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WYNN Wynn Resorts

Participants
Craig Billings Chief Financial Officer
Matt Maddox President & Chief Executive Officer
Marilyn Spiegel President, Wynn Las Vegas, LLC
Ian Coughlan President, Wynn Macau, Limited
Carlo Santarelli Deutsche Bank
Joe Greff JPMorgan
Felicia Hendrix Barclays
Shaun Kelley Bank of America
Thomas Allen Morgan Stanley
Harry Curtis Instinet
Stephen Grambling Goldman Sachs
Anil Daswani Citi
Robin Farley UBS
Call transcript
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Operator

Welcome to the Wynn Resorts Fourth Quarter 2018 Earnings Call. All participants are on listen-only until the question-and-answer session of today's conference. [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 Craig Billings, Chief Financial Officer. begin. may you Sir

Craig Billings

Luvisutto and are everyone. and Matt the you true. make forward-looking that Carruthers, to Also turn operator, I in Ian call I me federal will Safe statements or may Matt may Las on Frederic those over Ciaran and now are Vegas Maddox; line laws Bob good statements you, we DeSalvio. With Maddox. may want remind afternoon today under Coughlan. and Thank Marilyn Harbor to securities not come the Spiegel;

Matt Maddox

Thanks, Craig, everyone for today us call. joining conference and thank you, on this

Before now into opening I’d remarks. just over. and transition fourth few like a was quarter company year of we numbers, dive right XXXX for a is to transition make our the that

a XX back last work us sitting Las new to as the board of that almost well Marketing role, have of Human we've fully for very and working really Resources I'd with Spiegel, North years ago North Wynn a Satre for I'm number who all started hired two welcome President we've me did a excited management. today work the within ago. And as hired beside new a to Chair, like this in Vegas. hired Chief of Phil with because We with We've Head of days, the In America. hire key months new she Officer about Marilyn Marilyn people. is America, three with XX years reconstituted We her.

Marilyn Spiegel

Matt. Thanks,

Matt Maddox

in in North believe team be to I we're our our we growth in Macau execute Wynn board in Boston we're pipeline believe robust best and in I to the our industry. Macau, now our and to Palace strategy have that grow best and running most have in in growth. is and ready Wynn continuing place, our strategy place So and that place what team America the our team we

Encore The now, are XX in large-scale tourists we're $X.X opening going metroplex, a Harbor. Boston the from the international, change months five example, city, those company all going a five opportunity. excited step a and very million we be have and and about first it's of opening our in Boston metroplex Boston alone. right of resort we're X integrated that It be heart an As provides two we'll in to year, million We're to for the be in billion really property that's months. that EBITDA a Tier

marketer's Las market. in here Looking Vegas. Vegas now a is Las

rate that see the in here growth Strip You economy. much on it's the can the overall by pretty with line

casino and it at to four Vegas, strong this to square-foot knows events, impact will has our our our to And but We golf construction. course It's business, domestic add right get our it so around continue run on our allowing know not that straight have And same we its to rate also and convention the of money that additional that when to Bosio, play. now golf going strong that's make that the occupancy programs time. And in XXX,XXX know in everybody casino redesigned on own, XX in that we to property facility, state-of-the-art going a we've flow additional does Las with we call be points share. with open We've rate underestimated will six host a that's course occupancy to have XXXX, Tom on months. under take through. special to our run opening team you a and only enhance

that's we're here expect underway and because what rolling us to to three our in We going Las be that continue concepts customers XXXX innovate Vegas to out we're have new doing. restaurant in

position the Vegas. the about ways feel our -- in that here position I Las and very of we're long-term good the investing property So

very our to in it that that if its an is the outlier in always which been term. operators. too not share for we the first was early Macau Wynn second performance ends, junket XXXX that how wanted money doing movie, Wynn place And in from well, been second-tier realized but look disproportionate the terms that's and its making has at downtown relative long Macau a a invest property you we where quarter it know we We've to of volatile. to Turning is size, Macau, to of its

a redone squarely like the new and tower, launching we'll the of suites of construction effectively So be we also in to for focus that's that be we of property. remodeling hotel three square Premium tower we Encore new And year that's re-launching quarter nicest mass year a on the property the this restaurants, the this XX,XXX Tower the term Mass Macau, it's Macau, and but completely began redesigning Suites. and in at retail entirely Wynn experience entire an casino open a in new additional the feet July. believe long it's original in end just this premium the soft some And Encore business that new the new Wynn water, the casino that of Macau We'll wasn't refurb of fourth segment. started for

