WYNN Q3 2026 earnings call transcript, November 5, 2026

Thank you for the question.

I mean, first, I think it's important to kind of talk about, if you think about it, over the last decade, the city has added pretty significant, one, expanded and renovated convention.

That's six years ago. And our own numbers kind of don't show.

Our longest leading indicator, as you know, also looks strong in 2027. 2027 is pacing ahead of where 2026 and 2025 stood at this point.

Customer needing to return or come back. We sit in a very unique position, and I feel great about where we are today, and I feel good about 2027. Got it. Thanks. And then on Macau, it's just the high-end play. I guess, look, that's the majority of your business anyway, but are you seeing any differences between the high-end and the super high-end? And just given what you've seen in terms of the tax policy from the government lately, has there been any change? In terms of people kind of starting to come back to Macau just within the last few weeks.

It's like you can't pin kind of singular narratives on the U.S. economy. It's hard to pin singular narratives on China and on Macau. The economy is complex.

With regional and industrial variation, just like the U.S. There were well-understood effects from the World Cup and seasonality in the quarter that we just reported. I wouldn't try to reduce a very complex economy to a single narrative, seeing a golden week that looked a lot like 2020.

Thank you so much.

Thank you.

We've gone at lengths to really model the optimum... The balance of rate and occupancy. And this market has always drove occupancy and tanked rate to fill that occupancy in need periods like the summer. And we saw, based on what we put together, that that really wasn't the right model for us, especially where we operate in the market and the segment. We drove the right level of occupancy and ADR to maximize EBITDA for us. That was really also... So based on the group business that we laid as a base, and that the team continues to close business for our future in the base business so we can yield correctly, and we manage segment by segment to make sure that we fill the right guests, the right place, the right time. And I think you can look at our rates over F1 and get a pretty good sense for where we're pricing relative to others in the market. We continue to invest in the joint. We continue to focus on service excellence every single day. We manage the place very, very nimbly and very, very aggressively.

25, great job getting ahead of it.

Glad to hear it. And then maybe just as a quick follow-up on Macau. Any color you could provide more on sort of the financial or accounting implications of the subscription agreement? I know it was sort of something that was followed along in there, and it applies to every operator in the market. But if we could just get a little bit more color on how it works for WYNN, that would be helpful. Sure. Let me start, and then I'm going to hand it to Craig Fuller to talk through the accounting.

You know, to put...

I guess, Lizzie, thank you for the question. I guess what I would say, and then I'll ask Brian to provide his thoughts, is it doesn't really make sense for us to pull out the leisure demand because the whole point of us being able to top-tick rate is to drive the group base and then drive leisure pricing on the back of that. And so I think my point on the fourth quarter was that when you have the combination of group, you have the combination of these market events, when you have the combination of all of these things, you obviously have the opportunity to really push rates.

We're not really going to pull kind of leisure out specifically and say, are we getting the right leisure rate? We're getting the right leisure rate because it's clearing the market, if you know what I mean. Yep. Brian, would you add anything? Yeah, I'd say the demand, not just on the group side. F1 is a good example where group rate is leisure and transit.

We're getting more than our fair share, or at least our fair share, I'd like right now. I'd also add that one of the indicators we look at to look at the leisure transient segments are...

So it continues to roll. We feel good about it, and the indicators are still positive for us. Got it. Great. And then just as one follow-up, so as you mentioned, and Sean asked about, you've seen some of the best hotel performance that we've seen across the board and really strong RevPAR. I guess I'm wondering, how do we reconcile that versus table drop being down year on year? Is it a different type of customer that you kind of... I don't know if there was something with the renovations in the base that impacted Occupancy or RevPAR at all, but just curious of the kind of dichotomy there. Sure. It's a good question. There's really two components to my response here. One is pretty technical. The first is one or two players can swing your drop pretty significantly in our business. That's just the nature of what we do. I don't look at month-to-month drop numbers and sweat it all that much. You're looking for broad, longer-term trends, and are we winning overall? I would also point you to market share when Nevada releases their numbers, and our market share remains very, very healthy, particularly relative to pre-COVID. The second thing is... There is a relationship between...and, again, it's a little bit technical, but, you know, the way that they'll draw on that marker, and they have the ability to...and so, again, it's more...

in that respect to drop numbers, and so, you know...

