Craig Billings on Las Vegas performance
From Wynn Resorts Ltd ($WYNN) Q1 2026 Earnings Call · · Castify Earnings Call
“We had an incredibly strong 2025 unlike the market in general. We produced over 900 million in EBITDA in Vegas. In 2025 we had a record second quarter all-time monthly EBITDA record in the month of August. And we set quarterly records for ADR in both 2Q and 3Q of last year. So, we really didn't have a trough.”
On , Craig Billings, CEO & Director at Wynn Resorts, Limited, spoke about Las Vegas performance during Wynn Resorts Ltd ($WYNN) Q1 2026 Earnings Call on Castify Earnings Call.
About Craig Billings
Craig Billings, CEO of Wynn Resorts, has in recent earnings calls discussed the company's financial performance and strategic initiatives. He stated that Wynn Las Vegas produced over $900 million in EBITDA in 2025, describing it as a record year that included an all-time monthly EBITDA record in August and quarterly ADR records in the second and third quarters. Billings characterized the company's strategy of prioritizing room rate over occupancy as "incredibly intentional," adding that it allows the company to adjust staffing and operations to push EBITDA on gaming volume. He noted that 2026 is shaping up to be a record year for group room nights and revenues, though he acknowledged a headwind from the planned Encore Tower remodel, which he said would begin in spring 2026 and result in the loss of about 80,000 room nights. Regarding the Wynn Al Marjan project in the UAE, Billings said the company is "a little more than a year out" from its opening and described it as a significant step in geographic diversification. He stated that the company underwrote the project assuming a region with geopolitical risk and expressed confidence in the UAE's ability to manage through it. Billings noted that the company expects to be the only property of its scale in the market for some time, which he said introduces conservatism into the base case projections. On the topic of regional instability, he said he has been watching the situation "hour to hour, day to day" but added that the company has not seen a slowdown in interest from potential employees and that the tourism authorities in Dubai are "among the most sophisticated marketers" he has ever met.