Financial Data and Key Metrics Changes - Wynn Las Vegas achieved a record EBITDA of nearly $235 million, a 2% year-over-year increase, with total casino revenues up 14.5% [6][12] - Adjusted property EBITDA for Wynn Las Vegas was $234.8 million on operating revenue of $638.6 million, resulting in an EBITDA margin of 36.8% [12] - The company generated $266 million in VIP normalized EBITDA in Macau, impacted by lower than normal VIP holds costing nearly $13 million [9][13] Business Line Data and Key Metrics Changes - Encore Boston Harbor reported $64 million in EBITDAR, up about 3% year-over-year, with casino revenues growing over 5% [8][12] - Macau operations delivered adjusted property EBITDA of $253.7 million on $883.5 million of operating revenue, resulting in an EBITDA margin of 28.7% [13] - The company spent approximately $165 million in CapEx during the quarter, primarily for renovations and enhancements [17] Market Data and Key Metrics Changes - Demand in Boston remained healthy, with total casino revenues roughly flat compared to last year [9] - Mass drop in Macau was up 3.6% year-over-year, while VIP volumes also saw significant increases [9] - The company reported strong retail sales and RevPAR growth of over 1% in Las Vegas [6] Company Strategy and Development Direction - The company plans to kick off the Encore Tower remodel in spring 2026 with an estimated spend of $330 million [7][12] - Wynn Al Marjan Island is progressing rapidly, with a targeted opening date and significant development opportunities in the UAE market [11][17] - The company is focused on maintaining its premium positioning in the market and enhancing its offerings through capital projects [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the business in Las Vegas despite macroeconomic uncertainties, with strong forward booking trends [7] - The company is optimistic about group and convention business heading into the fourth quarter and 2026, anticipating a record year for group room nights and revenues [7] - Management noted that the premium segment continues to lead the market in Macau, with strong performance expected moving forward [10] Other Important Information - The company repurchased $158 million of stock during the quarter at a weighted average price of just under $79 per share [12][17] - Wynn Macau increased its final dividend for 2024 to approximately $125 million, reflecting the company's commitment to returning capital to shareholders [17] Q&A Session Summary Question: How much of Las Vegas outperformance is due to high-end market positioning versus operational pivots? - Management attributed the outperformance to a combination of luxury positioning and operational improvements, with a focus on maintaining a well-managed property [20][21] Question: What are the expectations for third and fourth quarters in Las Vegas? - Management indicated strong booking trends and a positive outlook for Q4, with group business looking robust [22][24] Question: What factors contributed to the recent market inflection in Macau? - Management noted that entertainment events and strong performance in July contributed to the market's recovery, with a positive EBITDA run rate [25][26] Question: How are expenses being managed in Las Vegas? - Management emphasized diligent expense management, maintaining costs in low single digits while ensuring guest experience is not impacted [46][48] Question: What is the current customer mix in Macau? - Management reported a consistent mix of new and returning customers, with a strong influx of premium mass play post-COVID [52][53] Question: What is the company's strategy for the UAE project? - Management outlined plans for a comprehensive marketing strategy, including partnerships and pre-opening campaigns to drive awareness and visitation [88][90] Question: What is the timeline for the event center in Macau? - The completion of the event center is subject to government approvals, with an estimated timeline of early 2028 [60]

