Wynn Resorts Q2 2021 Earnings Call Transcript

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Provided by Quartr
August 6, 2021

Key Takeaways

  • Wynn Resorts delivered $133 million EBITDA in Q2 at Wynn Las Vegas, with each month stronger than the last and record July EBITDA since 2005 driven by mid-90s weekend occupancy and > $500 ADR.
  • Encore Boston Harbor posted a record Q2 EBITDA of $46.9 million, saw months of sequential growth and a 70% uptick in new Win Rewards sign-ups, capped by its strongest July ever.
  • Macau operations generated $67.6 million EBITDA in Q2, fueled by premium mass gaming and a VIP hold benefit, but volumes remain subject to COVID-19 outbreak fluctuations and travel restrictions.
  • Cost controls drove OpEx per day down ~23–30% vs. Q4 2019 across Macau, Las Vegas and Boston, with Wynn targeting $150 million in annualized U.S. cost savings to support margins as revenues recover.
  • Wynn Interactive is running at an annualized $110 million in gross revenue, with new state launches, sports partnerships and SPAC progress positioning the business for accelerated growth in Q4.
AI Generated. May Contain Errors.
Earnings Conference Call
Wynn Resorts Q2 2021
00:00 / 00:00

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Operator

Welcome to the Wynn Resorts second quarter 2021 earnings call. All participants are on a listen only until the question and answer session of today's conference. To ask a question, press star one on your touchtone phone, record your name, and I will introduce you. Please limit your questions 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 would now like to turn the meeting over to Craig Billings, Chief Financial Officer. Sir, you may begin.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Thank you, operator. Good afternoon, everyone. On the call with me today are Matt Maddox, Marilyn Spiegel, and Brian Gullbrants in Las Vegas. Also on the line are Ian Coughlan, Linda Chen, Ciaran Carruthers, Frederic Luvisutto, and Jenny Holaday. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, those statements may or may not come true. I will now turn the call over to Matt Maddox.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

Thanks, Craig. Thank you everyone for joining us today. I'd like to start off with our results in North America, which we were all very happy with. Starting in Las Vegas, we made $133 million in EBITDA in Las Vegas. What was great about the second quarter was each month was stronger than the last. In fact, June's EBITDA was double what we experienced in April. We saw our occupancy continue to grow week-over-week, the strength across all segments was quite apparent, from our nightclubs to our hotel, our restaurants, and our gaming volumes. We were able to achieve $133 million of EBITDA without international high-end play, which in the past had been almost 20% of our results, and without conventions. That trend continued into July.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

In fact, in July, Wynn Las Vegas experienced its single largest EBITDA for a month since we opened in 2005. We were able to get occupancy up to the mid-90s on the weekends, it was still in the 80s during the week, but we focused on rate. We were getting over $500 ADR on the weekends, we're continuing to make sure we have the right customers in here and achieving the right results. Moving on to Boston, same thing can be said. It was a record quarter in Boston at $46 million. We saw each month stronger than the last. Our database is accelerating quite rapidly there. In fact, our new sign-ups for our Wynn Rewards program were up 70% in the second quarter compared to the first quarter. 70%. Again, same story. July, record month. Best month on record for Encore Boston Harbor.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

When I look at our results in North America, it's interesting to say, could the second quarter be a peak? I think that that's very short-term thinking. The second quarter is not a peak. It's a preview of what's to come. We've all been able to streamline our expense structure, understand how to yield our properties better, and the ability to generate significant EBITDA out of these assets is quite clear. Clearly, the Delta variant is throwing a little bit of a curve ball right now, but that will be short term, and it will subside. What is clear is people want to have fun. They want to go to Las Vegas.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

As we see conventions come back, which is going to happen, and then more international play from around the world come back, I am very confident that we will continue to see growth in our results in both Las Vegas and in Boston. Looking at Macau, we made $67 million in EBITDA for the quarter, and Macau has been continuously sort of two steps forward, one step back. On our first quarter earnings call, we talked about the strength that we just experienced during May in Golden Week, where we'd achieved $3 million in EBITDA a day during that period. However, after that call, there was a small outbreak in Guangdong that was quickly stamped out within a couple of weeks, but that greatly suppressed the volumes in June.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

