Q1 2025 Wynn Resorts Ltd Earnings Call Transcript

May 06, 2025 / 08:30PM GMT

Release Date Price: €73.39 (+1.82%)

Transcript 10-Q8-K

Key Points

Positve

Wynn Resorts Ltd (WYNN) celebrated the 20th anniversary of its Las Vegas Resort, highlighting the dedication and passion of its employees.
The company reported a 4% increase in total casino revenues in Las Vegas, even without the Super Bowl in 2025.
Encore Boston Harbor generated $57 million of EBITDA, with slot volumes holding up well.
In Macau, Wynn Resorts Ltd (WYNN) saw a 31% increase in VIP turnover and a 1% increase in mass drop, indicating healthy volumes.
The company has a strong liquidity position with $3.2 billion in global cash and revolver availability as of March 31.

Negative

Wynn Resorts Ltd (WYNN) delayed $375 million of CapEx projects due to current tariff rates, including the Encore Tower remodel.
The Macau market remains highly competitive, with a focus on maximizing EBITDA and generating a healthy margin profile.
The company faces uncertainty regarding the impact of tariffs on demand and growth, particularly in the US.
OpEx excluding gaming tax per day increased by 4.1% in Las Vegas due to wage inflation and bad debt recovery.
The company is experiencing a decrease in international visitation, particularly from Canada and Mexico, which could impact future demand.

Operator

Welcome to the Wynn Resorts' first quarter 2025 earnings call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.

I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

Julie Cameron;Doe;Craig Billings

Wynn Resorts Ltd - Chief Financial Officer;Wynn Resorts Ltd - Chief Executive

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings, Brian Gullbrants, and Jenny Holaday in Las Vegas. Also on the line are Linda Chen and Frederic Luvisutto.

Please note that we've published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our newly relaunched Investor Relations website. I want to remind you that we may make forward-looking statements under Safe Harbor Federal Securities laws, and those statements may or may not come true.

I will now turn the call over to Craig Billings.

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