Financial Data and Key Metrics Changes - Wynn Las Vegas achieved a record EBITDA of nearly $235 million, reflecting a 2% year-over-year increase, with adjusted EBITDA reaching $234.8 million on operating revenue of $638.6 million, resulting in an EBITDA margin of 36.8% [5][12] - Total casino revenues increased by 14.5%, driven by healthy demand and a 3% increase in average daily rate [5][12] - Encore Boston Harbor generated $64 million in EBITDAR, up about 3% year-over-year, with casino revenues growing over 5% [7][12] - Macau operations delivered adjusted property EBITDA of $253.7 million on $883.5 million of operating revenue, resulting in an EBITDA margin of 28.7% [13] Business Line Data and Key Metrics Changes - The Las Vegas segment saw a 14.5% increase in total casino revenues, with strong performance in both drop and handle [5] - Encore Boston Harbor's casino revenues grew by 5.2% year-over-year, maintaining cost discipline with flat operating expenses [13] - Macau's mass drop increased by 3.6% year-over-year, although VIP hold was lower than expected, impacting EBITDA by nearly $13 million [8][13] Market Data and Key Metrics Changes - Demand in Boston remained healthy, with total casino revenues roughly flat compared to the previous year [8] - Macau experienced a steady April and strong June, with July showing further acceleration in volumes despite some weather disruptions [8] - The premium segment in Macau continues to lead the market, with ongoing capital projects aimed at enhancing offerings [9][10] Company Strategy and Development Direction - The company is focusing on enhancing its premium positioning in Macau through capital projects, including an expansion of the Chairman's Club gaming area and a refresh of Wynn Tower rooms [9][10] - The Encore Tower remodel in Las Vegas is set to begin in spring 2026, with an estimated cost of $330 million [6][12] - Wynn Al Marjan Island is progressing rapidly, with significant equity contributions and partnerships established for food and beverage offerings [11][17] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the Las Vegas business despite macroeconomic uncertainties, with strong forward booking trends and a robust group and convention business anticipated for Q4 and 2026 [6][12] - The company is optimistic about the UAE project, expecting to be the only operator in the market for some time, which could lead to conservative projections being exceeded [76][82] - Management highlighted the importance of maintaining a strong customer base at the luxury end of the market, which has shown resilience [20][38] Other Important Information - The company repurchased $158 million of stock during the quarter and announced a cash dividend of $0.25 per share [12][16] - The liquidity position remains strong, with global cash and revolver availability of $3.6 billion as of June 30 [15] Q&A Session Summary Question: Las Vegas performance attribution - Management attributes Las Vegas outperformance to luxury positioning and operational improvements, with strong booking trends for Q3 and Q4 [19][22] Question: Macau market inflection - The inflection in Macau is attributed to a combination of entertainment events and strong customer demand, with good performance noted in July [26][27] Question: CapEx projects in Vegas and Boston - Management indicated that corporate tax provisions will benefit future CapEx but no immediate changes to plans are expected [31] Question: Group pace for Q4 and Formula One expectations - Both Q4 group pace and Formula One bookings are pacing well, with strong corporate bookings anticipated [32] Question: Consumer spending trends in Vegas - Spending per customer remains stable, with high-end customers continuing to spend at tables and slots [36][39] Question: Macau promotions and entertainment - Reinvestment strategies are adjusted based on market conditions, with entertainment driving visitation and demand [58][60] Question: UAE project and competition - Management anticipates being the only operator in the UAE for a period, with potential for strong market performance [80][82] Question: Building player pipeline for UAE opening - The company is actively engaging in pre-marketing efforts and partnerships to ensure a successful opening in 2027 [90][93]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets of **$12.69 billion** as of June 30, 2025, with a slight decrease driven by lower cash reserves Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $2,504,483 | $2,921,679 | | Cash and cash equivalents | $1,984,752 | $2,426,155 | | **Total assets** | **$12,689,027** | **$12,977,963** | | **Total current liabilities** | $2,423,042 | $1,539,534 | | Long-term debt | $9,545,693 | $10,500,484 | | **Total liabilities** | **$13,897,001** | **$13,946,566** | | **Total stockholders' deficit** | **($1,207,974)** | **($968,603)** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2025 operating revenues remained flat at **$1.74 billion**, while net income significantly decreased to **$66.2 million** year-over-year Q2 2025 vs Q2 2024 Financial Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total operating revenues | $1,737,797 | $1,732,932 | | Operating income | $264,600 | $269,658 | | Net income attributable to Wynn Resorts, Limited | $66,218 | $111,943 | | Diluted EPS | $0.64 | $0.91 | H1 2025 vs H1 2024 Financial Performance (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total operating revenues | $3,438,194 | $3,595,841 | | Operating income | $533,189 | $632,599 | | Net income attributable to Wynn Resorts, Limited | $138,965 | $256,159 | | Diluted EPS | $1.33 | $2.30 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for H1 2025 was **$538.8 million**, with significant cash used for capital expenditures, debt repayments, and stock repurchases Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $538,836 | $667,854 | | Net cash used in investing activities | ($456,036) | ($271,626) | | Net cash used in financing activities | ($515,986) | ($895,791) | | **Decrease in cash, cash equivalents and restricted cash** | **($441,765)** | **($499,368)** | - Key uses of cash in H1 2025 included **$325.2 million** in capital expenditures, **$130.6 million** in investments for unconsolidated affiliates (Wynn Al Marjan Island), **$763.1 million** in debt repayments, and **$377.6 million** in common stock repurchases[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, debt structure, and key developments including the Wynn Al Marjan Island project and share repurchases - The company operates integrated resorts in Macau (Wynn Palace, Wynn Macau), Las Vegas (Wynn Las Vegas), and Boston (Encore Boston Harbor)[21](index=21&type=chunk) - The company holds a **40% equity interest** in the Wynn Al Marjan Island project in the UAE, which is expected to open in 2027[22](index=22&type=chunk) - In June 2025, the company amended its WRF Credit Facility, extending the maturity of its term loan and revolving commitments to 2030[45](index=45&type=chunk)[46](index=46&type=chunk) - In July 2025, the company increased the borrowing capacity under its WM Cayman II Revolver by **$1.0 billion** to a total of **$2.5 billion**[44](index=44&type=chunk) - The company has a funding commitment for its 40% share of the Wynn Al Marjan Island project, with an estimated remaining contribution of **$600 million to $675 million**[78](index=78&type=chunk) - The company also provided a completion guarantee for the **$2.4 billion** Al Marjan Facility, jointly and severally with the government of Ras Al Khaimah[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses flat Q2 revenues with declining net income, lower H1 performance, segment results, liquidity, and major capital projects [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2025 operating revenues were nearly flat at **$1.74 billion**, while net income dropped **40.8%** due to a significant foreign currency loss Q2 2025 Operating Revenues by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Macau Operations | $883,454 | $885,318 | (0.2)% | | Las Vegas Operations | $638,633 | $628,654 | 1.6% | | Encore Boston Harbor | $215,710 | $212,608 | 1.5% | | **Total** | **$1,737,797** | **$1,732,932** | **0.3%** | - The decrease in Q2 2025 net income was primarily driven by a **$36.2 million foreign currency remeasurement loss**, compared to an $8.7 million gain in Q2 2024[118](index=118&type=chunk)[119](index=119&type=chunk)[135](index=135&type=chunk) - Operating expenses in Q2 2025 were impacted by higher stock-based compensation and one-time costs related to the **20th anniversary of Wynn Las Vegas**[128](index=128&type=chunk)[130](index=130&type=chunk) - Room revenues decreased in Q2 2025, primarily due to a **26.6% drop in Average Daily Rate (ADR)** at Wynn Palace and an 8.5% drop at Wynn Macau[125](index=125&type=chunk) [Segment