WYNN RESORTS LTD Q1 FY2026 earnings call

• Mentioned construction continued at Wynne L. Marjan with over 22,000 workers on site, facing logistical and shipping challenges but manageable, expecting modest delay in opening timeline.
• In Las Vegas, Zero Bond and Sartiano's Italian Steakhouse opened with positive feedback, casino revenues up, hotel RevPar up, and Encore Tower remodel to start soon.
• In Boston, Encore Boston Harbor generated $51 million of EBITDA, slot revenues grew despite weather challenges, and second quarter off to steady start.
• In Macau, strong quarter with VIP hold adjusted EBITDA, mass drop and handle up, new Chairman's Club opened, and announcement of new investment in Enclave at Wind Palace.

Las Vegas: Adjusted EBITDA grew 5% to 235 million. Casino revenues up over 9% driven by increases in both drop and handle. Hotel RevPar up nearly 10% year on year on a 12% increase in rate. Boston: Generated $51 million of EBITDA in the first quarter. Slot revenues grew 2% year on year despite challenging weather. Macau: VIP hold adjusted EBITDA of $296 million. Lower than expected VIP hold impacted the quarter by $17 million. Mass drop was extremely strong, up 19%, and handle was up 32% year on year. Also, a $900 to $950 million investment in the enclave at Wind Palace, increasing the existing Wind Palace room count by 25% and suite count by 50%.

• Expect modest delay in opening timeline of Wynne L. Marjan project, to quantify in coming months.
• Feel good about Las Vegas business for remainder of 2026 with momentum carried into second quarter.
• Expect 2026 expansion in CAPEX range of 400 to 450 million for Enclave Tower and other CAPEX projects.

• Logistical and shipping challenges in the region for Wynne L. Marjan project, though manageable currently.
• Wage pressures at Boston property remain a real challenge.

Q: Can you talk about what's been done differently to ensure Wynne L. Marjan project stays on track and supply chain constraints?

A: Focus on team safety, construction continued throughout events, logistics challenges are manageable with rerouting shipments and sourcing alternative materials.

Q: Why now for the new project enclave at Wind Palace?

A: Wind Palace runs at essentially full occupancy, adding rooms captures existing demand, no gaming element, high flow-throughs expected.

Q: Strategically how thinking about timing of Wynne L. Marjan opening?

A: Seasonality has impact but long run gaming resorts not as affected by seasonality as pure hotels, stay tuned for final resolution on opening date.

Q: Impact of recent CAPEX projects in Macau like Chairman's Club?

A: Gourmet Pavilion drove incremental foot traffic and retention, Chairman's Club early signs good for taking share and keeping people around longer.

Q: Thoughts on broader market recovery in UAE independent of Wynne L. Marjan opening?

A: Early to forecast, but UAE has strong airlift, government commitment to tourism, and amenities, policy to drive market when stable.

Q: Labor pressures in Las Vegas and Boston?

A: Las Vegas OPEX per day excluding gaming tax up due to higher business volumes, contractual wage increases, etc.; Boston team mitigating union-related payroll increases with cost efficiencies.

Q: Cannibalization risk of Enclave project in Macau?

A: No cannibalization risk, plenty of table capacity at Wynn Palace beyond peak events.

Q: Design and development of Enclave project in Macau?

A: Base rooms slightly larger than existing, all suites, complementary to existing product aesthetically.

Q: Expansion in Las Vegas?

A: Always thinking about expansion opportunities, but need to consider market and design/development capacity.