Operator: Welcome to the Wynn Resorts Second Quarter 2026 Earnings Call. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Craig Fullalove, Chief Financial Officer. Please go ahead.

Craig Fullalove: Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Jenny Holaday, Linda Chen and Frederic Luvisutto. Please note that we 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 website. 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.

Craig Billings: Thanks, Craig. Good afternoon, everyone, and as always, thank you for joining us. I'm going to jump right into the quarter, starting here in Las Vegas. Wynn Las Vegas delivered $215 million of EBITDAR in the quarter with particular strength in May. Adjusting for the low hold, the property would have produced $219 million of EBITDAR. We saw impressive increases in both drop and handle, driving a 5% increase in total casino revenues. We were also pleased to grow RevPAR by 3% and saw retail lease revenue up 8% during the quarter. More recently, the business has seen solid volumes and increases in both slot revenues and RevPAR, though we experienced unusually low hold in the month of July. Looking ahead, we remain positive about the business in Las Vegas. We are currently on track for another strong F1 weekend and pacing ahead of last year in our transient and leisure business for that event. On the group and convention side, we saw the forward booking pace accelerate as July progressed, and the business looks strong heading into both Q4 and 2027. Turning to Boston. Encore Boston Harbor generated $56 million of EBITDAR with the second quarter setting records for both 2Q RevPAR and 2Q hotel revenue. Slots also remained an area of strength with revenues up 1%. More recently, demand in Boston has remained healthy with slot handle running slightly ahead of last year. In Macau, the team delivered particularly solid results in the quarter. The business generated $306 million in VIP normalized EBITDA with unfavorable VIP hold negatively impacting us by nearly $9 million. Volumes were up nicely in the quarter with mass drop up 5%. So far, in the third quarter, rolling volumes and mass drop were down slightly year-on-year as we absorb the now well-publicized impact of the World Cup, coupled with usual seasonality. We saw a drop pickup in the back half of July as the region entered the summer holiday season and those improving trends continued into early August. Last quarter, we announced Enclave, a new 432 all-suite hotel and expect to commence construction on that tower before the end of the year. This quarter, I'm pleased to announce that we will also begin construction on our long planned and previously announced Event Center and Theater at Wynn Palace in the coming weeks after receiving our revised land contract from the government in July. The Event Center and Theater are expected to be completed in 2028, and Enclave is expected to be opened in 2029. Taken together, these projects reflect a clear and confident investment in the future of the Macau market and our commitment to support its diversification efforts. Shifting to Wynn Al Marjan Island, construction is progressing rapidly. We are now actively progressing through the interior fit out of the hotel rooms with mechanical, electrical and finishing work all moving along in sequence. In addition to construction, preopening hiring and operations planning are advancing very well. As development of Wynn Al Marjan Island progresses, regional conflict-related disruptions initially impacted global supply chains and continue to impact the shipping insurance markets. This has required certain materials and equipment to be resourced, rerouted or expedited to ensure the project's construction time line. In addition, we experienced certain other disruptions associated with the movement of staff and consultants and other nonrecurring issues. These disruptions have impacted both the timing and cost of the project. On timing, we now expect the project to open its stores to the public in September 2027. With respect to budget, we are increasing the total project budget for Wynn Al Marjan Island by approximately $600 million. Of that, approximately half is directly attributable to disruption from the regional conflict, material cost increases, shipping cost increases and the preopening and capitalized interest costs associated with the extended construction time line it created. The remaining portion reflects remeasurement, trade coordination and other costs you'd expect on a project of this scale and duration independent of anything happening in the region. I traveled to the UAE in June and saw the progress firsthand, the site, the team and the surrounding market. My flights were full and day-to-day activity in Dubai was healthy. What we are building in the region is one of a kind and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever. I'll now hand it over to Craig Fullalove to run through some additional details on the quarter.