Information](index=44&type=section&id=Segment%20Information) Adjusted Property EBITDAR increased for US operations in Q2 2025, while Wynn Palace experienced a significant decline due to lower room revenue Adjusted Property EBITDAR by Segment - Q2 (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $157,206 | $184,459 | (14.8)% | | Wynn Macau | $96,510 | $95,911 | 0.6% | | Las Vegas Operations | $234,812 | $230,333 | 1.9% | | Encore Boston Harbor | $63,859 | $62,131 | 2.8% | Adjusted Property EBITDAR by Segment - H1 (in thousands) | Segment | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $319,091 | $386,829 | (17.5)% | | Wynn Macau | $186,709 | $233,097 | (19.9)% | | Las Vegas Operations | $458,173 | $476,595 | (3.9)% | | Encore Boston Harbor | $121,313 | $125,266 | (3.2)% | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$1.98 billion** in cash and continues its share repurchase program and capital expenditure projects Total Liquidity as of June 30, 2025 (in thousands) | Category | Amount | | :--- | :--- | | Total Cash and Cash Equivalents | $1,984,752 | | Revolver Borrowing Capacity | $1,586,080 | - In H1 2025, the company repurchased **4.36 million shares for $358.1 million** under its equity repurchase program, with **$454.9 million** remaining available for repurchase[56](index=56&type=chunk)[177](index=177&type=chunk)[194](index=194&type=chunk) - The company paid cash dividends of **$0.25 per share** in both Q1 and Q2 2025 and declared another $0.25 per share dividend for Q3 2025[192](index=192&type=chunk) - Projected capital expenditures for 2025 include **$200-$250 million** for Macau and **$200-$225 million** for Las Vegas property enhancements[181](index=181&type=chunk)[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate and foreign currency risks, which it manages through fixed-rate debt and derivative instruments - Approximately **82% of the company's long-term debt** is at fixed rates as of June 30, 2025[205](index=205&type=chunk) - A 100 basis point change in variable interest rates would change annual interest expense by an estimated **$18.9 million**[205](index=205&type=chunk) - The company entered into four foreign currency swaps in H1 2025 to manage currency risk associated with its U.S. dollar-denominated senior notes held by its Macau subsidiary[207](index=207&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[209](index=209&type=chunk) - **No material changes** were made to the internal control over financial reporting during the quarter ended June 30, 2025[210](index=210&type=chunk) [Part II. Other Information](index=52&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing litigation from the normal course of business is not expected to materially impact the company's financial condition - Ongoing litigation is **not expected to have a material effect** on the company's financial condition or results of operations[77](index=77&type=chunk)[211](index=211&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K have been identified - **No material changes** to the company's risk factors were reported for the six months ended June 30, 2025[212](index=212&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately **2.05 million shares** in Q2 2025 as part of its ongoing **$1.0 billion** equity repurchase program Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 1,448,069 | $74.74 | | May 2025 | 198,936 | $92.15 | | June 2025 | 405,444 | $87.56 | - As of June 30, 2025, the company had **$454.9 million remaining** under its share repurchase authorization[213](index=213&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including credit agreement amendments and required officer certifications

Financial Performance & Growth - Wynn Resorts reported a total Adjusted Property EBITDAR of $22 billion for the last twelve months (LTM) ending in the second quarter of 2025[29] - Las Vegas operations showed strong performance with a new second quarter EBITDA record[40] - Macau operations generated significant free cash flow and maintained a healthy market share[33] - Encore Boston Harbor demonstrated stable operating performance as the East Coast's only Forbes 5-Star Casino Resort[34] - Wynn Al Marjan Island is expected to add approximately $345 million in EBITDAR to the existing base upon opening[29] Capital Allocation & Investments - Approximately $135 billion, or about 12% of gross shares, has been returned to Wynn Resorts, Limited shareholders since 2022[29] - The company anticipates remaining equity contributions of $600-$675 million for the Wynn Al Marjan Island project[69] - Wynn Macau is undertaking capital expenditure projects estimated between $200-$250 million in 2025 and $450-$500 million in 2026[71] Liquidity & Debt - Wynn Resorts has total liquidity of $17 billion[82] - Wynn Macau has total liquidity of $28 billion[82]

