Ras Al Khaimah Economic and Tourism Overview - Ras Al Khaimah's GDP is projected to reach $17.7 billion by 2030, with a 7.6% CAGR [29] - The population is expected to grow from 400,000 in 2024 to 620,000 by 2030, representing a 6.7% CAGR [29] - Ras Al Khaimah plans ~$35 billion in development and infrastructure spending [34] - Ras Al Khaimah anticipates 11.2 million visitors by 2030 [51] - The number of hotel rooms in Ras Al Khaimah is expected to increase by 8,800 by 2030 [51] Wynn Al Marjan Island Project - The Wynn Al Marjan Island tower will be 353 meters (1,158 feet) tall [88] - Of the $5.1 billion total budget, approximately 67%, or $3.4 billion, is either spent or fully bought out [83] - The project is pacing towards a Q1 2027 opening [78] UAE Gaming Market Potential - The UAE gaming market is estimated to have a GGR of $3 billion to $5 billion, with Wynn potentially capturing $1.0 billion to $1.7 billion [126] Financial Projections for Wynn Al Marjan Island - The project anticipates a steady-state adjusted property EBITDAM between $500 million and $800 million [141] - Wynn's share of free cash flow plus management/license fees is projected to be between $180 million and $370 million [141] - The projected return on invested capital (project return) is between 9.8% and 15.7% [141]

Core Insights - Deep-pocketed investors have adopted a bearish stance towards Wynn Resorts, indicating potential significant market movements ahead [1] - The options activity for Wynn Resorts has shown unusual patterns, with a majority of investors leaning bearish [2] Options Activity Summary - A total of 30 extraordinary options activities were tracked, with 80% of investors bearish and only 13% bullish [2] - Notable options include 6 puts totaling $189,764 and 24 calls amounting to $6,308,747 [2] - The average open interest for Wynn Resorts options is 1,692.1, with total volume reaching 40,791 [4] Price Predictions - The predicted price range for Wynn Resorts is between $125.0 and $165.0 based on recent options activity [3] Company Overview - Wynn Resorts operates luxury casinos and resorts, including properties in Macao and Las Vegas, and is expanding its non-gaming attractions [9] - The company generated 76% of its 2019 pre-pandemic EBITDA from Macao and 24% from the US, with expectations for a more balanced contribution in 2024 [9] Analyst Ratings - Recent expert opinions show an average target price of $144.2 for Wynn Resorts, with varying ratings from different analysts [10][11] - Barclays maintains an Overweight rating with a target price of $141, while Citigroup upgraded to Buy with a target of $160 [11]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [3][11] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [11] - Macau operations generated adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, with an EBITDA margin of 30.8% [12] Business Line Data and Key Metrics Changes - Slot revenues at Encore Boston Harbor grew over 5% year-on-year, contributing to an adjusted property EBITDA of $58.4 million on revenue of $211.8 million [11] - The company maintained a disciplined approach to operating expenses (OPEX), with OPEX per day in Boston up only 1.9% compared to Q3 2024 [11] - In Macau, mass volumes were strong, up 15% year-on-year, despite weather disruptions [6] Market Data and Key Metrics Changes - The gaming market share in Las Vegas continued to grow, driven by strong demand and effective marketing strategies [3] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR), indicating a positive outlook for the region [6] - The company noted that demand in Boston remained healthy in October, with both drop and handle above last year [5] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [4][8] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced to date [10] - The company plans to continue investing in its market-leading assets in Las Vegas while managing macroeconomic uncertainties [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Las Vegas market, noting improvements in group bookings and overall demand [19][20] - The company remains bullish on Macau's long-term prospects, citing evolving consumer preferences and a dynamic market environment [65][66] - Management acknowledged the potential headwinds from the Encore Tower remodel but emphasized the importance of maintaining competitive rates [5] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.6 billion as of September 30 [13] - Wynn Macau paid out approximately $125 million in dividends in Q3, reflecting a commitment to returning capital to shareholders [14] - The company expects to spend $200 million-$250 million in total CAPEX for 2025 [13] Q&A Session Summary Question: Can you talk about the Las Vegas environment and expectations for growth in 2026? - Management noted that the summer business environment had improved, with a focus on rate rather than occupancy, leading to better results in Q3 and positive expectations for 2026 [19][20] Question: What are the dynamics in the UAE market regarding EBITDA scenarios? - Management discussed