Wynn Resorts, Limited (NASDAQ:WYNN) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET

Company Participants

Julie Cameron-Doe - CFO

Craig Billings - CEO

Brian Gullbrants - President, Wynn Las Vegas, LLC

Conference Call Participants

Carlo Santarelli - Deutsche Bank

Joe Greff - JPMorgan

Shaun Kelley - Bank of America

Dan Politzer - Wells Fargo

Brandt Montour - Barclays

Robin Farley - UBS

Stephen Grambling - Morgan Stanley

David Katz - Jefferies

John DeCree - CBRE Securities

Operator

Welcome to the Wynn Resorts Third 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 any objections 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 segments may or may not come true.

I will now turn the call over to Craig Billings.

Craig Billings

Thanks, Julie. Afternoon, everyone, and as always, thank you for joining us today.

I'll start here in Vegas. Wynn Las Vegas delivered $220 million of adjusted property EBITDA, up 12% on an incredibly difficult year-over-year comp. Yes, it was aided by high hold, but it was also despite the fact that we accrued during the quarter for the estimated increases associated with the new agreement with The Culinary Union.

I got to tell you activity at the property was frenetic during the quarter with hotel occupancy, restaurant covers, casino visitation, table drop and slot handle all up over what was a very strong third quarter of 2022. As a result of all that activity, we produced third quarter records in gross gaming revenue, food and beverage revenue, and hotel revenue with 10% year-over-year growth in RevPAR.

We continue to be at the top of our game here in Las Vegas and I'm incredibly proud of the team who continue to deliver to our exacting standards, even in the midst of significant customer volumes. Our top line trends remained strong through October with healthy GGR and strong year-over-year RevPAR growth during the month.