We did start to see a slight comeback in the middle of July to where the results were getting close to the April and May results, which really indicates that there's real pent-up demand in the region to go to Macau. Clearly, there's been another outbreak that we've all been reading about in the region. The restrictions have stepped up quite significantly just over the last few days in terms of travel restrictions. I think the good thing that we all have now experienced is that the Macau government acts decisively and quickly. Usually, it has been able to remedy these things, and in the Greater Bay Area, within a matter of weeks.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

While we don't know how long this is going to last, the experience thus far, with the decisive action, the ability to test millions of millions of people just within a matter of days in the region and in Macau, does give us great hope that this will continue to pass. What we're really focused on is the accelerating vaccination rate in the region. While it's impossible to predict right now, we are quite hopeful that as the vaccination rate continues to accelerate and the stated goals are hopefully achieved by the end of the year, that we will begin to see a more stabilized and normalized operating environment. We have an S-4 that's live right now out there. We're working very closely with the Austerlitz team on our SPAC, and that is moving forward quite well. We're really excited about it.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

We put together a full, robust program of new product delivery and a marketing program that we will be rolling out for NFL this year that we are excited about. The space is competitive, there's no doubt, but we are very confident with what we've put together with our product, with our brand, and what we're going to be able to offer, that we are going to be a real player in this market. We're excited to share a lot more with you at an upcoming Analyst Day, that Craig will talk about in a little more detail on this call. With that, I'm going to go ahead and turn it over to Craig to get into some more detail.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Thanks, Matt. As Matt noted, our Macau operations delivered $67.6 million of EBITDA in the quarter on $454.4 million of operating revenue. Our EBITDA was driven by encouraging gaming and non-gaming performance, combined with solid cost controls, with particular strength in April and May. Gross gaming revenue per day in 2Q21 was approximately 31% of Q2'19, led by the premium mass segment. Our 2Q results in Macau were positively impacted by higher than normal VIP table games holds that increased EBITDA by approximately $10 million from a normalized level. With respect to cost controls, our OPEX, excluding gaming tax, was $2.3 million per day in the quarter. This is down 23% from $3 million per day in the fourth quarter of 2019, and only up slightly sequentially despite the increase in revenue. We continue to be well-positioned to drive strong operating leverage as the business recovers.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

At Wynn Las Vegas, we generated $133.2 million of adjusted property EBITDA on $355.1 million of operating revenue, with particular strength on the weekends. In the casino, we saw broad-based strength across key segments, with slot handle 37% above 2Q2019 levels and table drop only 3% below 2Q'19. The team in Las Vegas has done a great job of controlling costs without negatively impacting the guest experience, delivering a record adjusted property EBITDA margin of 37.5% in the quarter. OPEX per day, again, excluding gaming taxes, decreased 24% to $2.3 million per day in the second quarter of '21 from $3 million per day in the fourth quarter of '19. While OPEX increased approximately 45% sequentially from $1.6 million in 1Q21, revenue nearly doubled, driving strong operating leverage.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

In Boston, as Matt mentioned, we generated another record quarter with adjusted property EBITDA of $46.9 million on a record EBITDA margin of 28.4%. Similar to Las Vegas, we have remained very disciplined on the cost side with OPEX per day, excluding gaming tax, of $870,000 in the quarter, a decrease of over 30% compared to $1.3 million per day in Q4 '19. A modest increase relative to the first quarter of '21 on the back of improved business volumes and increased operating hours. Turning to Wynn Interactive, we spent much of the quarter aggressively advancing our product features and building a robust marketing campaign ahead of the 2021 football season. Strategic highlights over the past few months include the recent launch of our web applications in Indiana, Colorado, Tennessee, New Jersey, and Virginia, which we expect to help drive user acquisition over time.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

