wynn earnings call transcript

Thanks for taking my question, everyone. -------------------------------------------------------------------------------- Matthew Ode Maddox, Wynn Resorts, Limited - CEO & Director [27] -------------------------------------------------------------------------------- Yes. We intend to leverage the land-based assets that we can bring to bear to be competitive. Our capex in the quarter was $69 million. Our CPAs are quite good, and it's encouraging what we're seeing. The platform will be used by Bionano’s customer Praxis Genomics, marking it as the first company to offer a laboratory developed test (LDT) utilizing whole genome analysis.Saphyr’s optical genome mapping is an alternative to traditional cytogenetic methods and Maxim analyst Jason McCarthy thinks it could be a game changer.“Digital cytogenetics is one of the areas where Saphyr has the potential to change the clinical diagnostic landscape,” the 5-star analyst said. We have proximity to China. One of the great outcomes of this is the dialogue between Guangdong and Macau at a government departmental level. But Ian, is there anything or Linda, that you'd like to add to that? I'd like to welcome the BetBull team to the Wynn family. And then just moving to Boston. Sure. Those benchmarks have been widely distributed. Was curious specifically on -- if any of those conversations have moved into specifically airline partners as it relates to lift into Las Vegas? Massachusetts is also, I believe, will be coming out with a phased approach to opening. We actually -- because of that led the industry, both in Massachusetts and in Nevada in closing our casinos. Our next question comes from Felicia Hendrix from Barclay. -------------------------------------------------------------------------------- Craig Scott Billings, Wynn Resorts, Limited - President, CFO & Treasurer [46] -------------------------------------------------------------------------------- Sure. -------------------------------------------------------------------------------- Operator [9] -------------------------------------------------------------------------------- Next question is from Joe Greff with JP Morgan. And he just went public with what he predicts will be his next big winner. And then and then Craig, you also -- just was mentioning CapEx. And the amount of progress that's been made over there has been extraordinary. New Home Security System That Will Blow You Away, We Found a Bubble—but It May Not Be What You Think It Is, Bionano’s Genome Mapping Platform Could Be a Game Changer, Says Analyst, How Social Security Works After Retirement. We saw 30%, roughly between 25% and 30% in turnover compared to our pre COVID levels in the junket space. Chip stocks rose in 2020 as the industry emerged from a downturn. -------------------------------------------------------------------------------- Ian Michael Coughlan, Wynn Resorts, Limited - President & Executive Director of Wynn Macau Limited [12] -------------------------------------------------------------------------------- Anecdotally, locally, the junkets are just like the rest of us, they're waiting for the borders to ease and to get back into business. So I think just to be totally fair. Compared to the fourth quarter of 2019, our global FTE count has decreased by nearly 7,500 or 30%, and our global payroll and non-variable expenses have declined by nearly $200 million or 34%, leading to consolidated opex per day, inclusive of corporate and exclusive of gaming taxes of $4.8 million compared to $7.6 million in Q4 '19. It's fun. And just as a follow-up, Matt, or Craig on this, do you have an option to buy out the other 29% under certain conditions or anything like that? Employees are being very compliant in terms of wearing mask and what they need to be doing and hand sanitization. Reflective of limited business volumes. Does that concern you at all? Sure, Joe. We're going to finish that. So that activity produced actual positive EBITDA for us in October. In years like 2020, he seems like an investing genius, while past losing bets on Valeant Pharmaceuticals and Borders bookstores have left investors scratching their heads.Investors should look for Ackman and his fund to continue to be high-risk, high-reward investments in 2021 and beyond.See more from Benzinga * Click here for options trades from Benzinga * The S&P 500 Just Did Something That Has Been Bullish Every Time Since WWII * 10 Best Performing S&P 500 Stocks Of 2020(C) 2020 Benzinga.com. Great. But there was a clear focus on how to reopen the economy and to start moving in that direction. So we're continuing to be optimistic about what's going to happen in Macau as the cautious reopening of the border continues. The New York Stock Exchange announced late Thursday it has begun delisting proceedings three Chinese telecommunications companies in order to comply with an executive order by President Donald Trump targeting companies affiliated with China's military. What do you think the authorities are waiting for, particularly given the opening of Chimelong and the fact that there haven't been any cases in -- of COVID in Macau for weeks? They will all give you more downside protection than the vast majority of ETFs throughout the ETF universe. And their user acquisition cost in the U.K. and their LTVs were quite attractive relative to industry standards. Read or listen to the conference call. I am also very happy that we're in the business of the premium in high-end, which requires less people and more revenue. Extra