Financial Data and Key Metrics Changes - Wynn Las Vegas reported an adjusted property EBITDA of $240.8 million on operating revenue of $688.1 million, resulting in an EBITDA margin of 35% [13] - Boston's Encore generated adjusted property EBITDA of $57 million on revenue of $210.2 million, with an EBITDA margin of 27.1% [14] - Macau operations delivered adjusted property EBITDA of $270.9 million on $967.7 million of operating revenue, resulting in an EBITDA margin of 28% [15] - The company maintained a strong liquidity position with global cash and revolver availability of $4.7 billion as of December 31 [17] Business Line Data and Key Metrics Changes - In Las Vegas, demand remained healthy with drop, handle, and ADR all up year-over-year, although RevPAR was slightly below last year [6] - Boston's performance showed strong fundamentals with RevPAR, table drop, and slot handle all up year-over-year, despite lower-than-normal table hold [9] - Macau experienced significant volume growth with VIP turnover up 48% and mass drop up 18% year-over-year, although low VIP hold impacted EBITDA by over $16 million [10] Market Data and Key Metrics Changes - The company anticipates that over 55% of revenues will be generated in non-U.S. dollar-denominated markets as it diversifies geographically [5] - The premium segment continues to lead the market, with the expansion of the Chairman's Club at Wynn Palace expected to strengthen the company's position in Macau [11] Company Strategy and Development Direction - The company is focused on geographic diversification, with the opening of Wynn Al Marjan Island seen as a significant step in this direction [3] - Wynn Resorts aims to become one of the most globally diversified companies in the industry, leveraging its brand and customer focus [5] - The company is investing in technology and artificial intelligence to enhance customer experience and operational efficiency [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for 2026, citing strong visibility into group and convention business [7] - The company is optimistic about the future of Macau following sustained double-digit market-wide GGR growth in the latter half of 2025 [10] - Management acknowledged the challenges posed by the Encore Tower remodel, which is expected to impact room availability and revenue [8] Other Important Information - The company announced a quarterly cash dividend of $0.25 per share, payable on March 4, 2026 [18] - The total capital expenditure for 2026 is expected to be between $400 million and $450 million, with ongoing projects in Macau and Wynn Al Marjan Island [17] Q&A Session Summary Question: Outlook for high-end luxury properties in Vegas - Management remains confident in the high-end customer segment and expects to continue pricing rooms effectively despite the impact of the Encore Tower remodel [21][22] Question: OpEx growth expectations for Vegas and Macau - OpEx in Vegas is expected to remain disciplined, with projections of $4.3 million to $4.5 million per day outside major events [25] - Macau's OpEx is aligned with expectations of $2.7 million to $2.9 million per day, influenced by strong business volumes [26] Question: Margin expansion potential in Vegas - Management does not provide specific margin guidance but focuses on maximizing revenue and managing OpEx effectively [30] Question: Impact of the World Cup on business - Management has a targeted strategy to leverage the World Cup's proximity to boost business, particularly in Vegas [72] Question: Insights on the new Chairman's Club space - The expansion of the Chairman's Club is expected to triple its size and enhance the experience for high-value customers, with an opening planned for Chinese New Year [44][45] Question: Updates on Wynn Al Marjan Island - Rooms are expected to go on sale in late Q3 or early Q4, with ongoing construction and a strong transportation strategy to attract visitors [94][95]

Core Insights - Wynn Resorts has received 18 Five-Star awards from Forbes Travel Guide for 2026, marking its status as the independent hotel company with the longest-running Five-Star awards globally [1] - Wynn Tower Suites at Wynn Las Vegas celebrates its 20th consecutive year of Five-Star recognition, highlighting the company's commitment to excellence in guest experiences [1] - Wynn Palace is recognized as the world's largest Forbes Travel Guide Five-Star resort for the third consecutive year, with a total of 63 stars across Wynn Macau and Wynn Palace [1] Awards and Recognition - Wynn Resorts achieved a total of 18 Five-Star awards in 2026, showcasing its dedication to high-quality service and guest satisfaction [1] - Wynn Tower Suites has maintained its Five-Star status for 20 consecutive years, the longest in Las Vegas, reflecting consistent service quality [1] - Wynn Palace holds the distinction of having the most Five-Star restaurants worldwide, with four awarded restaurants, maintaining this status for seven consecutive years [1] Company Overview - Wynn Resorts operates several luxury properties, including Wynn Las Vegas, Wynn Macau, Wynn Palace, and Encore Boston Harbor, and is constructing a new integrated resort in Ras Al Khaimah, UAE, set to open in 2027 [1] - The company’s properties feature a range of amenities, including luxury hotel rooms, fine dining, spas, and entertainment options, contributing to its high ratings [1] - Wynn Al Marjan Island, the upcoming resort in the UAE, will offer 1,542 rooms and a variety of luxury amenities, further expanding the company's portfolio [1]