Cotai. to have talk him really outlet the beverage Wynn in position to one the I’d six quarters exciting. premier almost every and itself coming a to Ian another about up and food weeks. is the the opening Palace. been property which like at and last four Palace and quarter as has continues in Linda he new Moving team next Wynn

is to what see like it's players rhythm, into place Palace the it where like we premium continues its as the at stay so, to to and Wynn And get play.

It’s don't know Now X,XXX is, enough rooms. hotel what we rooms. hotel we have

on phase a tower phase couple calls hotel XXX I are we be with hotel about size. think these roughly times rooms something what the with spoken tourist top tower in and of Macau Pavilion a two So the the will of I've destination designing that's actively along same Crystal that a I

we So be our just we XX growth right pipeline at next in and If XX the look to are where now a impressive. going where is and XX, quite we are months. take

fourth Macau the In slowing out inherent does to we our talking world range million global that of more just in we third we've results. make spent EBITDA. the above we are headwinds, vast with that like that's in quarter not of was that the things And predicting about makes potentially growth it $XXX quarter. generated revenues, given the over gave all the Turning provided on point inside the Macau the quarter. of us, global It third majority November head now the would to that -- range going market the October everything and volatility it the companies difficult. I

As XXXX fourth Wynn in October increased they and revenues an example November. Palace quarter But December, in XX%. down slightly October November and to were

On but December. we the there mainly town. when that a that's way was not number VIP that XX% we There volatility that side, we the not in we our will to shows It's to customers properties, trend, it on be and they that premium mass peaks extrapolate. side, play are exist. would is the valleys. mass the there the capture is in are come what inherent But Macau positioned say hold, up it a Clearly, in was would something but

marketing EBITDA quarter. good Las a a center, the Las the We restaurants, at earlier we quarter, way in million the stewardship and on Looking setback that made baccarat in $XXX Vegas. recovered quarter property the some at we the Vegas volumes. had I here day. in We this In recovered. Maryland about driving convention and the this changes considering third in the lost Gulf of but with few made course, share, that about we're everything feel We the every looking we our business. had the have I that call market going fourth mentioned We

that the on think with Las little detail best Craig come. for And days I that, a to over quarter. more are the yet going to to turn I'm Vegas

Craig Billings

Matt. Thanks,

billion the for almost mass in XX% increasing increased through Wynn higher win our Wynn experiencing XX, Overall, improved to operating mass of Palace. EBITDA standout property at and of Comparable As million and the after noted a the a combined of quarter, week $XXX.X in in X, mass particular in non-gaming. over day day VIP the $X.X average Macau on After back departmental turnover year-over-year. was November XX% in EBITDA delivered generated slots tables revenues. normalized our October a was our results release, QX adjusted property win on of table December operations million Golden from $X.XXX Macau of quarter

million $X credit a increasing the results Macau prior almost in EBITDA the impacted Bad $XX year $X debt in was expense million Macau our VIP by a were from compared by quarter operations Macau from holds, Our quarter. level. normalized million positively to in in