Money in Your Bank Account? But it shows that when there is just a little bit of business with the way we've restructured our expense line, the amount of operating leverage that we have now revenue quickly converts into EBITDA. -------------------------------------------------------------------------------- Matthew Ode Maddox, Wynn Resorts, Limited - CEO & Director [3] -------------------------------------------------------------------------------- So just based on our limited experience between February 20 and March 20, we definitely saw the VIP and premium segments come back faster. And then just as my follow-up question, LVS, when they reported 2 weeks ago, talked about being more interested in M&A right now. As an example, I believe we were one of the first companies in the nation, not just in our industry, but in the nation, to produce a detailed reopening plan. And I appreciate that the headcount piece is not particularly negotiable, but there's going to be some mix shift here as it could relate to mass versus VIP and other things. Just curious about that. The election is settled, except for the Georgia Senate runoffs, but no matter how those turn out the overall results is known: a closely divided government, without a clear mandate for sweeping legislation. In proof that government sometimes can move with speed and decision, FDA granted emergency authorization for both the Pfizer and Moderna COVID vaccines, and the shots are getting into the distribution networks. So COVID cases are picking up in the U.S., obviously. So depending upon what we opened, we would expect to break even at the 50% to 60% occupancy level. That number is going to grow at an exponential rate as we move forward. So Marilyn, do you have anything you want to add to that? -------------------------------------------------------------------------------- Thomas Glassbrooke Allen, Morgan Stanley, Research Division - Senior Analyst [33] -------------------------------------------------------------------------------- Okay. Q4 2019 Wynn Resorts Ltd Earnings Call LAS VEGAS Feb 24, 2020 (Thomson StreetEvents) -- Edited Transcript of Wynn Resorts Ltd earnings conference call or presentation Thursday, February 6, 2020 at 9:30:00pm GMT TEXT version of Transcript ===== Corporate Participants ===== * Craig Scott Billings Wynn Resorts, Limited - President, CFO & Treasurer * Ian Michael Coughlan Wynn Resorts, … We've crafted, with our medical community here in Nevada, benchmarks based on disease growth, which is a case growth coupled with hospitalizations and deaths. The company saw $220 million at the top in Q1, and reported $228 million in Q3. The third quarter was up 47% year-over-year, and was the sixth quarter in a row to show sequential gains. And so we have been pleased with the baccarat business that we've seen, and we have them returning frequently to us. -------------------------------------------------------------------------------- Craig Scott Billings, Wynn Resorts, Limited - President, CFO & Treasurer [2] -------------------------------------------------------------------------------- Thank you, operator, and good afternoon, everyone. We have launched Wynn bet, our product in New Jersey. Great. So — and Craig, the detail on the opex by segment was super helpful. Semiconductor Stocks To Buy And Watch Ahead Of Q4 Earnings Season. And we were the first that led that. The government of Massachusetts has done a terrific job, throughout all of this, managing this from Governor Baker to the Massachusetts Gaming Commission. And I think for all of the reasons that we've been laying out from our security protocols of checking everyone when they walk in, to our COVID protocols, to all of our restaurants being open. And in the U.S., we actually got a covenant waiver, even though that's also a secured covenant. So there's a lot of things happening. I would now turn the line over to Craig Billings, president and chief financial officer. We are in the premium business. -------------------------------------------------------------------------------- Operator [18] -------------------------------------------------------------------------------- Next question is from Felicia Hendrix from Barclays. The street was anticipating revenue of $1.6 billion and adjusted earnings of $1.44 per share. The top line rose 29% between Q1 and Q3, with the third quarter number hitting $382.9 million. I think that on the supply side, that in the early days, I don't think not a lot is going to reopen, in my opinion. But what I know is when we do reopen, in whatever state that is in Las Vegas and in Massachusetts that I want our team members to have smiles on their face. And it just feels like we are — and the market is just going to continue to get better. -------------------------------------------------------------------------------- Matthew Ode Maddox, Wynn Resorts, Limited - CEO & Director [34] -------------------------------------------------------------------------------- Yes. So we think there's a lot of opportunity for us in i-casino. It’s a portent of regulatory stasis, which means predictability, which is good for markets.These are the facts behind the rising investors sentiment, which has pushed the Dow Jones, the S&P 500, and the NASDAQ all up to record levels. 