Craig Fullalove: Thank you, Craig, and good afternoon, again. Let me walk you through the financials for the quarter, starting here in Las Vegas. Wynn Las Vegas generated $215.2 million of adjusted property EBITDAR and $643.2 million of operating revenue for a 33.5% margin. Unfavorable hold was a modest headwind, costing us just over $3.6 million in the quarter. On the cost side, OpEx excluding gaming tax, ran at $4.5 million per day, up 6.2% year-on-year. That increase reflects higher business volumes, some contractual wage increases and our continued investment in the types of offerings that matter must to our premium customers. The openings of Zero Bond and Sartiano's last quarter as well as [indiscernible], which opened only midway through Q2 of last year. We believe the best way to earn and retain the highest value customers in Las Vegas is to continually raise the bar on what we offer them and that's what you're seeing in those numbers. Over to Boston, Encore delivered $56.1 million of adjusted property EBITDAR from $209.3 million of revenue for a 26.8% margin. OpEx per day came in at $1.19 million, up just 2.9% versus the second quarter of last year, and that's despite real ongoing labor pressure in that market. The team in Boston is incredibly disciplined on costs and flow through, and they continue to find smart efficiencies across the business while delivering a premium offering that is discernibly different from other properties in the region. Now over to Macau. The team delivered $297 million of adjusted property EBITDAR on $1 billion of operating revenue, a 29.6% margin. VIP hold ran below our theoretical expectations this quarter representing a negative impact of just over $8.6 million. On costs, OpEx, excluding gaming tax was approximately $2.9 million per day, up 9% year-on-year, but flat quarter-over-quarter. Similar to Las Vegas, that increase is partially driven by deliberate additional investments in the premium customer experience including the recently opened Chairman's Club expansion that completed last quarter as well as normal course cost of living adjustments alongside variable costs associated with higher business volumes seen across several of our segments in the quarter. On Macau CapEx, Craig touched on the recent approval for construction to commence on the Event Center and Theater of Wynn Palace, both of which are key concession-related projects in Macau. In addition to our announcement of the Enclave Hotel Tower last quarter. We look forward to getting construction underway very soon. Spend on these projects in 2026 will be limited to some piling and early development works. All in, we now expect our 2026 expansionary CapEx in Macau to land in the $350 million to $400 million range. Turning to the balance sheet. Our liquidity position remains excellent, $4 billion of global cash and revolver availability as of June 30, split roughly as $2.3 billion in Macau and $1.7 billion in the U.S. That strong cash generation gives us the flexibility to keep returning meaningful capital to shareholders on both sides of the Pacific. On the Macau side, the Wynn Macau Board approved a 2025 final dividend of $150 million, up from $124 million in the prior period, which was paid in the second quarter. We continue to view the dividend there as the cornerstone of our capital return policy to shareholders and we'll continue to revisit that dividend level with the Board over time. At the Wynn Resorts level, our Board has approved a cash dividend of $0.25 per share payable on August 28 to stockholders of record as of August 14. In terms of total CapEx for the quarter, we spent approximately $153 million primarily related to the Encore Tower and spa remodels and the construction of the Cliff House Grill in Las Vegas as well as the hotel refurbishment at Wynn Macau, which we completed at the end of the quarter, plus normal course maintenance across the business. Separately, we contributed $48.1 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our cumulative contribution to just over $1.06 billion. We've also continued drawing on the Al Marjan construction loan with $1.4 billion drawn to date. As Craig mentioned, we have increased the expected budget for Wynn Al Marjan Island, which had a 40% share will equate to approximately $240 million of required equity. Our equity for the remainder of the project, including Janu is expected to be approximately $525 million to $650 million. With that, we'll open the call up to Q&A.

Operator: [Operator Instructions] Our first question will come from Shaun Kelley with Bank of America.

Shaun Kelley: Craig, I want to start in the UAE, if we could, obviously, some positive news on getting a hard date to work from. Can you just talk through a little bit of the strategic pros and cons? I mean, obviously, still a bit of uncertainty in the region, but that does push us to more than a year from today. And obviously, on a day like today, it feels like perhaps there's some positive signs. But just anything that needs to happen further in the region and flexibility around that date? Or is this pretty hard and fast -- just help us think through kind of what you were -- kind of like -- what you were contemplating as you lay this date out. And just kind of how you thought about it, that would be helpful.

Craig Fullalove: Yes, sure. Look, we talked a little bit about this on the last call when the UAE was absorbing really the heaviest bombardment of the war. And since then, the intensity directed specifically the UAE has eased even as the broader conflict has continued to play out. And that's kind of a point, that's consistent with the point that I made in May. This is a country that absorbs pressure and keeps functioning rather than one that gets knocked off course by it. So look, I'm not going to tell you there's no risk, but when we underwrote the project, again, I said this last time, we didn't underwrite a region with zero geopolitical risk. We underwrote a country with the demonstrated ability to manage through it. If you look at what's been happening with Dubai Airport, where they've really, over the course of the past couple of months have continued to grow flight capacity and kind of carry on, I can tell you on the ground there, supply -- consumer supply chains are normal and day-to-day life is pretty normal. So you're talking about an opening that's well over a year out. And if the conflict is persisting, at that point, I think we've got bigger problems from the perspective of the energy markets. So we're planning pretty normal course, construction is carrying on normal course, and we're looking forward to opening the doors.