project $X.X delivered $XX.X Our hold the in Matt Wynn the ended extension date space strong EBITDA group billion. Las $X both and million was spent the June driven Boston, spend as by taking total on negatively in easy slot quarter total hold RevPAR in to total to million low RevPAR maturity during volumes prior mentioned. comps credit year of $XXX.X on nights. billion impacting the amortization Las volumes date Las the in of Vegas Vegas the table $X Compared the prior by total incurred billion open by strong, high and Vegas Wynn cost to Las $X.X was debt. $XXX.X $XXX.X expense was the a Macau. in relatively the facility. quarter impacted track The tragic drops, in an December, operations revenues the of about remains debt facility, completed cash CapEx $X year-over-year on million and extending to to in healthy debt of EBITDA million of aided and Table property with our October group bolstered RevPAR. of spend our was In $X.X XXXX. million we the million. quarter, and $X.X net were Bad of adjusted but million. XXXX Vegas growth casino property compared quarter million margin calendar in low in EBITDA $XXX.X taking the by In by We payments in given ADR more was the amendment to also bad also of to swing room billion Macau reducing year investments quarter in additional in events negatively we including We at a quarter. credit

through per During dividend share average an at we repurchased price and the payment our the the to just $X.XX per $XXX stock. move shareholders on consider to of returning is Q&A. million quarterly XXXX With that, just with of of of capital $XXX.X repurchase our we due returned over returns, shares $XX Consistent our $XXX share, quarter, dividend sharp million in We to dividend our million million Operator? now final to recurring we'll focus for X.X the approximately quarterly quarter of under and under shareholders. course. will adjustments

Operator

Deutsche first with Thank Santarelli comes you. Bank. Carlo [Operator Our question Instructions] from

Your line is open.

Carlo Santarelli

you. day market quarter range you'd in Hey, your overall providing does in about, for Great, and some quarter $X.X of bit thank company-specific the XQ all within not backdrop talked Mainland outlook of the forward? a the $X.X with aggregate challenging volatility around the obviously, China Macau the how you that experienced light I and the this on necessarily Matt, per their business, million China-based constituent’s fourth to stuff In referenced along would you you the macro call. that little say million outlook for guys moving rosy the

Matt Maddox

growth companies where the uncertain the trade we all as caution, is situation is watching are also I with but global So world doing wars and up end around think the remain uncertain.

end We in quarter, as we experience we certitudes the control. market, We can what can't from peaks premium at of market. Macau, the see to we valleys and the of can you can control but control being the continue this

the world, play globally. And so are I positioned to will the good out still feel and like we and the see I really in what are waiting growth the rest the market, Palace how market but Wynn think Macau about Wynn of where

Carlo Santarelli

the thank if maybe just as could I little being from going follow-up. about Great, seeing guardrails do given Craig you and in you. bit about attractive. et to between how for bit then of the this one's the returns you're able clearly in thresholds Obviously, you're well terms some ownership the dividends as talk equity perspective buyback And you levels forward future best Could and talked about capital the you what buybacks? little buyback a of of cetera, kind thinking as

Craig Billings

we the gives with to opportunity point perspective. we might preferred from a It inflection We're lot quarter important stock an how as It really recurring in to that not return other ways. shareholders. think get free return cash of see reached and opening us We Boston the to dependent. Carlo. shareholders that impact Thanks, stated we the historically Sure. about recurring of afraid is But price valuation about capital a dividends flow in excited -- dependent we're from We've to dividends. that. you capital

trades we coming try watch our buybacks. of -- few and so think be with is in the you how the out to quarters. are opportunistic and over equity saw the respect to the quarter Again that the We equity I we'll valued fourth course

Carlo Santarelli

That’s very helpful. Thank you both.

Operator

comes question JPMorgan. next with Greff Our from Joe

open. Your line is

Joe Greff

results. questions on Congratulations to the guys. Two that pertain afternoon, Macau. Good

reinvestment Are then And able then Macau some that talked stuff can experiencing may online coming chime ship about here you now, and to contained First of follow for maybe that and the property Wynn -- the I that business that not The have is Palace? of also accelerates think you disruption? from to some with Macau you disruption at a this be in redesign, when to easily in more of to be up? in here? at do Ian Wynn you respect able Wynn And the might that Matt be terms the and XQ.

Matt Maddox

to I'll start then that turn Joe Ian. it I'll over

are that end this quarter in range can Macau year. expecting re-launch volume all some that again I sort in feel think we disruption I that and market we, levels, the dependent the of the we're you think at and what of could the Wynn at property until fourth those of

So if that. I want do you know follow on Ian to up

Ian Coughlan

Wynn construction do it's already it. reduction impact the the and play. clearly three XX at with at contain increase the affect months. table be look there's customer it There does and It any but Macau business great We over team in will inaccessible. a six manage to We've program through months will we essentially As damage, gone Areas a disruption be months. over next will of base. certain

we and fourth are until keep impact and this fourth can we that run of from but So, our going the quarter quarter hopeful the along year. minimize

Matt Maddox

the declined by two that most. first which of were in strong Macau just And XXXX lot Macau of was mid-tier a junkets as has Wynn you really by the see quarters for that and been quite the segment bolstered has far

So…

Q –Joe Greff

Great. can of players. debt the can for I me. all you front? seeing sort marginally, expense collections went that from also That's just and you're of about And just Matt then junkets length talk but talk about And direct you what bad know your on up

Matt Maddox

Sure.

It's an So Head he to in trend an try to if really Macau and now. we're not we doesn't are more weeks a talk to appear two in there's Liquidity Alvin, lot issue. was Suncity, that with issue and a be this met collections decide to noticing. of I what about right ago about talk particular think caution.

scenario case we that's not and all. and any the of of operations at saw in the a additional for to not come which is us our is We're XXXX. us a bubble. That's indication this XXXX not ask junket credit usually So having clear advance -- that

Joe Greff

So the is coming from player from junket? caution the the not

Matt Maddox

from Yes both.

I a large learned lesson, had in particular, business. players a that valuable multibillion-dollar think really the everyone's

decline, seen major but healthy. operators mid-tier again that appeared junket to still be so the the are ones we've junkets the And three

Ian Coughlan

management has tighter a DIC levels junkets. much The dissipated. and of years to done governments exposure also professional job market excellent we and bringing There's had junket very an number ago regulation have in the the DICJ the and the off of

Joe Greff

the comments. you Thank for

Operator

Hendrix next comes Felicia with Our Barclays. from call

Your line is open.

Felicia Hendrix

Thanks. afternoon. good Hi,

hot I the in on seat the you right Macau. you end. keep XX% know share XX% fluctuate we'll on at you just here between and Ian lower that's and So where are

what's You some because Macau, may and be at of of Wynn on year-over-year. that sequentially but just down going

walk of so function the also if maybe is have you that So, VIP would through coming if where that and of you or us wondering who understand Peninsula that, Wynn attributable in about kind could some or Palace just talk to maybe some a it's mass, that The Is of us help be Macau? new come again of folks great. from indeed that

Ian Coughlan

you're in on VIP mid-tier at Wynn it's to properties junkets what very basis do Wynn we've this shrinkage linked generally share arrival well the Market that continues and It's think the very to Macau. focused call of the I in really drop Mass and just Wynn has and the junkets eight rooms a in is Macau. new looking Macau about affected and doing previous Wynn is very referred in junket at well. city Palace both share

Felicia Hendrix

Great. properties commission levels? change any across-the-board in seen terms you your have at And and then perhaps of

Ian Coughlan

No.

Felicia Hendrix

And back. switching to Okay. gears Vegas, voice just hear again. then Welcome nice to your it's Las Marilyn,

Marilyn Spiegel

Thank you.

Felicia Hendrix

Vegas? bit that seems coming are with that the fresh perhaps was the also about be eyes there now. narrative rates difficulty just two-parter. of RevPAR fourth I quarter, expected. lot is think kind the wondering and in if out looking they higher was a of have at been which you And hoping XX% then raising there might high-end and this you address And than driving there yourselves anyone bigger operators could occupancy, could One from is Las quarter you might result, in was in where of I there a I being I some back up the ideas because could extraordinary that if anything that having really be was was to easy wondering address driven but new was know comp just like property portion the have an I of Wynn the by was

Marilyn Spiegel

The great delighted came Absolutely. and I business superstrong. in quarter was to fourth was see RevPAR. convention the

in really seeing you're quarter. that's fourth And the what so

we fourth competed to it's team There outstanding There our you an in assets. all of and the For Coming had this gaming. I property. I the employee is know of but first and quarter. management as solid, better is here team, no quarter growth, of prior had then the property, here, year no rest against strong a back was set

lead delighted this to I'm team. so, And

off I casino, get think we in from casino floor. all of have more operating And really our our assets. drive specifically more we block, can opportunities with our of

I'll that's forward. So where going focus be

Felicia Hendrix

are? where upon feeling Great. rates narrative be on the just that the higher touch the to levels and question And of might I out there then there had a

Craig Billings

Yes. Hey well. Felicia, it's Craig. as I'll We've that that. heard take

overall continue quarters. the in shifts categories. different be with be rate There We to XXXX may across comfortable between

As QX large from we that's you an example, The between fluctuations we which nights, high QX as very those a moving have room high so see casino also group could XXXX. know fine feel in room by as nights was underpinned Marilyn QX to group which and rooms. But two you quarters. results by generally RevPAR about was the casino are mentioned strong impacted overall, positively ADR comp

So in fine. I sanguine. that overall, numbers turned QX, we extrapolate feel we're we wouldn't but the

Felicia Hendrix

Great. Thank you so much.

Operator

question with comes Our America. from Shaun Bank next Kelley of

open. Your line is

Shaun Kelley

Thanks. Great.

two ones. short fairly Just

was the Macau one on just follow-up. first So to

where market share? to program think extensive just Is you're happening needed market going like this mid-tier said outlined of the of of to and to junkets what that do sort enough just in Macau you to market a shift build what's pretty to and right Is overall? the at in defend you to the given now of So share re-grow some what do you Wynn you Peninsula. dynamic, Matt, the you're at The be up

Matt Maddox

gravitating is there's we're mass I Cotai. think, junket from Macau business the that. very as of going -- well or business our tables we're to defend casino premium mass And long-term Look, Peninsula property. position the mid-tier on And grossing two, a away all Macau is actually over Yeah. that The reliable, the highest model the not I knowing premium probably our which in Encore and Wynn the think model, the

And and operators. so we mid-tier want what to junket experience that on is do rely replicate not

the that So, property really repositioning for future.

Shaun Kelley

impact think relates part VIP it the here? thing revenue mix to market look or this on do that, material fair and but impact would you could that be have share a EBITDA be profitability? obviously that on of as might side, to Is trade it an as the And one

Matt Maddox

Well, is clearly premium mass mid-tier profitable junket business than more business.

gaming So do bridge of how we're nicest given trillion don't slots with of busiest we what to about ourselves happens people, share between premium and on generally a a what making their the for one ourselves on decisions position as at doing the mass. to million to they do And and focus GDP on Greater XX not $X -- and we Wynn airports just in stay. and How focused the connected customer, monthly they area the and where we Bay that's focus it's new do Macau where We're where we're over world. market in we the region that's that go we future, focus want position want Macau. VIP

Shaun Kelley

And would Great, question got it. just be on then last Boston.

whether I line time steady think it's as think budget for there remain she in or everything opening I very to commentary the seems goes. all

hard as higher ultimate is or Just that we there as wrapped that it procedures, final the is far as but an from phases and that's everything -- standpoint and we there towards into here are to to a date. your this opening really aren't the kind of goal can change derail appreciate end working is get that anything high from level this training and concern relates as some there I things

Matt Maddox

a our seriously the process a clearly for There this taken we the we're case. issues. thorough I regulators Massachusetts. the we're to did There for extremely and no they've and and current on job done in forward under the and our they've really done extensive want just there. and us and working sure that that Well, being no through are good forward to on of to commission commend you hearing are work now fine. present Everything towards I the June regulators the to sent think gaming except review, XXrd. the very to regulatory saw state looking We in get Nevada looking They've the here I'm the with opening working internally limit licenses. settled Massachusetts employees is press

Shaun Kelley

Great. Thank you very much.

Matt Maddox

Operator: have Morgan Operator, do from Yes. Stanley. questions? question Thomas comes we This more any Allen with

line open. Your is

Thomas Allen

Macau. on few A questions

First, just Thanks… and bridge smoking affecting are your those the the ban. on do and shares you market specifically? How the think

Ian Coughlan

Ian. is this Thomas,

Pacific it's players. give Cathay a does. mass and open two my with premium but just checking has minutes personal On VIP leaving yesterday. distinct I from Macau I Vegas Airport Wynn Airport Hong been people months, hour and from I'll for number was in the boon Palace That's of bridge Palace. Kong I Airport. flying in only the to an you PRC from Wynn that Hong remarkable. already for there's arrive flights X.X It's own a few a example. huge took car daily in and a to want was benefit than out the times Kong

opens us for travel about that's Bay to discussing a it up general. also what international Long So area. that significant Greater just term in and the was Matt linked archery

relevant huge it's benefit of piece city infrastructure over coming going to years. feel the we that's the a So

early but that still it's because delighted with the mass at been in in disadvantage ban, tables area smoking the these grandfathered smoking allowed. field. days we're We've playing Cotai had On a particularly it levels

at etcetera, speed Now for advantage rules. us the and the it's have we're believe we in everybody everybody same particular. a operating to right happy really Too affected early from template same Cotai a if now of ban play to in place judge operating it's big the but and in is

Thomas Allen

your then know it properties really part one both driving stood and noted revenue this But and to of that? huge a follow-up, at strong Wynn that was helpful revenue out Ian. I to slot past thought just anything you've us just and your Very quarter

Ian Coughlan

big the end is December. business market A arrival of it generated the big was premium Wynn of expected, is lot as in in that again more similarly and that players to at the swayed some Palace big weren't slot like by of our just in So affected that. players due the movement slots gets being of very revenue unpredictable XX% players

volume. to really So it's more linked

Thomas Allen

you. Great. Thank

Operator

with comes question Instinet. Harry next Curtis Our from

open. is Your line

Harry Curtis

Hello afternoon. and good

So it? either What thinking thoughts Craig, there quarter, to you you EBITDA Is the any on versus the gave Matt modify that or third day. change Do you per forward are that? today? What...

Matt Maddox

I inherently what because be going I And particular think predicting to and peaks as doing volatile it's we're Macau in the in first want valleys. and we in to don't there quarter. are said, Well, be

real so And that Year New is for think the the to I up test and quarter. Chinese be first going is coming

you we can that? to you think imagine strong, New any before need but a does then it Year feel have January and Chinese on does lulls feel after and thoughts be to it right Year we like you in wait have Ian As gauge like really New What before? Chinese what going do quite it's it. sense on get to for

Ian Coughlan

No that's it.

Harry Curtis

open a up through pipeline out. growth the Then on runs is comment a is about made of being company following you Boston which accurate the opening Boston. growth once But

longer term the strategic thoughts some And give direction? us on so

Matt Maddox

completely disagree that actually the runs pipeline I Sure. growth out.

game Palace, Macau I the go region. the going Pavilion with Crystal new In think the a capital that's about the deployed of for we're and new and what XXXX of that will to and re-launch Wynn and this real that place And property property is be and property. will billion that operating designing rooms real have changer Bay $X.X as think that it Vegas another be on a the in a impact Greater Wynn Macau at Palace have will to hotel in and Las with large We that XXXX. will we project opened solidify Wynn leverage is be in

a $XXX we're up expansion year, things, wrapping end XXXX, a in at doing way be Wynn look the million in we'll that opening Palace. property but Wynn stepping $XXX this we're at be you sure into in right Las rolling up if June, at these So the we'll what wrapping stair a million of Vegas expansion in wrapping Macau $X.X billion

are in also We new very markets. active

what chickens in presentation me. now focused here the think further there. we things our at – hatch will – the to here. most highest before and be but we they positioned forward think down well over Japan. on them have and we're going we're right positioned Japan. count And designers don't that we those creative and I We're without next you a on putting do innovative think do well we're Ian's I While project with the to the continue That's the road, working That's doubt in are level.

Harry Curtis

pay of I what the share really projects – past? you the was it's a guess is think flow after I XXXX should you these amount Boston open flow even I investors to multiples, significant you've cash you bills Would you cash flow other I repurchase, a become need talked and higher get that enough. final agree about – see significant the free that cash free become in in mean attempting was to on. you you've to free in with Fair after generator. multiples but generation your focus dividends that than And

Matt Maddox

Because Well, spend the Boston, of I'm up you're in flow before gets generation goes paid exactly free years even large-scale couple and right. Once the for a the bills take longer. other running significantly. these cash this or up are company about projects definitely talking

any thoughts changes and then free So have quite into Craig, significantly the ? cash there. you're – exactly right. XXXX In do XXXX you flow profile

Craig Billings

No.

amount the Harry, all at to appropriate And shareholders. routes we sure free we the think I will we right. have make about flow that portion that's talked that to as look of cash

Harry Curtis

given But industry he's really him and to be? a a Okay. don't if know his going an role the respect you on quite What out And or Will in his has positive having observation golf? Satre board his significant I that be he try real years Phil then adding Because – it's bit. could question. he joined is had. quick, is just the

Matt Maddox

a or number a three I don't good probably on He with Street. have great he him. talk is back earnings I think interested conference stepping Board he Nordstrom boards. been times resource. getting is relationship I of week Phil down. four Wall a running a before really on of He's Chairman to calls is the the He's the at boards. in

of as Board being really golf. in member the not on So board he's a our and Chairman focused

Harry Curtis

man a is obviously. He wise

Matt Maddox

He is.

Harry Curtis

Thank you.

Matt Maddox

Thanks.

Operator

Stephen Our comes Sachs. next Goldman question with from Grambling

Your line is open.

Stephen Grambling

Thanks.

know base to I think but greater you don't among explicit domestic changes amidst the volatility? we even some just you in first international convention give quick the XXXX, guess Thanks. Are of puts market guidance, for seeing on the couple market. Just I the and a the as customer give a you Vegas. takes can of versus sense look about leisure or customer at Las trends follow-ups.

Craig Billings

Hey it's Craig.

So, yes, great question.

So, XXXX But some look analyst that. at QX we reiterate try the Las call frame you up to explicit to the if of I sell-side with to of and were Vegas. just some pretty think help to subsequent

think first quarter a quarter If you it property of the our look ever. at for XXXX, record I was first

So, we're --

Matt Maddox

was. Yes. It

Craig Billings

going QX have to comp XXXX. of a in tough frankly We're

and should regulations probably You Department that of different of a due sense to better a in look the about that a Labor QX XXXX we're back talked environment now perform to property prior to some recognize might an where to get cost call. we slightly

very the global. we're we really tend overall as QX to at be on baccarat looking volumes, which that Beyond call, the about talked

towards Las take we Vegas the well. of overall the as circumspection that Chinese to macro-economy much extends so And

we we the year that any? as need have out about didn't what think Year you to wait plays Chinese how And in well. Matt, to New to see so determine do really

Matt Maddox

sure. Yes,

I marketer's think as I opening market. remarks, said is a Las Vegas in my

on to casino will our our are we I revenue focused in be think and to how increase we're share we drive going how going rate.

programs because start particular, casino the on we're looking profile. rate. on right drive us that going our in structural the are XXXX, share business in will new to construction -- help in baccarat grow That now every and it's side, We are side, to focused global in worth coming we're day how but domestic have our gain

They straight Boston. are We to from visit. flights direct have to There want to a will three Las lot will want that will come of go high-end our to to Asia will to regions Vegas. They now customers Boston. want

how And we to on working globally so to we so share all competitors. the experience can Wynn continue create take our that from we're going are

Stephen Grambling

the even about maybe Then from customers? to helpful. quick. has those of spend out back of service may be Would There renovations. been nights That's of Macau incremental it just a how for impact we before sense the maybe about online turning a coming thinking many we're real think give questions as possible to be about lot

Ian Coughlan

Ian. So, this is

will add over at rooms X,XXX transpire of XXX order keys, that the peak four a we'll Encore and out On in of months. our five period to