Core Viewpoint - Wynn Resorts, Limited is a global leader in luxury integrated resorts with a market cap of $12.2 billion, operating notable destinations such as Wynn Palace and Encore Boston Harbor [1] Financial Performance - Wynn Resorts is expected to announce its fiscal Q4 2025 results soon, with analysts predicting an adjusted EPS of $1.33, a decrease of 45% from $2.42 in the same quarter last year [2] - For fiscal 2025, the forecasted adjusted EPS is $4.16, reflecting a decline of 30.9% from $6.02 in fiscal 2024, but anticipated to grow by 19.7% year-over-year to $4.98 in fiscal 2026 [3] Stock Performance - Over the past 52 weeks, Wynn Resorts shares have increased by 42.4%, outperforming the S&P 500 Index's return of 16.7% and the State Street Consumer Discretionary Select Sector SPDR ETF's nearly 8% rise [4] Recent Developments - Despite reporting a weaker-than-expected Q3 2025 adjusted EPS of $0.86, Wynn shares rose by 2.9% the following day due to revenue exceeding expectations at $1.83 billion, an increase of $140.4 million year-over-year [5] - The company also reported significant growth in Adjusted Property EBITDAR to $570.1 million, driven by strong performance at Wynn Palace and continued EBITDA growth in Las Vegas [5] - Wynn reaffirmed progress on the Wynn Al Marjan Island project, indicating ongoing strategic initiatives [5] Analyst Sentiment - The consensus among analysts is strongly optimistic, with a "Strong Buy" rating overall; 16 out of 18 analysts recommend "Strong Buy," one suggests "Moderate Buy," and one indicates "Hold" [6] - The average analyst price target for Wynn Resorts is $146.56, suggesting a potential upside of 24.9% from current levels [6]

Core Viewpoint - Carillon Tower Advisers' "Carillon Eagle Mid Cap Growth Fund" reported a positive performance in the third quarter of 2025, driven by enthusiasm for AI, limited inflationary effects from tariffs, and expectations for interest rate cuts by the U.S. Federal Reserve [1] Market Performance - The equity markets continued their rally, with mid-cap stocks showing positive gains; the Russell Midcap Growth Index increased by 2.78%, while the Russell Midcap® Value Index rose by 6.16% during the quarter [1] Sector Insights - The investor letter provided detailed insights on various sectors including Cyclicals, Healthcare, Information Technology, Financials, and Consumer sectors [1] Company Spotlight: Wynn Resorts, Limited - Wynn Resorts, Limited (NASDAQ:WYNN) reported a one-month return of 1.98% and a 52-week gain of 34.16%, closing at $123.24 per share with a market capitalization of $12.814 billion on November 24, 2025 [2] - The company is recognized as a global luxury resort and casino operator, with significant operations in Las Vegas and Macau; its stock performed well due to steady improvements in gaming operations in Macau, which is crucial as it accounts for over half of the company's earnings [3] Hedge Fund Interest - Wynn Resorts, Limited was held by 52 hedge fund portfolios at the end of the second quarter, an increase from 48 in the previous quarter, indicating growing interest among institutional investors [4]

Core Insights - Baron Real Estate Fund reported a strong performance in Q3 2025, with a return of 10.25%, outperforming the MSCI US REIT Index at 4.49% and the MSCI USA IMI Extended Real Estate Index at 5.65% [1] - The fund highlighted Wynn Resorts, Limited as a key investment, noting its significant stock performance and market capitalization [2][3] Fund Performance - The Baron Real Estate Fund appreciated by 10.25% in Q3 2025 [1] - The fund's performance surpassed both the MSCI US REIT Index and the MSCI USA IMI Extended Real Estate Index [1] Company Focus: Wynn Resorts, Limited - Wynn Resorts, Limited's stock increased by 6.77% over the past month and gained 46.93% over the last 52 weeks, closing at $126.07 per share with a market cap of $13.108 billion on November 11, 2025 [2] - The shares of Wynn Resorts increased by 37.3% in the most recent quarter due to strong performance in Macau and Las Vegas [3] - Wynn Resorts was held by 52 hedge fund portfolios at the end of Q2 2025, indicating growing interest among institutional investors [4]