We've also strengthened our third-party partnerships through agreements with the Detroit Lions, the Colorado Rockies, and Cumulus Media. We've also announced several new high-profile brand ambassadors, including Tim Howard and Chad Johnson, with more to come. Additionally, as sports and sports media continue to converge, we've partnered with several engaging content creators, including Chris Long, to develop unique sports-themed programming from the new Blue Wire Podcast Studio at Wynn Las Vegas, which is scheduled to open in a few weeks. Wynn Interactive is now powered by just over 340 employees and is run rating $110 million in annualized gross revenue as of July. We modestly exceeded the Q2 results underpinning the projections published in connection with our announced de-SPAC with Austerlitz in May, despite lower than expected user acquisition spend.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

We anticipate our revenue to accelerate over the remainder of the year, particularly in the fourth quarter, as we roll out our thoughtful and unique marketing campaign and our new product features. Our total acquisition spending declined sequentially, and we believe our ability to exceed our revenue projections on lower acquisition spend is a testament to the brand's ability to drive retention and higher average spend per customer. We look forward to sharing more details on this business during a presentation to sell-side analysts planned for September, along with a slide deck that will be posted on our IR website at that time. Turning to the balance sheet, our liquidity position remains very strong, with global cash and revolver availability of over $3.9 billion as of June 30th. In Macao, we had approximately $2 billion of available liquidity as of June 30.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

In the U.S., we had total liquidity of approximately $1.9 billion on June 30th, with a substantially lower daily cash burn globally compared to the first quarter of 2021. Earlier this week, a subsidiary of Wynn Macau Limited received commitments for a new $1.5 billion senior unsecured revolving credit facility that will mature in 2025. The arrangement includes broad participation by our bank group of supportive existing lenders, including local and international banks. Borrowings under the new facility, along with cash on hand, will be used to refinance and retire our existing senior secured credit facility in Macao. Finally, our CapEx in the quarter was $70 million, and we remain prudent with respect to CapEx while we gain further confidence in the recovery. With that, we will now turn it over to Q&A. Operator?

Operator

Thank you. At this time, if you would like to ask a question, please press star one on your touchtone phone, unmute your phone, and record your name clearly after the prompt, and I will introduce you for your question. Please limit yourself to one question and one follow-up question. To withdraw your question, please press star two. Our first question comes from Carlo Santarelli. Thank you. Your line is now open.

Carlo Santarelli
Carlo Santarelli
Analyst at Deutsche Bank

Matt, Craig, I guess obviously a lot has happened here in the last two weeks in Macau, in terms of how you guys are thinking about maybe the relevant benchmarks as to when things could start to get back to normal, is there anything your folks on the ground are tracking or maybe have been told as it pertains to kind of getting things reopened in a way that we're all accustomed to?

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Yeah, sure. I'll comment and then turn it over to Ian. I think right now everyone is really focused on the accelerated vaccination rate and getting to those stated goals by the end of the year. The Delta variant is very hard to predict, the actions that they take over there are quick and decisive because they stamp it out when they lock it down. We don't really have any other clarity as to when that will change, I think the pace of vaccination is quite encouraging. Ian, do you have more thoughts on that? Hey, Ian, are you on mute or did you drop?

Ian Coughlan
Ian Coughlan
President at Wynn Macau

Sorry, can you hear me now, Matt?

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

Yes.

Ian Coughlan
Ian Coughlan
President at Wynn Macau

It's very clearly linked to the pace of vaccinations, as you pointed out, within the PRC, also within Hong Kong and Macau, and us getting a tripartite agreement and a bubble going so that we can get back to a higher level of normal than we've experienced. We have managed the lifting business very well. There is a desire on the part of the PRC government to allow travel into Macau whenever it's possible. We've obviously had a pullback in the last two days, there's confidence that the current small cluster will be under control within two weeks. We're going through mass testing of the entire population of Macau over a three-day period. We're confident that we will reopen with the PRC in due course. It is very linked to vaccine rollout.

