Wynn Resorts Ltd. (NASDAQ:WYNN) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 24, 2018 • 04:30 pm ET


Wynn Resorts Ltd. (NASDAQ:WYNN) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Welcome to the Wynn Resorts' First Quarter 2018 Earnings Call. All participants are in listen-only until the question answer session of today's conference. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.

I will now turn the call over to Mr. Craig Billings, Chief Financial Officer. Sir, you may begin.

Craig Billings

Thank you, Operator and good afternoon everyone. On the call today with me in Las Vegas are Matt Maddox, Kim Sinatra, Maurice Wooden. Also on the line are Ian Coughlan, Linda Chen, (inaudible) and Bob DeSalvio. 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 Matt Maddox.

Matthew Maddox

Good afternoon and thank you for joining us today. It's definitely been an eventful three months since we last reported quarterly earnings. So I'd like to start the call by reminding everyone of who we are.

We are the leading operator of luxury five start integrated resorts catering to the most discerning customers in the world. We are the designers and developers of buildings and amenities that are global, international tourist destinations.

We are 25,000 professionals, dealers, architects, florists, house-keepers, performers, chefs, designers and thousands and thousands of others. They deliver our brand promise to over 20 million customers globally every single year. Together, we are Wynn.

Over the past three months, those 25,000 people have done what they do best. Being in the moment with our customers, paying attention to every detail, and delivering the best experience available in the markets where we operate. And the score cards in, record results. Their efforts show immediately right now in what you see. Meanwhile, executive management is not only been focused on maintaining and enhancing the operations of the business and stabilizing the culture but in reducing the noise surrounding our business.

As CEO, I'm not interested in looking in the rearview mirror to guaranteed wreck on the way, I'm only focused on the future. And in order to focus on the future, we had to make meaningful progress over the last 60 days so that on each and every one of these calls, we are talking about our business and we are talking about our people and we are talking about our growth. Just to remind you of a few things that we've done over the last 60 days.

Steve Wynn is no longer a shareholder in his business. In fact, two thirds of his stock or 8 million shares the company personally placed with two long-term institutional stock for shareholders, and we are proud to have their support. Galaxy Entertainment, a company that we greatly admire purchased 920 plus million dollars of Wynn stock right under 5% of Wynn Resorts Limited and we look forward to working with them in the future. We increased our quarterly dividend by 50% and we're no longer mired in litigation six years of