Shaun Kelley: Great. And then maybe just switch gears as a follow-up on Macau. I think the mass market table hold at Wynn Palace was exceptional this quarter, maybe one of the highest numbers we've ever seen. I know we typically probably don't hold normalize to that, but just kind of trying to think more about what's happening in the market, how is the maybe composition of customer changing between VIP and maybe the upper level of premium mass? And how sustainable is maybe either an elevated level of play or what you're doing to lean into a higher-value guest there? .

Craig Fullalove: Sure. Yes. I mean, look, we tried to normalize from mass hold. We did that for a few quarters, and nobody liked it. So we referred it back to normalizing for VIP, particularly as the market became more mass-oriented. And you're right, mass hold was at the higher end of the range. If you're asking if that some type of broad trend based on -- based on side betting activity and other things like that. I think we've talked about that before, and we certainly are seeing more of that activity on the floor. Really, we kind of just continue to stick to our knitting there. We're very focused on one particular customer type. That happens to be the customer type that is driving the market at the moment, and we continue to double down. It's just really, really good management of the business there more than anything else.

Operator: Our next question comes from Dan Politzer with JPMorgan.

Daniel Politzer: I wanted to go back to Wynn Al Marjan, but perhaps through a different approach. I guess as you think about that September 2027 opening, how do you think about that timing? And why is that the right time? I guess, asked another way, if basically the property were ready to open today, would now be the right time? Are you underwriting a real significant improvement in terms of the operating environment there?

Craig Fullalove: That's the point at which construction and punch will be done and ops has had sufficient handover on the building to actually operate it the way it should be operating.

Daniel Politzer: Okay. And then in terms of Macau, I think you talked a little bit about an uptick post World Cup. I mean, how much of that do you attribute to kind of pent-up demand versus an event calendar? Any changes in the promotional environment? I guess we're trying to drive out what's driving that incremental level of play.

Craig Fullalove: Yes. I think it's just a return to a more normal cadence. I think you've heard this from some of our peers in the industry. The World Cup occurred during a period that is already impacted by seasonality, frankly, in both markets, Vegas and Macau. In Macau, it sits -- it happened to occur in the seasonal trough that generally follows Golden Week. So I think a lot of what's being asked or has been asked on this particular topic is, is this the World Cup -- or is this normal seasonality stacked with the World Cup. And I think disentangling the two with precision isn't something, I think, really anyone can do with great confidence. What I can tell you is what we're seeing now, and I mentioned it in my prepared remarks, we're starting to see the summer holidays emerge in the market. We had solid results in the quarter that we just reported with $3.4 million in VIP normalized average EBITDA per day and rolling volumes and mass troughs during the tournament itself and then pick back up in the back half of July and continuing into early August.

Operator: Our next question comes from Stephen Grambling with Morgan Stanley.

Stephen Grambling: Maybe turning back to Vegas. I know you gave some good detail on the cadence of the quarter. Curious how you think about the net impact from the World Cup perhaps? And then separately, can you just remind us -- as we look at the renovations that are going on there, any impact -- I know you've been able to mitigate that in the past, how has that been trending versus your expectations?

Craig Fullalove: Sure. So on the World Cup side, it was obviously less pronounced here in Vegas. Hard to say if it had an impact or not. Again, what I can tell you is -- in July, we had solid drop, very low hold, a solid drop and RevPAR grew nicely in July as we exited the tournament. On Encore renovations, yes, the way we tend to look at that is on the peak days when we could have sold those rooms, what was our foregone revenue. It's probably the best way to think about it. On the non-peak days, when you weren't at that occupancy level anyway, it really didn't matter. And I would expect the absence of that inventory on those peak days to cost us something like $2 million to $4 million in revenue per quarter through the first half of next year.

Stephen Grambling: And maybe one follow-up in Macau. As the Chairman's Club has ramped, is this driving incremental customers? Or is it just increased play from existing customers?

Craig Fullalove: Chairman's Club is actually still ramping. I mean it's only been open several months now. So we're still in the process of ramping it. It is designed to do both. And it's also designed to increase dwell time, which obviously has positive impact on hold.