various factors affecting market size and share, emphasizing the absence of near-term competition and the focus on delivering a high-quality product [23][24] Question: How is the company addressing pricing pushback in Las Vegas? - Management stated that they have not seen pushback on pricing, as their customer base values the premium experience offered [28][29] Question: What is the outlook for Macau's competitive dynamics? - Management acknowledged the competitive nature of Macau but emphasized their focus on driving revenues and managing costs effectively [43][44] Question: How will the company allocate free cash flow in 2027? - Management indicated that capital returns and potential investments in the UAE land bank will be considered, depending on market conditions [92][93]

Core Insights - Wynn Resorts reported strong financial results for Q3 2025, with operating revenues of $1.83 billion, an increase of $140.4 million from Q3 2024 [2][4] - The company achieved a net income of $88.3 million in Q3 2025, a significant turnaround from a net loss of $32.1 million in Q3 2024 [5][29] - Adjusted Property EBITDAR rose to $570.1 million, up $42.4 million from the previous year, indicating robust operational performance [6][29] Consolidated Results - Operating revenues increased across various segments: Wynn Palace ($635.5 million, +$115.7 million), Las Vegas Operations ($621.0 million, +$13.8 million), and Wynn Macau ($365.5 million, +$13.6 million) [4][10] - Encore Boston Harbor saw a slight decline in operating revenues to $211.8 million, down $2.4 million from the previous year [11] Property Results - Wynn Palace's Adjusted Property EBITDAR was $200.3 million, an increase from $162.3 million in Q3 2024, despite a decrease in mass market table games win percentage [8] - Wynn Macau's operating revenues rose to $365.5 million, with an Adjusted Property EBITDAR of $108.0 million, reflecting a year-over-year increase [9] - Las Vegas Operations reported operating revenues of $621.0 million, with a stable Adjusted Property EBITDAR of $203.4 million [10] Dividend Announcement - The Board of Directors declared a cash dividend of $0.25 per share, payable on November 26, 2025, to stockholders of record as of November 17, 2025 [7] Development Projects - The company invested $93.9 million in the Wynn Al Marjan Island project, with total contributions reaching $835.0 million, and the project is expected to open in 2027 [12] Balance Sheet Highlights - As of September 30, 2025, cash and cash equivalents totaled $1.49 billion, with significant available borrowing capacity under various credit facilities [13][14] - Total current and long-term debt stood at $10.57 billion, with a breakdown of $5.81 billion related to Macau [15] Recent Debt Financing Activities - In August 2025, Wynn Macau Limited issued $1.0 billion in Senior Notes due 2034 and used the proceeds to redeem existing notes due 2026 [16] - The company increased its borrowing capacity under the WM Cayman II Revolver by $1.0 billion, bringing the total to $2.5 billion [17]

Core Insights - Analysts project that Bally's (BALY) will report a quarterly loss of -$0.71 per share, reflecting a year-over-year increase of 64.3% [1] - Revenue is expected to reach $659.65 million, marking a 4.7% increase from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating a reassessment by covering analysts [1] Revenue Estimates - Analysts estimate 'Revenue- Casinos & Resorts' at $392.60 million, representing an 11.1% increase from the prior-year quarter [4] - 'Revenue- International Interactive' is projected to be $211.30 million, indicating a decline of 8.5% from the year-ago quarter [4] - 'Revenue- North America Interactive' is expected to reach $54.80 million, reflecting a 20% increase from the prior-year quarter [4] EBITDAR Estimates - 'Adjusted EBITDAR- International Interactive' is expected to be $82.90 million, down from $90.03 million reported in the same quarter last year [5] - Analysts project 'Adjusted EBITDAR- Casinos & Resorts' at $109.15 million, compared to $100.44 million from the previous year [5] Stock Performance - Over the past month, shares of Bally's have increased by 28%, while the Zacks S&P 500 composite has only risen by 1.3% [5] - Currently, Bally's holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [5]