[Consolidated Financial Highlights](index=1&type=section&id=Consolidated%20Results) Wynn Resorts reported nearly flat operating revenues for Q2 2025, with net income and Adjusted Property EBITDAR declining due to unfavorable Macau VIP hold, offset by record Las Vegas performance and capital returns Q2 2025 Consolidated Financial Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $1.74 billion | $1.73 billion | +$4.9 million | | **Net Income** | $66.2 million | $111.9 million | -$45.7 million | | **Diluted EPS** | $0.64 | $0.91 | -$0.27 | | **Adjusted Property EBITDAR** | $552.4 million | $571.7 million | -$19.3 million | - CEO Craig Billings noted continued business strength, with a new Q2 record for **Adjusted Property EBITDAR in Las Vegas**, despite negative VIP hold impact on Macau results, which still generated significant free cash flow, with progress continuing on the Wynn Al Marjan Island project in the UAE[3](index=3&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.25 per share**[6](index=6&type=chunk) - The company continued its capital return program, repurchasing **$158 million** of its common stock during the quarter[3](index=3&type=chunk)[16](index=16&type=chunk) [Segment Performance Analysis](index=1&type=section&id=Property%20Results) Q2 2025 segment performance was mixed, with Las Vegas Operations achieving record Adjusted Property EBITDAR, while Macau faced headwinds from unfavorable VIP hold at Wynn Palace, and Encore Boston Harbor showed modest growth Adjusted Property EBITDAR by Segment (Q2 2025 vs Q2 2024) | Property | Q2 2025 EBITDAR | Q2 2024 EBITDAR | Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $157.2 million | $184.5 million | -$27.3 million | | Wynn Macau | $96.5 million | $95.9 million | +$0.6 million | | Las Vegas Operations | $234.8 million | $230.3 million | +$4.5 million | | Encore Boston Harbor | $63.9 million | $62.1 million | +$1.7 million | [Macau Operations](index=1&type=section&id=Macau%20Operations) Macau operations saw mixed results, with Wynn Palace experiencing a decline due to unfavorable VIP hold, while Wynn Macau achieved a slight increase in operating revenues - **Wynn Palace** operating revenues decreased by **$8.4 million** to **$539.6 million**, with Adjusted Property EBITDAR falling to **$157.2 million** from **$184.5 million**, primarily due to a VIP table games win percentage of **2.86%** below the expected range[7](index=7&type=chunk) - **Wynn Macau** operating revenues increased slightly by **$6.5 million** to **$343.8 million**, with Adjusted Property EBITDAR stable at **$96.5 million**, supported by a strong VIP table games win percentage of **3.41%** above the expected range[8](index=8&type=chunk) [Las Vegas Operations](index=2&type=section&id=Las%20Vegas%20Operations) Las Vegas Operations achieved record Adjusted Property EBITDAR with increased operating revenues, despite a table games win percentage slightly below the expected range - Operating revenues grew by **$10.0 million** to **$638.6 million**, and Adjusted Property EBITDAR increased to a record **$234.8 million**, with table games win percentage at **21.8%**[9](index=9&type=chunk) [Encore Boston Harbor](index=2&type=section&id=Encore%20Boston%20Harbor) Encore Boston Harbor reported modest growth in operating revenues and Adjusted Property EBITDAR, benefiting from a table games win percentage within the expected range - Operating revenues rose by **$3.1 million** to **$215.7 million**, and Adjusted Property EBITDAR increased to **$63.9 million**, benefiting from a table games win percentage of **21.3%** within the expected range[10](index=10&type=chunk) [Development, Balance Sheet, and Capital