Operator: Our next question comes from Lizzie Dove with Goldman Sachs.

Elizabeth Dove: I guess going back to Wynn Al Marjan in the September opening, I'm curious like super high level how we should kind of think about the cadence of the ramp there. I think you've said in the past, you don't do soft launches. But just curious with the timing of the peak season there, how you're thinking very high level again, expecting guidance but of scaling revenue and EBITDAR or whether this is kind of phased or not?

Craig Billings: Yes. I don't -- well, look, let's put the regional -- I think it's important to put the regional conflict to decide, because, obviously, we don't control that. So if you think about September, the middle of September, end of September, something like that, you're really talking about entry into the beginning of the peak season there. And you're right, we generally don't do phased openings. So what I can tell you is that we would open the doors and open all the amenities exactly as we would any other particular opening. We don't do hoarding. And so that would be the plan. And as I mentioned on the last call, we continue to believe very strongly in the market, very strongly in the opportunity and stand by the projections that we put out for the project.

Elizabeth Dove: And then I guess now you have this confidence of putting this date out. I know at the Investor Day, there's been a topic of just hopefully having some of the other hotel development in Ras AI Khaimah kind of up and running for them. I'm curious to the extent you have kind of color on this, if you've heard whether these other projects are kind of keeping pace with that and on a kind of similar time line?

Craig Billings: Yes, it's a bit of a mixed bag actually. What I would remind you is the other thing that we talked about pretty extensively actually at that Investor Day is the fact that we were underwriting our base case and our high case really on the back of our own room base and we had a long discussion about when we took a little flat for not increasing our numbers at the time, we had a long discussion about how we were going to rely very, very heavily on our own room base. So that remains true to this day. And therefore, we stand behind the numbers that we published.

Operator: Our next question comes from John DeCree with CBRE.

John DeCree: Craig, maybe to build on Lizzie's question, we kind of follow the Ras Al Khaimah tourism and metrics quite closely, and we're pleasantly surprised to see a record first half travel tourism to Ras Al Khaimah despite the regional conflict and a lot of that was domestic demand. A, do you have any comments on -- you were there in June, you said in terms of demand, particularly domestic. Any views on how quickly kind of international demand had recovered when there weren't travel advisories and generally to capital, how do you -- kind of how was your thinking evolved on your customer segmentation as we kind of get through this, a lot of stuff has happened. A lot has changed. The world is very fluid. And I know the domestic demand during this last 6 months really surprised. So how are you kind of thinking about the demand pockets and customer segmentation when you open.

Craig Fullalove: Yes. It's -- thank you for the question. It's a good question. So I think what you're -- what's you are really alluding to is, which customer funnels are you really focused on at the point of opening. And I think that's the right way to think about it, right? We've talked extensively about the fact that when this property opens, we expect a pretty robust, for lack of a better phrase, locals pipeline or regional pipeline. And that is certainly the case, and that's what you're seeing driving Ras Al Khaimah visitation today. We also expect a very healthy, more global pipeline of customers, which, again, we talked extensively about at the Investor Day. So the real question is, if we fast forward to September of 2027, we're opening the doors, which of those customer funnels are we addressing in the near term and which, if not all of them, and which of those customer funnels are we addressing over time. Because I think it's fair to say, particularly for the core gaming products, given that we will be a monopoly, demand should exceed supply. It's just a question of where it's going to come from. And so that changes where you spend marketing dollars, that changes where you focus your host and their attention, but it doesn't change the core of what you're opening. Does that make sense?

John DeCree: It does. Yes, Craig. I appreciate that.

Craig Fullalove: That's the way I would -- that's the way I would think about it. We have a lot of -- I'll put it to you this way, in an elevator pitch version. We have a lot of levers to pull there, and it's a question of which levers we pull when based on the state of play as we open.

John DeCree: Understood. I think I kind of packaged 2.5 questions there for you. So I'll step into back in the queue.

Operator: Our next question comes from Robin Farley with UBS. .

Robin Farley: I wonder if you have any thoughts about some potential go-private transactions in Vegas and how you think that might change the competitive landscape or any aspect there? Curious for your thoughts.

Craig Billings: I really don't -- I mean, I read the same press reports that you do. I think if that's calling out what we already view is undervaluation of the industry, that's the only point really that I would make beyond that. Again, I read everything in the press just as you do.

