Capital Allocation Strategy
Q: Will you accelerate share buybacks given current valuations?
A: We tend to repurchase more stock when it is particularly cheap. Recently, we bought back about $68 million in the quarter and continued into July and early August. " With $365 million remaining under board authorization, we'll continue to be opportunistic while balancing liquidity needs, including capital deployment for growth and returning capital to shareholders. "

Macau Market Share and Competition
Q: Has increased competition impacted your Macau market share?
A: Macau is extremely competitive. Our reinvestment in any quarter can vary by 50 to 75 basis points. " In July, we adjusted our strategies from Q2 and June, leading to a market share rebound. " Market share can fluctuate, but we focus on product and service excellence. "

UAE Project Progress and Licensing
Q: When will regulations and licensing for the UAE project be finalized?
A: We're pleased with the establishment of the GCGRA, the federal gaming regulator. " They recently awarded a lottery license, indicating progress. While we don't have a specific timeline, there's clear momentum toward our licensure. "

Growth Plans in Las Vegas
Q: Are you considering expanding your Las Vegas footprint?
A: We will grow in Vegas; it's a question of when, not if. " We'll leverage our existing land bank, but currently, the highest returns come from our UAE project. Future developments depend on market conditions and potential returns. "

Consumer Trends and Resilience in Las Vegas
Q: Are you seeing signs of consumer softening in Vegas?
A: We haven't observed any consumer softening. " We monitor indicators like high-end wine and club sales. Our team is prepared with strategies from past cycles, including the COVID period, to adapt if market conditions change. "

Thailand Market Opportunities
Q: What are your thoughts on pursuing opportunities in Thailand?
A: We're monitoring progress in Thailand closely. The market is attractive due to its tourism infrastructure and favorable operating environment. We would pursue it through Wynn Resorts in the U.S., pending more details on regulations and licensing. "

Implementation of Smart Tables in Macau
Q: How is the rollout of smart tables in Macau progressing?
A: We're moving toward full rollout of smart tables, which enhance game security and provide valuable data for better reinvestment decisions. " This technology positions us to act promptly on customer insights. "

High-End Customer Trends in Las Vegas
Q: Are you seeing changes among high-end customers in Vegas?
A: Not really. The purchasing power remains strong, and we focus on specific high-end segments. " The highest end of the market continues to grow, especially on the non-gaming side. "

Impact of Sphere Events on Las Vegas Property
Q: How are events at the Sphere affecting your Vegas business?
A: Anecdotally, the Sphere is impactful. " We benefit from increased visitation due to nearby events, complementing our internal programming and citywide events. "

Visitation Trends in Macau
Q: Have you noticed changes in Macau visitation affecting your properties?
A: We focus less on overall visitation numbers and more on the quality of guests. " Our business isn't significantly impacted by fluctuations in total visitor counts. "