Allocation](index=2&type=section&id=Development%2C%20Balance%20Sheet%2C%20and%20Capital%20Allocation) The company is advancing its Wynn Al Marjan Island project for a 2027 opening, managing its $10.54 billion debt with $1.98 billion cash, and returning capital through stock repurchases - **Wynn Al Marjan Island Development:** The company contributed **$58.2 million** in Q2 2025 to the UAE joint venture, with the project expected to open in **2027**[11](index=11&type=chunk) Balance Sheet Summary (as of June 30, 2025) | Item | Amount | | :--- | :--- | | Cash and Cash Equivalents | $1.98 billion | | Total Debt Outstanding | $10.54 billion | | Available Borrowing Capacity | $1.59 billion | - **Recent Debt Financing:** The company amended its WRF credit facility to extend maturities to **June 2030** and increased its WM Cayman II Revolver capacity by **$1.0 billion**[14](index=14&type=chunk)[15](index=15&type=chunk) - **Equity Repurchase Program:** Repurchased **2,004,418 shares** for **$158.1 million** in Q2 2025, with **$454.9 million** remaining in repurchase authority[16](index=16&type=chunk) [Financial Statements and Supplemental Data](index=6&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section provides detailed unaudited financial tables for Q2 2025, including consolidated statements of income, GAAP to non-GAAP reconciliations, and supplemental operational data for each property Condensed Consolidated Statement of Income (Q2 2025) | Line Item (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Total operating revenues** | **$1,737,797** | **$1,732,932** | | Operating income | $264,600 | $269,658 | | Net income | $76,961 | $146,273 | | **Net income attributable to Wynn Resorts, Limited** | **$66,218** | **$111,943** | | Diluted net income per common share | $0.64 | $0.91 | - The financial tables provide detailed reconciliations of Net Income to Adjusted Net Income and Operating Income to Adjusted Property EBITDAR, clarifying adjustments for depreciation, pre-opening expenses, and stock-based compensation[25](index=25&type=chunk)[26](index=26&type=chunk)[29](index=29&type=chunk) - Supplemental data schedules offer granular operating metrics for each property, including casino statistics (turnover, win percentage) and room statistics (ADR, REVPAR), providing deeper insight into segment performance[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk)

Core Concept - Wynn Resorts is launching Enclave, a luxurious integrated resort at Wynn Al Marjan Island, set to open in 2027, featuring exclusive accommodations and high-end amenities designed for discerning international travelers [10][16]. Group 1: Accommodations - Enclave will offer a total of 313 rooms, including six distinct plans, with sizes ranging from 800 square feet for Enclave King Suites to 16,000 square feet for two-story Royal Apartments [2][9]. - The design of the suites reflects a blend of timeless elegance and cultural influences, with in-room amenities tailored to meet the expectations of global clientele [2][3]. Group 2: Amenities and Services - Enclave features a private reserve pool and beach area, designed for various experiences, including family gatherings and secluded retreats, with beach butlers providing on-demand dining service [4]. - A restaurant above the grand lobby will serve exclusive breakfast for Enclave guests and transform into a vibrant Lebanese dining experience for lunch and dinner, led by a renowned restaurateur [5]. - The private Lobby Lounge will offer a luxurious setting for morning coffee, afternoon tea, and evening cocktails, enhancing the overall guest experience [6]. Group 3: Design and Experience - The design ethos of Enclave emphasizes intimacy within grandeur, with a focus on personal recognition and exceptional craftsmanship [7][8]. - The resort's architecture and curated art collection aim to create a unique storytelling experience, blending contemporary and ancient influences [8]. Group 4: Resort Overview - Wynn Al Marjan Island will span over 60 hectares, featuring 1,217 resort rooms, 297 Enclave suites, and various luxury amenities, including a deep-water marina and extensive dining options [9][16]. - The resort is strategically located 50 minutes from Dubai International Airport, enhancing its appeal to a sophisticated global clientele [16].