Robin Farley: And I guess I was thinking more about if a lot more of your competitors in Vegas, they're not ultimately end up not being public companies. Do you think that's better, worse or indifferent for Wynn Resorts?

Craig Billings: Well, I think that ship sales a long time ago, Robin. I think if you go back in time, you had a set of public companies that were all in land-based gaming that all own real estate. And you had fragmentation of that simplified view of valuation kind of piece by piece over time. You had operators that moved into digital, you had operators that sold their real estate, you had operators that own their real estate, which is made the industry quite difficult to compare over the course of probably the past 10 years, which obviously, I think, creates complications for investors and some on the sell side community. So I think there's been a lack of comparability for quite some time. I don't think having a smaller set of public comparables make it any more or less complicated.

Robin Farley: Maybe just a follow-up on Macau. I guess, how would you describe sort of the current competitive environment in Macau. It sounded like a quarter ago that you felt like it was extremely competitive, but stable. Some others have talked about investing more in both OpEx and CapEx. So I was just wondering how you feel the environment is today.

Craig Billings: I think you described it well. It is a very competitive market, but it has been stable, particularly with respect to the promotional environment and reinvestment. Our reinvestment has been relatively stable over the course of the past couple of quarters. So I think your description of it is accurate.

Operator: Our next question comes from Brandt Montour with Barclays. .

Brandt Montour: So maybe back to Vegas. I was hoping, Craig, if you could give us a sense for how the strip feels just in sort of the April, May bucket versus the June, July bucket, specifically convention heavy months versus leisure heavy months. Some of your ship peers for a year now have been sort of dealing with a tale of 2 Vegases, and you guys have been pretty insulated from that given your higher-end positioning. So just wondering if it still feels that way for you guys sort of being insulated there and more stable from convention versus leisure?

Craig Fullalove: Sure. I'll start, and then I'll ask Brian to weigh in as well. Certainly, as I mentioned in my prepared remarks, May was exceptionally strong. I think you also heard that from maybe one of our peers, yes, I guess only one of our peers in Vegas actually did a call. So I think you heard that from one of our peers here in Vegas as well. That was the strongest month of the quarter. For us, I mean, you can see the numbers, and you can see drop, you can see handle. You can see how we're doing. You can see how we're doing on RevPAR. And we continue to feel fine. I think you're right. I think we service a very particular customer, and that customer has held up extremely well. On the group side, group has actually been quite encouraging. Brian, do you want to talk a little bit about group, which is really our best leading indicator.

Brian Gullbrants: Thanks, Craig. Actually, feeling good on group. Full year '26 group pace remains ahead of '25. So we're pacing well in both room nights and rates. The team has done a great job and '27 is pacing nicely right where we should be for a solid '27. We do see some competitors going out with all-inclusives and different things, highly promotional, but that's not really our core customer. I think it's helping the market, but we're sticking to what we do best.

Brandt Montour: Okay. I appreciate that. And just a follow-up on Macau. I'm going to ask Shaun's question, hopefully, in a slightly different way. The rolling chip volume drawdown year-over-year is just sort of too dramatic, not to be curious about it. Obviously, we know World Cup had an outsized impact on those sort of super higher-end players, but you also gain share in mass drop. So just I guess, more directly asking, are those 2 things linked in any way or are those 2 sort of completely separate dynamics?

Craig Fullalove: Sure. I mean I think they're somewhat separate in the sense that it's driven by, obviously, the value of the customer. But separate to that, it's also driven by the type of reinvestment that, that customer gets. And so that drives a lot of how the segmentation works. I think within the VIP, we have seen some of that taper off a little bit, but we're seeing that strength come back through on the mass side. And so that's obviously been encouraging for us overall. We're continuing to calibrate across those different segmentations. And within VIP, we think there's more we can do there, for sure. And we're going to continue to stay super focused on it and keep working towards it. But we're really, really happy with what we're seeing on the mass side, both at Wynn Palace in particular and then at Wynn Macau as well.

Craig Billings: And then I would just add, don't forget the impact of credit and credit extension, and we tend to be very, very prudent with credit. We and others in the market have long-standing relationships with particular customers who we extend credit to and that tend to make those customers sticky, which is both beneficial and then also problematic if you're trying to take share. VIP is just much more of an individual businesses. There's a lot more people. And so it tends to be a lot less.

Operator: Our next question comes from Chad Beynon with Macquarie.