Core Insights - MGM Resorts International has experienced a 14% decline in stock value over the past year, contrasting with a 16% increase in the S&P 500, indicating long-term underperformance [1][5] - The company reported a net loss of $285 million in Q3, primarily due to a non-cash goodwill impairment charge of $256 million related to the withdrawal of a commercial gaming license application for Empire City [3][4] - MGM's Q3 revenue grew by approximately 2% to $4.3 billion, largely driven by growth in MGM China, but revenue from resorts on the Las Vegas Strip fell by about 7% [3][4] Financial Performance - The consensus FY25 earnings estimate for MGM Resorts has decreased by 16% over the past two months, with the FY26 Zacks Consensus Estimate down by 26% [4] - The company's recent negative EPS revisions have resulted in a Zacks Rank of 5 (Strong Sell) [4] Strategic Insights - CFO Jonathan Halkyard noted signs of stability in Las Vegas due to the return of group and convention activities and the completion of the MGM Grand room remodel [5] - The decision to sell MGM Northfield Park operations was driven by a focus on premium integrated resort operations, reflecting a solid multiple and highlighting the value gap in MGM Resorts' equity price [5] Market Position - Despite being a major player in the casino and resort industry with a portfolio of around 30 unique destinations, MGM stock has only increased by 35% over the last decade, while the S&P 500 has surged by 240% [5]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3 2025, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing offsetting a decline in advertising revenue [23][44] - Digital adjusted EBITDA grew 9% to $72 million, with margins at 27% and incremental margins at 26% [24][46] - The company expects digital revenue growth in the range of 7% to 10% for Q4 2025, with adjusted EBITDA guidance for the year slightly lowered to $325 million to $340 million [47] Business Line Data and Key Metrics Changes - People Inc. is the core asset, with a focus on diversifying revenue sources and audience growth, achieving significant traction in off-platform audience growth, which accelerated by 66% year-over-year [35][24] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [46] - The emerging and other segments reported a negative $20 million EBITDA due to legal expenses, but the rest of the segment remains profitable [49] Market Data and Key Metrics Changes - Google search traffic as a source for core brands decreased from 54% two years ago to 24% in the latest quarter, but overall audience scale has been maintained [32] - Ad revenue declined by 3% in Q3, primarily due to volume-related issues rather than rate-related [33] - Off-platform revenue, which is the fastest-growing revenue stream, accounted for over a third of the quarter's revenue [35] Company Strategy and Development Direction - The company aims to streamline its assets and reduce overhead, focusing on People Inc. and MGM as core components of its strategy [6][5] - IAC plans to divest non-core holdings and increase share repurchases, with a total of $300 million in shares bought back year-to-date [20][50] - The management is optimistic about evolving People Inc. into a more proactive business model, leveraging its iconic brands and exploring new business opportunities [13][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by Google and the broader market, emphasizing a strong relationship with audiences and advertisers [70][72] - The macroeconomic environment is perceived as stable for middle and upper segments, while some pressures exist in lower segments, particularly in corporate spending [80][81] - The company is optimistic about future growth, particularly in off-platform revenue and new initiatives like the Microsoft AI deal [68][39] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments and maintain profitability goals [42] - IAC's cash balances exceed $1 billion, which will be enhanced by selling non-core assets [20] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes that owning MGM through IAC offers a cheaper entry point and that the combined assets provide additional value [53][60] Question: Onetime expense cleanup in Q3 - Management indicated that significant cleanup has occurred, with no expectation of large one-time charges continuing in the future [60][61] Question: Update on People Inc. and Google litigation - Management expressed confidence in the future of People Inc. and highlighted the ongoing litigation against Google, seeking significant damages [73][75] Question: Macro environment and capital allocation - The macro environment is stable, with a focus on stock buybacks and cautious approach to acquisitions due to high prices [80][87] Question: Corporate costs trajectory - Corporate costs are expected to decrease as the company continues to rationalize its operations [113]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing [13][14] - Digital-adjusted EBITDA grew 9% pro forma to $72 million, with 27% margins, and the company expects digital revenue growth in the 7%-10% range for Q4 [30][31] - The company has a cash balance exceeding $1 billion, which will be enhanced by selling non-core assets [11][12] Business Line Data and Key Metrics Changes - People Inc. achieved a digital revenue growth of 9% in Q3, driven by its iconic portfolio of brands and strong audience engagement [14][15] - The print division saw a 15% revenue decline, but adjusted EBITDA only declined by 10%, indicating effective cost management [30] - Off-platform audience growth accelerated by 66% year-over-year, contributing significantly to revenue [22] Market Data and Key Metrics Changes - Google Search traffic as a source for core brands dropped from 54% two years ago to 24% in the latest quarter, but overall audience scale