Wynn Resorts owns and operates luxury casino resorts in Las Vegas and Macau, catering to high-end gaming customers and luxury travelers with premium hotel, casino, dining and entertainment offerings. Its Macau properties represent a significant portion of the company's business, giving Wynn substantial exposure to Chinese gaming customer demand and the regulatory environment governing Macau's casino industry, which operates under a concession system granted by the Macau government. Wynn's luxury positioning targets higher-spending gaming customers than mass-market casino operators, a strategy that can produce higher margins per customer but also greater sensitivity to high-roller spending patterns and travel restrictions affecting wealthy Asian gaming tourists. The company's results are sensitive to broader travel and tourism trends, gaming regulations in both Nevada and Macau, and the spending patterns of the affluent gaming customers its luxury resorts are designed to attract.