Wynn Resorts, Limited (WYNN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Wynn Resorts third quarter 2025 earnings call. All participants are in a listen only mode until the question and answer session of today's conference. To ask a question, please press star one on your touch tone phone, record your name, and I will introduce you. Please limit yourself to one question and one follow-up question. This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Julie Cameron Doe, Chief Financial Officer. Please go ahead. Thank you, Operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gulbrantz in Las Vegas. Also on the line are Jenny Holliday, Linda Chen, and Frederick Lubitsuto. Please note that we've published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our investor relations websites. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true. I will now turn the call over to Craig Billings. Thanks, Julie. Good afternoon, and as always, thank you for joining us. I'll jump right into the quarter, and I'll kick off here in Vegas. When Las Vegas continued to see notable gaming market share gains in the quarter driven by our incredible team and market-leading product and service, resulting in EBITDA growth on a hold-adjusted basis of 3% to $211 million, against a difficult comp. Demand in the casino was healthy throughout the quarter, with solid increases in both drop and handle, leading to casino revenues that were up 10%. Hotel revenue was flat at $187 million, demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR a...