has been maintained [19][20] - Ad revenue declined by 3% in Q3, primarily due to volume-related issues rather than rate-related [21] - The macro environment appears solid for middle and upper-end consumers, while pressures are noted in the lower-end market [46][47] Company Strategy and Development Direction - IAC aims to streamline its assets, focusing on People and MGM, while divesting non-core holdings and reducing overhead [4][5] - The company is reimagining People Inc. to transition from a defensive to an offensive strategy, leveraging its brands to create new business opportunities [5][6] - MGM is viewed as a hedge against disintermediation, with a strong position in Las Vegas and a focus on digital opportunities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of People Inc. and MGM, highlighting the potential for growth despite current challenges [13][41] - The company is optimistic about upcoming AI-related deals and the value of its content in the evolving digital landscape [23][24] - Management acknowledged the impact of Google litigation costs but views the spending as worthwhile given the potential for significant damages [40][45] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments and maintain profitability goals [27] - IAC has repurchased $300 million worth of shares year-to-date, representing about 8% of its outstanding shares [33] Q&A Session All Questions and Answers Question: Current thinking on MGM's valuation and why invest through IAC - Management believes that investing in MGM through IAC offers a cheaper entry point and provides additional value from IAC's other assets [34][38] Question: One-time expense cleanup in Q3 - Management indicated that significant one-time expenses have been cleaned up and do not expect similar charges in the future [39] Question: Update on the state of the business and Google litigation - Management expressed confidence in the business's future, citing the Microsoft AI deal and the Feedfeed acquisition as positive indicators [41][42][45] Question: Macro environment observations - The macro environment is solid for middle and upper-end consumers, with some pressures noted in the lower-end market [46][47] Question: Capital allocation strategy moving forward - Management emphasized a focus on opportunistic share buybacks rather than pursuing high-priced acquisitions [49]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [4][5] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter [7] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [5][6] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [9] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [10] - The Las Vegas segment faced challenges with a 5% decrease in average daily rate (ADR) due to city-wide visitation weakness [5][13] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [5][8] - The Las Vegas market experienced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [5][13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations and plans for new developments in Las Vegas [6][8] - The digital segment aims for a 20% top-line growth with a 50% flow-through to EBITDA, maintaining long-term growth targets [11][12] - The company is refining its marketing approach to enhance customer engagement and improve returns on investments [8][19] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [13][16] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [5][6] - Management expressed confidence in the Las Vegas market's fundamentals, despite recent challenges [31][32] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing the share base by 6% [12] - The weighted average cost of debt is just over 6%, with plans to use free cash flow for debt reduction and stock repurchases [12] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates and occupancy [21][22] Question: Regional performance and marketing strategies - Management expects improved flow-through as marketing strategies are refined, focusing on effective promotions without entering a promotional war [24][25] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and upcoming conferences that could drive significant EBITDA [39][40] Question: Digital segment performance and customer acquisition - Management noted that Q4 is expected to be strong due to football season, with marketing spend returning to normal levels [58][60] Question: Regulatory environment and prediction markets - Management is monitoring the regulatory landscape for prediction markets and is prepared to act if opportunities arise [64][66]

Core Insights - The operator of casinos and resorts reported a profit of $419 million, or 61 cents a share, indicating a significant increase compared to $275 million, or 38 cents, in the same quarter a year earlier [1] Financial Performance - The profit for the current quarter stands at $419 million, reflecting a year-over-year increase of approximately 52% from the previous year's profit of $275 million [1] - Earnings per share rose to 61 cents, up from 38 cents in the same quarter last year, marking a growth of approximately 60.5% [1]