Wynn Resorts, Limited (NASDAQ:WYNN) Q4 2023 Earnings Conference Call February 7, 2024 5:00 PM ET
Company Participants
Julie Cameron-Doe - Chief Financial Officer
Craig Billings - Chief Executive Officer
Brian Gullbrants - Chief Operating Officer, North America
Conference Call Participants
Carlo Santarelli - Deutsche Bank
Joseph Greff - JPMorgan
Shaun Kelley - Bank of America
Daniel Politzer - Wells Fargo
Robin Farley - UBS
Brandt Montour - Barclays
Stephen Grambling - Morgan Stanley
John DeCree - CBRE
Chad Beynon - Macquarie
Operator
Welcome to the Wynn Resorts Fourth 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 statements may or may not come true.
I will now turn the call over to Craig Billings.
Craig Billings
Good afternoon, everyone, and thanks for joining us again today. Well, what a quarter. And really what a year. Every single member of the Wynn team should be incredibly proud of what they achieved together in 2023.
Momentum in the business built throughout the year, and we ended on a high note with $632 million of property EBITDA, an all-time quarterly record, capping off a record year in which we generated nearly $2.2 billion of property EBITDA.
We see tremendous value in our business as evidenced by our buybacks in the quarter and I'm genuinely looking forward to 2024. The company is more diversified than it's ever been. In Las Vegas, we continue to distance ourselves from peers as the leader in luxury and it's more evident than ever that we are the go-to spot for the best customers attending citywide events like F1.
We have a growing business in Macau that is running structurally higher margins than in the past, is much less reliant on the volatile VIP segment and is increasingly well positioned to compete. And importantly, we have a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets.