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Shawn Kelly

Managing Director and Senior Equity Research Analyst at Bank of America Corporation

Shaun Kelly is a Managing Director and Senior Equity Research Analyst at Bank of America Securities, specializing in the gaming, lodging, and real estate sectors. He covers specific companies including Vail Resorts (MTN), Hilton Worldwide Holdings (HLT), Red Rock Resorts (RRR), Pinnacle Entertainment (PNK), Light & Wonder (LNW), and Wynn Resorts, with a mixed performance track record featuring a 30% success rate across 20 ratings and an average return of -18.40% over one year, though standout calls like a Buy on Vail Resorts yielded +46.20% and he earned Institutional Investor All-America Research Team recognition as No. 2 in Gaming & Lodging for four consecutive years through 2015. Kelly began his Wall Street analyst career in 2009 at Bank of America Merrill Lynch, where he has reported on approximately 30 U.S. gaming and lodging companies, demonstrating strong stock-picking and analytical skills. His professional credentials include expertise recognized by top industry rankings, though specific FINRA licenses are not detailed in available sources.

Shawn Kelly's questions to WYNN RESORTS (WYNN) leadership

Question · Q4 2025

Shawn Kelly inquired about the competitive environment in Macau, specifically concerns regarding promotions and competition, and any notable shifts between VIP and premium mass segments impacting margins. He also asked for more details on the new Chairman's Club expansion, including its scope, investment, and expected impact for Q1 and the full year.

Answer

President & CEO Craig Billings explained that Macau's Q4 margins were affected by a significant jump in VIP volumes with low hold, unusually low mass hold, and incremental OpEx, not a fundamental business shift. He confirmed the Chairman's Club expansion, tripling its size to nearly 100,000 sq ft with gaming and bespoke amenities, would open by Chinese New Year, setting a new standard for premium gaming.

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