Core Insights - Wynn Resorts Ltd. reported third-quarter revenue of $1.83 billion, exceeding analyst forecasts of $1.77 billion, representing an 8.3% year-over-year increase [1] - The company missed earnings expectations with adjusted earnings per share of $0.86, below the anticipated $1.17 [1] Revenue Breakdown - Wynn Palace in Macau generated $635.5 million in operating revenue, an increase of $115.7 million from the previous year [2] - Wynn Macau contributed $365.5 million in revenue, up $13.6 million year-over-year [2] - Las Vegas operations in the U.S. delivered $621 million in revenue, reflecting a year-over-year increase of $13.8 million [2] Profitability Metrics - Adjusted Property EBITDAR rose 8% to $570.1 million from $527.7 million in the prior-year quarter, driven by recovery and strong performance in Macau [2]

Core Viewpoint - Wynn Resorts, Limited (WYNN) is a significant player in the luxury hotel and casino industry, with a market capitalization of $13.1 billion, showcasing its size and influence in the sector [1][2]. Company Overview - WYNN develops, owns, and operates luxury hotels and casinos, with notable properties including Wynn Las Vegas, Encore, Wynn Macau, and Wynn Palace [1]. - The company is classified as a "large-cap stock," emphasizing its dominance in the resorts and casinos industry [2]. Stock Performance - WYNN's shares are currently trading 2.5% below their 52-week high of $130.84, reached on September 19 [3]. - Over the past three months, WYNN shares have increased by 42.2%, significantly outperforming the Consumer Discretionary Select Sector SPDR Fund's (XLY) 11% return [3]. - In the last 52 weeks, WYNN has surged 59%, outpacing XLY's 19.8% increase during the same period [4]. - Year-to-date, WYNN shares are up 48%, compared to XLY's 6.1% rise [4]. - WYNN has been trading above its 200-day and 50-day moving averages since early May, indicating a bullish trend [4]. Financial Performance - In Q2, WYNN reported revenue of $1.7 billion, meeting consensus estimates, but its adjusted EPS of $1.09 declined by 2.7% year-over-year and fell short of analyst expectations by 9.2% [5]. - The decline in adjusted property EBITDAR at Wynn Palace, attributed to weaker VIP table games win, negatively impacted profitability [5]. Competitive Position - WYNN has outperformed its competitor, Las Vegas Sands Corp. (LVS), which gained 26% over the past 52 weeks and 3.3% year-to-date [6].

Core Viewpoint - Wynn Macau is benefiting from Macau's tourism recovery and strong gaming demand, with Q2 revenue expected to reach $933 million, reflecting a 5.5% year-on-year increase [1][29]. Group 1: Financial Performance - Q2 revenue for Wynn Macau is projected at $933 million, up 5.5% year-on-year, driven by a surge in VIP baccarat revenue, the highest since 2019 [1][29]. - The company's financial performance has shown a notable recovery from 2023 to 2024, with revenue rebounding to 80% of its 2019 level, reaching HKD 28.74 billion, an 18.4% year-on-year increase [20]. - Despite a decline in Q1 2025 operating revenue for Wynn Palace and Wynn Macau, occupancy rates remained high at 98% [23][26]. Group 2: Market Dynamics - The total gross gaming revenue for Macau's "Game of Chance" rose 8.3% year-on-year in Q2, reaching MOP 61.12 billion, with VIP baccarat revenue increasing by 23% year-on-year to MOP 16.33 billion [2][27]. - The mass gaming business has shown a strong recovery, while the VIP gaming segment remains below pre-pandemic levels [9]. - Market sentiment is improving, with forecasts anticipating a 6% growth in Macau's gross gaming revenue in the second half of the year [28]. Group 3: Strategic Developments - Wynn Macau is investing in smart gaming technology and diversifying its non-gaming offerings, which are becoming increasingly important for its overall strategy [1][9]. - The company plans to develop a multifunctional convention and exhibition center and a major theater for live performances, enhancing its non-gaming business [16][17]. - Wynn Macau is also upgrading its retail spaces to introduce more global brands, aiming to provide a comprehensive shopping experience [18]. Group 4: Competitive Position - Wynn Macau ranks sixth in the gaming industry by scale, competing closely with SJM Holdings Limited [10]. - The company holds advantages due to its premium brand image and high-quality services, although it faces intense competition from other gaming operators [10].

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]