04/24/18: Add Links to Pages. -------------------------------------------------------------------------------- Harry Croyle Curtis, Nomura Securities Co. Ltd., Research Division - MD and Senior Analyst of Gaming, Leisure & Lodging [41] -------------------------------------------------------------------------------- Okay. I think that during these times, there's usually transactions that are out there, and there could be some really interesting assets that could come up that I think everybody will be watching. And when you think of what sort of -- kind of percentage of revenue, EBITDA breakeven threshold you need there? The settlement of the lawsuit was announced by the women, their lawyers and by NY1. August 5, 2020. -------------------------------------------------------------------------------- Carlo Santarelli, Deutsche Bank AG, Research Division - Research Analyst [5] -------------------------------------------------------------------------------- And Craig, of that 45% that's breakeven. And that's what we're in the early stages of doing in New Jersey. There is continued customer demand. So, let’s see what they have to say about these three Strong Buy stocks.ZoomInfo Technologies (ZI)Tech companies, especially in the cloud, communications, and marketing segments, have some clear opportunities during the COVID pandemic. So our team — well, so October will not be repeated in November and December. And what I've been focused on, along with Craig is we're going to build an amazing product and have a real business opportunity and roll it out. But whether it's VIP or premium mass lead, we feel like the snapback will be pretty quick. And the best thing would be if we never have to use it. So -- which really measures the amount of tests that are being conducted in an area. EPS, at 45 cents per share, was up 28% yoy.Among the fans is Needham's Quinn Bolton, who's ranked 2 on Wall Street, according to TipRanks.“[We] believe Ichor's fundamentals remain strong… we expect the offering will enable ICHR to pursue meaningful accretive M&A that should strengthen its market position, accelerate revenue growth and provide for vertical integration and higher gross margin over time. And our team has really learned how to be a super regional operator. And in order to further solidify the company's financial position, our Board, along with senior management, have decided to temporarily suspend the company's quarterly dividend, preserving over $100 million of liquidity per quarter. At least there was the stock market. On the testing front, we think a lot about this. Encore Boston Harbor is really starting to hit its stride. Our next question comes from Shaun Kelley from Bank of America. And now we really appreciate the fact that it's about safety first. Some of the large airlines are starting to put their plans out, their standardization plans, which we've been encouraging them to be transparent and to start putting that out. They're going to be quite public. So in terms of database overlap, I mean that's not going to be enough to scale any digital sports betting business, to be honest. Buy) rating, suggesting that ZI has room for ~25% growth next year. (To watch Bracelin’s track record, click here)Overall, there are 9 recent reviews on record for ZoomInfo and all are Buys – making the analyst consensus rating a unanimous Strong Buy. It is very important to do your own analysis before making any investment. We intend to leverage that brand. Is it going to survive? And once the borders ease, we will have players and we will have customers back, and the junket are in the same position as us. Thank you. We want to stay above 0 during this closure because, again, more than half of our revenue was generated at the time when we'll be closed. GE's turnaround is winning over more believers on Wall Street, and the Boeing 737 Max has returned to service soon. After the surprising 2020 stock market rally, here are key lessons for 2021. So Encore Boston Harbor is really starting to understand how — and we are starting to understand what that market is, how to market to those customers and how to monetize there? We feel very, very good about our position, in particular, on the premium mass side, over the next couple of years. Zacks. I don't know at what speed. Stock Advisor launched in February of 2002. And it's just going to take time for the market to continue to open, but we feel really good about the current trajectory that's going on there. Under this approach, our daily OpEx burn rate in the U.S. is approximately $3.6 million, inclusive of corporate expense. Is GE stock a buy right now? -------------------------------------------------------------------------------- Craig Scott Billings, Wynn Resorts, Limited - President, CFO & Treasurer [17] -------------------------------------------------------------------------------- And Joe, the answer to your question on the -- it's Craig here. -------------------------------------------------------------------------------- Operator [43] -------------------------------------------------------------------------------- Our next question is from Stephen Grambling with Goldman Sachs. We're not changing anything. and more Thank you so much. But we will be opening most of our restaurants and -- working with our retail partners to try to have an experience that will be safe and fun. First, just as a housekeeping, and I know we've kind of moved past this period with a kind of [Inaudible] in October, but can you just help us know what the hold-adjusted EBITDA was in Macau for the quarter? WYNN Earnings Call - Final Transcript. We can see the pent-up demand. And we actually closed our resorts in Las Vegas in advance of the state declaration to close. It's a lot of fun. There's been a lot going on in the gaming world concerning sports betting, and in particular, online sports betting. 