Ian Coughlan
Ian Coughlan
President at Wynn Macau

The one consequence of having a small cluster Delta outbreak in Macau is it'll be a huge encouragement for some of the people that have held back on getting the vaccine because they've deemed Macau very safe. This could be an alert for them to go and get vaccinated. Right now we're at 44% vaccination rate in the city, very similar to Hong Kong. We hope to lift that considerably in the coming weeks and months.

Carlo Santarelli
Carlo Santarelli
Analyst at Deutsche Bank

Great. Thank you. That's very helpful. Craig, just kind of revisiting your commentary on Las Vegas. Obviously, you guys have taken a lot of cost out of the business. I believe property level margin 37%-38% in the period, clearly well higher than kind of the aggregate of 2019, over 1,000 basis points better. As the business does ramp and acknowledging that you guys are kind of bringing on or brought on a while ago but haven't yet put in use the incremental group and convention meeting space. Where does the margin profile potentially look on a go-forward basis?

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Sure, Carlo. You may recall we touched on this a little bit on the last call, really as the business has come back in North America, we've been better able to understand where we will have permanent cost saves and where some costs might come back in. You saw some of those costs come back in over the course of Q2, we had more than corresponding revenue increases. As we said on the last call, we're really not talking in terms of margins because that is ultimately business mix and revenue dependent. What we did say is that we expected about $150 million of ongoing annual cost saves in the U.S., comprised of somewhere between $75 million and $95 million in Vegas and $65 million to $85 million in Boston.

Carlo Santarelli
Carlo Santarelli
Analyst at Deutsche Bank

Thanks, Craig. That's helpful. Thank you, guys.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Next question.

Operator

Our next question comes from Thomas Allen with Morgan Stanley. Your line is open.

Thomas Allen
Thomas Allen
Analyst at Morgan Stanley

Thank you. Can you just give us a little bit more color on what you're seeing in terms of group bookings in Vegas? Thanks.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Sure. Marilyn, do you want to take that?

Marilyn Spiegel
President at Wynn Las Vegas

Sure. August is our first month that we will almost be back to a normal run rate for group bookings. When you think about second quarter, each month was sequentially higher, and this year we are going to have more group bookings than we had ever in the second half of the year. We're in good shape right now. We've had just a handful of cancellations. We have our largest group that comes in next week. The pickup is solid, so we feel really good about that. For 2022, we are above pace from what we were in 2019, and the same is true for 2023. The ADRs are higher in 2022 and 2023. We feel good about that group business in addition. The pace of leads has been also accelerated. COVID is relatively new.

Marilyn Spiegel
President at Wynn Las Vegas

We don't know what the future is going to be like. In terms of just a week ago, that's the status of what we're seeing.

Thomas Allen
Thomas Allen
Analyst at Morgan Stanley

Perfect. Helpful. Thank you. Just as my follow-up on WynnBET, what's the latest thinking on the closing of the transaction and when you expect to start deploying the capital? Thanks.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Sure. We would expect it's really SEC dependent because we have another instance of the S-4 that will need to make its way through the SEC. They were pretty expeditious with the last review. We would hope that the shareholder vote would be in late September. We would then get regulatory approvals, which is really just protocol. We would hope to close in early to mid Q4. Keep in mind, we have the ability to advance that business funds from Wynn Resorts and then essentially take that back as part of the proceeds. It's not going to stop us from deploying capital where appropriate and prudent, but we would expect closure sometime in Q4.

Thomas Allen
Thomas Allen
Analyst at Morgan Stanley

Perfect. Thanks, Craig.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Sure. Next question.

Operator

Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad and record your name clearly and I will introduce you. Our next question comes from Stephen Grambling with Goldman Sachs. Your line is open.

Stephen Grambling
Stephen Grambling
Analyst at Goldman Sachs

Hi. Thanks. I know this is always a bit of a tough question to answer necessarily, but what's been the latest conversations and/or expectations related to the concession renewal in Macau, and how are you trying to plan around that from a capital allocation standpoint?