Chad Beynon: Two for me. First, on the equity repurchase program, $75 million in the quarter, slightly up from what we saw in the first quarter, yet at a similar stock price. So if your stock remains in this range here, is this still a good run rate, given the additional capital needed for UAE? Or should we think about maybe dialing that back as you focus more on funding?

Craig Fullalove: It really depends, to be honest, I mean, we -- as we talked about in the past, we repurchased using a price-based grid. We take all of our funding needs into account when we set that price-based grid and some quarters that grade hits and sub quarters, it doesn't. What's important to us is decapitalizing over time. And you've seen that. If you look at the investor deck, there's a cumulative total with respect all the shares that we've bought back. So I could give you a very simple answer to that question, but it wouldn't be intellectually honest. So instead, I'm giving you the intellectually honest one.

Chad Beynon: And then with respect to Las Vegas potentially getting an NBA franchise, I think there's been a number of potential stakeholders who are partnering up or expressing interest. How would Wynn see themselves either in a partnership with an individual using your land or just benefiting from more visitors coming to the city if this ends up landing. .

Craig Fullalove: Sure. I think it falls into the latter category of the two things that you mentioned. And if you really think about the very -- I think we talked about this on previous calls, but if you think about the various sports teams that are resident in Vegas, you can think about leagues that tend to have a very, very high game count, so a number of games every year. And those leagues tend to be more of local teams, and then you can think about leagues, most notably the NFL, that have a very, very limited game count, and those games tend to occur on or around weekends. And it is the latter category, the Raiders in particular, that are most beneficial in my humble opinion to the town because they drive visitation and in particular, to us because they tend to drive premium visitation for a subset of customers that go to those games. The NBA kind of sits somewhere in between. And so we would love to see an MBA franchise in Las Vegas. We're obviously want to be very supportive of whoever ends up to the extent that it does happen with the NBA ends up owning that franchise. And we would play the same role that we play with the Raiders. We tend to get the premium end of visitation. We tend to get folks who are affiliated with league and with the opposing teams when they're in town, and those are good customers, and they're good for our business.

Operator: Our next question comes from Steve Wieczynski with Stifel.

Steven Wieczynski: So Craig, one more for the UAE. With the uptick in the budget now for the UAE, wondering how that or if it doesn't change your return profile for that asset, meaning you've got a $600 million increase in budget and maybe more uncertainty around the geopolitical environment, even though you said we should kind of somewhat ignore that. But just wondering if there have been any material changes to the way you're underwriting that asset now.

Craig Fullalove: So to be super clear, I'm not suggesting you ignore. There's a conflict happening, and we completely acknowledge that there's a conflict happening. My point was that we don't control it. And so we shouldn't -- we can form our opening and operating plans accordingly, but we don't control that component. And so that was the point that I was trying to make. Obviously, the return profile will be impacted by an increase in budget. If you recall, our returns there are quite healthy. So I don't think it changes the investment thesis for us one bit, and then we continue to see a lot of potential upside. I do think it's important to note that when you're managing a project of this scale and complexity, the calculus isn't really kind of spend or spend more or don't. We have thousands of workers on site, thousands of construction drawings in flight, specific trades mobilized in a precise sequence stopping or slowing that down has ramifications that are far more costly than absorbing the budget increase and keeping the project moving. What's important is to get it open and earning EBITDA, the return profile from our perspective still remains very, very strong.

Steven Wieczynski: And then if we think about the start of the third quarter, you mentioned Vegas has had -- or Vegas had difficult hold in July, but it sounds like drop there was fine or normal, whatever you want to think about it. So just wondering if you can help us quantify a little bit more, maybe how bad hold actually was so we can get those assets in the right spot to start off the quarter.

Craig Fullalove: Well, we'll talk to you about that on the next call. We don't get further into Q3 than what we've already disclosed.

Operator: Our next question comes from Barry Jonas with Truist Securities.

Barry Jonas: I wanted to ask about Macau. What extent do you think about the next round of concession renewals as you're planning out long-term investments? And then maybe just as a follow-up, can you remind us how much non-gaming spend you have left for your current concession investment obligations.

Craig Billings: Sure. I'll take the first portion, and then I'll ask Craig to take the second portion. So first of all, we operate the business in Macau is going concern because that's what it is. And so when we think about CapEx deployment, Enclave in particular, Wynn Palace runs full every night or really close to full every night. And so that's not a speculative bet for us. That's meeting demand that is there today that we are not meeting today. So that's very, very clear EBITDA. Beyond that, we committed as part of the concession renewal to implement a series of CapEx projects. We chose to be very entertainment focused because we believe that's additive to the market and can drive the core business and we're executing those projects now. Craig, do you want to cover the...

