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]

Analysts on Wall Street project that Bally's (BALY) will announce quarterly loss of -$0.71 per share in its forthcoming report, representing an increase of 64.3% year over year. Revenues are projected to reach $659.65 million, increasing 4.7% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prior to a company's earnings anno ...

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]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for MGM Resorts despite higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - MGM is expected to report quarterly earnings of $0.39 per share, reflecting a year-over-year decrease of 27.8% [3]. - Revenue projections stand at $4.22 billion, indicating a slight increase of 0.9% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 2.61% higher in the last 30 days, suggesting a reassessment by analysts [4]. - However, the Most Accurate Estimate is lower than the consensus, resulting in an Earnings ESP of -9.75%, indicating a bearish outlook [11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict earnings deviations, but its predictive power is stronger for positive readings [8][9]. - MGM's current Zacks Rank is 3, complicating predictions of an earnings beat [11]. Historical Performance - In the last reported quarter, MGM exceeded EPS expectations by 36.21%, with three out of the last four quarters showing earnings beats [12][13]. Industry Comparison - In the gaming industry, Electronic Arts is expected to report earnings of $1.27 per share, a year-over-year decline of 40.9%, with revenues projected at $1.86 billion, down 10.4% [17]. - Electronic Arts has a Zacks Rank of 1 but also shows a negative Earnings ESP of -8.84%, making predictions of an earnings beat uncertain [18].

Core Insights - Las Vegas Sands stock has increased over 50% in the last six months, outperforming the S&P 500's 25% growth, indicating a strong recovery from pandemic-related downturns [2][3] Financial Performance - Recent quarterly revenue rose by 15% to $3.2 billion, with profitability improving and $800 million allocated for share buybacks, showcasing robust earnings [3] - Over the past twelve months, Sands generated nearly $2.5 billion in operating income with margins close to 22%, reflecting solid financial health [4] Expansion and Market Position - The company is focusing on an $8 billion expansion of Marina Bay Sands in Singapore, which is expected to enhance its presence in luxury tourism and major events [3] - Sands' geographic focus on Asia's lucrative gaming markets positions it well to benefit from the growing wealth of the middle class and global tourism trends [5] Valuation Concerns - Current valuation is a concern, with LVS trading at around 27 times earnings and over 65 times free cash flow, significantly above market averages, indicating a premium for growth [5] - Historical performance shows vulnerability during economic downturns, with past crises leading to significant stock declines [6][7] Investment Strategy - For current holders of LVS, enduring short-term volatility may be advisable, while prospective investors might benefit from waiting for more opportune moments to invest in cyclical stocks [8]