10 months ago. Upon the closure of casino operations in Macau in February as Matt just alluded to, we announced an expected daily OpEx burn rate in Macau of $2.5 million. First of all, the team has done a tremendous job continuing to support local employment, but dealing with controllable opex. And what I've been talking to, are elected leaders about is this could be one of our opportunities as we get through this to get entertainment going again to get conventions going again, that we'll be able to test thousands of people in a very short period of time, so that they can be together. I mean, Craig, you walked through some of the operating expense statistics, and you talked about them for Vegas. And there seems to be a really deep collaboration and cooperation with Macau and Guangdong in terms of these health checks and to begin to move in a very reasonable and data-driven way. Clearly, it's changing. Ichor is best known for its contributions to the semiconductor industry’s capital equipment, where its gas module and chemical process subsystems make up a substantial portion of each chip’s cost. Overall, we have seen encouraging trends in the casino, particularly in slots with handle per day operating day up approximately 5% versus Q4 '19. These may be folks from Southern California or someplace domestically. And I've had sports teams call to walk through it; airlines call and walk through it; retail, large; landlords calling up through it; developers; dozens of CEOs to look at the Wynn plan and to think about it and apply it to their own business. We have always maintained a pretty healthy amount of liquidity, and I think that, that has served us well in this process. (Operator Instructions) This call is being recorded. And is there a big difference in the recovery, whether it's on the Peninsula or on Cotai as well? We have signed market access deals, in the United States, in nine states. And I know you talked about a lot of the costs that you removed. Finally, in October, we entered into a series of transactions, resulting in the creation of Wynn Interactive through the merger of BetBull, our strategic partner for digital gaming and several Wynn owned entities. But with $3.4 billion on the balance sheet and really being a peak burn now, I don't anticipate we'll need to do that. And in fact, we in -- Las Vegas, has signed a partnership with the University Medical Center, the research hospital in Las Vegas, whereby any of our employees can get tested for COVID-19. And some of our hosted customers can't wait to come through the door. And what it is that those customers want and how we're going to deliver it? There are people that want to come. All participants are on listen-only until the question-and-answer session of today’s conference. But their medical community has handled it really as good as has been handled around the globe and should be commended. Motley Fool. AlphaStreet Logo. And on the junket side, which everyone has been talking about the junket business. Thank you. The international demand that we're seeing for the casino side is limited to people who are already here in the United States. Table drop was down about 35% in the quarter, and we were down 25%. It's actually become known as the Wynn plan. And so we have the -- we think we have the ability to do that to the extent that we need to. The team is being built. So at Wynn, we're not looking for 100,000 people a day to be going through our properties. Ian, what do you think? (To watch Bolton’s track record, click here)Like Bolton, Wall Street is picking ICHR as a long-term winner. More WYNN analysis. I believe it will continue to consolidate with some of the largest operators, and we will continue to participate in it. And we've effectively put all of the short-term things on hold outside of something that's under construction now, for example, Delilah in Las Vegas that was halfway through construction. Next question comes from Joe Greff from JP Morgan. In terms of you said convention business international? We have the right product. Gross gaming revenue per day in October was approximately 33% Q4 2019, with premium mass strengthening into the later portion of the month. -------------------------------------------------------------------------------- Matthew Ode Maddox, Wynn Resorts, Limited - CEO & Director [51] -------------------------------------------------------------------------------- Thanks, everyone. Earnings in the third quarter were up an impressive 53% year-over-year. In Las Vegas, we're still working through what our opening plan is going to look like. So we are not actively thinking about M&A right now. That would be helpful in understanding how you're thinking that. With apps like Yahoo Mail, Yahoo News, Yahoo Sports & Yahoo Finance pre-installed. First of all, we're big believers in the segment. The women who sued in Manhattan federal court in June 2019 include Roma Torre, a Montclair, New Jersey, resident in her early 60s who was NY1′s first on-air hire when it began its programs in 1992. The following Wynn Resorts conference call took place on October 15, 2015, 04:30 PM ET. So as an example, in the month of August in Macau, our EBITDA line was negative $40 million because there's very low revenue, and we are carrying our cost. We're -- this was a -- just the University Medical Center and Wynn Las Vegas reaching that agreement. We're now looking at Macau people that are working in Macau but actually living in Zhuhai. And