Core Insights - The article discusses the busy schedule of corporate events, including Analyst Days and Shareholder Meetings, which can provide valuable insights into companies' short-term trends and strategic plans [1][2][3] Company Events - Uber Technologies participated in a Fireside Chat with Goldman Sachs analysts, while Visa, Apple, and Nike are hosting significant events this week [2] - CrowdStrike's Analyst Day is scheduled for September 17, following a stock price decline of over 20% from its peak of $518 in early July, despite strong revenue and earnings performance [6][9] - Wynn Resorts will hold its Analyst Day on September 19, with shares nearly doubling since April, although recent reports indicate challenges in the Las Vegas tourism sector [7][9] - Alibaba's Shareholder Meeting is set for September 25, with the company recently announcing the development of new AI chips, positioning itself competitively in the tech sector [10] - FedEx's Shareholder Meeting is on September 29, with expectations for clarity on its Freight division spinoff amid a 20% stock price decline over the past year [11] Economic Context - The article highlights the upcoming macroeconomic data releases, including retail sales and Federal Reserve policy decisions, which could impact market sentiment and company performance [4][5][12] - The Cboe Volatility Index (VIX) is currently around 15, indicating modest expected volatility in the S&P 500, suggesting a stable market environment for the time being [12]

Group 1 - Wynn Resorts, Limited (NASDAQ:WYNN) has been one of the best performing stocks in the S&P 500 over the last three months, with UBS raising its price target from $101 to $147 and upgrading its rating from Neutral to Buy based on improved forecasts for Macau and a positive outlook for the AI Marjan resort in the UAE [1] - The AI Marjan project in the UAE is projected to generate a run-rate adjusted property EBITDAM of $730 million, which is 16% higher than Wynn's base case estimate of $625 million and aligns with the higher end of the company's guidance range of $500-800 million [2] - Wynn Resorts is recognized as a luxury hotel and casino operator, known for its premium resort experiences and high-end properties located in Boston, Macau, and Las Vegas [3] Group 2 - Wynn's unique position as the only casino operator in the UAE is expected to provide a significant advantage in attracting ultra-high-net-worth foreign clients, enhancing its market trust [2]

Core Insights - The article highlights the addition of three new acrobatic performances to the show "Awakening" at Wynn Las Vegas, enhancing its artistic and emotional impact [1][3] - "Awakening" is an 80-minute immersive production that combines various art forms, including choreography, puppetry, and acrobatics, designed to captivate audiences of all ages [2][5] Company Overview - Wynn Las Vegas is recognized for its luxurious offerings, including 4,748 hotel rooms and suites, extensive casino space, and multiple dining and entertainment options [6] - The resort has received numerous accolades, including being named "Best Production Show" by the Southern Nevada Hotel Concierge Association and featuring on FORTUNE Magazine's World's Most Admired Companies list [6] Show Details - The new acrobatic performances include Shoulder Ballet, Slackwire, and Russian Bar, each showcasing unique feats of strength and artistry [7] - The show is narrated by two-time Academy Award-winner Anthony Hopkins and follows the journey of a heroine named IO, exploring themes of balance and harmony [3][5] - "Awakening" features 60 performers and utilizes advanced technology, including a state-of-the-art glass stage and custom LED visuals [5]

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Group 1 - Wynn Resorts' stock (NASDAQ:WYNN) increased by 2.1% to $125.78, reaching a four-year high after UBS upgraded its rating to "buy" from "neutral" and raised the price target to $147 from $101 [1] - The upgrade reflects a positive sentiment among analysts, with 16 out of 19 now rating the stock as "buy" or better, while only three analysts have a "hold" rating [1] - UBS highlighted the strength in Macau and growth potential in the UAE, where Wynn secured the first commercial gaming operator license, with its AI Marjan resort expected to open in early 2027 [1] Group 2 - Wynn's stock is on track for its fifth consecutive daily gain and has risen approximately 45% year-to-date [2] - The stock recently surpassed resistance at the $112 level, aided by its ascending 40-day moving average [2] - Despite the stock's upward trend, short interest has increased to 8.5% of WYNN's available float, indicating it would take over three days for shorts to cover at the stock's average trading pace [2]

美银重申Penn Entertainment(PENN.US)的"中性"评级，并将其对2026年EBITDA的预期从2025年的预 期下调1%。Penn将其全年EBITDA指导从4.00亿美元下调至2.00亿美元。新指导包括由于税收和密苏里 州启动导致的1000万美元，但削减反映了对下半年市场份额的更谨慎预期。该行认为ESPN Bet的当前 收入基础加上高固定成本使得该部门难以盈利。 Sportradar(SRAD.UYS)第二季度营收/EBITDA为3.18亿欧元/6400万欧元，略高于美银的3.16亿欧元/6000 万欧元预期。Sportradar还将其全年收入/EBITDA指导提高到至少12.78亿欧元/2.84亿欧元，而之前的预 期为12.73亿欧元/2.81亿欧元。尽管超预期并提高指导，Sportradar自报告以来下跌约6%，美银认为这是 由于股票的年初至今表现（上涨59%）和高预期。该行重申其"买入"评级，并将目标价定为31美元，基 于2026年EBITDA的20倍。 美银证券指出，尽管拉斯维加斯大道的表现不尽如人意，但Wynn Resorts(WYNN.US)的超预期表现却展 现了其高端市场的 ...

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]