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

Yeah, sure. This is Matt, and then, I'll turn it over to Ian to comment as well. There's really no new news on that front. We have a very good relationship in Macau with the local government. We're working closely with the local government to ensure that the goals of the Greater Bay region, as being a tourist destination and Macau being a really central part of that, are met, and what we can do to help facilitate that growth and facilitate continued expansion in Macau. We feel really good about our position in Macau as a good corporate citizen and the future of Macau. Ian or Linda, do you have any other thoughts on that?

Ian Coughlan
Ian Coughlan
President at Wynn Macau

Yep. The government's primary focus is clearly on managing the unpredictability of the pandemic. That's their primary focus. It doesn't mean that work isn't taking place behind the scenes. The government have referenced on a number of occasions that the first step in the process is a public consultation process that will take place in the second half of the year. There's also a completion of local elections in September, which is necessary before they start addressing any gaming law revisions. There is a lot of activity going on behind the scenes. No official conversations yet, but work is taking place. Primary consideration is managing the COVID pandemic.

Stephen Grambling
Stephen Grambling
Analyst at Goldman Sachs

Thank you. Maybe as a follow-up, focusing on Macau, I guess if we were to think about the liquidity profile in that market, is there any way to assess how that looks in its ability to support VIP or even parts of premium mass to support a full rebound, should you get the green light in the back half of the year?

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Yeah. I've stated, I think, on our last couple of calls that we are very optimistic about premium mass and the liquidity profile that will be there and core mass. VIP has certainly structurally changed. A lot of VIP customers are converting to more direct customers. We're seeing that already. The idea that VIP would revert back to its previous levels, I think that's clearly a foregone. That's not going to happen. The overall market and high-end customers, I think, will be quite robust as you point out that the green light comes on.

Stephen Grambling
Stephen Grambling
Analyst at Goldman Sachs

Great. Thanks so much.

Operator

Thank you. Our next question comes from David Katz with Jefferies. Your line is open.

David Katz
David Katz
Analyst at Jefferies

Hi. Afternoon. Thanks for taking my question. I wanted to ask about Macau. We obviously can't tell exactly when, but presuming that there is sort of an all clear to reopen and a flow of customers that can come with some state of normalcy, help us understand what a ramp like that would look like and what the trajectory of it would be and the puts and takes, et cetera.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

As you point out, David, it's hard to predict, but just when we witnessed what happened with Golden Week in May, how we went from not a lot of business in April to $3 million of EBITDA a day over that period, it just shows that the pent-up demand is very real. I think everywhere around the world, the demand for what we do is stronger than it's ever been.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

VIP won't come roaring back to where it was, but I fully anticipate that what you'll see on the premium mass side and on the mass side will be stronger than it's ever been. With very limited visitation, we've seen retail revenues up more than 50%-70% in Wynn Palace. Our retail partners are continuing to double down and invest, building large-scale stores in our facilities as we speak, which really goes to the idea that this is going to be quite the tourist destination when things come back. In fact, Ian, why don't you spend a little bit of time just talking about some of the new retail offerings that are going to be opening soon and how excited those brand partners are.

Ian Coughlan
Ian Coughlan
President at Wynn Macau

Actually, during the quarter, the first and second quarter, we've had nine stores of Wynn Palace that have been shut down and been getting moved around. We have the arrival of nine LVMH brands into Wynn Palace. They're opening a LV men's and women's, two different stores at the end of this week. We've got two stores with Christian Dior opening. Fendi and Bvlgari opened recently. There's a huge desire with the top brands to be represented in both Wynn properties. We have a queue as long as my arm of brands that are trying to get spaces in either of the properties.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

David, my point to that is clearly that's just a small portion of our EBITDA, but it's an indication of what people are seeing in that region that Macau is going to be, I think, a very successful and robust tourist destination for the premium mass customer as things start to clear.

David Katz
David Katz
Analyst at Jefferies

Thank you for that. If I can just follow up quickly, and this might be more for Ian, is one of the things we've seen here are labor constraints. What is the labor situation like in Macau?

