Codere Online Luxembourg (NasdaqCM:CDRO) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsArthur Roulac - Partner and Co-Chief Investment OfficerAviv Sher - CEOGuillermo Lancha - Director of Investor Relations and CommunicationsJeffrey Stantial - Managing Director, Equity ResearchMarcus Arildsson - CFOMichael Kupinski - Director of ResearchMoshe Edree - Executive Vice Chairman of the BoardConference Call ParticipantsRyan Sigdahl - Senior Research AnalystOperatorLadies and gentlemen, t ...

Codere Online Luxembourg (NasdaqCM:CDRO) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker7Ladies and gentlemen, thank you for joining us, and welcome to the Codere Online fourth quarter 2025 financial results. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute. I will now hand the conference over to Guillermo Lancha ...

Core Insights - Wynn Resorts, Limited (WYNN) reported mixed fourth-quarter 2025 results, with earnings missing estimates while revenues exceeded expectations [1][3][9] Financial Performance - Adjusted earnings per share (EPS) for the quarter was $1.17, below the Zacks Consensus Estimate of $1.33, and down from $2.42 in the prior-year quarter [3][9] - Quarterly operating revenues reached $1.87 billion, surpassing the consensus mark by 0.7% and reflecting a year-over-year increase of 1.5% [3][9] Operational Highlights - Wynn Resorts experienced steady performance in key markets, particularly in Las Vegas and Macau, with Las Vegas showing EBITDA growth due to higher average daily rates and solid casino volumes [2][9] - Macau operations benefited from increased VIP turnover and mass table drop, contributing to improved property performance [9] Segment Performance - Wynn Palace's operating revenues were $596.4 million, up 5.9% year over year, but adjusted property EBITDAR decreased by 11.4% to $163.5 million [4] - Wynn Macau's operating revenues were $371.3 million, a 2.1% increase year over year, with adjusted property EBITDAR slightly down by 0.7% [6] - Las Vegas operations reported revenues of $688.1 million, down 1.6% year over year, with adjusted property EBITDAR decreasing by 10% [8] - Encore Boston Harbor's operating revenues were $210.2 million, down 1.2% year over year, with adjusted property EBITDAR falling by 3.1% [10] Cash and Debt Position - As of December 31, 2025, Wynn Resorts had cash and cash equivalents totaling $1.46 billion, a slight decrease from $1.49 billion in the prior quarter [12] - Total outstanding debt at the end of the fourth quarter amounted to $10.55 billion, including significant Macau-related debt [12] Overall Assessment - The adjusted property EBITDAR for the quarter totaled $568.8 million, down from $619.1 million in the prior-year quarter, with EBITDAR margin contracting to 30.5% from 33.7% [11]

Core Viewpoint - Wynn Resorts reported a mixed financial performance for the fourth quarter and year ended December 31, 2025, with operating revenues increasing but net income and adjusted earnings declining compared to the previous year [1][2]. Financial Results - Operating revenues for Q4 2025 were $1.87 billion, up $27.2 million from $1.84 billion in Q4 2024 [1]. - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024 [1]. - Diluted net income per share for Q4 2025 was $0.82, compared to $2.29 in Q4 2024 [1]. - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024 [1]. Year-End Results - For the year ended December 31, 2025, operating revenues were $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024 [1]. - Net income attributable to Wynn Resorts for the year was $327.3 million, down from $501.1 million in 2024 [1]. - Diluted net income per share for the year was $3.14, compared to $4.35 in 2024 [1]. - Adjusted Property EBITDAR for the year was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024 [1]. Segment Performance - Wynn Palace reported Q4 2025 operating revenues of $596.4 million, an increase of $33.4 million from Q4 2024 [2]. - Wynn Macau's Q4 2025 operating revenues were $371.3 million, up $7.7 million from Q4 2024 [2]. - Las Vegas Operations had Q4 2025 revenues of $688.1 million, a decrease of $11.4 million from Q4 2024 [2]. - Encore Boston Harbor's Q4 2025 revenues were $210.2 million, down $2.5 million from Q4 2024 [2]. Development Updates - The company is progressing on the Wynn Al Marjan Island project, with a cash contribution of $79.2 million in Q4 2025, totaling $914.2 million to date [2]. - The project is expected to open in Q1 2027 [2]. Balance Sheet Highlights - Cash and cash equivalents as of December 31, 2025, totaled $1.46 billion, excluding $601.8 million of short-term investments [2]. - Total current and long-term debt outstanding was $10.55 billion as of December 31, 2025 [2].

