Wynn Resorts, Limited (NASDAQ:WYNN) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET

Company Participants

Julie Cameron-Doe - Chief Financial Officer

Craig Billings - Chief Executive Officer

Brian Gullbrants - President, Wynn Las Vegas, LLC

Conference Call Participants

Carlo Santarelli - Deutsche Bank

Joe Greff - JPMorgan

Shaun Kelley - Bank of America

Stephen Grambling - Morgan Stanley

David Katz - Jefferies

Brandt Montour - Barclays

Dan Politzer - Wells Fargo

Chad Beynon - Macquarie

John DeCree - CBRE

Robin Farley – UBS

Operator

Welcome to the Wynn Resorts Second Quarter 2023 Earnings Call. All participants’ are in a listen-only mode until the question-and-answer session of today’s conference. [Operator Instructions] This call is being recorded, if you have objection you may disconnect at this time.

I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

Julie Cameron-Doe

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings, Brian Gullbrants, and Steve Weitman in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto, and Jenny Holaday. 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.

Craig Billings

Thanks, Julie. Afternoon, everyone, and thanks for joining us today.

Well, what a quarter. Who would have thought just six months ago that we would be run rating $2.2 billion of property EBITDA. To put that in context, peak annual property EBITDA for the company was $2 billion in 2018. Yet, here we are today. We have a more diversified business with the addition of Encore Boston Harbor; we have a business in Macau that is running structurally higher margins into a resurging market; a business in Las Vegas that is more relevant than ever and is producing nearly double its 2018 EBITDA on much higher margins; and we have a very substantial growth opportunity in the UAE, the most exciting new gaming market in decades. I see tremendous value in our business, and I know our brightest days are ahead of us. Our path is the clearest it has been in years, and our team is committed and energized.

Turning to the quarter, and starting in Vegas. Wynn Las Vegas delivered $224 million of adjusted property EBITDAR. On a hold-normalized basis, our EBITDA was up 3% on a very difficult year-over-year comp. We saw strength all over the place; the casino, the hotel, the restaurants, retail, you name it. All supported by a consumer that seems more than willing to continue spending on unique luxury experiences.