Does that conclude your question, Lizzie? Yes, I was on mute. Thanks. Thank you.

Oh, that's great, Greg. Thank you. And maybe to stick with the development theme, but thinking further out. Obviously, big project to complete in the UAE, but what's your latest thinking on other potential opportunities internationally or even in the U.S., I guess, post-elections on Tuesday? There's some talk that maybe something like Texas might come up as an opportunity in the future. So I guess international U.S. development for WYNN, is there anything that would kind of meet your parameters? What would you look for over the next couple of years strategically? Wait, there was an election? No, I'm just kidding. Yeah, look, the whole – if the UAE, of course, the election had an impact on the likely region as well, which is great. If it opens the way that we believe it will open, then we have a land bank there, and we should think about how we're going to use that land bank because there's significant returns to be earned there. Across the street, we have started to doodle and think about across the street here in Vegas and what relationship that property might have to our existing assets and how we might be able to build probably at a lower – than a freestanding integrated resort by leveraging its relationship to win an Encore. So we've started to think about that. And, you know, elsewhere in the U.S., look, Texas is an outlier. Texas is a fascinating market that is very large today.

As we've talked about, I think, on prior calls, much of that business makes its way across the border into Oklahoma and ends up in nothing that gets publicly reported, really. So it's kind of a stealth market that is giant, and so, of course, we would consider opportunities there. I think our brand has resonance there. We have a great database from Texas here in Las Vegas. Beyond that, regional gaming in the U.S., I mean, it's tough. I mean, the number of kind of high-growth markets, the risk of online gaming and potential cannibalization from online gaming, we're... very thoughtful about how we would deploy capital elsewhere in the U.S. Understood. That's helpful, Craig. Thank you for all that color. Thank you. Our next question comes from Robin Farley with UBS. Your line is open. Great. Thanks. Just circling back to Almarjan for a moment, if we were kind of looking at different milestones, when would rooms go on sale for the September opening?

in terms of when rooms will go on sale, actually quite soon. So, stay tuned. Great. Thank you. Thank you.

Yeah, I mean, the group mix really varies quarter to quarter, month to month. And we range anywhere from 20% to 30% of our business. So that's kind of the norm. But history in December is such that you... Solid in the first two weeks. Yes. And then prior to Christmas and the holidays and... Okay, so a little bit too early to read into the... The end of December based on sort of the booking lead time. For group, the booking lead time finished a month ago. So typically you see group book a year to 18 months out. You do have some short-term... He's referring to leisure. You do have short-term stuff. And very quiet. And then you make a ton of dough at New Year's. And this year will be no different. Understood.

Thanks, everyone.

Thank you.

That was near our place.

So if you think about, if you think about the market, there's so many different levers. You'll recall when we were there at the analyst day, we talked about this in the region and the customer.

So, you know, in one version of a conference,

are inherently worse than the other. They're just different, right? Your midweek trends are different. Your weekend trends are different. Your pricing on weekends versus your pricing midweek is different. The composition of people in the casino is different. We are opening the only joint. You have an extremely wealthy local population, many of whom are expats, many of whom are accustomed to gaming and casino visits. You have certain demographics that have no problem traveling there today. That was why I opened with the anecdote that Brian answered. And so, you know, we remain pretty bullish on the opportunity. It just is different.

Attention is focused on WYNN Almarjan right now. And if that eases, which is very soon, then we'll figure out what we're going to do next.

Okie doke. Thank you.

Thank you.

And so I'm not going to compare it to, I'm not going to compare it to last year. I did make a comment earlier that we have performed so strongly for so long that the comps have gotten very, very tough. And that is an absolute fact. But if you look at absolute performance.

I thought I'd take a shot at it, but it didn't work. And then second question for Boston. Like, you know, obviously positive news coming out about the labor side of things and the union side of things. But it doesn't even sound like that's finalized yet at this point. But wondering, I don't know if you can answer this or you can't answer this, not answer it. But, you know, any way to think about what OpEx might look like, you know, for that property moving forward?

Here's what I would say. Ratification vote is tonight. The history of ratification vote. by unions.

And we'll, we'll turn that into numbers.

Okay. Understood. Appreciate it. Sure. Thank you.

