Macau Mass Market Recovery
Q: Are all Macau mass segments fully recovered versus 2019?
A: Craig Billings explained that while the premium mass segment has fully recovered, especially at Wynn Palace, core mass segments are still catching up, particularly at Wynn Macau. " He noted that mass table GGR reached 117% of Q4 2019 levels, up from 106% in Q3. " There's more work to do at Wynn Macau, but he's proud of the strong performance this quarter. "

Macau OpEx and Margins
Q: Is the current daily OpEx of $2.5M–$2.6M sustainable for 2024?
A: Management believes the current OpEx is sustainable, highlighting that OpEx was 14% below Q4 2019, with margins 140 basis points higher. " They are being disciplined on costs but expect some quarterly variation due to programming and concession commitments. " Barring major facility openings, they don't foresee a significant change in OpEx. "

Macau Dividends to Parent
Q: Will the Macau subsidiary resume dividends to the parent soon?
A: Craig Billings stated that resuming dividends depends on several factors, including upcoming debt maturity, leverage profile, and capital expenditures in Macau. " They need to consider their balance sheet and timing of CapEx, but dividends remain a cornerstone of their capital return strategy. "

Capital Allocation and Wynn West
Q: How does Wynn West fit into your growth plans amid other projects?
A: Craig Billings noted they have multiple avenues for growth, including the land across the street (Wynn West), the golf course, the UAE project, and New York. " They are balancing their ability to execute and capital allocation. They will make use of the Las Vegas land bank; it's not a question of "if" but "when". "

Las Vegas Group Bookings
Q: Will group room nights be up year-over-year in 2024?
A: Yes, forward group booking trends are strong, pacing towards record room nights. " The sales and revenue teams are effectively yield-managing the properties. " While they don't disclose rates, contracts are multi-year and relate to CPI. "

Super Bowl vs. F1 Impact
Q: How does the Super Bowl impact compare to Formula 1?
A: The Super Bowl is expected to be more impactful in hotel revenue, similar to F1, but less so in the casino due to more corporate visitors. " They have double the front money and credit for the Super Bowl compared to last year. " February is shaping up to be jam-packed with events. " "

Impact of New Competitor
Q: How has Fountain Blue affected your Las Vegas property?
A: Craig Billings stated they have not noticed any impact from Fountain Blue. " They feel great about their business, and February is shaping up to be busy with events like the Super Bowl and Chinese New Year. "

Macau Retail Market Health
Q: What's the status of Macau's retail market?
A: Retail sales have been incredibly strong, exceeding 2019 levels. " Quarter-over-quarter growth was modest at 10 basis points, possibly reflecting broader China macro effects. " Macau appears to have become a substitute for Hong Kong in retail, and the long-term outlook is bright. "

Macau Amid China Macro Concerns
Q: How is Macau's recovery despite China's macroeconomic issues?
A: Craig Billings acknowledged crosscurrents but highlighted tremendous pent-up demand and the ease of proximity to Macau benefiting visitation. " Macau's trajectory seems decoupled from broader China macro trends, similar to 2009, which bodes well for the future. "

Interactive Business Strategy
Q: Any updates on the interactive business and potential monetization?
A: They announced exiting most jurisdictions, keeping New York and Michigan under review. " They are continuing the strategic review and will monetize assets where possible to benefit shareholders. "