1) Strategic Overview & Leadership Insights
- Wynn Resorts continues to progress on the Wynn Al Marjan project in the UAE, with over 22,000 workers on site despite logistical challenges.
- The company anticipates a modest delay in the opening timeline, with further quantification expected in the coming months.
- Leadership emphasizes the UAE's strong tourism infrastructure and policy framework, indicating confidence in long-term growth potential.
- Recent openings in Las Vegas, including Zero Bond and Sartiano's Italian Steakhouse, received positive feedback and are expected to enhance the property’s appeal.

2) Financial & Segment Results
- Las Vegas: Adjusted EBITDAR grew 5% to $232.5 million on operating revenue of $661.9 million, with an EBITDAR margin of 35.1%. Casino revenues increased over 9%.
- Boston: Encore Boston Harbor generated $51 million in EBITDAR, with slot revenues up 2% year-on-year despite adverse weather conditions.
- Macau: Adjusted EBITDAR was $279.4 million on revenue of $989.2 million, with mass drop up 19% and handle up 32% year-on-year.
- The company reported a strong liquidity position of $4.4 billion as of March 31, 2026, and plans to return capital to shareholders through increased dividends and share repurchases.

3) Operational Plans & Challenges
- The company is set to begin the Encore Tower remodel, ensuring that rooms maintain high standards.
- In Macau, the newly expanded Chairman's Club received strong customer reception, and the Enclave at Wynn Palace, a $900 million investment, is expected to increase room capacity by 25%.
- Wage pressures remain a challenge, particularly in Boston, but operational efficiencies are being pursued to mitigate impacts on guest experience.
- The company is actively managing operational expenses, which rose due to higher business volumes and contractual wage increases.

4) Guidance & Market Outlook
- Wynn Resorts expects continued positive trends in Las Vegas, with group business on track to exceed 2025 levels.
- The company remains optimistic about the long-term potential of the UAE market, despite current geopolitical challenges, and believes that tourism will rebound as stability returns.
- In Macau, the company is confident in its market position, with no anticipated cannibalization risk from the new Enclave project.
- Guidance for 2026 CapEx is projected between $400 million to $450 million, primarily for expansion projects.

5) Missing Information & Conclusion
- The call did not provide specific details on the expected timeline for the opening of Wynn Al Marjan or the full impact of geopolitical events on financial forecasts.
- Bottom line: Wynn Resorts is well-positioned for growth with strong operational performance across its segments, a robust liquidity position, and strategic investments in both existing and new properties, despite facing some geopolitical and operational challenges.