Wynn Resorts, Limited (NASDAQ:WYNN) Q4 2022 Earnings Call Transcript

Stephen Grambling: Fair enough. Then if I can just sneak in a quick follow-up on Macau. As you think about how to grow the direct VIP business, you’re thinking about that as an opportunity. Is one way to think through maybe some of the customers who’re used to that, both VIP and in the mass market segment as a target customer? And is there any way to frame how big that business could grow?

Craig Billings: Every customer is unique. And so, it’s really difficult. If I had a broad strokes playbook, I probably wouldn’t share it on a public call. But every customer is unique. And so, the ecosystem now, which is comprised of junkets but different, promoters and us, it gives us the ability to address a subsegment of those junket customers. Some of them, they’re going to — it’s going to take years to figure out. But certainly, a portion of those will migrate into our direct business. You saw it over Chinese New Year. And some of them will migrate into premium mass. But I don’t think there’s a broad swath playbook that we can talk about.

Julie Cameron-Doe: Okay. Well, with that, we’ll now close the call. Thank you all for your time today and your support of Wynn Resorts. We look forward to updating you very soon.

Craig Billings: Thanks, everybody.

Operator: Thank you for participating on today’s conference call. You may now disconnect.