Contaminated site. Laundry outside across the street and end up with holes in it from all the chemicals flying around. And we turned that into over 3,000 jobs, more than $1.1 billion in tax revenue, right, since we opened. And yet we are dealing, as there are many of the regional gaming markets in the U.S., we're dealing with this persistent threat of iGaming and, in the case of Massachusetts, historical horse racing. And frankly, with direct competition even from the lottery there. And it's ridiculous. And so, you know, that isn't sustainable. Now, I do think there's recognition. When you look at state houses, certain state houses around the country, I think there is recognition about the impact of the legalization, primarily on employment, because, you know, no responsible...

And so I think there is recognition among the savvier legislators about what this means to their constituents, frankly, longer term. And so I don't see it as it's a beautiful asset that churns out a meaningful amount of EBITDA. I think it's just important that we speak up, and we speak up loudly, so that...

I think if we're being intellectually honest, the way that I would answer that is there's the market and there's our place in it. And it's my opinion. Look, I can only work off the market observations that I made in my prepared remarks.

So I think inherently, and again, this is just my opinion.

I think it's evidenced in the red part of the...

And frankly, it always happened in Vegas for eons.

I don't think it's as simple as summer comes along and that's seasonality and, you know, it is what it is. You've had a lot of demand.

That's the way I would think about it. That's a really good color. Thank you. And then as we think about Al Marjan, I don't think you've touched on this yet, but going back to the analyst day a year ago, two variables that were certainly really important in terms of your ability to have success there, you know, one was third-party hotel development and then two was, you know, you being the only game in town. Any sort of up. date on either of those fronts, as we sit here today. As far as we are aware and we keep our, to remember that perspective was that that was about.

And that remains true.

Life on the ground there is totally normal, and investment continues to – and so development.

Thanks, Craig.

Thank you.

You know.

Where gaming is the tail of the industry and kind of moves taxes willy-nilly. The U.K. is a prime example of that. And then there are markets where.

And that's an important distinction. Nevada is a model for how we work together. I will not be up nights worrying about. And in fact, someone we know well and have great respect for. I feel very, very comfortable that governance in Nevada remains a great color. And then as a follow up, just swapping over to Macau, you know, these are a few years away. But wondering if any thoughts around when the event center and the theater are done, you know, Macau is kind of the inverse of Vegas, that gaming revenue is now the minority of your revenue in the market versus it's almost all. Do you think that shifts over time? Like five years from now, could we see a market that there's a much heavier amount of non-gaming revenue?

Thanks so much.

That's great. Thank you. Thank you.

The inbounds that we get in other markets is quite healthy. The second is mass marketing, where we will begin to do mass marketing really leading into the opening, which is designed to create consumer awareness. And the third is database. We actually started gathering people's... Contact details, things like that. So all of that's underway. In terms of source market mix, it kind of goes back to...

to people who are going to the region, probably Western European.

We'll probably make that decision.

And compare that to the most successful regional casino MSAs in the U.S. And from that you can get the base business that is probably easiest to address. Then you can move from there to the fly-to markets that are quite easy to activate. I mean, Emirates is running what, guys, 85%? 85% of their markets that will take longer.

That's helpful. Thank you.

Thank you.

over the course of the past several years, and we will continue to take advantage when we think the stock is dislocated. Anything you would add, Craig? No, I think we'll continue to do that when we think the underlying shares are undervalued. Okay, thank you. And then pivoting back to Las Vegas, OpEx per day. You came in below or towards the low end of the range talked about last quarter. Can you talk about what drove the performance and how we should think about that run rate going forward? Nimble management. Yeah, going forward, I mean, we continue to expect OpEx per day to be in the range of 4.4 to 4.7 million. That depends on volumes and event calendar cadence. But to Craig's earlier point, the team here is doing a phenomenal job in controlling FTEs and managing our OpEx, despite the inclusion of, you know, additional amenities earlier in the year, like ZeroBond and Sati Owners, which continue to ramp on full staffing levels.

Okay, thank you.

Thank you.

Yeah, and what...

much smaller than some of our... You know what? The rest of my question has been asked. I'm not going to reword one.

Thank you, guys.

Thank you for joining the WYNN Results Q3. We appreciate your interest in the company and the team looks forward to talking to you next quarter.

Thanks, everybody. Thank you. That concludes today's conference.