Macau Gaming Revenue Resurgence - Macau's gambling sector is experiencing a post-pandemic recovery, with June gross gaming revenue showing a 19% year-over-year improvement [1] - June gambling revenue reached $26 billion [2] - Gaming revenue jump may be a result of promotional spending [3] - Macau has not yet returned to pre-pandemic levels, making future earnings reports crucial for insight [4] Stock Market Impact - Casino stocks with Macau exposure are rising, including Wind (up 8%), Las Vegas Sands (up 8%), Melco (up 11%), and MGM Resorts (up 6%) [2] - Melco has seen gains of 52% over the last 3 months [3] Diversification Efforts - Macau is attempting to diversify its economy beyond gambling, focusing on shows and events like NBA exhibition games [5][6] - The success of attracting non-gambling spending is yet to be determined [6] Economic Factors - The Chinese macro backdrop remains a key consideration for Macau casinos [4] - There can be a divergence between the Chinese economy and gambling activity in Macau, as it is fueled by serious gamblers [5]

Wynn Interactive Reorganization - Wynn Resorts reorganized its interactive assets and partnered with BetBull Limited, forming Wynn Interactive, a majority-owned (71%) subsidiary[5] - Wynn Resorts invested approximately $80 million in Wynn Interactive to support growth and expansion[6, 9] - The reorganization combines BetBull's international gaming operations, Wynn Sports Interactive's (WSI) U S operations, and Wynn Slots' social casino operations[6] Market Access and Expansion - Wynn Interactive has secured market access in nine states, covering approximately 24% of the total potential addressable U S market[9, 33] - The company is in discussions for market access in five additional states, representing approximately 29% of the total potential addressable U S market[33] - Wynn Interactive is in advanced stages of seeking access in Tennessee and Virginia, representing approximately 5% of the total potential addressable U S market[33] Team and Products - The Wynn Interactive team includes Craig Billings, Sadok Kohen, and Norbert Teufelberger, experienced professionals in the digital gaming industry[9, 16] - Wynn Interactive's products include BetBull, a UK-facing sports betting and iCasino business, and WynnBET, a U S-facing product[18, 26] Financials - The combined 2019 gross revenue of the combined entities was $21 million[12]

Core Viewpoint - Wynn Resorts, Limited is initiated with a Strong Buy rating and a price target of $187, focusing on its luxury integrated resorts in Macau, Las Vegas, and Boston, which provide industry-leading gaming, hospitality, and entertainment [1] Company Overview - Wynn Resorts, Limited engages in the design, development, and operation of luxury integrated resorts [1] - The company operates in key markets including Macau, Las Vegas, and Boston [1] Research Methodology - Moretus Research employs a structured, repeatable framework to identify companies with durable business models and mispriced cash flow potential [1] - The research combines rigorous fundamental analysis with a judgment-driven process, focusing on comparability, simplicity, and relevance [1] - The coverage tends to favor underappreciated companies undergoing structural change or temporary dislocation, aiming for asymmetric returns [1] Investment Philosophy - Moretus Research emphasizes a deep respect for capital, discipline, and long-term compounding [1] - The goal is to raise the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

Core Insights - The Revelry culinary festival will take place at Wynn Las Vegas from September 19-27, 2025, featuring top chefs and immersive culinary experiences [1][4][5] - The festival includes signature events such as The Feast, collaboration dinners, and exclusive Connoisseur Classes, showcasing diverse culinary styles and global flavors [4][5][8] Event Highlights - The Feast, the festival's marquee event, will occur on September 20, 2025, offering a multi-sensory tasting experience with tickets starting at $395 per person [5][6] - Notable culinary collaboration dinners include The Tastemakers and All-Star Chefs Dinner, with ticket prices ranging from $500 to $795 per person [6][8] - Exclusive Connoisseur Classes will feature topics like BBQ mastery and culinary tours of Mexico, with tickets priced around $195 to $500 [7][11] Participating Chefs and Culinary Teams - Esteemed chefs from Wynn Las Vegas and other locations will participate, including James Beard Award winners and Michelin-starred chefs [4][8] - The festival will also feature guest mixologists and vintners, enhancing the culinary experience with unique beverage pairings [4][5] Sponsorship and Production - Revelry is co-produced by Wynn Las Vegas and Elizabeth Blau, with American Express as the presenting sponsor [9]