Macau Competitive Outlook
Q: Any changes in Macau's competitive landscape impacting Wynn?
A: The market remains highly competitive yet stable. " We're focused on EBITDA and margins, adjusting reinvestment as needed to drive the best results. "

Capital Allocation Strategy
Q: How are you balancing buybacks versus investing in new projects?
A: With strong liquidity and comfortable leverage levels, we're able to repurchase shares and invest in projects like Wynn Al Marjan. " We'll continue buybacks while multiples remain suppressed until the value of Wynn Al Marjan is realized. "

Wynn Al Marjan Progress
Q: What are the major milestones for Wynn Al Marjan?
A: Topping off is expected by year-end. " We'll engage more with investors and possibly arrange market trips to showcase opportunities in the UAE and Dubai. "

Las Vegas Performance
Q: What's driving strong gaming volumes in Las Vegas?
A: Broad-based strength indicates healthy demand for our offerings. " We've expanded high-limit rooms and enhanced our slot floor, leading to accelerating slot handle. "

Macau CapEx Returns
Q: What returns are expected from Macau's CapEx projects?
A: While it's early for specifics, projects align with our brand and proven non-gaming amenities. " We expect to drive incremental revenue and meaningful visitation. "

Expansion Opportunities
Q: Are there more opportunities like the London acquisition?
A: The London acquisition establishes presence in key markets. " Together with Wynn Al Marjan, we're serving areas with 2.5 billion people and 40% of the world's millionaires. "

New Projects Outlook
Q: If New York doesn't happen, what other opportunities are you considering?
A: We focus on large-scale assets. Besides Al Marjan, we're active in Thailand and have substantial land in Las Vegas. "

Operating Expense Management
Q: How are you managing operating expenses amid inflation?
A: Mitigation involves numerous small initiatives ensuring customers aren't impacted. " We've proven we can manage OpEx without damaging the brand. "

Customer Trends in Macau
Q: How is customer behavior in Macau post-Chinese New Year?
A: Premium customers outperformed base mass. " Despite economic cross-currents, this aligns with our focus on premium segments. "

FX Impact on Visitation
Q: Will FX rates affect international visitation or spend?
A: No impact expected. " We're more diversified and less reliant on international business than ever. "

Table Hold Normalization
Q: Is using a 22% hold rate still appropriate given higher recent holds?
A: We tend to be conservative. " It's a valid point, and we'll continue to assess our approach. "

EBITDA Growth Despite Super Bowl
Q: Can you grow EBITDA in Vegas despite tough Super Bowl comps?
A: Excluding Super Bowl weekend, key volume metrics are up year-over-year. " We feel very good about our setup for 2025. "

Thailand Opportunity
Q: Which entity would pursue the Thailand project?
A: It would happen through a subsidiary of Wynn Resorts Limited, the U.S. listed company. "

Room Renovations Impact
Q: Will Vegas renovations cause disruption?
A: There may be slight impact, but we plan to minimize it. " The 12-month process starts end of summer, with careful scheduling to ensure minimal guest interruption. "

Room Rates and Pricing Power
Q: How has market pricing power evolved over the last six months?
A: Our pricing power felt incredibly good in Q4 and continues into 2025. " We can't comment on the whole market due to our relative size. "

Leverage and Share Repurchases
Q: Is there a leverage threshold for share repurchases?
A: We don't publish leverage targets but are comfortable with current levels. " We'll continue to support the stock. "

Macau Cost Structure
Q: Thoughts on Macau's cost structure this year?
A: Not providing OpEx per day guidance, but it comes down to good management. " Non-gaming programming can cause quarterly lumpiness. "

Buybacks and Unlocking Value
Q: Will you consider alternatives if buybacks don't move the stock?
A: We're buying back stock for long-term value, not immediate response. " Not believers in Opco/Propco; we'll support the stock while Wynn Al Marjan's value crystallizes. "

Wynn Al Marjan Competition
Q: Any concerns about future competitors in UAE?
A: Additional licenses are unlikely soon. " We're confident in our healthy lead and first-mover advantage. "

Customer Cohorts for Al Marjan
Q: Who are the key customer segments for Wynn Al Marjan?
A: Three cohorts: existing inbound visitors, Dubai residents, and destination luxury travelers. Our unique position as the only integrated resort in the region is beneficial.

Future Las Vegas Development
Q: What's needed to develop the Las Vegas land bank?
A: Timing must be right globally. " We're ensuring market positioning and avoiding cannibalization. "

Las Vegas Customer Demand
Q: What's changed in Vegas over the past six months?
A: Demand remains strong; we've strengthened our position over three years. " Material improvements and enhancements continue to drive results. "

Impact of F1 on Gaming Volumes
Q: Did F1 events drive higher gaming volumes?
A: It was not F1-specific. Broad-based strength indicates healthy demand. "