Core Insights - Red Rock Resorts reported revenue of $511.78 million for the quarter ended December 2025, reflecting a 3.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $501.41 million by 2.07% [1] - The company's EPS was $0.75, slightly down from $0.76 in the same quarter last year, but significantly exceeding the consensus estimate of $0.41 with a surprise of 81.07% [1] Revenue Performance - Net Revenue from Las Vegas operations was $504.99 million, exceeding the four-analyst average estimate of $493.61 million, with a year-over-year increase of 2.5% [4] - Net Revenue from Corporate and other was $3.06 million, aligning closely with the average estimate of $3.05 million, showing no year-over-year change [4] - Net Revenue from Native American management reached $3.73 million, surpassing the average estimate of $3.35 million [4] Operating Revenues - Operating Revenues from Casino operations were $343 million, exceeding the average estimate of $329.62 million, with a year-over-year increase of 5% [4] - Operating Revenues from Food and Beverage were $93.26 million, slightly above the average estimate of $91.93 million, reflecting a year-over-year increase of 1.3% [4] - Operating Revenues from Room services were $47.2 million, below the average estimate of $48.6 million, showing a year-over-year decline of 9.8% [4] - Operating Revenues from Other sources were $24.59 million, falling short of the average estimate of $25.58 million, with a year-over-year decrease of 0.7% [4] Adjusted EBITDA - Adjusted EBITDA for Las Vegas operations was $231.13 million, exceeding the average estimate of $217.31 million [4] - Adjusted EBITDA for Corporate and other was reported at -$21.58 million, slightly worse than the average estimate of -$21.42 million [4] - Adjusted EBITDA for Native American management was $3.73 million, surpassing the average estimate of $3.3 million [4] Stock Performance - Shares of Red Rock Resorts have returned +5.9% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - VICI Properties Inc. is recognized as one of the 13 best extremely profitable stocks to invest in currently [1] - The consensus price target for VICI is $35.00, indicating a potential upside of 24.64%, with 80% of analysts maintaining a bullish outlook [3] - Recent analyst updates include a downgrade from 'Outperform' to 'Sector Perform' by Scotiabank, with a revised price target of $30 [3] Group 2 - Cantor Fitzgerald reduced its price target from $35 to $33 while keeping an 'Overweight' rating, citing stable fundamentals and a well-covered dividend yield of nearly 4% [4] - Barclays also lowered its price target from $37 to $33, reiterating an 'Overweight' rating, reflecting tenant-related risks [5] - VICI Properties operates as a gaming-focused real estate investment trust, generating consistent rental income from casino, hospitality, and entertainment properties across the U.S. [6]

Core Viewpoint - Analyst sentiment on DraftKings Inc. (NASDAQ:DKNG) is mixed ahead of its fourth-quarter results, with over 80% of analysts remaining bullish and a consensus upside potential of 64.10% [1]. Group 1: Analyst Actions - Rothschild & Co reduced its price target on DraftKings from $37 to $35 while maintaining a 'Neutral' rating, citing potential revenue misses and moderated growth for 2026, despite strong online sports betting volumes expected due to the upcoming FIFA World Cup [2]. - Stifel cut its price target on DraftKings from $46 to $44 but reiterated a 'Buy' rating, highlighting the company's short-term appeal driven by NBA handle share momentum and upcoming sporting events like the Winter Olympics and World Cup [3]. Group 2: Company Overview - DraftKings Inc., based in Boston, has been offering online sports betting, casino, fantasy sports, and other consumer gaming products since 2011 [4].

Core Viewpoint - French retailer Casino is entering a new round of debt restructuring discussions to support its "Renouveau years 2030" recovery plan, aiming to improve its financial position and operational efficiency [1][3]. Debt Restructuring - Casino is negotiating with lenders regarding over €1.4bn ($1.61bn) of Term Loan B facilities maturing in March 2027, proposing to cut the nominal value from €1.4bn to €800m and reduce the interest rate from 9% to 6% [1][2]. - The proposed restructuring includes extending the maturity of all group financing by five years and implementing a payment-in-kind (PIK) interest structure for the first two years [2]. Financial Goals - The restructuring aims to lower net leverage to below 1.7x by 2029 and address identified liquidity requirements of €500m through equity raises and reduced interest costs [3]. - Casino has set ambitious targets under the Renouveau 2030 plan, including €15.8bn in gross merchandise volume (GMV) by 2030 and adjusted EBITDA of €644m after lease payments [5]. Operational Strategy - The company plans a full refurbishment of the Monoprix chain by 2030 and aims to expand the Franprix Oxygène format to 800 outlets [6]. - Additional plans include the development of Naturalia's La Ferme concept and the introduction of new Spar and Casino formats in 300 shops, along with over 210 new Casino, Vival, and Spar stores by 2030 [6].

RT Luck.io (@luckio)All of this is of course fully visible and verifiable through the Proov Blockchain Explorer 👇:https://t.co/c9daFZTnsaLuckio stands as the only casino with an immutable, public ledger recording every bet, payout, and settlement, complete with provably fair data confirming the integrity of every outcome. ...

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]