie Mireille Cameron-Doe: Yeah. Sure. Thanks for the question. We are always diligent in looking at how to allocate our capital. I mean, we operate off the grid. And you will have seen we did not do any buying in the quarter. But certainly, when we see value, we will be back into it. And we refuse to be overly programmatic here. We like to retain the flexibility.

Craig Scott Billings: Yeah. We have tried to be super explicit that we are not programmatic buyers of the stock. Sometimes if you buy for several quarters in a row, people seem to forget that. But we like to buy when people are unusually bearish and it is excessively cheap. And when we do buy, as Julie mentioned, we use a price-based grid. We had a grid in place in the third quarter. But with the movement in the stock, the grid was not in play. We have a significant free cash flow inflection point coming in 2027, driven in large part by Wynn Al Marjan. And we think there is continued room for the stock to run.

And if it retraces, we will be back at it.

Chad Beynon: Thank you.

Operator: Thank you. Our next caller is Steven Moyer Wieczynski with Stifel. Your line is open, sir.

Steven Moyer Wieczynski: Yeah. Hey, guys. Good afternoon. So, Craig, I want to start with Macau and go back to Golden Week, which I think you described as unusual. And, yeah, look, we understand there were some weather headwinds early in the week and all that stuff. But wondering what do you think kind of drove that unusual pattern, you know, meaning folks, especially the higher-end folks, stayed away, then they came back, it seems like, in full force later in the month. So, you know, I guess the question is, you know, more around should we expect, you know, this type of behavior to kind of repeat itself going forward around this holiday or, and I know that is somewhat philosophical.

Craig Scott Billings: Yeah. No problem. I mean, we are asking ourselves the same question. So do not know yet. I mean, I think to the causation, I think we all view it as kind of all of the above. All the things that you said. And we were pleased to see the tail end and volumes after the holiday. And, you know, it remains to be seen. We will certainly think about our hosting strategy and our room booking strategy a little bit more flexibly as we move into Chinese New Year and May Golden Week. But we will see. I mean, one event is not yet a trend.

Steven Moyer Wieczynski: Makes sense. And then second, can I ask a question on Boston? Because you never had a question on Boston. You know, but bring it on. Okay. So the property was obviously very, you know, it is very stable. If I look at the drop on margin side of things, wondering if that was more around promotions. You know, just trying to figure out if you guys had to promote more to drive stability around volumes. And that was the part of the margin deceleration or just totally off base with that?

Craig Scott Billings: Definitely not. Definitely not that. It is not a promotion-driven issue. You really have kind of, and generally, Boston is very, very stable. And in fact, this quarter, it was stable too. But in response to your specific point, you really have kind of two macro trends that are happening there. One is you are constantly trying to grow the database and trying to move out in concentric circles from the property and add incremental customers. And the other is labor costs. And so they work against each other, and you are constantly playing those two things against each other and trying to drive the best result that you can. It really is that straightforward.

So the margins will bounce around based on hold, based on volumes in the period, but the team and Jenny in particular are incredibly adept at managing the intricacies of that business.

Steven Moyer Wieczynski: Okay. Great. Thanks, Craig. Appreciate it.

Operator: Thank you. And our final question comes from Steven Donald Pizzella with Deutsche Bank. Your line is open, sir.

Steven Donald Pizzella: Hey. Good afternoon, and thanks for taking our questions. Starting off with a little bit of a longer-term question. You mentioned the free cash flow inflection as the CapEx cycle tapers off and UAE comes online. Can you talk about how we should think about the possible uses of the free cash flow in 2027?

Craig Scott Billings: Yeah. Sure. We are always thinking about the best use of cash, irrespective of a free cash flow inflection or not. But you have seen us over the course of the past couple of years return capital through a dividend and through buybacks. So certainly, capital returns are an important part of our strategy. Beyond that, we have an incremental land bank in The UAE. I think before we really put scale capital into that, we will want to see, we will want to size the market and really, you know, satisfy ourselves that the market is what we expect and what I think others expect or even better.

So it will really be a question of whether how much incremental CapEx to deploy, and what we return to shareholders, kind of the, I hate to give you a plain vanilla answer, but that is really how we think about things. We have an exciting opportunity in The UAE, and we love to return capital. So we will see how those two things play out. I suspect if history is any guide, it will probably be a combination of all of them.

Steven Donald Pizzella: Okay. Great. Thank you. And then real quick, it was reported that the UAE would potentially offer one online gaming license per Emirates. Can you talk about if you would be potentially interested in one of the licenses?

Craig Scott Billings: Not really. I think we do not tend to comment on press speculation, and I think it is really up to the Emirates and the GCGRA, the regulator there, how and when they enact incremental forms of gaming.

Steven Donald Pizzella: Okay. Great. Thank you.

Operator: Sure.

Craig Scott Billings: Okay. Well, with that, we will bring the call to a close. Thank you for your continued interest in Wynn Resorts, Limited, and we look forward to updating you again early next year.

Operator: Thank you for participating in today's conference call. You may now disconnect, and have a great rest of your day.