they built a product in the U.K. that was really very social. Latest Earnings Call / Transcript of Wynn Resorts Ltd (WYNN) Wynn Resorts EPS misses by $1.23, misses on revenue. (Operator Instructions) This call … Or Linda? We're seeing new domestic customers that we've never seen before that previously were lifers at some of our competitors. So just how are you thinking about managing it? I think it's a little too early to start talking about target leverage levels, we need to actually get back to generating cash flow first. I think you saw us access the market just last month. Wynn Resorts' WYNN CEO Matt Maddox on Q3 2020 Results. We're actively thinking about how do we have the industry-leading assets in the markets where we operate. I mean we do see demand, and we see the leisure market coming back, the drive in market for sure, the casino customers, the value-oriented ones. Your line is open. Wynn Resorts (WYNN) Q2 2020 Earnings Call Transcript. -------------------------------------------------------------------------------- Matthew Ode Maddox, Wynn Resorts, Limited - CEO & Director [29] -------------------------------------------------------------------------------- Yes. In Macau, we saw a modest increase in variable expenses per day as business volumes returned in October. After a brutal three-year stretch from 2015 to 2017, Ackman's Pershing Square Holdings Ltd (OTC: PSHZF) has now put together back-to-back years of stellar returns, and Ackman has eased fears that he lost his stock-picking touch.As of Dec. 22, Pershing Square's net asset value was up 67.5% year-to-date in 2020. If you’re worried about the stock market correcting, or eventually heading into bear market territory, then you will want to consider the exchange-traded funds (ETF) covered below. Do you want to follow your friend? So to me, it seems like every 2 weeks, there's progress. We've seen that in a lot of surveys that have happened out there. DEEP DIVE (Updates story with year-end closing prices and consensus price targets.) But as everyone has been seeing, the government of Macau with its deliberate approach and steadfastness has been working very hard to continue to open Macau. You may disconnect at this time. So those trends that we saw in early October are continuing into November. And it wasn't just over golden week. To this end, Bolton rates the stock a Buy, and his $40 price target implies a one-year upside of 32%. Wynn Las Vegas Named Best Hotel In Las Vegas By Travel + Leisure Magazine; Exclusive Vacation Package Invites Guests To Join The Celebration PR Newswire. Sir, you may begin. Buy) along with a $325 price target. How to -- testing is continuing to be a real point of focus. -------------------------------------------------------------------------------- Craig Scott Billings, Wynn Resorts, Limited - President, CFO & Treasurer [4] -------------------------------------------------------------------------------- Thank you, Matt. And obviously, you're positioned very much at the premium end, but you have to be impacted by what else is going on in the market. Lastly, I'll quickly note that our reported EBITDA for our U.S. properties in the first quarter was negatively impacted by a $75.7 million accrual associated with our commitment to pay our domestic team members' full wages and benefits after quarter end from April 1 through May 15. Ichor’s systems are also used in the manufacture of LED displays, biomedical equipment, and alternative energy sources.Specialized manufacturing can be a solidly profitable niche, especially when a company is building parts and tools necessary to top-line industries. And in the month of May and in June, there was a dramatic reduction in lift capacity, as you can imagine. Yes. -------------------------------------------------------------------------------- Matthew Ode Maddox, Wynn Resorts, Limited - CEO & Director [49] -------------------------------------------------------------------------------- That's something that I think about and we think about every day, which is why we've continued to encourage phased openings and watch the data. In Macau -- because the government has done a very good job there. What I'd like to do is spend some time talking about how we've handled this pandemic in the way that we've been thinking about it. Q1 2020 Wynn Resorts Ltd Earnings Call LAS VEGAS Jun 14, 2020 (Thomson StreetEvents) -- Edited Transcript of Wynn Resorts Ltd earnings conference call … Activity in Wynn Macau and Wynn Las Vegas is we are taking share... Thinking about how do you think there 's progress we can continue this practice regulatory bodies 2.0 tips stocks. Book for many, many years debt -- any of your debt -- any of your?. The wrong s & P 500 stocks and you lose billions, but huge were! Time, there could be other funding sources, but it 's really that! Waiver for our shareholders s latest surge, legendary investor Whitney Tilson says an even EV! The communities around us and what they 're trialing it Chimelong, which we appreciated 94.8 operating! We think a lot of the analysts on this call is being recorded there... Anticipating lending more to junkets and directly to VIP players we think we going! Your phone the top line revenue hit $ 123.4 million, inclusive Corporate. Expect recent trends to generally continue throughout Q1 '21 now turn the line over to Craig Billings, who helping! And to start with a number of safety-related operating restrictions in place alarm systems offset the,. 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