Ian Coughlan
Ian Coughlan
President at Wynn Macau

Our workforce is predominantly Macau-based with Macau local residents. We do have 20% of our working population that is import labor, but we have no issues with finding workforce. The majority of our import labor comes from the PRC. We haven't had any issues at this point, and I don't believe Macau will have any issues attracting workers.

David Katz
David Katz
Analyst at Jefferies

Okay. Thank you very much.

Matt Maddox
Matt Maddox
CEO at Wynn Resorts

I'd like to point out in North America, clearly, attracting workers has been a challenge just for the hospitality industry. But for us, it hasn't been. We set a record EBITDA in Las Vegas in July, and we also had an additional 500 people that we brought on board to make sure that we keep our margins where we have them, but that our service levels are maintained. The same thing's happened at Encore Boston Harbor. The labor market's clearly tight, but the applicant flow that we've seen coming to our properties has been extraordinary. We've had a hard time interviewing people versus finding people, and I think that's really going to be a big benefit for us going forward.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Operator, we have time for one last question.

Operator

Thank you. Our last question comes from Robin Farley with UBS. Your line is open.

Robin Farley
Robin Farley
Analyst at UBS

Great. Thanks for taking the question. I wanted to ask about in Vegas with those strong margins. Are there some amenities like the buffet or valet parking that some of these sort of lower margin amenities that may come back that weren't fully there in the quarter? If you could just kind of manage our expectations a little bit about how margins may look sequentially if you had all of that baked in already in Q2 or if there's anything that might be layered in here from Q2 into Q3.

Marilyn Spiegel
President at Wynn Las Vegas

Well, when you think about the buffet, we have opened the buffet. It opened the beginning of July. That is open five days a week. We also have our valet parking at our tower suites that is complimentary for guests. For guests who choose to park in Wynn Resorts, on the resort side, there's a fee for parking, but they park for free in the parking garage. All other amenities are wide open. We'll be opening some additional restaurants in August. We opened Delilah in July, so that brought on additional labor. Our new Mexican restaurant, Casa Playa, will be opening in August. You'll see additional FTEs coming on, but also the appropriate revenues to support that.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

As Matt mentioned, Robin, we generated a tremendous amount of EBITDA in July despite the buffet being open and all the parking dynamics that Marilyn just mentioned. I would just refer you back to what we talked about on our last call, and I referenced a little bit earlier, which is the kind of $75 million-$95 million of cost saves in Vegas we think are permanent and $65 million-$85 million in Boston. You can vary the model and kind of back into the margins.

Robin Farley
Robin Farley
Analyst at UBS

Just one other comment. I wanted to clarify, Marilyn, when you were talking about group, I just want to make sure I understood. You said something like the second half will have the most group ever or something. I just want to make sure I understand. It was like group events happening or new bookings coming in for future periods?

Marilyn Spiegel
President at Wynn Las Vegas

Robin, the groups on the books coming in the second half of 2021 are the highest number of group bookings we've experienced at Wynn. Typically, most of the group bookings will happen in the first and second quarter. There's a couple of reasons for that. One, groups that were scheduled in 2020 were pushed into 2021, and some of those groups were pushed into the second half of the year, but they have held. It's a large number of group bookings for a second half.

Robin Farley
Robin Farley
Analyst at UBS

I imagine that 2022 would be ahead of that, but not at this point. Is that correct?

Marilyn Spiegel
President at Wynn Las Vegas

Correct. It is. The pace in 2022 is the most group bookings we've ever had on the books at this time for the year. We are pacing very well in 2022 and very well in 2023. We're quite optimistic about the group business, especially with our new asset, which we really didn't have a chance to use much because we opened it up and then COVID hit us in 2020. We feel very good about the group business coming back. Of course, all that depends upon the future of COVID in our lives.

Robin Farley
Robin Farley
Analyst at UBS

Okay, great. Thank you very much.

Craig Billings
Craig Billings
President and CFO at Wynn Resorts

Thanks. Thank you everybody for joining us today. We'll see you next quarter.

Operator

That concludes today's conference call. Thank you for your participation. You may disconnect at this time.

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