Craig Fullalove: Yes. Yes, I mean, obviously, at a high level, we -- as you would have heard before, we've already added recent additions like the Illuminarium and then the new Gourmet Pavilion at Wynn Palace, which were part of the concession planning. Those opened in 2024 and 2025. We've spoken previously about -- and we've just received the approvals on the Event Center and the Theater, and those are obviously our anchor CapEx projects that Craig described. Overall, when we went into the concession, we effectively committed to $2.6 billion of overall non-gaming spend, of which $1.6 billion of that is CapEx, and the rest is OpEx. And obviously, this is kind of the piece that's anchoring it and so we're working through that right now. But we're tracking really, really well. And with these new projects now coming online, which we've been dialoguing with the government over many, many years now on, and they're very aware of exactly where we are in the process in that regard. We're now able to move through those as well. So we're excited to get the construction underway on all of it.

Barry Jonas: And then just for my follow-up, wanted to extend the promotional environment question to Las Vegas. Anything you're seeing there from competitors worth noting?

Craig Fullalove: Not really. The -- you've seen some new promotional forms. I think Brian alluded to them. And I think one of our peers alluded to them on their call, the all-inclusive stuff doesn't really impact our customer. So the upper end of gaming, which is where we tend to focus, it's always quite competitive, and we're used to that. We tend to compete on product and service and not just straight reinvestment, but I don't see the market exhibiting anything other than normal behavior.

Operator: Our next question comes from Trey Bowers with Wells Fargo.

Unknown Analyst: It's Zach filling in for Trey here. So just following up on the previous question on Macau CapEx, you're obviously investing pretty heavily in the non-gaming product, but just curious, long term, how you're feeling about the gaming -- the amount of gaming product in the market or in your portfolio? And if you think it requires further investment for the market to grow?

Craig Fullalove: Look, you're talking about a market that's whatever, 5x the Las Vegas Strip with 1/3 of the hotel rooms. And so there's -- it's a very unique market dynamic. And so in that environment for us, what's it about? It's about getting the best heads in beds and getting the best customers in those rooms, which is really been our strategy from day one. So do we need a whole bunch of incremental infrastructure for the market to grow in Macau, we don't, we don't, because we're very focused on a very small subset of customers. A little bit like Las Vegas, to be honest. So you've seen us grow and our growth in Las Vegas materially outpaced the growth in the market over the course of the past 5 years. And so I don't think we need a whole bunch of incremental infrastructure in Macau to grow our business there and be competitive. I think we're going to tack on Enclave and you're going to see exactly what I mean by that, where we have the database to fill those rooms, and we have the occupancy to fill those rooms. So would additional infrastructure would be helpful to the market overall, probably, I think that would be the case in almost any market, but not specifically for us, and we're not dependent on it.

Unknown Analyst: And then apologies if I missed this earlier, but Las Vegas, OpEx per day was $4.5 million. Could you just maybe provide us with any sort of color on the back half of the year and what we should expect and what we could kind of pencil down on our models?

Craig Fullalove: Yes. Let me start and then Craig will talk talking through the numbers. So look, if you put Las Vegas in context, when you look at the Q2 results, despite kind of normal seasonality, demand remains very solid for us, and you can see that in the top line numbers. We also had notable strength in our retail outlets, which I alluded to in my prepared remarks. But on the other hand, we had contractual labor rate increases, which are real. We had some rooms at Encore that were out of service, and then we had some venues that opened right at the end of Q1. So we had full staffing in those venues, but revenue was really just beginning to ramp. So I think it's important to keep all of that in mind. The cost base in Las Vegas has increased. It's back. Not just for us, for others as well. Craig, do you want to talk about specific?

Craig Billings: Yes. So as you mentioned, we came in at $4.5 million for the quarter. We've been guiding at about [ $4.4 million to $4.7 million ] as sort of the range that we put out there through the rest of the year.

Operator: [Operator Instructions] No, we have no further questions.

Craig Fullalove: Well, thank you all for attending the conference. We appreciate it. We'll see you all next quarter. Thank you.

Operator: Thank you. That concludes today's conference. Thank you for participating. You may disconnect at this time.