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]

Core Insights - Analysts project Monarch Casino (MCRI) will report quarterly earnings of $1.22 per share, reflecting a 2.5% year-over-year increase [1] - Revenue is expected to reach $130.37 million, marking a 1.7% increase from the same quarter last year [1] - There have been no revisions in the consensus EPS estimate over the last 30 days, indicating stability in analysts' forecasts [1] Revenue Projections - 'Revenues- Other' is estimated at $5.37 million, showing a decline of 4% from the previous year [4] - 'Revenues- Hotel' is projected to be $18.40 million, indicating a decrease of 6.8% year-over-year [4] - 'Revenues- Food and Beverage' is expected to reach $32.20 million, reflecting a slight increase of 1.1% from the prior year [4] - 'Revenues- Casino' is forecasted to be $74.47 million, representing a year-over-year growth of 4.9% [5] Market Performance - Shares of Monarch Casino have increased by 5.6% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.1% [5] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [5]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenue of $164 million and EBITDA of $39 million, bringing full-year revenue to $667 million and EBITDA to $155 million [8][10] - Compared to the prior year, Q4 results were lower year-over-year but showed significant improvement from Q3, which was noted as the low point in quarterly financial performance [8][10] - The company reduced its leverage and lowered its cost of capital by re-pricing its term loan, maintaining a net leverage of 2.3x EBITDA and total funded debt of approximately $400 million [15][16] Business Line Data and Key Metrics Changes - The STRAT's weekend occupancy remained flat at 95% year-over-year, while mid-week occupancy decreased by 6%, leading to an overall occupancy of 75% for Q4 [11] - The Nevada Locals Casinos segment saw increased revenue and EBITDA compared to last year, with EBITDA margins improving to 46% [13] - The performance of the Nevada Tavern segment was negatively impacted by recent acquisitions, but same-store revenue improved by 6% from Q3 to Q4 [14][15] Market Data and Key Metrics Changes - January 2025 showed broad strength in gaming revenue, with January EBITDA significantly up year-over-year, although February was expected to decline due to tough comparisons from the previous year's Super Bowl [10] - Las Vegas visitation reached nearly 42 million, marking the fourth consecutive year of growth, but still below pre-pandemic levels, indicating potential for recovery [17] Company Strategy and Development Direction - The company is focused on operational efficiency, capital returns to shareholders, and exploring strategic alternatives, including M&A opportunities [18][19] - Future growth is anticipated from improved performance at The STRAT and stabilized revenues in new taverns, supported by the favorable economic trends in Nevada [17][18] - The company is not pursuing Greenfield developments or single asset acquisitions below $40 million to $50 million of EBITDA, focusing instead on transformative deals [56][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the consumer database, particularly in the locals market, with signs of stabilization and improvement [42][44] - The STRAT is expected to benefit from increased convention traffic as the convention center expands, enhancing occupancy and revenue [31][32] - Labor inflation is anticipated to moderate, but mid-single-digit increases are expected, which the company is actively managing [36][38] Other Important Information - The company repurchased approximately 1.1 million shares at an average price of $32.65, totaling $36 million, with $99 million remaining under the current buyback authorization [16] - The company has repaid over $500 million of debt and returned nearly $190 million to shareholders through share repurchases and dividends since selling non-core assets [16] Q&A Session Summary Question: Has the thinking around M&A changed? - Management confirmed that their approach to M&A remains proactive, with a focus on growing shareholder value [22][23] Question: How did the F1 promotional activities trend? - Management noted unexpected declines in F1-related performance but managed to mitigate some costs associated with the event [25] Question: What is the recovery status at The STRAT? - Management indicated that The STRAT's occupancy is significantly below 2019 levels but expects improvement with increased convention traffic [30][31] Question: What are the expectations for OpEx growth in the taverns? - Management anticipates sequential growth in tavern operations through 2025, despite initial disruptions from revamping operations [34][36] Question: What trends are seen in consumer behavior post-election? - Management observed stabilization in the consumer database, particularly among higher-tier customers, with improvements noted in January [42][44] Question: What is the company's stance on promotional activity in the locals market? - Management indicated that promotional activity has stabilized and is now considered rational, focusing on both existing players and reactivation efforts [52][54] Question: What are the geographical considerations for potential acquisitions? - Management clarified that any out-of-state acquisitions would involve multiple properties, avoiding single asset purchases outside Nevada [75][76]