Stephen Grambling

year. much. Great. luck Best this of Thank you so

Craig Billings

you. Thank

Operator

Anil call next Daswani. comes from Our

line open. Your is

Anil Daswani

on an like the morning close in for please to Hi, how are the give another as longer getting look comp to Could good us term? ratios one what guys. your you. Palace well we Wynn Macau Palace? Ian Wynn of you targets idea at both And now as Wynn

Ian Coughlan

XX that I ago XXX% consistent. We're Wynn rooms and customers. market fourth working for by XX% has in active a at to in better At a at the and more could at on floor. for it way of would We're XX% the and be of percentage, go looking but Macau importantly Macau Downton we've We the always book we're to casino doing things. up being the is quarter. of two the the doing been we customers rooms taking in advance. more driving So, the About ideal but scenes like that previous XX% go people call, months quality that booking all a behind been to customer. we're pulling the walking up hard from Palace, mentioned comped providing on pretty advance. day people

come well. So up the has ADT as

that we're seeing the So can you numbers. Palace benefit see it of in the

Anil Daswani

targeted a your market on of And as take mass in Peninsula. what this is and by? The whole smoking you neighborhood? experience see new trying competitors could a you friendly to all you're a I from that share that premium bit Is renovating anticipate Do of create some follow-up, that

Ian Coughlan

side Tower year Club renovation. under XXXX the of year the Macau story. a the all Wynn is actually our is it's think of What suites. This of beyond Wynn at contains looked is Wynn So I

mass creating from points boardwalk, geographically, So two the between MGM. suites area new premium entry a walkway and Lisboa additions, F&B we're directly onto those new with

of see that, side we firing up the So property. that

percentage recover. downtown feel business much as markets definitely will higher premium a mass of we So we take

long-term future. fund the a is for this So

Matt Maddox

So Cotai continues to And to take The what we're is, share to share Peninsula. from to to The focus do Peninsula, take but The on Peninsula going is going market. still continue we're an enormous

exactly You're right.

are competitors playing now level Some that at some smoking field. mass a had of our rooms premium

are we continue we and it as Wynn large Palace are competitors. Peninsula to get as because our can of at We on market is we a focused The think ahead very that

Anil Daswani

from you, Operator: last Thank comes guys. our Farley. Robin And question

is line open. Your

Robin Farley

Great, thanks. that next Obviously a construction you'll lot -- be about talked by could of Vegas on year. you timing update the big issues last talked resort if for about Las under a already. maybe I wonder new the call you

update could budget that? kind timing of wonder and just you I So if us of

Craig Billings

no, – I can't. Yes

development I last so And what about design. of on five of a and said have I said It's different. these couple should projects years. a was years the couple that years something design call and maybe There's typically take of of

we and of like. being to think years able So will budget answer I are look couple actually that from away a what project

could are slots We about more thinking could not and is and cut what more casino, next different rooms, come because what to the retail more more be going it.

Strip. – So really early to and that XX it’s is have stages The lucky we're a on acres very

Ian Coughlan

something conversation point doesn't at rather your it not it's to this -- really into But mind. put

Robin Farley

you to premium may it groundbreaking groups levels are seeing then on no been in just flattish premium sometimes drop? you. had times the are be because strong a of mass you for number that mentioned XXXX with to mass small VIP general what's business You in the now? players. business December -- of mass That's trends simply relative what Thank have going But you're with helpful. that VIP VIP you there? How Okay. just by tied very the premium So with And seeing traveling past players. kind driven

Ian Coughlan

segment So players traditionally strongly junket and players. quite you're was VIP The fed mass correct. premium by

into Over player. premium of has mid-tier by XX conversion the the last much mass mass months, premium stronger become mass players

an less it's of So issue.

continues with particularly and that shrinking, see competition more mass to premium world can grow. You junket

Robin Farley

Thank Okay, you. great.

Matt Maddox

that was Operator, last the question?

Operator

was last That question. the

Matt Maddox

Okay. We everyone forward look today. you speaking with Thank to you for soon. joining

Operator

Thank you participating. you. That conference. for today's concludes Thank

You may now disconnect.